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) |
7501 Wisconsin Avenue, Suite 1000 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, 2020
Item 1. Reports to Stockholders.
Annual Report
DECEMBER 31, 2020
Government Money Market ProFund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website (www.profunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 888-PRO-FNDS (888-776-3637) or by sending an e-mail request to info@profunds.com.
Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 888-PRO-FNDS (888-776-3637) or send an email request to info@profunds.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports.Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.
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 |
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Message from the Chairman
Dear Shareholder:
As we continue to navigate these unprecedented times, we appreciate the opportunity to reaffirm our commitment to our customers, partners and associates. ProFunds continues to focus on ensuring the safety of our associates and managing our funds effectively. I am pleased to be able to provide you with the following annual report to shareholders of the Government Money Market ProFund for the 12 months ended December 31, 2020.
The Government Money Market ProFund is a "master feeder" arrangement whereby it invests substantially all of its assets in the Government Cash Management Portfolio, a separately registered investment company managed by DWS Investment Management Americas, Inc.
The federal funds effective rate moved in a range of 1.6% to 0.9%, which reflects the actual interest rate banks charge each other for overnight loans to meet reserve requirements, with the average being 0.35% during the period.
U.S. Economy Contracts and Recovers
During the first half of the reporting period, COVID-19 (the coronavirus) had a considerably negative impact on the economy. U.S. real GDP contracted 5% annualized during the first quarter of 2020, down from a 5% rise a quarter earlier. It then fell 31.7% annualized during the second quarter, as the pandemic continued to take its devastating toll. Investors transferred substantial assets into U.S. money market funds during this first half of the reporting period.
Concerns about diminishing economic activity during the first quarter led the Federal Reserve (the Fed) to take action.
To support the U.S. economy and markets, the Fed cut its fed funds target rate to 0.00% – 0.25% in March. Lawmakers and the central bank also proceeded to introduce stimulus programs that offered trillions of dollars to support the economy.
The second half of the period was marked by a significant recovery, with third-quarter real GDP growth revised upward to 33.1% (annualized) and employment improving. In December, the U.S. Congress also passed a $900 billion stimulus package with aid for individuals and small businesses that have been negatively impacted by the pandemic.
Government Money Market ProFund
The fund is designed to maintain a stable net asset value of $1.00 per share for its investors. The Government Money Market ProFund seeks a high level of current income consistent with liquidity and the preservation of capital. The fund continued to achieve these objectives during the period.
We thank you for the opportunity to provide you an update on the Government Money Market ProFund and appreciate the opportunity to continue serving your investing needs.
Sincerely,
Michael L. Sapir
Chairman of the Board of Trustees
1
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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, 2020, was 0.02% for the Investor Class and 0.02% for the Service Class.
The assets of the Fund are part of a $26.1 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) | 95 | % | ||
Total Exposure | 95 | % |
(a) | The Government Cash Management Portfolio holdings are included in the accompanying financial statements of the Portfolio. |
Government Cash Management Portfolio
Asset Allocation(a)
Investment Type | % of Net Assets | |||
Government & Agency Obligations | ||||
U.S. Government Sponsored Agencies | 28 | % | ||
U.S. Treasury Obligations | 51 | % | ||
Repurchase Agreements | 20 | % |
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, 2020.
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, 2020.
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 7/1/20 | Ending Account Value 12/31/20 | Expenses Paid During Period* | Ending Account Value 12/31/20 | Expenses Paid During Period* | |||||||||||||||||||
Government Money Market ProFund – Investor Class | 0.11 | % | $ | 1,000.00 | $ | 1,000.10 | $ | 0.55 | $ | 1,024.58 | $ | 0.56 | ||||||||||||
Government Money Market ProFund – Service Class | 0.11 | % | 1,000.00 | 1,000.10 | 0.55 | 1,024.58 | 0.56 |
* | Expenses are equal to the average account value over the period multiplied by the ProFund's annualized expense ratio multiplied by 184/366 (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.
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Financial Statements and Financial Highlights
8 :: Government Money Market ProFund :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Investment in Government Cash Management Portfolio, at value | $ | 221,677,909 | ||
Receivable for capital shares issued | 28,812,241 | |||
Receivable from Advisor under a yield support agreement | 17,003 | |||
Prepaid expenses | 29,222 | |||
TOTAL ASSETS | 250,536,375 | |||
LIABILITIES: | ||||
Distributions payable | 223 | |||
Payable for capital shares redeemed | 16,390,950 | |||
Administration fees payable | 5,180 | |||
Transfer agency fees payable | 23,912 | |||
Fund accounting fees payable | 10,000 | |||
Compliance services fees payable | 1,267 | |||
Service fees payable | 961 | |||
Other accrued expenses | 52,576 | |||
TOTAL LIABILITIES | 16,485,069 | |||
NET ASSETS | $ | 234,051,306 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 234,056,170 | ||
Total distributable earnings (loss) | (4,864 | ) | ||
NET ASSETS | $ | 234,051,306 | ||
INVESTOR CLASS: | ||||
Net Assets | $ | 224,414,292 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 224,417,343 | |||
Net Asset Value (offering and redemption price per share) | $ | 1.00 | ||
SERVICE CLASS: | ||||
Net Assets | $ | 9,637,014 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 9,637,151 | |||
Net Asset Value (offering and redemption price per share) | $ | 1.00 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 1,273,440 | (a) | |
Expenses | (187,297 | )(a)(b) | ||
TOTAL INVESTMENT INCOME | 1,086,143 | |||
EXPENSES: | ||||
Management services fees | 930,172 | |||
Administration fees | 83,014 | |||
Distribution and services fees-Service Class | 46,761 | |||
Transfer agency fees | 335,748 | |||
Administrative services fees | 295,894 | |||
Registration and filing fees | 56,569 | |||
Fund accounting fees | 10,000 | |||
Trustee fees | 5,415 | |||
Compliance services fees | 2,781 | |||
Service fees | 15,990 | |||
Other fees | 150,909 | |||
Recoupment of prior expenses reimbursed by the Advisor | 108,449 | |||
Total Gross Expenses before reductions | 2,041,702 | |||
Less Expenses reduced by the Advisor | (1,307,912 | ) | ||
TOTAL NET EXPENSES | 733,790 | |||
NET INVESTMENT INCOME | 352,353 | |||
REALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 2,327 | (a) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 354,680 |
(a) | Allocated from Government Cash Management Portfolio. |
(b) | For the year ended December 31, 2020, the Advisor to the Government Cash Management Portfolio waived fees, of which $170,805 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, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 352,353 | $ | 4,332,838 | ||||
Net realized gains (losses) on investments | 2,327 | (3,256 | ) | |||||
Change in net assets resulting from operations | 354,680 | 4,329,582 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | ||||||||
Investor Class | (350,025 | ) | (4,298,300 | ) | ||||
Service Class | (2,320 | ) | (36,511 | ) | ||||
Change in net assets resulting from distributions | (352,345 | ) | (4,334,811 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | ||||||||
Investor Class | 4,492,277,770 | 4,917,216,483 | ||||||
Service Class | 94,151,558 | 69,465,496 | ||||||
Distributions reinvested | ||||||||
Investor Class | 336,839 | 4,191,800 | ||||||
Service Class | 2,320 | 36,500 | ||||||
Value of shares redeemed | ||||||||
Investor Class | (4,545,935,226 | ) | (5,103,875,422 | ) | ||||
Service Class | (92,953,045 | ) | (75,587,916 | ) | ||||
Change in net assets resulting from capital transactions | (52,119,784 | ) | (188,553,059 | ) | ||||
Change in net assets | (52,117,449 | ) | (188,558,288 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 286,168,755 | 474,727,043 | ||||||
End of period | $ | 234,051,306 | $ | 286,168,755 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | ||||||||
Investor Class | 4,492,275,851 | 4,917,216,440 | ||||||
Service Class | 94,151,558 | 69,465,496 | ||||||
Reinvested | ||||||||
Investor Class | 336,839 | 4,191,800 | ||||||
Service Class | 2,320 | 36,500 | ||||||
Redeemed | ||||||||
Investor Class | (4,545,935,226 | ) | (5,103,875,422 | ) | ||||
Service Class | (92,953,045 | ) | (75,587,916 | ) | ||||
Change in shares | (52,121,703 | ) | (188,553,102 | ) |
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 | Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income(a)(b) | Net Realized Gains (Losses) on Investments(b) | Total from Investment Activities | Net Investment Income | Net Realized Gains on Investments | Total Distributions | Net Asset Value, End of Period | Total Return | Gross Expenses(b)(c) | Net Expenses(b) | Net Investment Income(b) | Net Assets, End of Period (000's) | ||||||||||||||||||||||||||||||||||||||||
Government Money Market ProFund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 1.000 | 0.001 | — | (d) | 0.001 | (0.001 | ) | — | (0.001 | ) | $ | 1.000 | 0.14 | % | 0.84 | % | 0.34 | %(e) | 0.14 | % | $ | 224,414 | |||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 1.000 | 0.013 | — | (d) | 0.013 | (0.013 | ) | — | (0.013 | ) | $ | 1.000 | 1.25 | % | 0.98 | % | 0.98 | % | 1.26 | % | $ | 277,733 | |||||||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 1.000 | 0.009 | — | (d) | 0.009 | (0.009 | ) | — | (d) | (0.009 | ) | $ | 1.000 | 0.86 | % | 1.01 | % | 1.01 | % | 0.87 | % | $ | 460,210 | ||||||||||||||||||||||||||||
Year Ended December 31, 2017 | $ | 1.000 | — | (d) | — | (d) | — | (d) | — | (d) | — | — | (d) | $ | 1.000 | 0.02 | % | 0.96 | % | 0.90 | % | 0.02 | % | $ | 386,955 | |||||||||||||||||||||||||||
Year Ended December 31, 2016 | $ | 1.000 | — | (d) | — | (d) | — | (d) | — | (d) | — | — | (d) | $ | 1.000 | 0.02 | % | 0.84 | % | 0.41 | %(e) | 0.02 | % | $ | 304,901 | |||||||||||||||||||||||||||
Service Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 1.000 | — | (d) | — | (d) | — | (d) | — | (d) | — | — | (d) | $ | 1.000 | 0.02 | % | 1.24 | % | 0.41 | %(e) | 0.02 | % | $ | 9,637 | |||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 1.000 | 0.003 | — | (d) | 0.003 | (0.003 | ) | — | (0.003 | ) | $ | 1.000 | 0.31 | % | 1.98 | % | 1.98 | % | 0.32 | % | $ | 8,436 | |||||||||||||||||||||||||||||
Year Ended December 31, 2018 | $ | 1.000 | 0.002 | — | (d) | 0.002 | (0.002 | ) | — | (d) | (0.002 | ) | $ | 1.000 | 0.20 | % | 1.64 | % | 1.64 | % | 0.20 | % | $ | 14,517 | ||||||||||||||||||||||||||||
Year Ended December 31, 2017 | $ | 1.000 | — | (d) | — | (d) | — | (d) | — | (d) | — | — | (d) | $ | 1.000 | 0.02 | % | 0.96 | % | 0.90 | % | 0.02 | % | $ | 13,037 | |||||||||||||||||||||||||||
Year Ended December 31, 2016 | $ | 1.000 | — | (d) | — | (d) | — | (d) | — | (d) | — | — | (d) | $ | 1.000 | 0.02 | % | 0.84 | % | 0.41 | %(e) | 0.02 | % | $ | 22,011 |
(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 periods ended December 31, 2020, December 31, 2019, December 31, 2018, December 31, 2017, and December 31, 2016, 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 0.06%, 0.07%, 0.04%, 0.03%, and 0.05%, 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, 2020
1. Organization
ProFunds (the "Trust") consists of 112 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, 2020, the percentage of the Portfolio's interests owned by the ProFund was 0.8%. The financial statements of the Portfolio, including its schedule of portfolio investments, are included in this report and should be read in conjunction with the ProFund's financial statements.
Each class of shares has identical rights and privileges except with respect to fees paid under the Distribution and Shareholder Services Plan and voting rights on matters affecting a single class of shares.
Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust and ProFund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the ProFund.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the ProFund in preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The actual results could differ from those estimates.
Investment Valuation
The ProFund records its investments in the Portfolio at fair value, which represents its proportionate ownership of the value of the Portfolio's net assets. The valuation techniques used to determine fair value are further described in Note 3. The Portfolio's Notes to Financial Statements included elsewhere in this report provide information about the Portfolio's valuation policy and its period-end security valuations.
Investment Transactions and Related Income
The ProFund records daily its proportionate share of the Portfolio's income, expenses, and realized gains and losses. In addition, the ProFund accrues its own expenses.
Allocations
Expenses directly attributable to the ProFund are charged to the ProFund, while expenses which are attributable to more than one fund in the Trust, or jointly with an affiliate, are allocated among the respective funds in the Trust and/or affiliate based upon relative net assets or another reasonable basis.
The investment income, expenses (other than class specific expenses charged to a class), and realized gains and losses on investments of the ProFund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized gains and losses are incurred.
Distributions to Shareholders
The ProFund declares distributions from net investment income daily and pays the dividends on a monthly basis. Net realized capital gains, if any, will be distributed annually.
The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, distribution reclassification), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.
Federal Income Taxes
The ProFund intends to continue to qualify each year as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. A RIC generally is not subject to federal income tax on income and gains distributed in a timely manner to its shareholders. The ProFund intends to make timely distributions in order to avoid tax liability. Accordingly, no provision for federal income taxes is required in the financial statements. The ProFund has a calendar tax year end.
Management of the ProFund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken and the ProFund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
3. Investment Valuation Summary
The valuation techniques employed by the ProFund, described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs
December 31, 2020 :: 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, 2020, the ProFund's $221,677,909 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, 2020.
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 and Access One Trust's (an affiliated trust) aggregate average net assets at an annualized tier rate ranging from 0.00375% to 0.05%, and a base fee for certain filings. Administration fees include additional fees paid to Citi by the Trust for additional services provided, including support of the Trust's compliance program.
FIS Investor Services LLC ("FIS") acts as the Trust's transfer agent. For these services, the Trust pays FIS a base fee, account and service charges, and reimbursement of certain expenses.
ProFunds Distributors, Inc. (the "Distributor"), a wholly owned subsidiary of the Advisor, serves as the Trust's distributor. Under a Distribution and Shareholder Services Plan, adopted by the Trust's Board of Trustees pursuant to Rule 12b-1 under the 1940 Act, the ProFund may pay financial intermediaries such as broker-dealers, investment advisors and the Distributor up to 1.00%, on an annualized basis, of the average daily net assets attributable to Service Class shares as compensation for service and distribution-related activities and/or shareholder services with respect to Service Class shares.
The Distribution and Service Fees were suspended effective January 1, 2020 throughout the remainder of the year ended December 31, 2020. If the ProFund had paid an amount equal to 1.00% of the average daily net assets attributable to Service Class shares for the entire period, the Distribution and Service Fees would have been $115,734 for the year ended December 31, 2020. All or a portion of the Distribution and Services Fees may be reinstated at any time.
The Advisor, pursuant to a separate Management Services Agreement, performs certain client support services and other administrative services on behalf of the ProFund. For these services, the ProFund pays the Advisor a fee at the annual rate of 0.35% of its average daily net assets for providing feeder fund management and administrative services to the ProFund.
The Advisor, pursuant to a separate Services Agreement, performs certain services related to the operation and maintenance of a shareholder trading platform. For these services, the Trust pays the Advisor a monthly base fee as reflected on the Statement of Operations as "Service fees".
The ProFund pays fees to certain intermediaries or financial institutions for record keeping, sub-accounting services, transfer agency and other administrative services as reflected on the Statement of Operations as "Administrative services fees".
Certain Officers and a Trustee of the Trust are affiliated with the Advisor or the Administrator. Except as noted below with respect to the Trust's Chief Compliance Officer, such Officers and Trustee receive no compensation from the ProFund for serving in their respective roles. The Trust, together with affiliated Trusts, pays each Independent Trustee compensation for his services at the annual rate of $185,000. Independent Trustees also receive $10,000 for attending each regular quarterly in-person meeting, $3,000 for attending each special in-person meeting and $3,000 for attending each telephonic meeting. During the year ended December 31, 2020, actual Trustee compensation was $684,000 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, 2020 through April 30, 2021 | For the Period May 1, 2019 through April 30, 2020 | |||||||||||||||
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, 2021 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, 2021.
14 :: Government Money Market ProFund :: Notes to Financial Statements :: December 31, 2020
The Advisor may recoup the management services fees contractually waived or limited and other expenses reimbursed by it within three years from the expense limit period and minimum yield limit period in which they were taken. Such recoupment shall be made monthly, but only to the extent that such recoupment would not cause the net yield of each Class of the ProFund to fall below the highest previously determined minimum yield and such recoupment would not cause annualized operating expenses to exceed the expense limit in effect at the time of the waiver, and the expense limit in effect at the time of the recoupment. Any amounts recouped by the Advisor during the period are reflected on the Statement of Operations as "Recoupment of prior expenses reduced by the Advisor". As of December 31, 2020, the recoupments that may potentially be made by the ProFund are as follows:
Expires 4/30/23 | Expires 4/30/24 | Total | ||||||||||
Government Money Market ProFund | $ | 204,782 | $ | 1,109,324 | $ | 1,314,106 | ||||||
5. Investment Risks
The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund. The risks are presented in an order intended to facilitate readability, and their order does not imply that the realization of one risk is likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk.
Natural Disaster/Epidemic Risk
Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus (COVID-19)), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such as natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Fund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Fund may have difficulty achieving its investment objective which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Fund's investment advisor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the Fund to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on the Fund's performance, resulting in losses to your investment.
Risk that Current Assumptions and Expectations Could Become Outdated As a Result of Global Economic Shocks
The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19. These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. Financial markets across the globe are experiencing severe distress at least equal to what was experienced during the global financial crisis in 2008. In March 2020, U.S. equity markets entered a bear market in the fastest such move in the history of U.S. financial markets. Contemporaneous with the onset of the COVID-19 pandemic in the US, oil experienced shocks to supply and demand, impacting the price and volatility of oil. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Fund to become outdated quickly or inaccurate, resulting in significant losses.
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, 2020 | ||||||||
Government Money Market ProFund | $ | 352,353 | $ | 352,353 | ||||
December 31, 2019 | ||||||||
Government Money Market ProFund | $ | 4,333,453 | $ | 4,333,453 |
December 31, 2020 :: Notes to Financial Statements :: Government Money Market ProFund :: 15
As of the most recent tax year ended December 31, 2020, 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 | $ | — | $ | — | $ | (1,350 | ) | $ | (3,514 | ) | $ | — | $ | (4,864 | ) | |||||||||
As of the tax year ended December 31, 2020, the ProFund had net capital loss carryforwards ("CLCFs") as summarized in the table below:
No Expiration Date | ||||
Government Money Market ProFund | $ | 3,514 | ||
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 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, 2020, the related statement of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 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, 2020 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
Baltimore, Maryland
February 26, 2021
We have served as the auditor of one or more investment companies in ProFunds, Access One Trust and ProShares Trust group since 1997.
December 31, 2020 :: Board Approval of Investment Advisory Agreement :: Government Money Market ProFund :: 17
At a meeting held on September 14-15, 2020, the Board of Trustees (the "Board") of ProFunds (the "Trust") considered the renewal of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and ProFund Advisors LLC (the "Advisor") on behalf of the Government Money Market ProFund (the "Fund").
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 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 floor yield limit as well as to reimburse advisory and management services fees that exceed 0.98% for Investor Class and 1.98% for Service Class through April 30, 2021. 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, 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 their regular meetings throughout the year. The Board's conclusions may take into account their consideration for 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 7501 Wisconsin Avenue, East Tower, 10th 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 (112); Access One Trust (3); ProShares (115) | Context Capital | ||||||
Russell S. Reynolds, III c/o ProFunds Trust 7501 Wisconsin Avenue, East Tower, 10th Floor Bethesda, MD 20814 Birth Date: 7/57 | Trustee | Indefinite; October 1997 to present | RSR Partners, Inc. and predecessor company (Executive Recruitment and Corporate Governance Consulting): Managing Director (February 1993 to present). | ProFunds (112); Access One Trust (3); ProShares (115) | RSR Partners, Inc. | ||||||
Michael C. Wachs c/o ProFunds Trust 7501 Wisconsin Avenue, East Tower, 10th 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 (112); Access One Trust (3); ProShares (115) | NAIOP (the Commercial Real Estate Development Association) | ||||||
Interested Trustee | |||||||||||
Michael L. Sapir** 7501 Wisconsin Avenue, East Tower, 10th 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 ProFund Advisors (April 1997 to present); ProShare Advisors (November 2005 to present); and ProShare Capital Management LLC (August 2008 to present). | ProFunds (112); Access One Trust (3); ProShares (115) |
* | The "Fund Complex" consists of all operational registered investment companies under the 1940 Act that are advised by ProFund Advisors and any registered investment companies that have an investment adviser that is an affiliated person of ProFund Advisors. 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 7501 Wisconsin Avenue, East Tower, 10th 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. 7501 Wisconsin Avenue, East Tower, 10th 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 (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 7501 Wisconsin Avenue, East Tower, 10th Floor Bethesda, MD 20814 Birth Date: 8/67 | Chief Legal Officer and Secretary | Indefinite; December 2015 to present | General Counsel of ProShare Advisors, ProFund Advisors LLC 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). | ||||
Christopher E. Sabato 4400 Easton Commons, Suite 200 Columbus, OH 43219 Birth Date: 12/68 | Treasurer | Indefinite; September 2009 to present | Senior Vice President, Fund Administration, Citi Fund Services Ohio, Inc. (2007 to present) | ||||
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 :: December 31, 2020
Investment Portfolio
Government & Agency Obligations 79.2%
U.S. Government Sponsored Agencies 28.1%
Principal Amount | Value | |||||||
Federal Farm Credit Bank: | ||||||||
1-month LIBOR minus 0.055%, 0.093%*, 2/3/2021 | $ | 170,000,000 | $ | 169,998,512 | ||||
SOFR plus 0.040%,0.13%*, 2/9/2021 | 52,000,000 | 52,000,000 | ||||||
1-month LIBOR plus 0.005%, 0.159%*, 1/12/2021 | 100,000,000 | 99,999,781 | ||||||
SOFR plus 0.070%, 0.16%*, 8/11/2022 | 152,975,000 | 152,987,474 | ||||||
SOFR plus 0.075%, 0.165%*, 7/9/2021 | 68,000,000 | 68,000,000 | ||||||
SOFR plus 0.080%, 0.17%*, 3/10/2022 | 70,000,000 | 70,000,000 | ||||||
SOFR plus 0.100%, 0.19%*, 5/7/2021 | 25,000,000 | 25,000,000 | ||||||
0.35%, 5/7/2021 | 70,000,000 | 69,986,804 | ||||||
Federal Home Loan Bank: | ||||||||
Tennessee Valley Authority, 0.041%, 1/6/2021 | 50,000,000 | 49,999,722 | ||||||
3-month LIBOR minus 0.155%, 0.061%*, 1/29/2021 | 156,500,000 | 156,500,000 | ||||||
0.086%**, 2/22/2021 | 90,000,000 | 89,988,950 | ||||||
0.09%**, 3/24/2021 | 87,000,000 | 86,982,363 | ||||||
1-month LIBOR minus 0.050%, 0.098%*, 1/27/2021 | 125,000,000 | 125,000,000 | ||||||
0.1%**, 1/29/2021 | 283,000,000 | 282,978,429 | ||||||
SOFR plus 0.010%, 0.1%*, 5/3/2021 | 225,000,000 | 225,000,000 | ||||||
0.107%**, 1/15/2021 | 250,000,000 | 249,989,792 | ||||||
0.11%, 4/26/2021 | 114,000,000 | 113,997,740 | ||||||
SOFR plus 0.030%, 0.12%*, 1/28/2021 | 435,000,000 | 435,000,000 | ||||||
1-month LIBOR minus 0.030%, 0.123%*, 4/16/2021 | 100,000,000 | 100,000,000 | ||||||
0.125%, 7/8/2021 | 5,000,000 | 4,998,912 | ||||||
0.126%**, 2/10/2021 | 135,000,000 | 134,981,400 | ||||||
SOFR plus 0.040%, 0.13%*, 2/9/2021 | 50,000,000 | 50,000,000 | ||||||
SOFR plus 0.040%, 0.13%*, 2/26/2021 | 432,250,000 | 432,250,000 | ||||||
1-month LIBOR minus 0.010%, 0.138%*, 5/3/2021 | 84,000,000 | 83,997,117 | ||||||
SOFR plus 0.050%, 0.14%*, 1/22/2021 | 38,000,000 | 38,000,000 | ||||||
SOFR plus 0.050%, 0.14%*, 1/28/2021 | 42,000,000 | 42,000,000 | ||||||
SOFR plus 0.050%, 0.14%*, 6/14/2021 | 185,000,000 | 185,000,000 | ||||||
SOFR plus 0.050%, 0.14%*, 12/23/2021 | 40,000,000 | 40,000,000 | ||||||
0.15%, 11/22/2021 | 220,000,000 | 220,000,000 | ||||||
SOFR plus 0.065%, 0.155%*, 2/26/2021 | 150,000,000 | 150,000,000 | ||||||
SOFR plus 0.075%, 0.165%*, 6/11/2021 | 106,000,000 | 106,000,000 | ||||||
SOFR plus 0.120%, 0.21%*, 2/28/2022 | 150,000,000 | 150,000,000 | ||||||
SOFR plus 0.130%, 0.22%*, 3/11/2021 | 440,000,000 | 440,000,000 | ||||||
0.234%**, 1/19/2021 | 1,850,000 | 1,849,787 | ||||||
0.285%**, 3/10/2021 | 1,300,000 | 1,299,312 | ||||||
0.407%**, 3/18/2021 | 75,000,000 | 74,936,667 | ||||||
0.458%**, 3/8/2021 | 185,000,000 | 184,847,375 | ||||||
0.529%**, 3/9/2021 | 169,000,000 | 168,836,445 | ||||||
Federal Home Loan Mortgage Corp.: | ||||||||
0.091%, 5/10/2021 | 150,000,000 | 150,000,000 | ||||||
SOFR plus 0.030%, 0.12%*, 1/22/2021 | 160,000,000 | 160,000,000 | ||||||
SOFR plus 0.030%, 0.12%*, 2/5/2021 | 3,635,000 | 3,635,018 | ||||||
SOFR plus 0.030%, 0.12%*, 2/24/2021 | 240,000,000 | 240,000,000 | ||||||
SOFR plus 0.045%, 0.135%*, 8/27/2021 | 50,000,000 | 50,000,000 | ||||||
SOFR plus 0.070%, 0.16%*, 2/25/2022 | 450,000,000 | 450,000,000 | ||||||
SOFR plus 0.095%, 0.185%*, 8/19/2022 | 207,000,000 | 207,000,000 | ||||||
SOFR plus 0.140%, 0.23%*, 12/10/2021 | 100,000,000 | 99,980,988 | ||||||
SOFR plus 0.145%, 0.235%*, 12/9/2021 | 40,000,000 | 40,000,000 | ||||||
SOFR plus 0.190%, 0.28%*, 6/2/2022 | 40,000,000 | 40,000,000 | ||||||
Federal National Mortgage Association: | ||||||||
SOFR plus 0.040%, 0.13%*, 1/29/2021 | 80,000,000 | 80,000,000 | ||||||
SOFR plus 0.050%, 0.14%*, 3/4/2021 | 363,000,000 | 363,000,000 | ||||||
SOFR plus 0.075%, 0.165%*, 6/4/2021 | 150,000,000 | 150,000,000 | ||||||
SOFR plus 0.300%, 0.39%*, 1/7/2022 | 80,000,000 | 80,000,000 | ||||||
SOFR plus 0.310%, 0.4%*, 10/25/2021 | 85,000,000 | 85,000,000 | ||||||
7,331,022,588 | ||||||||
U.S. Treasury Obligations 51.1% | ||||||||
U.S. Treasury Bills: | ||||||||
0.01%**, 1/7/2021 | 45,080,000 | 45,079,962 | ||||||
0.02%**, 1/12/2021 | 100,000,000 | 99,999,556 | ||||||
0.061%**, 1/7/2021 | 100,000,000 | 99,999,500 | ||||||
0.082%**, 2/16/2021 | 375,000,000 | 374,954,396 | ||||||
0.083%**, 2/16/2021 | 600,000,000 | 599,941,592 | ||||||
0.083%**, 2/16/2021 | 400,000,000 | 399,961,061 | ||||||
0.086%**, 2/25/2021 | 500,000,000 | 499,938,611 | ||||||
0.086%**, 2/25/2021 | 500,000,000 | 499,938,611 | ||||||
0.086%**, 2/25/2021 | 261,750,000 | 261,717,863 | ||||||
0.092%**, 5/27/2021 | 343,200,000 | 343,077,306 | ||||||
0.092%**, 5/27/2021 | 343,200,000 | 343,077,306 | ||||||
0.092%**, 5/27/2021 | 183,600,000 | 183,527,838 | ||||||
0.094%**, 1/19/2021 | 22,500,000 | 22,498,965 | ||||||
0.097%**, 1/7/2021 | 500,000,000 | 499,996,042 | ||||||
0.097%**, 1/7/2021 | 225,000,000 | 224,998,219 | ||||||
0.097%**, 1/7/2021 | 500,000,000 | 499,985,806 | ||||||
0.097%**, 3/4/2021 | 800,000 | 799,869 | ||||||
0.102%**, 1/28/2021 | 500,000,000 | 499,966,667 | ||||||
0.102%**, 1/28/2021 | 265,000,000 | 264,982,333 | ||||||
0.102%**, 1/28/2021 | 363,530,000 | 363,505,765 | ||||||
0.102%**, 3/2/2021 | 250,000,000 | 249,958,333 | ||||||
0.105%**, 1/14/2021 | 425,000,000 | 424,987,840 | ||||||
0.107%**, 3/25/2021 | 205,000,000 | 204,950,373 | ||||||
0.107%**, 4/6/2021 | 85,000,000 | 84,976,448 | ||||||
0.112%**, 2/11/2021 | 50,000,000 | 49,994,194 | ||||||
0.114%**, 1/12/2021 | 500,000,000 | 499,982,722 | ||||||
0.118%**, 2/2/2021 | 500,000,000 | 499,948,445 |
The accompanying notes are an integral part of the financial statements.
December 31, 2020 :: Investment Portfolio :: Government Cash Management Portfolio :: 21
U.S. Treasury Obligations, continued
Principal Amount | Value | |||||||
0.12%**, 2/25/2021 | $ | 260,000,000 | $ | 259,944,190 | ||||
0.122%**, 2/11/2021 | 243,000,000 | 242,969,220 | ||||||
0.122%**, 2/11/2021 | 53,620,000 | 53,609,784 | ||||||
0.125%**, 1/28/2021 | 455,000,000 | 454,948,793 | ||||||
0.147%**, 1/14/2021 | 300,000,000 | 299,987,917 | ||||||
0.147%**, 1/14/2021 | 91,140,000 | 91,127,955 | ||||||
U.S. Treasury Floating Rate Notes: | ||||||||
3-month U.S. Treasury Bill Money Market Yield plus 0.055%, 0.15%*, 7/31/2022 | 232,000,000 | 231,994,003 | ||||||
3-month U.S. Treasury Bill Money Market Yield plus 0.055%, 0.15%*, 10/31/2022 | 60,000,000 | 60,003,334 | ||||||
3-month U.S. Treasury Bill Money Market Yield plus 0.114%, 0.209%*, 4/30/2022 | 800,000,000 | 800,791,381 | ||||||
3-month U.S. Treasury Bill Money Market Yield plus 0.115%, 0.21%*, 1/31/2021 | 807,000,000 | 807,069,572 | ||||||
3-month U.S. Treasury Bill Money Market Yield plus 0.139%, 0.234%*, 4/30/2021 | 762,300,000 | 762,662,825 | ||||||
3-month U.S. Treasury Bill Money Market Yield plus 0.220%, 0.315%*, 7/31/2021 | 600,000,000 | 600,760,908 | ||||||
3-month U.S. Treasury Bill Money Market Yield plus 0.300%, 0.395%*, 10/31/2021 | 546,000,000 | 547,341,294 | ||||||
13,355,956,799 | ||||||||
Total Government & Agency Obligations (Cost $20,686,979,387) | 20,686,979,387 | |||||||
Repurchase Agreements 20.1% | ||||||||
Barclays Capital PLC, 0.06%, dated 12/31/2020, to be repurchased at $925,206,168 on 1/4/2021(a) | 925,200,000 | 925,200,000 | ||||||
BNP Paribas, 0.05%, dated 12/31/2020, to be repurchased at $285,087,584 on 1/4/2021(b) | 285,086,000 | 285,086,000 | ||||||
Citigroup Global Markets, Inc., 0.05%, dated 12/31/2020, to be repurchased at $11,592,064 on 1/4/2021(c) | 11,592,000 | 11,592,000 | ||||||
Citigroup Global Markets, Inc., 0.07%, dated 12/31/2020, to be repurchased at $175,001,361 on 1/4/2021,(d) | 175,000,000 | 175,000,000 | ||||||
Fixed Income Clearing Corp., 0.01%, dated 12/31/2020, to be repurchased at $650,000,722 on 1/4/2021(e) | 650,000,000 | 650,000,000 | ||||||
Fixed Income Clearing Corp., 0.06%, dated 12/31/2020, to be repurchased at $1,500,010,611 on 1/4/2021(f) | 1,500,000,000 | 1,500,000,000 | ||||||
HSBC Securities, Inc, 0.06%, dated 12/31/2020, to be repurchased at $120,400,803 on 1/4/2021(g) | 120,400,000 | 120,400,000 | ||||||
JPMorgan Securities, Inc., 0.06%, dated 12/31/2020, to be repurchased at $200,001,333 on 1/4/2021(h) | 200,000,000 | 200,000,000 | ||||||
Merrill Lynch & Co., Inc., 0.08%, dated 12/31/2020, to be repurchased at $150,001,333 on 1/4/2021(i) | 150,000,000 | 150,000,000 | ||||||
The Goldman Sachs & Co., 0.01%, dated 12/31/2020, to be repurchased at $550,000,000 on 1/4/2021(j) | 550,000,000 | 550,000,000 | ||||||
The Goldman Sachs & Co., 0.05%, dated 12/31/2020, to be repurchased at $100,000,556 on 1/4/2021(k) | 100,000,000 | 100,000,000 | ||||||
The Goldman Sachs & Co., 0.07%, dated 12/31/2020, to be repurchased at $200,001,556 on 1/4/2021(l) | 200,000,000 | 200,000,000 | ||||||
Wells Fargo Bank, 0.06%, dated 12/31/2020, to be repurchased at $97,800,652 on 1/4/2021(m) | 97,800,000 | 97,800,000 | ||||||
Wells Fargo Bank, 0.08%, dated 12/31/2020, to be repurchased at $277,372,466 on 1/4/2021(n) | 277,370,000 | 277,370,000 | ||||||
Total Repurchase Agreements (Cost $5,242,448,000) | 5,242,448,000 |
% of Net Assets | Value | |||||||
Total Investment Portfolio (Cost $25,929,427,387) | 99.3 | 25,929,427,387 | ||||||
Other Assets and Liabilities, Net | 0.7 | 193,063,019 | ||||||
Net Assets | 100.0 | $ | 26,122,490,406 |
* | Floating rate security. These securities are shown at their current rate as of December 31, 2020. |
** | Annualized yield at time of purchase; not a coupon rate. |
(a) | Collateralized by $902,599,200 U.S. Treasury Bonds, 1.625-2.125%, maturing on 7/15/2022-10/31/2026 with a value of $943,704,041. |
(b) | Collateralized by $290,901,300 U.S. Treasury Bills, Zero Coupon, maturing on 1/7/2021-10/7/2021 with a value of $290,787,820. |
The accompanying notes are an integral part of the financial statements.
22 :: Government Cash Management Portfolio :: Investment Portfolio :: December 31, 2020
(c) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | ||||||
184,100 | U.S. Treasury Bonds | 2.25–2.875 | 8/15/2045–8/15/2047 | 232,025 | ||||||
10,089,000 | U.S. Treasury Inflation-Indexed Bonds | 0.25 | 7/15/2029 | 11,591,920 | ||||||
Total Collateral Value | 11,823,945 |
(d) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | ||||||
37,137,200 | U.S. Treasury Bonds | 2.25–8.0 | 11/15/2021–8/15/2047 | 46,804,843 | ||||||
112,260,200 | U.S. Treasury Inflation-Indexed Bonds | 0.25–0.625 | 07/15/2021–07/15/2029 | 131,695,329 | ||||||
Total Collateral Value | 178,500,172 |
(e) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | ||||||
183,814,700 | U.S. Treasury Bonds | 1.25–2.375 | 8/15/2049–5/15/2050 | 204,000,023 | ||||||
442,295,900 | U.S. Treasury Notes | 0.125 | 1/15/2021–12/31/2022 | 459,000,062 | ||||||
Total Collateral Value | 663,000,085 |
(f) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | ||||||
50,000,000 | U.S. Treasury Floating Rate Note | 0.145 | 7/31/2022 | 50,010,917 | ||||||
200,000,000 | U.S. Treasury Inflation-Indexed Bonds | 0.875 | 1/15/2029 | 242,485,806 | ||||||
1,166,687,300 | U.S. Treasury Notes | 0.25–2.75 | 3/15/2022–2/15/2028 | 1,237,503,358 | ||||||
Total Collateral Value | 1,530,000,081 |
(g) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | ||||||
364,400 | U.S. Treasury Bills | Zero Coupon | 1/26/2021–3/25/2021 | 364,362 | ||||||
107,160,166 | U.S. Treasury Bonds | 0–2.88 | 11/15/2021–11/15/2046 | 82,439,133 | ||||||
39,116,100 | U.S. Treasury Notes | 0.125–2.0 | 7/31/2022–12/31/2022 | 40,004,505 | ||||||
Total Collateral Value | 122,808,000 |
(h) Collateralized by $184,937,600 U.S. Treasury Inflation-Indexed Bonds, 0.125%, maturing on 4/15/2021 with a value of $204,000,924.
(i) Collateralized by $142,762,675 Federal National Mortgage Association, 2.5%-4.5%, maturing on 10/1/2048-11/1/2050 with a value of $154,500,000.
(j) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | ||||||
475,722,168 | U.S. Treasury Bonds | 0–3.0 | 5/15/2023–2/15/2047 | 447,759,104 | ||||||
109,697,300 | U.S. Treasury Notes | 0.375–3.625 | 1/31/2021–7/31/2027 | 113,240,986 | ||||||
Total Collateral Value | 561,000,090 |
(k) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | ||||||
3,411,000 | U.S. Treasury Bills | Zero coupon | 1/19/2021 | 3,410,898 | ||||||
116,222,400 | U.S. Treasury Bonds | 0–0.625 | 5/15/2030–11/15/2046 | 98,589,162 | ||||||
Total Collateral Value | 102,000,060 |
The accompanying notes are an integral part of the financial statements.
December 31, 2020 :: Investment Portfolio :: Government Cash Management Portfolio :: 23
(l) Collateralized by:
Principal Amount ($) | Security | Rate (%) | Maturity Date | Collateral Value ($) | ||||||
8,020,679 | Federal Home Loan Mortgage Corp. | 2.0–5.5 | 11/1/2035–5/1/2050 | 8,681,673 | ||||||
183,266,593 | Federal National Mortgage Association | 2.0–7.0 | 4/1/2031–12/1/2050 | 194,178,364 | ||||||
1,041,825 | Government National Mortgage Association | 3.5–5.5 | 5/15/2033–10/20/2048 | 1,139,963 | ||||||
Total Collateral Value | 204,000,000 |
(m) | Collateralized by $85,346,930 U.S. Treasury Inflation-Indexed Bonds, 0.125–0.875%, maturing on 4/15/2021–7/15/2030 with a value of $99,756,003. |
(n) | Collateralized by $263,499,434 Federal National Mortgage Association, 1.865–6.0%, maturing on 4/1/2023–12/1/2050 with a value of $282,917,400. |
LIBOR: London Interbank Offered Rate
SOFR: Secured Overnight Financing Rate
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, 2020 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 | ||||||||||||
Government & Agency Obligations(o) | $ | — | $ | 20,686,979,387 | $ | — | $ | 20,686,979,387 | ||||||||
Repurchase Agreements | $ | — | $ | 5,242,448,000 | $ | — | $ | 5,242,448,000 | ||||||||
Total | $ | — | $ | 25,929,427,387 | $ | — | $ | 25,929,427,387 |
(o) See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
24 :: Government Cash Management Portfolio :: Financial Statements
Statement of Assets and Liabilities
as of December 31, 2020
ASSETS: | ||||
Investments in non-affiliated securities, valued at amortized cost | $ | 20,686,979,387 | ||
Repurchase agreements, valued at amortized cost | 5,242,448,000 | |||
Cash | 191,914,985 | |||
Interest receivable | 2,585,506 | |||
Other assets | 610,799 | |||
TOTAL ASSETS | 26,124,538,677 | |||
LIABILITIES: | ||||
Accrued investment advisory fee | 974,409 | |||
Accrued Trustees' fees | 244,936 | |||
Other accrued expenses and payables | 828,926 | |||
TOTAL LIABILITIES | 2,048,271 | |||
NET ASSETS, AT VALUE | $ | 26,122,490,406 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Income: | ||||
Interest | $ | 102,959,675 | ||
EXPENSES: | ||||
Management fee | 22,785,710 | |||
Administration fee | 7,107,737 | |||
Custodian fee | 191,272 | |||
Professional fees | 314,621 | |||
Reports to shareholders | 32,835 | |||
Trustees' fees and expenses | 785,332 | |||
Other | 597,527 | |||
Total expenses before expense reductions | 31,815,034 | |||
Expense reductions | (15,002,526 | ) | ||
TOTAL EXPENSES AFTER EXPENSE REDUCTIONS | 16,812,508 | |||
NET INVESTMENT INCOME | 86,147,167 | |||
Net realized gain (loss) from investments | 202,122 | |||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 86,349,289 |
See accompanying notes to the financial statements.
Financial Statements :: Government Cash Management Portfolio :: 25
Statements of Changes in Net Assets
Years Ended December 31, 2020 | Years Ended December 31, 2019 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 86,147,167 | $ | 378,856,334 | ||||
Net realized gain (loss) | 202,122 | (115,473 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 86,349,289 | 378,740,861 | ||||||
CAPITAL TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST: | ||||||||
Proceeds from capital invested | 82,358,268,912 | 70,171,749,351 | ||||||
Value of capital withdrawn | (75,212,997,203 | ) | (67,380,088,034 | ) | ||||
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest | 7,145,271,709 | 2,791,661,317 | ||||||
INCREASE (DECREASE) IN NET ASSETS | 7,231,620,998 | 3,170,402,178 | ||||||
Net assets at beginning of period | 18,890,869,408 | 15,720,467,230 | ||||||
Net assets at end of period | $ | 26,122,490,406 | $ | 18,890,869,408 |
See accompanying notes to the financial statements.
26 :: Government Cash Management Portfolio :: Financial Highlights
For the year ended Dec. 31, 2020 | For the year ended Dec. 31, 2019 | For the year ended Dec. 31, 2018 | For the year ended Dec. 31, 2017 | For the year ended Dec. 31, 2016 | |||||||||||
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA | |||||||||||||||
Net assets, end of period ($ millions) | 26,122 | 18,891 | 15,720 | 17,172 | 11,975 | ||||||||||
Ratio of expenses before expense reductions (%) | .13 | .14 | .14 | .14 | .16 | ||||||||||
Ratio of expenses after expense reductions (%) | .07 | .07 | .10 | .11 | .11 | ||||||||||
Ratio of net investment income (%) | .36 | 2.13 | 1.76 | .83 | .32 | ||||||||||
Total Return (%)a,b | .41 | 2.17 | 1.78 | .81 | .32 |
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 Cash Reserves Fund Institutional.
See accompanying notes to the financial statements.
December 31, 2020 :: Notes to Financial Statements :: Government Cash Management Portfolio :: 27
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, 2020, DWS Government Cash Management Fund, DWS Government Cash Reserves Fund Institutional and DWS Government Money Market Series owned approximately 1%, 1% and 97% respectively, of the Portfolio.
The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Portfolio qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.
Security Valuation
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The Portfolio values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
Repurchase Agreements
The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Portfolio, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank or another designated subcustodian 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, 2020, the Portfolio held repurchase agreements with a gross value of $5,242,448,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Portfolio's Investment Portfolio.
Federal Income Taxes
The Portfolio is considered a Partnership under the Internal Revenue Code, as amended. Therefore, no federal income tax provision is necessary.
It is intended that the Portfolio's assets, income and distributions will be managed in such a way that an investor in the Portfolio will be able to satisfy the requirements of Subchapter M of the Code, assuming that the investor invested all of its assets in the Portfolio.
At December 31, 2020, Government Cash Management Portfolio had an aggregate cost of investments for federal income tax purposes of $25,929,427,387.
The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2020 and has determined that no provision for income tax and/or uncertain tax positions is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
Contingencies
In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet
28 :: Government Cash Management Portfolio :: Notes to Financial Statements :: December 31, 2020
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 discounts and premiums are accreted/amortized 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, the Portfolio pays the Advisor 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, 2020, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.10% of the Portfolio's average daily net assets.
For the period from January 1, 2020 through March 5, 2020, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.09% of the Portfolio's average daily net assets.
For the period from March 6, 2020 through September 3, 2020, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.06% of the Portfolio's average daily net assets.
For the period from September 4, 2020 through October 5, 2020, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.07% of the Portfolio's average daily net assets.
Effective October 6, 2020 through December 31, 2020, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.08% of the Portfolio's average daily net assets. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.
For the year ended December 31, 2020, fees waived and/or expenses reimbursed are $15,002,526.
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, 2020, the Administration Fee was $7,107,737, of which $645,351 is unpaid.
Other Service Fees
Under an agreement with the Portfolio, DIMA is compensated for providing certain regulatory filing services to the Portfolio. For the year ended December 31, 2020, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $3,514, of which $1,078 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.
Transactions with Affiliates
The Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers or common trustees. During the year ended December 31, 2020, the Portfolio engaged in securities sales of $850,000 with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act.
C. Line of Credit
The Portfolio and other affiliated funds (the "Participants") share in a $350 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 rate per annum equal to the
December 31, 2020 :: Notes to Financial Statements :: Government Cash Management Portfolio :: 29
sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. 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, 2020.
D. Money Market Fund Investments and Yield
Rising interest rates could cause the value of the Fund's investments – and therefore its share price as well – to decline. Conversely, any decline in interest rates is likely to cause the Fund's yield to decline, and during periods of unusually low interest rates, the Fund's yield may approach zero. A low interest rate environment may prevent the fund from providing a positive yield or paying fund expenses out of current income and, at times, could impair the fund'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. Recent and potential future changes in monetary policy made by central banks or governments are likely to affect the level of interest rates. Money market funds try to minimize this risk by purchasing short-term securities.
If there is an insufficient supply of US government securities to meet investor demand, it could result in lower yields on such securities and increase interest rate risk for the fund.
E. Other – COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity and increased government activity. Specifically, COVID-19 has led to significant death and morbidity, and concerns about its further spread have resulted in the closing of schools and non-essential businesses, cancellations, shelter-in place orders, lower consumer spending in certain sectors, social distancing, bans on large social gatherings and travel, quarantines, government economic stimulus measures, reduced productivity, rapid increases in unemployment, increased demand for and strain on government and medical resources, border closings and global trade and supply chain interruptions, among others. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve. The pandemic may affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and a prolonged pandemic may result in the Fund and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund's accounting and financial reporting.
30 :: Government Cash Management Portfolio :: Report of Independent Registered Public Accounting Firm
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 "Fund"), including the investment portfolio, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two 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 Fund at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.
The financial highlights for the years ended December 31, 2016, December 31, 2017 and December 31, 2018, were audited by another independent registered public accounting firm whose report, dated February 21, 2019, expressed an unqualified opinion on those financial highlights.
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 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 Fund is not required to have, nor were we engaged to perform, an audit of the Fund'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 Fund'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, 2020, by correspondence with the custodian and brokers. 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 25, 2021
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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.
PRO1220
ProFunds VP
Asia 30
Banks
Basic Materials
Bear
Biotechnology
Bull
Consumer Goods
Consumer Services
Dow 30
Emerging Markets
Europe 30
Falling U.S. Dollar
Financials
Government Money Market
Health Care
Industrials
International
Internet
Japan
Large-Cap Growth
Large-Cap Value
Mid-Cap
Mid-Cap Growth
Mid-Cap Value
Nasdaq-100
Oil & Gas
Pharmaceuticals
Precious Metals
Real Estate
Rising Rates Opportunity
Semiconductor
Short Dow 30
Short Emerging Markets
Short International
Short Mid-Cap
Short Nasdaq-100
Short Small-Cap
Small-Cap
Small-Cap Growth
Small-Cap Value
Technology
Telecommunications
UltraBull
UltraMid-Cap
UltraNasdaq-100
UltraShort Dow 30
UltraShort Nasdaq-100
UltraSmall-Cap
U.S. Government Plus
Utilities
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the ProFunds’ VP website at ProFunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as banks & insurance companies).
Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account that you invest in through your financial intermediary.
Table of Contents
1 | Message from the Chairman | |
3 | Management Discussion of Fund Performance | |
7 | Financial Statements and Financial Highlights | |
8 | ProFund VP Asia 30 | |
13 | ProFund VP Banks | |
19 | ProFund VP Basic Materials | |
25 | ProFund VP Bear | |
30 | ProFund VP Biotechnology | |
36 | ProFund VP Bull | |
48 | ProFund VP Consumer Goods | |
54 | ProFund VP Consumer Services | |
61 | ProFund VP Dow 30 | |
66 | ProFund VP Emerging Markets | |
72 | ProFund VP Europe 30 | |
77 | ProFund VP Falling U.S. Dollar | |
82 | ProFund VP Financials | |
90 | ProFund VP Government Money Market | |
95 | ProFund VP Health Care | |
102 | ProFund VP Industrials | |
109 | ProFund VP International | |
114 | ProFund VP Internet | |
120 | ProFund VP Japan | |
125 | ProFund VP Large-Cap Growth | |
133 | ProFund VP Large-Cap Value | |
143 | ProFund VP Mid-Cap | |
148 | ProFund VP Mid-Cap Growth | |
156 | ProFund VP Mid-Cap Value | |
165 | ProFund VP Nasdaq-100 | |
172 | ProFund VP Oil & Gas | |
178 | ProFund VP Pharmaceuticals | |
184 | ProFund VP Precious Metals | |
189 | ProFund VP Real Estate | |
195 | ProFund VP Rising Rates Opportunity | |
200 | ProFund VP Semiconductor | |
206 | ProFund VP Short Dow 30 | |
211 | ProFund VP Short Emerging Markets |
216 | ProFund VP Short International | |
221 | ProFund VP Short Mid-Cap | |
226 | ProFund VP Short Nasdaq-100 | |
231 | ProFund VP Short Small-Cap | |
236 | ProFund VP Small-Cap | |
264 | ProFund VP Small-Cap Growth | |
274 | ProFund VP Small-Cap Value | |
285 | ProFund VP Technology | |
292 | ProFund VP Telecommunications | |
298 | ProFund VP UltraBull | |
310 | ProFund VP UltraMid-Cap | |
321 | ProFund VP UltraNasdaq-100 | |
328 | ProFund VP UltraShort Dow 30 | |
333 | ProFund VP UltraShort Nasdaq-100 | |
338 | ProFund VP UltraSmall-Cap | |
368 | ProFund VP U.S. Government Plus | |
373 | ProFund VP Utilities | |
379 | Notes to Financial Statements | |
409 | Report of Independent Registered Public Accounting Firm | |
410 | Additional Tax Information | |
412 | Board Approval of Investment Advisory Agreement | |
415 | Expense Examples | |
418 | Trustees and Officers |
This Page Intentionally Left Blank
Message from the Chairman
Dear Shareholder:
As we continue to navigate these unprecedented times, we appreciate the opportunity to reaffirm our commitment to our customers, partners and associates. ProFunds continues to focus on ensuring the safety of our associates and managing our funds effectively. I am pleased to be able to provide you with the following annual report to shareholders of ProFunds VP for the 12 months ended December 31, 2020.
A Tale of Two Halves
The reporting period had two distinctive halves. In the first half, the COVID-19 (coronavirus) pandemic had a considerably negative impact on the economy. The U.S. equity market, as measured by the S&P 500® , declined. Both the S&P 500® and the Dow Jones Industrial Average® (the Dow® ) posted their worst first-quarter results ever. First-quarter real GDP contracted 5% annualized, down from a 5% rise a quarter earlier, and then fell an additional 31.7% annualized in the second quarter as the pandemic continued to take a devastating economic toll. National unemployment rose sharply, increasing from 3.5% in December 2019 to 11.1% in June 2020.
Concerns about diminishing economic activity led to widespread selling of equities and other riskier asset classes during the first quarter. To support the U.S. economy and markets, the Federal Reserve (Fed) cut its fed fund rates target to 0.00%-0.25% in March. Lawmakers and the central bank proceeded to introduce programs that offered trillions of dollars in combined stimulus. Stock prices rebounded in the second quarter, although market concerns about the coronavirus and the economy lingered.
Recovery in the Second Half
The second half of the period was marked by a substantial recovery. In fact, U.S. equities rallied for the reporting period overall despite a resurgence of COVID-19 in the fall and deteriorating macroeconomic conditions that impacted many sectors of the economy. U.S. equities set records during the third calendar quarter, as the S&P 500® and the Dow® rose 8.9% and 8.2%, respectively, with technology stocks outperforming in particular. The Dow® climbed late in November, driven by positive vaccine news and confidence around the presidential election’s outcome. It actually closed above the 30,000 level for the first time in history on November 24.
Third-quarter real GDP growth was revised upward to 33.1% (annualized). Employment also improved during the reporting period, though hiring slowed slightly in November. In December, the U.S. Congress passed an additional $900 billion stimulus package with aid to individuals and small businesses that were negatively impacted by the pandemic.
Over the 12-month reporting period, U.S. large-cap stocks returned 18.4%, as measured by the S&P 500® , and 9.7%, according to the Dow® . The Dow® ’s top-performing sectors were technology at 47.2%, consumer goods at 32.8% and consumer services with 29.76% returns. The worst performers were oil and gas (-33.2%), telecommunications (-5.92%) and utilities (-0.61%). The
1
S&P MidCap 400® advanced 13.66%, and the tech-heavy Nasdaq 100 Index® returned 48.9%.
International Equities Posted Positive Results
Developed markets outside North America returned 7.8% for the year, as measured by the MSCI EAFE Index® . The MSCI Europe Index® rose 5.38% despite European COVID-19 cases increasing and new public restrictions implemented during the fall, with a pandemic relief fund of €750 billion aiding recovery. The Nikkei 225 Stock Average rose 24.5%, while the S&P/BNY Mellon Emerging Markets 50 ADR Index (USD) returned 28.6% and the S&P/BNY Mellon Latin America 35 ADR Index (USD) retreated 16.6%.
ProFunds VP Trust’s Results Reflect Market Recovery
ProFunds’ index-based mutual funds offer many advantages, such as diverse market exposures, a transparent investment process, efficient fund management, and high daily correlation to their indexes. Overall market appreciation and inflows during the period led to a 16% increase in ProFunds VP assets under management. Large-cap stocks experienced the largest percentage increase, and assets moved from money market funds into other investments.
No matter what direction the market takes, our extensive lineup of ProFunds mutual funds provides strategies to help manage risk and potentially enhance returns. We appreciate the trust and confidence you have placed in us by choosing ProFunds VP and look forward to continuing to serve your investing 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, 20202:
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; 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. |
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
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, 2020, was 34.69%, which was higher than the prior year’s volatility of 12.48%. The volatility of each Fund’s benchmark is shown below.
Index | 1 yr Vol. | |||
Dow Jones U.S. Oil & GasSM Index | 60.84 | % | ||
Dow Jones U.S. BanksSM Index | 57.26 | % | ||
Dow Jones Precious MetalsSM Index | 49.88 | % | ||
S&P SmallCap 600® Value Index | 47.56 | % | ||
Dow Jones U.S. SemiconductorsSM Index | 47.51 | % | ||
ProFunds Asia 30 Index® | 45.09 | % | ||
S&P MidCap 400® Value Index | 45.09 | % | ||
Dow Jones U.S. FinancialsSM Index | 43.66 | % | ||
Russell 2000® Index | 43.13 | % | ||
S&P SmallCap 600® Growth Index | 42.90 | % | ||
Dow Jones U.S. Real EstateSM Index | 42.51 | % | ||
S&P MidCap 400® | 41.07 | % | ||
Dow Jones U.S. Basic MaterialsSM Index | 39.94 | % | ||
Dow Jones U.S. TechnologySM Index | 39.79 | % | ||
Dow Jones U.S. UtilitiesSM Index | 38.97 | % | ||
Dow Jones U.S. IndustrialsSM Index | 38.73 | % | ||
S&P MidCap 400® Growth Index | 38.68 | % | ||
Dow Jones Industrial Average® | 37.05 | % | ||
Nasdaq-100® Index | 36.59 | % | ||
Dow Jones Internet CompositeSM Index | 35.92 | % | ||
S&P 500® Value Index | 35.79 | % | ||
S&P 500® Growth Index | 35.32 | % | ||
S&P 500® | 34.69 | % | ||
S&P/BNY Mellon Emerging 50 ADR Index (USD) | 33.69 | % | ||
Dow Jones U.S. Consumer ServicesSM Index | 31.85 | % | ||
Dow Jones U.S. Consumer GoodsSM Index | 31.76 | % | ||
Dow Jones U.S. BiotechnologySM Index | 31.39 | % | ||
Dow Jones U.S. Health CareSM Index | 30.76 | % | ||
Dow Jones U.S. Select TelecommunicationsSM Index | 30.08 | % | ||
Dow Jones U.S. Select PharmaceuticalsSM Index | 29.67 | % | ||
Ryan Labs Returns Treasury Yield Curve 30 Year Index | 27.72 | % | ||
Nikkei 225 Stock Average | 25.82 | % | ||
MSCI EAFE Index® | 23.88 | % | ||
U.S. Dollar Index | 6.96 | % | ||
ProFunds Europe 30 Index® | 4.37 | % |
● | Financing Rates Associated with Swap Agreements and Forward Contracts: The performance of Funds that use swap agreements and forward contacts was impacted by financing costs associated with such derivatives. Financing rates are negotiated between the Funds and their counterparties, and are typically set at the one-week/one-month London Interbank Offered Rate (“LIBOR”) plus or minus a negotiated spread. The one-week LIBOR decreased from 1.63% to .10% and the one-month LIBOR decreased from 1.76% to .14% during the fiscal year. Each Fund with long exposure to its benchmark generally was negatively affected by financing rates. Conversely, each Fund with short/inverse exposure generally benefited from financing rates. In certain market environments, LIBOR adjusted by the spread may result in a Fund with short/inverse exposure also being negatively affected by 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 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 |
6 :: Management Discussion of Fund Performance
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.
Financial Statements and Financial Highlights
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, 2020, the Fund had a price return of 35.55%. For the same period, the Index had a total return of 35.84%1 and a volatility of 32.39%. 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Asia 30 | 35.55 | % | 13.26 | % | 4.89 | % | ||||||
ProFunds Asia 30 Index® | 35.84 | % | 13.10 | % | 4.84 | % | ||||||
MSCI AC Asia Pacific Free Excluding Japan Index | 22.44 | % | 12.93 | % | 6.21 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Asia 30 | 1.72 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | |||
Alibaba Group Holding, Ltd. | 5.9 | % | ||
Taiwan Semiconductor Manufacturing Co., Ltd. | 5.7 | % | ||
BHP Billiton PLC | 5.5 | % | ||
BHP Billiton, Ltd. | 5.5 | % | ||
HDFC Bank, Ltd. | 5.2 | % |
ProFunds Asia 30® Index – Composition
Industry Breakdown | % of Index | |||
Communication Services | 23 | % | ||
Information Technology | 22 | % | ||
Consumer Discretionary | 22 | % | ||
Financials | 12 | % | ||
Materials | 11 | % | ||
Industrials | 5 | % | ||
Health Care | 5 | % | ||
Country Composition | ||||
China | 65 | % | ||
India | 13 | % | ||
Australia | 11 | % | ||
Taiwan | 6 | % | ||
Singapore | 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 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.
Financial Statements :: ProFund VP Asia 30 :: 9
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (99.5%)
Shares | Value | |||||||
Alibaba Group Holding, Ltd.*ADR (Internet & Direct Marketing Retail) | 7,487 | $ | 1,742,449 | |||||
Baidu, Inc.*ADR (Interactive Media & Services) | 6,074 | 1,313,442 | ||||||
Beigene, Ltd.*ADR (Biotechnology) | 5,933 | 1,533,028 | ||||||
BHP Billiton PLCADR (Metals & Mining) | 30,725 | 1,629,347 | ||||||
BHP Billiton, Ltd.ADR (Metals & Mining) | 24,933 | 1,629,122 | ||||||
Bilibili, Inc.*ADR (Entertainment) | 7,699 | 659,959 | ||||||
Daqo New Energy Corp.*ADR (Semiconductors & Semiconductor Equipment) | 15,115 | 866,996 | ||||||
Futu Holdings, Ltd.*ADR (Capital Markets) | 21,402 | 979,142 | ||||||
GDS Holdings, Ltd.*ADR (IT Services) | 9,959 | 932,560 | ||||||
GSX Techedu, Inc.*ADR (Diversified Consumer Services) | 9,677 | 500,398 | ||||||
HDFC Bank, Ltd.*ADR (Banks) | 21,408 | 1,546,943 | ||||||
Huazhu Group, Ltd.ADR (Hotels, Restaurants & Leisure) | 11,231 | 505,732 | ||||||
HUYA, Inc.*ADR (Entertainment) | 33,056 | 658,806 | ||||||
ICICI Bank, Ltd.*ADR (Banks) | 74,447 | 1,106,282 | ||||||
Infosys Technologies, Ltd.ADR (IT Services) | 71,693 | 1,215,196 | ||||||
JD.com, Inc.*ADR (Internet & Direct Marketing Retail) | 7,487 | 658,107 | ||||||
JinkoSolar Holding Co., Ltd.*ADR (Semiconductors & Semiconductor Equipment) | 12,785 | 791,008 | ||||||
JOYY, Inc.ADR (Interactive Media & Services) | 8,193 | 655,276 | ||||||
Kingsoft Cloud Holdings, Ltd.*ADR (IT Services) | 20,130 | 876,662 | ||||||
Momo, Inc.ADR (Interactive Media & Services) | 46,900 | 654,724 | ||||||
NetEase, Inc.ADR (Entertainment) | 6,781 | 649,416 | ||||||
New Oriental Education & Technology Group, Inc.*ADR (Diversified Consumer Services) | 2,896 | 538,106 | ||||||
NIO, Inc.*ADR (Automobiles) | 14,127 | 688,550 | ||||||
Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail) | 3,885 | 690,248 | ||||||
Sea, Ltd.*ADR (Entertainment) | 7,205 | 1,434,155 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | 15,327 | 1,671,256 | ||||||
TAL Education Group*ADR (Diversified Consumer Services) | 7,134 | 510,152 | ||||||
Tencent Music Entertainment Group*ADR (Entertainment) | 33,692 | 648,234 | ||||||
Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail) | 15,257 | 514,619 | ||||||
ZTO Express Cayman, Inc.ADR (Air Freight & Logistics) | 52,904 | 1,542,681 | ||||||
TOTAL COMMON STOCKS (Cost $15,543,722) | 29,342,596 |
Repurchase Agreements(a) (0.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $25,000 | $ | 25,000 | $ | 25,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $25,000) | 25,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $15,568,722)—99.6% | 29,367,596 | |||||||
Net other assets (liabilities)—0.4% | 125,939 | |||||||
NET ASSETS—100.0% | $ | 29,493,535 |
* | 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. |
ADR | American Depositary Receipt |
ProFund VP Asia 30 invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Air Freight & Logistics | $ | 1,542,681 | 5.2 | % | ||||
Automobiles | 688,550 | 2.3 | % | |||||
Banks | 2,653,225 | 9.0 | % | |||||
Biotechnology | 1,533,028 | 5.2 | % | |||||
Capital Markets | 979,142 | 3.3 | % | |||||
Diversified Consumer Services | 1,548,656 | 5.3 | % | |||||
Entertainment | 4,050,570 | 13.8 | % | |||||
Hotels, Restaurants & Leisure | 505,732 | 1.7 | % | |||||
Interactive Media & Services | 2,623,442 | 8.9 | % | |||||
Internet & Direct Marketing Retail | 3,605,423 | 12.3 | % | |||||
IT Services | 3,024,418 | 10.2 | % | |||||
Metals & Mining | 3,258,469 | 11.0 | % | |||||
Semiconductors & Semiconductor Equipment | 3,329,260 | 11.3 | % | |||||
Other** | 150,939 | 0.5 | % | |||||
Total | $ | 29,493,535 | 100.0 | % |
ProFund VP Asia 30 invested in securities with exposure to the following countries as of December 31, 2020:
Value | % of Net Assets | |||||||
Australia | $ | 3,258,469 | 11.0 | % | ||||
China | 19,110,295 | 64.8 | % | |||||
India | 3,868,421 | 13.1 | % | |||||
Singapore | 1,434,155 | 4.9 | % | |||||
Taiwan | 1,671,256 | 5.7 | % | |||||
Other** | 150,939 | 0.5 | % | |||||
Total | $ | 29,493,535 | 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.
10 :: ProFund VP Asia 30 :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 15,568,722 | ||
Securities, at value | 29,342,596 | |||
Repurchase agreements, at value | 25,000 | |||
Total Investment Securities, at value | 29,367,596 | |||
Cash | 14 | |||
Dividends and interest receivable | 40,896 | |||
Receivable for capital shares issued | 158,886 | |||
Prepaid expenses | 141 | |||
TOTAL ASSETS | 29,567,533 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 341 | |||
Advisory fees payable | 22,201 | |||
Management services fees payable | 2,960 | |||
Administration fees payable | 1,954 | |||
Administrative services fees payable | 10,990 | |||
Distribution fees payable | 15,045 | |||
Transfer agency fees payable | 1,640 | |||
Fund accounting fees payable | 1,120 | |||
Compliance services fees payable | 144 | |||
Other accrued expenses | 17,603 | |||
TOTAL LIABILITIES | 73,998 | |||
NET ASSETS | $ | 29,493,535 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 12,403,324 | ||
Total distributable earnings (loss) | 17,090,211 | |||
NET ASSETS | $ | 29,493,535 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 388,754 | |||
Net Asset Value (offering and redemption price per share) | $ | 75.87 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 395,235 | ||
Interest | 106 | |||
Foreign tax withholding | (31,305 | ) | ||
Income from securities lending | 3,903 | |||
TOTAL INVESTMENT INCOME | 367,939 | |||
EXPENSES: | ||||
Advisory fees | 183,626 | |||
Management services fees | 24,483 | |||
Administration fees | 21,926 | |||
Transfer agency fees | 17,836 | |||
Administrative services fees | 51,955 | |||
Distribution fees | 61,209 | |||
Custody fees | 16,026 | |||
Fund accounting fees | 12,399 | |||
Trustee fees | 520 | |||
Compliance services fees | 269 | |||
Other fees | 29,197 | |||
Total Gross Expenses before reductions | 419,446 | |||
Expenses reduced and reimbursed by the Advisor | (8,124 | ) | ||
TOTAL NET EXPENSES | 411,322 | |||
NET INVESTMENT INCOME (LOSS) | (43,383 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 4,545,593 | |||
Change in net unrealized appreciation/depreciation on investment securities | 3,066,891 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 7,612,484 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 7,569,101 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Asia 30 :: 11
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (43,383 | ) | $ | 166,648 | |||
Net realized gains (losses) on investments | 4,545,593 | 2,594,675 | ||||||
Change in net unrealized appreciation/depreciation on investments | 3,066,891 | 2,259,595 | ||||||
Change in net assets resulting from operations | 7,569,101 | 5,020,918 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (2,519,835 | ) | (54,139 | ) | ||||
Change in net assets resulting from distributions | (2,519,835 | ) | (54,139 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 30,433,386 | 35,490,099 | ||||||
Distributions reinvested | 2,519,835 | 54,139 | ||||||
Value of shares redeemed | (37,565,743 | ) | (31,250,135 | ) | ||||
Change in net assets resulting from capital transactions | (4,612,522 | ) | 4,294,103 | |||||
Change in net assets | 436,744 | 9,260,882 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 29,056,791 | 19,795,909 | ||||||
End of period | $ | 29,493,535 | $ | 29,056,791 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 480,489 | 618,962 | ||||||
Reinvested | 38,110 | 1,038 | ||||||
Redeemed | (597,380 | ) | (553,653 | ) | ||||
Change in shares | (78,781 | ) | 66,347 |
See accompanying notes to financial statements.
12 :: ProFund VP Asia 30 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 62.15 | $ | 49.34 | $ | 60.88 | $ | 47.26 | $ | 47.47 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.11 | ) | 0.39 | 0.11 | 0.21 | (0.06 | ) | |||||||||||||
Net realized and unrealized gains (losses) on investments | 21.13 | 12.56 | (11.37 | ) | 15.27 | 0.41 | ||||||||||||||
Total income (loss) from investment activities | 21.02 | 12.95 | (11.26 | ) | 15.48 | 0.35 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.72 | ) | (0.14 | ) | (0.28 | ) | — | (0.56 | ) | |||||||||||
Net realized gains on investments | (6.58 | ) | — | — | (1.86 | ) | — | |||||||||||||
Total distributions | (7.30 | ) | (0.14 | ) | (0.28 | ) | (1.86 | ) | (0.56 | ) | ||||||||||
Net Asset Value, End of Period | $ | 75.87 | $ | 62.15 | $ | 49.34 | $ | 60.88 | $ | 47.26 | ||||||||||
Total Return | 35.55 | % | 26.31 | % | (18.59 | )% | 32.87 | % | 0.64 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.71 | % | 1.72 | % | 1.74 | % | 1.70 | % | 1.76 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (0.18 | )% | 0.68 | % | 0.19 | % | 0.37 | % | (0.14 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 29,494 | $ | 29,057 | $ | 19,796 | $ | 34,695 | $ | 22,764 | ||||||||||
Portfolio turnover rate(b) | 130 | % | 111 | % | 87 | % | 96 | % | 79 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP Banks :: 13
ProFund VP Banks (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. BanksSM Index (the “Index”). For the year ended December 31, 2020, the Fund had a total return of -15.21%. For the same period, the Index had a total return of -13.43%1 and a volatility of 57.26%. 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 banking sector of the U.S. equity market. Component companies include, among others, regional and major U.S. domiciled banks engaged in a wide range of financial services, including retail banking, loans, and money transmissions.
During the year ended December 31, 2020, 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 Banks from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Banks | -15.21 | % | 6.65 | % | 7.06 | % | ||||||
Dow Jones U.S. BanksSM Index | -13.43 | % | 8.59 | % | 9.01 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Banks | 1.70 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 77 | % | ||
Swap Agreements | 23 | % | ||
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 | |||
JPMorgan Chase & Co. | 22.1 | % | ||
Bank of America Corp. | 13.1 | % | ||
Citigroup, Inc. | 7.3 | % | ||
Wells Fargo & Co. | 7.1 | % | ||
Truist Financial Corp. | 3.7 | % |
Dow Jones U.S. BanksSM Index – Composition
% of Index | ||||
Diversified Banks | 70 | % | ||
Regional Banks | 30 | % |
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.
14 :: ProFund VP Banks :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (76.5%)
Shares | Value | |||||||
Bank of America Corp. (Banks) | 20,899 | $ | 633,449 | |||||
Bank OZK (Banks) | 333 | 10,413 | ||||||
BOK Financial Corp. (Banks) | 85 | 5,821 | ||||||
Citigroup, Inc. (Banks) | 5,719 | 352,634 | ||||||
Citizens Financial Group, Inc. (Banks) | 1,173 | 41,946 | ||||||
Comerica, Inc. (Banks) | 382 | 21,339 | ||||||
Commerce Bancshares, Inc. (Banks) | 289 | 18,987 | ||||||
Cullen/Frost Bankers, Inc. (Banks) | 153 | 13,346 | ||||||
East West Bancorp, Inc. (Banks) | 389 | 19,726 | ||||||
F.N.B. Corp. (Banks) | 886 | 8,417 | ||||||
Fifth Third Bancorp (Banks) | 1,957 | 53,954 | ||||||
First Citizens BancShares, Inc.—Class A (Banks) | 20 | 11,485 | ||||||
First Financial Bankshares, Inc. (Banks) | 390 | 14,108 | ||||||
First Horizon Corp. (Banks) | 1,526 | 19,466 | ||||||
First Republic Bank (Banks) | 477 | 70,086 | ||||||
Glacier Bancorp, Inc. (Banks) | 262 | 12,055 | ||||||
Home BancShares, Inc. (Banks) | 417 | 8,123 | ||||||
Huntington Bancshares, Inc. (Banks) | 2,795 | 35,301 | ||||||
JPMorgan Chase & Co. (Banks) | 8,374 | 1,064,085 | ||||||
KeyCorp (Banks) | 2,684 | 44,044 | ||||||
M&T Bank Corp. (Banks) | 353 | 44,937 | ||||||
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | 1,274 | 13,440 | ||||||
People’s United Financial, Inc. (Banks) | 1,167 | 15,089 | ||||||
Pinnacle Financial Partners, Inc. (Banks) | 208 | 13,395 | ||||||
Popular, Inc. (Banks) | 231 | 13,010 | ||||||
Prosperity Bancshares, Inc. (Banks) | 255 | 17,687 | ||||||
Regions Financial Corp. (Banks) | 2,639 | 42,541 | ||||||
Signature Bank(a) (Banks) | 146 | 19,752 | ||||||
SVB Financial Group* (Banks) | 142 | 55,072 | ||||||
Synovus Financial Corp. (Banks) | 406 | 13,142 | ||||||
TCF Financial Corp. (Banks) | 420 | 15,548 | ||||||
TFS Financial Corp. (Thrifts & Mortgage Finance) | 131 | 2,310 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 1,163 | 173,287 | ||||||
Truist Financial Corp. (Banks) | 3,704 | 177,533 | ||||||
U.S. Bancorp (Banks) | 3,767 | 175,505 | ||||||
UMB Financial Corp. (Banks) | 120 | 8,279 | ||||||
Umpqua Holdings Corp. (Banks) | 605 | 9,160 | ||||||
United Bankshares, Inc. (Banks) | 357 | 11,567 | ||||||
Valley National Bancorp (Banks) | 1,108 | 10,803 | ||||||
Webster Financial Corp. (Banks) | 249 | 10,495 | ||||||
Wells Fargo & Co. (Banks) | 11,359 | 342,815 | ||||||
Western Alliance Bancorp (Banks) | 277 | 16,606 | ||||||
Wintrust Financial Corp. (Banks) | 157 | 9,591 | ||||||
Zions Bancorp (Banks) | 451 | 19,591 | ||||||
TOTAL COMMON STOCKS (Cost $966,376) | 3,689,940 |
Repurchase Agreements(b) (1.0%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $46,000 | $ | 46,000 | $ | 46,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $46,000) | 46,000 |
Collateral for Securities Loaned (0.4%)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(c) | 20,635 | $ | 20,635 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(c) | 87 | 87 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(c) | 376 | 376 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $21,098) | 21,098 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $1,033,474)—77.9% | 3,757,038 | |||||||
Net other assets (liabilities)—22.1% | 1,065,562 | |||||||
NET ASSETS—100.0% | $ | 4,822,600 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $20,835. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
Total Return Swap Agreements – Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
Dow Jones U.S. Banks Index | Goldman Sachs International | 1/25/21 | 0.60% | $ | 1,128,978 | $ | 865 |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Banks :: 15
ProFund VP Banks invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Banks | $ | 3,674,190 | 76.2 | % | ||||
Thrifts & Mortgage Finance | 15,750 | 0.3 | % | |||||
Other** | 1,132,660 | 23.5 | % | |||||
Total | $ | 4,822,600 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
16 :: ProFund VP Banks :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 1,033,474 | ||
Securities, at value(a) | 3,711,038 | |||
Repurchase agreements, at value | 46,000 | |||
Total Investment Securities, at value | 3,757,038 | |||
Cash | 818 | |||
Segregated cash balances for swap agreements with custodian | 90,000 | |||
Dividends and interest receivable | 5,043 | |||
Unrealized appreciation on swap agreements | 865 | |||
Receivable for investments sold | 1,001,276 | |||
Prepaid expenses | 32 | |||
TOTAL ASSETS | 4,855,072 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 1,631 | |||
Payable for collateral for securities loaned | 21,098 | |||
Advisory fees payable | 2,658 | |||
Management services fees payable | 354 | |||
Administration fees payable | 288 | |||
Administrative services fees payable | 1,667 | |||
Distribution fees payable | 1,664 | |||
Transfer agency fees payable | 241 | |||
Fund accounting fees payable | 178 | |||
Compliance services fees payable | 22 | |||
Other accrued expenses | 2,671 | |||
TOTAL LIABILITIES | 32,472 | |||
NET ASSETS | $ | 4,822,600 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 7,056,034 | ||
Total distributable earnings (loss) | (2,233,434 | ) | ||
NET ASSETS | $ | 4,822,600 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 202,853 | |||
Net Asset Value (offering and redemption price per share) | $ | 23.77 | ||
(a) Includes securities on loan valued at: | $ | 20,835 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 161,629 | ||
Interest | 484 | |||
Income from securities lending | 6 | |||
TOTAL INVESTMENT INCOME | 162,119 | |||
EXPENSES: | ||||
Advisory fees | 35,576 | |||
Management services fees | 4,743 | |||
Administration fees | 4,445 | |||
Transfer agency fees | 3,420 | |||
Administrative services fees | 13,651 | |||
Distribution fees | 11,859 | |||
Custody fees | 555 | |||
Fund accounting fees | 2,566 | |||
Trustee fees | 112 | |||
Compliance services fees | 50 | |||
Other fees | 5,632 | |||
Total Gross Expenses before reductions | 82,609 | |||
Expenses reduced and reimbursed by the Advisor | (2,918 | ) | ||
TOTAL NET EXPENSES | 79,691 | |||
NET INVESTMENT INCOME (LOSS) | 82,428 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 95,805 | |||
Net realized gains (losses) on swap agreements | (102,900 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (1,707,955 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (423 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (1,715,473 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,633,045 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Banks :: 17
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 82,428 | $ | 92,909 | ||||
Net realized gains (losses) on investments | (7,095 | ) | 884,118 | |||||
Change in net unrealized appreciation/depreciation on investments | (1,708,378 | ) | 1,274,847 | |||||
Change in net assets resulting from operations | (1,633,045 | ) | 2,251,874 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (92,909 | ) | (67,297 | ) | ||||
Change in net assets resulting from distributions | (92,909 | ) | (67,297 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 18,733,923 | 16,652,489 | ||||||
Distributions reinvested | 92,909 | 67,297 | ||||||
Value of shares redeemed | (21,610,921 | ) | (16,110,416 | ) | ||||
Change in net assets resulting from capital transactions | (2,784,089 | ) | 609,370 | |||||
Change in net assets | (4,510,043 | ) | 2,793,947 | |||||
NET ASSETS: | ||||||||
Beginning of period | 9,332,643 | 6,538,696 | ||||||
End of period | $ | 4,822,600 | $ | 9,332,643 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 921,543 | 658,154 | ||||||
Reinvested | 4,862 | 2,871 | ||||||
Redeemed | (1,048,260 | ) | (643,147 | ) | ||||
Change in shares | (121,855 | ) | 17,878 |
See accompanying notes to financial statements.
18 :: ProFund VP Banks :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 28.74 | $ | 21.31 | $ | 26.03 | $ | 22.14 | $ | 18.02 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.36 | 0.31 | 0.15 | 0.08 | 0.09 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (4.85 | ) | 7.39 | (4.79 | ) | 3.87 | 4.08 | |||||||||||||
Total income (loss) from investment activities | (4.49 | ) | 7.70 | (4.64 | ) | 3.95 | 4.17 | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.48 | ) | (0.27 | ) | (0.08 | ) | (0.06 | ) | (0.05 | ) | ||||||||||
Net Asset Value, End of Period | $ | 23.77 | $ | 28.74 | $ | 21.31 | $ | 26.03 | $ | 22.14 | ||||||||||
Total Return | (15.21 | )% | 36.43 | % | (17.90 | )% | 17.92 | % | 23.23 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.74 | % | 1.70 | % | 1.71 | % | 1.69 | % | 1.68 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | 1.74 | % | 1.24 | % | 0.57 | % | 0.36 | % | 0.50 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 4,823 | $ | 9,333 | $ | 6,539 | $ | 14,608 | $ | 14,273 | ||||||||||
Portfolio turnover rate(b) | 478 | % | 293 | % | 324 | % | 319 | % | 362 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP Basic Materials :: 19
ProFund VP Basic Materials (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Basic MaterialsSM Index (the “Index”). For the year ended December 31, 2020, the Fund had a total return of 16.49%. For the same period, the Index had a total return of 18.32%1 and a volatility of 39.94%. 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 basic materials sector of the U.S. equity market. Component companies are involved in the production of aluminum, steel, non-ferrous metals, commodity chemicals, specialty chemicals, forest products, paper products, as well as the mining of precious metals and coal.
During the year ended December 31, 2020, 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 Basic Materials from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Basic Materials | 16.49 | % | 10.47 | % | 4.49 | % | ||||||
Dow Jones U.S. Basic MaterialsSM Index | 18.32 | % | 12.31 | % | 6.26 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Basic Materials | 1.71 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 88 | % | ||
Swap Agreements | 12 | % | ||
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 | |||
Linde PLC | 17.1 | % | ||
Air Products & Chemicals, Inc. | 7.5 | % | ||
Ecolab, Inc. | 6.6 | % | ||
DuPont de Nemours, Inc. | 6.4 | % | ||
Newmont Corp. | 5.9 | % |
Dow Jones U.S. Basic MaterialsSM Index – Composition
% of Index | ||||
Chemicals | 82 | % | ||
Metals & Mining | 18 | % |
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.
20 :: ProFund VP Basic Materials :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (87.6%)
Shares | Value | |||||||
Air Products & Chemicals, Inc. (Chemicals) | 4,479 | $ | 1,223,751 | |||||
Albemarle Corp. (Chemicals) | 2,157 | 318,201 | ||||||
Alcoa Corp.* (Metals & Mining) | 3,767 | 86,829 | ||||||
Ashland Global Holdings, Inc. (Chemicals) | 1,105 | 87,516 | ||||||
Axalta Coating Systems, Ltd.* (Chemicals) | 4,247 | 121,252 | ||||||
Celanese Corp.—Series A (Chemicals) | 2,369 | 307,828 | ||||||
CF Industries Holdings, Inc. (Chemicals) | 4,335 | 167,808 | ||||||
Commercial Metals Co. (Metals & Mining) | 2,432 | 49,953 | ||||||
Corteva, Inc. (Chemicals) | 15,096 | 584,517 | ||||||
Dow, Inc. (Chemicals) | 15,027 | 833,999 | ||||||
DuPont de Nemours, Inc.(a) (Chemicals) | 14,870 | 1,057,406 | ||||||
Eastman Chemical Co. (Chemicals) | 2,745 | 275,269 | ||||||
Ecolab, Inc. (Chemicals) | 5,032 | 1,088,724 | ||||||
Element Solutions, Inc. (Chemicals) | 4,407 | 78,136 | ||||||
FMC Corp. (Chemicals) | 2,629 | 302,151 | ||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 29,438 | 765,977 | ||||||
Huntsman Corp. (Chemicals) | 4,025 | 101,189 | ||||||
Ingevity Corp.* (Chemicals) | 836 | 63,310 | ||||||
International Flavors & Fragrances, Inc.(a) (Chemicals) | 2,167 | 235,856 | ||||||
Linde PLC (Chemicals) | 10,635 | 2,802,428 | ||||||
LyondellBasell Industries N.V.—Class A (Chemicals) | 5,210 | 477,549 | ||||||
NewMarket Corp. (Chemicals) | 148 | 58,947 | ||||||
Newmont Corp. (Metals & Mining) | 16,270 | 974,411 | ||||||
Nucor Corp. (Metals & Mining) | 6,118 | 325,416 | ||||||
PPG Industries, Inc. (Chemicals) | 4,786 | 690,237 | ||||||
Reliance Steel & Aluminum Co. (Metals & Mining) | 1,292 | 154,717 | ||||||
Royal Gold, Inc. (Metals & Mining) | 1,328 | 141,246 | ||||||
RPM International, Inc. (Chemicals) | 2,633 | 239,024 | ||||||
Steel Dynamics, Inc. (Metals & Mining) | 4,049 | 149,287 | ||||||
The Chemours Co. (Chemicals) | 3,331 | 82,575 | ||||||
The Mosaic Co. (Chemicals) | 6,989 | 160,817 | ||||||
The Scotts Miracle-Gro Co.—Class A (Chemicals) | 825 | 164,291 | ||||||
Valvoline, Inc. (Chemicals) | 3,753 | 86,844 | ||||||
W.R. Grace & Co. (Chemicals) | 1,260 | 69,073 | ||||||
Westlake Chemical Corp. (Chemicals) | 699 | 57,038 | ||||||
TOTAL COMMON STOCKS (Cost $6,728,415) | 14,383,572 |
Repurchase Agreements(b) (1.0%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $161,000 | $ | 161,000 | $ | 161,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $161,000) | 161,000 |
Collateral for Securities Loaned (7.5%)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(c) | 1,208,911 | $ | 1,208,911 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(c) | 5,068 | 5,068 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(c) | 22,059 | 22,059 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $1,236,038) | 1,236,038 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $8,125,453)—96.1% | 15,780,610 | |||||||
Net other assets (liabilities)—3.9% | 635,490 | |||||||
NET ASSETS—100.0% | $ | 16,416,100 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $1,217,083. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
Total Return Swap Agreements – Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
Dow Jones U.S. Basic Materials Index | Goldman Sachs International | 1/25/21 | 0.60 | % | $ | 2,030,321 | $ | 4,977 |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Basic Materials :: 21
ProFund VP Basic Materials invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Chemicals | $ | 11,735,736 | 71.5 | % | ||||
Metals & Mining | 2,647,836 | 16.1 | % | |||||
Other** | 2,032,528 | 12.4 | % | |||||
Total | $ | 16,416,100 | 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.
22 :: ProFund VP Basic Materials :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 8,125,453 | ||
Securities, at value(a) | 15,619,610 | |||
Repurchase agreements, at value | 161,000 | |||
Total Investment Securities, at value | 15,780,610 | |||
Cash | 171 | |||
Segregated cash balances for swap agreements with custodian | 110,000 | |||
Dividends and interest receivable | 20,748 | |||
Unrealized appreciation on swap agreements | 4,977 | |||
Receivable for capital shares issued | 87,899 | |||
Receivable for investments sold | 1,695,781 | |||
Prepaid expenses | 56 | |||
TOTAL ASSETS | 17,700,242 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 10,131 | |||
Payable for collateral for securities loaned | 1,236,038 | |||
Advisory fees payable | 10,538 | |||
Management services fees payable | 1,405 | |||
Administration fees payable | 1,073 | |||
Administrative services fees payable | 7,554 | |||
Distribution fees payable | 7,919 | |||
Transfer agency fees payable | 900 | |||
Fund accounting fees payable | 621 | |||
Compliance services fees payable | 76 | |||
Other accrued expenses | 7,887 | |||
TOTAL LIABILITIES | 1,284,142 | |||
NET ASSETS | $ | 16,416,100 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 10,308,901 | ||
Total distributable earnings (loss) | 6,107,199 | |||
NET ASSETS | $ | 16,416,100 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 236,669 | |||
Net Asset Value (offering and redemption price per share) | $ | 69.36 | ||
(a) Includes securities on loan valued at: | $ | 1,217,083 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 249,734 | ||
Interest | 689 | |||
Income from securities lending | 1,975 | |||
TOTAL INVESTMENT INCOME | 252,398 | |||
EXPENSES: | ||||
Advisory fees | 85,475 | |||
Management services fees | 11,396 | |||
Administration fees | 10,219 | |||
Transfer agency fees | 8,343 | |||
Administrative services fees | 31,108 | |||
Distribution fees | 28,491 | |||
Custody fees | 1,399 | |||
Fund accounting fees | 5,883 | |||
Trustee fees | 231 | |||
Compliance services fees | 133 | |||
Other fees | 14,653 | |||
Total Gross Expenses before reductions | 197,331 | |||
Expenses reduced and reimbursed by the Advisor | (5,867 | ) | ||
TOTAL NET EXPENSES | 191,464 | |||
NET INVESTMENT INCOME (LOSS) | 60,934 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 612,846 | |||
Net realized gains (losses) on swap agreements | (51,293 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | 1,244,574 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 3,013 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 1,809,140 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,870,074 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Basic Materials :: 23
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 60,934 | $ | 71,443 | ||||
Net realized gains (losses) on investments | 561,553 | 988,472 | ||||||
Change in net unrealized appreciation/depreciation on investments | 1,247,587 | 851,709 | ||||||
Change in net assets resulting from operations | 1,870,074 | 1,911,624 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (949,400 | ) | (388,712 | ) | ||||
Change in net assets resulting from distributions | (949,400 | ) | (388,712 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 18,333,702 | 9,985,388 | ||||||
Distributions reinvested | 949,400 | 388,712 | ||||||
Value of shares redeemed | (15,671,527 | ) | (12,184,208 | ) | ||||
Change in net assets resulting from capital transactions | 3,611,575 | (1,810,108 | ) | |||||
Change in net assets | 4,532,249 | (287,196 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 11,883,851 | 12,171,047 | ||||||
End of period | $ | 16,416,100 | $ | 11,883,851 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 299,803 | 160,189 | ||||||
Reinvested | 14,862 | 6,543 | ||||||
Redeemed | (261,657 | ) | (196,834 | ) | ||||
Change in shares | 53,008 | (30,102 | ) |
See accompanying notes to financial statements.
24 :: ProFund VP Basic Materials :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 64.71 | $ | 56.94 | $ | 69.41 | $ | 56.66 | $ | 48.01 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.32 | 0.37 | 0.14 | 0.17 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 9.87 | 9.53 | (12.36 | ) | 12.84 | 8.57 | ||||||||||||||
Total income (loss) from investment activities | 10.19 | 9.90 | (12.22 | ) | 13.01 | 8.86 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.42 | ) | (0.22 | ) | (0.25 | ) | (0.26 | ) | (0.21 | ) | ||||||||||
Net realized gains on investments | (5.12 | ) | (1.91 | ) | — | — | — | |||||||||||||
Total distributions | (5.54 | ) | (2.13 | ) | (0.25 | ) | (0.26 | ) | (0.21 | ) | ||||||||||
Net Asset Value, End of Period | $ | 69.36 | $ | 64.71 | $ | 56.94 | $ | 69.41 | $ | 56.66 | ||||||||||
Total Return | 16.49 | % | 17.72 | % | (17.66 | )% | 22.96 | % | 18.49 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.73 | % | 1.71 | % | 1.74 | % | 1.69 | % | 1.73 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | 0.53 | % | 0.60 | % | 0.21 | % | 0.27 | % | 0.56 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 16,416 | $ | 11,884 | $ | 12,171 | $ | 33,707 | $ | 23,131 | ||||||||||
Portfolio turnover rate(b) | 135 | % | 58 | % | 39 | % | 127 | % | 109 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP Bear :: 25
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 Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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 possible 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, 2020, the Fund had a total return of -25.61%. For the same period, the Index had a total return of 18.40%1 and a volatility of 34.69%. 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, 2020, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Bear | -25.61 | % | -15.71 | % | -15.14 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Bear | 1.74 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Futures Contracts | (24 | )% | ||
Swap Agreements | (76 | )% | ||
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 non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
S&P 500® – Composition
% of Index | ||||
Information Technology | 28 | % | ||
Health Care | 13 | % | ||
Consumer Discretionary | 13 | % | ||
Communication Services | 11 | % | ||
Financials | 10 | % | ||
Industrials | 8 | % | ||
Consumer Staples | 7 | % | ||
Utilities | 3 | % | ||
Materials | 3 | % | ||
Real Estate | 2 | % | ||
Energy | 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.
26 :: ProFund VP Bear :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a)(b) (99.3%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $2,335,005 | $ | 2,335,000 | $ | 2,335,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $2,335,000) | 2,335,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $2,335,000)—99.3% | 2,335,000 | |||||||
Net other assets (liabilities)—0.7% | 17,248 | |||||||
NET ASSETS—100.0% | $ | 2,352,248 | ||||||
(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, 2020, the aggregate amount held in a segregated account was $332,000. |
(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 | 3 | 3/22/21 | $ | (562,320 | ) | $ | (12,695 | ) | ||||||
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 | 1/27/21 | (0.45 | )% | $ | (1,746,678 | ) | $ | (9,885 | ) | |||||||
S&P 500 | UBS AG | 1/27/21 | (0.25 | )% | (37,561 | ) | (412 | ) | |||||||||
$ | (1,784,239 | ) | $ | (10,297 | ) |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bear :: 27
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 2,335,000 | ||
Repurchase agreements, at value | 2,335,000 | |||
Total Investment Securities, at value | 2,335,000 | |||
Cash | 545 | |||
Segregated cash balances for futures contracts with brokers | 36,300 | |||
Segregated cash balances for swap agreements with custodian | 1,000 | |||
Interest receivable | 2 | |||
Prepaid expenses | 435 | |||
TOTAL ASSETS | 2,373,282 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 716 | |||
Unrealized depreciation on swap agreements | 10,297 | |||
Variation margin on futures contracts | 3,690 | |||
Advisory fees payable | 1,493 | |||
Management services fees payable | 199 | |||
Administration fees payable | 155 | |||
Administrative services fees payable | 975 | |||
Distribution fees payable | 1,020 | |||
Transfer agency fees payable | 130 | |||
Fund accounting fees payable | 88 | |||
Compliance services fees payable | 17 | |||
Other accrued expenses | 2,254 | |||
TOTAL LIABILITIES | 21,034 | |||
NET ASSETS | $ | 2,352,248 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 24,343,665 | ||
Total distributable earnings (loss) | (21,991,417 | ) | ||
NET ASSETS | $ | 2,352,248 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 120,054 | |||
Net Asset Value (offering and redemption price per share) | $ | 19.59 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 12,895 | ||
EXPENSES: | ||||
Advisory fees | 34,010 | |||
Management services fees | 4,535 | |||
Administration fees | 4,135 | |||
Transfer agency fees | 3,423 | |||
Administrative services fees | 13,019 | |||
Distribution fees | 11,337 | |||
Custody fees | 648 | |||
Fund accounting fees | 2,374 | |||
Trustee fees | 81 | |||
Compliance services fees | 37 | |||
Other fees | 7,409 | |||
Total Gross Expenses before reductions | 81,008 | |||
Expenses reduced and reimbursed by the Advisor | (4,826 | ) | ||
TOTAL NET EXPENSES | 76,182 | |||
NET INVESTMENT INCOME (LOSS) | (63,287 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on futures contracts | (121,379 | ) | ||
Net realized gains (losses) on swap agreements | (1,523,053 | ) | ||
Change in net unrealized appreciation/depreciation on futures contracts | 2,038 | |||
Change in net unrealized appreciation/depreciation on swap agreements | (17,347 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (1,659,741 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,723,028 | ) |
See accompanying notes to financial statements.
28 :: ProFund VP Bear :: Financial Statements
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (63,287 | ) | $ | 18,942 | |||
Net realized gains (losses) on investments | (1,644,432 | ) | (1,223,236 | ) | ||||
Change in net unrealized appreciation/depreciation on investments | (15,309 | ) | (13,846 | ) | ||||
Change in net assets resulting from operations | (1,723,028 | ) | (1,218,140 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (18,942 | ) | (3,463 | ) | ||||
Change in net assets resulting from distributions | (18,942 | ) | (3,463 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 55,517,005 | 51,564,472 | ||||||
Distributions reinvested | 18,942 | 3,463 | ||||||
Value of shares redeemed | (54,648,756 | ) | (51,274,347 | ) | ||||
Change in net assets resulting from capital transactions | 887,191 | 293,588 | ||||||
Change in net assets | (854,779 | ) | (928,015 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 3,207,027 | 4,135,042 | ||||||
End of period | $ | 2,352,248 | $ | 3,207,027 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 2,071,685 | 1,672,477 | ||||||
Reinvested | 896 | 116 | ||||||
Redeemed | (2,073,662 | ) | (1,671,667 | ) | ||||
Change in shares | (1,081 | ) | 926 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Bear :: 29
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016(a) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 26.47 | $ | 34.40 | $ | 33.06 | $ | 40.30 | $ | 46.37 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(b) | (0.35 | ) | 0.13 | 0.03 | (0.32 | ) | (0.63 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (6.41 | ) | (8.03 | ) | 1.31 | (6.92 | ) | (5.44 | ) | |||||||||||
Total income (loss) from investment activities | (6.76 | ) | (7.90 | ) | 1.34 | (7.24 | ) | (6.07 | ) | |||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.12 | ) | (0.03 | ) | — | — | — | |||||||||||||
Net Asset Value, End of Period | $ | 19.59 | $ | 26.47 | $ | 34.40 | $ | 33.06 | $ | 40.30 | ||||||||||
Total Return | (25.61 | )% | (22.95 | )% | 4.05 | % | (17.97 | )% | (13.05 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.79 | % | 1.74 | % | 1.65 | % | 1.68 | % | 1.68 | % | ||||||||||
Net expenses | 1.68 | % | 1.71 | %(c) | 1.65 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.40 | )% | 0.43 | % | 0.08 | % | (0.88 | )% | (1.42 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 2,352 | $ | 3,207 | $ | 4,135 | $ | 4,157 | $ | 6,283 | ||||||||||
Portfolio turnover rate(d) | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:5 reverse share split that occurred on December 5, 2016. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
30 :: ProFund VP Biotechnology :: Management Discussion of Fund Performance
ProFund VP Biotechnology (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. BiotechnologySM Index (the “Index”). For the year ended December 31, 2020, the Fund had a total return of 15.38%. For the same period, the Index had a total return of 17.74%1 and a volatility of 31.39%. 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.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 biotechnology sector of the U.S. equity market. Component companies engage in the research and development of biological substances for drug discovery and diagnostic development. These companies derive most of their revenue from the sale or licensing of drugs and diagnostic tools.
During the year ended December 31, 2020, 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 Biotechnology from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Biotechnology | 15.38 | % | 5.35 | % | 15.95 | % | ||||||
Dow Jones U.S. BiotechnologySM Index | 17.74 | % | 7.16 | % | 18.01 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Biotechnology | 1.63 | % | 1.63 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | |||
AbbVie, Inc. | 18.0 | % | ||
Amgen, Inc. | 12.7 | % | ||
Gilead Sciences, Inc. | 6.9 | % | ||
Vertex Pharmaceuticals, Inc. | 5.8 | % | ||
Illumina, Inc. | 5.1 | % |
Dow Jones U.S. BiotechnologySM Index – Composition
% of Index | ||||
Biotechnology | 78 | % | ||
Life Sciences Tools & Services | 22 | % |
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.
Financial Statements :: ProFund VP Biotechnology :: 31
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (97.9%)
Shares | Value | |||||||
10X Genomics, Inc.*—Class A (Life Sciences Tools & Services) | 3,947 | $ | 558,895 | |||||
AbbVie, Inc. (Biotechnology) | 102,276 | 10,958,874 | ||||||
ACADIA Pharmaceuticals, Inc.* (Biotechnology) | 6,723 | 359,412 | ||||||
Acceleron Pharma, Inc.* (Biotechnology) | 3,037 | 388,554 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 17,727 | 2,100,472 | ||||||
Agios Pharmaceuticals, Inc.* (Biotechnology) | 3,330 | 144,289 | ||||||
Alexion Pharmaceuticals, Inc.* (Biotechnology) | 12,678 | 1,980,811 | ||||||
Alkermes PLC* (Biotechnology) | 9,220 | 183,939 | ||||||
Allogene Therapeutics, Inc.* (Biotechnology) | 3,819 | 96,392 | ||||||
Alnylam Pharmaceuticals, Inc.* (Biotechnology) | 6,730 | 874,698 | ||||||
Amgen, Inc. (Biotechnology) | 33,726 | 7,754,282 | ||||||
Avantor, Inc.* (Life Sciences Tools & Services) | 29,818 | 839,377 | ||||||
Berkeley Lights, Inc.* (Life Sciences Tools & Services) | 485 | 43,364 | ||||||
Biogen, Inc.* (Biotechnology) | 8,915 | 2,182,927 | ||||||
BioMarin Pharmaceutical, Inc.* (Biotechnology) | 10,516 | 922,148 | ||||||
Bio-Techne Corp. (Life Sciences Tools & Services) | 2,237 | 710,359 | ||||||
Bluebird Bio, Inc.* (Biotechnology) | 3,845 | 166,373 | ||||||
Blueprint Medicines Corp.* (Biotechnology) | 3,229 | 362,132 | ||||||
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | 2,882 | 720,097 | ||||||
Emergent BioSolutions, Inc.* (Biotechnology) | 2,610 | 233,856 | ||||||
Exact Sciences Corp.* (Biotechnology) | 9,213 | 1,220,630 | ||||||
Exelixis, Inc.* (Biotechnology) | 17,973 | 360,718 | ||||||
FibroGen, Inc.* (Biotechnology) | 4,851 | 179,924 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 72,618 | 4,230,725 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 8,461 | 3,130,570 | ||||||
Incyte Corp.* (Biotechnology) | 10,784 | 937,992 | ||||||
Ionis Pharmaceuticals, Inc.* (Biotechnology) | 8,100 | 457,974 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 11,107 | 1,990,041 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 1,378 | 1,570,479 | ||||||
Moderna, Inc.* (Biotechnology) | 17,422 | 1,820,076 | ||||||
Nektar Therapeutics* (Pharmaceuticals) | 10,393 | 176,681 | ||||||
Neurocrine Biosciences, Inc.* (Biotechnology) | 5,413 | 518,836 | ||||||
Novavax, Inc.* (Biotechnology) | 3,393 | 378,353 | ||||||
PPD, Inc.* (Life Sciences Tools & Services) | 6,279 | 214,867 | ||||||
PRA Health Sciences, Inc.* (Life Sciences Tools & Services) | 3,716 | 466,135 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 6,074 | 2,934,410 | ||||||
Repligen Corp.* (Biotechnology) | 2,916 | 558,793 | ||||||
Sarepta Therapeutics, Inc.* (Biotechnology) | 4,572 | 779,480 | ||||||
Seagen, Inc.* (Biotechnology) | 7,312 | 1,280,624 | ||||||
Syneos Health, Inc.* (Life Sciences Tools & Services) | 4,398 | 299,636 | ||||||
Ultragenyx Pharmaceutical, Inc.* (Biotechnology) | 3,603 | 498,763 | ||||||
United Therapeutics Corp.* (Biotechnology) | 2,575 | 390,859 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 15,064 | 3,560,226 | ||||||
Vir Biotechnology, Inc.* (Biotechnology) | 3,764 | 100,800 | ||||||
TOTAL COMMON STOCKS (Cost $22,388,931) | 59,638,843 |
Repurchase Agreements(a) (2.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $1,307,003 | $ | 1,307,000 | $ | 1,307,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $1,307,000) | 1,307,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $23,695,931)—100.0% | 60,945,843 | |||||||
Net other assets (liabilities)—NM | 22,762 | |||||||
NET ASSETS—100.0% | $ | 60,968,605 | ||||||
* | 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. |
NM | Not meainingful, 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) | ||||||||||||
Dow Jones U.S. Biotechnology Index | Goldman Sachs International | 1/25/21 | 0.60 | % | $ | 1,242,386 | $ | (9,169 | ) | ||||||||
(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, 2020, 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.
32 :: ProFund VP Biotechnology :: Financial Statements
ProFund VP Biotechnology invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Biotechnology | $ | 46,817,870 | 76.9 | % | ||||
Life Sciences Tools & Services | 12,644,292 | 20.7 | % | |||||
Pharmaceuticals | 176,681 | 0.3 | % | |||||
Other** | 1,329,762 | 2.1 | % | |||||
Total | $ | 60,968,605 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Biotechnology :: 33
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 23,695,931 | ||
Securities, at value | 59,638,843 | |||
Repurchase agreements, at value | 1,307,000 | |||
Total Investment Securities, at value | 60,945,843 | |||
Cash | 502 | |||
Segregated cash balances for swap agreements with custodian | 305,000 | |||
Prepaid expenses | 361 | |||
TOTAL ASSETS | 61,251,706 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 126,823 | |||
Unrealized depreciation on swap agreements | 9,169 | |||
Advisory fees payable | 38,772 | |||
Management services fees payable | 5,170 | |||
Administration fees payable | 4,019 | |||
Administrative services fees payable | 22,685 | |||
Distribution fees payable | 33,974 | |||
Transfer agency fees payable | 3,373 | |||
Fund accounting fees payable | 2,299 | |||
Compliance services fees payable | 321 | |||
Other accrued expenses | 36,496 | |||
TOTAL LIABILITIES | 283,101 | |||
NET ASSETS | $ | 60,968,605 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 27,556,959 | ||
Total distributable earnings (loss) | 33,411,646 | |||
NET ASSETS | $ | 60,968,605 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 742,309 | |||
Net Asset Value (offering and redemption price per share) | $ | 82.13 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 946,723 | ||
Interest | 4,108 | |||
Income from securities lending | 111 | |||
TOTAL INVESTMENT INCOME | 950,942 | |||
EXPENSES: | ||||
Advisory fees | 441,973 | |||
Management services fees | 58,929 | |||
Administration fees | 53,539 | |||
Transfer agency fees | 42,698 | |||
Administrative services fees | 108,382 | |||
Distribution fees | 147,324 | |||
Custody fees | 7,961 | |||
Fund accounting fees | 29,583 | |||
Trustee fees | 1,192 | |||
Compliance services fees | 686 | |||
Other fees | 94,298 | |||
TOTAL NET EXPENSES | 986,565 | |||
NET INVESTMENT INCOME (LOSS) | (35,623 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 1,051,438 | |||
Net realized gains (losses) on swap agreements | 29,873 | |||
Change in net unrealized appreciation/depreciation on investment securities | 7,098,955 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 11,323 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 8,191,589 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 8,155,966 |
See accompanying notes to financial statements.
34 :: ProFund VP Biotechnology :: Financial Statements
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (35,623 | ) | $ | 10,571 | |||
Net realized gains (losses) on investments | 1,081,311 | 5,959,876 | ||||||
Change in net unrealized appreciation/depreciation on investments | 7,110,278 | 2,329,120 | ||||||
Change in net assets resulting from operations | 8,155,966 | 8,299,567 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (4,096,849 | ) | (215,659 | ) | ||||
Change in net assets resulting from distributions | (4,096,849 | ) | (215,659 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 31,935,839 | 26,387,774 | ||||||
Distributions reinvested | 4,096,849 | 215,659 | ||||||
Value of shares redeemed | (36,890,561 | ) | (32,440,451 | ) | ||||
Change in net assets resulting from capital transactions | (857,873 | ) | (5,837,018 | ) | ||||
Change in net assets | 3,201,244 | 2,246,890 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 57,767,361 | 55,520,471 | ||||||
End of period | $ | 60,968,605 | $ | 57,767,361 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 395,668 | 381,550 | ||||||
Reinvested | 51,572 | 3,321 | ||||||
Redeemed | (463,770 | ) | (471,795 | ) | ||||
Change in shares | (16,530 | ) | (86,924 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Biotechnology :: 35
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 76.13 | $ | 65.65 | $ | 70.40 | $ | 57.44 | $ | 68.89 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.05 | ) | 0.01 | (0.07 | ) | (0.14 | ) | (0.14 | ) | |||||||||||
Net realized and unrealized gains (losses) on investments | 11.57 | 10.75 | (4.68 | ) | 13.10 | (10.47 | ) | |||||||||||||
Total income (loss) from investment activities | 11.52 | 10.76 | (4.75 | ) | 12.96 | (10.61 | ) | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.01 | ) | — | — | — | — | ||||||||||||||
Net realized gains on investments | (5.51 | ) | (0.28 | ) | — | — | (0.84 | ) | ||||||||||||
Total distributions | (5.52 | ) | (0.28 | ) | — | — | (0.84 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 82.13 | $ | 76.13 | $ | 65.65 | $ | 70.40 | $ | 57.44 | ||||||||||
Total Return | 15.38 | % | 16.46 | % | (6.75 | )% | 22.54 | % | (15.48 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.67 | % | 1.63 | % | 1.58 | % | 1.59 | % | 1.57 | % | ||||||||||
Net expenses | 1.67 | % | 1.63 | % | 1.58 | % | 1.59 | % | 1.57 | % | ||||||||||
Net investment income (loss) | (0.06 | )% | 0.02 | % | (0.10 | )% | (0.22 | )% | (0.24 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 60,969 | $ | 57,767 | $ | 55,520 | $ | 68,165 | $ | 59,112 | ||||||||||
Portfolio turnover rate(b) | 70 | % | 81 | % | 114 | % | 157 | % | 154 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
36 :: 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, 2020, the Fund had a total return of 16.03%. For the same period, the Index had a total return of 18.40%1 and a volatility of 34.69%. 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, 2020, 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 Bull from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Bull | 16.03 | % | 12.93 | % | 11.66 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Bull | 1.70 | % | 1.68 | % | |||||
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | 15 | % | ||
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 for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Apple, Inc. | 4.2 | % | ||
Microsoft Corp. | 3.3 | % | ||
Amazon.com, Inc. | 2.8 | % | ||
Alphabet, Inc. | 2.1 | % | ||
Facebook, Inc. | 1.3 | % |
S&P 500® – Composition
% of Index | ||||
Information Technology | 28 | % | ||
Health Care | 13 | % | ||
Consumer Discretionary | 13 | % | ||
Communication Services | 11 | % | ||
Financials | 10 | % | ||
Industrials | 8 | % | ||
Consumer Staples | 7 | % | ||
Utilities | 3 | % | ||
Materials | 3 | % | ||
Real Estate | 2 | % | ||
Energy | 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.
Financial Statements :: ProFund VP Bull :: 37
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (62.8%)
Shares | Value | |||||||
3M Co. (Industrial Conglomerates) | 755 | $ | 131,966 | |||||
A.O. Smith Corp. (Building Products) | 177 | 9,703 | ||||||
Abbott Laboratories (Health Care Equipment & Supplies) | 2,320 | 254,017 | ||||||
AbbVie, Inc. (Biotechnology) | 2,311 | 247,623 | ||||||
ABIOMED, Inc.* (Health Care Equipment & Supplies) | 59 | 19,128 | ||||||
Accenture PLC—Class A (IT Services) | 829 | 216,543 | ||||||
Activision Blizzard, Inc. (Entertainment) | 1,012 | 93,964 | ||||||
Adobe, Inc.* (Software) | 628 | 314,075 | ||||||
Advance Auto Parts, Inc. (Specialty Retail) | 89 | 14,018 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 1,574 | 144,352 | ||||||
Aflac, Inc. (Insurance) | 855 | 38,022 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 401 | 47,514 | ||||||
Air Products & Chemicals, Inc. (Chemicals) | 289 | 78,961 | ||||||
Akamai Technologies, Inc.* (IT Services) | 213 | 22,363 | ||||||
Alaska Air Group, Inc. (Airlines) | 162 | 8,424 | ||||||
Albemarle Corp. (Chemicals) | 139 | 20,505 | ||||||
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | 162 | 28,872 | ||||||
Alexion Pharmaceuticals, Inc.* (Biotechnology) | 286 | 44,685 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 94 | 50,232 | ||||||
Allegion PLC (Building Products) | 120 | 13,966 | ||||||
Alliant Energy Corp. (Electric Utilities) | 327 | 16,850 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 394 | 690,540 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 380 | 665,714 | ||||||
Altria Group, Inc. (Tobacco) | 2,433 | 99,753 | ||||||
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | 558 | 1,817,367 | ||||||
Amcor PLC (Containers & Packaging) | 2,053 | 24,164 | ||||||
Ameren Corp. (Multi-Utilities) | 324 | 25,291 | ||||||
American Airlines Group, Inc.(a) (Airlines) | 799 | 12,600 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 650 | 54,126 | ||||||
American Express Co. (Consumer Finance) | 854 | 103,257 | ||||||
American International Group, Inc. (Insurance) | 1,128 | 42,706 | ||||||
American Tower Corp. (Equity Real Estate Investment Trusts) | 581 | 130,411 | ||||||
American Water Works Co., Inc. (Water Utilities) | 237 | 36,372 | ||||||
Ameriprise Financial, Inc. (Capital Markets) | 154 | 29,927 | ||||||
AmerisourceBergen Corp. (Health Care Providers & Services) | 192 | 18,770 | ||||||
AMETEK, Inc. (Electrical Equipment) | 301 | 36,403 | ||||||
Amgen, Inc. (Biotechnology) | 762 | 175,199 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 392 | 51,262 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 484 | 71,501 | ||||||
ANSYS, Inc.* (Software) | 112 | 40,746 | ||||||
Anthem, Inc. (Health Care Providers & Services) | 326 | 104,675 | ||||||
Aon PLC (Insurance) | 299 | 63,170 | ||||||
Apache Corp. (Oil, Gas & Consumable Fuels) | 494 | 7,010 | ||||||
Apartment Income REIT Corp.* (Equity Real Estate Investment Trusts) | — | (b) | 9 | |||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 20,920 | 2,775,875 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 1,195 | 103,129 | ||||||
Aptiv PLC (Auto Components) | 353 | 45,992 | ||||||
Archer-Daniels-Midland Co. (Food Products) | 728 | 36,698 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 71 | 20,630 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 252 | 31,175 | ||||||
Assurant, Inc. (Insurance) | 78 | 10,625 | ||||||
AT&T, Inc. (Diversified Telecommunication Services) | 9,328 | 268,273 | ||||||
Atmos Energy Corp. (Gas Utilities) | 165 | 15,746 | ||||||
Autodesk, Inc.* (Software) | 288 | 87,938 | ||||||
Automatic Data Processing, Inc. (IT Services) | 561 | 98,848 | ||||||
AutoZone, Inc.* (Specialty Retail) | 30 | 35,563 | ||||||
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | 183 | 29,359 | ||||||
Avery Dennison Corp. (Containers & Packaging) | 109 | 16,907 | ||||||
Baker Hughes Co.—Class A (Energy Equipment & Services) | 898 | 18,723 | ||||||
Ball Corp. (Containers & Packaging) | 428 | 39,881 | ||||||
Bank of America Corp. (Banks) | 9,965 | 302,039 | ||||||
Baxter International, Inc. (Health Care Equipment & Supplies) | 669 | 53,681 | ||||||
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | 380 | 95,084 | ||||||
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | 2,547 | 590,573 | ||||||
Best Buy Co., Inc. (Specialty Retail) | 302 | 30,137 | ||||||
Biogen, Inc.* (Biotechnology) | 201 | 49,217 | ||||||
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | 28 | 16,322 | ||||||
BlackRock, Inc.—Class A (Capital Markets) | 186 | 134,207 | ||||||
Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | 54 | 120,273 | ||||||
BorgWarner, Inc. (Auto Components) | 320 | 12,365 | ||||||
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | 185 | 17,488 | ||||||
Boston Scientific Corp.* (Health Care Equipment & Supplies) | 1,874 | 67,370 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 2,958 | 183,485 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 529 | 231,623 | ||||||
Broadridge Financial Solutions, Inc. (IT Services) | 151 | 23,133 | ||||||
Brown-Forman Corp.—Class B (Beverages) | 239 | 18,984 | ||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 178 | 16,709 | ||||||
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | 522 | 8,498 | ||||||
Cadence Design Systems, Inc.* (Software) | 365 | 49,797 | ||||||
Campbell Soup Co. (Food Products) | 265 | 12,813 | ||||||
Capital One Financial Corp. (Consumer Finance) | 599 | 59,211 |
See accompanying notes to financial statements.
38 :: ProFund VP Bull :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Cardinal Health, Inc. (Health Care Providers & Services) | 384 | $ | 20,567 | |||||
CarMax, Inc.* (Specialty Retail) | 215 | 20,309 | ||||||
Carnival Corp.—Class A (Hotels, Restaurants & Leisure) | 973 | 21,075 | ||||||
Carrier Global Corp. (Building Products) | 1,066 | 40,210 | ||||||
Catalent, Inc.* (Pharmaceuticals) | 216 | 22,479 | ||||||
Caterpillar, Inc. (Machinery) | 711 | 129,415 | ||||||
Cboe Global Markets, Inc. (Capital Markets) | 141 | 13,130 | ||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 439 | 27,534 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 187 | 24,645 | ||||||
Celanese Corp.—Series A (Chemicals) | 153 | 19,881 | ||||||
Centene Corp.* (Health Care Providers & Services) | 759 | 45,563 | ||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 713 | 15,429 | ||||||
CenturyLink, Inc. (Diversified Telecommunication Services) | 1,293 | 12,607 | ||||||
Cerner Corp. (Health Care Technology) | 401 | 31,470 | ||||||
CF Industries Holdings, Inc. (Chemicals) | 280 | 10,839 | ||||||
Charter Communications, Inc.*—Class A (Media) | 191 | 126,356 | ||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 2,521 | 212,898 | ||||||
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | 37 | 51,308 | ||||||
Chubb, Ltd. (Insurance) | 591 | 90,966 | ||||||
Church & Dwight Co., Inc. (Household Products) | 325 | 28,350 | ||||||
Cigna Corp. (Health Care Providers & Services) | 473 | 98,469 | ||||||
Cincinnati Financial Corp. (Insurance) | 196 | 17,125 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 115 | 40,648 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 5,531 | 247,513 | ||||||
Citigroup, Inc. (Banks) | 2,725 | 168,024 | ||||||
Citizens Financial Group, Inc. (Banks) | 559 | 19,990 | ||||||
Citrix Systems, Inc. (Software) | 161 | 20,946 | ||||||
CME Group, Inc. (Capital Markets) | 470 | 85,564 | ||||||
CMS Energy Corp. (Multi-Utilities) | 375 | 22,879 | ||||||
Cognizant Technology Solutions Corp.— Class A (IT Services) | 700 | 57,365 | ||||||
Colgate-Palmolive Co. (Household Products) | 1,122 | 95,942 | ||||||
Comcast Corp.—Class A (Media) | 5,977 | 313,195 | ||||||
Comerica, Inc. (Banks) | 182 | 10,167 | ||||||
Conagra Brands, Inc. (Food Products) | 639 | 23,170 | ||||||
Concho Resources, Inc. (Oil, Gas & Consumable Fuels) | 257 | 14,996 | ||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 1,398 | 55,906 | ||||||
Consolidated Edison, Inc. (Multi-Utilities) | 448 | 32,377 | ||||||
Constellation Brands, Inc.—Class A (Beverages) | 222 | 48,629 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 272 | 34,612 | ||||||
Corning, Inc. (Electronic Equipment, Instruments & Components) | 1,000 | 36,000 | ||||||
Corteva, Inc. (Chemicals) | 975 | 37,752 | ||||||
Costco Wholesale Corp. (Food & Staples Retailing) | 578 | 217,779 | ||||||
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | 565 | 89,942 | ||||||
CSX Corp. (Road & Rail) | 1,001 | 90,841 | ||||||
Cummins, Inc. (Machinery) | 194 | 44,057 | ||||||
CVS Health Corp. (Health Care Providers & Services) | 1,713 | 116,998 | ||||||
Danaher Corp. (Health Care Equipment & Supplies) | 828 | 183,932 | ||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 170 | 20,250 | ||||||
DaVita, Inc.* (Health Care Providers & Services) | 97 | 11,388 | ||||||
Deere & Co. (Machinery) | 410 | 110,310 | ||||||
Delta Air Lines, Inc. (Airlines) | 835 | 33,575 | ||||||
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | 286 | 14,975 | ||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 501 | 7,921 | ||||||
DexCom, Inc.* (Health Care Equipment & Supplies) | 126 | 46,585 | ||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 207 | 10,019 | ||||||
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 367 | 51,200 | ||||||
Discover Financial Services (Consumer Finance) | 401 | 36,303 | ||||||
Discovery, Inc.* (Media) | 210 | 6,319 | ||||||
Discovery, Inc.*—Class C (Media) | 386 | 10,109 | ||||||
DISH Network Corp.*—Class A (Media) | 324 | 10,478 | ||||||
Dollar General Corp. (Multiline Retail) | 321 | 67,506 | ||||||
Dollar Tree, Inc.* (Multiline Retail) | 308 | 33,276 | ||||||
Dominion Energy, Inc. (Multi-Utilities) | 1,068 | 80,314 | ||||||
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | 52 | 19,940 | ||||||
Dover Corp. (Machinery) | 189 | 23,861 | ||||||
Dow, Inc. (Chemicals) | 971 | 53,891 | ||||||
DR Horton, Inc. (Household Durables) | 434 | 29,911 | ||||||
DTE Energy Co. (Multi-Utilities) | 253 | 30,717 | ||||||
Duke Energy Corp. (Electric Utilities) | 963 | 88,172 | ||||||
Duke Realty Corp. (Equity Real Estate Investment Trusts) | 487 | 19,465 | ||||||
DuPont de Nemours, Inc.(a) (Chemicals) | 961 | 68,337 | ||||||
DXC Technology Co. (IT Services) | 333 | 8,575 | ||||||
Eastman Chemical Co. (Chemicals) | 177 | 17,750 | ||||||
Eaton Corp. PLC (Electrical Equipment) | 522 | 62,713 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 857 | 43,064 | ||||||
Ecolab, Inc. (Chemicals) | 325 | 70,317 | ||||||
Edison International (Electric Utilities) | 495 | 31,096 | ||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 816 | 74,444 | ||||||
Electronic Arts, Inc. (Entertainment) | 380 | 54,568 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 1,039 | 175,425 | ||||||
Emerson Electric Co. (Electrical Equipment) | 783 | 62,930 | ||||||
Entergy Corp. (Electric Utilities) | 262 | 26,158 | ||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 764 | 38,101 | ||||||
Equifax, Inc. (Professional Services) | 159 | 30,662 | ||||||
Equinix, Inc. (Equity Real Estate Investment Trusts) | 117 | 83,559 | ||||||
Equity Residential (Equity Real Estate Investment Trusts) | 448 | 26,557 | ||||||
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | 85 | 20,181 | ||||||
Etsy, Inc.* (Internet & Direct Marketing Retail) | 165 | 29,355 | ||||||
Everest Re Group, Ltd. (Insurance) | 52 | 12,173 | ||||||
Evergy, Inc. (Electric Utilities) | 297 | 16,486 | ||||||
Eversource Energy (Electric Utilities) | 449 | 38,843 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 39
Common Stocks, continued
Shares | Value | |||||||
Exelon Corp. (Electric Utilities) | 1,277 | $ | 53,915 | |||||
Expedia Group, Inc. (Internet & Direct Marketing Retail) | 178 | 23,567 | ||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 222 | 21,114 | ||||||
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | 169 | 19,580 | ||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 5,535 | 228,153 | ||||||
F5 Networks, Inc.* (Communications Equipment) | 81 | 14,251 | ||||||
Facebook, Inc.*—Class A (Interactive Media & Services) | 3,147 | 859,635 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 751 | 36,671 | ||||||
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | 90 | 7,661 | ||||||
FedEx Corp. (Air Freight & Logistics) | 316 | 82,040 | ||||||
Fidelity National Information Services, Inc. (IT Services) | 812 | 114,866 | ||||||
Fifth Third Bancorp (Banks) | 933 | 25,723 | ||||||
First Horizon Corp. (Banks) | 1 | 7 | ||||||
First Republic Bank (Banks) | 228 | 33,500 | ||||||
FirstEnergy Corp. (Electric Utilities) | 710 | 21,733 | ||||||
Fiserv, Inc.* (IT Services) | 728 | 82,890 | ||||||
FleetCor Technologies, Inc.* (IT Services) | 109 | 29,738 | ||||||
FLIR Systems, Inc. (Electronic Equipment, Instruments & Components) | 172 | 7,539 | ||||||
Flowserve Corp. (Machinery) | 171 | 6,301 | ||||||
FMC Corp. (Chemicals) | 170 | 19,538 | ||||||
Ford Motor Co. (Automobiles) | 5,115 | 44,961 | ||||||
Fortinet, Inc.* (Software) | 176 | 26,141 | ||||||
Fortive Corp. (Machinery) | 441 | 31,232 | ||||||
Fortune Brands Home & Security, Inc. (Building Products) | 182 | 15,601 | ||||||
Fox Corp.—Class A (Media) | 442 | 12,871 | ||||||
Fox Corp.—Class B (Media) | 202 | 5,834 | ||||||
Franklin Resources, Inc. (Capital Markets) | 357 | 8,921 | ||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 1,902 | 49,490 | ||||||
Garmin, Ltd. (Household Durables) | 195 | 23,334 | ||||||
Gartner, Inc.* (IT Services) | 117 | 18,742 | ||||||
General Dynamics Corp. (Aerospace & Defense) | 304 | 45,241 | ||||||
General Electric Co. (Industrial Conglomerates) | 11,466 | 123,833 | ||||||
General Mills, Inc. (Food Products) | 800 | 47,040 | ||||||
General Motors Co. (Automobiles) | 1,649 | 68,664 | ||||||
Genuine Parts Co. (Distributors) | 189 | 18,981 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 1,641 | 95,605 | ||||||
Global Payments, Inc. (IT Services) | 392 | 84,445 | ||||||
Globe Life, Inc. (Insurance) | 126 | 11,965 | ||||||
Halliburton Co. (Energy Equipment & Services) | 1,157 | 21,867 | ||||||
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | 456 | 6,648 | ||||||
Hartford Financial Services Group, Inc. (Insurance) | 469 | 22,972 | ||||||
Hasbro, Inc. (Leisure Products) | 167 | 15,621 | ||||||
HCA Healthcare, Inc. (Health Care Providers & Services) | 345 | 56,739 | ||||||
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | 705 | 21,312 | ||||||
Henry Schein, Inc.* (Health Care Providers & Services) | 187 | 12,503 | ||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 358 | 18,899 | ||||||
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | 1,685 | 19,967 | ||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 363 | 40,387 | ||||||
HollyFrontier Corp. (Oil, Gas & Consumable Fuels) | 195 | 5,041 | ||||||
Hologic, Inc.* (Health Care Equipment & Supplies) | 336 | 24,471 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 918 | 195,259 | ||||||
Hormel Foods Corp. (Food Products) | 368 | 17,152 | ||||||
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 923 | 13,503 | ||||||
Howmet Aerospace, Inc.* (Aerospace & Defense) | 511 | 14,584 | ||||||
HP, Inc. (Technology Hardware, Storage & Peripherals) | 1,798 | 44,213 | ||||||
Humana, Inc. (Health Care Providers & Services) | 173 | 70,977 | ||||||
Huntington Bancshares, Inc. (Banks) | 1,332 | 16,823 | ||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 53 | 9,035 | ||||||
IDEX Corp. (Machinery) | 99 | 19,721 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 112 | 55,985 | ||||||
IHS Markit, Ltd. (Professional Services) | 488 | 43,837 | ||||||
Illinois Tool Works, Inc. (Machinery) | 377 | 76,863 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 191 | 70,670 | ||||||
Incyte Corp.* (Biotechnology) | 244 | 21,223 | ||||||
Ingersoll Rand, Inc.* (Machinery) | 487 | 22,188 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 5,364 | 267,234 | ||||||
Intercontinental Exchange, Inc. (Capital Markets) | 735 | 84,738 | ||||||
International Business Machines Corp. (IT Services) | 1,166 | 146,776 | ||||||
International Flavors & Fragrances, Inc.(a) (Chemicals) | 140 | 15,238 | ||||||
International Paper Co. (Containers & Packaging) | 515 | 25,606 | ||||||
Intuit, Inc. (Software) | 344 | 130,668 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 154 | 125,987 | ||||||
Invesco, Ltd. (Capital Markets) | 493 | 8,593 | ||||||
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | 47 | 10,518 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 251 | 44,972 | ||||||
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | 377 | 11,114 | ||||||
J.B. Hunt Transport Services, Inc. (Road & Rail) | 109 | 14,895 | ||||||
Jack Henry & Associates, Inc. (IT Services) | 100 | 16,199 | ||||||
Jacobs Engineering Group, Inc. (Construction & Engineering) | 170 | 18,523 | ||||||
Johnson & Johnson (Pharmaceuticals) | 3,446 | 542,331 | ||||||
Johnson Controls International PLC (Building Products) | 948 | 44,167 | ||||||
JPMorgan Chase & Co. (Banks) | 3,990 | 507,010 |
See accompanying notes to financial statements.
40 :: ProFund VP Bull :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Juniper Networks, Inc. (Communications Equipment) | 432 | $ | 9,724 | |||||
Kansas City Southern (Road & Rail) | 123 | 25,108 | ||||||
Kellogg Co. (Food Products) | 333 | 20,723 | ||||||
KeyCorp (Banks) | 1,278 | 20,972 | ||||||
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 243 | 32,098 | ||||||
Kimberly-Clark Corp. (Household Products) | 445 | 59,999 | ||||||
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | 566 | 8,496 | ||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 2,548 | 34,831 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 202 | 52,300 | ||||||
L Brands, Inc. (Specialty Retail) | 306 | 11,380 | ||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 275 | 51,981 | ||||||
Laboratory Corp. of America Holdings* (Health Care Providers & Services) | 127 | 25,851 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 189 | 89,259 | ||||||
Lamb Weston Holding, Inc. (Food Products) | 192 | 15,118 | ||||||
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure) | 430 | 25,628 | ||||||
Leggett & Platt, Inc. (Household Durables) | 173 | 7,664 | ||||||
Leidos Holdings, Inc. (IT Services) | 175 | 18,396 | ||||||
Lennar Corp.—Class A (Household Durables) | 360 | 27,443 | ||||||
Lincoln National Corp. (Insurance) | 238 | 11,974 | ||||||
Linde PLC (Chemicals) | 687 | 181,030 | ||||||
Live Nation Entertainment, Inc.* (Entertainment) | 187 | 13,741 | ||||||
LKQ Corp.* (Distributors) | 367 | 12,933 | ||||||
Lockheed Martin Corp. (Aerospace & Defense) | 322 | 114,304 | ||||||
Loews Corp. (Insurance) | 306 | 13,776 | ||||||
Lowe’s Cos., Inc. (Specialty Retail) | 959 | 153,929 | ||||||
LyondellBasell Industries N.V.—Class A (Chemicals) | 337 | 30,889 | ||||||
M&T Bank Corp. (Banks) | 168 | 21,386 | ||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 1,033 | 6,890 | ||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 852 | 35,239 | ||||||
MarketAxess Holdings, Inc. (Capital Markets) | 50 | 28,528 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 349 | 46,019 | ||||||
Marsh & McLennan Cos., Inc. (Insurance) | 664 | 77,687 | ||||||
Martin Marietta Materials, Inc. (Construction Materials) | 82 | 23,286 | ||||||
Masco Corp. (Building Products) | 343 | 18,841 | ||||||
Mastercard, Inc.—Class A (IT Services) | 1,152 | 411,195 | ||||||
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | 350 | 31,028 | ||||||
McCormick & Co., Inc. (Food Products) | 326 | 31,166 | ||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 975 | 209,217 | ||||||
McKesson Corp. (Health Care Providers & Services) | 210 | 36,523 | ||||||
Medtronic PLC (Health Care Equipment & Supplies) | 1,762 | 206,401 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 3,312 | 270,922 | ||||||
MetLife, Inc. (Insurance) | 1,001 | 46,997 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 31 | 35,330 | ||||||
MGM Resorts International (Hotels, Restaurants & Leisure) | 537 | 16,921 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 341 | 47,096 | ||||||
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | 1,457 | 109,537 | ||||||
Microsoft Corp. (Software) | 9,896 | 2,201,067 | ||||||
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | 150 | 19,004 | ||||||
Mohawk Industries, Inc.* (Household Durables) | 78 | 10,994 | ||||||
Molson Coors Beverage Co.—Class B (Beverages) | 246 | 11,117 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 1,872 | 109,456 | ||||||
Monster Beverage Corp.* (Beverages) | 484 | 44,760 | ||||||
Moody’s Corp. (Capital Markets) | 211 | 61,241 | ||||||
Morgan Stanley (Capital Markets) | 1,872 | 128,288 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 222 | 37,754 | ||||||
MSCI, Inc.—Class A (Capital Markets) | 109 | 48,672 | ||||||
Nasdaq, Inc. (Capital Markets) | 150 | 19,911 | ||||||
National Oilwell Varco, Inc. (Energy Equipment & Services) | 508 | 6,975 | ||||||
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 292 | 19,342 | ||||||
Netflix, Inc.* (Entertainment) | 578 | 312,542 | ||||||
Newell Brands, Inc. (Household Durables) | 494 | 10,488 | ||||||
Newmont Corp. (Metals & Mining) | 1,052 | 63,004 | ||||||
News Corp.—Class A (Media) | 512 | 9,201 | ||||||
News Corp.—Class B (Media) | 159 | 2,825 | ||||||
NextEra Energy, Inc. (Electric Utilities) | 2,564 | 197,812 | ||||||
Nielsen Holdings PLC (Professional Services) | 467 | 9,746 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 1,643 | 232,435 | ||||||
NiSource, Inc. (Multi-Utilities) | 502 | 11,516 | ||||||
Norfolk Southern Corp. (Road & Rail) | 332 | 78,887 | ||||||
Northern Trust Corp. (Capital Markets) | 272 | 25,334 | ||||||
Northrop Grumman Corp. (Aerospace & Defense) | 203 | 61,858 | ||||||
NortonLifelock, Inc. (Software) | 775 | 16,105 | ||||||
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | 413 | 10,503 | ||||||
NRG Energy, Inc. (Independent Power and Renewable Electricity Producers) | 320 | 12,016 | ||||||
Nucor Corp. (Metals & Mining) | 395 | 21,010 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 810 | 422,982 | ||||||
NVR, Inc.* (Household Durables) | 5 | 20,399 | ||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 1,097 | 18,989 | ||||||
Old Dominion Freight Line, Inc. (Road & Rail) | 126 | 24,593 | ||||||
Omnicom Group, Inc. (Media) | 281 | 17,526 | ||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 582 | 22,337 | ||||||
Oracle Corp. (Software) | 2,483 | 160,625 | ||||||
O’Reilly Automotive, Inc.* (Specialty Retail) | 95 | 42,994 | ||||||
Otis Worldwide Corp. (Machinery) | 533 | 36,004 | ||||||
PACCAR, Inc. (Machinery) | 453 | 39,085 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 41
Common Stocks, continued
Shares | Value | |||||||
Packaging Corp. of America (Containers & Packaging) | 124 | $ | 17,101 | |||||
Parker-Hannifin Corp. (Machinery) | 169 | 46,037 | ||||||
Paychex, Inc. (IT Services) | 419 | 39,042 | ||||||
Paycom Software, Inc.* (Software) | 64 | 28,944 | ||||||
PayPal Holdings, Inc.* (IT Services) | 1,534 | 359,263 | ||||||
Pentair PLC (Machinery) | 218 | 11,574 | ||||||
People’s United Financial, Inc. (Banks) | 556 | 7,189 | ||||||
PepsiCo, Inc. (Beverages) | 1,809 | 268,275 | ||||||
PerkinElmer, Inc. (Life Sciences Tools & Services) | 147 | 21,095 | ||||||
Perrigo Co. PLC (Pharmaceuticals) | 179 | 8,005 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 7,276 | 267,830 | ||||||
Philip Morris International, Inc. (Tobacco) | 2,038 | 168,726 | ||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 572 | 40,006 | ||||||
Pinnacle West Capital Corp. (Electric Utilities) | 147 | 11,753 | ||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 215 | 24,486 | ||||||
Pool Corp. (Distributors) | 53 | 19,743 | ||||||
PPG Industries, Inc. (Chemicals) | 309 | 44,564 | ||||||
PPL Corp. (Electric Utilities) | 1,006 | 28,369 | ||||||
Principal Financial Group, Inc. (Insurance) | 334 | 16,570 | ||||||
Prologis, Inc. (Equity Real Estate Investment Trusts) | 968 | 96,471 | ||||||
Prudential Financial, Inc. (Insurance) | 518 | 40,440 | ||||||
Public Service Enterprise Group, Inc. (Multi-Utilities) | 662 | 38,595 | ||||||
Public Storage (Equity Real Estate Investment Trusts) | 199 | 45,955 | ||||||
PulteGroup, Inc. (Household Durables) | 351 | 15,135 | ||||||
PVH Corp. (Textiles, Apparel & Luxury Goods) | 93 | 8,732 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 149 | 24,774 | ||||||
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | 1,480 | 225,463 | ||||||
Quanta Services, Inc. (Construction & Engineering) | 182 | 13,108 | ||||||
Quest Diagnostics, Inc. (Health Care Providers & Services) | 176 | 20,974 | ||||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 63 | 6,536 | ||||||
Raymond James Financial, Inc. (Capital Markets) | 160 | 15,307 | ||||||
Raytheon Technologies Corp. (Aerospace & Defense) | 1,988 | 142,162 | ||||||
Realty Income Corp. (Equity Real Estate Investment Trusts) | 459 | 28,536 | ||||||
Regency Centers Corp. (Equity Real Estate Investment Trusts) | 207 | 9,437 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 137 | 66,186 | ||||||
Regions Financial Corp. (Banks) | 1,257 | 20,263 | ||||||
Republic Services, Inc.—Class A (Commercial Services & Supplies) | 275 | 26,483 | ||||||
ResMed, Inc. (Health Care Equipment & Supplies) | 190 | 40,386 | ||||||
Robert Half International, Inc. (Professional Services) | 149 | 9,310 | ||||||
Rockwell Automation, Inc. (Electrical Equipment) | 152 | 38,123 | ||||||
Rollins, Inc. (Commercial Services & Supplies) | 290 | 11,330 | ||||||
Roper Technologies, Inc. (Industrial Conglomerates) | 137 | 59,059 | ||||||
Ross Stores, Inc. (Specialty Retail) | 466 | 57,229 | ||||||
Royal Caribbean Cruises, Ltd. (Hotels, Restaurants & Leisure) | 244 | 18,224 | ||||||
S&P Global, Inc. (Capital Markets) | 315 | 103,550 | ||||||
Salesforce.com, Inc.* (Software) | 1,198 | 266,591 | ||||||
SBA Communications Corp. (Equity Real Estate Investment Trusts) | 145 | 40,909 | ||||||
Schlumberger, Ltd. (Energy Equipment & Services) | 1,822 | 39,775 | ||||||
Seagate Technology PLC (Technology Hardware, Storage & Peripherals) | 293 | 18,213 | ||||||
Sealed Air Corp. (Containers & Packaging) | 203 | 9,295 | ||||||
Sempra Energy (Multi-Utilities) | 378 | 48,161 | ||||||
ServiceNow, Inc.* (Software) | 255 | 140,360 | ||||||
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | 429 | 36,585 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 217 | 33,175 | ||||||
SL Green Realty Corp. (Equity Real Estate Investment Trusts) | 95 | 5,660 | ||||||
Snap-on, Inc. (Machinery) | 71 | 12,151 | ||||||
Southwest Airlines Co. (Airlines) | 773 | 36,030 | ||||||
Stanley Black & Decker, Inc. (Machinery) | 210 | 37,498 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 1,536 | 164,322 | ||||||
State Street Corp. (Capital Markets) | 462 | 33,624 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 112 | 21,228 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 428 | 104,877 | ||||||
SVB Financial Group* (Banks) | 68 | 26,372 | ||||||
Synchrony Financial (Consumer Finance) | 711 | 24,679 | ||||||
Synopsys, Inc.* (Software) | 200 | 51,848 | ||||||
Sysco Corp. (Food & Staples Retailing) | 667 | 49,531 | ||||||
T. Rowe Price Group, Inc. (Capital Markets) | 296 | 44,811 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 151 | 31,376 | ||||||
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 363 | 11,282 | ||||||
Target Corp. (Multiline Retail) | 655 | 115,628 | ||||||
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | 433 | 52,423 | ||||||
TechnipFMC PLC (Energy Equipment & Services) | 553 | 5,198 | ||||||
Teledyne Technologies, Inc.* (Aerospace & Defense) | 48 | 18,815 | ||||||
Teleflex, Inc. (Health Care Equipment & Supplies) | 61 | 25,106 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 217 | 26,016 | ||||||
Tesla, Inc.* (Automobiles) | 993 | 700,731 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 1,202 | 197,284 | ||||||
Textron, Inc. (Aerospace & Defense) | 300 | 14,499 | ||||||
The AES Corp. (Independent Power and Renewable Electricity Producers) | 871 | 20,469 | ||||||
The Allstate Corp. (Insurance) | 398 | 43,752 | ||||||
The Bank of New York Mellon Corp. (Capital Markets) | 1,067 | 45,283 | ||||||
The Boeing Co. (Aerospace & Defense) | 695 | 148,772 |
See accompanying notes to financial statements.
42 :: ProFund VP Bull :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
The Charles Schwab Corp. (Capital Markets) | 1,953 | $ | 103,587 | |||||
The Clorox Co. (Household Products) | 165 | 33,317 | ||||||
The Coca-Cola Co. (Beverages) | 5,063 | 277,655 | ||||||
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | 64 | 23,252 | ||||||
The Estee Lauder Co., Inc. (Personal Products) | 297 | 79,058 | ||||||
The Gap, Inc. (Specialty Retail) | 269 | 5,431 | ||||||
The Goldman Sachs Group, Inc. (Capital Markets) | 450 | 118,670 | ||||||
The Hershey Co. (Food Products) | 193 | 29,400 | ||||||
The Home Depot, Inc. (Specialty Retail) | 1,409 | 374,260 | ||||||
The Interpublic Group of Cos., Inc. (Media) | 511 | 12,019 | ||||||
The JM Smucker Co.—Class A (Food Products) | 149 | 17,224 | ||||||
The Kraft Heinz Co. (Food Products) | 848 | 29,392 | ||||||
The Kroger Co. (Food & Staples Retailing) | 1,014 | 32,205 | ||||||
The Mosaic Co. (Chemicals) | 452 | 10,401 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 555 | 82,695 | ||||||
The Procter & Gamble Co. (Household Products) | 3,246 | 451,649 | ||||||
The Progressive Corp. (Insurance) | 767 | 75,841 | ||||||
The Sherwin-Williams Co. (Chemicals) | 107 | 78,635 | ||||||
The Southern Co. (Electric Utilities) | 1,383 | 84,958 | ||||||
The TJX Cos., Inc. (Specialty Retail) | 1,572 | 107,352 | ||||||
The Travelers Cos., Inc. (Insurance) | 332 | 46,603 | ||||||
The Walt Disney Co.* (Entertainment) | 2,370 | 429,397 | ||||||
The Western Union Co. (IT Services) | 538 | 11,804 | ||||||
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 1,589 | 31,859 | ||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 519 | 241,740 | ||||||
Tiffany & Co. (Specialty Retail) | 141 | 18,534 | ||||||
T-Mobile US, Inc.* (Wireless Telecommunication Services) | 764 | 103,025 | ||||||
Tractor Supply Co. (Specialty Retail) | 152 | 21,368 | ||||||
Trane Technologies PLC (Building Products) | 314 | 45,580 | ||||||
TransDigm Group, Inc.* (Aerospace & Defense) | 71 | 43,938 | ||||||
Truist Financial Corp. (Banks) | 1,765 | 84,596 | ||||||
Twitter, Inc.* (Interactive Media & Services) | 1,041 | 56,370 | ||||||
Tyler Technologies, Inc.* (Software) | 53 | 23,136 | ||||||
Tyson Foods, Inc.—Class A (Food Products) | 385 | 24,809 | ||||||
U.S. Bancorp (Banks) | 1,794 | 83,582 | ||||||
UDR, Inc. (Equity Real Estate Investment Trusts) | 385 | 14,796 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 74 | 21,250 | ||||||
Under Armour, Inc.*(a)—Class A (Textiles, Apparel & Luxury Goods) | 247 | 4,241 | ||||||
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | 255 | 3,794 | ||||||
Union Pacific Corp. (Road & Rail) | 882 | 183,649 | ||||||
United Airlines Holdings , Inc.* (Airlines) | 383 | 16,565 | ||||||
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | 936 | 157,623 | ||||||
United Rentals, Inc.* (Trading Companies & Distributors) | 94 | 21,800 | ||||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 1,242 | 435,544 | ||||||
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | 102 | 14,025 | ||||||
Unum Group (Insurance) | 267 | 6,125 | ||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 534 | 30,208 | ||||||
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies) | 120 | 21,001 | ||||||
Ventas, Inc. (Equity Real Estate Investment Trusts) | 490 | 24,030 | ||||||
VeriSign, Inc.* (IT Services) | 131 | 28,348 | ||||||
Verisk Analytics, Inc.—Class A (Professional Services) | 213 | 44,216 | ||||||
Verizon Communications, Inc. (Diversified Telecommunication Services) | 5,417 | 318,249 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 340 | 80,356 | ||||||
VF Corp. (Textiles, Apparel & Luxury Goods) | 419 | 35,787 | ||||||
ViacomCBS, Inc.—Class B (Media) | 740 | 27,572 | ||||||
Viatris, Inc.* (Pharmaceuticals) | 1,579 | 29,590 | ||||||
Visa, Inc.—Class A (IT Services) | 2,220 | 485,581 | ||||||
Vontier Corp.* (Electronic Equipment, Instruments & Components) | 176 | 5,878 | ||||||
Vornado Realty Trust (Equity Real Estate Investment Trusts) | 205 | 7,655 | ||||||
Vulcan Materials Co. (Construction Materials) | 173 | 25,657 | ||||||
W.R. Berkley Corp. (Insurance) | 184 | 12,221 | ||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 59 | 24,092 | ||||||
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | 941 | 37,527 | ||||||
Walmart, Inc. (Food & Staples Retailing) | 1,815 | 261,632 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 509 | 60,026 | ||||||
Waters Corp.* (Life Sciences Tools & Services) | 81 | 20,041 | ||||||
WEC Energy Group, Inc. (Multi-Utilities) | 413 | 38,008 | ||||||
Wells Fargo & Co. (Banks) | 5,412 | 163,334 | ||||||
Welltower, Inc. (Equity Real Estate Investment Trusts) | 546 | 35,283 | ||||||
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | 97 | 27,481 | ||||||
Western Digital Corp. (Technology Hardware, Storage & Peripherals) | 398 | 22,045 | ||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 234 | 17,129 | ||||||
WestRock Co. (Containers & Packaging) | 344 | 14,974 | ||||||
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | 977 | 32,759 | ||||||
Whirlpool Corp. (Household Durables) | 82 | 14,800 | ||||||
Willis Towers Watson PLC (Insurance) | 169 | 35,605 | ||||||
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure) | 127 | 14,329 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 688 | 45,869 | ||||||
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | 218 | 5,055 | ||||||
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | 321 | 45,508 | ||||||
Xylem, Inc. (Machinery) | 236 | 24,022 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 395 | 42,881 | ||||||
Zebra Technologies Corp.*—Class A (Electronic Equipment, Instruments & Components) | 70 | 26,903 | ||||||
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | 271 | 41,758 | ||||||
Zions Bancorp (Banks) | 215 | 9,340 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 622 | 102,941 | ||||||
TOTAL COMMON STOCKS (Cost $8,884,301) | 41,441,374 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 43
Repurchase Agreements(c)(d) (37.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $24,704,052 | $ | 24,704,000 | $ | 24,704,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $24,704,000) | 24,704,000 |
Collateral for Securities Loaned (0.1%)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(e) | 82,938 | $ | 82,938 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(e) | 348 | 348 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(e) | 1,514 | 1,514 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $84,800) | 84,800 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $33,673,101)—100.3% | 66,230,174 | |||||||
Net other assets (liabilities)—(0.3)% | (186,154 | ) | ||||||
NET ASSETS—100.0% | $ | 66,044,020 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $83,222. |
(b) | Number of shares is less than 0.50. |
(c) | 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, 2020, the aggregate amount held in a segregated account was $1,754,000. |
(d) | 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. |
(e) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
E-Mini S&P 500 Futures Contracts | 53 | 3/22/21 | $ | 9,934,320 | $ | 224,091 |
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 | 1/27/21 | 0.65 | % | $ | 13,046,504 | $ | 73,793 | |||||||||||
S&P 500 | UBS AG | 1/27/21 | 0.60 | % | 1,611,354 | 12,695 | |||||||||||||
$ | 14,657,858 | $ | 86,488 |
(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, 2020, 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.
44 :: ProFund VP Bull :: Financial Statements
ProFund VP Bull invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 665,189 | 1.0 | % | ||||
Air Freight & Logistics | 277,486 | 0.4 | % | |||||
Airlines | 107,194 | 0.2 | % | |||||
Auto Components | 58,357 | 0.1 | % | |||||
Automobiles | 814,356 | 1.2 | % | |||||
Banks | 1,603,012 | 2.5 | % | |||||
Beverages | 669,420 | 1.1 | % | |||||
Biotechnology | 780,094 | 1.2 | % | |||||
Building Products | 188,068 | 0.3 | % | |||||
Capital Markets | 1,141,886 | 1.7 | % | |||||
Chemicals | 758,528 | 1.1 | % | |||||
Commercial Services & Supplies | 173,099 | 0.3 | % | |||||
Communications Equipment | 329,872 | 0.5 | % | |||||
Construction & Engineering | 31,631 | NM | ||||||
Construction Materials | 48,943 | 0.1 | % | |||||
Consumer Finance | 223,450 | 0.3 | % | |||||
Containers & Packaging | 147,928 | 0.2 | % | |||||
Distributors | 51,657 | 0.1 | % | |||||
Diversified Financial Services | 590,573 | 0.9 | % | |||||
Diversified Telecommunication Services | 599,129 | 0.9 | % | |||||
Electric Utilities | 716,140 | 1.1 | % | |||||
Electrical Equipment | 200,169 | 0.3 | % | |||||
Electronic Equipment, Instruments & Components | 247,266 | 0.4 | % | |||||
Energy Equipment & Services | 92,538 | 0.1 | % | |||||
Entertainment | 935,588 | 1.4 | % | |||||
Equity Real Estate Investment Trusts | 975,789 | 1.5 | % | |||||
Food & Staples Retailing | 598,674 | 0.9 | % | |||||
Food Products | 414,161 | 0.6 | % | |||||
Gas Utilities | 15,746 | NM | ||||||
Health Care Equipment & Supplies | 1,577,381 | 2.4 | % | |||||
Health Care Providers & Services | 1,089,566 | 1.6 | % | |||||
Health Care Technology | 31,470 | NM | ||||||
Hotels, Restaurants & Leisure | 701,004 | 1.1 | % | |||||
Household Durables | 160,168 | 0.2 | % | |||||
Household Products | 669,257 | 1.0 | % | |||||
Independent Power and Renewable Electricity Producers | 32,485 | NM |
Industrial Conglomerates | 510,117 | 0.8 | % | |||||
Insurance | 768,490 | 1.2 | % | |||||
Interactive Media & Services | 2,272,259 | 3.5 | % | |||||
Internet & Direct Marketing Retail | 2,033,626 | 3.1 | % | |||||
IT Services | 2,274,112 | 3.4 | % | |||||
Leisure Products | 15,621 | NM | ||||||
Life Sciences Tools & Services | 497,684 | 0.8 | % | |||||
Machinery | 687,448 | 1.1 | % | |||||
Media | 554,305 | 0.8 | % | |||||
Metals & Mining | 133,504 | 0.2 | % | |||||
Multiline Retail | 216,410 | 0.3 | % | |||||
Multi-Utilities | 343,287 | 0.5 | % | |||||
Oil, Gas & Consumable Fuels | 852,287 | 1.3 | % | |||||
Personal Products | 79,058 | 0.1 | % | |||||
Pharmaceuticals | 1,603,008 | 2.4 | % | |||||
Professional Services | 137,771 | 0.2 | % | |||||
Real Estate Management & Development | 27,534 | NM | ||||||
Road & Rail | 417,973 | 0.6 | % | |||||
Semiconductors & Semiconductor Equipment | 2,122,261 | 3.2 | % | |||||
Software | 3,558,987 | 5.5 | % | |||||
Specialty Retail | 913,754 | 1.4 | % | |||||
Technology Hardware, Storage & Peripherals | 2,904,710 | 4.4 | % | |||||
Textiles, Apparel & Luxury Goods | 309,455 | 0.5 | % | |||||
Tobacco | 268,479 | 0.4 | % | |||||
Trading Companies & Distributors | 82,563 | 0.1 | % | |||||
Water Utilities | 36,372 | 0.1 | % | |||||
Wireless Telecommunication Services | 103,025 | 0.2 | % | |||||
Other** | 24,602,646 | 37.2 | % | |||||
Total | $ | 66,044,020 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 45
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 33,673,101 | ||
Securities, at value(a) | 41,526,174 | |||
Repurchase agreements, at value | 24,704,000 | |||
Total Investment Securities, at value | 66,230,174 | |||
Cash | 12,184 | |||
Segregated cash balances for futures contracts with brokers | 641,300 | |||
Dividends and interest receivable | 30,650 | |||
Unrealized appreciation on swap agreements | 86,488 | |||
Receivable for capital shares issued | 33,817 | |||
Variation margin on futures contracts | 65,190 | |||
Prepaid expenses | 4,538 | |||
TOTAL ASSETS | 67,104,341 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 814,155 | |||
Payable for collateral for securities loaned | 84,800 | |||
Advisory fees payable | 41,611 | |||
Management services fees payable | 5,548 | |||
Administration fees payable | 4,228 | |||
Administrative services fees payable | 29,850 | |||
Distribution fees payable | 32,276 | |||
Transfer agency fees payable | 3,548 | |||
Fund accounting fees payable | 2,555 | |||
Compliance services fees payable | 334 | |||
Other accrued expenses | 41,416 | |||
TOTAL LIABILITIES | 1,060,321 | |||
NET ASSETS | $ | 66,044,020 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 32,324,567 | ||
Total distributable earnings (loss) | 33,719,453 | |||
NET ASSETS | $ | 66,044,020 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 1,112,315 | |||
Net Asset Value (offering and redemption price per share) | $ | 59.38 | ||
(a) Includes securities on loan valued at: | $ | 83,222 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 668,064 | ||
Interest | 66,746 | |||
Income from securities lending | 455 | |||
TOTAL INVESTMENT INCOME | 735,265 | |||
EXPENSES: | ||||
Advisory fees | 437,805 | |||
Management services fees | 58,373 | |||
Administration fees | 53,579 | |||
Transfer agency fees | 42,663 | |||
Administrative services fees | 148,674 | |||
Distribution fees | 145,935 | |||
Custody fees | 8,870 | |||
Fund accounting fees | 31,139 | |||
Trustee fees | 1,238 | |||
Compliance services fees | 668 | |||
Other fees | 77,553 | |||
Total Gross Expenses before reductions | 1,006,497 | |||
Expenses reduced and reimbursed by the Advisor | (17,082 | ) | ||
TOTAL NET EXPENSES | 989,415 | |||
NET INVESTMENT INCOME (LOSS) | (254,150 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 2,963,367 | |||
Net realized gains (losses) on futures contracts | 1,417,442 | |||
Net realized gains (losses) on swap agreements | 875,158 | |||
Change in net unrealized appreciation/depreciation on investment securities | 2,943,269 | |||
Change in net unrealized appreciation/depreciation on futures contracts | 68,489 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 124,196 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 8,391,921 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 8,137,771 |
See accompanying notes to financial statements.
46 :: ProFund VP Bull :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (254,150 | ) | $ | 197,148 | |||
Net realized gains (losses) on investments | 5,255,967 | 11,132,642 | ||||||
Change in net unrealized appreciation/depreciation on investments | 3,135,954 | 3,196,756 | ||||||
Change in net assets resulting from operations | 8,137,771 | 14,526,546 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (3,153,052 | ) | (1,205,822 | ) | ||||
Change in net assets resulting from distributions | (3,153,052 | ) | (1,205,822 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 133,700,471 | 239,398,218 | ||||||
Distributions reinvested | 3,153,052 | 1,205,822 | ||||||
Value of shares redeemed | (141,766,141 | ) | (246,878,704 | ) | ||||
Change in net assets resulting from capital transactions | (4,912,618 | ) | (6,274,664 | ) | ||||
Change in net assets | 72,101 | 7,046,060 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 65,971,919 | 58,925,859 | ||||||
End of period | $ | 66,044,020 | $ | 65,971,919 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 2,571,796 | 4,930,838 | ||||||
Reinvested | 55,639 | 25,200 | ||||||
Redeemed | (2,745,422 | ) | (5,113,563 | ) | ||||
Change in shares | (117,987 | ) | (157,525 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Bull :: 47
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 53.62 | $ | 42.46 | $ | 50.65 | $ | 43.55 | $ | 40.57 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.23 | ) | 0.16 | 0.11 | (0.13 | ) | (0.19 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 8.70 | 11.98 | (2.71 | ) | 8.48 | 4.09 | ||||||||||||||
Total income (loss) from investment activities | 8.47 | 12.14 | (2.60 | ) | 8.35 | 3.90 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.05 | ) | (0.13 | ) | — | — | — | |||||||||||||
Net realized gains on investments | (2.66 | ) | (0.85 | ) | (5.59 | ) | (1.25 | ) | (0.92 | ) | ||||||||||
Total distributions | (2.71 | ) | (0.98 | ) | (5.59 | ) | (1.25 | ) | (0.92 | ) | ||||||||||
Net Asset Value, End of Period | $ | 59.38 | $ | 53.62 | $ | 42.46 | $ | 50.65 | $ | 43.55 | ||||||||||
Total Return | 16.03 | % | 28.88 | % | (6.15 | )%(b) | 19.34 | % | 9.66 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.72 | % | 1.70 | % | 1.69 | % | 1.68 | % | 1.71 | % | ||||||||||
Net expenses | 1.69 | %(c) | 1.70 | %(c) | 1.62 | %(b) | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (0.44 | )% | 0.32 | % | 0.23 | %(b) | (0.28 | )% | (0.45 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 66,044 | $ | 65,972 | $ | 58,926 | $ | 92,541 | $ | 77,915 | ||||||||||
Portfolio turnover rate(d) | 4 | % | 56 | % | 8 | % | 3 | % | 4 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.68% and 0.17%, respectively, and the total return would have been (6.22)%. |
(c) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year period 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. |
(d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
48 :: ProFund VP Consumer Goods :: Management Discussion of Fund Performance
ProFund VP Consumer Goods seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Consumer GoodsSM Index (the “Index”). For the year ended December 31, 2020, the Fund had a total return of 31.05%. For the same period, the Index had a return of 33.18%1 and a volatility of 31.76%. 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 consumer goods sector of the U.S. equity market. Component companies include, among others, automobiles and auto parts and tires, brewers and distillers, farming and fishing, durable and non-durable household product manufacturers, cosmetic companies, food and tobacco products, clothing accessories, and footwear.
During the year ended December 31, 2020, 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 Consumer Goods from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Consumer Goods | 31.05 | % | 10.98 | % | 11.40 | % | ||||||
Dow Jones U.S. Consumer GoodsSM Index | 33.18 | % | 12.83 | % | 13.29 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Consumer Goods | 1.73 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | |||
Tesla, Inc. | 16.9 | % | ||
The Procter & Gamble Co. | 10.9 | % | ||
The Coca-Cola Co. | 6.7 | % | ||
PepsiCo, Inc. | 6.5 | % | ||
NIKE, Inc. | 5.6 | % |
Dow Jones U.S. Consumer GoodsSM Index – Composition
% of Index | ||||
Food, Beverage & Tobacco | 35 | % | ||
Automobiles & Components | 23 | % | ||
Household & Personal Products | 19 | % | ||
Consumer Durables & Apparel | 16 | % | ||
Media & Entertainment | 5 | % | ||
Retailing | 1 | % | ||
Capital Goods | 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.
Financial Statements :: ProFund VP Consumer Goods :: 49
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (97.9%)
Shares | Value | |||||||
Activision Blizzard, Inc. (Entertainment) | 4,473 | $ | 415,319 | |||||
Altria Group, Inc. (Tobacco) | 10,758 | 441,078 | ||||||
Aptiv PLC (Auto Components) | 1,563 | 203,643 | ||||||
Archer-Daniels-Midland Co. (Food Products) | 3,221 | 162,371 | ||||||
Autoliv, Inc. (Auto Components) | 456 | 41,998 | ||||||
Beyond Meat, Inc.* (Food Products) | 286 | 35,750 | ||||||
BorgWarner, Inc. (Auto Components) | 1,416 | 54,714 | ||||||
Brown-Forman Corp.—Class B (Beverages) | 1,056 | 83,878 | ||||||
Brunswick Corp. (Leisure Products) | 454 | 34,613 | ||||||
Bunge, Ltd. (Food Products) | 808 | 52,989 | ||||||
Campbell Soup Co. (Food Products) | 1,173 | 56,715 | ||||||
Carter’s, Inc. (Textiles, Apparel & Luxury Goods) | 253 | 23,800 | ||||||
Church & Dwight Co., Inc. (Household Products) | 1,439 | 125,524 | ||||||
Colgate-Palmolive Co. (Household Products) | 4,962 | 424,301 | ||||||
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | 176 | 15,379 | ||||||
Conagra Brands, Inc. (Food Products) | 2,826 | 102,471 | ||||||
Constellation Brands, Inc.—Class A (Beverages) | 981 | 214,888 | ||||||
Coty, Inc.—Class A (Personal Products) | 1,641 | 11,520 | ||||||
Darling Ingredients, Inc.* (Food Products) | 939 | 54,162 | ||||||
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | 163 | 46,745 | ||||||
DR Horton, Inc. (Household Durables) | 1,919 | 132,258 | ||||||
Electronic Arts, Inc. (Entertainment) | 1,679 | 241,104 | ||||||
Energizer Holdings, Inc. (Household Products) | 338 | 14,257 | ||||||
Flowers Foods, Inc. (Food Products) | 1,140 | 25,798 | ||||||
Ford Motor Co. (Automobiles) | 22,618 | 198,812 | ||||||
General Mills, Inc. (Food Products) | 3,538 | 208,034 | ||||||
General Motors Co. (Automobiles) | 7,291 | 303,597 | ||||||
Gentex Corp. (Auto Components) | 1,419 | 48,147 | ||||||
Genuine Parts Co. (Distributors) | 835 | 83,859 | ||||||
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | 2,017 | 29,408 | ||||||
Harley-Davidson, Inc. (Automobiles) | 887 | 32,553 | ||||||
Hasbro, Inc. (Leisure Products) | 738 | 69,033 | ||||||
Helen of Troy, Ltd.* (Household Durables) | 147 | 32,662 | ||||||
Herbalife Nutrition, Ltd.* (Personal Products) | 564 | 27,100 | ||||||
Hormel Foods Corp. (Food Products) | 1,625 | 75,741 | ||||||
Ingredion, Inc. (Food Products) | 388 | 30,524 | ||||||
Jefferies Financial Group, Inc. (Diversified Financial Services) | 1,198 | 29,471 | ||||||
Kellogg Co. (Food Products) | 1,471 | 91,540 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 3,340 | 106,880 | ||||||
Kimberly-Clark Corp. (Household Products) | 1,969 | 265,480 | ||||||
Lamb Weston Holding, Inc. (Food Products) | 847 | 66,693 | ||||||
Lancaster Colony Corp. (Food Products) | 113 | 20,761 | ||||||
Lear Corp. (Auto Components) | 316 | 50,253 | ||||||
Leggett & Platt, Inc. (Household Durables) | 767 | 33,978 | ||||||
Lennar Corp.—Class A (Household Durables) | 1,593 | 121,434 | ||||||
Lennar Corp.—Class B (Household Durables) | 89 | 5,447 | ||||||
Levi Strauss & Co. (Textiles, Apparel & Luxury Goods) | 386 | 7,751 | ||||||
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | 687 | 239,096 | ||||||
Mattel, Inc.* (Leisure Products) | 2,015 | 35,162 | ||||||
McCormick & Co., Inc. (Food Products) | 1,440 | 137,664 | ||||||
Mohawk Industries, Inc.* (Household Durables) | 346 | 48,769 | ||||||
Molson Coors Beverage Co.—Class B (Beverages) | 1,089 | 49,212 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 8,278 | 484,014 | ||||||
Monster Beverage Corp.* (Beverages) | 2,139 | 197,815 | ||||||
National Beverage Corp.(a) (Beverages) | 68 | 5,773 | ||||||
Newell Brands, Inc. (Household Durables) | 2,188 | 46,451 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 7,263 | 1,027,496 | ||||||
NVR, Inc.* (Household Durables) | 20 | 81,597 | ||||||
Peloton Interactive, Inc.*—Class A (Leisure Products) | 1,479 | 224,393 | ||||||
PepsiCo, Inc. (Beverages) | 7,998 | 1,186,103 | ||||||
Performance Food Group Co.* (Food & Staples Retailing) | 773 | 36,803 | ||||||
Philip Morris International, Inc. (Tobacco) | 9,015 | 746,352 | ||||||
Pilgrim’s Pride Corp.* (Food Products) | 283 | 5,550 | ||||||
Polaris, Inc. (Leisure Products) | 337 | 32,109 | ||||||
Pool Corp. (Distributors) | 232 | 86,420 | ||||||
Post Holdings, Inc.* (Food Products) | 355 | 35,859 | ||||||
PulteGroup, Inc. (Household Durables) | 1,552 | 66,922 | ||||||
PVH Corp. (Textiles, Apparel & Luxury Goods) | 411 | 38,589 | ||||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 280 | 29,047 | ||||||
Reynolds Consumer Products, Inc. (Household Products) | 316 | 9,493 | ||||||
Seaboard Corp. (Food Products) | 1 | 3,031 | ||||||
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 785 | 28,213 | ||||||
Stanley Black & Decker, Inc. (Machinery) | 928 | 165,704 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 665 | 138,180 | ||||||
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 1,606 | 49,914 | ||||||
Tempur Sealy International, Inc.* (Household Durables) | 1,111 | 29,997 | ||||||
Tesla, Inc.* (Automobiles) | 4,389 | 3,097,187 | ||||||
The Boston Beer Co., Inc.*—Class A (Beverages) | 53 | 52,697 | ||||||
The Clorox Co. (Household Products) | 729 | 147,200 | ||||||
The Coca-Cola Co. (Beverages) | 22,388 | 1,227,759 | ||||||
The Estee Lauder Co., Inc. (Personal Products) | 1,311 | 348,975 | ||||||
The Hain Celestial Group, Inc.* (Food Products) | 478 | 19,192 | ||||||
The Hershey Co. (Food Products) | 853 | 129,937 | ||||||
The JM Smucker Co.—Class A (Food Products) | 660 | 76,296 | ||||||
The Kraft Heinz Co. (Food Products) | 3,752 | 130,044 | ||||||
The Procter & Gamble Co. (Household Products) | 14,352 | 1,996,936 | ||||||
Thor Industries, Inc. (Automobiles) | 321 | 29,850 | ||||||
Toll Brothers, Inc. (Household Durables) | 665 | 28,908 | ||||||
TreeHouse Foods, Inc.* (Food Products) | 327 | 13,894 | ||||||
Tyson Foods, Inc.—Class A (Food Products) | 1,703 | 109,741 | ||||||
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 1,092 | 18,750 |
See accompanying notes to financial statements.
50 :: ProFund VP Consumer Goods :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | 1,128 | $ | 16,785 | |||||
US Foods Holding Corp.* (Food & Staples Retailing) | 1,280 | 42,636 | ||||||
VF Corp. (Textiles, Apparel & Luxury Goods) | 1,851 | 158,094 | ||||||
Whirlpool Corp. (Household Durables) | 362 | 65,337 | ||||||
Zynga, Inc.* (Entertainment) | 5,815 | 57,394 | ||||||
TOTAL COMMON STOCKS (Cost $6,566,700) | 17,987,773 |
Repurchase Agreements(b) (2.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $389,001 | $ | 389,000 | $ | 389,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $389,000) | 389,000 |
Collateral for Securities Loaned(NM)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(c) | 4,792 | $ | 4,792 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(c) | 20 | 20 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(c) | 88 | 88 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $4,900) | 4,900 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $6,960,600)—100.0% | 18,381,673 | |||||||
Net other assets (liabilities)—NM | (8,812 | ) | ||||||
NET ASSETS—100.0% | $ | 18,372,861 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $4,754. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
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) | ||||||||||||
Dow Jones U.S. Consumer Goods Index | Goldman Sachs International | 1/25/21 | 0.60 | % | $ | 393,948 | $ | 7,449 |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Consumer Goods invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Auto Components | $ | 398,755 | 2.2 | % | ||||
Automobiles | 3,661,999 | 19.9 | % | |||||
Beverages | 3,125,005 | 17.0 | % | |||||
Distributors | 170,279 | 0.9 | % | |||||
Diversified Financial Services | 29,471 | 0.2 | % | |||||
Entertainment | 851,997 | 4.6 | % | |||||
Food & Staples Retailing | 79,439 | 0.4 | % | |||||
Food Products | 2,128,771 | 11.6 | % | |||||
Household Durables | 693,760 | 3.8 | % | |||||
Household Products | 2,983,191 | 16.2 | % | |||||
Leisure Products | 395,310 | 2.2 | % | |||||
Machinery | 165,704 | 0.9 | % | |||||
Personal Products | 387,595 | 2.1 | % | |||||
Textiles, Apparel & Luxury Goods | 1,729,067 | 9.4 | % | |||||
Tobacco | 1,187,430 | 6.5 | % | |||||
Other** | 385,088 | 2.1 | % | |||||
Total | $ | 18,372,861 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Goods :: 51
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 6,960,600 | ||
Securities, at value(a) | 17,992,673 | |||
Repurchase agreements, at value | 389,000 | |||
Total Investment Securities, at value | 18,381,673 | |||
Cash | 1 | |||
Dividends and interest receivable | 35,967 | |||
Unrealized appreciation on swap agreements | 7,449 | |||
Receivable for capital shares issued | 60,988 | |||
Prepaid expenses | 70 | |||
TOTAL ASSETS | 18,486,148 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 71,318 | |||
Payable for collateral for securities loaned | 4,900 | |||
Advisory fees payable | 10,946 | |||
Management services fees payable | 1,460 | |||
Administration fees payable | 1,188 | |||
Administrative services fees payable | 6,807 | |||
Distribution fees payable | 6,397 | |||
Transfer agency fees payable | 997 | |||
Fund accounting fees payable | 705 | |||
Compliance services | 93 | |||
Other accrued expenses | 8,476 | |||
TOTAL LIABILITIES | 113,287 | |||
NET ASSETS | $ | 18,372,861 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 7,157,236 | ||
Total distributable earnings (loss) | 11,215,625 | |||
NET ASSETS | $ | 18,372,861 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 295,438 | |||
Net Asset Value (offering and redemption price per share) | $ | 62.19 | ||
(a) Includes securities on loan valued at: | $ | 4,754 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 305,867 | ||
Interest | 638 | |||
Income from securities lending | 55 | |||
TOTAL INVESTMENT INCOME | 306,560 | |||
EXPENSES: | ||||
Advisory fees | 105,616 | |||
Management services fees | 14,082 | |||
Administration fees | 12,675 | |||
Transfer agency fees | 10,272 | |||
Administrative services fees | 41,943 | |||
Distribution fees | 35,205 | |||
Custody fees | 2,318 | |||
Fund accounting fees | 7,408 | |||
Trustee fees | 282 | |||
Compliance services fees | 167 | |||
Other fees | 17,304 | |||
Total Gross Expenses before reductions | 247,272 | |||
Expenses reduced and reimbursed by the Advisor | (10,693 | ) | ||
TOTAL NET EXPENSES | 236,579 | |||
NET INVESTMENT INCOME (LOSS) | 69,981 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 485,235 | |||
Net realized gains (losses) on swap agreements | 130,105 | |||
Change in net unrealized appreciation/depreciation on investment securities | 3,227,890 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 7,228 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 3,850,458 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,920,439 |
See accompanying notes to financial statements.
52 :: ProFund VP Consumer Goods :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 69,981 | $ | 110,861 | ||||
Net realized gains (losses) on investments | 615,340 | 94,233 | ||||||
Change in net unrealized appreciation/depreciation on investments | 3,235,118 | 2,328,633 | ||||||
Change in net assets resulting from operations | 3,920,439 | 2,533,727 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (257,808 | ) | (1,848,713 | ) | ||||
Change in net assets resulting from distributions | (257,808 | ) | (1,848,713 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 29,203,257 | 11,763,405 | ||||||
Distributions reinvested | 257,808 | 1,848,713 | ||||||
Value of shares redeemed | (26,887,846 | ) | (11,149,089 | ) | ||||
Change in net assets resulting from capital transactions | 2,573,219 | 2,463,029 | ||||||
Change in net assets | 6,235,850 | 3,148,043 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 12,137,011 | 8,988,968 | ||||||
End of period | $ | 18,372,861 | $ | 12,137,011 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 598,676 | 245,718 | ||||||
Reinvested | 4,680 | 42,227 | ||||||
Redeemed | (559,659 | ) | (230,959 | ) | ||||
Change in shares | 43,697 | 56,986 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Consumer Goods :: 53
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 48.21 | $ | 46.16 | $ | 66.23 | $ | 59.18 | $ | 57.77 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.25 | 0.49 | 0.70 | 0.49 | 0.48 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 14.61 | 10.83 | (9.43 | ) | 8.33 | 1.59 | ||||||||||||||
Total income (loss) from investment activities | 14.86 | 11.32 | (8.73 | ) | 8.82 | 2.07 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.38 | ) | (0.80 | ) | (0.74 | ) | (0.82 | ) | (0.66 | ) | ||||||||||
Net realized gains on investments | (0.50 | ) | (8.47 | ) | (10.60 | ) | (0.95 | ) | — | |||||||||||
Total distributions | (0.88 | ) | (9.27 | ) | (11.34 | ) | (1.77 | ) | (0.66 | ) | ||||||||||
Net Asset Value, End of Period | $ | 62.19 | $ | 48.21 | $ | 46.16 | $ | 66.23 | $ | 59.18 | ||||||||||
Total Return | 31.05 | % | 26.56 | % | (14.80 | )% | 15.05 | % | 3.54 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.75 | % | 1.73 | % | 1.72 | % | 1.68 | % | 1.68 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | 0.50 | % | 1.01 | % | 1.23 | % | 0.76 | % | 0.81 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 18,373 | $ | 12,137 | $ | 8,989 | $ | 18,827 | $ | 16,374 | ||||||||||
Portfolio turnover rate(b) | 141 | % | 71 | % | 41 | % | 107 | % | 84 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
54 :: ProFund VP Consumer Services :: Management Discussion of Fund Performance
ProFund VP Consumer Services (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Consumer ServicesSM Index (the “Index”). For the year ended December 31, 2020, the Fund had a total return of 28.34%. For the same period, the Index had a return of 29.76%1 and a volatility of 31.85%. 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.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 consumer services sector of the U.S. equity market. Component companies include, among others, airlines, broadcasting and entertainment, apparel and broadline retailers, food and drug retailers, media agencies, publishing, gambling, hotels, restaurants and bars, and travel and tourism.
During the year ended December 31, 2020, 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 he 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 Services from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Consumer Services | 28.34 | % | 14.69 | % | 15.46 | % | ||||||
Dow Jones U.S. Consumer ServicesSM Index | 29.76 | % | 16.48 | % | 17.35 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Consumer Services | 1.72 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 89 | % | ||
Swap Agreements | 11 | % | ||
Total Exposure | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Amazon.com, Inc. | 24.2 | % | ||
The Walt Disney Co. | 5.7 | % | ||
The Home Depot, Inc. | 5.0 | % | ||
Comcast Corp. | 4.2 | % | ||
Netflix, Inc. | 4.2 | % |
Dow Jones U.S. Consumer ServicesSM Index – Composition
% of Index | ||||
Retailing | 49 | % | ||
Media & Entertainment | 23 | % | ||
Consumer Services | 13 | % | ||
Food & Staples Retailing | 9 | % | ||
Transportation | 3 | % | ||
Commercial & Professional Services | 2 | % | ||
Health Care Equipment & 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 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.
Financial Statements :: ProFund VP Consumer Services :: 55
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (89.3%)
Shares | Value | |||||||
Aaron’s Co., Inc. (The)* (Specialty Retail) | 186 | $ | 3,527 | |||||
Advance Auto Parts, Inc. (Specialty Retail) | 378 | 59,539 | ||||||
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure) | 287 | 42,132 | ||||||
Alaska Air Group, Inc. (Airlines) | 689 | 35,828 | ||||||
Albertsons Cos., Inc.(a)—Class A (Food & Staples Retailing) | 262 | 4,606 | ||||||
Altice USA, Inc.* (Media) | 1,357 | 51,390 | ||||||
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | 2,376 | 7,738,466 | ||||||
AMERCO (Road & Rail) | 50 | 22,698 | ||||||
American Airlines Group, Inc.(a) (Airlines) | 3,402 | 53,650 | ||||||
AmerisourceBergen Corp. (Health Care Providers & Services) | 820 | 80,163 | ||||||
Aramark (Hotels, Restaurants & Leisure) | 1,410 | 54,257 | ||||||
AutoNation, Inc.* (Specialty Retail) | 328 | 22,891 | ||||||
AutoZone, Inc.* (Specialty Retail) | 129 | 152,922 | ||||||
Best Buy Co., Inc. (Specialty Retail) | 1,284 | 128,130 | ||||||
BJ’s Wholesale Club Holdings, Inc.* (Food & Staples Retailing) | 764 | 28,482 | ||||||
Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | 229 | 510,045 | ||||||
Boyd Gaming Corp.* (Hotels, Restaurants & Leisure) | 447 | 19,185 | ||||||
Bright Horizons Family Solutions, Inc.* (Diversified Consumer Services) | 338 | 58,471 | ||||||
Burlington Stores, Inc.* (Specialty Retail) | 369 | 96,512 | ||||||
Cable One, Inc. (Media) | 30 | 66,832 | ||||||
Cardinal Health, Inc. (Health Care Providers & Services) | 1,634 | 87,517 | ||||||
CarMax, Inc.* (Specialty Retail) | 914 | 86,336 | ||||||
Carnival Corp.—Class A (Hotels, Restaurants & Leisure) | 4,140 | 89,672 | ||||||
Carvana Co.* (Specialty Retail) | 314 | 75,216 | ||||||
Casey’s General Stores, Inc. (Food & Staples Retailing) | 206 | 36,796 | ||||||
Charter Communications, Inc.*—Class A (Media) | 813 | 537,840 | ||||||
Chegg, Inc.* (Diversified Consumer Services) | 718 | 64,857 | ||||||
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | 156 | 216,327 | ||||||
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | 160 | 17,077 | ||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | 198 | 38,568 | ||||||
Comcast Corp.—Class A (Media) | 25,437 | 1,332,898 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 1,157 | 147,229 | ||||||
Costco Wholesale Corp. (Food & Staples Retailing) | 2,458 | 926,124 | ||||||
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | 132 | 17,413 | ||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 726 | 86,481 | ||||||
Delta Air Lines, Inc. (Airlines) | 3,553 | 142,866 | ||||||
Dick’s Sporting Goods, Inc. (Specialty Retail) | 366 | 20,573 | ||||||
Discovery, Inc.* (Media) | 893 | 26,870 | ||||||
Discovery, Inc.*—Class C (Media) | 1,643 | 43,030 | ||||||
DISH Network Corp.*—Class A (Media) | 1,377 | 44,532 | ||||||
Dollar General Corp. (Multiline Retail) | 1,365 | 287,060 | ||||||
Dollar Tree, Inc.* (Multiline Retail) | 1,310 | 141,532 | ||||||
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | 219 | 83,978 | ||||||
DraftKings, Inc.*—Class A (Hotels, Restaurants & Leisure) | 1,767 | 82,272 | ||||||
Expedia Group, Inc. (Internet & Direct Marketing Retail) | 758 | 100,359 | ||||||
Five Below, Inc.* (Specialty Retail) | 311 | 54,419 | ||||||
Floor & Decor Holdings, Inc.* (Specialty Retail) | 579 | 53,760 | ||||||
Foot Locker, Inc. (Specialty Retail) | 582 | 23,536 | ||||||
Fox Corp.—Class A (Media) | 1,880 | 54,746 | ||||||
Fox Corp.—Class B (Media) | 861 | 24,866 | ||||||
frontdoor, Inc.*—Class A (Diversified Consumer Services) | 476 | 23,900 | ||||||
Grand Canyon Education, Inc.* (Diversified Consumer Services) | 261 | 24,302 | ||||||
H&R Block, Inc. (Diversified Consumer Services) | 1,021 | 16,193 | ||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 1,545 | 171,897 | ||||||
Hyatt Hotels Corp.—Class A (Hotels, Restaurants & Leisure) | 198 | 14,702 | ||||||
IAA, Inc.* (Commercial Services & Supplies) | 749 | 48,670 | ||||||
IHS Markit, Ltd. (Professional Services) | 2,076 | 186,487 | ||||||
JetBlue Airways Corp.* (Airlines) | 1,751 | 25,460 | ||||||
Kohl’s Corp. (Multiline Retail) | 878 | 35,726 | ||||||
L Brands, Inc. (Specialty Retail) | 1,301 | 48,384 | ||||||
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure) | 1,829 | 109,008 | ||||||
Liberty Broadband Corp.*—Class A (Media) | 130 | 20,485 | ||||||
Liberty Broadband Corp.*—Class C (Media) | 1,180 | 186,877 | ||||||
Liberty Media Corp-Liberty Formula One*— Class A (Entertainment) | 143 | 5,433 | ||||||
Liberty Media Corp-Liberty Formula One*— Class C (Entertainment) | 1,133 | 48,266 | ||||||
Liberty Media Corp-Liberty SiriusXM*— Class A (Media) | 460 | 19,867 | ||||||
Liberty Media Corp-Liberty SiriusXM*— Class C (Media) | 960 | 41,770 | ||||||
Lithia Motors, Inc.—Class A (Specialty Retail) | 146 | 42,730 | ||||||
Live Nation Entertainment, Inc.* (Entertainment) | 797 | 58,564 | ||||||
LiveRamp Holdings, Inc.* (IT Services) | 370 | 27,080 | ||||||
LKQ Corp.* (Distributors) | 1,559 | 54,939 | ||||||
Lowe’s Cos., Inc. (Specialty Retail) | 4,082 | 655,201 | ||||||
Lyft, Inc.* (Road & Rail) | 1,376 | 67,603 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 1,483 | 195,620 | ||||||
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | 229 | 31,423 | ||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 4,151 | 890,723 | ||||||
MGM Resorts International (Hotels, Restaurants & Leisure) | 2,283 | 71,937 | ||||||
Murphy USA, Inc. (Specialty Retail) | 148 | 19,369 | ||||||
National Vision Holdings, Inc.* (Specialty Retail) | 451 | 20,426 | ||||||
Netflix, Inc.* (Entertainment) | 2,461 | 1,330,736 |
See accompanying notes to financial statements.
56 :: ProFund VP Consumer Services :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
News Corp.—Class A (Media) | 2,177 | $ | 39,121 | |||||
News Corp.—Class B (Media) | 677 | 12,030 | ||||||
Nexstar Media Group, Inc.—Class A (Media) | 245 | 26,752 | ||||||
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | 1,758 | 44,706 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.* (Multiline Retail) | 317 | 25,921 | ||||||
Omnicom Group, Inc. (Media) | 1,197 | 74,657 | ||||||
O’Reilly Automotive, Inc.* (Specialty Retail) | 403 | 182,386 | ||||||
Penske Automotive Group, Inc. (Specialty Retail) | 179 | 10,631 | ||||||
Pinterest, Inc.*—Class A (Interactive Media & Services) | 2,846 | 187,551 | ||||||
Planet Fitness, Inc.* (Hotels, Restaurants & Leisure) | 456 | 35,399 | ||||||
Qurate Retail, Inc.—Class A (Internet & Direct Marketing Retail) | 2,160 | 23,695 | ||||||
RH* (Specialty Retail) | 87 | 38,934 | ||||||
Roku, Inc.* (Household Durables) | 607 | 201,536 | ||||||
Rollins, Inc. (Commercial Services & Supplies) | 1,233 | 48,173 | ||||||
Ross Stores, Inc. (Specialty Retail) | 1,983 | 243,532 | ||||||
Royal Caribbean Cruises, Ltd. (Hotels, Restaurants & Leisure) | 1,037 | 77,454 | ||||||
Service Corp. International (Diversified Consumer Services) | 962 | 47,234 | ||||||
Sirius XM Holdings, Inc. (Media) | 6,626 | 42,208 | ||||||
Southwest Airlines Co. (Airlines) | 3,288 | 153,253 | ||||||
Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | 656 | 13,186 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 6,539 | 699,542 | ||||||
Sysco Corp. (Food & Staples Retailing) | 2,837 | 210,676 | ||||||
Target Corp. (Multiline Retail) | 2,790 | 492,519 | ||||||
TEGNA, Inc. (Media) | 1,220 | �� | 17,019 | |||||
Terminix Global Holdings, Inc.* (Diversified Consumer Services) | 736 | 37,543 | ||||||
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | 364 | 28,450 | ||||||
The Gap, Inc. (Specialty Retail) | 1,145 | 23,118 | ||||||
The Home Depot, Inc. (Specialty Retail) | 5,998 | 1,593,188 | ||||||
The Interpublic Group of Cos., Inc. (Media) | 2,172 | 51,085 | ||||||
The Kroger Co. (Food & Staples Retailing) | 4,313 | 136,981 | ||||||
The Madison Square Garden Co.*—Class A (Entertainment) | 97 | 17,858 | ||||||
The New York Times Co.—Class A (Media) | 807 | 41,778 | ||||||
The TJX Cos., Inc. (Specialty Retail) | 6,689 | 456,792 | ||||||
The Walt Disney Co.* (Entertainment) | 10,087 | 1,827,562 | ||||||
The Wendy’s Co. (Hotels, Restaurants & Leisure) | 998 | 21,876 | ||||||
Tiffany & Co. (Specialty Retail) | 602 | 79,133 | ||||||
Tractor Supply Co. (Specialty Retail) | 649 | 91,236 | ||||||
TripAdvisor, Inc.* (Interactive Media & Services) | 535 | 15,397 | ||||||
Uber Technologies, Inc.* (Road & Rail) | 7,763 | 395,912 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 314 | 90,168 | ||||||
United Airlines Holdings , Inc.* (Airlines) | 1,631 | 70,541 | ||||||
Vail Resorts, Inc. (Hotels, Restaurants & Leisure) | 224 | 62,487 | ||||||
ViacomCBS, Inc.—Class A (Media) | 58 | 2,194 | ||||||
ViacomCBS, Inc.—Class B (Media) | 3,147 | 117,257 | ||||||
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | 4,003 | 159,640 | ||||||
Walmart, Inc. (Food & Staples Retailing) | 7,724 | 1,113,414 | ||||||
Warner Music Group Corp.—Class A (Entertainment) | 493 | 18,729 | ||||||
Wayfair, Inc.*—Class A (Internet & Direct Marketing Retail) | 405 | 91,453 | ||||||
Williams-Sonoma, Inc. (Specialty Retail) | 427 | 43,486 | ||||||
World Wrestling Entertainment, Inc.—Class A (Entertainment) | 260 | 12,493 | ||||||
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 519 | 30,849 | ||||||
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure) | 541 | 61,041 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 1,681 | 182,489 | ||||||
ZoomInfo Technologies, Inc.*—Class A (Interactive Media & Services) | 455 | 21,945 | ||||||
TOTAL COMMON STOCKS (Cost $15,309,674) | 28,512,464 |
Repurchase Agreements(b) (1.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $392,001 | $ | 392,000 | $ | 392,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $392,000) | 392,000 |
Collateral for Securities Loaned (0.1%)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(c) | 34,914 | $ | 34,914 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(c) | 146 | 146 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(c) | 637 | 637 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $35,697) | 35,697 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $15,737,371)—90.6% | 28,940,161 | |||||||
Net other assets (liabilities)—9.4% | 2,994,558 | |||||||
NET ASSETS—100.0% | $ | 31,934,719 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $34,321. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Services :: 57
Total Return Swap Agreements – Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
Dow Jones U.S. Consumer Services Index | Goldman Sachs International | 1/25/21 | 0.60 | % | $ | 3,409,514 | $ | 8,517 |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Consumer Services invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Airlines | $ | 481,598 | 1.5 | % | ||||
Commercial Services & Supplies | 244,072 | 0.8 | % | |||||
Distributors | 54,939 | 0.2 | % | |||||
Diversified Consumer Services | 272,500 | 0.9 | % | |||||
Entertainment | 3,319,641 | 10.4 | % | |||||
Food & Staples Retailing | 2,629,905 | 8.2 | % | |||||
Health Care Providers & Services | 167,680 | 0.5 | % | |||||
Hotels, Restaurants & Leisure | 3,476,965 | 10.9 | % | |||||
Household Durables | 201,536 | 0.6 | % | |||||
Interactive Media & Services | 224,893 | 0.7 | % | |||||
Internet & Direct Marketing Retail | 8,464,018 | 26.5 | % | |||||
IT Services | 27,080 | 0.1 | % | |||||
Media | 2,876,104 | 9.0 | % | |||||
Multiline Retail | 982,758 | 3.1 | % | |||||
Professional Services | 186,487 | 0.6 | % | |||||
Road & Rail | 486,213 | 1.5 | % | |||||
Specialty Retail | 4,416,075 | 13.8 | % | |||||
Other** | 3,422,255 | 10.7 | % | |||||
Total | $ | 31,934,719 | 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.
58 :: ProFund VP Consumer Services :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 15,737,371 | ||
Securities, at value(a) | 28,548,161 | |||
Repurchase agreements, at value | 392,000 | |||
Total Investment Securities, at value | 28,940,161 | |||
Cash | 423 | |||
Segregated cash balances for swap agreements with custodian | 270,000 | |||
Dividends and interest receivable | 8,565 | |||
Unrealized appreciation on swap agreements | 8,517 | |||
Receivable for capital shares issued | 53,150 | |||
Receivable for investments sold | 2,799,256 | |||
Prepaid expenses | 143 | |||
TOTAL ASSETS | 32,080,215 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 35,551 | |||
Payable for collateral for securities loaned | 35,697 | |||
Advisory fees payable | 19,197 | |||
Management services fees payable | 2,559 | |||
Administration fees payable | 2,058 | |||
Administrative services fees payable | 15,608 | |||
Distribution fees payable | 15,141 | |||
Transfer agency fees payable | 1,727 | |||
Fund accounting fees payable | 1,211 | |||
Compliance services fees payable | 160 | |||
Other accrued expenses | 16,587 | |||
TOTAL LIABILITIES | 145,496 | |||
NET ASSETS | $ | 31,934,719 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 17,574,805 | ||
Total distributable earnings (loss) | 14,359,914 | |||
NET ASSETS | $ | 31,934,719 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 419,366 | |||
Net Asset Value (offering and redemption price per share) | $ | 76.15 | ||
(a) Includes securities on loan valued at: | $ | 34,321 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 250,030 | ||
Interest | 2,868 | |||
Income from securities lending | 1,135 | |||
TOTAL INVESTMENT INCOME | 254,033 | |||
EXPENSES: | ||||
Advisory fees | 197,858 | |||
Management services fees | 26,381 | |||
Administration fees | 23,905 | |||
Transfer agency fees | 19,252 | |||
Administrative services fees | 73,058 | |||
Distribution fees | 65,953 | |||
Custody fees | 3,877 | |||
Fund accounting fees | 13,756 | |||
Trustee fees | 539 | |||
Compliance services fees | 287 | |||
Other fees | 35,962 | |||
Total Gross Expenses before reductions | 460,828 | |||
Expenses reduced and reimbursed by the Advisor | (17,625 | ) | ||
TOTAL NET EXPENSES | 443,203 | |||
NET INVESTMENT INCOME (LOSS) | (189,170 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 1,851,538 | |||
Net realized gains (losses) on swap agreements | 193,507 | |||
Change in net unrealized appreciation/depreciation on investment securities | 4,374,514 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 2,912 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 6,422,471 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,233,301 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Services :: 59
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (189,170 | ) | $ | (140,308 | ) | ||
Net realized gains (losses) on investments | 2,045,045 | 12,818,995 | ||||||
Change in net unrealized appreciation/depreciation on investments | 4,377,426 | (6,928,885 | ) | |||||
Change in net assets resulting from operations | 6,233,301 | 5,749,802 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (9,139,256 | ) | (1,296,563 | ) | ||||
Change in net assets resulting from distributions | (9,139,256 | ) | (1,296,563 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 25,070,116 | 18,478,590 | ||||||
Distributions reinvested | 9,139,256 | 1,296,563 | ||||||
Value of shares redeemed | (26,214,874 | ) | (22,603,792 | ) | ||||
Change in net assets resulting from capital transactions | 7,994,498 | (2,828,639 | ) | |||||
Change in net assets | 5,088,543 | 1,624,600 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 26,846,176 | 25,221,576 | ||||||
End of period | $ | 31,934,719 | $ | 26,846,176 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 317,539 | 228,896 | ||||||
Reinvested | 125,075 | 16,674 | ||||||
Redeemed | (346,817 | ) | (284,659 | ) | ||||
Change in shares | 95,797 | (39,089 | ) |
See accompanying notes to financial statements.
60 :: ProFund VP Consumer Services :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 82.97 | $ | 69.55 | $ | 72.88 | $ | 61.58 | $ | 59.70 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.56 | ) | (0.40 | ) | (0.29 | ) | (0.12 | ) | (0.12 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments | 22.85 | 17.30 | 1.12 | 11.42 | 2.61 | |||||||||||||||
Total income (loss) from investment activities | 22.29 | 16.90 | 0.83 | 11.30 | 2.49 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net realized gains on investments | (29.11 | ) | (3.48 | ) | (4.16 | ) | — | (0.61 | ) | |||||||||||
Net Asset Value, End of Period | $ | 76.15 | $ | 82.97 | $ | 69.55 | $ | 72.88 | $ | 61.58 | ||||||||||
Total Return | 28.34 | % | 24.64 | % | 0.62 | %(b) | 18.37 | % | 4.18 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.75 | % | 1.72 | % | 1.73 | % | 1.72 | % | 1.73 | % | ||||||||||
Net expenses | 1.68 | % | 1.71 | %(c) | 1.65 | %(b) | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (0.72 | )% | (0.50 | )% | (0.38 | )%(b) | (0.18 | )% | (0.20 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 31,935 | $ | 26,846 | $ | 25,222 | $ | 32,762 | $ | 27,416 | ||||||||||
Portfolio turnover rate(d) | 116 | % | 182 | % | 82 | % | 81 | % | 66 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.67% and (0.40)%, respectively, and the total return would have been 0.60%. |
(c) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP Dow 30 :: 61
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, 2020, the Fund had a total return of 7.41%. For the same period, the Index had a total return of 9.72%1 and a volatility of 37.05%. 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, 2020, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Dow 30 | 7.41% | 11.48% | 9.45% | |||||||||
Dow Jones Industrial Average® | 9.72% | 14.65% | 12.97% |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Dow 30 | 1.47% | 1.47% |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Dow Jones Industrial Average® Index – Composition
% of Index | ||||
Information Technology | 22 | % | ||
Health Care | 18 | % | ||
Industrials | 17 | % | ||
Financials | 14 | % | ||
Consumer Discretionary | 13 | % | ||
Consumer Staples | 8 | % | ||
Communication Services | 5 | % | ||
Energy | 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.
62 :: ProFund VP Dow 30 :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a)(b) (164.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $632,001 | $ | 632,000 | $ | 632,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $632,000) | 632,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $632,000)—164.2% | 632,000 | |||||||
Net other assets (liabilities)—(64.2)% | (247,071 | ) | ||||||
NET ASSETS—100.0% | $ | 384,929 |
(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, 2020, the aggregate amount held in a segregated account was $236,000. |
(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 | 1/27/21 | 0.60 | % | $ | 100,277 | $ | 2,869 | |||||||||
Dow Jones Industrial Average | UBS AG | 1/27/21 | 0.60 | % | 284,151 | 3,517 | |||||||||||
$ | 384,428 | $ | 6,386 |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Dow 30 :: 63
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 632,000 | ||
Repurchase agreements, at value | 632,000 | |||
Total Investment Securities, at value | 632,000 | |||
Cash | 216 | |||
Unrealized appreciation on swap agreements | 6,386 | |||
Prepaid expenses | 2 | |||
TOTAL ASSETS | 638,604 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 252,549 | |||
Advisory fees payable | 354 | |||
Management services fees payable | 47 | |||
Administration fees payable | 34 | |||
Administrative services fees payable | 157 | |||
Distribution fees payable | 239 | |||
Transfer agency fees payable | 31 | |||
Fund accounting fees payable | 21 | |||
Compliance services fees payable | 3 | |||
Other accrued expenses | 240 | |||
TOTAL LIABILITIES | 253,675 | |||
NET ASSETS | $ | 384,929 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 1,954,695 | ||
Total distributable earnings (loss) | (1,569,766 | ) | ||
NET ASSETS | $ | 384,929 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 16,546 | |||
Net Asset Value (offering and redemption price per share) | $ | 23.26 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 1,164 | ||
EXPENSES: | ||||
Advisory fees | 3,312 | |||
Management services fees | 442 | |||
Administration fees | 367 | |||
Transfer agency fees | 317 | |||
Administrative services fees | 513 | |||
Distribution fees | 1,104 | |||
Custody fees | 64 | |||
Fund accounting fees | 218 | |||
Trustee fees | 9 | |||
Compliance services fees | 6 | |||
Other fees | 614 | |||
TOTAL NET EXPENSES | 6,966 | |||
NET INVESTMENT INCOME (LOSS) | (5,802 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | 70,081 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 7,638 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 77,719 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 71,917 |
See accompanying notes to financial statements.
64 :: ProFund VP Dow 30 :: Financial Statements
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (5,802 | ) | $ | 2,163 | |||
Net realized gains (losses) on investments | 70,081 | 107,737 | ||||||
Change in net unrealized appreciation/depreciation on investments | 7,638 | (3,215 | ) | |||||
Change in net assets resulting from operations | 71,917 | 106,685 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (111,280 | ) | (837 | ) | ||||
Change in net assets resulting from distributions | (111,280 | ) | (837 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 18,480,818 | 15,592,838 | ||||||
Distributions reinvested | 111,280 | 837 | ||||||
Value of shares redeemed | (18,483,574 | ) | (15,691,099 | ) | ||||
Change in net assets resulting from capital transactions | 108,524 | (97,424 | ) | |||||
Change in net assets | 69,161 | 8,424 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 315,768 | 307,344 | ||||||
End of period | $ | 384,929 | $ | 315,768 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 800,228 | 590,876 | ||||||
Reinvested | 5,026 | 33 | ||||||
Redeemed | (799,920 | ) | (593,022 | ) | ||||
Change in shares | 5,334 | (2,113 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Dow 30 :: 65
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 28.16 | $ | 23.07 | $ | 31.90 | $ | 36.39 | $ | 32.23 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.31 | ) | 0.15 | 0.05 | (0.24 | ) | (0.38 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 2.05 | 4.97 | (1.18 | ) | 7.74 | 4.54 | ||||||||||||||
Total income (loss) from investment activities | 1.74 | 5.12 | (1.13 | ) | 7.50 | 4.16 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.13 | ) | (0.03 | ) | — | — | — | |||||||||||||
Net realized gains on investments | (6.51 | ) | — | (7.70 | ) | (11.99 | ) | — | ||||||||||||
Total distributions | (6.64 | ) | (0.03 | ) | (7.70 | ) | (11.99 | ) | — | |||||||||||
Net Asset Value, End of Period | $ | 23.26 | $ | 28.16 | $ | 23.07 | $ | 31.90 | $ | 36.39 | ||||||||||
Total Return | 7.41 | % | 22.18 | % | (6.03 | )% | 23.63 | % | 12.91 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.58 | % | 1.47 | % | 1.49 | % | 1.44 | % | 1.44 | % | ||||||||||
Net expenses | 1.58 | % | 1.47 | % | 1.49 | % | 1.44 | % | 1.44 | % | ||||||||||
Net investment income (loss) | (1.31 | )% | 0.56 | % | 0.16 | % | (0.68 | )% | (1.15 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 385 | $ | 316 | $ | 307 | $ | 349 | $ | 330 | ||||||||||
Portfolio turnover rate(b) | — | — | — | — | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
66 :: ProFund VP Emerging Markets :: Management Discussion of Fund Performance
ProFund VP Emerging Markets (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the S&P/BNY Mellon Emerging 50 ADR Index (USD) (the “Index”). For the year ended December 31, 2020, the Fund had a total return of 26.72%. For the same period, the Index had a total return of 28.58%1 and a volatility of 33.69%. 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, 2020, the Index consists of companies from the following emerging market countries: Brazil, 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, 2020, 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 Emerging Markets from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Emerging Markets | 26.72 | % | 14.56 | % | 2.35 | % | ||||||
S&P/BNY Mellon Emerging 50 ADR Index (USD) | 28.58 | % | 16.20 | % | 3.96 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Emerging Markets | 1.74 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 93 | % | ||
Swap Agreements | 7 | % | ||
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 | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 18.7 | % | ||
Alibaba Group Holding, Ltd. | 15.8 | % | ||
HDFC Bank, Ltd. | 4.8 | % | ||
JD.com, Inc. | 4.1 | % | ||
NIO, Inc. | 3.3 | % |
S&P/BNY Mellon Emerging 50 ADR Index (USD) – Composition
Industry Breakdown | % of Index | |||
Consumer Discretionary | 33 | % | ||
Information Technology | 26 | % | ||
Financials | 13 | % | ||
Communication Services | 12 | % | ||
Materials | 7 | % | ||
Energy | 4 | % | ||
Consumer Staples | 2 | % | ||
Health Care | 1 | % | ||
Industrials | 1 | % | ||
Real Estate | 1 | % | ||
Country Composition | ||||
China | 47 | % | ||
Taiwan | 23 | % | ||
India | 12 | % | ||
Brazil | 10 | % | ||
Other | 8 | % |
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.
Financial Statements :: ProFund VP Emerging Markets :: 67
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (91.3%)
Shares | Value | |||||||
Alibaba Group Holding, Ltd.*ADR (Internet & Direct Marketing Retail) | 17,990 | $ | 4,186,812 | |||||
Ambev S.A.ADR (Beverages) | 60,785 | 186,002 | ||||||
America Movil S.A.B. de C.V.ADR (Wireless Telecommunication Services) | 16,447 | 239,139 | ||||||
AngloGold Ashanti, Ltd.ADR (Metals & Mining) | 5,751 | 130,088 | ||||||
ASE Technology Holding Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | 23,343 | 136,323 | ||||||
Baidu, Inc.*ADR (Interactive Media & Services) | 3,761 | 813,279 | ||||||
Banco Bradesco S.A.ADR (Banks) | 61,188 | 321,849 | ||||||
Beigene, Ltd.*ADR (Biotechnology) | 539 | 139,272 | ||||||
Bilibili, Inc.*ADR (Entertainment) | 2,161 | 185,241 | ||||||
Cemex SAB de CV*ADR (Construction Materials) | 20,884 | 107,970 | ||||||
China Life Insurance Co., Ltd.ADR (Insurance) | 20,531 | 227,073 | ||||||
China Mobile, Ltd.ADR (Wireless Telecommunication Services) | 15,254 | 435,349 | ||||||
China Petroleum & Chemical Corp.ADR (Oil, Gas & Consumable Fuels) | 3,520 | 156,992 | ||||||
Chunghwa Telecom Co., Ltd.ADR (Diversified Telecommunication Services) | 5,244 | 202,523 | ||||||
CNOOC, Ltd.ADR (Oil, Gas & Consumable Fuels) | 2,218 | 203,280 | ||||||
Dr. Reddy’s Laboratories, Ltd.ADR (Pharmaceuticals) | 1,674 | 119,339 | ||||||
Fomento Economico Mexicano S.A.B. de C.V.ADR (Beverages) | 2,563 | 194,199 | ||||||
GDS Holdings, Ltd.*ADR (IT Services) | 1,576 | 147,577 | ||||||
Gold Fields, Ltd.ADR (Metals & Mining) | 12,186 | 112,964 | ||||||
GSX Techedu, Inc.*ADR (Diversified Consumer Services) | 1,386 | 71,670 | ||||||
HDFC Bank, Ltd.*ADR (Banks) | 17,591 | 1,271,126 | ||||||
ICICI Bank, Ltd.*ADR (Banks) | 35,222 | 523,399 | ||||||
Infosys Technologies, Ltd.ADR (IT Services) | 50,537 | 856,602 | ||||||
iQIYI, Inc.*ADR (Entertainment) | 4,352 | 76,073 | ||||||
Itau Unibanco Holding S.A.ADR (Banks) | 66,856 | 407,153 | ||||||
JD.com, Inc.*ADR (Internet & Direct Marketing Retail) | 12,380 | 1,088,202 | ||||||
KB Financial Group, Inc.*ADR (Banks) | 5,392 | 213,524 | ||||||
KE Holdings, Inc.*ADR (Real Estate Management & Development) | 2,194 | 135,019 | ||||||
Natura & Co. Holding SAADR (Personal Products) | 5,783 | 115,660 | ||||||
NetEase, Inc.ADR (Entertainment) | 5,530 | 529,607 | ||||||
New Oriental Education & Technology Group, Inc.*ADR (Diversified Consumer Services) | 2,050 | 380,911 | ||||||
NIO, Inc.*ADR (Automobiles) | 17,684 | 861,918 | ||||||
Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels) | 25,669 | 288,263 | ||||||
Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail) | 4,823 | 856,902 | ||||||
POSCOADR (Metals & Mining) | 4,427 | 275,846 | ||||||
PT Telekomunikasi Indonesia TbkADR (Diversified Telecommunication Services) | 6,560 | 154,291 | ||||||
Shinhan Financial Group Co., Ltd.*ADR (Banks) | 7,126 | 212,070 | ||||||
Sibanye Stillwater, Ltd.ADR (Metals & Mining) | 9,483 | 150,685 | ||||||
SK Telecom Co., Ltd.ADR (Wireless Telecommunication Services) | 4,913 | 120,270 | ||||||
Suzano Papel e Celulose S.A.*ADR (Paper & Forest Products) | 9,765 | 109,173 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | 45,452 | 4,956,086 | ||||||
TAL Education Group*ADR (Diversified Consumer Services) | 5,512 | 394,163 | ||||||
Tencent Music Entertainment Group*ADR (Entertainment) | 5,736 | 110,361 | ||||||
Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail) | 6,301 | 212,533 | ||||||
United Microelectronics Corp.ADR (Semiconductors & Semiconductor Equipment) | 31,876 | 268,715 | ||||||
Vale S.A.ADR (Metals & Mining) | 47,389 | 794,239 | ||||||
Vipshop Holdings, Ltd.*ADR (Internet & Direct Marketing Retail) | 5,335 | 149,967 | ||||||
Wipro, Ltd.ADR (IT Services) | 20,501 | 115,831 | ||||||
ZTO Express Cayman, Inc.ADR (Air Freight & Logistics) | 8,691 | 253,430 | ||||||
TOTAL COMMON STOCKS (Cost $11,619,815) | 24,198,960 | |||||||
Preferred Stock (1.3%) | ||||||||
Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels) | 31,687 | 350,458 | ||||||
TOTAL PREFERRED STOCK (Cost $44,210) | 350,458 |
Repurchase Agreements(a)(b) (6.3%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $1,657,003 | $ | 1,657,000 | $ | 1,657,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $1,657,000) | 1,657,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $13,321,025)—98.9% | 26,206,418 | |||||||
Net other assets (liabilities)—1.1% | 303,077 | |||||||
NET ASSETS—100.0% | $ | 26,509,495 | ||||||
* | Non-income producing security. |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2020, the aggregate amount held in a segregated account was $333,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
ADR | American Depositary Receipt |
See accompanying notes to financial statements.
68 :: ProFund VP Emerging Markets :: Financial Statements
Total Return Swap Agreements – Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
S&P/BNY Mellon Emerging 50 ADR Index (USD) | Goldman Sachs International | 1/27/21 | 0.55 | % | $ | 1,062,234 | $ | 7,452 | |||||||||
S&P/BNY Mellon Emerging 50 ADR Index (USD) | UBS AG | 1/27/21 | 0.60 | % | 868,203 | 1,652 | |||||||||||
$ | 1,930,437 | $ | 9,104 |
(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, 2020, 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, 2020:
Value | % of Net Assets | |||||||
Air Freight & Logistics | $ | 253,430 | 1.0 | % | ||||
Automobiles | 861,918 | 3.3 | % | |||||
Banks | 2,949,121 | 11.0 | % | |||||
Beverages | 380,201 | 1.4 | % | |||||
Biotechnology | 139,272 | 0.5 | % | |||||
Construction Materials | 107,970 | 0.4 | % | |||||
Diversified Consumer Services | 846,744 | 3.2 | % | |||||
Diversified Telecommunication Services | 356,814 | 1.4 | % | |||||
Entertainment | 901,282 | 3.3 | % | |||||
Insurance | 227,073 | 0.9 | % | |||||
Interactive Media & Services | 813,279 | 3.1 | % | |||||
Internet & Direct Marketing Retail | 6,494,416 | 24.4 | % | |||||
IT Services | 1,120,010 | 4.3 | % | |||||
Metals & Mining | 1,463,822 | 5.6 | % | |||||
Oil, Gas & Consumable Fuels | 998,993 | 3.8 | % | |||||
Paper & Forest Products | 109,173 | 0.4 | % | |||||
Personal Products | 115,660 | 0.4 | % | |||||
Pharmaceuticals | 119,339 | 0.5 | % | |||||
Real Estate Management & Development | 135,019 | 0.5 | % | |||||
Semiconductors & Semiconductor Equipment | 5,361,124 | 20.2 | % | |||||
Wireless Telecommunication Services | 794,758 | 3.0 | % | |||||
Other** | 1,960,077 | 7.4 | % | |||||
Total | $ | 26,509,495 | 100.0 | % |
ProFund VP Emerging Markets invested in securities with exposure to the following countries as of December 31, 2020:
Value | % of Net Assets | |||||||
Brazil | $ | 2,572,797 | 9.7 | % | ||||
China | 11,180,282 | 42.2 | % | |||||
Hong Kong | 435,349 | 1.6 | % | |||||
India | 2,886,297 | 10.9 | % | |||||
Indonesia | 154,291 | 0.6 | % | |||||
Mexico | 541,308 | 2.0 | % | |||||
South Africa | 393,737 | 1.5 | % | |||||
South Korea | 821,710 | 3.1 | % | |||||
Taiwan | 5,563,647 | 21.0 | % | |||||
Other** | 1,960,077 | 7.4 | % | |||||
Total | $ | 26,509,495 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Emerging Markets :: 69
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 13,321,025 | ||
Securities, at value | 24,549,418 | |||
Repurchase agreements, at value | 1,657,000 | |||
Total Investment Securities, at value | 26,206,418 | |||
Cash | 227 | |||
Dividends and interest receivable | 52,938 | |||
Unrealized appreciation on swap agreements | 9,104 | |||
Receivable for capital shares issued | 308,191 | |||
Prepaid expenses | 764 | |||
TOTAL ASSETS | 26,577,642 | |||
LIABILITIES: | �� | |||
Payable for capital shares redeemed | 1,015 | |||
Advisory fees payable | 17,251 | |||
Management services fees payable | 2,300 | |||
Administration fees payable | 1,791 | |||
Administrative services fees payable | 14,836 | |||
Distribution fees payable | 15,749 | |||
Transfer agency fees payable | 1,503 | |||
Fund accounting fees payable | 1,034 | |||
Compliance services fees payable | 125 | |||
Other accrued expenses | 12,543 | |||
TOTAL LIABILITIES | 68,147 | |||
NET ASSETS | $ | 26,509,495 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 21,371,560 | ||
Total distributable earnings (loss) | 5,137,935 | |||
NET ASSETS | $ | 26,509,495 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 723,603 | |||
Net Asset Value (offering and redemption price per share) | $ | 36.64 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 316,537 | ||
Interest | 3,664 | |||
Foreign tax withholding | (42,112 | ) | ||
Income from securities lending | 764 | |||
TOTAL INVESTMENT INCOME | 278,853 | |||
EXPENSES: | ||||
Advisory fees | 150,099 | |||
Management services fees | 20,013 | |||
Administration fees | 17,667 | |||
Transfer agency fees | 14,417 | |||
Administrative services fees | 47,294 | |||
Distribution fees | 50,033 | |||
Custody fees | 13,667 | |||
Fund accounting fees | 10,104 | |||
Trustee fees | 420 | |||
Compliance services fees | 220 | |||
Other fees | 24,913 | |||
Total Gross Expenses before reductions | 348,847 | |||
Expenses reduced and reimbursed by the Advisor | (12,624 | ) | ||
TOTAL NET EXPENSES | 336,223 | |||
NET INVESTMENT INCOME (LOSS) | (57,370 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (631,182 | ) | ||
Net realized gains (losses) on swap agreements | 239,246 | |||
Change in net unrealized appreciation/depreciation on investment securities | 4,617,781 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 27,596 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 4,253,441 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 4,196,071 |
See accompanying notes to financial statements.
70 :: ProFund VP Emerging Markets :: Financial Statements
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (57,370 | ) | $ | 117,347 | |||
Net realized gains (losses) on investments | (391,936 | ) | 195,836 | |||||
Change in net unrealized appreciation/depreciation on investments | 4,645,377 | 3,504,179 | ||||||
Change in net assets resulting from operations | 4,196,071 | 3,817,362 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (117,347 | ) | (84,945 | ) | ||||
Change in net assets resulting from distributions | (117,347 | ) | (84,945 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 35,488,770 | 45,916,725 | ||||||
Distributions reinvested | 117,347 | 84,945 | ||||||
Value of shares redeemed | (39,127,017 | ) | (40,847,675 | ) | ||||
Change in net assets resulting from capital transactions | (3,520,900 | ) | 5,153,995 | |||||
Change in net assets | 557,824 | 8,886,412 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 25,951,671 | 17,065,259 | ||||||
End of period | $ | 26,509,495 | $ | 25,951,671 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 1,201,057 | 1,742,107 | ||||||
Reinvested | 3,737 | 3,531 | ||||||
Redeemed | (1,373,518 | ) | (1,578,311 | ) | ||||
Change in shares | (168,724 | ) | 167,327 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Emerging Markets :: 71
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 29.08 | $ | 23.54 | $ | 27.85 | $ | 20.91 | $ | 18.86 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.08 | ) | 0.15 | 0.09 | 0.06 | 0.02 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 7.82 | 5.53 | (4.33 | ) | 6.89 | 2.06 | ||||||||||||||
Total income (loss) from investment activities | 7.74 | 5.68 | (4.24 | ) | 6.95 | 2.08 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.18 | ) | (0.14 | ) | (0.07 | ) | (0.01 | ) | (0.03 | ) | ||||||||||
Net Asset Value, End of Period | $ | 36.64 | $ | 29.08 | $ | 23.54 | $ | 27.85 | $ | 20.91 | ||||||||||
Total Return | 26.72 | %(b) | 24.23 | %(c) | (15.27 | )% | 33.26 | % | 11.01 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.74 | % | 1.74 | % | 1.74 | % | 1.70 | % | 1.72 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (0.29 | )% | 0.58 | % | 0.34 | % | 0.21 | % | 0.10 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 26,509 | $ | 25,952 | $ | 17,065 | $ | 34,450 | $ | 14,906 | ||||||||||
Portfolio turnover rate(d) | 108 | % | 83 | % | 21 | % | 54 | % | 118 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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%. |
(c) | 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%. |
(d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
72 :: ProFund VP Europe 30 :: Management Discussion of Fund Performance
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, 2020, the Fund had a total return of -9.23%. For the same period, the Index had a price return of -8.84%1 and a volatility of 4.37%. 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, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Europe 30 | -9.23 | % | 3.45 | % | 2.23 | % | ||||||
ProFunds Europe 30 Index® | -8.84 | % | 1.74 | % | 0.37 | % | ||||||
STOXX Europe 50® Index | 2.18 | % | 5.78 | % | 4.30 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Europe 30 | 1.79 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | |||
ASML Holding N.V. | 6.6 | % | ||
SAP SE | 5.5 | % | ||
Anheuser-Busch InBev N.V. | 5.0 | % | ||
Royal Dutch Shell PLC | 4.9 | % | ||
Rio Tinto PLC | 4.7 | % |
ProFunds Europe 30® Index – Composition
Industry Breakdown | % of Index | |||
Health Care | 19 | % | ||
Energy | 18 | % | ||
Information Technology | 17 | % | ||
Consumer Staples | 13 | % | ||
Financials | 13 | % | ||
Materials | 7 | % | ||
Industrials | 5 | % | ||
Communication Services | 3 | % | ||
Utilities | 3 | % | ||
Consumer Discretionary | 2 | % | ||
Country Composition | ||||
United Kingdom | 39 | % | ||
Netherlands | 16 | % | ||
Germany | 9 | % | ||
France | 8 | % | ||
Other | 28 | % |
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.
Financial Statements :: ProFund VP Europe 30 :: 73
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (99.9%)
Shares | Value | |||||||
Anheuser-Busch InBev N.V.ADR (Beverages) | 10,575 | $ | 739,298 | |||||
ArcelorMittal SA*NYS—Class A (Metals & Mining) | 15,862 | 363,239 | ||||||
Argenx SE*ADR (Biotechnology) | 729 | 214,392 | ||||||
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | 2,006 | 978,366 | ||||||
AstraZeneca PLCADR (Pharmaceuticals) | 10,940 | 546,890 | ||||||
Banco Santander S.A.ADR (Banks) | 146,955 | 448,213 | ||||||
Barclays PLCADR (Banks) | 49,228 | 393,332 | ||||||
BioNTech SE*ADR (Biotechnology) | 2,370 | 193,202 | ||||||
BP PLCADR (Oil, Gas & Consumable Fuels) | 24,431 | 501,324 | ||||||
British American Tobacco PLCADR (Tobacco) | 14,951 | 560,513 | ||||||
Diageo PLCADR (Beverages) | 3,646 | 579,021 | ||||||
Equinor ASAADR (Oil, Gas & Consumable Fuels) | 27,531 | 452,059 | ||||||
GlaxoSmithKline PLCADR (Pharmaceuticals) | 12,216 | 449,549 | ||||||
GW Pharmaceuticals PLC*ADR (Pharmaceuticals) | 1,458 | 168,268 | ||||||
HSBC Holdings PLC*ADR (Banks) | 24,249 | 628,291 | ||||||
ING Groep N.V.*ADR (Banks) | 42,482 | 401,030 | ||||||
Jumia Technologies AG*ADR (Internet & Direct Marketing Retail) | 7,293 | 294,273 | ||||||
National Grid PLCADR (Multi-Utilities) | 7,110 | 419,703 | ||||||
Nokia Corp.*ADR(a) (Communications Equipment) | 89,522 | 350,031 | ||||||
NOVO Nordisk A/SADR (Pharmaceuticals) | 9,663 | 674,961 | ||||||
RELX PLCADR (Professional Services) | 17,686 | 436,137 | ||||||
Rio Tinto PLCADR (Metals & Mining) | 9,298 | 699,396 | ||||||
Royal Dutch Shell PLCADR—Class A (Oil, Gas & Consumable Fuels) | 20,421 | 717,594 | ||||||
Ryanair Holdings PLC*ADR (Airlines) | 3,282 | 360,954 | ||||||
SanofiADR (Pharmaceuticals) | 11,122 | 540,418 | ||||||
SAP SEADR (Software) | 6,199 | 808,288 | ||||||
Telefonaktiebolaget LM EricssonADR (Communications Equipment) | 34,459 | 411,785 | ||||||
Tenaris S.A.ADR (Energy Equipment & Services) | 19,509 | 311,169 | ||||||
TOTAL S.A.ADR (Oil, Gas & Consumable Fuels) | 15,315 | 641,852 | ||||||
Vodafone Group PLCADR (Wireless Telecommunication Services) | 25,708 | 423,668 | ||||||
TOTAL COMMON STOCKS (Cost $10,403,173) | 14,707,216 | |||||||
Collateral for Securities Loaned (1.6%) | ||||||||
BlackRock Liquidity Funds FedFund Portfolio— Institutional Shares, 0.07%(b) | 237,585 | 237,585 | ||||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(b) | 996 | 996 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(b) | 4,335 | 4,335 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $242,916) | 242,916 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,646,089)—101.5% | 14,950,132 | |||||||
Net other assets (liabilities)—(1.5)% | (220,646 | ) | ||||||
NET ASSETS—100.0% | $ | 14,729,486 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $237,450. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
ADR | American Depositary Receipt |
NYS | New York Shares |
ProFund VP Europe 30 invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Airlines | $ | 360,954 | 2.5 | % | ||||
Banks | 1,870,866 | 12.6 | % | |||||
Beverages | 1,318,319 | 8.9 | % | |||||
Biotechnology | 407,594 | 2.8 | % | |||||
Communications Equipment | 761,816 | 5.2 | % | |||||
Energy Equipment & Services | 311,169 | 2.1 | % | |||||
Internet & Direct Marketing Retail | 294,273 | 2.0 | % | |||||
Metals & Mining | 1,062,635 | 7.2 | % | |||||
Multi-Utilities | 419,703 | 2.8 | % | |||||
Oil, Gas & Consumable Fuels | 2,312,829 | 15.7 | % | |||||
Pharmaceuticals | 2,380,086 | 16.3 | % | |||||
Professional Services | 436,137 | 3.0 | % | |||||
Semiconductors & Semiconductor Equipment | 978,366 | 6.6 | % | |||||
Software | 808,288 | 5.5 | % | |||||
Tobacco | 560,513 | 3.8 | % | |||||
Wireless Telecommunication Services | 423,668 | 2.9 | % | |||||
Other** | 22,270 | 0.1 | % | |||||
Total | $ | 14,729,486 | 100.0 | % |
ProFund VP Europe 30 invested in securities with exposure to the following countries as of December 31, 2020:
Value | % of Net Assets | |||||||
Belgium | $ | 739,298 | 5.0 | % | ||||
Denmark | 674,961 | 4.6 | % | |||||
Finland | 350,031 | 2.4 | % | |||||
France | 1,182,270 | 8.0 | % | |||||
Germany | 1,295,763 | 8.8 | % | |||||
Ireland | 360,954 | 2.5 | % | |||||
Luxembourg | 674,408 | 4.6 | % | |||||
Netherlands | 2,311,382 | 15.7 | % | |||||
Norway | 452,059 | 3.1 | % | |||||
Spain | 448,213 | 3.0 | % | |||||
Sweden | 411,785 | 2.8 | % | |||||
United Kingdom | 5,806,092 | 39.4 | % | |||||
Other** | 22,270 | 0.1 | % | |||||
Total | $ | 14,729,486 | 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.
74 :: ProFund VP Europe 30 :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 10,646,089 | ||
Securities, at value(a) | 14,950,132 | |||
Total Investment Securities, at value | 14,950,132 | |||
Dividends receivable | 48,131 | |||
Receivable for capital shares issued | 22,221 | |||
Receivable for tax reclaims | 11,260 | |||
Receivable for investments sold | 140,056 | |||
Prepaid expenses | 93 | |||
TOTAL ASSETS | 15,171,893 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 112,751 | |||
Cash overdraft | 50,105 | |||
Payable for collateral for securities loaned | 242,916 | |||
Advisory fees payable | 10,886 | |||
Management services fees payable | 1,452 | |||
Administration fees payable | 1,018 | |||
Administrative services fees payable | 5,226 | |||
Distribution fees payable | 6,544 | |||
Transfer agency fees payable | 854 | |||
Fund accounting fees payable | 588 | |||
Compliance services fees payable | 79 | |||
Other accrued expenses | 9,988 | |||
TOTAL LIABILITIES | 442,407 | |||
NET ASSETS | $ | 14,729,486 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 15,554,303 | ||
Total distributable earnings (loss) | (824,817 | ) | ||
NET ASSETS | $ | 14,729,486 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 709,512 | |||
Net Asset Value (offering and redemption price per share) | $ | 20.76 | ||
(a) Includes securities on loan valued at: | $ | 237,450 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 444,285 | ||
Interest | 41 | |||
Foreign tax withholding | (35,136 | ) | ||
Income from securities lending | 3,505 | |||
TOTAL INVESTMENT INCOME | 412,695 | |||
EXPENSES: | ||||
Advisory fees | 111,483 | |||
Management services fees | 14,864 | |||
Administration fees | 13,672 | |||
Transfer agency fees | 10,823 | |||
Administrative services fees | 36,269 | |||
Distribution fees | 37,161 | |||
Custody fees | 11,487 | |||
Fund accounting fees | 7,580 | |||
Trustee fees | 317 | |||
Compliance services fees | 161 | |||
Other fees | 18,668 | |||
Total Gross Expenses before reductions | 262,485 | |||
Expenses reduced and reimbursed by the Advisor | (12,792 | ) | ||
TOTAL NET EXPENSES | 249,693 | |||
NET INVESTMENT INCOME (LOSS) | 163,002 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 249,041 | |||
Change in net unrealized appreciation/depreciation on investment securities | (2,367,248 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (2,118,207 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,955,205 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Europe 30 :: 75
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 163,002 | $ | 395,173 | ||||
Net realized gains (losses) on investments | 249,041 | 1,046,502 | ||||||
Change in net unrealized appreciation/depreciation on investments | (2,367,248 | ) | 1,842,841 | |||||
Change in net assets resulting from operations | (1,955,205 | ) | 3,284,516 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (395,173 | ) | (507,890 | ) | ||||
Change in net assets resulting from distributions | (395,173 | ) | (507,890 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 11,365,686 | 20,862,649 | ||||||
Distributions reinvested | 395,173 | 507,890 | ||||||
Value of shares redeemed | (14,207,043 | ) | (22,952,573 | ) | ||||
Change in net assets resulting from capital transactions | (2,446,184 | ) | (1,582,034 | ) | ||||
Change in net assets | (4,796,562 | ) | 1,194,592 | |||||
NET ASSETS: | ||||||||
Beginning of period | 19,526,048 | 18,331,456 | ||||||
End of period | $ | 14,729,486 | $ | 19,526,048 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 581,469 | 932,763 | ||||||
Reinvested | 20,561 | 23,623 | ||||||
Redeemed | (723,251 | ) | (1,017,584 | ) | ||||
Change in shares | (121,221 | ) | (61,198 | ) |
See accompanying notes to financial statements.
76 :: ProFund VP Europe 30 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 23.50 | $ | 20.55 | $ | 24.53 | $ | 20.84 | $ | 19.90 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.22 | 0.45 | 0.48 | 0.50 | 0.50 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (2.43 | ) | 3.15 | (3.86 | ) | 3.60 | 1.03 | |||||||||||||
Total income (loss) from investment activities | (2.21 | ) | 3.60 | (3.38 | ) | 4.10 | 1.53 | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.53 | ) | (0.65 | ) | (0.60 | ) | (0.41 | ) | (0.59 | ) | ||||||||||
Net Asset Value, End of Period | $ | 20.76 | $ | 23.50 | $ | 20.55 | $ | 24.53 | $ | 20.84 | ||||||||||
Total Return | (9.23 | )% | 17.79 | % | (14.13 | )% | 19.71 | % | 7.76 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.77 | % | 1.79 | % | 1.75 | % | 1.74 | % | 1.70 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | 1.10 | % | 1.97 | % | 1.99 | % | 2.14 | % | 2.54 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 14,729 | $ | 19,526 | $ | 18,331 | $ | 32,199 | $ | 24,231 | ||||||||||
Portfolio turnover rate(b) | 63 | % | 85 | % | 228 | % | 181 | % | 102 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP Falling U.S. Dollar :: 77
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, 2020, the Fund had a total return of 4.80%. For the same period, the Index had a price return of -6.69%1 and a volatility of 6.96%. 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, 2020, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Falling U.S. Dollar | 4.80 | % | -0.42 | % | -3.12 | % | ||||||
U.S. Dollar Index | -6.69 | % | -1.83 | % | 1.30 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Falling U.S. Dollar | 5.49 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Forward Currency Contracts | (100 | )% | ||
Total Exposure | (100 | )% |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any 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.
78 :: ProFund VP Falling U.S. Dollar :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a)(b) (99.3%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $1,326,003 | $ | 1,326,000 | $ | 1,326,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $1,326,000) | 1,326,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $1,326,000)—99.3% | 1,326,000 | |||||||
Net other assets (liabilities)—0.7% | 9,553 | |||||||
NET ASSETS—100.0% | $ | 1,335,553 | ||||||
(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, 2020, the aggregate amount held in a segregated account was $70,000. |
(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, 2020, 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 | $ | 38,695 | U.S. dollar | $ | 51,616 | 1/15/21 | $ | 52,914 | $ | 1,298 | ||||||||||
Canadian dollar | 51,739 | U.S. dollar | 40,012 | 1/15/21 | 40,656 | 644 | ||||||||||||||
Euro | 210,493 | U.S. dollar | 255,009 | 1/15/21 | 257,204 | 2,195 | ||||||||||||||
Japanese yen | 5,922,219 | U.S. dollar | 56,752 | 1/15/21 | 57,377 | 625 | ||||||||||||||
Swedish krona | 151,479 | U.S. dollar | 17,835 | 1/15/21 | 18,424 | 589 | ||||||||||||||
Swiss franc | 12,294 | U.S. dollar | 13,757 | 1/15/21 | 13,899 | 142 | ||||||||||||||
Total Long Contracts | $ | 434,981 | $ | 440,474 | $ | 5,493 |
As of December 31, 2020, 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) | ||||||||||||||||
Long: | ||||||||||||||||||||
British pound | $ | 79,136 | U.S. dollar | $ | 105,597 | 1/15/21 | $ | 108,213 | $ | 2,616 | ||||||||||
Canadian dollar | 103,701 | U.S. dollar | 80,965 | 1/15/21 | 81,488 | 523 | ||||||||||||||
Euro | 417,318 | U.S. dollar | 506,890 | 1/15/21 | 509,928 | 3,038 | ||||||||||||||
Japanese yen | 12,872,963 | U.S. dollar | 123,676 | 1/15/21 | 124,718 | 1,042 | ||||||||||||||
Swedish krona | 310,714 | U.S. dollar | 36,899 | 1/15/21 | 37,792 | 893 | ||||||||||||||
Swiss franc | 30,306 | U.S. dollar | 34,097 | 1/15/21 | 34,261 | 164 | ||||||||||||||
Total Long Contracts | $ | 888,124 | $ | 896,400 | $ | 8,276 | ||||||||||||||
Total unrealized appreciation | $ | 13,769 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Falling U.S. Dollar :: 79
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 1,326,000 | ||
Repurchase agreements, at value | 1,326,000 | |||
Total Investment Securities, at value | 1,326,000 | |||
Cash | 781 | |||
Segregated cash balances for swap agreements with custodian | 320 | |||
Unrealized appreciation on forward foreign currency contracts | 13,769 | |||
Interest receivable | 1 | |||
Prepaid expenses | 3 | |||
TOTAL ASSETS | 1,340,874 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 110 | |||
Advisory fees payable | 332 | |||
Management services fees payable | 44 | |||
Administration fees payable | 69 | |||
Administrative services fees payable | 487 | |||
Distribution fees payable | 545 | |||
Transfer agency fees payable | 58 | |||
Fund accounting fees payable | 39 | |||
Compliance services fees payable | 5 | |||
Other accrued expenses | 3,632 | |||
TOTAL LIABILITIES | 5,321 | |||
NET ASSETS | $ | 1,335,553 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 1,597,175 | ||
Total distributable earnings (loss) | (261,622 | ) | ||
NET ASSETS | $ | 1,335,553 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 72,722 | |||
Net Asset Value (offering and redemption price per share) | $ | 18.37 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 1,477 | ||
EXPENSES: | ||||
Advisory fees | 4,635 | |||
Management services fees | 618 | |||
Administration fees | 541 | |||
Transfer agency fees | 447 | |||
Administrative services fees | 1,417 | |||
Distribution fees | 1,545 | |||
Custody fees | 8,024 | |||
Fund accounting fees | 307 | |||
Trustee fees | 12 | |||
Compliance services fees | 7 | |||
Licensing fees | 1,433 | |||
Other fees | 664 | |||
Total Gross Expenses before reductions | 19,650 | |||
Expenses reduced and reimbursed by the Advisor | (9,267 | ) | ||
TOTAL NET EXPENSES | 10,383 | |||
NET INVESTMENT INCOME (LOSS) | (8,906 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on forward currency contracts | 31,832 | |||
Change in net unrealized appreciation/depreciation on forward currency contracts | 10,007 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 41,839 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 32,933 |
See accompanying notes to financial statements.
80 :: ProFund VP Falling U.S. Dollar :: Financial Statements
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (8,906 | ) | $ | 1,949 | |||
Net realized gains (losses) on investments | 31,832 | (19,595 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | 10,007 | 3,085 | ||||||
Change in net assets resulting from operations | 32,933 | (14,561 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (1,949 | ) | (214 | ) | ||||
Change in net assets resulting from distributions | (1,949 | ) | (214 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 3,690,898 | 2,615,070 | ||||||
Distributions reinvested | 1,949 | 214 | ||||||
Value of shares redeemed | (3,003,417 | ) | (2,662,160 | ) | ||||
Change in net assets resulting from capital transactions | 689,430 | (46,876 | ) | |||||
Change in net assets | 720,414 | (61,651 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 615,139 | 676,790 | ||||||
End of period | $ | 1,335,553 | $ | 615,139 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 209,103 | 148,050 | ||||||
Reinvested | 108 | 12 | ||||||
Redeemed | (171,434 | ) | (150,646 | ) | ||||
Change in shares | 37,777 | (2,584 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Falling U.S. Dollar :: 81
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 17.60 | $ | 18.03 | $ | 22.30 | $ | 20.57 | $ | 21.85 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.25 | ) | 0.08 | 0.01 | (0.18 | ) | (0.31 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 1.09 | (0.50 | ) | (1.34 | ) | 1.91 | (0.97 | ) | ||||||||||||
Total income (loss) from investment activities | 0.84 | (0.42 | ) | (1.33 | ) | 1.73 | (1.28 | ) | ||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.07 | ) | (0.01 | ) | — | — | — | |||||||||||||
Net realized gains on investments | — | — | (2.94 | ) | — | — | ||||||||||||||
Total distributions | (0.07 | ) | (0.01 | ) | (2.94 | ) | — | — | ||||||||||||
Net Asset Value, End of Period | $ | 18.37 | $ | 17.60 | $ | 18.03 | $ | 22.30 | $ | 20.57 | ||||||||||
Total Return | 4.80 | % | (2.34 | )% | (6.31 | )% | 8.46 | % | (5.86 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 3.18 | % | 5.49 | % | 4.51 | % | 3.09 | % | 4.39 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.44 | )% | 0.44 | % | 0.03 | % | (0.84 | )% | (1.42 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,336 | $ | 615 | $ | 677 | $ | 693 | $ | 445 | ||||||||||
Portfolio turnover rate(b) | — | — | — | — | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
82 :: ProFund VP Financials :: Management Discussion of Fund Performance
ProFund VP Financials (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. FinancialsSM Index (the “Index”). For the year ended December 31, 2020, the Fund had a total return of -1.77%. For the same period, the Index had a return of -0.53%1 and a volatility of 43.66%. 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 financial services sector of the U.S. equity market. Component companies include, among others, regional banks; major U.S. domiciled international banks; full line, life, and property and casualty insurance companies; companies that invest, directly or indirectly in real estate; diversified financial companies such as Fannie Mae, credit card issuers, check cashing companies, mortgage lenders and investment advisers; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.
During the year ended December 31, 2020, 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 Financials from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Financials | -1.77 | % | 9.33 | % | 9.45 | % | ||||||
Dow Jones U.S. FinancialsSM Index | -0.53 | % | 11.07 | % | 11.15 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Financials | 1.71 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Berkshire Hathaway, Inc. | 7.9 | % | ||
JPMorgan Chase & Co. | 6.8 | % | ||
Visa, Inc. | 6.5 | % | ||
Mastercard, Inc. | 5.5 | % | ||
Bank of America Corp. | 4.0 | % |
Dow Jones U.S. FinancialsSM Index – Composition
% of Index | ||||
Diversified Financials | 31 | % | ||
Banks | 24 | % | ||
Real Estate | 19 | % | ||
Insurance | 13 | % | ||
Software & Services | 12 | % | ||
Commercial & Professional 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 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.
Financial Statements :: ProFund VP Financials :: 83
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (98.6%)
Shares | Value | |||||||
Affiliated Managers Group, Inc. (Capital Markets) | 217 | $ | 22,069 | |||||
Aflac, Inc. (Insurance) | 3,123 | 138,880 | ||||||
AGNC Investment Corp. (Mortgage Real Estate Investment Trusts) | 2,605 | 40,638 | ||||||
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | 591 | 105,328 | ||||||
Alleghany Corp. (Insurance) | 67 | 40,447 | ||||||
Ally Financial, Inc. (Consumer Finance) | 1,788 | 63,760 | ||||||
American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | 657 | 28,100 | ||||||
American Express Co. (Consumer Finance) | 3,119 | 377,118 | ||||||
American Financial Group, Inc. (Insurance) | 337 | 29,528 | ||||||
American Homes 4 Rent—Class A (Equity Real Estate Investment Trusts) | 1,282 | 38,460 | ||||||
American International Group, Inc. (Insurance) | 4,120 | 155,983 | ||||||
American Tower Corp. (Equity Real Estate Investment Trusts) | 2,124 | 476,752 | ||||||
Americold Realty Trust (Equity Real Estate Investment Trusts) | 981 | 36,621 | ||||||
Ameriprise Financial, Inc. (Capital Markets) | 565 | 109,796 | ||||||
Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts) | 6,682 | 56,464 | ||||||
Aon PLC (Insurance) | 1,093 | 230,918 | ||||||
Apartment Income REIT Corp.* (Equity Real Estate Investment Trusts) | 713 | 27,383 | ||||||
Apartment Investment and Management Co. (Equity Real Estate Investment Trusts) | 712 | 3,759 | ||||||
Apollo Global Management, Inc. (Capital Markets) | 995 | 48,735 | ||||||
Arch Capital Group, Ltd.* (Insurance) | 1,942 | 70,048 | ||||||
Ares Management Corp.—Class A (Capital Markets) | 455 | 21,408 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 920 | 113,813 | ||||||
Assurant, Inc. (Insurance) | 282 | 38,414 | ||||||
Athene Holding, Ltd.* (Insurance) | 595 | 25,668 | ||||||
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | 668 | 107,167 | ||||||
Axis Capital Holdings, Ltd. (Insurance) | 383 | 19,299 | ||||||
Bank of America Corp. (Banks) | 36,375 | 1,102,525 | ||||||
Bank OZK (Banks) | 577 | 18,043 | ||||||
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | 9,306 | 2,157,783 | ||||||
BlackRock, Inc.—Class A (Capital Markets) | 679 | 489,925 | ||||||
Blackstone Group, Inc.—Class A (Capital Markets) | 3,222 | 208,818 | ||||||
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | 699 | 19,243 | ||||||
BOK Financial Corp. (Banks) | 148 | 10,135 | ||||||
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | 677 | 63,997 | ||||||
Brighthouse Financial, Inc.* (Insurance) | 428 | 15,496 | ||||||
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | 1,416 | 23,435 | ||||||
Brown & Brown, Inc. (Insurance) | 1,126 | 53,384 | ||||||
Camden Property Trust (Equity Real Estate Investment Trusts) | 467 | 46,663 |
Capital One Financial Corp. (Consumer Finance) | 2,188 | 216,284 | ||||||
Cboe Global Markets, Inc. (Capital Markets) | 517 | 48,143 | ||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 1,604 | 100,603 | ||||||
Chubb, Ltd. (Insurance) | 2,158 | 332,160 | ||||||
Cincinnati Financial Corp. (Insurance) | 717 | 62,644 | ||||||
Citigroup, Inc. (Banks) | 9,954 | 613,764 | ||||||
Citizens Financial Group, Inc. (Banks) | 2,041 | 72,986 | ||||||
CME Group, Inc. (Capital Markets) | 1,717 | 312,580 | ||||||
CNA Financial Corp. (Insurance) | 129 | 5,026 | ||||||
Comerica, Inc. (Banks) | 665 | 37,147 | ||||||
Commerce Bancshares, Inc. (Banks) | 505 | 33,179 | ||||||
CoreSite Realty Corp. (Equity Real Estate Investment Trusts) | 206 | 25,808 | ||||||
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | 537 | 14,005 | ||||||
CoStar Group, Inc.* (Professional Services) | 190 | 175,613 | ||||||
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | 711 | 23,819 | ||||||
Credit Acceptance Corp.* (Consumer Finance) | 59 | 20,422 | ||||||
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | 2,062 | 328,250 | ||||||
CubeSmart (Equity Real Estate Investment Trusts) | 934 | 31,392 | ||||||
Cullen/Frost Bankers, Inc. (Banks) | 267 | 23,290 | ||||||
CyrusOne, Inc. (Equity Real Estate Investment Trusts) | 576 | 42,134 | ||||||
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 1,339 | 186,804 | ||||||
Discover Financial Services (Consumer Finance) | 1,466 | 132,717 | ||||||
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | 788 | 22,994 | ||||||
Duke Realty Corp. (Equity Real Estate Investment Trusts) | 1,778 | 71,067 | ||||||
East West Bancorp, Inc. (Banks) | 677 | 34,331 | ||||||
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | 190 | 26,231 | ||||||
Eaton Vance Corp. (Capital Markets) | 545 | 37,022 | ||||||
Enstar Group, Ltd.* (Insurance) | 64 | 13,113 | ||||||
Equinix, Inc. (Equity Real Estate Investment Trusts) | 426 | 304,241 | ||||||
Equitable Holdings, Inc. (Diversified Financial Services) | 1,914 | 48,979 | ||||||
Equity Commonwealth (Equity Real Estate Investment Trusts) | 581 | 15,850 | ||||||
Equity LifeStyle Properties, Inc. (Equity Real Estate Investment Trusts) | 811 | 51,385 | ||||||
Equity Residential (Equity Real Estate Investment Trusts) | 1,637 | 97,041 | ||||||
Erie Indemnity Co.—Class A (Insurance) | 118 | 28,981 | ||||||
Essent Group, Ltd. (Thrifts & Mortgage Finance) | 537 | 23,198 | ||||||
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | 312 | 74,075 | ||||||
Everest Re Group, Ltd. (Insurance) | 192 | 44,945 | ||||||
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | 618 | 71,601 |
See accompanying notes to financial statements.
84 :: ProFund VP Financials :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
F.N.B. Corp. (Banks) | 1,539 | $ | 14,621 | |||||
FactSet Research Systems, Inc. (Capital Markets) | 181 | 60,183 | ||||||
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | 328 | 27,919 | ||||||
Federated Hermes, Inc.—Class B (Capital Markets) | 452 | 13,058 | ||||||
Fifth Third Bancorp (Banks) | 3,405 | 93,876 | ||||||
First American Financial Corp. (Insurance) | 534 | 27,570 | ||||||
First Citizens BancShares, Inc.—Class A (Banks) | 35 | 20,099 | ||||||
First Financial Bankshares, Inc. (Banks) | 679 | 24,563 | ||||||
First Horizon Corp. (Banks) | 2,650 | 33,819 | ||||||
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 617 | 25,994 | ||||||
First Republic Bank (Banks) | 832 | 122,246 | ||||||
FirstCash, Inc. (Consumer Finance) | 197 | 13,798 | ||||||
FNF Group (Insurance) | 1,404 | 54,882 | ||||||
Franklin Resources, Inc. (Capital Markets) | 1,303 | 32,562 | ||||||
Gaming & Leisure Properties, Inc. (Equity Real Estate Investment Trusts) | 1,045 | 44,287 | ||||||
Glacier Bancorp, Inc. (Banks) | 457 | 21,027 | ||||||
Globe Life, Inc. (Insurance) | 459 | 43,587 | ||||||
Green Dot Corp.*—Class A (Consumer Finance) | 256 | 14,285 | ||||||
Hartford Financial Services Group, Inc. (Insurance) | 1,714 | 83,952 | ||||||
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 650 | 19,240 | ||||||
Healthcare Trust of America, Inc.—Class A (Equity Real Estate Investment Trusts) | 1,045 | 28,779 | ||||||
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | 2,573 | 77,782 | ||||||
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | 496 | 19,656 | ||||||
Home BancShares, Inc. (Banks) | 725 | 14,123 | ||||||
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 3,369 | 49,288 | ||||||
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts) | 727 | 17,463 | ||||||
Huntington Bancshares, Inc. (Banks) | 4,862 | 61,407 | ||||||
Interactive Brokers Group, Inc.—Class A (Capital Markets) | 386 | 23,515 | ||||||
Intercontinental Exchange, Inc. (Capital Markets) | 2,683 | 309,323 | ||||||
Invesco, Ltd. (Capital Markets) | 1,800 | 31,374 | ||||||
Invitation Homes, Inc. (Equity Real Estate Investment Trusts) | 2,680 | 79,596 | ||||||
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | 1,378 | 40,623 | ||||||
Janus Henderson Group PLC (Capital Markets) | 711 | 23,115 | ||||||
JBG Smith Properties (Equity Real Estate Investment Trusts) | 532 | 16,636 | ||||||
Jones Lang LaSalle, Inc.*(a) (Real Estate Management & Development) | 246 | 36,499 | ||||||
JPMorgan Chase & Co. (Banks) | 14,575 | 1,852,044 | ||||||
Kemper Corp. (Insurance) | 294 | 22,588 | ||||||
KeyCorp (Banks) | 4,667 | 76,585 | ||||||
Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | 503 | 28,872 | ||||||
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | 2,066 | 31,011 |
KKR & Co., Inc. (Capital Markets) | 2,723 | 110,254 | ||||||
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | 412 | 34,287 | ||||||
Lazard, Ltd.—Class A (Capital Markets) | 539 | 22,800 | ||||||
LendingTree, Inc.* (Thrifts & Mortgage Finance) | 52 | 14,237 | ||||||
Lexington Realty Trust (Equity Real Estate Investment Trusts) | 1,322 | 14,040 | ||||||
Life Storage, Inc. (Equity Real Estate Investment Trusts) | 231 | 27,579 | ||||||
Lincoln National Corp. (Insurance) | 869 | 43,719 | ||||||
Loews Corp. (Insurance) | 1,117 | 50,287 | ||||||
LPL Financial Holdings, Inc. (Capital Markets) | 379 | 39,499 | ||||||
M&T Bank Corp. (Banks) | 615 | 78,290 | ||||||
Markel Corp.* (Insurance) | 65 | 67,165 | ||||||
MarketAxess Holdings, Inc. (Capital Markets) | 181 | 103,271 | ||||||
Marsh & McLennan Cos., Inc. (Insurance) | 2,424 | 283,608 | ||||||
Mastercard, Inc.—Class A (IT Services) | 4,207 | 1,501,647 | ||||||
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | 2,563 | 55,848 | ||||||
Mercury General Corp. (Insurance) | 127 | 6,631 | ||||||
MetLife, Inc. (Insurance) | 3,658 | 171,743 | ||||||
MGIC Investment Corp. (Thrifts & Mortgage Finance) | 1,617 | 20,293 | ||||||
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | 546 | 69,173 | ||||||
Moody’s Corp. (Capital Markets) | 772 | 224,065 | ||||||
Morgan Stanley (Capital Markets) | 6,836 | 468,470 | ||||||
Morningstar, Inc. (Capital Markets) | 101 | 23,389 | ||||||
MSCI, Inc.—Class A (Capital Markets) | 397 | 177,272 | ||||||
Nasdaq, Inc. (Capital Markets) | 549 | 72,874 | ||||||
National Health Investors, Inc. (Equity Real Estate Investment Trusts) | 214 | 14,802 | ||||||
National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | 831 | 34,005 | ||||||
New Residential Investment Corp. (Mortgage Real Estate Investment Trusts) | 1,985 | 19,731 | ||||||
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | 2,215 | 23,369 | ||||||
Northern Trust Corp. (Capital Markets) | 995 | 92,674 | ||||||
Old Republic International Corp. (Insurance) | 1,351 | 26,628 | ||||||
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | 1,086 | 39,444 | ||||||
Onemain Holdings, Inc. (Consumer Finance) | 360 | 17,338 | ||||||
People’s United Financial, Inc. (Banks) | 2,028 | 26,222 | ||||||
Physicians Realty Trust (Equity Real Estate Investment Trusts) | 995 | 17,711 | ||||||
Pinnacle Financial Partners, Inc. (Banks) | 363 | 23,377 | ||||||
Popular, Inc. (Banks) | 404 | 22,753 | ||||||
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | 321 | 16,056 | ||||||
Primerica, Inc. (Insurance) | 189 | 25,313 | ||||||
Principal Financial Group, Inc. (Insurance) | 1,221 | 60,574 | ||||||
PROG Holdings, Inc. (Consumer Finance) | 324 | 17,454 | ||||||
Prologis, Inc. (Equity Real Estate Investment Trusts) | 3,535 | 352,298 | ||||||
Prosperity Bancshares, Inc. (Banks) | 442 | 30,657 | ||||||
Prudential Financial, Inc. (Insurance) | 1,895 | 147,943 | ||||||
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | 96 | 12,756 | ||||||
Public Storage (Equity Real Estate Investment Trusts) | 728 | 168,117 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Financials :: 85
Common Stocks, continued
Shares | Value | |||||||
Radian Group, Inc. (Thrifts & Mortgage Finance) | 916 | $ | 18,549 | |||||
Raymond James Financial, Inc. (Capital Markets) | 583 | 55,776 | ||||||
Rayonier, Inc. (Equity Real Estate Investment Trusts) | 652 | 19,156 | ||||||
Realty Income Corp. (Equity Real Estate Investment Trusts) | 1,679 | 104,383 | ||||||
Regency Centers Corp. (Equity Real Estate Investment Trusts) | 754 | 34,375 | ||||||
Regions Financial Corp. (Banks) | 4,591 | 74,007 | ||||||
Reinsurance Group of America, Inc. (Insurance) | 326 | 37,783 | ||||||
RenaissanceRe Holdings, Ltd. (Insurance) | 244 | 40,460 | ||||||
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | 624 | 30,645 | ||||||
RLI Corp. (Insurance) | 191 | 19,893 | ||||||
Rocket Cos., Inc.*(a)—Class A (Thrifts & Mortgage Finance) | 550 | 11,121 | ||||||
S&P Global, Inc. (Capital Markets) | 1,150 | 378,040 | ||||||
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | 987 | 17,144 | ||||||
Santander Consumer USA Holdings, Inc. (Consumer Finance) | 335 | 7,377 | ||||||
SBA Communications Corp. (Equity Real Estate Investment Trusts) | 532 | 150,093 | ||||||
SEI Investments Co. (Capital Markets) | 574 | 32,988 | ||||||
Selective Insurance Group, Inc. (Insurance) | 287 | 19,223 | ||||||
Signature Bank(a) (Banks) | 256 | 34,634 | ||||||
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | 1,566 | 133,548 | ||||||
SL Green Realty Corp. (Equity Real Estate Investment Trusts) | 347 | 20,674 | ||||||
SLM Corp. (Consumer Finance) | 1,790 | 22,178 | ||||||
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts) | 546 | 21,933 | ||||||
Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts) | 1,361 | 26,267 | ||||||
State Street Corp. (Capital Markets) | 1,687 | 122,780 | ||||||
Stifel Financial Corp. (Capital Markets) | 493 | 24,852 | ||||||
STORE Capital Corp. (Equity Real Estate Investment Trusts) | 1,128 | 38,329 | ||||||
Sun Communities, Inc. (Equity Real Estate Investment Trusts) | 514 | 78,102 | ||||||
SVB Financial Group* (Banks) | 248 | 96,182 | ||||||
Synchrony Financial (Consumer Finance) | 2,596 | 90,107 | ||||||
Synovus Financial Corp. (Banks) | 706 | 22,853 | ||||||
T. Rowe Price Group, Inc. (Capital Markets) | 1,084 | 164,107 | ||||||
TCF Financial Corp. (Banks) | 730 | 27,025 | ||||||
TFS Financial Corp. (Thrifts & Mortgage Finance) | 225 | 3,967 | ||||||
The Allstate Corp. (Insurance) | 1,454 | 159,838 | ||||||
The Bank of New York Mellon Corp. (Capital Markets) | 3,899 | 165,474 | ||||||
The Carlyle Group, Inc. (Capital Markets) | 558 | 17,544 | ||||||
The Charles Schwab Corp. (Capital Markets) | 7,133 | 378,334 | ||||||
The Goldman Sachs Group, Inc. (Capital Markets) | 1,645 | 433,803 | ||||||
The Hanover Insurance Group, Inc. (Insurance) | 178 | 20,812 | ||||||
The Howard Hughes Corp.* (Real Estate Management & Development) | 215 | 16,970 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 2,027 | 302,023 | ||||||
The Progressive Corp. (Insurance) | 2,799 | 276,765 | ||||||
The Travelers Cos., Inc. (Insurance) | 1,212 | 170,128 | ||||||
Tradeweb Markets, Inc.—Class A (Capital Markets) | 436 | 27,228 | ||||||
Truist Financial Corp. (Banks) | 6,447 | 309,005 | ||||||
U.S. Bancorp (Banks) | 6,554 | 305,351 | ||||||
UDR, Inc. (Equity Real Estate Investment Trusts) | 1,408 | 54,109 | ||||||
UMB Financial Corp. (Banks) | 208 | 14,350 | ||||||
Umpqua Holdings Corp. (Banks) | 1,052 | 15,927 | ||||||
United Bankshares, Inc. (Banks) | 621 | 20,120 | ||||||
Unum Group (Insurance) | 973 | 22,321 | ||||||
Valley National Bancorp (Banks) | 1,929 | 18,808 | ||||||
Ventas, Inc. (Equity Real Estate Investment Trusts) | 1,791 | 87,831 | ||||||
VEREIT, Inc. (Equity Real Estate Investment Trusts) | 1,045 | 39,475 | ||||||
VICI Properties, Inc. (Equity Real Estate Investment Trusts) | 2,565 | 65,408 | ||||||
Virtu Financial, Inc.—Class A (Capital Markets) | 387 | 9,741 | ||||||
Visa, Inc.—Class A (IT Services) | 8,108 | 1,773,462 | ||||||
Vornado Realty Trust (Equity Real Estate Investment Trusts) | 750 | 28,005 | ||||||
Voya Financial, Inc. (Diversified Financial Services) | 603 | 35,462 | ||||||
W.R. Berkley Corp. (Insurance) | 672 | 44,634 | ||||||
Webster Financial Corp. (Banks) | 432 | 18,209 | ||||||
Wells Fargo & Co. (Banks) | 19,770 | 596,659 | ||||||
Welltower, Inc. (Equity Real Estate Investment Trusts) | 1,996 | 128,982 | ||||||
Western Alliance Bancorp (Banks) | 482 | 28,896 | ||||||
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | 3,570 | 119,702 | ||||||
White Mountains Insurance Group, Ltd. (Insurance) | 15 | 15,010 | ||||||
Willis Towers Watson PLC (Insurance) | 616 | 129,779 | ||||||
Wintrust Financial Corp. (Banks) | 275 | 16,800 | ||||||
WP Carey, Inc. (Equity Real Estate Investment Trusts) | 838 | 59,146 | ||||||
Zions Bancorp (Banks) | 784 | 34,057 | ||||||
TOTAL COMMON STOCKS (Cost $8,201,620) | 26,880,056 |
Repurchase Agreements(b) (1.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $292,001 | $ | 292,000 | $ | 292,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $292,000) | 292,000 |
See accompanying notes to financial statements.
86 :: ProFund VP Financials :: Financial Statements
Collateral for Securities Loaned (0.3%)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(c) | 69,632 | $ | 69,632 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(c) | 292 | 292 | ||||||
Invesco Government & Agency Portfolio—Institutional Shares, 0.11%(c) | 1,271 | 1,271 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $71,195) | 71,195 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $8,564,815)—100.0% | 27,243,251 | |||||||
Net other assets (liabilities)—NM | (9,104 | ) | ||||||
NET ASSETS—100.0% | $ | 27,234,147 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $69,233. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
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) | ||||||||||||
Dow Jones U.S. Financials Index | Goldman Sachs International | 1/25/21 | 0.60 | % | $ | 479,087 | $ | 11,754 |
(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, 2020, 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, 2020:
Value | % of Net Assets | |||||||
Banks | $ | 6,396,015 | 23.6 | % | ||||
Capital Markets | 4,936,861 | 18.1 | % | |||||
Consumer Finance | 992,838 | 3.6 | % | |||||
Diversified Financial Services | 2,242,224 | 8.2 | % | |||||
Equity Real Estate Investment Trusts | 4,938,664 | 18.1 | % | |||||
Insurance | 3,491,583 | 12.8 | % | |||||
IT Services | 3,275,109 | 12.0 | % | |||||
Mortgage Real Estate Investment Trusts | 162,343 | 0.6 | % | |||||
Professional Services | 175,613 | 0.6 | % | |||||
Real Estate Management & Development | 154,072 | 0.6 | % | |||||
Thrifts & Mortgage Finance | 114,734 | 0.4 | % | |||||
Other** | 354,091 | 1.4 | % | |||||
Total | $ | 27,234,147 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Financials :: 87
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 8,564,815 | ||
Securities, at value(a) | 26,951,251 | |||
Repurchase agreements, at value | 292,000 | |||
Total Investment Securities, at value | 27,243,251 | |||
Cash | 211 | |||
Dividends and interest receivable | 42,271 | |||
Unrealized appreciation on swap agreements | 11,754 | |||
Receivable for capital shares issued | 71,787 | |||
Prepaid expenses | 168 | |||
TOTAL ASSETS | 27,369,442 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 2,279 | |||
Payable for collateral for securities loaned | 71,195 | |||
Advisory fees payable | 16,151 | |||
Management services fees payable | 2,153 | |||
Administration fees payable | 1,754 | |||
Administrative services fees payable | 10,781 | |||
Distribution fees payable | 11,224 | |||
Transfer agency fees payable | 1,472 | |||
Fund accounting fees payable | 1,069 | |||
Compliance services fees payable | 134 | |||
Other accrued expenses | 17,083 | |||
TOTAL LIABILITIES | 135,295 | |||
NET ASSETS | $ | 27,234,147 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 12,857,271 | ||
Total distributable earnings (loss) | 14,376,876 | |||
NET ASSETS | $ | 27,234,147 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 654,497 | |||
Net Asset Value (offering and redemption price per share) | $ | 41.61 | ||
(a) Includes securities on loan valued at: | $ | 69,233 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 582,646 | ||
Interest | 969 | |||
Income from securities lending | 196 | |||
TOTAL INVESTMENT INCOME | 583,811 | |||
EXPENSES: | ||||
Advisory fees | 193,465 | |||
Management services fees | 25,795 | |||
Administration fees | 23,785 | |||
Transfer agency fees | 18,791 | |||
Administrative services fees | 68,905 | |||
Distribution fees | 64,488 | |||
Custody fees | 4,035 | |||
Fund accounting fees | 13,908 | |||
Trustee fees | 559 | |||
Compliance services fees | 277 | |||
Other fees | 34,701 | |||
Total Gross Expenses before reductions | 448,709 | |||
Expenses reduced and reimbursed by the Advisor | (15,349 | ) | ||
TOTAL NET EXPENSES | 433,360 | |||
NET INVESTMENT INCOME (LOSS) | 150,451 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 4,191,904 | |||
Net realized gains (losses) on swap agreements | (22,751 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (6,429,774 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | 9,030 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (2,251,591 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,101,140 | ) |
See accompanying notes to financial statements.
88 :: ProFund VP Financials :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 150,451 | $ | 169,031 | ||||
Net realized gains (losses) on investments | 4,169,153 | 2,331,205 | ||||||
Change in net unrealized appreciation/depreciation on investments | (6,420,744 | ) | 6,297,254 | |||||
Change in net assets resulting from operations | (2,101,140 | ) | 8,797,490 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (2,129,838 | ) | (1,842,899 | ) | ||||
Change in net assets resulting from distributions | (2,129,838 | ) | (1,842,899 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 45,167,242 | 28,480,708 | ||||||
Distributions reinvested | 2,129,838 | 1,842,899 | ||||||
Value of shares redeemed | (52,579,134 | ) | (30,356,198 | ) | ||||
Change in net assets resulting from capital transactions | (5,282,054 | ) | (32,591 | ) | ||||
Change in net assets | (9,513,032 | ) | 6,922,000 | |||||
NET ASSETS: | ||||||||
Beginning of period | 36,747,179 | 29,825,179 | ||||||
End of period | $ | 27,234,147 | $ | 36,747,179 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 1,192,582 | 659,760 | ||||||
Reinvested | 56,978 | 44,687 | ||||||
Redeemed | (1,392,931 | ) | (704,254 | ) | ||||
Change in shares | (143,371 | ) | 193 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Financials :: 89
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 46.06 | $ | 37.39 | $ | 41.89 | $ | 35.57 | $ | 30.95 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.23 | 0.21 | 0.19 | 0.13 | 0.17 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (1.41 | ) | 10.83 | (4.53 | ) | 6.32 | 4.56 | |||||||||||||
Total income (loss) from investment activities | (1.18 | ) | 11.04 | (4.34 | ) | 6.45 | 4.73 | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.28 | ) | (0.23 | ) | (0.16 | ) | (0.13 | ) | (0.11 | ) | ||||||||||
Net realized gains on investments | (2.99 | ) | (2.14 | ) | — | — | — | |||||||||||||
Total distributions | (3.27 | ) | (2.37 | ) | (0.16 | ) | (0.13 | ) | (0.11 | ) | ||||||||||
Net Asset Value, End of Period | $ | 41.61 | $ | 46.06 | $ | 37.39 | $ | 41.89 | $ | 35.57 | ||||||||||
Total Return | (1.77 | )% | 30.27 | % | (10.43 | )%(b) | 18.19 | % | 15.32 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.74 | % | 1.71 | % | 1.70 | % | 1.68 | % | 1.71 | % | ||||||||||
Net expenses | 1.68 | % | 1.71 | %(c) | 1.63 | %(b) | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | 0.58 | % | 0.50 | % | 0.45 | %(b) | 0.35 | % | 0.56 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 27,234 | $ | 36,747 | $ | 29,825 | $ | 51,452 | $ | 46,125 | ||||||||||
Portfolio turnover rate(d) | 145 | % | 52 | % | 27 | % | 64 | % | 98 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.67% and 0.41%, respectively, and the total return would have been (10.48)%. |
(c) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
90 :: 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, 2020, the Fund returned 0.04%. The Fund’s seven-day yield, as of December 31, 2020, was 0.02%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 | 21 | % | ||
Repurchase Agreements | 78 | % | ||
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.
Financial Statements :: ProFund VP Government Money Market :: 91
Schedule of Portfolio Investments :: December 31, 2020
U.S. Treasury Obligations (20.8%)
Principal Amount | Value | |||||||
U.S. Treasury Bills | ||||||||
0.09%+, 1/28/21 | $ | 5,000,000 | $ | 4,999,642 | ||||
0.07%+, 1/26/21 | 5,000,000 | 4,999,739 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $9,999,381) | 9,999,381 | |||||||
Repurchase Agreements(a) (77.9%) | ||||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $37,435,079 | 37,435,000 | 37,435,000 | ||||||
TOTAL REPURCHASE AGREEMENTS (Cost $37,435,000) | 37,435,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $47,434,381)—98.7% | 47,434,381 | |||||||
Net other assets (liabilities)—1.3% | 640,425 | |||||||
NET ASSETS—100.0% | $ | 48,074,806 |
+ | Reflects the effective yield or interest rate in effect at December 31, 2020. |
(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.
92 :: ProFund VP Government Money Market :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | �� | |||
Total Investment Securities, at cost | $ | 47,434,381 | ||
Securities, at value | 9,999,381 | |||
Repurchase agreements, at value | 37,435,000 | |||
Total Investment Securities, at value | 47,434,381 | |||
Cash | 611 | |||
Interest receivable | 20 | |||
Receivable for capital shares issued | 1,892,823 | |||
Prepaid expenses | 1,195 | |||
TOTAL ASSETS | 49,329,030 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 1,194,059 | |||
Advisory fees payable | 1,059 | |||
Management services fees payable | 141 | |||
Administration fees payable | 1,426 | |||
Transfer agency fees payable | 2,567 | |||
Fund accounting fees payable | 1,750 | |||
Compliance services fees payable | 236 | |||
Other accrued expenses | 52,986 | |||
TOTAL LIABILITIES | 1,254,224 | |||
NET ASSETS | $ | 48,074,806 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 48,129,001 | ||
Total distributable earnings (loss) | (54,195 | ) | ||
NET ASSETS | $ | 48,074,806 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 48,129,001 | |||
Net Asset Value (offering and redemption price per share) | $ | 1.00 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 585,034 | ||
EXPENSES: | ||||
Advisory fees | 763,672 | |||
Management services fees | 101,821 | |||
Administration fees | 43,156 | |||
Transfer agency fees | 76,728 | |||
Custody fees | 15,405 | |||
Fund accounting fees | 53,952 | |||
Trustee fees | 2,551 | |||
Compliance services fees | 866 | |||
Audit fees | 79,219 | |||
Other fees | 47,490 | |||
Total Gross Expenses before reductions | 1,184,860 | |||
Expenses reduced and reimbursed by the Advisor | (655,728 | ) | ||
TOTAL NET EXPENSES | 529,132 | |||
NET INVESTMENT INCOME | 55,902 | |||
REALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 5,797 | |||
NET REALIZED GAINS (LOSSES) ON INVESTMENTS | 5,797 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 61,699 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Government Money Market :: 93
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 55,902 | $ | 1,278,580 | ||||
Net realized gains (losses) on investments | 5,797 | 18,564 | ||||||
Change in net assets resulting from operations | 61,699 | 1,297,144 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (55,902 | ) | (1,278,580 | ) | ||||
Change in net assets resulting from distributions | (55,902 | ) | (1,278,580 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 767,736,315 | 2,155,360,223 | ||||||
Distributions reinvested | 55,902 | 1,278,233 | ||||||
Value of shares redeemed | (865,437,747 | ) | (2,204,461,355 | ) | ||||
Change in net assets resulting from capital transactions | (97,645,530 | ) | (47,822,899 | ) | ||||
Change in net assets | (97,639,733 | ) | (47,804,335 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 145,714,539 | 193,518,874 | ||||||
End of period | $ | 48,074,806 | $ | 145,714,539 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 767,736,315 | 2,155,360,223 | ||||||
Reinvested | 55,902 | 1,278,233 | ||||||
Redeemed | (865,437,747 | ) | (2,204,461,355 | ) | ||||
Change in shares | (97,645,530 | ) | (47,822,899 | ) |
See accompanying notes to financial statements.
94 :: ProFund VP Government Money Market :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.001 | 0.008 | — | (b) | — | (b) | — | (b) | ||||||||||||
Net realized gains (losses) on investments | — | (b) | — | (b) | — | (b) | — | (b) | — | (b) | ||||||||||
Total income (loss) from investment activities | 0.001 | 0.008 | — | (b) | — | (b) | — | (b) | ||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.001 | ) | (0.008 | ) | — | (b) | — | (b) | — | (b) | ||||||||||
Net Asset Value, End of Period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||
Total Return | 0.04 | % | 0.77 | % | 0.42 | % | 0.02 | % | 0.02 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.16 | % | 1.35 | % | 1.46 | % | 1.14 | % | 1.14 | % | ||||||||||
Net expenses | 0.52 | %(c) | 1.35 | % | 1.37 | %(d) | 0.83 | %(c) | 0.29 | %(c) | ||||||||||
Net investment income (loss) | 0.05 | % | 0.78 | % | 0.41 | % | 0.01 | % | 0.01 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 48,075 | $ | 145,715 | $ | 193,519 | $ | 188,217 | $ | 120,099 |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Amount is less than $0.0005. |
(c) | The expense ratio for the period reflects the reduction of certain expenses to maintain a certain minimum net yield. |
(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 financial statements.
Management Discussion of Fund Performance :: ProFund VP Health Care :: 95
ProFund VP Health Care (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Health CareSM Index (the “Index”). For the year ended December 31, 2020, the Fund had a total return of 14.44%. For the same period, the Index had a return of 15.96%1 and a volatility of 30.76%. 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 healthcare sector of the U.S. equity market. Component companies include, among others, health care providers, biotechnology companies, medical supplies, advanced medical devices, and pharmaceuticals.
During the year ended December 31, 2020, 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 Health Care from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Health Care | 14.44 | % | 10.60 | % | 14.53 | % | ||||||
Dow Jones U.S. Health CareSM Index | 15.96 | % | 12.36 | % | 16.34 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Health Care | 1.72 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Johnson & Johnson | 8.5 | % | ||
UnitedHealth Group, Inc. | 6.8 | % | ||
Merck & Co., Inc. | 4.2 | % | ||
Pfizer, Inc. | 4.2 | % | ||
Abbott Laboratories | 4.0 | % |
Dow Jones U.S. Health CareSM Index – Composition
% of Index | ||||
Health Care Equipment & Supplies | 27 | % | ||
Pharmaceuticals | 27 | % | ||
Health Care Providers & Services | 19 | % | ||
Biotechnology | 17 | % | ||
Life Sciences Tools & Services | 9 | % | ||
Health Care Technology | 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.
96 :: ProFund VP Health Care :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (96.7%)
Shares | Value | |||||||
10X Genomics, Inc.*—Class A (Life Sciences Tools & Services) | 725 | $ | 102,660 | |||||
1Life Healthcare, Inc.* (Health Care Providers & Services) | 807 | 35,226 | ||||||
Abbott Laboratories (Health Care Equipment & Supplies) | 18,860 | 2,064,981 | ||||||
AbbVie, Inc. (Biotechnology) | 18,786 | 2,012,919 | ||||||
ABIOMED, Inc.* (Health Care Equipment & Supplies) | 481 | 155,940 | ||||||
Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | 947 | 47,596 | ||||||
ACADIA Pharmaceuticals, Inc.* (Biotechnology) | 1,235 | 66,023 | ||||||
Acceleron Pharma, Inc.* (Biotechnology) | 558 | 71,391 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 3,256 | 385,803 | ||||||
Agios Pharmaceuticals, Inc.* (Biotechnology) | 612 | 26,518 | ||||||
Alexion Pharmaceuticals, Inc.* (Biotechnology) | 2,329 | 363,883 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 764 | 408,266 | ||||||
Alkermes PLC* (Biotechnology) | 1,694 | 33,795 | ||||||
Allogene Therapeutics, Inc.* (Biotechnology) | 702 | 17,718 | ||||||
Alnylam Pharmaceuticals, Inc.* (Biotechnology) | 1,236 | 160,643 | ||||||
Amedisys, Inc.* (Health Care Providers & Services) | 349 | 102,372 | ||||||
Amgen, Inc. (Biotechnology) | 6,195 | 1,424,354 | ||||||
Anthem, Inc. (Health Care Providers & Services) | 2,646 | 849,604 | ||||||
Avantor, Inc.* (Life Sciences Tools & Services) | 5,477 | 154,178 | ||||||
Baxter International, Inc. (Health Care Equipment & Supplies) | 5,436 | 436,185 | ||||||
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | 3,086 | 772,179 | ||||||
Berkeley Lights, Inc.* (Life Sciences Tools & Services) | 89 | 7,957 | ||||||
Biogen, Inc.* (Biotechnology) | 1,637 | 400,836 | ||||||
BioMarin Pharmaceutical, Inc.* (Biotechnology) | 1,932 | 169,417 | ||||||
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | 229 | 133,493 | ||||||
Bio-Techne Corp. (Life Sciences Tools & Services) | 411 | 130,513 | ||||||
Bluebird Bio, Inc.* (Biotechnology) | 706 | 30,549 | ||||||
Blueprint Medicines Corp.* (Biotechnology) | 593 | 66,505 | ||||||
Boston Scientific Corp.* (Health Care Equipment & Supplies) | 15,237 | 547,770 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 24,046 | 1,491,573 | ||||||
Bruker Corp. (Life Sciences Tools & Services) | 1,092 | 59,110 | ||||||
Catalent, Inc.* (Pharmaceuticals) | 1,753 | 182,435 | ||||||
Centene Corp.* (Health Care Providers & Services) | 6,170 | 370,385 | ||||||
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | 529 | 132,176 | ||||||
Chemed Corp. (Health Care Providers & Services) | 170 | 90,544 | ||||||
Cigna Corp. (Health Care Providers & Services) | 3,844 | 800,244 | ||||||
Covetrus, Inc.* (Health Care Providers & Services) | 1,055 | 30,321 | ||||||
CVS Health Corp. (Health Care Providers & Services) | 13,928 | 951,282 |
Danaher Corp. (Health Care Equipment & Supplies) | 6,728 | 1,494,558 | ||||||
DaVita, Inc.* (Health Care Providers & Services) | 787 | 92,394 | ||||||
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | 2,326 | 121,789 | ||||||
DexCom, Inc.* (Health Care Equipment & Supplies) | 1,022 | 377,854 | ||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 6,632 | 605,037 | ||||||
Elanco Animal Health, Inc.* (Pharmaceuticals) | 5,022 | 154,025 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 8,449 | 1,426,529 | ||||||
Emergent BioSolutions, Inc.* (Biotechnology) | 479 | 42,918 | ||||||
Encompass Health Corp. (Health Care Providers & Services) | 1,058 | 87,486 | ||||||
Exact Sciences Corp.* (Biotechnology) | 1,692 | 224,173 | ||||||
Exelixis, Inc.* (Biotechnology) | 3,301 | 66,251 | ||||||
FibroGen, Inc.* (Biotechnology) | 891 | 33,047 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 13,339 | 777,130 | ||||||
Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies) | 811 | 52,893 | ||||||
Guardant Health, Inc.* (Health Care Providers & Services) | 904 | 116,508 | ||||||
Haemonetics Corp.* (Health Care Equipment & Supplies) | 540 | 64,125 | ||||||
HCA Healthcare, Inc. (Health Care Providers & Services) | 2,809 | 461,968 | ||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 818 | 57,023 | ||||||
Henry Schein, Inc.* (Health Care Providers & Services) | 1,519 | 101,560 | ||||||
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies) | 711 | 69,657 | ||||||
Hologic, Inc.* (Health Care Equipment & Supplies) | 2,735 | 199,190 | ||||||
Horizon Therapeutics PLC* (Pharmaceuticals) | 2,349 | 171,829 | ||||||
Humana, Inc. (Health Care Providers & Services) | 1,408 | 577,660 | ||||||
ICU Medical, Inc.* (Health Care Equipment & Supplies) | 208 | 44,614 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 908 | 453,882 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 1,554 | 574,980 | ||||||
Incyte Corp.* (Biotechnology) | 1,981 | 172,307 | ||||||
Insulet Corp.* (Health Care Equipment & Supplies) | 702 | 179,452 | ||||||
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | 754 | 48,950 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 1,251 | 1,023,443 | ||||||
Ionis Pharmaceuticals, Inc.* (Biotechnology) | 1,488 | 84,132 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 2,040 | 365,507 | ||||||
Jazz Pharmaceuticals PLC* (Pharmaceuticals) | 593 | 97,875 | ||||||
Johnson & Johnson (Pharmaceuticals) | 28,013 | 4,408,686 | ||||||
Laboratory Corp. of America Holdings* (Health Care Providers & Services) | 1,036 | 210,878 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Health Care :: 97
Common Stocks, continued
Shares | Value | |||||||
LHC Group, Inc.* (Health Care Providers & Services) | 336 | $ | 71,676 | |||||
Masimo Corp.* (Health Care Equipment & Supplies) | 539 | 144,657 | ||||||
McKesson Corp. (Health Care Providers & Services) | 1,709 | 297,229 | ||||||
Medtronic PLC (Health Care Equipment & Supplies) | 14,323 | 1,677,796 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 26,922 | 2,202,220 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 253 | 288,339 | ||||||
Moderna, Inc.* (Biotechnology) | 3,200 | 334,304 | ||||||
Molina Healthcare, Inc.* (Health Care Providers & Services) | 631 | 134,201 | ||||||
Nektar Therapeutics* (Pharmaceuticals) | 1,909 | 32,453 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 564 | 44,725 | ||||||
Neurocrine Biosciences, Inc.* (Biotechnology) | 994 | 95,275 | ||||||
Novavax, Inc.* (Biotechnology) | 623 | 69,471 | ||||||
Novocure, Ltd.* (Health Care Equipment & Supplies) | 899 | 155,563 | ||||||
NuVasive, Inc.* (Health Care Equipment & Supplies) | 546 | 30,756 | ||||||
Oak Street Health, Inc.* (Health Care Providers & Services) | 179 | 10,948 | ||||||
Penumbra, Inc.*(a) (Health Care Equipment & Supplies) | 359 | 62,825 | ||||||
Perrigo Co. PLC (Pharmaceuticals) | 1,452 | 64,933 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 59,147 | 2,177,201 | ||||||
PPD, Inc.* (Life Sciences Tools & Services) | 1,153 | 39,456 | ||||||
PRA Health Sciences, Inc.* (Life Sciences Tools & Services) | 683 | 85,676 | ||||||
Premier, Inc. (Health Care Providers & Services) | 754 | 26,465 | ||||||
Quest Diagnostics, Inc. (Health Care Providers & Services) | 1,434 | 170,890 | ||||||
Quidel Corp.* (Health Care Equipment & Supplies) | 407 | 73,118 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 1,116 | 539,151 | ||||||
Repligen Corp.* (Biotechnology) | 536 | 102,714 | ||||||
ResMed, Inc. (Health Care Equipment & Supplies) | 1,542 | 327,768 | ||||||
Royalty Pharma PLC—Class A (Pharmaceuticals) | 909 | 45,495 | ||||||
Sarepta Therapeutics, Inc.* (Biotechnology) | 840 | 143,212 | ||||||
Seagen, Inc.* (Biotechnology) | 1,343 | 235,213 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 908 | 172,102 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 3,479 | 852,494 | ||||||
Syneos Health, Inc.* (Life Sciences Tools & Services) | 808 | 55,049 | ||||||
Tandem Diabetes Care, Inc.* (Health Care Equipment & Supplies) | 662 | 63,340 | ||||||
Teladoc Health, Inc.* (Health Care Technology) | 1,310 | 261,948 | ||||||
Teleflex, Inc. (Health Care Equipment & Supplies) | 496 | 204,139 | ||||||
Tenet Healthcare Corp.* (Health Care Providers & Services) | 1,123 | 44,841 | ||||||
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | 522 | 189,653 | ||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 4,217 | 1,964,194 |
Ultragenyx Pharmaceutical, Inc.* (Biotechnology) | 662 | 91,641 | ||||||
United Therapeutics Corp.* (Biotechnology) | 473 | 71,797 | ||||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 10,096 | 3,540,464 | ||||||
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | 827 | 113,713 | ||||||
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies) | 972 | 170,110 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 2,767 | 653,953 | ||||||
Viatris, Inc.* (Pharmaceuticals) | 12,839 | 240,603 | ||||||
Vir Biotechnology, Inc.* (Biotechnology) | 691 | 18,505 | ||||||
Waters Corp.* (Life Sciences Tools & Services) | 660 | 163,297 | ||||||
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | 787 | 222,965 | ||||||
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | 2,206 | 339,923 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 5,057 | 836,934 | ||||||
TOTAL COMMON STOCKS (Cost $16,254,652) | 50,283,049 |
Repurchase Agreements(b) (2.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $1,239,003 | $ | 1,239,000 | $ | 1,239,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $1,239,000) | 1,239,000 |
Collateral for Securities Loaned (0.1%)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(c) | 56,118 | $ | 56,118 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(c) | 235 | 235 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(c) | 1,024 | 1,024 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $57,377) | 57,377 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $17,551,029)—99.2% | 51,579,426 | |||||||
Net other assets (liabilities)—0.8% | 421,728 | |||||||
NET ASSETS—100.0% | $ | 52,001,154 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $55,475. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
See accompanying notes to financial statements.
98 :: ProFund VP Health Care :: Financial Statements
Total Return Swap Agreements – Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||||
Dow Jones U.S. Health Care Index | Goldman Sachs International | 1/25/21 | 0.60 | % | $ | 1,751,147 | $ | 25,811 |
(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, 2020, 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, 2020:
Value | % of Net Assets | |||||||
Biotechnology | $ | 8,599,745 | 16.5 | % | ||||
Health Care Equipment & Supplies | 13,852,699 | 26.7 | % | |||||
Health Care Providers & Services | 9,393,478 | 18.1 | % | |||||
Health Care Technology | 261,948 | 0.5 | % | |||||
Life Sciences Tools & Services | 4,642,388 | 8.9 | % | |||||
Pharmaceuticals | 13,532,791 | 26.0 | % | |||||
Other** | 1,718,105 | 3.3 | % | |||||
Total | $ | 52,001,154 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Health Care :: 99
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 17,551,029 | ||
Securities, at value(a) | 50,340,426 | |||
Repurchase agreements, at value | 1,239,000 | |||
Total Investment Securities, at value | 51,579,426 | |||
Cash | 575 | |||
Segregated cash balances for swap agreements with custodian | 440,000 | |||
Dividends and interest receivable | 45,987 | |||
Unrealized appreciation on swap agreements | 25,811 | |||
Receivable for capital shares issued | 84,546 | |||
Prepaid expenses | 277 | |||
TOTAL ASSETS | 52,176,622 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 4,016 | |||
Payable for collateral for securities loaned | 57,377 | |||
Advisory fees payable | 32,024 | |||
Management services fees payable | 4,270 | |||
Administration fees payable | 3,410 | |||
Administrative services fees payable | 18,135 | |||
Distribution fees payable | 20,043 | |||
Transfer agency fees payable | 2,862 | |||
Fund accounting fees payable | 1,976 | |||
Compliance services fees payable | 268 | |||
Other accrued expenses | 31,087 | |||
TOTAL LIABILITIES | 175,468 | |||
NET ASSETS | $ | 52,001,154 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 16,563,247 | ||
Total distributable earnings (loss) | 35,437,907 | |||
NET ASSETS | $ | 52,001,154 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 689,137 | |||
Net Asset Value (offering and redemption price per share) | $ | 75.46 | ||
(a) Includes securities on loan valued at: | $ | 55,475 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 822,542 | ||
Interest | 3,714 | |||
Income from securities lending | 440 | |||
TOTAL INVESTMENT INCOME | 826,696 | |||
EXPENSES: | ||||
Advisory fees | 360,577 | |||
Management services fees | 48,076 | |||
Administration fees | 44,241 | |||
Transfer agency fees | 35,372 | |||
Administrative services fees | 129,535 | |||
Distribution fees | 120,192 | |||
Custody fees | 7,215 | |||
Fund accounting fees | 24,795 | |||
Trustee fees | 1,006 | |||
Compliance services fees | 554 | |||
Other fees | 62,293 | |||
Total Gross Expenses before reductions | 833,856 | |||
Expenses reduced and reimbursed by the Advisor | (26,164 | ) | ||
TOTAL NET EXPENSES | 807,692 | |||
NET INVESTMENT INCOME (LOSS) | 19,004 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 4,149,345 | |||
Net realized gains (losses) on swap agreements | 194,964 | |||
Change in net unrealized appreciation/depreciation on investment securities | 1,149,463 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 32,979 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 5,526,751 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,545,755 |
See accompanying notes to financial statements.
100 :: ProFund VP Health Care :: Financial Statements
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 19,004 | $ | (4,421 | ) | |||
Net realized gains (losses) on investments | 4,344,309 | 7,280,037 | ||||||
Change in net unrealized appreciation/depreciation on investments | 1,182,442 | 1,102,620 | ||||||
Change in net assets resulting from operations | 5,545,755 | 8,378,236 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (6,154,240 | ) | (5,775,400 | ) | ||||
Change in net assets resulting from distributions | (6,154,240 | ) | (5,775,400 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 42,078,065 | 25,474,008 | ||||||
Distributions reinvested | 6,154,240 | 5,775,400 | ||||||
Value of shares redeemed | (45,032,120 | ) | (36,616,170 | ) | ||||
Change in net assets resulting from capital transactions | 3,200,185 | (5,366,762 | ) | |||||
Change in net assets | 2,591,700 | (2,763,926 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 49,409,454 | 52,173,380 | ||||||
End of period | $ | 52,001,154 | $ | 49,409,454 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 578,868 | 351,111 | ||||||
Reinvested | 85,821 | 87,599 | ||||||
Redeemed | (635,160 | ) | (505,532 | ) | ||||
Change in shares | 29,529 | (66,822 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Health Care :: 101
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 74.91 | $ | 71.82 | $ | 73.28 | $ | 64.38 | $ | 67.11 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.03 | (0.01 | ) | (0.06 | ) | (0.03 | ) | (0.05 | ) | |||||||||||
Net realized and unrealized gains (losses) on investments | 10.27 | 12.63 | 3.29 | 13.49 | (2.68 | ) | ||||||||||||||
Total income (loss) from investment activities | 10.30 | 12.62 | 3.23 | 13.46 | (2.73 | ) | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net realized gains on investments | (9.75 | ) | (9.53 | ) | (4.69 | ) | (4.56 | ) | — | |||||||||||
Net Asset Value, End of Period | $ | 75.46 | $ | 74.91 | $ | 71.82 | $ | 73.28 | $ | 64.38 | ||||||||||
Total Return | 14.44 | % | 19.37 | % | 4.44 | % | 20.92 | % | (4.05 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.73 | % | 1.72 | % | 1.66 | % | 1.64 | % | 1.68 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.65 | % | 1.64 | % | 1.68 | % | ||||||||||
Net investment income (loss) | 0.04 | % | (0.01 | )% | (0.08 | )% | (0.04 | )% | (0.08 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 52,001 | $ | 49,409 | $ | 52,173 | $ | 53,670 | $ | 48,744 | ||||||||||
Portfolio turnover rate(b) | 58 | % | 33 | % | 61 | % | 43 | % | 24 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
102 :: 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 Dow Jones U.S. IndustrialsSM Index (the “Index”). For the year ended December 31, 2020, the Fund had a total return of 16.76%. For the same period, the Index had a total return of 17.92%1 and a volatility of 38.73%. 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 industrial sector of the U.S. equity market. Component companies include, among others, building materials, heavy construction, factory equipment, heavy machinery, industrial services, pollution control, containers and packaging, industrial diversified, air freight, marine transportation, railroads, trucking, land-transportation equipment, shipbuilding, transportation services, advanced industrial equipment, electric components and equipment, and aerospace.
During the year ended December 31, 2020, 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 Industrials from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Industrials | 16.76 | % | 13.84 | % | 11.85 | % | ||||||
Dow Jones U.S. IndustrialsSM Index | 17.92 | % | 15.65 | % | 13.63 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Industrials | 1.71 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 96 | % | ||
Swap Agreements | 4 | % | ||
Total Exposure | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
PayPal Holdings, Inc. | 6.1 | % | ||
Accenture PLC | 3.7 | % | ||
Honeywell International, Inc. | 3.3 | % | ||
Union Pacific Corp. | 3.1 | % | ||
United Parcel Service, Inc. | 2.7 | % |
Dow Jones U.S. IndustrialsSM Index – Composition
% of Index | ||||
Capital Goods | 47 | % | ||
Software & Services | 22 | % | ||
Transportation | 13 | % | ||
Materials | 6 | % | ||
Technology Hardware & Equipment | 6 | % | ||
Commercial & Professional Services | 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 | 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.
Financial Statements :: ProFund VP Industrials :: 103
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (96.4%)
Shares | Value | |||||||
3M Co. (Industrial Conglomerates) | 2,189 | $ | 382,615 | |||||
A.O. Smith Corp. (Building Products) | 515 | 28,232 | ||||||
Accenture PLC—Class A (IT Services) | 2,405 | 628,210 | ||||||
Acuity Brands, Inc. (Electrical Equipment) | 139 | 16,832 | ||||||
ADT, Inc. (Commercial Services & Supplies) | 578 | 4,537 | ||||||
AECOM* (Construction & Engineering) | 572 | 28,474 | ||||||
AGCO Corp. (Machinery) | 233 | 24,020 | ||||||
Air Lease Corp. (Trading Companies & Distributors) | 406 | 18,035 | ||||||
Allegion PLC (Building Products) | 350 | 40,733 | ||||||
Allison Transmission Holdings, Inc. (Machinery) | 427 | 18,417 | ||||||
Amcor PLC (Containers & Packaging) | 5,952 | 70,055 | ||||||
AMETEK, Inc. (Electrical Equipment) | 873 | 105,581 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 1,136 | 148,555 | ||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 148 | 11,543 | ||||||
AptarGroup, Inc. (Containers & Packaging) | 246 | 33,675 | ||||||
Armstrong World Industries, Inc. (Building Products) | 181 | 13,465 | ||||||
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components) | 287 | 27,925 | ||||||
ASGN, Inc.* (Professional Services) | 201 | 16,790 | ||||||
Automatic Data Processing, Inc. (IT Services) | 1,628 | 286,854 | ||||||
Avery Dennison Corp. (Containers & Packaging) | 317 | 49,170 | ||||||
Avnet, Inc. (Electronic Equipment, Instruments & Components) | 375 | 13,166 | ||||||
Axon Enterprise, Inc.* (Aerospace & Defense) | 241 | 29,530 | ||||||
Ball Corp. (Containers & Packaging) | 1,241 | 115,637 | ||||||
Berry Global Group, Inc.* (Containers & Packaging) | 506 | 28,432 | ||||||
Black Knight, Inc.* (IT Services) | 596 | 52,657 | ||||||
Broadridge Financial Solutions, Inc. (IT Services) | 439 | 67,255 | ||||||
BWX Technologies, Inc. (Aerospace & Defense) | 362 | 21,821 | ||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 516 | 48,437 | ||||||
Carlisle Cos., Inc. (Industrial Conglomerates) | 203 | 31,705 | ||||||
Carrier Global Corp. (Building Products) | 3,092 | 116,630 | ||||||
Caterpillar, Inc. (Machinery) | 2,062 | 375,324 | ||||||
Cimpress PLC* (Commercial Services & Supplies) | 74 | 6,493 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 333 | 117,702 | ||||||
Clean Harbors, Inc.* (Commercial Services & Supplies) | 193 | 14,687 | ||||||
Cognex Corp. (Electronic Equipment, Instruments & Components) | 663 | 53,229 | ||||||
Coherent, Inc.* (Electronic Equipment, Instruments & Components) | 92 | 13,802 | ||||||
Colfax Corp.* (Machinery) | 382 | 14,608 | ||||||
Concentrix Corp.* (IT Services) | 157 | 15,496 | ||||||
CoreLogic, Inc. (IT Services) | 295 | 22,809 | ||||||
Corning, Inc. (Electronic Equipment, Instruments & Components) | 2,899 | 104,364 | ||||||
Crane Co. (Machinery) | 188 | 14,600 | ||||||
Crown Holdings, Inc.* (Containers & Packaging) | 511 | 51,202 | ||||||
CSX Corp. (Road & Rail) | 2,903 | 263,447 | ||||||
Cummins, Inc. (Machinery) | 562 | 127,630 |
Curtiss-Wright Corp. (Aerospace & Defense) | 158 | 18,383 | ||||||
Deere & Co. (Machinery) | 1,189 | 319,899 | ||||||
Dolby Laboratories, Inc.—Class A (Electronic Equipment, Instruments & Components) | 244 | 23,700 | ||||||
Donaldson Co., Inc. (Machinery) | 479 | 26,767 | ||||||
Dover Corp. (Machinery) | 547 | 69,059 | ||||||
Dun & Bradstreet Holdings, Inc.* (Professional Services) | 513 | 12,774 | ||||||
Eagle Materials, Inc. (Construction Materials) | 159 | 16,115 | ||||||
Eaton Corp. PLC (Electrical Equipment) | 1,513 | 181,771 | ||||||
EMCOR Group, Inc. (Construction & Engineering) | 208 | 19,024 | ||||||
Emerson Electric Co. (Electrical Equipment) | 2,270 | 182,439 | ||||||
EnerSys (Electrical Equipment) | 162 | 13,456 | ||||||
Equifax, Inc. (Professional Services) | 461 | 88,899 | ||||||
Euronet Worldwide, Inc.* (IT Services) | 199 | 28,839 | ||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 643 | 61,156 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 2,179 | 106,401 | ||||||
FedEx Corp. (Air Freight & Logistics) | 917 | 238,072 | ||||||
Fidelity National Information Services, Inc. (IT Services) | 2,355 | 333,138 | ||||||
Fiserv, Inc.* (IT Services) | 2,113 | 240,586 | ||||||
FleetCor Technologies, Inc.* (IT Services) | 317 | 86,487 | ||||||
FLIR Systems, Inc. (Electronic Equipment, Instruments & Components) | 498 | 21,827 | ||||||
Flowserve Corp. (Machinery) | 494 | 18,204 | ||||||
Fortive Corp. (Machinery) | 1,280 | 90,650 | ||||||
Fortune Brands Home & Security, Inc. (Building Products) | 527 | 45,174 | ||||||
FTI Consulting, Inc.* (Professional Services) | 135 | 15,082 | ||||||
Gates Industrial Corp. PLC* (Machinery) | 165 | 2,105 | ||||||
Generac Holdings, Inc.* (Electrical Equipment) | 239 | 54,351 | ||||||
General Dynamics Corp. (Aerospace & Defense) | 883 | 131,408 | ||||||
General Electric Co. (Industrial Conglomerates) | 33,250 | 359,100 | ||||||
Genpact, Ltd. (IT Services) | 668 | 27,628 | ||||||
Global Payments, Inc. (IT Services) | 1,136 | 244,717 | ||||||
Graco, Inc. (Machinery) | 636 | 46,015 | ||||||
Graphic Packaging Holding Co. (Containers & Packaging) | 1,027 | 17,397 | ||||||
HEICO Corp. (Aerospace & Defense) | 160 | 21,184 | ||||||
HEICO Corp.—Class A (Aerospace & Defense) | 279 | 32,660 | ||||||
Hexcel Corp. (Aerospace & Defense) | 317 | 15,371 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 2,663 | 566,420 | ||||||
Howmet Aerospace, Inc.* (Aerospace & Defense) | 1,480 | 42,239 | ||||||
Hubbell, Inc. (Electrical Equipment) | 206 | 32,299 | ||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 154 | 26,254 | ||||||
IDEX Corp. (Machinery) | 287 | 57,170 | ||||||
Illinois Tool Works, Inc. (Machinery) | 1,094 | 223,045 | ||||||
Ingersoll Rand, Inc.* (Machinery) | 1,410 | 64,240 | ||||||
Insperity, Inc. (Professional Services) | 135 | 10,992 | ||||||
International Paper Co. (Containers & Packaging) | 1,492 | 74,183 |
See accompanying notes to financial statements.
104 :: ProFund VP Industrials :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | 135 | $ | 30,212 | |||||
Itron, Inc.* (Electronic Equipment, Instruments & Components) | 154 | 14,769 | ||||||
ITT, Inc. (Machinery) | 328 | 25,263 | ||||||
J.B. Hunt Transport Services, Inc. (Road & Rail) | 317 | 43,318 | ||||||
Jabil, Inc. (Electronic Equipment, Instruments & Components) | 510 | 21,690 | ||||||
Jack Henry & Associates, Inc. (IT Services) | 290 | 46,977 | ||||||
Jacobs Engineering Group, Inc. (Construction & Engineering) | 492 | 53,608 | ||||||
Johnson Controls International PLC (Building Products) | 2,748 | 128,029 | ||||||
Kansas City Southern (Road & Rail) | 356 | 72,670 | ||||||
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 703 | 92,859 | ||||||
Kirby Corp.* (Marine) | �� | 227 | 11,765 | |||||
Knight-Swift Transportation Holdings, Inc. (Road & Rail) | 476 | 19,906 | ||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 797 | 150,649 | ||||||
Landstar System, Inc. (Road & Rail) | 146 | 19,660 | ||||||
Lennox International, Inc. (Building Products) | 132 | 36,164 | ||||||
Lincoln Electric Holdings, Inc. (Machinery) | 226 | 26,273 | ||||||
Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | 92 | 23,429 | ||||||
Lockheed Martin Corp. (Aerospace & Defense) | 935 | 331,906 | ||||||
Louisiana-Pacific Corp. (Paper & Forest Products) | 415 | 15,426 | ||||||
Macquarie Infrastructure Corp. (Transportation Infrastructure) | 277 | 10,401 | ||||||
ManpowerGroup, Inc. (Professional Services) | 218 | 19,659 | ||||||
Martin Marietta Materials, Inc. (Construction Materials) | 237 | 67,301 | ||||||
Masco Corp. (Building Products) | 993 | 54,545 | ||||||
MasTec, Inc.* (Construction & Engineering) | 213 | 14,522 | ||||||
MAXIMUS, Inc. (IT Services) | 234 | 17,126 | ||||||
Mercury Systems, Inc.* (Aerospace & Defense) | 212 | 18,669 | ||||||
MSA Safety, Inc. (Commercial Services & Supplies) | 137 | 20,466 | ||||||
MSC Industrial Direct Co., Inc.—Class A (Trading Companies & Distributors) | 173 | 14,599 | ||||||
National Instruments Corp. (Electronic Equipment, Instruments & Components) | 498 | 21,882 | ||||||
Navistar International Corp.* (Machinery) | 188 | 8,264 | ||||||
Nielsen Holdings PLC (Professional Services) | 1,354 | 28,258 | ||||||
Nikola Corp.*(a) (Machinery) | 524 | 7,996 | ||||||
Nordson Corp. (Machinery) | 205 | 41,195 | ||||||
Norfolk Southern Corp. (Road & Rail) | 965 | 229,294 | ||||||
Northrop Grumman Corp. (Aerospace & Defense) | 588 | 179,175 | ||||||
nVent Electric PLC (Electrical Equipment) | 645 | 15,022 | ||||||
Old Dominion Freight Line, Inc. (Road & Rail) | 365 | 71,241 | ||||||
Oshkosh Corp. (Machinery) | 259 | 22,292 | ||||||
Otis Worldwide Corp. (Machinery) | 1,546 | 104,432 | ||||||
Owens Corning (Building Products) | 411 | 31,137 | ||||||
PACCAR, Inc. (Machinery) | 1,315 | 113,458 | ||||||
Packaging Corp. of America (Containers & Packaging) | 360 | 49,648 | ||||||
Parker-Hannifin Corp. (Machinery) | 489 | 133,208 | ||||||
Paychex, Inc. (IT Services) | 1,215 | 113,214 |
PayPal Holdings, Inc.* (IT Services) | 4,448 | 1,041,723 | ||||||
Pentair PLC (Machinery) | 631 | 33,500 | ||||||
PerkinElmer, Inc. (Life Sciences Tools & Services) | 425 | 60,988 | ||||||
Quanta Services, Inc. (Construction & Engineering) | 527 | 37,955 | ||||||
Raytheon Technologies Corp. (Aerospace & Defense) | 5,765 | 412,255 | ||||||
Regal Beloit Corp. (Electrical Equipment) | 154 | 18,913 | ||||||
Republic Services, Inc.—Class A (Commercial Services & Supplies) | 798 | 76,847 | ||||||
Robert Half International, Inc. (Professional Services) | 433 | 27,054 | ||||||
Rockwell Automation, Inc. (Electrical Equipment) | 441 | 110,607 | ||||||
Roper Technologies, Inc. (Industrial Conglomerates) | 398 | 171,574 | ||||||
Sealed Air Corp. (Containers & Packaging) | 589 | 26,970 | ||||||
Sensata Technologies Holding PLC* (Electrical Equipment) | 597 | 31,486 | ||||||
Silgan Holdings, Inc. (Containers & Packaging) | 298 | 11,050 | ||||||
Siteone Landscape Supply, Inc.* (Trading Companies & Distributors) | 168 | 26,650 | ||||||
Snap-on, Inc. (Machinery) | 206 | 35,255 | ||||||
Sonoco Products Co. (Containers & Packaging) | 381 | 22,574 | ||||||
Square, Inc.*—Class A (IT Services) | 1,457 | 317,101 | ||||||
Stericycle, Inc.* (Commercial Services & Supplies) | 347 | 24,058 | ||||||
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | 1,256 | 152,063 | ||||||
Teledyne Technologies, Inc.* (Aerospace & Defense) | 140 | 54,877 | ||||||
Tetra Tech, Inc. (Commercial Services & Supplies) | 204 | 23,619 | ||||||
Textron, Inc. (Aerospace & Defense) | 869 | 41,999 | ||||||
The Boeing Co. (Aerospace & Defense) | 2,013 | 430,904 | ||||||
The Middleby Corp.* (Machinery) | 211 | 27,202 | ||||||
The Sherwin-Williams Co. (Chemicals) | 311 | 228,557 | ||||||
The Timken Co. (Machinery) | 257 | 19,882 | ||||||
The Toro Co. (Machinery) | 407 | 38,600 | ||||||
The Western Union Co. (IT Services) | 1,559 | 34,204 | ||||||
Trane Technologies PLC (Building Products) | 911 | 132,242 | ||||||
TransDigm Group, Inc.* (Aerospace & Defense) | 207 | 128,102 | ||||||
TransUnion (Professional Services) | 723 | 71,736 | ||||||
Trex Co., Inc.* (Building Products) | 440 | 36,837 | ||||||
Trimble, Inc.* (Electronic Equipment, Instruments & Components) | 949 | 63,365 | ||||||
TriNet Group, Inc.* (Professional Services) | 152 | 12,251 | ||||||
Union Pacific Corp. (Road & Rail) | 2,557 | 532,419 | ||||||
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | 2,715 | 457,206 | ||||||
United Rentals, Inc.* (Trading Companies & Distributors) | 274 | 63,543 | ||||||
Univar Solutions, Inc.* (Trading Companies & Distributors) | 641 | 12,185 | ||||||
Valmont Industries, Inc. (Construction & Engineering) | 81 | 14,169 | ||||||
Verisk Analytics, Inc.—Class A (Professional Services) | 617 | 128,083 | ||||||
Vontier Corp.* (Electronic Equipment, Instruments & Components) | 511 | 17,067 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Industrials :: 105
Common Stocks, continued
Shares | Value | |||||||
Vulcan Materials Co. (Construction Materials) | 503 | $ | 74,599 | |||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 171 | 69,826 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 1,476 | 174,066 | ||||||
Watsco, Inc. (Trading Companies & Distributors) | 125 | 28,319 | ||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 680 | 49,776 | ||||||
WestRock Co. (Containers & Packaging) | 997 | 43,399 | ||||||
WEX, Inc.* (IT Services) | 167 | 33,990 | ||||||
Woodward, Inc. (Machinery) | 221 | 26,858 | ||||||
XPO Logistics, Inc.* (Air Freight & Logistics) | 347 | 41,362 | ||||||
Xylem, Inc. (Machinery) | 684 | 69,624 | ||||||
Zebra Technologies Corp.*—Class A (Electronic Equipment, Instruments & Components) | 202 | 77,635 | ||||||
TOTAL COMMON STOCKS (Cost $6,142,729) | 16,449,764 |
Repurchase Agreements(b) (2.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $466,001 | $ | 466,000 | $ | 466,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $466,000) | 466,000 |
Collateral for Securities Loaned(NM)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(c) | 7,343 | $ | 7,343 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(c) | 31 | 31 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(c) | 134 | 134 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $7,508) | 7,508 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $6,616,237)—99.1% | 16,923,272 | |||||||
Net other assets (liabilities)—0.9% | 156,466 | |||||||
NET ASSETS—100.0% | $ | 17,079,738 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $6,943. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
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) | ||||||||||||||
Dow Jones U.S. Industrials Index | Goldman Sachs International | 1/25/21 | 0.60 | % | $ | 623,646 | $ | 1,852 |
(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, 2020, 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, 2020:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 2,087,386 | 12.2 | % | ||||
Air Freight & Logistics | 846,233 | 5.0 | % | |||||
Building Products | 663,188 | 3.9 | % | |||||
Chemicals | 228,557 | 1.3 | % | |||||
Commercial Services & Supplies | 462,475 | 2.7 | % | |||||
Construction & Engineering | 167,752 | 1.0 | % | |||||
Construction Materials | 158,015 | 0.9 | % | |||||
Containers & Packaging | 593,392 | 3.5 | % | |||||
Electrical Equipment | 762,757 | 4.5 | % | |||||
Electronic Equipment, Instruments & Components | 921,539 | 5.4 | % | |||||
Industrial Conglomerates | 1,511,414 | 8.8 | % | |||||
IT Services | 3,639,011 | 21.3 | % | |||||
Life Sciences Tools & Services | 60,988 | 0.4 | % |
Machinery | 2,274,831 | 13.3 | % | |||||
Marine | 11,765 | 0.1 | % | |||||
Paper & Forest Products | 15,426 | 0.1 | % | |||||
Professional Services | 431,578 | 2.5 | % | |||||
Road & Rail | 1,251,955 | 7.3 | % | |||||
Trading Companies & Distributors | 351,101 | 2.1 | % | |||||
Transportation Infrastructure | 10,401 | 0.1 | % | |||||
Other** | 629,974 | 3.6 | % | |||||
Total | $ | 17,079,738 | 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.
106 :: ProFund VP Industrials :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 6,616,237 | ||
Securities, at value(a) | 16,457,272 | |||
Repurchase agreements, at value | 466,000 | |||
Total Investment Securities, at value | 16,923,272 | |||
Cash | 478 | |||
Dividends and interest receivable | 8,430 | |||
Unrealized appreciation on swap agreements | 1,852 | |||
Receivable for capital shares issued | 187,482 | |||
Prepaid expenses | 74 | |||
TOTAL ASSETS | 17,121,588 | |||
LIABILITIES: | ||||
Payable for collateral for securities loaned | 7,508 | |||
Advisory fees payable | 9,931 | |||
Management services fees payable | 1,324 | |||
Administration fees payable | 1,071 | |||
Administrative services fees payable | 6,443 | |||
Distribution fees payable | 6,178 | |||
Transfer agency fees payable | 899 | |||
Fund accounting fees payable | 665 | |||
Compliance services fees payable | 79 | |||
Other accrued expenses | 7,752 | |||
TOTAL LIABILITIES | 41,850 | |||
NET ASSETS | $ | 17,079,738 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 6,827,286 | ||
Total distributable earnings (loss) | 10,252,452 | |||
NET ASSETS | $ | 17,079,738 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 188,345 | |||
Net Asset Value (offering and redemption price per share) | $ | 90.68 | ||
(a) Includes securities on loan valued at: | $ | 6,943 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 193,574 | ||
Interest | 1,592 | |||
Income from securities lending | 72 | |||
TOTAL INVESTMENT INCOME | 195,238 | |||
EXPENSES: | ||||
Advisory fees | 98,704 | |||
Management services fees | 13,160 | |||
Administration fees | 11,856 | |||
Transfer agency fees | 9,499 | |||
Administrative services fees | 38,072 | |||
Distribution fees | 32,901 | |||
Custody fees | 1,965 | |||
Fund accounting fees | 7,222 | |||
Trustee fees | 278 | |||
Compliance services fees | 147 | |||
Other fees | 16,189 | |||
Total Gross Expenses before reductions | 229,993 | |||
Expenses reduced and reimbursed by the Advisor | (8,896 | ) | ||
TOTAL NET EXPENSES | 221,097 | |||
NET INVESTMENT INCOME (LOSS) | (25,859 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 1,280,998 | |||
Net realized gains (losses) on swap agreements | (71,940 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (8,143 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | 4,301 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 1,205,216 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,179,357 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Industrials :: 107
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (25,859 | ) | $ | 19,431 | |||
Net realized gains (losses) on investments | 1,209,058 | 263,565 | ||||||
Change in net unrealized appreciation/depreciation on investments | (3,842 | ) | 3,362,682 | |||||
Change in net assets resulting from operations | 1,179,357 | 3,645,678 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (268,929 | ) | (2,486,434 | ) | ||||
Change in net assets resulting from distributions | (268,929 | ) | (2,486,434 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 22,558,963 | 22,920,198 | ||||||
Distributions reinvested | 268,929 | 2,486,434 | ||||||
Value of shares redeemed | (24,537,213 | ) | (19,803,258 | ) | ||||
Change in net assets resulting from capital transactions | (1,709,321 | ) | 5,603,374 | |||||
Change in net assets | (798,893 | ) | 6,762,618 | |||||
NET ASSETS: | ||||||||
Beginning of period | 17,878,631 | 11,116,013 | ||||||
End of period | $ | 17,079,738 | $ | 17,878,631 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 294,654 | 279,930 | ||||||
Reinvested | 3,320 | 34,220 | ||||||
Redeemed | (335,213 | ) | (241,460 | ) | ||||
Change in shares | (37,239 | ) | 72,690 |
See accompanying notes to financial statements.
108 :: ProFund VP Industrials :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 79.25 | $ | 72.70 | $ | 83.42 | $ | 68.28 | $ | 58.19 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.15 | ) | 0.10 | (0.07 | ) | 0.09 | 0.23 | |||||||||||||
Net realized and unrealized gains (losses) on investments | 13.24 | 20.77 | (10.56 | ) | 15.19 | 9.97 | ||||||||||||||
Total income (loss) from investment activities | 13.09 | 20.87 | (10.63 | ) | 15.28 | 10.20 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.14 | ) | — | (0.09 | ) | (0.14 | ) | (0.11 | ) | |||||||||||
Net realized gains on investments | (1.52 | ) | (14.32 | ) | — | — | — | |||||||||||||
Total distributions | (1.66 | ) | (14.32 | ) | (0.09 | ) | (0.14 | ) | (0.11 | ) | ||||||||||
Net Asset Value, End of Period | $ | 90.68 | $ | 79.25 | $ | 72.70 | $ | 83.42 | $ | 68.28 | ||||||||||
Total Return | 16.76 | % | 30.49 | % | (12.76 | )% | 22.40 | % | 17.55 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.75 | % | 1.71 | % | 1.68 | % | 1.68 | % | 1.69 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.67 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (0.20 | )% | 0.12 | % | (0.09 | )% | 0.12 | % | 0.37 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 17,080 | $ | 17,879 | $ | 11,116 | $ | 39,291 | $ | 32,361 | ||||||||||
Portfolio turnover rate(b) | 123 | % | 71 | % | 67 | % | 107 | % | 203 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP International :: 109
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, 2020, the Fund had a total return of 4.90%. For the same period, the Index had a total return of 7.82%1 and a volatility of 23.88%. 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, 2020, 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, 2020, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP International | 4.90 | % | 4.93 | % | 2.95 | % | ||||||
MSCI EAFE Index® | 7.82 | % | 7.45 | % | 5.51 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP International | 1.65 | % | 1.65 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | 16 | % | ||
Industrials | 15 | % | ||
Health Care | 13 | % | ||
Consumer Discretionary | 13 | % | ||
Consumer Staples | 11 | % | ||
Information Technology | 9 | % | ||
Materials | 8 | % | ||
Communication Services | 5 | % | ||
Utilities | 4 | % | ||
Energy | 3 | % | ||
Real Estate | 3 | % | ||
Country Composition | ||||
Japan | 25 | % | ||
United Kingdom | 14 | % | ||
France | 11 | % | ||
Switzerland | 10 | % | ||
Germany | 9 | % | ||
Australia | 7 | % | ||
Other | 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 | 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.
110 :: ProFund VP International :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a)(b) (100.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $5,554,012 | $ | 5,554,000 | $ | 5,554,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $5,554,000) | 5,554,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $5,554,000)—100.4% | 5,554,000 | |||||||
Net other assets (liabilities)—(0.4)% | (21,556 | ) | ||||||
NET ASSETS—100.0% | $ | 5,532,444 | ||||||
(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, 2020, the aggregate amount held in a segregated account was $840,000. |
(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 | 1/27/21 | 0.40 | % | $ | 2,886,451 | $ | (3,519 | ) | ||||||||||
MSCI EAFE Index | UBS AG | 1/27/21 | 0.90 | % | 2,641,159 | (3,300 | ) | ||||||||||||
$ | 5,527,610 | $ | (6,819 | ) |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP International :: 111
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 5,554,000 | ||
Repurchase agreements, at value | 5,554,000 | |||
Total Investment Securities, at value | 5,554,000 | |||
Cash | 687 | |||
Interest receivable | 3 | |||
Prepaid expenses | 35 | |||
TOTAL ASSETS | 5,554,725 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 724 | |||
Unrealized depreciation on swap agreements | 6,819 | |||
Advisory fees payable | 3,525 | |||
Management services fees payable | 470 | |||
Administration fees payable | 336 | |||
Administrative services fees payable | 3,203 | |||
Distribution fees payable | 3,320 | |||
Transfer agency fees payable | 307 | |||
Fund accounting fees payable | 208 | |||
Compliance services fees payable | 28 | |||
Other accrued expenses | 3,341 | |||
TOTAL LIABILITIES | 22,281 | |||
NET ASSETS | $ | 5,532,444 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 7,069,751 | ||
Total distributable earnings (loss) | (1,537,307 | ) | ||
NET ASSETS | $ | 5,532,444 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 269,620 | |||
Net Asset Value (offering and redemption price per share) | $ | 20.52 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 16,616 | ||
EXPENSES: | ||||
Advisory fees | 39,442 | |||
Management services fees | 5,259 | |||
Administration fees | 4,497 | |||
Transfer agency fees | 3,925 | |||
Administrative services fees | 12,597 | |||
Distribution fees | 13,147 | |||
Custody fees | 797 | |||
Fund accounting fees | 2,708 | |||
Trustee fees | 109 | |||
Compliance services fees | 61 | |||
Other fees | 5,681 | |||
TOTAL NET EXPENSES | 88,223 | |||
NET INVESTMENT INCOME (LOSS) | (71,607 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | 295,215 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 13,230 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 308,445 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 236,838 |
See accompanying notes to financial statements.
112 :: ProFund VP International :: Financial Statements
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (71,607 | ) | $ | 26,163 | |||
Net realized gains (losses) on investments | 295,215 | 1,078,268 | ||||||
Change in net unrealized appreciation/depreciation on investments | 13,230 | (59,987 | ) | |||||
Change in net assets resulting from operations | 236,838 | 1,044,444 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (26,163 | ) | (16,547 | ) | ||||
Change in net assets resulting from distributions | (26,163 | ) | (16,547 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 9,567,191 | 9,409,815 | ||||||
Distributions reinvested | 26,163 | 16,547 | ||||||
Value of shares redeemed | (9,950,961 | ) | (10,914,998 | ) | ||||
Change in net assets resulting from capital transactions | (357,607 | ) | (1,488,636 | ) | ||||
Change in net assets | (146,932 | ) | (460,739 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 5,679,376 | 6,140,115 | ||||||
End of period | $ | 5,532,444 | $ | 5,679,376 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 537,342 | 509,595 | ||||||
Reinvested | 1,410 | 933 | ||||||
Redeemed | (557,950 | ) | (593,256 | ) | ||||
Change in shares | (19,198 | ) | (82,728 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP International :: 113
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 19.66 | $ | 16.53 | $ | 23.47 | $ | 19.27 | $ | 19.45 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.24 | ) | 0.08 | 0.04 | (0.18 | ) | (0.27 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 1.19 | 3.10 | (3.26 | ) | 4.38 | 0.09 | ||||||||||||||
Total income (loss) from investment activities | 0.95 | 3.18 | (3.22 | ) | 4.20 | (0.18 | ) | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.09 | ) | (0.05 | ) | — | — | — | |||||||||||||
Net realized gains on investments | — | — | (3.72 | ) | — | — | ||||||||||||||
Total distributions | (0.09 | ) | (0.05 | ) | (3.72 | ) | — | — | ||||||||||||
Net Asset Value, End of Period | $ | 20.52 | $ | 19.66 | $ | 16.53 | $ | 23.47 | $ | 19.27 | ||||||||||
Total Return | 4.90 | % | 19.27 | % | (15.76 | )%(b) | 21.80 | % | (0.93 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.68 | % | 1.65 | % | 1.57 | % | 1.68 | % | 1.68 | % | ||||||||||
Net expenses | 1.68 | % | 1.65 | % | 1.50 | %(b) | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.36 | )% | 0.43 | % | 0.20 | %(b) | (0.81 | )% | (1.42 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 5,532 | $ | 5,679 | $ | 6,140 | $ | 15,131 | $ | 6,320 | ||||||||||
Portfolio turnover rate(c) | — | — | — | — | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.57% and 0.13%, respectively, and the total return would have been (15.84)%. |
(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). |
See accompanying notes to financial statements.
114 :: 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, 2020, the Fund had a total return of 50.82%. For the same period, the Index had a total return of 53.51%1 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.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, 2020, 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 Internet from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Internet | 50.82 | % | 21.81 | % | 18.63 | % | ||||||
Dow Jones Internet CompositeSM Index | 53.51 | % | 23.95 | % | 20.69 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Internet | 1.69 | % | 1.68 | % | ||||
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | — | (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 | |||
Amazon.com, Inc. | 10.0 | % | ||
Alphabet, Inc. | 8.5 | % | ||
Facebook, Inc. | 7.0 | % | ||
PayPal Holdings, Inc. | 5.5 | % | ||
Netflix, Inc. | 5.1 | % |
Dow Jones Internet CompositeSM Index – Composition
% of Index | ||||
Interactive Media & Services | 27 | % | ||
Software | 22 | % | ||
Internet & Direct Marketing Retail | 18 | % | ||
IT Services | 14 | % | ||
Communications Equipment | 9 | % | ||
Entertainment | 5 | % | ||
Health Care Technology | 4 | % | ||
Diversified Telecommunication 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 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.
Financial Statements :: ProFund VP Internet :: 115
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (99.8%)
Shares | Value | |||||||
2U, Inc.* (Software) | 5,458 | $ | 218,375 | |||||
Akamai Technologies, Inc.* (IT Services) | 3,961 | 415,865 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 649 | 1,137,463 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 627 | 1,098,429 | ||||||
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | 811 | 2,641,370 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 1,410 | 409,704 | ||||||
Box, Inc.*—Class A (Software) | 10,622 | 191,727 | ||||||
Ciena Corp.* (Communications Equipment) | 6,101 | 322,438 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 25,646 | 1,147,658 | ||||||
Citrix Systems, Inc. (Software) | 3,069 | 399,277 | ||||||
Cloudera, Inc.* (Software) | 15,405 | 214,284 | ||||||
CommScope Holding Co., Inc.* (Communications Equipment) | 14,334 | 192,076 | ||||||
Coupa Software, Inc.* (Software) | 1,494 | 506,332 | ||||||
Datadog, Inc.*—Class A (Software) | 4,504 | 443,374 | ||||||
DocuSign, Inc.* (Software) | 2,842 | 631,777 | ||||||
Dropbox, Inc.* (Software) | 12,589 | 279,350 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 11,314 | 568,529 | ||||||
Etsy, Inc.* (Internet & Direct Marketing Retail) | 2,811 | 500,105 | ||||||
Expedia Group, Inc. (Internet & Direct Marketing Retail) | 3,257 | 431,227 | ||||||
Facebook, Inc.*—Class A (Interactive Media & Services) | 6,729 | 1,838,095 | ||||||
Fastly, Inc.*—Class A (IT Services) | 3,235 | 282,642 | ||||||
GoDaddy, Inc.*—Class A (IT Services) | 4,512 | 374,270 | ||||||
Grubhub, Inc.* (Internet & Direct Marketing Retail) | 3,857 | 286,459 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 13,091 | 294,678 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 4,171 | 630,613 | ||||||
Netflix, Inc.* (Entertainment) | 2,486 | 1,344,255 | ||||||
Okta, Inc.* (IT Services) | 2,257 | 573,865 | ||||||
PayPal Holdings, Inc.* (IT Services) | 6,171 | 1,445,249 | ||||||
Pinterest, Inc.*—Class A (Interactive Media & Services) | 8,480 | 558,832 | ||||||
Salesforce.com, Inc.* (Software) | 5,364 | 1,193,650 | ||||||
Smartsheet, Inc.* (Software) | 4,429 | 306,885 | ||||||
Snap, Inc.* (Interactive Media & Services) | 13,303 | 666,081 | ||||||
Teladoc Health, Inc.* (Health Care Technology) | 2,517 | 503,299 | ||||||
Twitter, Inc.* (Interactive Media & Services) | 12,719 | 688,734 | ||||||
Veeva Systems, Inc.*—Class A (Health Care Technology) | 2,248 | 612,018 | ||||||
VeriSign, Inc.* (IT Services) | 2,213 | 478,893 | ||||||
Vonage Holdings Corp.* (Diversified Telecommunication Services) | 15,360 | 197,760 | ||||||
Wayfair, Inc.*—Class A (Internet & Direct Marketing Retail) | 1,744 | 393,813 | ||||||
Workday, Inc.*—Class A (Software) | 2,804 | 671,866 | ||||||
Zillow Group, Inc.*—Class A (Interactive Media & Services) | 779 | 105,897 | ||||||
Zillow Group, Inc.*—Class C (Interactive Media & Services) | 3,164 | 410,687 | ||||||
Zoom Video Communications, Inc.*—Class A (Software) | 2,120 | 715,118 | ||||||
TOTAL COMMON STOCKS (Cost $11,960,659) | 26,323,019 |
Repurchase Agreements(a) (0.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $116,000 | $ | 116,000 | $ | 116,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $116,000) | 116,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $12,076,659)—100.2% | 26,439,019 | |||||||
Net other assets (liabilities)—(0.2)% | (40,271 | ) | ||||||
NET ASSETS—100.0% | $ | 26,398,748 | ||||||
* | 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 | 1/25/21 | 0.60% | $ | 90,842 | $ | (5,460 | ) | |||||||||
(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, 2020, 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.
116 :: ProFund VP Internet :: Financial Statements
ProFund VP Internet invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Communications Equipment | $ | 2,366,554 | 9.0 | % | ||||
Diversified Telecommunication Services | 197,760 | 0.7 | % | |||||
Entertainment | 1,344,255 | 5.1 | % | |||||
Health Care Technology | 1,115,317 | 4.2 | % | |||||
Interactive Media & Services | 7,134,831 | 27.1 | % | |||||
Internet & Direct Marketing Retail | 4,821,503 | 18.3 | % | |||||
IT Services | 3,570,784 | 13.5 | % | |||||
Software | 5,772,015 | 21.9 | % | |||||
Other** | 75,729 | 0.2 | % | |||||
Total | $ | 26,398,748 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Internet :: 117
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 12,076,659 | ||
Securities, at value | 26,323,019 | |||
Repurchase agreements, at value | 116,000 | |||
Total Investment Securities, at value | 26,439,019 | |||
Cash | 318 | |||
Receivable for capital shares issued | 28,636 | |||
Prepaid expenses | 101 | |||
TOTAL ASSETS | 26,468,074 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 7,158 | |||
Unrealized depreciation on swap agreements | 5,460 | |||
Advisory fees payable | 16,131 | |||
Management services fees payable | 2,151 | |||
Administration fees payable | 1,669 | |||
Administrative services fees payable | 10,429 | |||
Distribution fees payable | 11,369 | |||
Transfer agency fees payable | 1,401 | |||
Fund accounting fees payable | 961 | |||
Compliance services fees payable | 129 | |||
Other accrued expenses | 12,468 | |||
TOTAL LIABILITIES | 69,326 | |||
NET ASSETS | $ | 26,398,748 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 9,513,790 | ||
Total distributable earnings (loss) | 16,884,958 | |||
NET ASSETS | $ | 26,398,748 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 450,881 | |||
Net Asset Value (offering and redemption price per share) | $ | 58.55 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 62,589 | ||
Interest | 1,728 | |||
Income from securities lending | 58 | |||
TOTAL INVESTMENT INCOME | 64,375 | |||
EXPENSES: | ||||
Advisory fees | 153,620 | |||
Management services fees | 20,482 | |||
Administration fees | 18,624 | |||
Transfer agency fees | 15,039 | |||
Administrative services fees | 52,356 | |||
Distribution fees | 51,207 | |||
Custody fees | 3,129 | |||
Fund accounting fees | 10,472 | |||
Trustee fees | 409 | |||
Compliance services fees | 253 | |||
Other fees | 24,716 | |||
Total Gross Expenses before reductions | 350,307 | |||
Expenses reduced and reimbursed by the Advisor | (6,197 | ) | ||
TOTAL NET EXPENSES | 344,110 | |||
NET INVESTMENT INCOME (LOSS) | (279,735 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 3,907,475 | |||
Net realized gains (losses) on swap agreements | 184,525 | |||
Change in net unrealized appreciation/depreciation on investment securities | 4,480,696 | |||
Change in net unrealized appreciation/depreciation on swap agreements | (4,709 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 8,567,987 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 8,288,252 |
See accompanying notes to financial statements.
118 :: ProFund VP Internet :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (279,735 | ) | $ | (240,881 | ) | ||
Net realized gains (losses) on investments | 4,092,000 | 3,393,226 | ||||||
Change in net unrealized appreciation/depreciation on investments | 4,475,987 | (193,427 | ) | |||||
Change in net assets resulting from operations | 8,288,252 | 2,958,918 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (2,716,437 | ) | (491,896 | ) | ||||
Change in net assets resulting from distributions | (2,716,437 | ) | (491,896 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 27,276,562 | 33,569,114 | ||||||
Distributions reinvested | 2,716,437 | 491,896 | ||||||
Value of shares redeemed | (25,759,486 | ) | (37,851,719 | ) | ||||
Change in net assets resulting from capital transactions | 4,233,513 | (3,790,709 | ) | |||||
Change in net assets | 9,805,328 | (1,323,687 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 16,593,420 | 17,917,107 | ||||||
End of period | $ | 26,398,748 | $ | 16,593,420 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 541,488 | 761,465 | (a) | |||||
Reinvested | 47,498 | 11,504 | (a) | |||||
Redeemed | (523,130 | ) | (867,050 | )(a) | ||||
Change in shares | 65,856 | (94,081 | ) |
(a) | 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 financial statements.
Financial Highlights :: ProFund VP Internet :: 119
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a) | Year Ended Dec. 31, 2016(a) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 43.10 | $ | 37.40 | $ | 37.12 | $ | 27.28 | $ | 27.49 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(b) | (0.69 | ) | (0.54 | ) | (0.59 | ) | (0.47 | ) | (0.40 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments | 22.44 | 7.27 | 2.80 | 10.31 | 1.93 | |||||||||||||||
Total income (loss) from investment activities | 21.75 | 6.73 | 2.21 | 9.84 | 1.53 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net realized gains on investments | (6.30 | ) | (1.03 | ) | (1.93 | ) | — | (1.74 | ) | |||||||||||
Net Asset Value, End of Period | $ | 58.55 | $ | 43.10 | $ | 37.40 | $ | 37.12 | $ | 27.28 | ||||||||||
Total Return | 50.82 | % | 18.03 | % | 4.93 | % | 36.05 | % | 5.53 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.71 | % | 1.69 | % | 1.64 | % | 1.64 | % | 1.68 | % | ||||||||||
Net expenses | 1.68 | % | 1.69 | %(c) | 1.64 | % | 1.64 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.36 | )% | (1.24 | )% | (1.39 | )% | (1.43 | )% | (1.52 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 26,399 | $ | 16,593 | $ | 17,917 | $ | 16,656 | $ | 12,356 | ||||||||||
Portfolio turnover rate(d | 116 | % | 163 | % | 138 | % | 116 | % | 113 | % |
(a) | As described in Note 8, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
120 :: ProFund VP Japan :: Management Discussion of Fund Performance
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, 2020, the Fund had a total return of 15.93%. For the same period, the Index had a total return of 24.47%1, as measured in unhedged U.S. dollar terms, or 18.26%1 in local (Japanese yen) terms and a volatility of 25.82%. 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, 2020, 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 Japan from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Japan | 15.93 | % | 7.89 | % | 9.02 | % | ||||||
Nikkei 225 Stock Average - USD | 24.47 | % | 13.14 | % | 9.83 | % | ||||||
Nikkei 225 Stock Average - Yen | 18.26 | % | 9.73 | % | 12.52 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Japan | 1.74 | % | 1.68 | % | |||||
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | — | (a) | ||
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.
(a) | Amount is less than 0.5%. |
Holdings
The ProFund VP Japan primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Nikkei 225 Stock Average – Composition
% of Index | ||||
Consumer Discretionary | 23 | % | ||
Industrials | 19 | % | ||
Information Technology | 17 | % | ||
Health Care | 14 | % | ||
communication Services | 11 | % | ||
Consumer Staples | 7 | % | ||
Materials | 6 | % | ||
Financials | 2 | % | ||
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 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.
Financial Statements :: ProFund VP Japan :: 121
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a) (92.5%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $10,796,023 | $ | 10,796,000 | $ | 10,796,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $10,796,000) | 10,796,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,796,000)—92.5% | 10,796,000 | |||||||
Net other assets (liabilities)—7.5% | 872,130 | |||||||
NET ASSETS—100.0% | $ | 11,668,130 |
(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 | 84 | 3/12/21 | $ | 11,564,700 | $ | 273,101 | ||||||||
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 | 1/27/21 | 0.50 | % | $ | 49,564 | $ | 2,094 | ||||||||
(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, 2020, 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.
122 :: ProFund VP Japan :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 10,796,000 | ||
Repurchase agreements, at value | 10,796,000 | |||
Total Investment Securities, at value | 10,796,000 | |||
Cash | 184 | |||
Segregated cash balances for futures contracts with brokers | 684,750 | |||
Interest receivable | 6 | |||
Unrealized appreciation on swap agreements | 2,094 | |||
Receivable for capital shares issued | 186,635 | |||
Variation margin on futures contracts | 41,447 | |||
Prepaid expenses | 42 | |||
TOTAL ASSETS | 11,711,158 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 16,743 | |||
Advisory fees payable | 7,294 | |||
Management services fees payable | 972 | |||
Administration fees payable | 688 | |||
Administrative services fees payable | 4,447 | |||
Distribution fees payable | 4,579 | |||
Transfer agency fees payable | 577 | |||
Fund accounting fees payable | 391 | |||
Compliance services fees payable | 46 | |||
Other accrued expenses | 7,291 | |||
TOTAL LIABILITIES | 43,028 | |||
NET ASSETS | $ | 11,668,130 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 10,559,508 | ||
Total distributable earnings (loss) | 1,108,622 | |||
NET ASSETS | $ | 11,668,130 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 183,328 | |||
Net Asset Value (offering and redemption price per share) | $ | 63.65 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 23,318 | ||
EXPENSES: | ||||
Advisory fees | 57,545 | |||
Management services fees | 7,673 | |||
Administration fees | 6,986 | |||
Transfer agency fees | 5,607 | |||
Administrative services fees | 22,030 | |||
Distribution fees | 19,182 | |||
Custody fees | 1,143 | |||
Fund accounting fees | 3,864 | |||
Trustee fees | 156 | |||
Compliance services fees | 90 | |||
Other fees | 10,122 | |||
Total Gross Expenses before reductions | 134,398 | |||
Expenses reduced and reimbursed by the Advisor | (5,496 | ) | ||
TOTAL NET EXPENSES | 128,902 | |||
NET INVESTMENT INCOME (LOSS) | (105,584 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on futures contracts | 1,213,763 | |||
Net realized gains (losses) on swap agreements | 18,938 | |||
Change in net unrealized appreciation/depreciation on futures contracts | 259,503 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 2,094 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 1,494,298 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,388,714 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Japan :: 123
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (105,584 | ) | $ | 18,886 | |||
Net realized gains (losses) on investments | 1,232,701 | 793,232 | ||||||
Change in net unrealized appreciation/depreciation on investments | 261,597 | 621,320 | ||||||
Change in net assets resulting from operations | 1,388,714 | 1,433,438 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (18,886 | ) | (9,941 | ) | ||||
Change in net assets resulting from distributions | (18,886 | ) | (9,941 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 15,082,367 | 15,089,180 | ||||||
Distributions reinvested | 18,886 | 9,941 | ||||||
Value of shares redeemed | (14,121,561 | ) | (15,809,594 | ) | ||||
Change in net assets resulting from capital transactions | 979,692 | (710,473 | ) | |||||
Change in net assets | 2,349,520 | 713,024 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 9,318,610 | 8,605,586 | ||||||
End of period | $ | 11,668,130 | $ | 9,318,610 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 275,712 | 292,924 | ||||||
Reinvested | 347 | 206 | ||||||
Redeemed | (261,962 | ) | (311,178 | ) | ||||
Change in shares | 14,097 | (18,048 | ) |
See accompanying notes to financial statements.
124 :: ProFund VP Japan :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016(a) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 55.06 | $ | 45.95 | $ | 52.00 | $ | 43.90 | $ | 43.71 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(b) | (0.73 | ) | 0.12 | 0.05 | (0.41 | ) | (0.56 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 9.48 | 9.06 | (6.10 | ) | 8.51 | 0.75 | ||||||||||||||
Total income (loss) from investment activities | 8.75 | 9.18 | (6.05 | ) | 8.10 | 0.19 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.16 | ) | (0.07 | ) | — | — | — | |||||||||||||
Net Asset Value, End of Period | $ | 63.65 | $ | 55.06 | $ | 45.95 | $ | 52.00 | $ | 43.90 | ||||||||||
Total Return | 15.93 | % | 20.00 | % | (11.63 | )%(c) | 18.45 | % | 0.41 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.75 | % | 1.74 | % | 1.63 | % | 1.71 | % | 1.69 | % | ||||||||||
Net expenses | 1.68 | % | 1.74 | %(d) | 1.56 | %(c) | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.38 | )% | 0.23 | % | 0.09 | %(c) | (0.89 | )% | (1.44 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 11,668 | $ | 9,319 | $ | 8,606 | $ | 12,840 | $ | 11,563 | ||||||||||
Portfolio turnover rate(e) | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 5, 2016. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.63% and 0.02%, respectively, and the total return would have been (11.71)%. |
(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 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) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP Large-Cap Growth :: 125
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, 2020, the Fund had a total return of 30.93%. For the same period, the Index had a total return of 33.47%1 and a volatility of 35.32%. 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Large-Cap Growth | 30.93 | % | 16.86 | % | 14.51 | % | ||||||
S&P 500® Growth Index | 33.47 | % | 18.98 | % | 16.49 | % |
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, 2020. Contractual fee waivers are in effect through April 30, 2021. 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.
Largest Equity Holdings
Company | % of Net Assets | |||
Apple, Inc. | 12.5 | % | ||
Microsoft Corp. | 9.9 | % | ||
Amazon.com, Inc. | 8.2 | % | ||
Alphabet, Inc. | 6.1 | % | ||
Facebook, Inc. | 3.9 | % |
S&P 500® Growth Index – Composition
% of Index | ||||
Information Technology | 41 | % | ||
Consumer Discretionary | 17 | % | ||
Communication Services | 14 | % | ||
Health Care | 12 | % | ||
Industrials | 5 | % | ||
Consumer Staples | 4 | % | ||
Financials | 3 | % | ||
Materials | 2 | % | ||
Real Estate | 1 | % | ||
Utilities | 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.
126 :: ProFund VP Large-Cap Growth :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (98.9%)
Shares | Value | |||||||
Abbott Laboratories (Health Care Equipment & Supplies) | 1,848 | $ | 202,339 | |||||
AbbVie, Inc. (Biotechnology) | 2,307 | 247,195 | ||||||
ABIOMED, Inc.* (Health Care Equipment & Supplies) | 80 | 25,936 | ||||||
Accenture PLC—Class A (IT Services) | 628 | 164,040 | ||||||
Activision Blizzard, Inc. (Entertainment) | 804 | 74,651 | ||||||
Adobe, Inc.* (Software) | 848 | 424,103 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 2,124 | 194,792 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 389 | 46,093 | ||||||
Air Products & Chemicals, Inc. (Chemicals) | 180 | 49,180 | ||||||
Akamai Technologies, Inc.* (IT Services) | 183 | 19,213 | ||||||
Albemarle Corp. (Chemicals) | 188 | 27,734 | ||||||
Alexion Pharmaceuticals, Inc.* (Biotechnology) | 282 | 44,060 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 127 | 67,866 | ||||||
Allegion PLC (Building Products) | 69 | 8,030 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 531 | 930,652 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 513 | 898,714 | ||||||
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | 754 | 2,455,725 | ||||||
American Tower Corp. (Equity Real Estate Investment Trusts) | 401 | 90,007 | ||||||
American Water Works Co., Inc. (Water Utilities) | 160 | 24,555 | ||||||
AMETEK, Inc. (Electrical Equipment) | 198 | 23,946 | ||||||
Amgen, Inc. (Biotechnology) | 514 | 118,179 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 327 | 42,761 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 280 | 41,364 | ||||||
ANSYS, Inc.* (Software) | 152 | 55,298 | ||||||
Aon PLC (Insurance) | 210 | 44,367 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 28,236 | 3,746,635 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 1,612 | 139,116 | ||||||
Aptiv PLC (Auto Components) | 320 | 41,693 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 96 | 27,895 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 146 | 18,062 | ||||||
Autodesk, Inc.* (Software) | 389 | 118,777 | ||||||
Automatic Data Processing, Inc. (IT Services) | 364 | 64,137 | ||||||
AutoZone, Inc.* (Specialty Retail) | 23 | 27,265 | ||||||
Avery Dennison Corp. (Containers & Packaging) | 62 | 9,617 | ||||||
Ball Corp. (Containers & Packaging) | 369 | 34,383 | ||||||
Best Buy Co., Inc. (Specialty Retail) | 203 | 20,257 | ||||||
Biogen, Inc.* (Biotechnology) | 144 | 35,260 | ||||||
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | 38 | 22,152 | ||||||
BlackRock, Inc.—Class A (Capital Markets) | 175 | 126,270 | ||||||
Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | 28 | 62,364 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 2,075 | 128,712 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 486 | 212,795 | ||||||
Broadridge Financial Solutions, Inc. (IT Services) | 102 | 15,626 | ||||||
Brown-Forman Corp.—Class B (Beverages) | 160 | 12,709 | ||||||
Cadence Design Systems, Inc.* (Software) | 491 | 66,987 | ||||||
Carrier Global Corp. (Building Products) | 920 | 34,703 | ||||||
Catalent, Inc.* (Pharmaceuticals) | 290 | 30,180 | ||||||
Caterpillar, Inc. (Machinery) | 452 | 82,273 | ||||||
Cboe Global Markets, Inc. (Capital Markets) | 96 | 8,940 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 111 | 14,629 | ||||||
Cerner Corp. (Health Care Technology) | 231 | 18,129 | ||||||
Charter Communications, Inc.*—Class A (Media) | 258 | 170,680 | ||||||
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | 50 | 69,336 | ||||||
Church & Dwight Co., Inc. (Household Products) | 293 | 25,558 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 102 | 36,053 | ||||||
Citrix Systems, Inc. (Software) | 141 | 18,344 | ||||||
Cognizant Technology Solutions Corp.— Class A (IT Services) | 481 | 39,418 | ||||||
Colgate-Palmolive Co. (Household Products) | 786 | 67,211 | ||||||
Comcast Corp.—Class A (Media) | 3,548 | 185,915 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 366 | 46,574 | ||||||
Corning, Inc. (Electronic Equipment, Instruments & Components) | 633 | 22,788 | ||||||
Costco Wholesale Corp. (Food & Staples Retailing) | 414 | 155,987 | ||||||
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | 458 | 72,909 | ||||||
CSX Corp. (Road & Rail) | 702 | 63,707 | ||||||
Cummins, Inc. (Machinery) | 112 | 25,435 | ||||||
Danaher Corp. (Health Care Equipment & Supplies) | 760 | 168,826 | ||||||
DaVita, Inc.* (Health Care Providers & Services) | 130 | 15,262 | ||||||
Deere & Co. (Machinery) | 416 | 111,924 | ||||||
DexCom, Inc.* (Health Care Equipment & Supplies) | 170 | 62,852 | ||||||
Dollar General Corp. (Multiline Retail) | 433 | 91,060 | ||||||
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | 70 | 26,842 | ||||||
Dow, Inc. (Chemicals) | 641 | 35,576 | ||||||
DR Horton, Inc. (Household Durables) | 351 | 24,191 | ||||||
Duke Realty Corp. (Equity Real Estate Investment Trusts) | 268 | 10,712 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 1,155 | 58,039 | ||||||
Ecolab, Inc. (Chemicals) | 202 | 43,705 | ||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 626 | 57,110 | ||||||
Electronic Arts, Inc. (Entertainment) | 277 | 39,777 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 855 | 144,358 | ||||||
Emerson Electric Co. (Electrical Equipment) | 421 | 33,836 | ||||||
Equifax, Inc. (Professional Services) | 107 | 20,634 | ||||||
Equinix, Inc. (Equity Real Estate Investment Trusts) | 92 | 65,705 | ||||||
Etsy, Inc.* (Internet & Direct Marketing Retail) | 223 | 39,674 | ||||||
Expedia Group, Inc. (Internet & Direct Marketing Retail) | 86 | 11,386 | ||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 194 | 18,451 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Growth :: 127
Common Stocks, continued
Shares | Value | |||||||
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | 108 | $ | 12,513 | |||||
F5 Networks, Inc.* (Communications Equipment) | 48 | 8,445 | ||||||
Facebook, Inc.*—Class A (Interactive Media & Services) | 4,248 | 1,160,383 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 759 | 37,061 | ||||||
FedEx Corp. (Air Freight & Logistics) | 274 | 71,136 | ||||||
First Republic Bank (Banks) | 163 | 23,950 | ||||||
Fiserv, Inc.* (IT Services) | 668 | 76,058 | ||||||
FleetCor Technologies, Inc.* (IT Services) | 64 | 17,461 | ||||||
FMC Corp. (Chemicals) | 229 | 26,319 | ||||||
Fortinet, Inc.* (Software) | 238 | 35,350 | ||||||
Fortune Brands Home & Security, Inc. (Building Products) | 139 | 11,915 | ||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 1,588 | 41,320 | ||||||
Garmin, Ltd. (Household Durables) | 147 | 17,590 | ||||||
Gartner, Inc.* (IT Services) | 84 | 13,456 | ||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 254 | 13,409 | ||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 180 | 20,027 | ||||||
Hologic, Inc.* (Health Care Equipment & Supplies) | 326 | 23,743 | ||||||
Humana, Inc. (Health Care Providers & Services) | 121 | 49,643 | ||||||
IDEX Corp. (Machinery) | 61 | 12,151 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 151 | 75,480 | ||||||
IHS Markit, Ltd. (Professional Services) | 427 | 38,357 | ||||||
Illinois Tool Works, Inc. (Machinery) | 224 | 45,669 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 129 | 47,730 | ||||||
Incyte Corp.* (Biotechnology) | 206 | 17,918 | ||||||
Intercontinental Exchange, Inc. (Capital Markets) | 535 | 61,680 | ||||||
Intuit, Inc. (Software) | 464 | 176,250 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 145 | 118,625 | ||||||
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | 29 | 6,490 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 217 | 38,880 | ||||||
J.B. Hunt Transport Services, Inc. (Road & Rail) | 87 | 11,889 | ||||||
Jack Henry & Associates, Inc. (IT Services) | 65 | 10,529 | ||||||
Jacobs Engineering Group, Inc. (Construction & Engineering) | 141 | 15,363 | ||||||
Johnson & Johnson (Pharmaceuticals) | 1,861 | 292,885 | ||||||
Kansas City Southern (Road & Rail) | 85 | 17,351 | ||||||
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 187 | 24,701 | ||||||
Kimberly-Clark Corp. (Household Products) | 229 | 30,876 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 274 | 70,941 | ||||||
L Brands, Inc. (Specialty Retail) | 230 | 8,554 | ||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 212 | 40,072 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 255 | 120,429 | ||||||
Lamb Weston Holding, Inc. (Food Products) | 94 | 7,402 | ||||||
Linde PLC (Chemicals) | 538 | 141,767 | ||||||
Lockheed Martin Corp. (Aerospace & Defense) | 200 | 70,997 | ||||||
Lowe’s Cos.,Inc. (Specialty Retail) | 919 | 147,509 | ||||||
MarketAxess Holdings, Inc. (Capital Markets) | 67 | 38,228 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | — | (a) | 42 | |||||
Marsh & McLennan Cos., Inc. (Insurance) | 439 | 51,363 | ||||||
Masco Corp. (Building Products) | 202 | 11,096 | ||||||
Mastercard, Inc.—Class A (IT Services) | 1,056 | 376,929 | ||||||
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | 281 | 24,911 | ||||||
McCormick & Co., Inc. (Food Products) | 192 | 18,355 | ||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 527 | 113,084 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 2,144 | 175,379 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 42 | 47,866 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 331 | 45,714 | ||||||
Microsoft Corp. (Software) | 13,358 | 2,971,087 | ||||||
Monster Beverage Corp.* (Beverages) | 652 | 60,297 | ||||||
Moody’s Corp. (Capital Markets) | 206 | 59,789 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 135 | 22,958 | ||||||
MSCI, Inc.—Class A (Capital Markets) | 146 | 65,193 | ||||||
Nasdaq, Inc. (Capital Markets) | 132 | 17,522 | ||||||
Netflix, Inc.* (Entertainment) | 781 | 422,311 | ||||||
Newmont Corp. (Metals & Mining) | 779 | 46,654 | ||||||
NextEra Energy, Inc. (Electric Utilities) | 1,487 | 114,722 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 1,418 | 200,604 | ||||||
Norfolk Southern Corp. (Road & Rail) | 202 | 47,997 | ||||||
NRG Energy, Inc. (Independent Power and Renewable Electricity Producers) | 253 | 9,500 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 1,093 | 570,764 | ||||||
Old Dominion Freight Line, Inc. (Road & Rail) | 170 | 33,181 | ||||||
Oracle Corp. (Software) | 1,841 | 119,094 | ||||||
O’Reilly Automotive, Inc.* (Specialty Retail) | 88 | 39,826 | ||||||
Otis Worldwide Corp. (Machinery) | 372 | 25,129 | ||||||
Parker-Hannifin Corp. (Machinery) | 118 | 32,144 | ||||||
Paychex, Inc. (IT Services) | 298 | 27,768 | ||||||
Paycom Software, Inc.* (Software) | 87 | 39,346 | ||||||
PayPal Holdings, Inc.* (IT Services) | 2,071 | 485,028 | ||||||
PepsiCo, Inc. (Beverages) | 1,025 | 152,007 | ||||||
PerkinElmer, Inc. (Life Sciences Tools & Services) | 198 | 28,413 | ||||||
Pool Corp. (Distributors) | 71 | 26,448 | ||||||
Public Storage (Equity Real Estate Investment Trusts) | 115 | 26,557 | ||||||
PulteGroup, Inc. (Household Durables) | 240 | 10,349 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 202 | 33,587 | ||||||
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | 1,998 | 304,375 | ||||||
Quanta Services, Inc. (Construction & Engineering) | 141 | 10,155 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 185 | 89,375 | ||||||
ResMed, Inc. (Health Care Equipment & Supplies) | 257 | 54,628 | ||||||
Rockwell Automation, Inc. (Electrical Equipment) | 115 | 28,843 | ||||||
Rollins, Inc. (Commercial Services & Supplies) | 389 | 15,198 | ||||||
Roper Technologies, Inc. (Industrial Conglomerates) | 100 | 43,109 | ||||||
S&P Global, Inc. (Capital Markets) | 426 | 140,038 |
See accompanying notes to financial statements.
128 :: ProFund VP Large-Cap Growth :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Salesforce.com, Inc.* (Software) | 1,616 | $ | 359,608 | |||||
SBA Communications Corp. (Equity Real Estate Investment Trusts) | 127 | 35,831 | ||||||
Sealed Air Corp. (Containers & Packaging) | 178 | 8,151 | ||||||
ServiceNow, Inc.* (Software) | 345 | 189,898 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 152 | 23,238 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 1,202 | 128,590 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 86 | 16,300 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 283 | 69,346 | ||||||
SVB Financial Group* (Banks) | 92 | 35,680 | ||||||
Synopsys, Inc.* (Software) | 270 | 69,995 | ||||||
T. Rowe Price Group, Inc. (Capital Markets) | 240 | 36,334 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 203 | 42,181 | ||||||
Target Corp. (Multiline Retail) | 584 | 103,093 | ||||||
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | 221 | 26,756 | ||||||
Teledyne Technologies, Inc.* (Aerospace & Defense) | 32 | 12,543 | ||||||
Teleflex, Inc. (Health Care Equipment & Supplies) | 39 | 16,051 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 292 | 35,008 | ||||||
Tesla, Inc.* (Automobiles) | 1,340 | 945,598 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 859 | 140,988 | ||||||
The AES Corp. (Independent Power and Renewable Electricity Producers) | 445 | 10,458 | ||||||
The Clorox Co. (Household Products) | 149 | 30,086 | ||||||
The Coca-Cola Co. (Beverages) | 2,389 | 131,013 | ||||||
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | 36 | 13,080 | ||||||
The Estee Lauder Co., Inc. (Personal Products) | 224 | 59,627 | ||||||
The Hershey Co. (Food Products) | 107 | 16,299 | ||||||
The Home Depot, Inc. (Specialty Retail) | 1,370 | 363,900 | ||||||
The Procter & Gamble Co. (Household Products) | 2,103 | 292,611 | ||||||
The Progressive Corp. (Insurance) | 661 | 65,359 | ||||||
The Sherwin-Williams Co. (Chemicals) | 99 | 72,756 | ||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 700 | 326,045 | ||||||
T-Mobile US, Inc.* (Wireless Telecommunication Services) | 710 | 95,744 | ||||||
Tractor Supply Co. (Specialty Retail) | 206 | 28,959 | ||||||
Trane Technologies PLC (Building Products) | 195 | 28,306 | ||||||
TransDigm Group, Inc.* (Aerospace & Defense) | 58 | 35,893 | ||||||
Twitter, Inc.* (Interactive Media & Services) | 1,404 | 76,027 | ||||||
Tyler Technologies, Inc.* (Software) | 72 | 31,429 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 51 | 14,645 | ||||||
Union Pacific Corp. (Road & Rail) | 572 | 119,101 | ||||||
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | 884 | 148,866 | ||||||
United Rentals, Inc.* (Trading Companies & Distributors) | 127 | 29,453 | ||||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 872 | 305,793 | ||||||
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies) | 100 | 17,501 | ||||||
VeriSign, Inc.* (IT Services) | 75 | 16,230 | ||||||
Verisk Analytics, Inc.—Class A (Professional Services) | 287 | 59,579 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 460 | 108,716 | ||||||
Visa, Inc.—Class A (IT Services) | 1,797 | 393,058 | ||||||
Vulcan Materials Co. (Construction Materials) | 99 | 14,683 | ||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 49 | 20,009 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 266 | 31,369 | ||||||
Waters Corp.* (Life Sciences Tools & Services) | 61 | 15,093 | ||||||
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | 130 | 36,830 | ||||||
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | 434 | 61,528 | ||||||
Xylem, Inc. (Machinery) | 145 | 14,760 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 229 | 24,860 | ||||||
Zebra Technologies Corp.*—Class A (Electronic Equipment, Instruments & Components) | 69 | 26,519 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 614 | 101,617 | ||||||
TOTAL COMMON STOCKS (Cost $12,783,903) | 29,640,429 |
Repurchase Agreements(b) (0.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $121,000 | $ | 121,000 | $ | 121,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $121,000) | 121,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $12,904,903)—99.3% | 29,761,429 | |||||||
Net other assets (liabilities)—0.7% | 201,376 | |||||||
NET ASSETS—100.0% | $ | 29,962,805 |
* | Non-income producing security. |
(a) | Number of shares is less than 0.50 |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Growth :: 129
ProFund VP Large-Cap Growth invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 159,505 | 0.5 | % | ||||
Air Freight & Logistics | 238,453 | 0.8 | % | |||||
Auto Components | 41,693 | 0.1 | % | |||||
Automobiles | 945,598 | 3.2 | % | |||||
Banks | 59,630 | 0.2 | % | |||||
Beverages | 356,026 | 1.2 | % | |||||
Biotechnology | 660,703 | 2.2 | % | |||||
Building Products | 94,050 | 0.3 | % | |||||
Capital Markets | 553,994 | 1.8 | % | |||||
Chemicals | 397,037 | 1.3 | % | |||||
Commercial Services & Supplies | 129,194 | 0.4 | % | |||||
Communications Equipment | 59,298 | 0.2 | % | |||||
Construction & Engineering | 25,518 | 0.1 | % | |||||
Construction Materials | 14,683 | NM | ||||||
Containers & Packaging | 52,151 | 0.2 | % | |||||
Distributors | 26,448 | 0.1 | % | |||||
Electric Utilities | 114,722 | 0.3 | % | |||||
Electrical Equipment | 86,625 | 0.3 | % | |||||
Electronic Equipment, Instruments & Components | 164,644 | 0.5 | % | |||||
Entertainment | 578,920 | 1.9 | % | |||||
Equity Real Estate Investment Trusts | 314,234 | 1.0 | % | |||||
Food & Staples Retailing | 155,987 | 0.5 | % | |||||
Food Products | 42,056 | 0.1 | % | |||||
Health Care Equipment & Supplies | 1,026,513 | 3.5 | % | |||||
Health Care Providers & Services | 370,698 | 1.2 | % | |||||
Health Care Technology | 18,129 | 0.1 | % | |||||
Hotels, Restaurants & Leisure | 382,781 | 1.3 | % | |||||
Household Durables | 52,130 | 0.2 | % | |||||
Household Products | 446,342 | 1.5 | % | |||||
Independent Power and Renewable Electricity Producers | 19,958 | 0.1 | % | |||||
Industrial Conglomerates | 43,109 | 0.1 | % | |||||
Insurance | 179,151 | 0.6 | % | |||||
Interactive Media & Services | 3,065,776 | 10.3 | % | |||||
Internet & Direct Marketing Retail | 2,627,188 | 8.8 | % | |||||
IT Services | 1,718,951 | 5.7 | % | |||||
Life Sciences Tools & Services | 572,272 | 1.9 | % | |||||
Machinery | 349,485 | 1.2 | % | |||||
Media | 356,595 | 1.2 | % | |||||
Metals & Mining | 87,974 | 0.3 | % | |||||
Multiline Retail | 194,153 | 0.6 | % | |||||
Oil, Gas & Consumable Fuels | 13,409 | NM | ||||||
Personal Products | 59,627 | 0.2 | % | |||||
Pharmaceuticals | 873,131 | 2.9 | % | |||||
Professional Services | 118,570 | 0.4 | % | |||||
Road & Rail | 293,226 | 1.0 | % | |||||
Semiconductors & Semiconductor Equipment | 2,019,550 | 6.7 | % | |||||
Software | 4,675,566 | 15.7 | % | |||||
Specialty Retail | 650,915 | 2.2 | % | |||||
Technology Hardware, Storage & Peripherals | 3,746,635 | 12.6 | % | |||||
Textiles, Apparel & Luxury Goods | 200,604 | 0.7 | % | |||||
Trading Companies & Distributors | 86,523 | 0.3 | % | |||||
Water Utilities | 24,555 | 0.1 | % | |||||
Wireless Telecommunication Services | 95,744 | 0.3 | % | |||||
Other** | 322,376 | 1.1 | % | |||||
Total | $ | 29,962,805 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
130 :: ProFund VP Large-Cap Growth :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 12,904,903 | ||
Securities, at value | 29,640,429 | |||
Repurchase agreements, at value | 121,000 | |||
Total Investment Securities, at value | 29,761,429 | |||
Cash | 1,019 | |||
Dividends and interest receivable | 8,264 | |||
Receivable for capital shares issued | 79,945 | |||
Receivable for investments sold | 175,430 | |||
Prepaid expenses | 2,195 | |||
TOTAL ASSETS | 30,028,282 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 218 | |||
Advisory fees payable | 18,420 | |||
Management services fees payable | 2,456 | |||
Administration fees payable | 1,953 | |||
Administrative services fees payable | 11,356 | |||
Distribution fees payable | 11,196 | |||
Transfer agency fees payable | 1,639 | |||
Fund accounting fees payable | 1,194 | |||
Compliance services fees payable | 154 | |||
Other accrued expenses | 16,891 | |||
TOTAL LIABILITIES | 65,477 | |||
NET ASSETS | $ | 29,962,805 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 9,953,763 | ||
Total distributable earnings (loss) | 20,009,042 | |||
NET ASSETS | $ | 29,962,805 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 387,949 | |||
Net Asset Value (offering and redemption price per share) | $ | 77.23 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 314,276 | ||
Interest | 158 | |||
Income from securities lending | 31 | |||
TOTAL INVESTMENT INCOME | 314,465 | |||
EXPENSES: | ||||
Advisory fees | 202,957 | |||
Management services fees | 27,061 | |||
Administration fees | 24,695 | |||
Transfer agency fees | 19,825 | |||
Administrative services fees | 78,803 | |||
Distribution fees | 67,652 | |||
Custody fees | 4,550 | |||
Fund accounting fees | 14,610 | |||
Trustee fees | 578 | |||
Compliance services fees | 311 | |||
Other fees | 32,396 | |||
Total Gross Expenses before reductions | 473,438 | |||
Expenses reduced and reimbursed by the Advisor | (18,816 | ) | ||
TOTAL NET EXPENSES | 454,622 | |||
NET INVESTMENT INCOME (LOSS) | (140,157 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 4,081,236 | |||
Change in net unrealized appreciation/depreciation on investment securities | 3,170,326 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 7,251,562 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 7,111,405 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Growth :: 131
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (140,157 | ) | $ | (38,134 | ) | ||
Net realized gains (losses) on investments | 4,081,236 | 3,419,160 | ||||||
Change in net unrealized appreciation/depreciation on investments | 3,170,326 | 3,035,979 | ||||||
Change in net assets resulting from operations | 7,111,405 | 6,417,005 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (2,722,527 | ) | (6,298,722 | ) | ||||
Change in net assets resulting from distributions | (2,722,527 | ) | (6,298,722 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 43,774,938 | 35,112,167 | ||||||
Distributions reinvested | 2,722,527 | 6,298,722 | ||||||
Value of shares redeemed | (49,864,282 | ) | (37,409,678 | ) | ||||
Change in net assets resulting from capital transactions | (3,366,817 | ) | 4,001,211 | |||||
Change in net assets | 1,022,061 | 4,119,494 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 28,940,744 | 24,821,250 | ||||||
End of period | $ | 29,962,805 | $ | 28,940,744 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 650,844 | 522,577 | ||||||
Reinvested | 35,998 | 107,579 | ||||||
Redeemed | (748,650 | ) | (562,150 | ) | ||||
Change in shares | (61,808 | ) | 68,006 |
See accompanying notes to financial statements.
132 :: ProFund VP Large-Cap Growth :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 64.35 | $ | 65.02 | $ | 69.22 | $ | 57.48 | $ | 59.38 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.35 | ) | (0.10 | ) | (0.22 | ) | (0.04 | ) | (0.06 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments | 20.11 | 17.13 | (0.74 | ) | 14.41 | 3.07 | ||||||||||||||
Total income (loss) from investment activities | 19.76 | 17.03 | (0.96 | ) | 14.37 | 3.01 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | — | — | — | — | (0.03 | ) | ||||||||||||||
Net realized gains on investments | (6.88 | ) | (17.70 | ) | (3.24 | ) | (2.63 | ) | (4.88 | ) | ||||||||||
Total distributions | (6.88 | ) | (17.70 | ) | (3.24 | ) | (2.63 | ) | (4.91 | ) | ||||||||||
Net Asset Value, End of Period | $ | 77.23 | $ | 64.35 | $ | 65.02 | $ | 69.22 | $ | 57.48 | ||||||||||
Total Return | 30.93 | % | 28.89 | % | (1.86 | )% | 25.29 | % | 5.01 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.75 | % | 1.73 | % | 1.69 | % | 1.68 | % | 1.68 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (0.52 | )% | (0.14 | )% | (0.30 | )% | (0.07 | )% | (0.10 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 29,963 | $ | 28,941 | $ | 24,821 | $ | 34,398 | $ | 26,012 | ||||||||||
Portfolio turnover rate(b) | 150 | % | 136 | % | 149 | % | 154 | % | 150 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP Large-Cap Value :: 133
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, 2020, the Fund had a total return of -0.06%. For the same period, the Index had a total return of 1.36%1 and a volatility of 35.79%. 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Large-Cap Value | -0.06 | % | 8.70 | % | 8.99 | % | ||||||
S&P 500® Value Index | 1.36 | % | 10.52 | % | 10.74 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Large-Cap Value | 1.74 | % | 1.68 | % | |||||
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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. | 3.0 | % | ||
JPMorgan Chase & Co. | 2.6 | % | ||
The Walt Disney Co. | 2.2 | % | ||
Johnson & Johnson | 1.7 | % | ||
Verizon Communications, Inc. | 1.6 | % |
S&P 500® Value Index – Composition
% of Index | ||||
Financials | 19 | % | ||
Health Care | 15 | % | ||
Industrials | 12 | % | ||
Information Technology | 12 | % | ||
Consumer Staples | 10 | % | ||
Consumer Discretionary | 8 | % | ||
Communication Services | 7 | % | ||
Utilities | 5 | % | ||
Energy | 5 | % | ||
Real Estate | 4 | % | ||
Materials | 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 | 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.
134 :: ProFund VP Large-Cap Value :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (99.7%)
Shares | Value | |||||||
3M Co. (Industrial Conglomerates) | 565 | $ | 98,756 | |||||
A.O. Smith Corp. (Building Products) | 133 | 7,291 | ||||||
Abbott Laboratories (Health Care Equipment & Supplies) | 711 | 77,847 | ||||||
AbbVie, Inc. (Biotechnology) | 449 | 48,110 | ||||||
Accenture PLC—Class A (IT Services) | 273 | 71,310 | ||||||
Activision Blizzard, Inc. (Entertainment) | 310 | 28,784 | ||||||
Advance Auto Parts, Inc. (Specialty Retail) | 66 | 10,396 | ||||||
Aflac, Inc. (Insurance) | 640 | 28,461 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 84 | 9,953 | ||||||
Air Products & Chemicals, Inc. (Chemicals) | 117 | 31,967 | ||||||
Akamai Technologies, Inc.* (IT Services) | 57 | 5,984 | ||||||
Alaska Air Group, Inc. (Airlines) | 121 | 6,292 | ||||||
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | 121 | 21,565 | ||||||
Alexion Pharmaceuticals, Inc.* (Biotechnology) | 58 | 9,062 | ||||||
Allegion PLC (Building Products) | 52 | 6,052 | ||||||
Alliant Energy Corp. (Electric Utilities) | 245 | 12,625 | ||||||
Altria Group, Inc. (Tobacco) | 1,819 | 74,579 | ||||||
Amcor PLC (Containers & Packaging) | 1,535 | 18,067 | ||||||
Ameren Corp. (Multi-Utilities) | 242 | 18,891 | ||||||
American Airlines Group, Inc.(a) (Airlines) | 598 | 9,430 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 486 | 40,469 | ||||||
American Express Co. (Consumer Finance) | 638 | 77,140 | ||||||
American International Group, Inc. (Insurance) | 843 | 31,916 | ||||||
American Tower Corp. (Equity Real Estate Investment Trusts) | 213 | 47,810 | ||||||
American Water Works Co., Inc. (Water Utilities) | 89 | 13,659 | ||||||
Ameriprise Financial, Inc. (Capital Markets) | 115 | 22,348 | ||||||
AmerisourceBergen Corp. (Health Care Providers & Services) | 144 | 14,077 | ||||||
AMETEK, Inc. (Electrical Equipment) | 115 | 13,908 | ||||||
Amgen, Inc. (Biotechnology) | 285 | 65,527 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 111 | 14,515 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 206 | 30,432 | ||||||
Anthem, Inc. (Health Care Providers & Services) | 243 | 78,025 | ||||||
Aon PLC (Insurance) | 107 | 22,606 | ||||||
Apache Corp. (Oil, Gas & Consumable Fuels) | 370 | 5,250 | ||||||
Apartment Income REIT Corp.* (Equity Real Estate Investment Trusts) | 1 | 38 | ||||||
Apartment Investment and Management Co. (Equity Real Estate Investment Trusts) | 1 | 5 | ||||||
Aptiv PLC (Auto Components) | 87 | 11,335 | ||||||
Archer-Daniels-Midland Co. (Food Products) | 545 | 27,473 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 107 | 13,237 | ||||||
Assurant, Inc. (Insurance) | 58 | 7,901 | ||||||
AT&T, Inc. (Diversified Telecommunication Services) | 6,976 | 200,630 | ||||||
Atmos Energy Corp. (Gas Utilities) | 123 | 11,738 | ||||||
Automatic Data Processing, Inc. (IT Services) | 218 | 38,412 | ||||||
AutoZone, Inc.* (Specialty Retail) | 10 | 11,854 | ||||||
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | 137 | 21,979 | ||||||
Avery Dennison Corp. (Containers & Packaging) | 47 | 7,290 | ||||||
Baker Hughes Co.—Class A (Energy Equipment & Services) | 671 | 13,990 | ||||||
Ball Corp. (Containers & Packaging) | 115 | 10,716 | ||||||
Bank of America Corp. (Banks) | 7,453 | 225,900 | ||||||
Baxter International, Inc. (Health Care Equipment & Supplies) | 500 | 40,120 | ||||||
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | 284 | 71,062 | ||||||
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | 1,905 | 441,712 | ||||||
Best Buy Co., Inc. (Specialty Retail) | 113 | 11,276 | ||||||
Biogen, Inc.* (Biotechnology) | 71 | 17,385 | ||||||
BlackRock, Inc.—Class A (Capital Markets) | 42 | 30,305 | ||||||
Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | 25 | 55,682 | ||||||
BorgWarner, Inc. (Auto Components) | 239 | 9,235 | ||||||
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | 139 | 13,140 | ||||||
Boston Scientific Corp.* (Health Care Equipment & Supplies) | 1,402 | 50,402 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 1,062 | 65,876 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 127 | 55,607 | ||||||
Broadridge Financial Solutions, Inc. (IT Services) | 57 | 8,732 | ||||||
Brown-Forman Corp.—Class B (Beverages) | 89 | 7,069 | ||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 133 | 12,485 | ||||||
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | 390 | 6,349 | ||||||
Campbell Soup Co. (Food Products) | 198 | 9,573 | ||||||
Capital One Financial Corp. (Consumer Finance) | 448 | 44,285 | ||||||
Cardinal Health, Inc. (Health Care Providers & Services) | 287 | 15,372 | ||||||
CarMax, Inc.* (Specialty Retail) | 161 | 15,208 | ||||||
Carnival Corp.—Class A (Hotels, Restaurants & Leisure) | 728 | 15,768 | ||||||
Carrier Global Corp. (Building Products) | 287 | 10,826 | ||||||
Caterpillar, Inc. (Machinery) | 282 | 51,330 | ||||||
Cboe Global Markets, Inc. (Capital Markets) | 52 | 4,842 | ||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 328 | 20,572 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 78 | 10,280 | ||||||
Celanese Corp.—Series A (Chemicals) | 114 | 14,813 | ||||||
Centene Corp.* (Health Care Providers & Services) | 568 | 34,097 | ||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 533 | 11,534 | ||||||
CenturyLink, Inc. (Diversified Telecommunication Services) | 967 | 9,428 | ||||||
Cerner Corp. (Health Care Technology) | 171 | 13,420 | ||||||
CF Industries Holdings, Inc. (Chemicals) | 209 | 8,090 | ||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 1,886 | 159,273 | ||||||
Chubb, Ltd. (Insurance) | 442 | 68,032 | ||||||
Church & Dwight Co., Inc. (Household Products) | 80 | 6,978 | ||||||
Cigna Corp. (Health Care Providers & Services) | 354 | 73,696 | ||||||
Cincinnati Financial Corp. (Insurance) | 146 | 12,756 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 29 | 10,250 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 4,137 | 185,131 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 135
Common Stocks, continued
Shares | Value | |||||||
Citigroup, Inc. (Banks) | 2,038 | $ | 125,663 | |||||
Citizens Financial Group, Inc. (Banks) | 418 | 14,948 | ||||||
Citrix Systems, Inc. (Software) | 42 | 5,464 | ||||||
CME Group, Inc. (Capital Markets) | 351 | 63,900 | ||||||
CMS Energy Corp. (Multi-Utilities) | 280 | 17,083 | ||||||
Cognizant Technology Solutions Corp.— Class A (IT Services) | 256 | 20,979 | ||||||
Colgate-Palmolive Co. (Household Products) | 403 | 34,461 | ||||||
Comcast Corp.—Class A (Media) | 2,503 | 131,156 | ||||||
Comerica, Inc. (Banks) | 136 | 7,597 | ||||||
Conagra Brands, Inc. (Food Products) | 478 | 17,332 | ||||||
Concho Resources, Inc. (Oil, Gas & Consumable Fuels) | 192 | 11,203 | ||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 1,045 | 41,790 | ||||||
Consolidated Edison, Inc. (Multi-Utilities) | 335 | 24,210 | ||||||
Constellation Brands, Inc.—Class A (Beverages) | 166 | 36,362 | ||||||
Corning, Inc. (Electronic Equipment, Instruments & Components) | 396 | 14,256 | ||||||
Corteva, Inc. (Chemicals) | 729 | 28,227 | ||||||
Costco Wholesale Corp. (Food & Staples Retailing) | 203 | 76,486 | ||||||
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | 169 | 26,903 | ||||||
CSX Corp. (Road & Rail) | 359 | 32,579 | ||||||
Cummins, Inc. (Machinery) | 83 | 18,849 | ||||||
CVS Health Corp. (Health Care Providers & Services) | 1,281 | 87,492 | ||||||
Danaher Corp. (Health Care Equipment & Supplies) | 198 | 43,984 | ||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 127 | 15,128 | ||||||
Deere & Co. (Machinery) | 77 | 20,717 | ||||||
Delta Air Lines, Inc. (Airlines) | 624 | 25,091 | ||||||
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | 214 | 11,205 | ||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 374 | 5,913 | ||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 155 | 7,502 | ||||||
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 274 | 38,226 | ||||||
Discover Financial Services (Consumer Finance) | 300 | 27,159 | ||||||
Discovery, Inc.* (Media) | 157 | 4,724 | ||||||
Discovery, Inc.*—Class C (Media) | 289 | 7,569 | ||||||
DISH Network Corp.*—Class A (Media) | 242 | 7,826 | ||||||
Dollar Tree, Inc.* (Multiline Retail) | 230 | 24,849 | ||||||
Dominion Energy, Inc. (Multi-Utilities) | 799 | 60,084 | ||||||
Dover Corp. (Machinery) | 141 | 17,801 | ||||||
Dow, Inc. (Chemicals) | 370 | 20,535 | ||||||
DR Horton, Inc. (Household Durables) | 130 | 8,960 | ||||||
DTE Energy Co. (Multi-Utilities) | 189 | 22,946 | ||||||
Duke Energy Corp. (Electric Utilities) | 720 | 65,923 | ||||||
Duke Realty Corp. (Equity Real Estate Investment Trusts) | 215 | 8,594 | ||||||
DuPont de Nemours, Inc.(a) (Chemicals) | 718 | 51,058 | ||||||
DXC Technology Co. (IT Services) | 249 | 6,412 | ||||||
Eastman Chemical Co. (Chemicals) | 133 | 13,337 | ||||||
Eaton Corp. PLC (Electrical Equipment) | 390 | 46,854 | ||||||
Ecolab, Inc. (Chemicals) | 131 | 28,343 | ||||||
Edison International (Electric Utilities) | 371 | 23,306 | ||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 262 | 23,902 | ||||||
Electronic Arts, Inc. (Entertainment) | 131 | 18,812 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 303 | 51,159 | ||||||
Emerson Electric Co. (Electrical Equipment) | 351 | 28,210 | ||||||
Entergy Corp. (Electric Utilities) | 196 | 19,569 | ||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 571 | 28,476 | ||||||
Equifax, Inc. (Professional Services) | 60 | 11,570 | ||||||
Equinix, Inc. (Equity Real Estate Investment Trusts) | 37 | 26,425 | ||||||
Equity Residential (Equity Real Estate Investment Trusts) | 335 | 19,859 | ||||||
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | 64 | 15,195 | ||||||
Everest Re Group, Ltd. (Insurance) | 39 | 9,130 | ||||||
Evergy, Inc. (Electric Utilities) | 222 | 12,323 | ||||||
Eversource Energy (Electric Utilities) | 336 | 29,067 | ||||||
Exelon Corp. (Electric Utilities) | 955 | 40,320 | ||||||
Expedia Group, Inc. (Internet & Direct Marketing Retail) | 85 | 11,254 | ||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 58 | 5,516 | ||||||
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | 66 | 7,647 | ||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 4,139 | 170,611 | ||||||
F5 Networks, Inc.* (Communications Equipment) | 34 | 5,982 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 141 | 6,885 | ||||||
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | 67 | 5,703 | ||||||
FedEx Corp. (Air Freight & Logistics) | 85 | 22,068 | ||||||
Fidelity National Information Services, Inc. (IT Services) | 607 | 85,866 | ||||||
Fifth Third Bancorp (Banks) | 697 | 19,216 | ||||||
First Horizon Corp. (Banks) | — | (b) | 6 | |||||
First Republic Bank (Banks) | 80 | 11,754 | ||||||
FirstEnergy Corp. (Electric Utilities) | 531 | 16,254 | ||||||
Fiserv, Inc.* (IT Services) | 174 | 19,812 | ||||||
FleetCor Technologies, Inc.* (IT Services) | 47 | 12,823 | ||||||
FLIR Systems, Inc. (Electronic Equipment, Instruments & Components) | 128 | 5,610 | ||||||
Flowserve Corp. (Machinery) | 128 | 4,717 | ||||||
Ford Motor Co. (Automobiles) | 3,825 | 33,622 | ||||||
Fortive Corp. (Machinery) | 330 | 23,371 | ||||||
Fortune Brands Home & Security, Inc. (Building Products) | 58 | 4,972 | ||||||
Fox Corp.—Class A (Media) | 330 | 9,610 | ||||||
Fox Corp.—Class B (Media) | 151 | 4,361 | ||||||
Franklin Resources, Inc. (Capital Markets) | 267 | 6,672 | ||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 540 | 14,051 | ||||||
Garmin, Ltd. (Household Durables) | 64 | 7,658 | ||||||
Gartner, Inc.* (IT Services) | 41 | 6,568 | ||||||
General Dynamics Corp. (Aerospace & Defense) | 228 | 33,931 | ||||||
General Electric Co. (Industrial Conglomerates) | 8,576 | 92,621 | ||||||
General Mills, Inc. (Food Products) | 598 | 35,162 | ||||||
General Motors Co. (Automobiles) | 1,233 | 51,342 | ||||||
Genuine Parts Co. (Distributors) | 141 | 14,160 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 1,227 | 71,485 | ||||||
Global Payments, Inc. (IT Services) | 293 | 63,118 | ||||||
Globe Life, Inc. (Insurance) | 94 | 8,926 | ||||||
Halliburton Co. (Energy Equipment & Services) | 865 | 16,349 | ||||||
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | 341 | 4,972 |
See accompanying notes to financial statements.
136 :: ProFund VP Large-Cap Value :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Hartford Financial Services Group, Inc. (Insurance) | 351 | $ | 17,192 | |||||
Hasbro, Inc. (Leisure Products) | 125 | 11,693 | ||||||
HCA Healthcare, Inc. (Health Care Providers & Services) | 258 | 42,431 | ||||||
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | 527 | 15,931 | ||||||
Henry Schein, Inc.* (Health Care Providers & Services) | 140 | 9,360 | ||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 126 | 6,652 | ||||||
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | 1,260 | 14,931 | ||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 171 | 19,025 | ||||||
HollyFrontier Corp. (Oil, Gas & Consumable Fuels) | 146 | 3,774 | ||||||
Hologic, Inc.* (Health Care Equipment & Supplies) | 70 | 5,098 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 687 | 146,125 | ||||||
Hormel Foods Corp. (Food Products) | 275 | 12,818 | ||||||
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 690 | 10,095 | ||||||
Howmet Aerospace, Inc.* (Aerospace & Defense) | 382 | 10,902 | ||||||
HP, Inc. (Technology Hardware, Storage & Peripherals) | 1,345 | 33,073 | ||||||
Humana, Inc. (Health Care Providers & Services) | 62 | 25,437 | ||||||
Huntington Bancshares, Inc. (Banks) | 996 | 12,579 | ||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 40 | 6,819 | ||||||
IDEX Corp. (Machinery) | 41 | 8,167 | ||||||
IHS Markit, Ltd. (Professional Services) | 128 | 11,498 | ||||||
Illinois Tool Works, Inc. (Machinery) | 158 | 32,213 | ||||||
Illumina Inc.* (Life Sciences Tools & Services) | 71 | 26,270 | ||||||
Incyte Corp.* (Biotechnology) | 67 | 5,828 | ||||||
Ingersoll Rand, Inc.* (Machinery) | 364 | 16,584 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 4,012 | 199,878 | ||||||
Intercontinental Exchange, Inc. (Capital Markets) | 253 | 29,168 | ||||||
International Business Machines Corp. (IT Services) | 872 | 109,767 | ||||||
International Flavors & Fragrances, Inc.(a) (Chemicals) | 105 | 11,428 | ||||||
International Paper Co. (Containers & Packaging) | 385 | 19,142 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 35 | 28,634 | ||||||
Invesco, Ltd. (Capital Markets) | 369 | 6,432 | ||||||
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | 19 | 4,252 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 68 | �� | 12,184 | |||||
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | 282 | 8,313 | ||||||
J.B. Hunt Transport Services, Inc. (Road & Rail) | 34 | 4,646 | ||||||
Jack Henry & Associates, Inc. (IT Services) | 39 | 6,318 | ||||||
Jacobs Engineering Group, Inc. (Construction & Engineering) | 48 | 5,230 | ||||||
Johnson & Johnson (Pharmaceuticals) | 1,546 | 243,310 | ||||||
Johnson Controls International PLC (Building Products) | 709 | 33,032 | ||||||
JPMorgan Chase & Co. (Banks) | 2,984 | 379,178 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 323 | 7,271 | ||||||
Kansas City Southern (Road & Rail) | 45 | 9,186 | ||||||
Kellogg Co. (Food Products) | 249 | 15,495 | ||||||
KeyCorp (Banks) | 956 | 15,688 | ||||||
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 78 | 10,303 | ||||||
Kimberly-Clark Corp. (Household Products) | 206 | 27,775 | ||||||
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | 423 | 6,349 | ||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 1,906 | 26,055 | ||||||
L Brands, Inc. (Specialty Retail) | 101 | 3,756 | ||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 88 | 16,634 | ||||||
Laboratory Corp. of America Holdings* (Health Care Providers & Services) | 95 | 19,337 | ||||||
Lamb Weston Holding, Inc. (Food Products) | 90 | 7,087 | ||||||
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure) | 322 | 19,191 | ||||||
Leggett & Platt, Inc. (Household Durables) | 130 | 5,759 | ||||||
Leidos Holdings, Inc. (IT Services) | 131 | 13,771 | ||||||
Lennar Corp.—Class A (Household Durables) | 269 | 20,506 | ||||||
Lincoln National Corp. (Insurance) | 178 | 8,955 | ||||||
Linde PLC (Chemicals) | 216 | 56,919 | ||||||
Live Nation Entertainment, Inc.* (Entertainment) | 140 | 10,287 | ||||||
LKQ Corp.* (Distributors) | 274 | 9,656 | ||||||
Lockheed Martin Corp. (Aerospace & Defense) | 130 | 46,147 | ||||||
Loews Corp. (Insurance) | 229 | 10,310 | ||||||
Lowe’s Cos., Inc. (Specialty Retail) | 208 | 33,386 | ||||||
LyondellBasell Industries N.V.—Class A (Chemicals) | 252 | 23,098 | ||||||
M&T Bank Corp. (Banks) | 126 | 16,040 | ||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 773 | 5,156 | ||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 637 | 26,346 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 260 | 34,340 | ||||||
Marsh & McLennan Cos., Inc. (Insurance) | 253 | 29,601 | ||||||
Martin Marietta Materials, Inc. (Construction Materials) | 61 | 17,322 | ||||||
Masco Corp. (Building Products) | 143 | 7,855 | ||||||
Mastercard, Inc.—Class A (IT Services) | 276 | 98,515 | ||||||
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | 105 | 9,308 | ||||||
McCormick & Co., Inc. (Food Products) | 136 | 13,002 | ||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 438 | 93,987 | ||||||
McKesson Corp. (Health Care Providers & Services) | 157 | 27,305 | ||||||
Medtronic PLC (Health Care Equipment & Supplies) | 1,318 | 154,391 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 1,288 | 105,358 | ||||||
MetLife, Inc. (Insurance) | 749 | 35,165 | ||||||
MGM Resorts International (Hotels, Restaurants & Leisure) | 401 | 12,636 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 71 | 9,806 | ||||||
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | 1,090 | 81,946 | ||||||
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | 112 | 14,189 | ||||||
Mohawk Industries, Inc.* (Household Durables) | 59 | 8,316 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 137
Common Stocks, continued
Shares | Value | |||||||
Molson Coors Beverage Co.—Class B (Beverages) | 184 | $ | 8,315 | |||||
Mondelez International, Inc.—Class A (Food Products) | 1,400 | 81,859 | ||||||
Moody’s Corp. (Capital Markets) | 44 | 12,771 | ||||||
Morgan Stanley (Capital Markets) | 1,400 | 95,941 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 91 | 15,475 | ||||||
Nasdaq, Inc. (Capital Markets) | 39 | 5,177 | ||||||
National Oilwell Varco, Inc. (Energy Equipment & Services) | 380 | 5,217 | ||||||
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 219 | 14,507 | ||||||
Newell Brands, Inc. (Household Durables) | 370 | 7,855 | ||||||
Newmont Corp. (Metals & Mining) | 354 | 21,201 | ||||||
News Corp.—Class A (Media) | 383 | 6,883 | ||||||
News Corp.—Class B (Media) | 119 | 2,115 | ||||||
NextEra Energy, Inc. (Electric Utilities) | 1,093 | 84,324 | ||||||
Nielsen Holdings PLC (Professional Services) | 349 | 7,284 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 442 | 62,530 | ||||||
NiSource, Inc. (Multi-Utilities) | 375 | 8,603 | ||||||
Norfolk Southern Corp. (Road & Rail) | 137 | 32,553 | ||||||
Northern Trust Corp. (Capital Markets) | 204 | 19,001 | ||||||
Northrop Grumman Corp. (Aerospace & Defense) | 152 | 46,317 | ||||||
NortonLifelock, Inc. (Software) | 579 | 12,032 | ||||||
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | 309 | 7,858 | ||||||
NRG Energy, Inc. (Independent Power and Renewable Electricity Producers) | 98 | 3,680 | ||||||
Nucor Corp. (Metals & Mining) | 296 | 15,744 | ||||||
NVR, Inc.* (Household Durables) | 3 | 12,240 | ||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 820 | 14,194 | ||||||
Omnicom Group, Inc. (Media) | 210 | 13,098 | ||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 435 | 16,695 | ||||||
Oracle Corp. (Software) | 836 | 54,081 | ||||||
O’Reilly Automotive, Inc.* (Specialty Retail) | 23 | 10,409 | ||||||
Otis Worldwide Corp. (Machinery) | 191 | 12,902 | ||||||
PACCAR, Inc. (Machinery) | 339 | 29,249 | ||||||
Packaging Corp. of America (Containers & Packaging) | 93 | 12,826 | ||||||
Parker-Hannifin Corp. (Machinery) | 61 | 16,617 | ||||||
Paychex, Inc. (IT Services) | 147 | 13,697 | ||||||
Pentair PLC (Machinery) | 163 | 8,654 | ||||||
People’s United Financial, Inc. (Banks) | 416 | 5,379 | ||||||
PepsiCo, Inc. (Beverages) | 785 | 116,416 | ||||||
Perrigo Co. PLC (Pharmaceuticals) | 134 | 5,992 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 5,441 | 200,284 | ||||||
Philip Morris International, Inc. (Tobacco) | 1,525 | 126,255 | ||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 428 | 29,934 | ||||||
Pinnacle West Capital Corp. (Electric Utilities) | 110 | 8,795 | ||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 161 | 18,336 | ||||||
PPG Industries, Inc. (Chemicals) | 231 | 33,315 | ||||||
PPL Corp. (Electric Utilities) | 753 | 21,235 | ||||||
Principal Financial Group, Inc. (Insurance) | 250 | 12,403 | ||||||
Prologis, Inc. (Equity Real Estate Investment Trusts) | 724 | 72,153 | ||||||
Prudential Financial, Inc. (Insurance) | 388 | 30,291 | ||||||
Public Service Enterprise Group, Inc. (Multi-Utilities) | 495 | 28,859 | ||||||
Public Storage (Equity Real Estate Investment Trusts) | 85 | 19,629 | ||||||
PulteGroup, Inc. (Household Durables) | 129 | 5,562 | ||||||
PVH Corp. (Textiles, Apparel & Luxury Goods) | 70 | 6,572 | ||||||
Quanta Services, Inc. (Construction & Engineering) | 57 | 4,105 | ||||||
Quest Diagnostics, Inc. (Health Care Providers & Services) | 132 | 15,730 | ||||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 47 | 4,876 | ||||||
Raymond James Financial, Inc. (Capital Markets) | 119 | 11,385 | ||||||
Raytheon Technologies Corp. (Aerospace & Defense) | 1,487 | 106,335 | ||||||
Realty Income Corp. (Equity Real Estate Investment Trusts) | 344 | 21,386 | ||||||
Regency Centers Corp. (Equity Real Estate Investment Trusts) | 154 | 7,021 | ||||||
Regions Financial Corp. (Banks) | 940 | 15,153 | ||||||
Republic Services, Inc.—Class A (Commercial Services & Supplies) | 206 | 19,838 | ||||||
Robert Half International, Inc. (Professional Services) | 112 | 6,998 | ||||||
Rockwell Automation, Inc. (Electrical Equipment) | 50 | 12,541 | ||||||
Roper Technologies, Inc. (Industrial Conglomerates) | 47 | 20,261 | ||||||
Ross Stores, Inc. (Specialty Retail) | 349 | 42,861 | ||||||
Royal Caribbean Cruises, Ltd. (Hotels, Restaurants & Leisure) | 182 | 13,594 | ||||||
SBA Communications Corp. (Equity Real Estate Investment Trusts) | 38 | 10,721 | ||||||
Schlumberger, Ltd. (Energy Equipment & Services) | 1,363 | 29,754 | ||||||
Seagate Technology PLC (Technology Hardware, Storage & Peripherals) | 219 | 13,613 | ||||||
Sealed Air Corp. (Containers & Packaging) | 52 | 2,381 | ||||||
Sempra Energy (Multi-Utilities) | 282 | 35,930 | ||||||
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | 321 | 27,375 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 78 | 11,925 | ||||||
SL Green Realty Corp. (Equity Real Estate Investment Trusts) | 71 | 4,230 | ||||||
Snap-on, Inc. (Machinery) | 53 | 9,070 | ||||||
Southwest Airlines Co. (Airlines) | 578 | 26,941 | ||||||
Stanley Black & Decker, Inc. (Machinery) | 157 | 28,034 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 483 | 51,671 | ||||||
State Street Corp. (Capital Markets) | 345 | 25,109 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 36 | 6,823 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 163 | 39,942 | ||||||
Synchrony Financial (Consumer Finance) | 532 | 18,466 | ||||||
Sysco Corp. (Food & Staples Retailing) | 499 | 37,056 | ||||||
T. Rowe Price Group, Inc. (Capital Markets) | 89 | 13,474 | ||||||
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 272 | 8,454 | ||||||
Target Corp. (Multiline Retail) | 167 | 29,481 | ||||||
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | 201 | 24,335 | ||||||
TechnipFMC PLC (Energy Equipment & Services) | 414 | 3,892 | ||||||
Teledyne Technologies, Inc.* (Aerospace & Defense) | 18 | 7,056 | ||||||
Teleflex, Inc. (Health Care Equipment & Supplies) | 24 | 9,878 |
See accompanying notes to financial statements.
138 :: ProFund VP Large-Cap Value :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 422 | $ | 69,263 | |||||
Textron, Inc. (Aerospace & Defense) | 224 | 10,826 | ||||||
The AES Corp. (Independent Power and Renewable Electricity Producers) | 404 | 9,494 | ||||||
The Allstate Corp. (Insurance) | 298 | 32,759 | ||||||
The Bank of New York Mellon Corp. (Capital Markets) | 798 | 33,867 | ||||||
The Boeing Co. (Aerospace & Defense) | 519 | 111,098 | ||||||
The Charles Schwab Corp. (Capital Markets) | 1,460 | 77,438 | ||||||
The Clorox Co. (Household Products) | 41 | 8,279 | ||||||
The Coca-Cola Co. (Beverages) | 2,461 | 134,961 | ||||||
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | 28 | 10,173 | ||||||
The Estee Lauder Co., Inc. (Personal Products) | 98 | 26,087 | ||||||
The Gap, Inc. (Specialty Retail) | 201 | 4,058 | ||||||
The Goldman Sachs Group, Inc. (Capital Markets) | 337 | 88,870 | ||||||
The Hershey Co. (Food Products) | 85 | 12,948 | ||||||
The Home Depot, Inc. (Specialty Retail) | 295 | 78,358 | ||||||
The Interpublic Group of Cos., Inc. (Media) | 382 | 8,985 | ||||||
The JM Smucker Co.—Class A (Food Products) | 112 | 12,947 | ||||||
The Kraft Heinz Co. (Food Products) | 634 | 21,974 | ||||||
The Kroger Co. (Food & Staples Retailing) | 758 | 24,074 | ||||||
The Mosaic Co. (Chemicals) | 338 | 7,777 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 415 | 61,835 | ||||||
The Procter & Gamble Co. (Household Products) | 1,262 | 175,594 | ||||||
The Progressive Corp. (Insurance) | 206 | 20,369 | ||||||
The Sherwin-Williams Co. (Chemicals) | 25 | 18,373 | ||||||
The Southern Co. (Electric Utilities) | 1,034 | 63,519 | ||||||
The TJX Cos., Inc. (Specialty Retail) | 1,175 | 80,241 | ||||||
The Travelers Cos., Inc. (Insurance) | 248 | 34,812 | ||||||
The Walt Disney Co.* (Entertainment) | 1,772 | 321,050 | ||||||
The Western Union Co. (IT Services) | 402 | 8,820 | ||||||
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 1,188 | 23,819 | ||||||
Tiffany & Co. (Specialty Retail) | 106 | 13,934 | ||||||
T-Mobile US, Inc.* (Wireless Telecommunication Services) | 177 | 23,868 | ||||||
Trane Technologies PLC (Building Products) | 127 | 18,435 | ||||||
TransDigm Group, Inc.* (Aerospace & Defense) | 21 | 12,996 | ||||||
Truist Financial Corp. (Banks) | 1,320 | 63,268 | ||||||
Tyson Foods, Inc.—Class A (Food Products) | 288 | 18,559 | ||||||
U.S. Bancorp (Banks) | 1,342 | 62,524 | ||||||
UDR, Inc. (Equity Real Estate Investment Trusts) | 288 | 11,068 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 27 | 7,753 | ||||||
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 185 | 3,176 | ||||||
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | 191 | 2,842 | ||||||
Union Pacific Corp. (Road & Rail) | 343 | 71,419 | ||||||
United Airlines Holdings , Inc.* (Airlines) | 287 | 12,413 | ||||||
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | 210 | 35,364 | ||||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 446 | 156,404 | ||||||
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | 76 | 10,450 | ||||||
Unum Group (Insurance) | 199 | 4,565 | ||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 399 | 22,571 | ||||||
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies) | 34 | 5,950 | ||||||
Ventas, Inc. (Equity Real Estate Investment Trusts) | 367 | 17,998 | ||||||
VeriSign, Inc.* (IT Services) | 57 | 12,335 | ||||||
Verizon Communications, Inc. (Diversified Telecommunication Services) | 4,051 | 237,997 | ||||||
VF Corp. (Textiles, Apparel & Luxury Goods) | 313 | 26,733 | ||||||
ViacomCBS, Inc.—Class B (Media) | 553 | 20,604 | ||||||
Viatris, Inc.* (Pharmaceuticals) | 1,181 | 22,132 | ||||||
Visa, Inc.—Class A (IT Services) | 664 | 145,237 | ||||||
Vontier Corp.* (Electronic Equipment, Instruments & Components) | 132 | 4,409 | ||||||
Vornado Realty Trust (Equity Real Estate Investment Trusts) | 154 | 5,750 | ||||||
Vulcan Materials Co. (Construction Materials) | 75 | 11,123 | ||||||
W.R. Berkley Corp. (Insurance) | 138 | 9,166 | ||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 17 | 6,942 | ||||||
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | 704 | 28,076 | ||||||
Walmart, Inc. (Food & Staples Retailing) | 1,357 | 195,611 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 232 | 27,360 | ||||||
Waters Corp.* (Life Sciences Tools & Services) | 27 | 6,680 | ||||||
WEC Energy Group, Inc. (Multi-Utilities) | 309 | 28,437 | ||||||
Wells Fargo & Co. (Banks) | 4,047 | 122,138 | ||||||
Welltower, Inc. (Equity Real Estate Investment Trusts) | 409 | 26,430 | ||||||
Western Digital Corp. (Technology Hardware, Storage & Peripherals) | 298 | 16,506 | ||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 175 | 12,810 | ||||||
WestRock Co. (Containers & Packaging) | 257 | 11,187 | ||||||
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | 731 | 24,510 | ||||||
Whirlpool Corp. (Household Durables) | 61 | 11,010 | ||||||
Willis Towers Watson PLC (Insurance) | 126 | 26,546 | ||||||
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure) | 95 | 10,719 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 514 | 34,268 | ||||||
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | 163 | 3,780 | ||||||
Xylem, Inc. (Machinery) | 95 | 9,670 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 168 | 18,238 | ||||||
Zebra Technologies Corp.*—Class A (Electronic Equipment, Instruments & Components) | 14 | 5,381 | ||||||
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | 203 | 31,280 | ||||||
Zions Bancorp (Banks) | 161 | 6,994 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 126 | 20,853 |
TOTAL COMMON STOCKS (Cost $9,961,936) | 14,566,329 |
Repurchase Agreements(c) (0.3%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $38,000 | $ | 38,000 | $ | 38,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $38,000) | 38,000 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 139
Collateral for Securities Loaned (0.3%)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(d) | 48,645 | $ | 48,645 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(d) | 204 | 204 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(d) | 888 | 888 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $49,737) | 49,737 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,049,673)—100.3% | 14,654,066 | |||||||
Net other assets (liabilities)—(0.3)% | (47,289 | ) | ||||||
NET ASSETS—100.0% | $ | 14,606,777 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $48,859. |
(b) | Number of shares 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. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
ProFund VP Large-Cap Value invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 409,061 | 2.8 | % | ||||
Air Freight & Logistics | 75,433 | 0.5 | % | |||||
Airlines | 80,167 | 0.5 | % | |||||
Auto Components | 20,570 | 0.1 | % | |||||
Automobiles | 84,964 | 0.6 | % | |||||
Banks | 1,165,860 | 8.0 | % | |||||
Beverages | 303,123 | 2.1 | % | |||||
Biotechnology | 217,397 | 1.5 | % | |||||
Building Products | 88,463 | 0.6 | % | |||||
Capital Markets | 546,700 | 3.7 | % | |||||
Chemicals | 347,280 | 2.4 | % | |||||
Commercial Services & Supplies | 57,448 | 0.4 | % | |||||
Communications Equipment | 213,859 | 1.5 | % | |||||
Construction & Engineering | 9,335 | 0.1 | % | |||||
Construction Materials | 28,445 | 0.2 | % | |||||
Consumer Finance | 167,050 | 1.1 | % | |||||
Containers & Packaging | 81,609 | 0.6 | % | |||||
Distributors | 23,816 | 0.2 | % | |||||
Diversified Financial Services | 441,712 | 3.0 | % | |||||
Diversified Telecommunication Services | 448,055 | 3.0 | % | |||||
Electric Utilities | 471,997 | 3.2 | % | |||||
Electrical Equipment | 101,513 | 0.7 | % | |||||
Electronic Equipment, Instruments & Components | 93,341 | 0.6 | % | |||||
Energy Equipment & Services | 69,202 | 0.5 | % | |||||
Entertainment | 378,933 | 2.6 | % | |||||
Equity Real Estate Investment Trusts | 556,237 | 3.8 | % | |||||
Food & Staples Retailing | 361,303 | 2.4 | % | |||||
Food Products | 286,229 | 2.0 | % | |||||
Gas Utilities | 11,738 | 0.1 | % | |||||
Health Care Equipment & Supplies | 610,691 | 4.2 | % | |||||
Health Care Providers & Services | 609,213 | 4.2 | % | |||||
Health Care Technology | 13,420 | 0.1 | % | |||||
Hotels, Restaurants & Leisure | 312,155 | 2.1 | % | |||||
Household Durables | 87,866 | 0.6 | % | |||||
Household Products | 253,087 | 1.7 | % | |||||
Independent Power and Renewable Electricity Producers | 13,174 | 0.1 | % | |||||
Industrial Conglomerates | 357,763 | 2.4 | % | |||||
Insurance | 475,099 | 3.3 | % | |||||
Internet & Direct Marketing Retail | 66,936 | 0.5 | % | |||||
IT Services | 748,476 | 5.1 | % | |||||
Leisure Products | 11,693 | 0.1 | % | |||||
Life Sciences Tools & Services | 55,087 | 0.4 | % | |||||
Machinery | 320,755 | 2.2 | % | |||||
Media | 216,931 | 1.5 | % | |||||
Metals & Mining | 50,996 | 0.3 | % | |||||
Multiline Retail | 54,330 | 0.4 | % | |||||
Multi-Utilities | 256,577 | 1.8 | % | |||||
Oil, Gas & Consumable Fuels | 629,899 | 4.3 | % | |||||
Personal Products | 26,087 | 0.2 | % | |||||
Pharmaceuticals | 714,964 | 4.8 | % | |||||
Professional Services | 37,350 | 0.3 | % | |||||
Real Estate Management & Development | 20,572 | 0.1 | % | |||||
Road & Rail | 150,383 | 1.0 | % | |||||
Semiconductors & Semiconductor Equipment | 468,165 | 3.2 | % | |||||
Software | 71,577 | 0.5 | % | |||||
Specialty Retail | 323,490 | 2.2 | % | |||||
Technology Hardware, Storage & Peripherals | 96,410 | 0.7 | % | |||||
Textiles, Apparel & Luxury Goods | 120,155 | 0.8 | % | |||||
Tobacco | 200,834 | 1.4 | % | |||||
Trading Companies & Distributors | 13,827 | 0.1 | % | |||||
Water Utilities | 13,659 | 0.1 | % | |||||
Wireless Telecommunication Services | 23,868 | 0.2 | % | |||||
Other** | 40,448 | 0.3 | % | |||||
Total | $ | 14,606,777 | 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.
140 :: ProFund VP Large-Cap Value :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 10,049,673 | ||
Securities, at value | 14,616,066 | |||
Repurchase agreements, at value | 38,000 | |||
Total Investment Securities, at value | 14,654,066 | |||
Dividends and interest receivable | 19,286 | |||
Receivable for capital shares issued | 4,989 | |||
Receivable for investments sold | 7,095 | |||
Prepaid expenses | 1,024 | |||
TOTAL ASSETS | 14,686,460 | |||
LIABILITIES: | ||||
Payable for investments purchased | 44 | |||
Payable for capital shares redeemed | 171 | |||
Cash overdraft | 21 | |||
Payable for collateral for securities loaned | 49,737 | |||
Advisory fees payable | 8,529 | |||
Management services fees payable | 1,137 | |||
Administration fees payable | 944 | |||
Administrative services fees payable | 5,086 | |||
Distribution fees payable | 4,355 | |||
Transfer agency fees payable | 793 | |||
Fund accounting fees payable | 652 | |||
Compliance services fees payable | 70 | |||
Other accrued expenses | 8,144 | |||
TOTAL LIABILITIES | 79,683 | |||
NET ASSETS | $ | 14,606,777 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 13,138,320 | ||
Total distributable earnings (loss) | 1,468,457 | |||
NET ASSETS | $ | 14,606,777 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 360,645 | |||
Net Asset Value (offering and redemption price per share) | $ | 40.50 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 381,946 | ||
Interest | 53 | |||
Income from securities lending | 376 | |||
TOTAL INVESTMENT INCOME | 382,375 | |||
EXPENSES: | ||||
Advisory fees | 105,013 | |||
Management services fees | 14,001 | |||
Administration fees | 12,896 | |||
Transfer agency fees | 10,103 | |||
Administrative services fees | 42,908 | |||
Distribution fees | 35,004 | |||
Custody fees | 2,649 | |||
Fund accounting fees | 8,325 | |||
Trustee fees | 311 | |||
Compliance services fees | 146 | |||
Other fees | 16,615 | |||
Total Gross Expenses before reductions | 247,971 | |||
Expenses reduced and reimbursed by the Advisor | (12,742 | ) | ||
TOTAL NET EXPENSES | 235,229 | |||
NET INVESTMENT INCOME (LOSS) | 147,146 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (961,353 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (977,130 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (1,938,483 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,791,337 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 141
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 147,146 | $ | 142,662 | ||||
Net realized gains (losses) on investments | (961,353 | ) | 1,982,595 | |||||
Change in net unrealized appreciation/depreciation on investments | (977,130 | ) | 2,491,774 | |||||
Change in net assets resulting from operations | (1,791,337 | ) | 4,617,031 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (1,869,000 | ) | (1,686,095 | ) | ||||
Change in net assets resulting from distributions | (1,869,000 | ) | (1,686,095 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 13,542,534 | 17,749,163 | ||||||
Distributions reinvested | 1,869,000 | 1,686,095 | ||||||
Value of shares redeemed | (19,346,347 | ) | (15,558,111 | ) | ||||
Change in net assets resulting from capital transactions | (3,934,813 | ) | 3,877,147 | |||||
Change in net assets | (7,595,150 | ) | 6,808,083 | |||||
NET ASSETS: | ||||||||
Beginning of period | 22,201,927 | 15,393,844 | ||||||
End of period | $ | 14,606,777 | $ | 22,201,927 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 345,274 | 396,532 | ||||||
Reinvested | 50,418 | 40,678 | ||||||
Redeemed | (501,456 | ) | (343,324 | ) | ||||
Change in shares | (105,764 | ) | 93,886 |
See accompanying notes to financial statements.
142 :: ProFund VP Large-Cap Value :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 47.60 | $ | 41.32 | $ | 46.62 | $ | 41.52 | $ | 36.40 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.43 | 0.37 | 0.38 | 0.35 | 0.38 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (1.06 | ) | 11.15 | (5.29 | ) | 5.21 | 5.20 | |||||||||||||
Total income (loss) from investment activities | (0.63 | ) | 11.52 | (4.91 | ) | 5.56 | 5.58 | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.50 | ) | (0.46 | ) | (0.39 | ) | (0.46 | ) | (0.46 | ) | ||||||||||
Net realized gains on investments | (5.97 | ) | (4.78 | ) | — | — | — | |||||||||||||
Total distributions | (6.47 | ) | (5.24 | ) | (0.39 | ) | (0.46 | ) | (0.46 | ) | ||||||||||
Net Asset Value, End of Period | $ | 40.50 | $ | 47.60 | $ | 41.32 | $ | 46.62 | $ | 41.52 | ||||||||||
Total Return | (0.06 | )% | 29.77 | % | (10.63 | )% | 13.43 | % | 15.43 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.77 | % | 1.74 | % | 1.70 | % | 1.68 | % | 1.69 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | 1.05 | % | 0.81 | % | 0.84 | % | 0.81 | % | 1.01 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 14,607 | $ | 22,202 | $ | 15,394 | $ | 20,450 | $ | 25,426 | ||||||||||
Portfolio turnover rate(b) | 97 | % | 110 | % | 116 | % | 72 | % | 138 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP Mid-Cap :: 143
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, 2020, the Fund had a total return of 10.76%. For the same period, the Index had a total return of 13.66%1 and a volatility of 41.07%. 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 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, 2020, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Mid-Cap | 10.76 | % | 9.83 | % | 9.06 | % | ||||||
S&P MidCap 400® | 13.66 | % | 12.35 | % | 11.51 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Mid-Cap | 1.64 | % | 1.64 | % | |||||
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Futures Contracts | 11 | % | ||
Swap Agreements | 89 | % | ||
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 | 18 | % | ||
Information Technology | 17 | % | ||
Financials | 15 | % | ||
Consumer Discretionary | 14 | % | ||
Health Care | 11 | % | ||
Real Estate | 9 | % | ||
Materials | 6 | % | ||
Consumer Staples | 4 | % | ||
Utilities | 3 | % | ||
Communication Services | 2 | % | ||
Energy | 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.
144 :: ProFund VP Mid-Cap :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a)(b) (101.3%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $10,868,023 | $ | 10,868,000 | $ | 10,868,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $10,868,000) | 10,868,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,868,000)—101.3% | 10,868,000 | |||||||
Net other assets (liabilities)—(1.3)% | (137,213 | ) | ||||||
NET ASSETS—100.0% | $ | 10,730,787 | ||||||
(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, 2020, the aggregate amount held in a segregated account was $1,605,000. |
(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 | 3/22/21 | $ | 1,151,750 | $ | 16,956 | ||||||||
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 | 1/27/21 | 0.55 | % | $ | 596,596 | $ | (719 | ) | |||||||
S&P MidCap 400 | UBS AG | 1/27/21 | 0.45 | % | 8,979,672 | (10,073 | ) | |||||||||
$ | 9,576,268 | $ | (10,792 | ) |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap :: 145
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 10,868,000 | ||
Repurchase agreements, at value | 10,868,000 | |||
Total Investment Securities, at value | 10,868,000 | |||
Cash | 9,389 | |||
Segregated cash balances for futures contracts with brokers | 74,250 | |||
Segregated cash balances for swap agreements with custodian | 1,000 | |||
Interest receivable | 6 | |||
Variation margin on futures contracts | 2,050 | |||
Prepaid expenses | 715 | |||
TOTAL ASSETS | 10,955,410 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 186,403 | |||
Unrealized depreciation on swap agreements | 10,792 | |||
Advisory fees payable | 7,357 | |||
Management services fees payable | 981 | |||
Administration fees payable | 764 | |||
Administrative services fees payable | 5,749 | |||
Distribution fees payable | 5,942 | |||
Transfer agency fees payable | 641 | |||
Fund accounting fees payable | 434 | |||
Compliance services fees payable | 48 | |||
Other accrued expenses | 5,512 | |||
TOTAL LIABILITIES | 224,623 | |||
NET ASSETS | $ | 10,730,787 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 10,551,035 | ||
Total distributable earnings (loss) | 179,752 | |||
NET ASSETS | $ | 10,730,787 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 591,215 | |||
Net Asset Value (offering and redemption price per share) | $ | 18.15 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 30,412 | ||
EXPENSES: | ||||
Advisory fees | 63,853 | |||
Management services fees | 8,514 | |||
Administration fees | 7,906 | |||
Transfer agency fees | 6,233 | |||
Administrative services fees | 20,474 | |||
Distribution fees | 21,284 | |||
Custody fees | 1,285 | |||
Fund accounting fees | 4,311 | |||
Trustee fees | 190 | |||
Compliance services fees | 102 | |||
Other fees | 10,543 | |||
TOTAL NET EXPENSES | 144,695 | |||
NET INVESTMENT INCOME (LOSS) | (114,283 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on futures contracts | (488,168 | ) | ||
Net realized gains (losses) on swap agreements | 1,429,836 | |||
Change in net unrealized appreciation/depreciation on futures contracts | (8,931 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (13,030 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 919,707 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 805,424 |
See accompanying notes to financial statements.
146 :: ProFund VP Mid-Cap :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (114,283 | ) | $ | 70,768 | |||
Net realized gains (losses) on investments | 941,668 | 2,634,081 | ||||||
Change in net unrealized appreciation/depreciation on investments | (21,961 | ) | 191,874 | |||||
Change in net assets resulting from operations | 805,424 | 2,896,723 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (2,255,783 | ) | (15,907 | ) | ||||
Change in net assets resulting from distributions | (2,255,783 | ) | (15,907 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 15,596,622 | 20,016,638 | ||||||
Distributions reinvested | 2,255,783 | 15,907 | ||||||
Value of shares redeemed | (17,003,217 | ) | (32,620,202 | ) | ||||
Change in net assets resulting from capital transactions | 849,188 | (12,587,657 | ) | |||||
Change in net assets | (601,171 | ) | (9,706,841 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 11,331,958 | 21,038,799 | ||||||
End of period | $ | 10,730,787 | $ | 11,331,958 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 855,896 | 878,939 | ||||||
Reinvested | 145,347 | 727 | ||||||
Redeemed | (884,417 | ) | (1,491,483 | ) | ||||
Change in shares | 116,826 | (611,817 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Mid-Cap :: 147
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 23.89 | $ | 19.37 | $ | 29.47 | $ | 34.24 | $ | 29.46 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.26 | ) | 0.11 | 0.02 | (0.33 | ) | (0.44 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 1.63 | 4.44 | (2.56 | ) | 4.53 | 5.77 | ||||||||||||||
Total income (loss) from investment activities | 1.37 | 4.55 | (2.54 | ) | 4.20 | 5.33 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.22 | ) | (0.03 | ) | — | — | — | |||||||||||||
Net realized gains on investments | (6.89 | ) | — | (7.56 | ) | (8.97 | ) | (0.55 | ) | |||||||||||
Total distributions | (7.11 | ) | (0.03 | ) | (7.56 | ) | (8.97 | ) | (0.55 | ) | ||||||||||
Net Asset Value, End of Period | $ | 18.15 | $ | 23.89 | $ | 19.37 | $ | 29.47 | $ | 34.24 | ||||||||||
Total Return | 10.76 | % | 23.53 | % | (12.86 | )%(b) | 13.43 | % | 18.19 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.70 | % | 1.64 | % | 1.52 | % | 1.66 | % | 1.68 | % | ||||||||||
Net expenses | 1.70 | %(c) | 1.64 | % | 1.49 | %(b) | 1.66 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.34 | )% | 0.50 | % | 0.08 | %(b) | (0.96 | )% | (1.42 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 10,731 | $ | 11,332 | $ | 21,039 | $ | 38,793 | $ | 44,946 | ||||||||||
Portfolio turnover rate(d) | — | — | — | — | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.52% and 0.05%, respectively, and the total return would have been (12.94)%. |
(c) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
148 :: 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, 2020, the Fund had a total return of 20.90%. For the same period, the Index had a total return of 22.77%1 and a volatility of 38.68%. 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 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Mid-Cap Growth | 20.90 | % | 12.04 | % | 10.61 | % | ||||||
S&P MidCap 400® Growth Index | 22.77 | % | 13.86 | % | 12.47 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Mid-Cap Growth | 1.75 | % | 1.68 | % | |||||
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | |||
Enphase Energy, Inc. | 2.1 | % | ||
Trimble, Inc. | 1.6 | % | ||
SolarEdge Technologies, Inc. | 1.6 | % | ||
Monolithic Power Systems, Inc. | 1.5 | % | ||
Fair Isaac Corp. | 1.4 | % |
S&P MidCap 400® Growth Index – Composition
% of Index | ||||
Information Technology | 24 | % | ||
Industrials | 19 | % | ||
Health Care | 17 | % | ||
Consumer Discretionary | 15 | % | ||
Financials | 9 | % | ||
Real Estate | 5 | % | ||
Materials | 4 | % | ||
Consumer Staples | 3 | % | ||
Communication Services | 2 | % | ||
Energy | 1 | % | ||
Utilities | 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.
Financial Statements :: ProFund VP Mid-Cap Growth :: 149
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (100.2%)
Shares | Value | |||||||
Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | 677 | $ | 34,026 | |||||
ACI Worldwide, Inc.* (Software) | 1,263 | 48,537 | ||||||
AGCO Corp. (Machinery) | 516 | 53,194 | ||||||
Amedisys, Inc.* (Health Care Providers & Services) | 656 | 192,423 | ||||||
American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | 1,075 | 45,978 | ||||||
Antero Midstream Corp. (Oil, Gas & Consumable Fuels) | 5,724 | 44,132 | ||||||
AptarGroup, Inc. (Containers & Packaging) | 790 | 108,143 | ||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 2,056 | 157,757 | ||||||
ASGN, Inc.* (Professional Services) | 1,059 | 88,459 | ||||||
Ashland Global Holdings, Inc. (Chemicals) | 393 | 31,126 | ||||||
Avanos Medical, Inc.*—Class I (Health Care Equipment & Supplies) | 958 | 43,953 | ||||||
Axon Enterprise, Inc.* (Aerospace & Defense) | 1,272 | 155,859 | ||||||
Bio-Techne Corp. (Life Sciences Tools & Services) | 772 | 245,149 | ||||||
Blackbaud, Inc. (Software) | 447 | 25,729 | ||||||
Boyd Gaming Corp.* (Hotels, Restaurants & Leisure) | 869 | 37,297 | ||||||
Brighthouse Financial, Inc.* (Insurance) | 1,792 | 64,879 | ||||||
Brown & Brown, Inc. (Insurance) | 4,719 | 223,728 | ||||||
Brunswick Corp. (Leisure Products) | 862 | 65,719 | ||||||
Builders FirstSource, Inc.* (Building Products) | 2,001 | 81,661 | ||||||
Cable One, Inc. (Media) | 108 | 240,594 | ||||||
CACI International, Inc.*—Class A (IT Services) | 217 | 54,105 | ||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 2,418 | 179,585 | ||||||
Camden Property Trust (Equity Real Estate Investment Trusts) | 916 | 91,527 | ||||||
Cantel Medical Corp. (Health Care Equipment & Supplies) | 362 | 28,547 | ||||||
Carlisle Cos., Inc. (Industrial Conglomerates) | 620 | 96,832 | ||||||
Casey’s General Stores, Inc. (Food & Staples Retailing) | 281 | 50,192 | ||||||
CDK Global, Inc. (Software) | 1,218 | 63,129 | ||||||
Ceridian HCM Holding, Inc.* (Software) | 1,536 | 163,676 | ||||||
ChampionX Corp.* (Energy Equipment & Services) | 1,526 | 23,348 | ||||||
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | 995 | 248,610 | ||||||
Chemed Corp. (Health Care Providers & Services) | 319 | 169,903 | ||||||
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | 305 | 32,553 | ||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | 710 | 138,301 | ||||||
Ciena Corp.* (Communications Equipment) | 1,143 | 60,408 | ||||||
Cimarex Energy Co. (Oil, Gas & Consumable Fuels) | 980 | 36,760 | ||||||
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | 499 | 41,018 | ||||||
Clean Harbors, Inc.* (Commercial Services & Supplies) | 397 | 30,212 | ||||||
CMC Materials, Inc. (Semiconductors & Semiconductor Equipment) | 582 | 88,057 | ||||||
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | 4,494 | 48,535 | ||||||
Cognex Corp. (Electronic Equipment, Instruments & Components) | 3,495 | 280,596 | ||||||
Coherent, Inc.* (Electronic Equipment, Instruments & Components) | 167 | 25,053 | ||||||
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | 256 | 22,369 | ||||||
Commerce Bancshares, Inc. (Banks) | 1,013 | 66,553 | ||||||
CommVault Systems, Inc.* (Software) | 462 | 25,581 | ||||||
Compass Minerals International, Inc. (Metals & Mining) | 326 | 20,121 | ||||||
Concentrix Corp.* (IT Services) | 396 | 39,085 | ||||||
CoreLogic, Inc. (IT Services) | 1,557 | 120,386 | ||||||
CoreSite Realty Corp. (Equity Real Estate Investment Trusts) | 548 | 68,653 | ||||||
Cree, Inc.* (Semiconductors & Semiconductor Equipment) | 2,208 | 233,827 | ||||||
Curtiss-Wright Corp. (Aerospace & Defense) | 307 | 35,719 | ||||||
CyrusOne, Inc. (Equity Real Estate Investment Trusts) | 2,410 | 176,291 | ||||||
Darling Ingredients, Inc.* (Food Products) | 3,244 | 187,114 | ||||||
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | 562 | 161,171 | ||||||
Donaldson Co., Inc. (Machinery) | 1,264 | 70,632 | ||||||
Eagle Materials, Inc. (Construction Materials) | 519 | 52,601 | ||||||
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | 459 | 63,370 | ||||||
Eaton Vance Corp. (Capital Markets) | 2,286 | 155,288 | ||||||
Emergent BioSolutions, Inc.* (Biotechnology) | 902 | 80,819 | ||||||
Encompass Health Corp. (Health Care Providers & Services) | 1,114 | 92,117 | ||||||
Energizer Holdings, Inc. (Household Products) | 548 | 23,115 | ||||||
EnerSys (Electrical Equipment) | 418 | 34,719 | ||||||
Enphase Energy, Inc.* (Electrical Equipment) | 2,528 | 443,589 | ||||||
EQT Corp.* (Oil, Gas & Consumable Fuels) | 2,097 | 26,653 | ||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 3,662 | 29,442 | ||||||
Essent Group, Ltd. (Thrifts & Mortgage Finance) | 1,126 | 48,643 | ||||||
Essential Utilities, Inc. (Water Utilities) | 2,234 | 105,646 | ||||||
Evercore Partners, Inc.—Class A (Capital Markets) | 512 | 56,136 | ||||||
Exelixis, Inc.* (Biotechnology) | 6,210 | 124,635 | ||||||
FactSet Research Systems, Inc. (Capital Markets) | 761 | 253,032 | ||||||
Fair Isaac Corp.* (Software) | 582 | 297,424 | ||||||
Federated Hermes, Inc.—Class B (Capital Markets) | 775 | 22,390 | ||||||
First Financial Bankshares, Inc. (Banks) | 1,821 | 65,875 | ||||||
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 1,318 | 55,527 | ||||||
First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | 1,697 | 167,867 | ||||||
Five Below, Inc.* (Specialty Retail) | 1,118 | 195,628 | ||||||
Flowers Foods, Inc. (Food Products) | 1,537 | 34,782 |
See accompanying notes to financial statements.
150 :: ProFund VP Mid-Cap Growth :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Fox Factory Holding Corp.* (Auto Components) | 835 | $ | 88,268 | |||||
FTI Consulting, Inc.* (Professional Services) | 713 | 79,656 | ||||||
Generac Holdings, Inc.* (Electrical Equipment) | 1,257 | 285,854 | ||||||
Gentex Corp. (Auto Components) | 2,845 | 96,531 | ||||||
Glacier Bancorp, Inc. (Banks) | 955 | 43,940 | ||||||
Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies) | 1,526 | 99,526 | ||||||
Graco, Inc. (Machinery) | 3,353 | 242,589 | ||||||
Grand Canyon Education, Inc.* (Diversified Consumer Services) | 347 | 32,309 | ||||||
Grocery Outlet Holding Corp.* (Food & Staples Retailing) | 1,064 | 41,762 | ||||||
Grubhub, Inc.* (Internet & Direct Marketing Retail) | 1,856 | 137,845 | ||||||
Haemonetics Corp.* (Health Care Equipment & Supplies) | 559 | 66,381 | ||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 2,544 | 108,654 | ||||||
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 1,090 | 32,264 | ||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 1,538 | 107,214 | ||||||
Helen of Troy, Ltd.* (Household Durables) | 507 | 112,650 | ||||||
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies) | 562 | 55,059 | ||||||
Hubbell, Inc. (Electrical Equipment) | 651 | 102,070 | ||||||
IAA, Inc.* (Commercial Services & Supplies) | 2,691 | 174,861 | ||||||
ICU Medical, Inc.* (Health Care Equipment & Supplies) | 199 | 42,684 | ||||||
II-VI, Inc.* (Electronic Equipment, Instruments & Components) | 2,076 | 157,693 | ||||||
Ingevity Corp.* (Chemicals) | 405 | 30,671 | ||||||
Insperity, Inc. (Professional Services) | 714 | 58,134 | ||||||
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | 709 | 46,028 | ||||||
Interactive Brokers Group, Inc.—Class A (Capital Markets) | 1,617 | 98,508 | ||||||
ITT, Inc. (Machinery) | 779 | 59,999 | ||||||
j2 Global, Inc.* (Software) | 540 | 52,753 | ||||||
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | 455 | 42,224 | ||||||
Jazz Pharmaceuticals PLC* (Pharmaceuticals) | 1,115 | 184,031 | ||||||
Kinsale Capital Group, Inc. (Insurance) | 433 | 86,656 | ||||||
Knight-Swift Transportation Holdings, Inc. (Road & Rail) | 2,516 | 105,219 | ||||||
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | 865 | 71,985 | ||||||
Lancaster Colony Corp. (Food Products) | 227 | 41,707 | ||||||
Landstar System, Inc. (Road & Rail) | 484 | 65,175 | ||||||
LendingTree, Inc.* (Thrifts & Mortgage Finance) | 218 | 59,686 | ||||||
Lennox International, Inc. (Building Products) | 412 | 112,876 | ||||||
LHC Group, Inc.* (Health Care Providers & Services) | 633 | 135,032 | ||||||
Life Storage, Inc. (Equity Real Estate Investment Trusts) | 505 | 60,292 | ||||||
Ligand Pharmaceuticals, Inc.*(a)—Class B (Biotechnology) | 168 | 16,708 | ||||||
Lincoln Electric Holdings, Inc. (Machinery) | 1,190 | 138,338 | ||||||
Lithia Motors, Inc.—Class A (Specialty Retail) | 523 | 153,066 | ||||||
Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | 488 | 124,274 | ||||||
LiveRamp Holdings, Inc.* (IT Services) | 704 | 51,526 | ||||||
Louisiana-Pacific Corp. (Paper & Forest Products) | 1,204 | 44,753 | ||||||
Lumentum Holdings, Inc.* (Communications Equipment) | 1,511 | 143,242 | ||||||
Manhattan Associates, Inc.* (Software) | 1,271 | 133,684 | ||||||
Masimo Corp.* (Health Care Equipment & Supplies) | 1,014 | 272,137 | ||||||
Mattel, Inc.* (Leisure Products) | 6,966 | 121,556 | ||||||
MAXIMUS, Inc. (IT Services) | 763 | 55,844 | ||||||
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | 4,185 | 91,191 | ||||||
Medpace Holdings, Inc.* (Life Sciences Tools & Services) | 551 | 76,699 | ||||||
Mercury Systems, Inc.* (Aerospace & Defense) | 1,121 | 98,715 | ||||||
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 1,104 | 166,097 | ||||||
Molina Healthcare, Inc.* (Health Care Providers & Services) | 640 | 136,115 | ||||||
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 848 | 310,563 | ||||||
MSA Safety, Inc. (Commercial Services & Supplies) | 725 | 108,308 | ||||||
MSC Industrial Direct Co., Inc.—Class A (Trading Companies & Distributors) | 458 | 38,651 | ||||||
National Instruments Corp. (Electronic Equipment, Instruments & Components) | 1,183 | 51,981 | ||||||
Nektar Therapeutics* (Pharmaceuticals) | 1,366 | 23,222 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 637 | 50,514 | ||||||
NewMarket Corp. (Chemicals) | 55 | 21,906 | ||||||
Nordson Corp. (Machinery) | 681 | 136,847 | ||||||
Nu Skin Enterprises, Inc.—Class A (Personal Products) | 562 | 30,702 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.* (Multiline Retail) | 1,138 | 93,054 | ||||||
PacWest Bancorp (Banks) | 655 | 16,637 | ||||||
Papa John’s International, Inc. (Hotels, Restaurants & Leisure) | 659 | 55,916 | ||||||
Paylocity Holding Corp.* (Software) | 749 | 154,227 | ||||||
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | 1,772 | 153,048 | ||||||
Penumbra, Inc.* (Health Care Equipment & Supplies) | 676 | 118,300 | ||||||
Perspecta, Inc. (IT Services) | 1,041 | 25,067 | ||||||
PNM Resources, Inc. (Electric Utilities) | 622 | 30,186 | ||||||
Polaris, Inc. (Leisure Products) | 546 | 52,023 | ||||||
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | 509 | 25,460 | ||||||
PRA Health Sciences, Inc.* (Life Sciences Tools & Services) | 1,284 | 161,065 | ||||||
Primerica, Inc. (Insurance) | 786 | 105,269 | ||||||
PROG Holdings, Inc. (Consumer Finance) | 622 | 33,507 | ||||||
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | 184 | 24,448 | ||||||
PTC, Inc.* (Software) | 2,102 | 251,420 | ||||||
Qualys, Inc.* (Software) | 672 | 81,897 | ||||||
Quidel Corp.* (Health Care Equipment & Supplies) | 767 | 137,792 | ||||||
Rayonier, Inc. (Equity Real Estate Investment Trusts) | 1,094 | 32,142 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Growth :: 151
Common Stocks, continued
Shares | Value | |||||||
Regal Beloit Corp. (Electrical Equipment) | 406 | $ | 49,861 | |||||
RenaissanceRe Holdings, Ltd. (Insurance) | 579 | 96,010 | ||||||
Repligen Corp.* (Biotechnology) | 1,007 | 192,971 | ||||||
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | 1,541 | 75,679 | ||||||
RH* (Specialty Retail) | 312 | 139,626 | ||||||
RLI Corp. (Insurance) | 468 | 48,742 | ||||||
Royal Gold, Inc. (Metals & Mining) | 762 | 81,046 | ||||||
RPM International, Inc. (Chemicals) | 1,612 | 146,337 | ||||||
Sabre Corp. (IT Services) | 2,287 | 27,490 | ||||||
Sailpoint Technologies Holding, Inc.* (Software) | 1,820 | 96,897 | ||||||
Science Applications International Corp. (IT Services) | 454 | 42,967 | ||||||
Scientific Games Corp.*—Class A (Hotels, Restaurants & Leisure) | 653 | 27,093 | ||||||
SEI Investments Co. (Capital Markets) | 1,225 | 70,401 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 1,301 | 93,789 | ||||||
Sensient Technologies Corp. (Chemicals) | 407 | 30,024 | ||||||
Service Corp. International (Diversified Consumer Services) | 2,075 | 101,883 | ||||||
Signature Bank (Banks) | 375 | 50,734 | ||||||
Silgan Holdings, Inc. (Containers & Packaging) | 692 | 25,659 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 517 | 65,835 | ||||||
Simpson Manufacturing Co., Inc. (Building Products) | 869 | 81,208 | ||||||
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure) | 576 | 19,642 | ||||||
SLM Corp. (Consumer Finance) | 7,511 | 93,061 | ||||||
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 1,025 | 327,098 | ||||||
Stericycle, Inc.* (Commercial Services & Supplies) | 715 | 49,571 | ||||||
Stifel Financial Corp. (Capital Markets) | 867 | 43,749 | ||||||
STORE Capital Corp. (Equity Real Estate Investment Trusts) | 1,751 | 59,499 | ||||||
Sunrun, Inc.* (Electrical Equipment) | 3,124 | 216,743 | ||||||
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | 332 | 32,005 | ||||||
Syneos Health, Inc.* (Life Sciences Tools & Services) | 1,520 | 103,558 | ||||||
TEGNA, Inc. (Media) | 1,756 | 24,496 | ||||||
Tempur Sealy International, Inc.* (Household Durables) | 3,842 | 103,734 | ||||||
Teradata Corp.* (IT Services) | 810 | 18,201 | ||||||
Terex Corp. (Machinery) | 528 | 18,422 | ||||||
Tetra Tech, Inc. (Commercial Services & Supplies) | 1,076 | 124,579 | ||||||
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | 1,308 | 102,233 | ||||||
The Boston Beer Co., Inc.*—Class A (Beverages) | 183 | 181,955 | ||||||
The Brink’s Co. (Commercial Services & Supplies) | 377 | 27,144 | ||||||
The Chemours Co. (Chemicals) | 1,483 | 36,764 | ||||||
The Hain Celestial Group, Inc.* (Food Products) | 1,024 | 41,114 | ||||||
The Middleby Corp.* (Machinery) | 679 | 87,537 | ||||||
The New York Times Co.—Class A (Media) | 2,898 | 150,029 | ||||||
The Scotts Miracle-Gro Co.—Class A (Chemicals) | 815 | 162,298 | ||||||
The Timken Co. (Machinery) | 1,358 | 105,055 | ||||||
The Toro Co. (Machinery) | 2,147 | 203,621 | ||||||
The Wendy’s Co. (Hotels, Restaurants & Leisure) | 3,589 | 78,671 | ||||||
Toll Brothers, Inc. (Household Durables) | 1,011 | 43,948 | ||||||
Tootsie Roll Industries, Inc. (Food Products) | 143 | 4,247 | ||||||
TopBuild Corp.* (Household Durables) | 661 | 121,677 | ||||||
Trex Co., Inc.* (Building Products) | 2,318 | 194,062 | ||||||
Trimble, Inc.* (Electronic Equipment, Instruments & Components) | 5,008 | 334,385 | ||||||
TripAdvisor, Inc.* (Interactive Media & Services) | 713 | 20,520 | ||||||
Umpqua Holdings Corp. (Banks) | 1,897 | 28,721 | ||||||
United Therapeutics Corp.* (Biotechnology) | 373 | 56,618 | ||||||
Universal Display Corp. (Semiconductors & Semiconductor Equipment) | 858 | 197,168 | ||||||
Valmont Industries, Inc. (Construction & Engineering) | 174 | 30,438 | ||||||
Valvoline, Inc. (Chemicals) | 2,226 | 51,510 | ||||||
Visteon Corp.* (Auto Components) | 267 | 33,514 | ||||||
Watsco, Inc. (Trading Companies & Distributors) | 407 | 92,205 | ||||||
Werner Enterprises, Inc. (Road & Rail) | 535 | 20,983 | ||||||
WEX, Inc.* (IT Services) | 512 | 104,207 | ||||||
Williams-Sonoma, Inc. (Specialty Retail) | 1,533 | 156,121 | ||||||
Wingstop, Inc. (Hotels, Restaurants & Leisure) | 594 | 78,735 | ||||||
Woodward, Inc. (Machinery) | 608 | 73,890 | ||||||
World Wrestling Entertainment, Inc.—Class A (Entertainment) | 542 | 26,043 | ||||||
Worthington Industries, Inc. (Metals & Mining) | 417 | 21,409 | ||||||
WW International, Inc.* (Diversified Consumer Services) | 368 | 8,979 | ||||||
Wyndham Destinations, Inc. (Hotels, Restaurants & Leisure) | 671 | 30,101 | ||||||
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 1,007 | 59,856 | ||||||
XPO Logistics, Inc.* (Air Freight & Logistics) | 952 | 113,478 | ||||||
Yelp, Inc.* (Interactive Media & Services) | 711 | 23,229 | ||||||
TOTAL COMMON STOCKS (Cost $13,780,610) | 21,044,048 |
Repurchase Agreements(b) (0.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $31,000 | $ | 31,000 | $ | 31,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $31,000) | 31,000 |
See accompanying notes to financial statements.
152 :: ProFund VP Mid-Cap Growth :: Financial Statements
Collateral for Securities Loaned(NM)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(c) | 7,684 | $ | 7,684 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(c) | 32 | 32 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(c) | 140 | 140 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $7,856) | 7,856 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $13,819,466)—100.3% | 21,082,904 | |||||||
Net other assets (liabilities)—(0.3)% | (54,437 | ) | ||||||
NET ASSETS—100.0% | $ | 21,028,467 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $7,459. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
NM | Not meaningful, amount is less than 0.05%. |
ProFund VP Mid-Cap Growth invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 290,293 | 1.4 | % | ||||
Air Freight & Logistics | 113,478 | 0.5 | % | |||||
Auto Components | 218,313 | 1.0 | % | |||||
Banks | 272,460 | 1.3 | % | |||||
Beverages | 181,955 | 0.9 | % | |||||
Biotechnology | 738,162 | 3.5 | % | |||||
Building Products | 469,807 | 2.2 | % | |||||
Capital Markets | 699,504 | 3.3 | % | |||||
Chemicals | 510,636 | 2.4 | % | |||||
Commercial Services & Supplies | 514,675 | 2.4 | % | |||||
Communications Equipment | 203,650 | 1.0 | % | |||||
Construction & Engineering | 30,438 | 0.1 | % | |||||
Construction Materials | 52,601 | 0.3 | % | |||||
Consumer Finance | 126,568 | 0.6 | % | |||||
Containers & Packaging | 133,802 | 0.6 | % | |||||
Diversified Consumer Services | 143,171 | 0.7 | % | |||||
Electric Utilities | 30,186 | 0.1 | % | |||||
Electrical Equipment | 1,132,836 | 5.5 | % | |||||
Electronic Equipment, Instruments & Components | 973,982 | 4.6 | % | |||||
Energy Equipment & Services | 23,348 | 0.1 | % | |||||
Entertainment | 26,043 | 0.1 | % | |||||
Equity Real Estate Investment Trusts | 974,306 | 4.6 | % | |||||
Food & Staples Retailing | 91,954 | 0.4 | % | |||||
Food Products | 308,964 | 1.5 | % | |||||
Health Care Equipment & Supplies | 960,921 | 4.6 | % | |||||
Health Care Providers & Services | 866,830 | 4.1 | % | |||||
Hotels, Restaurants & Leisure | 1,035,255 | 4.9 | % | |||||
Household Durables | 382,009 | 1.8 | % | |||||
Household Products | 23,115 | 0.1 | % | |||||
Industrial Conglomerates | 96,832 | 0.5 | % | |||||
Insurance | 625,284 | 3.0 | % | |||||
Interactive Media & Services | 43,749 | 0.2 | % | |||||
Internet & Direct Marketing Retail | 137,845 | 0.7 | % | |||||
IT Services | 538,878 | 2.6 | % | |||||
Leisure Products | 239,298 | 1.1 | % | |||||
Life Sciences Tools & Services | 835,081 | 4.0 | % | |||||
Machinery | 1,190,124 | 5.8 | % | |||||
Media | 415,119 | 2.0 | % | |||||
Metals & Mining | 122,576 | 0.6 | % | |||||
Multiline Retail | 93,054 | 0.4 | % | |||||
Oil, Gas & Consumable Fuels | 185,522 | 0.9 | % | |||||
Paper & Forest Products | 44,753 | 0.2 | % | |||||
Personal Products | 30,702 | 0.1 | % | |||||
Pharmaceuticals | 207,253 | 1.0 | % | |||||
Professional Services | 226,249 | 1.1 | % | |||||
Road & Rail | 191,377 | 0.9 | % | |||||
Semiconductors & Semiconductor Equipment | 1,723,324 | 8.3 | % | |||||
Software | 1,394,954 | 6.6 | % | |||||
Specialty Retail | 644,441 | 3.1 | % | |||||
Textiles, Apparel & Luxury Goods | 183,540 | 0.9 | % | |||||
Thrifts & Mortgage Finance | 108,329 | 0.5 | % | |||||
Trading Companies & Distributors | 130,856 | 0.6 | % | |||||
Water Utilities | 105,646 | 0.5 | % | |||||
Other** | (15,581 | ) | (0.2 | )% | ||||
Total | $ | 21,028,467 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Growth :: 153
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 13,819,466 | ||
Securities, at value(a) | 21,051,904 | |||
Repurchase agreements, at value | 31,000 | |||
Total Investment Securities, at value | 21,082,904 | |||
Cash | 938 | |||
Dividends and interest receivable | 10,205 | |||
Receivable for capital shares issued | 19,523 | |||
Prepaid expenses | 1,381 | |||
TOTAL ASSETS | 21,114,951 | |||
LIABILITIES: | ||||
Payable for investments purchased | 34,856 | |||
Payable for capital shares redeemed | 2,989 | |||
Payable for collateral for securities loaned | 7,856 | |||
Advisory fees payable | 12,407 | |||
Management services fees payable | 1,654 | |||
Administration fees payable | 1,372 | |||
Administrative services fees payable | 7,371 | |||
Distribution fees payable | 6,216 | |||
Transfer agency fees payable | 1,151 | |||
Fund accounting fees payable | 853 | |||
Compliance services fees payable | 101 | |||
Other accrued expenses | 9,658 | |||
TOTAL LIABILITIES | 86,484 | |||
NET ASSETS | $ | 21,028,467 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 13,326,611 | ||
Total distributable earnings (loss) | 7,701,856 | |||
NET ASSETS | $ | 21,028,467 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 441,038 | |||
Net Asset Value (offering and redemption price per share) | $ | 47.68 | ||
(a) Includes securities on loan valued at: | $ | 7,459 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 168,580 | ||
Interest | 119 | |||
Foreign tax withholding | (12 | ) | ||
Income from securities lending | 245 | |||
TOTAL INVESTMENT INCOME | 168,932 | |||
EXPENSES: | ||||
Advisory fees | 126,957 | |||
Management services fees | 16,927 | |||
Administration fees | 15,390 | |||
Transfer agency fees | 12,311 | |||
Administrative services fees | 54,776 | |||
Distribution fees | 42,319 | |||
Custody fees | 3,058 | |||
Fund accounting fees | 9,287 | |||
Trustee fees | 365 | |||
Compliance services fees | 204 | |||
Other fees | 19,272 | |||
Total Gross Expenses before reductions | 300,866 | |||
Expenses reduced and reimbursed by the Advisor | (16,483 | ) | ||
TOTAL NET EXPENSES | 284,383 | |||
NET INVESTMENT INCOME (LOSS) | (115,451 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 1,311,631 | |||
Change in net unrealized appreciation/depreciation on investment securities | 2,366,308 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 3,677,939 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,562,488 |
See accompanying notes to financial statements.
154 :: ProFund VP Mid-Cap Growth :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (115,451 | ) | $ | (70,898 | ) | ||
Net realized gains (losses) on investments | 1,311,631 | 1,921,848 | ||||||
Change in net unrealized appreciation/depreciation on investments | 2,366,308 | 1,561,360 | ||||||
Change in net assets resulting from operations | 3,562,488 | 3,412,310 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (1,823,049 | ) | (1,641,985 | ) | ||||
Change in net assets resulting from distributions | (1,823,049 | ) | (1,641,985 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 26,201,483 | 36,147,759 | ||||||
Distributions reinvested | 1,823,049 | 1,641,985 | ||||||
Value of shares redeemed | (29,527,637 | ) | (33,371,110 | ) | ||||
Change in net assets resulting from capital transactions | (1,503,105 | ) | 4,418,634 | |||||
Change in net assets | 236,334 | 6,188,959 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 20,792,133 | 14,603,174 | ||||||
End of period | $ | 21,028,467 | $ | 20,792,133 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 651,878 | 837,209 | ||||||
Reinvested | 44,014 | 40,876 | ||||||
Redeemed | (736,942 | ) | (775,223 | ) | ||||
Change in shares | (41,050 | ) | 102,862 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Mid-Cap Growth :: 155
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 43.13 | $ | 38.51 | $ | 47.64 | $ | 44.26 | $ | 41.33 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.28 | ) | (0.16 | ) | (0.23 | ) | (0.23 | ) | (0.19 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments | 8.71 | 9.17 | (4.76 | ) | 8.08 | 5.47 | ||||||||||||||
Total income (loss) from investment activities | 8.43 | 9.01 | (4.99 | ) | 7.85 | 5.28 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net realized gains on investments | (3.88 | ) | (4.39 | ) | (4.14 | ) | (4.47 | ) | (2.35 | ) | ||||||||||
Net Asset Value, End of Period | $ | 47.68 | $ | 43.13 | $ | 38.51 | $ | 47.64 | $ | 44.26 | ||||||||||
Total Return | 20.90 | % | 24.24 | % | (11.98 | )% | 18.31 | % | 12.87 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.78 | % | 1.75 | % | 1.70 | % | 1.69 | % | 1.69 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (0.68 | )% | (0.38 | )% | (0.48 | )% | (0.49 | )% | (0.45 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 21,028 | $ | 20,792 | $ | 14,603 | $ | 22,590 | $ | 21,492 | ||||||||||
Portfolio turnover rate(b) | 184 | % | 191 | % | 131 | % | 88 | % | 171 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
156 :: ProFund VP Mid-Cap Value :: Management Discussion of Fund Performance
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, 2020, the Fund had a total return of 2.30%. For the same period, the Index had a total return of 3.73%1 and a volatility of 45.09%. 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 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Mid-Cap Value | 2.30 | % | 8.64 | % | 8.52 | % | ||||||
S&P MidCap 400® Value Index | 3.73 | % | 10.37 | % | 10.28 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Mid-Cap Value | 1.75 | % | 1.68 | % | |||||
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | |||
Lear Corp. | 0.9 | % | ||
Alleghany Corp. | 0.9 | % | ||
Omega Healthcare Investors, Inc. | 0.8 | % | ||
Owens Corning | 0.8 | % | ||
Reinsurance Group of America, Inc. | 0.8 | % |
S&P MidCap 400® Value Index – Composition
% of Index | ||||
Financials | 22 | % | ||
Industrials | 16 | % | ||
Consumer Discretionary | 14 | % | ||
Real Estate | 14 | % | ||
Information Technology | 10 | % | ||
Materials | 7 | % | ||
Utilities | 6 | % | ||
Health Care | 5 | % | ||
Consumer Staples | 4 | % | ||
Energy | 1 | % | ||
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.
Financial Statements :: ProFund VP Mid-Cap Value :: 157
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (100.2%)
Shares | Value | |||||||
Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | 685 | $ | 34,428 | |||||
ACI Worldwide, Inc.* (Software) | 667 | 25,633 | ||||||
Acuity Brands, Inc. (Electrical Equipment) | 457 | 55,338 | ||||||
Adient PLC* (Auto Components) | 1,166 | 40,542 | ||||||
Adtalem Global Education, Inc.* (Diversified Consumer Services) | 647 | 21,966 | ||||||
AECOM* (Construction & Engineering) | 1,873 | 93,239 | ||||||
Affiliated Managers Group, Inc. (Capital Markets) | 564 | 57,359 | ||||||
AGCO Corp. (Machinery) | 442 | 45,566 | ||||||
Alleghany Corp. (Insurance) | 178 | 107,458 | ||||||
ALLETE, Inc. (Electric Utilities) | 646 | 40,013 | ||||||
Alliance Data Systems Corp. (IT Services) | 593 | 43,941 | ||||||
American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | 1,043 | 44,609 | ||||||
American Eagle Outfitters, Inc. (Specialty Retail) | 1,858 | 37,290 | ||||||
American Financial Group, Inc. (Insurance) | 873 | 76,492 | ||||||
Apartment Income REIT Corp.* (Equity Real Estate Investment Trusts) | 1,849 | 71,020 | ||||||
AptarGroup, Inc. (Containers & Packaging) | 313 | 42,847 | ||||||
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components) | 938 | 91,267 | ||||||
Ashland Global Holdings, Inc. (Chemicals) | 433 | 34,294 | ||||||
Associated Banc-Corp. (Banks) | 1,907 | 32,514 | ||||||
AutoNation, Inc.* (Specialty Retail) | 731 | 51,016 | ||||||
Avient Corp. (Chemicals) | 1,136 | 45,758 | ||||||
Avis Budget Group, Inc.* (Road & Rail) | 641 | 23,909 | ||||||
Avnet, Inc. (Electronic Equipment, Instruments & Components) | 1,227 | 43,080 | ||||||
BancorpSouth Bank (Banks) | 1,198 | 32,873 | ||||||
Bank of Hawaii Corp. (Banks) | 498 | 38,157 | ||||||
Bank OZK (Banks) | 1,501 | 46,936 | ||||||
Belden, Inc. (Electronic Equipment, Instruments & Components) | 554 | 23,213 | ||||||
BJ’s Wholesale Club Holdings, Inc.* (Food & Staples Retailing) | 1,705 | 63,562 | ||||||
Black Hills Corp. (Multi-Utilities) | 779 | 47,870 | ||||||
Blackbaud, Inc. (Software) | 339 | 19,513 | ||||||
Boyd Gaming Corp.* (Hotels, Restaurants & Leisure) | 459 | 19,700 | ||||||
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | 3,682 | 60,937 | ||||||
Brunswick Corp. (Leisure Products) | 438 | 33,393 | ||||||
Builders FirstSource, Inc.* (Building Products) | 1,297 | 52,931 | ||||||
Cabot Corp. (Chemicals) | 703 | 31,551 | ||||||
CACI International, Inc.*—Class A (IT Services) | 179 | 44,630 | ||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 1,086 | 80,658 | ||||||
Camden Property Trust (Equity Real Estate Investment Trusts) | 641 | 64,049 | ||||||
Cantel Medical Corp. (Health Care Equipment & Supplies) | 243 | 19,163 | ||||||
Carlisle Cos., Inc. (Industrial Conglomerates) | 279 | 43,574 | ||||||
Carter’s, Inc. (Textiles, Apparel & Luxury Goods) | 542 | 50,986 | ||||||
Casey’s General Stores, Inc. (Food & Staples Retailing) | 284 | 50,728 | ||||||
Cathay General Bancorp (Banks) | 930 | 29,937 | ||||||
CDK Global, Inc. (Software) | 756 | 39,183 | ||||||
Ceridian HCM Holding, Inc.* (Software) | 663 | 70,650 | ||||||
ChampionX Corp.* (Energy Equipment & Services) | 1,362 | 20,839 | ||||||
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | 168 | 17,931 | ||||||
Ciena Corp.* (Communications Equipment) | 1,207 | 63,790 | ||||||
Cimarex Energy Co. (Oil, Gas & Consumable Fuels) | 659 | 24,719 | ||||||
Cinemark Holdings, Inc. (Entertainment) | 1,335 | 23,243 | ||||||
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | 410 | 33,702 | ||||||
CIT Group, Inc. (Banks) | 1,223 | 43,906 | ||||||
Clean Harbors, Inc.* (Commercial Services & Supplies) | 385 | 29,299 | ||||||
CNO Financial Group, Inc. (Insurance) | 1,726 | 38,369 | ||||||
Coherent, Inc.* (Electronic Equipment, Instruments & Components) | 200 | 30,004 | ||||||
Colfax Corp.* (Machinery) | 1,251 | 47,838 | ||||||
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | 219 | 19,136 | ||||||
Commerce Bancshares, Inc. (Banks) | 680 | 44,676 | ||||||
Commercial Metals Co. (Metals & Mining) | 1,492 | 30,646 | ||||||
CommVault Systems, Inc.* (Software) | 298 | 16,500 | ||||||
Compass Minerals International, Inc. (Metals & Mining) | 219 | 13,517 | ||||||
Concentrix Corp.* (IT Services) | 266 | 26,254 | ||||||
CoreSite Realty Corp. (Equity Real Estate Investment Trusts) | 191 | 23,928 | ||||||
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | 1,393 | 36,329 | ||||||
Coty, Inc.—Class A (Personal Products) | 3,519 | 24,702 | ||||||
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | 1,845 | 61,808 | ||||||
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | 295 | 38,916 | ||||||
Crane Co. (Machinery) | 614 | 47,683 | ||||||
Cullen/Frost Bankers, Inc. (Banks) | 695 | 60,625 | ||||||
Curtiss-Wright Corp. (Aerospace & Defense) | 325 | 37,814 | ||||||
Dana, Inc. (Auto Components) | 1,795 | 35,038 | ||||||
Dick’s Sporting Goods, Inc. (Specialty Retail) | 816 | 45,867 | ||||||
Domtar Corp. (Paper & Forest Products) | 685 | 21,680 | ||||||
Donaldson Co., Inc. (Machinery) | 784 | 43,810 | ||||||
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | 2,048 | 59,761 | ||||||
Dycom Industries, Inc.* (Construction & Engineering) | 396 | 29,906 | ||||||
Eagle Materials, Inc. (Construction Materials) | 198 | 20,067 | ||||||
East West Bancorp, Inc. (Banks) | 1,758 | 89,149 | ||||||
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | 206 | 28,440 | ||||||
Edgewell Personal Care Co. (Personal Products) | 675 | 23,342 | ||||||
EMCOR Group, Inc. (Construction & Engineering) | 682 | 62,376 |
See accompanying notes to financial statements.
158 :: ProFund VP Mid-Cap Value :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Encompass Health Corp. (Health Care Providers & Services) | 543 | $ | 44,901 | |||||
Energizer Holdings, Inc. (Household Products) | 383 | 16,155 | ||||||
EnerSys (Electrical Equipment) | 270 | 22,426 | ||||||
EPR Properties (Equity Real Estate Investment Trusts) | 927 | 30,128 | ||||||
EQT Corp.* (Oil, Gas & Consumable Fuels) | 2,122 | 26,971 | ||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 2,777 | 22,327 | ||||||
Essent Group, Ltd. (Thrifts & Mortgage Finance) | 698 | 30,154 | ||||||
Essential Utilities, Inc. (Water Utilities) | 1,386 | 65,544 | ||||||
Evercore Partners, Inc.—Class A (Capital Markets) | 186 | 20,393 | ||||||
F.N.B. Corp. (Banks) | 4,007 | 38,067 | ||||||
Federated Hermes, Inc.—Class B (Capital Markets) | 692 | 19,992 | ||||||
First American Financial Corp. (Insurance) | 1,386 | 71,559 | ||||||
First Financial Bankshares, Inc. (Banks) | 635 | 22,971 | ||||||
First Horizon Corp. (Banks) | 6,890 | 87,916 | ||||||
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 786 | 33,114 | ||||||
FirstCash, Inc. (Consumer Finance) | 515 | 36,070 | ||||||
Flowers Foods, Inc. (Food Products) | 1,491 | 33,741 | ||||||
Fluor Corp. (Construction & Engineering) | 1,555 | 24,833 | ||||||
Foot Locker, Inc. (Specialty Retail) | 1,297 | 52,452 | ||||||
Fulton Financial Corp. (Banks) | 2,015 | 25,631 | ||||||
GATX Corp. (Trading Companies & Distributors) | 435 | 36,183 | ||||||
Gentex Corp. (Auto Components) | 1,278 | 43,363 | ||||||
Genworth Financial, Inc.*—Class A (Insurance) | 6,282 | 23,746 | ||||||
Glacier Bancorp, Inc. (Banks) | 593 | 27,284 | ||||||
Graham Holdings Co.—Class B (Diversified Consumer Services) | 50 | 26,669 | ||||||
Grand Canyon Education, Inc.* (Diversified Consumer Services) | 367 | 34,171 | ||||||
Greif, Inc.—Class A (Containers & Packaging) | 328 | 15,377 | ||||||
Grocery Outlet Holding Corp.* (Food & Staples Retailing) | 405 | 15,896 | ||||||
H&R Block, Inc. (Diversified Consumer Services) | 2,278 | 36,129 | ||||||
Haemonetics Corp.* (Health Care Equipment & Supplies) | 284 | 33,725 | ||||||
Hancock Whitney Corp. (Banks) | 1,073 | 36,503 | ||||||
Harley-Davidson, Inc. (Automobiles) | 1,904 | 69,877 | ||||||
Hawaiian Electric Industries, Inc. (Electric Utilities) | 1,356 | 47,989 | ||||||
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 1,014 | 30,014 | ||||||
Healthcare Services Group, Inc. (Commercial Services & Supplies) | 924 | 25,964 | ||||||
Herman Miller, Inc. (Commercial Services & Supplies) | 731 | 24,708 | ||||||
Hexcel Corp. (Aerospace & Defense) | 1,037 | 50,284 | ||||||
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | 1,290 | 51,123 | ||||||
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies) | 481 | 47,124 | ||||||
HNI Corp. (Commercial Services & Supplies) | 531 | 18,298 | ||||||
Home BancShares, Inc. (Banks) | 1,887 | 36,759 | ||||||
Hubbell, Inc. (Electrical Equipment) | 269 | 42,177 |
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts) | 1,890 | 45,398 | ||||||
ICU Medical, Inc.* (Health Care Equipment & Supplies) | 119 | 25,524 | ||||||
IDACORP, Inc. (Electric Utilities) | 627 | 60,211 | ||||||
Ingevity Corp.* (Chemicals) | 262 | 19,841 | ||||||
Ingredion, Inc. (Food Products) | 832 | 65,453 | ||||||
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | 439 | 28,500 | ||||||
InterDigital, Inc. (Communications Equipment) | 383 | 23,240 | ||||||
International Bancshares Corp. (Banks) | 692 | 25,908 | ||||||
ITT, Inc. (Machinery) | 590 | 45,442 | ||||||
j2 Global, Inc.* (Software) | 197 | 19,245 | ||||||
Jabil, Inc. (Electronic Equipment, Instruments & Components) | 1,671 | 71,068 | ||||||
Janus Henderson Group PLC (Capital Markets) | 1,847 | 60,045 | ||||||
JBG Smith Properties (Equity Real Estate Investment Trusts) | 1,381 | 43,184 | ||||||
Jefferies Financial Group, Inc. (Diversified Financial Services) | 2,570 | 63,222 | ||||||
JetBlue Airways Corp.* (Airlines) | 3,905 | 56,779 | ||||||
John Wiley & Sons, Inc.—Class A (Media) | 542 | 24,747 | ||||||
Jones Lang LaSalle, Inc.*(a) (Real Estate Management & Development) | 637 | 94,512 | ||||||
KAR Auction Services, Inc. (Commercial Services & Supplies) | 1,605 | 29,869 | ||||||
KB Home (Household Durables) | 1,094 | 36,671 | ||||||
KBR, Inc. (IT Services) | 1,770 | 54,747 | ||||||
Kemper Corp. (Insurance) | 763 | 58,621 | ||||||
Kennametal, Inc. (Machinery) | 1,034 | 37,472 | ||||||
Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | 1,302 | 74,735 | ||||||
Kirby Corp.* (Marine) | 745 | 38,613 | ||||||
Kohl’s Corp. (Multiline Retail) | 1,958 | 79,671 | ||||||
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | 536 | 44,606 | ||||||
Lancaster Colony Corp. (Food Products) | 102 | 18,740 | ||||||
Landstar System, Inc. (Road & Rail) | 176 | 23,700 | ||||||
Lear Corp. (Auto Components) | 679 | 107,981 | ||||||
Lennox International, Inc. (Building Products) | 178 | 48,767 | ||||||
Life Storage, Inc. (Equity Real Estate Investment Trusts) | 290 | 34,623 | ||||||
Ligand Pharmaceuticals, Inc.*(a)—Class B (Biotechnology) | 96 | 9,547 | ||||||
LivaNova PLC* (Health Care Equipment & Supplies) | 603 | 39,925 | ||||||
LiveRamp Holdings, Inc.* (IT Services) | 387 | 28,325 | ||||||
Louisiana-Pacific Corp. (Paper & Forest Products) | 611 | 22,711 | ||||||
ManpowerGroup, Inc. (Professional Services) | 714 | 64,389 | ||||||
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | 510 | 69,982 | ||||||
MasTec, Inc.* (Construction & Engineering) | 697 | 47,521 | ||||||
MAXIMUS, Inc. (IT Services) | 290 | 21,225 | ||||||
MDU Resources Group, Inc. (Multi-Utilities) | 2,490 | 65,586 | ||||||
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | 4,061 | 88,489 | ||||||
Mercury General Corp. (Insurance) | 330 | 17,229 | ||||||
MGIC Investment Corp. (Thrifts & Mortgage Finance) | 4,204 | 52,760 | ||||||
Minerals Technologies, Inc. (Chemicals) | 423 | 26,277 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Value :: 159
Common Stocks, continued
Shares | Value | |||||||
Molina Healthcare, Inc.* (Health Care Providers & Services) | 339 | $ | 72,099 | |||||
MSC Industrial Direct Co., Inc.—Class A (Trading Companies & Distributors) | 284 | 23,967 | ||||||
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 1,792 | 21,683 | ||||||
Murphy USA, Inc. (Specialty Retail) | 330 | 43,187 | ||||||
National Fuel Gas Co. (Gas Utilities) | 1,129 | 46,436 | ||||||
National Instruments Corp. (Electronic Equipment, Instruments & Components) | 897 | 39,414 | ||||||
National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | 2,158 | 88,305 | ||||||
Navient Corp. (Consumer Finance) | 2,313 | 22,714 | ||||||
NCR Corp.* (Technology Hardware, Storage & Peripherals) | 1,601 | 60,150 | ||||||
Nektar Therapeutics* (Pharmaceuticals) | 1,381 | 23,477 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 264 | 20,935 | ||||||
NetScout Systems, Inc.* (Communications Equipment) | 914 | 25,062 | ||||||
New Jersey Resources Corp. (Gas Utilities) | 1,194 | 42,447 | ||||||
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | 5,761 | 60,778 | ||||||
NewMarket Corp. (Chemicals) | 56 | 22,304 | ||||||
Nordson Corp. (Machinery) | 248 | 49,836 | ||||||
Nordstrom, Inc.(a) (Multiline Retail) | 1,351 | 42,165 | ||||||
NorthWestern Corp. (Multi-Utilities) | 629 | 36,677 | ||||||
Nu Skin Enterprises, Inc.—Class A (Personal Products) | 285 | 15,570 | ||||||
NuVasive, Inc.* (Health Care Equipment & Supplies) | 637 | 35,882 | ||||||
nVent Electric PLC (Electrical Equipment) | 2,113 | 49,212 | ||||||
OGE Energy Corp. (Electric Utilities) | 2,484 | 79,140 | ||||||
O-I Glass, Inc. (Containers & Packaging) | 1,951 | 23,217 | ||||||
Old Republic International Corp. (Insurance) | 3,512 | 69,222 | ||||||
Olin Corp. (Chemicals) | 1,765 | 43,348 | ||||||
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | 2,819 | 102,387 | ||||||
ONE Gas, Inc. (Gas Utilities) | 660 | 50,668 | ||||||
Oshkosh Corp. (Machinery) | 847 | 72,901 | ||||||
Owens Corning (Building Products) | 1,344 | 101,821 | ||||||
PacWest Bancorp (Banks) | 1,045 | 26,543 | ||||||
Park Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 2,926 | 50,181 | ||||||
Patterson Cos., Inc. (Health Care Providers & Services) | 1,078 | 31,941 | ||||||
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | 1,626 | 30,569 | ||||||
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | 733 | 63,309 | ||||||
Perspecta, Inc. (IT Services) | 1,053 | 25,356 | ||||||
Physicians Realty Trust (Equity Real Estate Investment Trusts) | 2,586 | 46,031 | ||||||
Pilgrim’s Pride Corp.* (Food Products) | 605 | 11,864 | ||||||
Pinnacle Financial Partners, Inc. (Banks) | 942 | 60,665 | ||||||
PNM Resources, Inc. (Electric Utilities) | 603 | 29,264 | ||||||
Polaris, Inc. (Leisure Products) | 382 | 36,397 | ||||||
Post Holdings, Inc.* (Food Products) | 761 | 76,870 | ||||||
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | 515 | 25,760 |
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 622 | 21,689 | ||||||
PROG Holdings, Inc. (Consumer Finance) | 453 | 24,403 | ||||||
Prosperity Bancshares, Inc. (Banks) | 1,150 | 79,764 | ||||||
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | 135 | 17,937 | ||||||
Rayonier, Inc. (Equity Real Estate Investment Trusts) | 1,017 | 29,879 | ||||||
Regal Beloit Corp. (Electrical Equipment) | 252 | 30,948 | ||||||
Reinsurance Group of America, Inc. (Insurance) | 844 | 97,820 | ||||||
Reliance Steel & Aluminum Co. (Metals & Mining) | 791 | 94,722 | ||||||
RenaissanceRe Holdings, Ltd. (Insurance) | 271 | 44,937 | ||||||
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | 664 | 32,609 | ||||||
RLI Corp. (Insurance) | 202 | 21,038 | ||||||
Royal Gold, Inc. (Metals & Mining) | 343 | 36,481 | ||||||
RPM International, Inc. (Chemicals) | 614 | 55,739 | ||||||
Ryder System, Inc. (Road & Rail) | 669 | 41,318 | ||||||
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | 2,570 | 44,641 | ||||||
Sabre Corp. (IT Services) | 2,522 | 30,314 | ||||||
Sanderson Farms, Inc. (Food Products) | 246 | 32,521 | ||||||
Science Applications International Corp. (IT Services) | 441 | 41,736 | ||||||
Scientific Games Corp.*—Class A (Hotels, Restaurants & Leisure) | 293 | 12,157 | ||||||
SEI Investments Co. (Capital Markets) | 730 | 41,953 | ||||||
Selective Insurance Group, Inc. (Insurance) | 743 | 49,766 | ||||||
Sensient Technologies Corp. (Chemicals) | 274 | 20,213 | ||||||
Service Corp. International (Diversified Consumer Services) | 858 | 42,128 | ||||||
Service Properties Trust (Equity Real Estate Investment Trusts) | 2,046 | 23,509 | ||||||
Signature Bank(a) (Banks) | 433 | 58,581 | ||||||
Silgan Holdings, Inc. (Containers & Packaging) | 546 | 20,246 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 223 | 28,397 | ||||||
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure) | 583 | 19,880 | ||||||
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 1,684 | 60,523 | ||||||
Sonoco Products Co. (Containers & Packaging) | 1,247 | 73,884 | ||||||
Southwest Gas Holdings, Inc. (Gas Utilities) | 706 | 42,890 | ||||||
Spire, Inc. (Gas Utilities) | 641 | 41,050 | ||||||
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts) | 1,419 | 57,001 | ||||||
Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | 1,465 | 29,447 | ||||||
Steel Dynamics, Inc. (Metals & Mining) | 2,482 | 91,511 | ||||||
Stericycle, Inc.* (Commercial Services & Supplies) | 694 | 48,115 | ||||||
Sterling Bancorp (Banks) | 2,414 | 43,404 | ||||||
Stifel Financial Corp. (Capital Markets) | 743 | 37,467 | ||||||
STORE Capital Corp. (Equity Real Estate Investment Trusts) | 1,849 | 62,829 | ||||||
Strategic Education, Inc. (Diversified Consumer Services) | 303 | 28,885 |
See accompanying notes to financial statements.
160 :: ProFund VP Mid-Cap Value :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | 223 | $ | 21,497 | |||||
SYNNEX Corp. (Electronic Equipment, Instruments & Components) | 512 | 41,697 | ||||||
Synovus Financial Corp. (Banks) | 1,836 | 59,431 | ||||||
Taylor Morrison Home Corp.* (Household Durables) | 1,614 | 41,398 | ||||||
TCF Financial Corp. (Banks) | 1,893 | 70,079 | ||||||
TEGNA, Inc. (Media) | 1,634 | 22,794 | ||||||
Telephone & Data Systems, Inc. (Wireless Telecommunication Services) | 1,237 | 22,971 | ||||||
Tenet Healthcare Corp.* (Health Care Providers & Services) | 1,311 | 52,348 | ||||||
Teradata Corp.* (IT Services) | 855 | 19,212 | ||||||
Terex Corp. (Machinery) | 534 | 18,631 | ||||||
Texas Capital Bancshares, Inc.* (Banks) | 627 | 37,307 | ||||||
The Brink’s Co. (Commercial Services & Supplies) | 380 | 27,360 | ||||||
The Chemours Co. (Chemicals) | 1,124 | 27,864 | ||||||
The Goodyear Tire & Rubber Co. (Auto Components) | 2,895 | 31,584 | ||||||
The Hain Celestial Group, Inc.* (Food Products) | 390 | 15,659 | ||||||
The Hanover Insurance Group, Inc. (Insurance) | 463 | 54,134 | ||||||
The Macerich Co.(a) (Equity Real Estate Investment Trusts) | 1,391 | 14,842 | ||||||
The Middleby Corp.* (Machinery) | 269 | 34,679 | ||||||
Thor Industries, Inc. (Automobiles) | 688 | 63,977 | ||||||
Toll Brothers, Inc. (Household Durables) | 799 | 34,733 | ||||||
Tootsie Roll Industries, Inc. (Food Products) | 127 | 3,772 | ||||||
TreeHouse Foods, Inc.* (Food Products) | 702 | 29,828 | ||||||
TRI Pointe Group, Inc.* (Household Durables) | 1,575 | 27,169 | ||||||
Trinity Industries, Inc. (Machinery) | 1,049 | 27,683 | ||||||
TripAdvisor, Inc.* (Interactive Media & Services) | 753 | 21,672 | ||||||
Trustmark Corp. (Banks) | 788 | 21,520 | ||||||
UGI Corp. (Gas Utilities) | 2,589 | 90,510 | ||||||
UMB Financial Corp. (Banks) | 536 | 36,979 | ||||||
Umpqua Holdings Corp. (Banks) | 1,559 | 23,603 | ||||||
United Bankshares, Inc. (Banks) | 1,611 | 52,196 | ||||||
United States Steel Corp. (Metals & Mining) | 2,738 | 45,916 | ||||||
United Therapeutics Corp.* (Biotechnology) | 320 | 48,573 | ||||||
Univar Solutions, Inc.* (Trading Companies & Distributors) | 2,100 | 39,921 | ||||||
Urban Edge Properties (Equity Real Estate Investment Trusts) | 1,362 | 17,624 | ||||||
Urban Outfitters, Inc.* (Specialty Retail) | 850 | 21,760 | ||||||
Valley National Bancorp (Banks) | 5,015 | 48,896 | ||||||
Valmont Industries, Inc. (Construction & Engineering) | 155 | 27,114 | ||||||
Valvoline, Inc. (Chemicals) | 920 | 21,289 | ||||||
ViaSat, Inc.* (Communications Equipment) | 797 | 26,022 | ||||||
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | 1,646 | 34,089 | ||||||
Visteon Corp.* (Auto Components) | 180 | 22,594 | ||||||
Washington Federal, Inc. (Thrifts & Mortgage Finance) | 942 | 24,247 | ||||||
Watsco, Inc. (Trading Companies & Distributors) | 155 | 35,115 | ||||||
Webster Financial Corp. (Banks) | 1,120 | 47,208 | ||||||
Weingarten Realty Investors (Equity Real Estate Investment Trusts) | 1,496 | 32,418 | ||||||
Werner Enterprises, Inc. (Road & Rail) | 390 | 15,296 |
WEX, Inc.* (IT Services) | 231 | 47,015 | ||||||
Wintrust Financial Corp. (Banks) | 716 | 43,740 | ||||||
Woodward, Inc. (Machinery) | 348 | 42,292 | ||||||
World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | 789 | 24,585 | ||||||
World Wrestling Entertainment, Inc.—Class A (Entertainment) | 244 | 11,724 | ||||||
Worthington Industries, Inc. (Metals & Mining) | 187 | 9,601 | ||||||
WPX Energy, Inc.* (Oil, Gas & Consumable Fuels) | 5,016 | 40,880 | ||||||
WW International, Inc.* (Diversified Consumer Services) | 356 | 8,686 | ||||||
Wyndham Destinations, Inc. (Hotels, Restaurants & Leisure) | 650 | 29,159 | ||||||
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 533 | 31,682 | ||||||
XPO Logistics, Inc.* (Air Freight & Logistics) | 545 | 64,964 | ||||||
Yelp, Inc.* (Interactive Media & Services) | 423 | 13,819 | ||||||
TOTAL COMMON STOCKS (Cost $9,162,217) | 12,488,636 |
Repurchase Agreements(b) (0.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $14,000 | $ | 14,000 | $ | 14,000 | ||||
TOTAL REPURCHASE AGREEMENTS | 14,000 | |||||||
Collateral for Securities Loaned (1.3%)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(c) | 162,466 | $ | 162,466 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(c) | 681 | 681 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(c) | 2,964 | 2,964 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $166,111) | 166,111 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $9,342,328)—101.6% | 12,668,747 | |||||||
Net other assets (liabilities)—(1.6)% | (196,402 | ) | ||||||
NET ASSETS—100.0% | $ | 12,472,345 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $161,773. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Value :: 161
ProFund VP Mid-Cap Value invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 88,098 | 0.7 | % | ||||
Air Freight & Logistics | 64,964 | 0.5 | % | |||||
Airlines | 56,779 | 0.5 | % | |||||
Auto Components | 281,102 | 2.3 | % | |||||
Automobiles | 133,854 | 1.1 | % | |||||
Banks | 1,429,728 | 11.5 | % | |||||
Biotechnology | 58,120 | 0.5 | % | |||||
Building Products | 203,519 | 1.6 | % | |||||
Capital Markets | 237,209 | 1.9 | % | |||||
Chemicals | 348,478 | 2.7 | % | |||||
Commercial Services & Supplies | 203,613 | 1.6 | % | |||||
Communications Equipment | 138,114 | 1.1 | % | |||||
Construction & Engineering | 284,989 | 2.4 | % | |||||
Construction Materials | 20,067 | 0.2 | % | |||||
Consumer Finance | 83,187 | 0.7 | % | |||||
Containers & Packaging | 175,571 | 1.4 | % | |||||
Diversified Consumer Services | 198,634 | 1.6 | % | |||||
Diversified Financial Services | 63,222 | 0.5 | % | |||||
Electric Utilities | 256,617 | 2.1 | % | |||||
Electrical Equipment | 200,101 | 1.6 | % | |||||
Electronic Equipment, Instruments & Components | 373,832 | 3.0 | % | |||||
Energy Equipment & Services | 20,839 | 0.2 | % | |||||
Entertainment | 34,967 | 0.3 | % | |||||
Equity Real Estate Investment Trusts | 1,602,817 | 12.8 | % | |||||
Food & Staples Retailing | 159,633 | 1.3 | % | |||||
Food Products | 288,448 | 2.3 | % | |||||
Gas Utilities | 314,001 | 2.5 | % | |||||
Health Care Equipment & Supplies | 250,778 | 1.9 | % | |||||
Health Care Providers & Services | 235,717 | 1.9 | % | |||||
Hotels, Restaurants & Leisure | 383,374 | 3.0 | % | |||||
Household Durables | 139,971 | 1.1 | % | |||||
Household Products | 16,155 | 0.1 | % | |||||
Industrial Conglomerates | 43,574 | 0.3 | % | |||||
Insurance | 730,391 | 5.9 | % |
Interactive Media & Services | 35,491 | 0.3 | % | |||||
IT Services | 382,755 | 3.1 | % | |||||
Leisure Products | 69,790 | 0.6 | % | |||||
Machinery | 513,833 | 4.2 | % | |||||
Marine | 38,613 | 0.3 | % | |||||
Media | 47,541 | 0.3 | % | |||||
Metals & Mining | 322,394 | 2.6 | % | |||||
Multiline Retail | 121,836 | 1.0 | % | |||||
Multi-Utilities | 150,133 | 1.2 | % | |||||
Oil, Gas & Consumable Fuels | 161,165 | 1.3 | % | |||||
Paper & Forest Products | 44,391 | 0.4 | % | |||||
Personal Products | 63,614 | 0.5 | % | |||||
Pharmaceuticals | 45,166 | 0.4 | % | |||||
Professional Services | 64,389 | 0.5 | % | |||||
Real Estate Management & Development | 94,512 | 0.8 | % | |||||
Road & Rail | 104,223 | 0.8 | % | |||||
Semiconductors & Semiconductor Equipment | 83,596 | 0.7 | % | |||||
Software | 190,724 | 1.5 | % | |||||
Specialty Retail | 251,572 | 2.0 | % | |||||
Technology Hardware, Storage & Peripherals | 60,150 | 0.5 | % | |||||
Textiles, Apparel & Luxury Goods | 130,645 | 1.0 | % | |||||
Thrifts & Mortgage Finance | 167,939 | 1.3 | % | |||||
Trading Companies & Distributors | 135,186 | 1.1 | % | |||||
Water Utilities | 65,544 | 0.5 | % | |||||
Wireless Telecommunication Services | 22,971 | 0.2 | % | |||||
Other** | (16,291 | ) | (0.2 | )% | ||||
Total | $ | 12,472,345 | 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.
162 :: ProFund VP Mid-Cap Value :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 9,342,328 | ||
Securities, at value(a) | 12,654,747 | |||
Repurchase agreements, at value | 14,000 | |||
Total Investment Securities, at value | 12,668,747 | |||
Cash | 252 | |||
Dividends and interest receivable | 20,107 | |||
Receivable for capital shares issued | 112 | |||
Prepaid expenses | 782 | |||
TOTAL ASSETS | 12,690,000 | |||
LIABILITIES: | ||||
Payable for investments purchased | 22,734 | |||
Payable for capital shares redeemed | 3,295 | |||
Payable for collateral for securities loaned | 166,111 | |||
Advisory fees payable | 7,823 | |||
Management services fees payable | 1,043 | |||
Administration fees payable | 870 | |||
Administrative services fees payable | 4,663 | |||
Distribution fees payable | 3,766 | |||
Transfer agency fees payable | 730 | |||
Fund accounting fees payable | 582 | |||
Compliance services fees payable | 62 | |||
Other accrued expenses | 5,976 | |||
TOTAL LIABILITIES | 217,655 | |||
NET ASSETS | $ | 12,472,345 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 11,445,448 | ||
Total distributable earnings (loss) | 1,026,897 | |||
NET ASSETS | $ | 12,472,345 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 316,860 | |||
Net Asset Value (offering and redemption price per share) | $ | 39.36 | ||
(a) Includes securities on loan valued at: | $ | 161,773 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 236,997 | ||
Interest | 42 | |||
Foreign tax withholding | (15 | ) | ||
Income from securities lending | 1,006 | |||
TOTAL INVESTMENT INCOME | 238,030 | |||
EXPENSES: | ||||
Advisory fees | 78,154 | |||
Management services fees | 10,420 | |||
Administration fees | 9,513 | |||
Transfer agency fees | 7,554 | |||
Administrative services fees | 35,021 | |||
Distribution fees | 26,051 | |||
Custody fees | 1,945 | |||
Fund accounting fees | 6,209 | |||
Trustee fees | 223 | |||
Compliance services fees | 111 | |||
Other fees | 12,274 | |||
Total Gross Expenses before reductions | 187,475 | |||
Expenses reduced and reimbursed by the Advisor | (12,411 | ) | ||
TOTAL NET EXPENSES | 175,064 | |||
NET INVESTMENT INCOME (LOSS) | 62,966 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (891,489 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | 571,872 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (319,617 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (256,651 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Value :: 163
Statements of Changes in Net Assets
| ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 62,966 | $ | 37,966 | ||||
Net realized gains (losses) on investments | (891,489 | ) | 1,394,179 | |||||
Change in net unrealized appreciation/depreciation on investments | 571,872 | 1,089,148 | ||||||
Change in net assets resulting from operations | (256,651 | ) | 2,521,293 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (925,031 | ) | (452,477 | ) | ||||
Change in net assets resulting from distributions | (925,031 | ) | (452,477 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 14,126,058 | 36,174,139 | ||||||
Distributions reinvested | 925,031 | 452,477 | ||||||
Value of shares redeemed | (19,109,077 | ) | (31,968,582 | ) | ||||
Change in net assets resulting from capital transactions | (4,057,988 | ) | 4,658,034 | |||||
Change in net assets | (5,239,670 | ) | 6,726,850 | |||||
NET ASSETS: | ||||||||
Beginning of period | 17,712,015 | 10,985,165 | ||||||
End of period | $ | 12,472,345 | $ | 17,712,015 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 422,692 | 903,293 | ||||||
Reinvested | 28,211 | 11,989 | ||||||
Redeemed | (554,235 | ) | (806,694 | ) | ||||
Change in shares | (103,332 | ) | 108,588 |
See accompanying notes to financial statements.
164 :: ProFund VP Mid-Cap Value :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 42.15 | $ | 35.25 | $ | 46.61 | $ | 45.02 | $ | 36.86 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.21 | 0.10 | 0.09 | 0.03 | 0.11 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.13 | (b) | 8.22 | (5.33 | ) | 4.63 | 8.80 | |||||||||||||
Total income (loss) from investment activities | 0.34 | 8.32 | (5.24 | ) | 4.66 | 8.91 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.15 | ) | (0.08 | ) | (0.05 | ) | (0.15 | ) | (0.08 | ) | ||||||||||
Net realized gains on investments | (2.98 | ) | (1.34 | ) | (6.07 | ) | (2.92 | ) | (0.67 | ) | ||||||||||
Total distributions | (3.13 | ) | (1.42 | ) | (6.12 | ) | (3.07 | ) | (0.75 | ) | ||||||||||
Net Asset Value, End of Period | $ | 39.36 | $ | 42.15 | $ | 35.25 | $ | 46.61 | $ | 45.02 | ||||||||||
Total Return | 2.30 | % | 24.08 | % | (13.29 | )% | 10.61 | % | 24.34 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.80 | % | 1.75 | % | 1.71 | % | 1.70 | % | 1.70 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | 0.60 | % | 0.26 | % | 0.21 | % | 0.07 | % | 0.27 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 12,472 | $ | 17,712 | $ | 10,985 | $ | 16,464 | $ | 30,042 | ||||||||||
Portfolio turnover rate(c) | 163 | % | 232 | % | 127 | % | 66 | % | 181 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchase of fund shares in relation to fluctuating market values during the period. |
(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 financial statements.
Management Discussion of Fund Performance :: ProFund VP Nasdaq-100 :: 165
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, 2020, the Fund had a total return of 45.57%. For the same period, the Index had a total return of 48.88%1 and a volatility of 36.59%. 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, 2020, 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 Nasdaq-100 from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Nasdaq-100 | 45.57 | % | 21.79 | % | 18.22 | % | ||||||
Nasdaq-100® Index | 48.88 | % | 24.27 | % | 20.63 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Nasdaq-100 | 1.72 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 64 | % | ||
Futures Contracts | 3 | % | ||
Swap Agreements | 32 | % | ||
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 | |||
Apple, Inc. | 7.9 | % | ||
Microsoft Corp. | 5.9 | % | ||
Amazon.com, Inc. | 5.7 | % | ||
Alphabet, Inc. | 3.9 | % | ||
Tesla, Inc. | 2.9 | % |
Nasdaq-100® Index – Composition
% of Index | ||||
Information Technology | 49 | % | ||
Consumer Discretionary | 19 | % | ||
Communication Services | 18 | % | ||
Health Care | 6 | % | ||
Consumer Staples | 5 | % | ||
Industrials | 2 | % | ||
Utilities | 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.
166 :: ProFund VP Nasdaq-100 :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (64.4%)
Shares | Value | |||||||
Activision Blizzard, Inc. (Entertainment) | 6,390 | $ | 593,312 | |||||
Adobe, Inc.* (Software) | 3,966 | 1,983,476 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 9,944 | 911,964 | ||||||
Alexion Pharmaceuticals, Inc.* (Biotechnology) | 1,809 | 282,638 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 652 | 348,416 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 1,634 | 2,863,814 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 1,792 | 3,139,369 | ||||||
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | 2,726 | 8,878,390 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 4,104 | 341,740 | ||||||
Amgen, Inc. (Biotechnology) | 4,813 | 1,106,604 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 3,055 | 451,315 | ||||||
ANSYS, Inc.* (Software) | 710 | 258,298 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 92,367 | 12,256,177 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 7,549 | 651,479 | ||||||
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | 626 | 305,313 | ||||||
Atlassian Corp. PLC*—Class A (Software) | 1,093 | 255,620 | ||||||
Autodesk, Inc.* (Software) | 1,813 | 553,581 | ||||||
Automatic Data Processing, Inc. (IT Services) | 3,545 | 624,629 | ||||||
Baidu, Inc.*ADR (Interactive Media & Services) | 2,284 | 493,892 | ||||||
Biogen, Inc.* (Biotechnology) | 1,272 | 311,462 | ||||||
Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | 339 | 755,045 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 3,344 | 1,464,170 | ||||||
Cadence Design Systems, Inc.* (Software) | 2,306 | 314,608 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 1,182 | 155,776 | ||||||
Cerner Corp. (Health Care Technology) | 2,535 | 198,947 | ||||||
Charter Communications, Inc.*—Class A (Media) | 1,653 | 1,093,542 | ||||||
Check Point Software Technologies, Ltd.* (Software) | 1,159 | 154,043 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 865 | 305,743 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 34,937 | 1,563,431 | ||||||
Cognizant Technology Solutions Corp.— Class A (IT Services) | 4,420 | 362,219 | ||||||
Comcast Corp.—Class A (Media) | 37,751 | 1,978,153 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 1,952 | 248,392 | ||||||
Costco Wholesale Corp. (Food & Staples Retailing) | 3,648 | 1,374,493 | ||||||
CSX Corp. (Road & Rail) | 6,323 | 573,812 | ||||||
DexCom, Inc.* (Health Care Equipment & Supplies) | 794 | 293,558 | ||||||
DocuSign, Inc.* (Software) | 1,531 | 340,341 | ||||||
Dollar Tree, Inc.* (Multiline Retail) | 1,945 | 210,138 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 5,700 | 286,425 | ||||||
Electronic Arts, Inc. (Entertainment) | 2,397 | 344,209 | ||||||
Exelon Corp. (Electric Utilities) | 8,066 | 340,547 | ||||||
Facebook, Inc.*—Class A (Interactive Media & Services) | 13,062 | 3,568,015 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 4,746 | 231,747 | ||||||
Fiserv, Inc.* (IT Services) | 5,543 | 631,126 | ||||||
Fox Corp.—Class A (Media) | 2,791 | 81,274 | ||||||
Fox Corp.—Class B (Media) | 2,132 | 61,572 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 10,364 | 603,807 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 705 | 352,408 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 1,207 | 446,590 | ||||||
Incyte Corp.* (Biotechnology) | 1,811 | 157,521 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 33,883 | 1,688,051 | ||||||
Intuit, Inc. (Software) | 2,172 | 825,034 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 972 | 795,193 | ||||||
JD.com, Inc.*ADR (Internet & Direct Marketing Retail) | 7,205 | 633,320 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 11,635 | 372,320 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 1,277 | 330,628 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 1,191 | 562,474 | ||||||
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | 1,033 | 359,515 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 2,682 | 353,809 | ||||||
Marvell Technology Group, Ltd. (Semiconductors & Semiconductor Equipment) | 5,541 | 263,419 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 2,199 | 332,467 | ||||||
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | 2,210 | 195,917 | ||||||
Mercadolibre, Inc.* (Internet & Direct Marketing Retail) | 412 | 690,191 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 2,153 | 297,351 | ||||||
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | 9,204 | 691,957 | ||||||
Microsoft Corp. (Software) | 41,077 | 9,136,346 | ||||||
Moderna, Inc.* (Biotechnology) | 3,272 | 341,826 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 11,825 | 691,408 | ||||||
Monster Beverage Corp.* (Beverages) | 4,365 | 403,675 | ||||||
NetEase, Inc.ADR (Entertainment) | 2,707 | 259,249 | ||||||
Netflix, Inc.* (Entertainment) | 3,653 | 1,975,287 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 5,116 | 2,671,574 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 2,313 | 367,790 | ||||||
Okta, Inc.* (IT Services) | 992 | 252,226 | ||||||
O’Reilly Automotive, Inc.* (Specialty Retail) | 599 | 271,089 | ||||||
PACCAR, Inc. (Machinery) | 2,864 | 247,106 | ||||||
Paychex, Inc. (IT Services) | 2,972 | 276,931 | ||||||
PayPal Holdings, Inc.* (IT Services) | 9,688 | 2,268,930 | ||||||
Peloton Interactive, Inc.*—Class A (Leisure Products) | 2,113 | 320,584 | ||||||
PepsiCo, Inc. (Beverages) | 11,426 | 1,694,476 | ||||||
Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail) | 2,467 | 438,312 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Nasdaq-100 :: 167
Common Stocks, continued
Shares | Value | |||||||
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | 9,351 | $ | 1,424,531 | |||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 867 | 418,856 | ||||||
Ross Stores, Inc. (Specialty Retail) | 2,943 | 361,430 | ||||||
Seagen, Inc.* (Biotechnology) | 1,491 | 261,134 | ||||||
Sirius XM Holdings, Inc. (Media) | 35,135 | 223,810 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 1,373 | 209,904 | ||||||
Splunk, Inc.* (Software) | 1,326 | 225,274 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 9,704 | 1,038,134 | ||||||
Synopsys, Inc.* (Software) | 1,255 | 325,346 | ||||||
Tesla, Inc.* (Automobiles) | 6,374 | 4,497,941 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 7,590 | 1,245,747 | ||||||
The Kraft Heinz Co. (Food Products) | 10,109 | 350,378 | ||||||
T-Mobile US, Inc.* (Wireless Telecommunication Services) | 10,262 | 1,383,831 | ||||||
Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail) | 4,324 | 145,849 | ||||||
VeriSign, Inc.* (IT Services) | 943 | 204,065 | ||||||
Verisk Analytics, Inc.—Class A (Professional Services) | 1,344 | 279,001 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 2,150 | 508,131 | ||||||
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | 7,159 | 285,501 | ||||||
Workday, Inc.*—Class A (Software) | 1,488 | 356,540 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 4,345 | 289,681 | ||||||
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | 2,027 | 287,368 | ||||||
Zoom Video Communications, Inc.*— Class A (Software) | 1,610 | 543,085 | ||||||
TOTAL COMMON STOCKS (Cost $25,016,890) | 99,977,133 |
Repurchase Agreements(a)(b) (32.6%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $50,541,106 | $ | 50,541,000 | $ | 50,541,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $50,541,000) | 50,541,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $75,557,890)—97.0% | 150,518,133 | |||||||
Net other assets (liabilities)—3.0% | 4,690,420 | |||||||
NET ASSETS—100.0% | $ | 155,208,553 |
* | Non-income producing security. |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2020, the aggregate amount held in a segregated account was $6,766,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
ADR | American Depositary Receipt |
NYS | New York Shares |
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
E-Mini Nasdaq 100 Futures Contracts | 20 | 3/22/21 | $ | 5,154,200 | $ | 207,849 |
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 | 1/27/21 | 0.65 | % | $ | 10,639,755 | $ | 40,622 | |||||||||
Nasdaq-100 Index | UBS AG | 1/27/21 | 0.90 | % | 39,422,671 | 131,922 | |||||||||||
$ | 50,062,426 | $ | 172,544 |
(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, 2020, 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.
168 :: ProFund VP Nasdaq-100 :: Financial Statements
ProFund VP Nasdaq-100 invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Automobiles | $ | 4,497,941 | 2.9 | % | ||||
Beverages | 2,470,471 | 1.5 | % | |||||
Biotechnology | 3,991,979 | 2.5 | % | |||||
Commercial Services & Supplies | 554,135 | 0.4 | % | |||||
Communications Equipment | 1,563,431 | 1.0 | % | |||||
Electric Utilities | 971,968 | 0.6 | % | |||||
Electronic Equipment, Instruments & Components | 155,776 | 0.1 | % | |||||
Entertainment | 3,172,057 | 2.0 | % | |||||
Food & Staples Retailing | 1,659,994 | 1.1 | % | |||||
Food Products | 1,041,786 | 0.7 | % | |||||
Health Care Equipment & Supplies | 1,789,575 | 1.2 | % | |||||
Health Care Technology | 198,947 | 0.1 | % | |||||
Hotels, Restaurants & Leisure | 1,391,943 | 0.9 | % | |||||
Interactive Media & Services | 10,397,557 | 6.7 | % | |||||
Internet & Direct Marketing Retail | 11,827,532 | 7.7 | % | |||||
IT Services | 4,620,126 | 3.0 | % | |||||
Leisure Products | 320,584 | 0.2 | % | |||||
Life Sciences Tools & Services | 446,590 | 0.3 | % | |||||
Machinery | 247,106 | 0.2 | % | |||||
Media | 3,438,351 | 2.2 | % | |||||
Multiline Retail | 210,138 | 0.1 | % | |||||
Professional Services | 279,001 | 0.2 | % | |||||
Road & Rail | 573,812 | 0.3 | % | |||||
Semiconductors & Semiconductor Equipment | 14,020,952 | 9.1 | % | |||||
Software | 15,271,592 | 9.9 | % | |||||
Specialty Retail | 632,519 | 0.4 | % | |||||
Technology Hardware, Storage & Peripherals | 12,256,177 | 7.9 | % | |||||
Textiles, Apparel & Luxury Goods | 359,515 | 0.2 | % | |||||
Trading Companies & Distributors | 231,747 | 0.1 | % | |||||
Wireless Telecommunication Services | 1,383,831 | 0.9 | % | |||||
Other** | 55,231,420 | 35.6 | % | |||||
Total | $ | 155,208,553 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Nasdaq-100 :: 169
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 75,557,890 | ||
Securities, at value | 99,977,133 | |||
Repurchase agreements, at value | 50,541,000 | |||
Total Investment Securities, at value | 150,518,133 | |||
Cash | 939 | |||
Segregated cash balances for futures contracts with brokers | 352,000 | |||
Segregated cash balances for swap agreements with custodian | 1,000 | |||
Dividends and interest receivable | 24,504 | |||
Unrealized appreciation on swap agreements | 172,544 | |||
Receivable for capital shares issued | 5,453,846 | |||
Variation margin on futures contracts | 17,600 | |||
Prepaid expenses | 613 | |||
TOTAL ASSETS | 156,541,179 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 978,337 | |||
Advisory fees payable | 88,882 | |||
Management services fees payable | 11,851 | |||
Administration fees payable | 9,383 | |||
Administrative services fees payable | 70,408 | |||
Distribution fees payable | 75,445 | |||
Transfer agency fees payable | 7,875 | |||
Fund accounting fees payable | 5,368 | |||
Compliance services fees payable | 750 | |||
Other accrued expenses | 84,327 | |||
TOTAL LIABILITIES | 1,332,626 | |||
NET ASSETS | $ | 155,208,553 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 62,673,840 | ||
Total distributable earnings (loss) | 92,534,713 | |||
NET ASSETS | $ | 155,208,553 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 2,194,376 | |||
Net Asset Value (offering and redemption price per share) | $ | 70.73 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 727,863 | ||
Interest | 108,162 | |||
Foreign tax withholding | (481 | ) | ||
Income from securities lending | 491 | |||
TOTAL INVESTMENT INCOME | 836,035 | |||
EXPENSES: | ||||
Advisory fees | 916,407 | |||
Management services fees | 122,186 | |||
Administration fees | 110,520 | |||
Transfer agency fees | 89,191 | |||
Administrative services fees | 305,761 | |||
Distribution fees | 305,469 | |||
Custody fees | 18,725 | |||
Fund accounting fees | 61,687 | |||
Trustee fees | 2,483 | |||
Compliance services fees | 1,471 | |||
Other fees | 182,934 | |||
Total Gross Expenses before reductions | 2,116,834 | |||
Expenses reduced and reimbursed by the Advisor | (64,084 | ) | ||
TOTAL NET EXPENSES | 2,052,750 | |||
NET INVESTMENT INCOME (LOSS) | (1,216,715 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 3,885,410 | |||
Net realized gains (losses) on futures contracts | 3,130,267 | |||
Net realized gains (losses) on swap agreements | 13,382,092 | |||
Change in net unrealized appreciation/depreciation on investment securities | 27,581,546 | |||
Change in net unrealized appreciation/depreciation on futures contracts | (202,870 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | 278,035 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 48,054,480 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 46,837,765 |
See accompanying notes to financial statements.
170 :: ProFund VP Nasdaq-100 :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (1,216,715 | ) | $ | (248,804 | ) | ||
Net realized gains (losses) on investments | 20,397,769 | 8,610,746 | ||||||
Change in net unrealized appreciation/depreciation on investments | 27,656,711 | 17,646,238 | ||||||
Change in net assets resulting from operations | 46,837,765 | 26,008,180 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (9,496,625 | ) | (709,177 | ) | ||||
Change in net assets resulting from distributions | (9,496,625 | ) | (709,177 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 709,912,384 | 353,298,241 | ||||||
Distributions reinvested | 9,496,625 | 709,177 | ||||||
Value of shares redeemed | (704,734,911 | ) | (340,765,839 | ) | ||||
Change in net assets resulting from capital transactions | 14,674,098 | 13,241,579 | ||||||
Change in net assets | 52,015,238 | 38,540,582 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 103,193,315 | 64,652,733 | ||||||
End of period | $ | 155,208,553 | $ | 103,193,315 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 12,097,369 | 7,798,969 | ||||||
Reinvested | 138,657 | 15,812 | ||||||
Redeemed | (12,038,447 | ) | (7,515,300 | ) | ||||
Change in shares | 197,579 | 299,481 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Nasdaq-100 :: 171
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 51.68 | $ | 38.09 | $ | 42.74 | $ | 32.91 | $ | 32.56 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.59 | ) | (0.13 | ) | (0.15 | ) | (0.26 | ) | (0.26 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments | 24.00 | 14.06 | (0.08 | ) | 10.24 | 1.97 | ||||||||||||||
Total income (loss) from investment activities | 23.41 | 13.93 | (0.23 | ) | 9.98 | 1.71 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net realized gains on investments | (4.36 | ) | (0.34 | ) | (4.42 | ) | (0.15 | ) | (1.36 | ) | ||||||||||
Net Asset Value, End of Period | $ | 70.73 | $ | 51.68 | $ | 38.09 | $ | 42.74 | $ | 32.91 | ||||||||||
Total Return | 45.57 | % | 36.70 | % | (1.87 | )%(b) | 30.37 | % | 5.26 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.73 | % | 1.72 | % | 1.74 | % | 1.71 | % | 1.73 | % | ||||||||||
Net expenses | 1.68 | % | 1.69 | %(c) | 1.67 | %(b) | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (0.99 | )% | (0.29 | )% | (0.34 | )%(b) | (0.68 | )% | (0.82 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 155,209 | $ | 103,193 | $ | 64,653 | $ | 73,907 | $ | 60,499 | ||||||||||
Portfolio turnover rate(d) | 10 | % | 9 | % | 6 | % | 4 | % | 4 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.68% and (0.35)%, respectively, and the total return would have been (1.88)%. |
(c) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
172 :: ProFund VP Oil & Gas :: Management Discussion of Fund Performance
ProFund VP Oil & Gas (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Oil & GasSM Index (the “Index”). For the year ended December 31, 2020, the Fund had a total return of -34.46%. For the same period, the Index had a total return of -33.23%1 and a volatility of 60.84%. 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 oil and gas sector of the U.S. equity market. Component companies include, among others, exploration and production, integrated oil and gas, oil equipment and services, pipelines, renewable energy equipment companies and alternative fuel producers.
During the year ended December 31, 2020, 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 Oil & Gas from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Oil & Gas | -34.46 | % | -7.36 | % | -4.85 | % | ||||||
Dow Jones U.S. Oil & GasSM Index | -33.23 | % | -5.77 | % | -3.19 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Oil & Gas | 1.72 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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. | 20.5 | % | ||
ConocoPhillips | 5.4 | % | ||
Phillips 66 | 3.9 | % | ||
Schlumberger, Ltd. | 3.8 | % |
Dow Jones U.S. Oil & GasSM
Index – Composition
% of Index | ||||
Oil, Gas & Consumable Fuels | 89 | % | ||
Energy Equipment & Services | 9 | % | ||
Semiconductors & Semiconductor Equipment | 1 | % | ||
Electric Utilities | 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.
Financial Statements :: ProFund VP Oil & Gas :: 173
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (98.4%)
Shares | Value | |||||||
Apache Corp. (Oil, Gas & Consumable Fuels) | 8,833 | $ | 125,340 | |||||
Baker Hughes Co.—Class A (Energy Equipment & Services) | 16,051 | 334,663 | ||||||
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | 9,328 | 151,860 | ||||||
Cheniere Energy, Inc.* (Oil, Gas & Consumable Fuels) | 5,373 | 322,541 | ||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 45,043 | 3,803,881 | ||||||
Cimarex Energy Co. (Oil, Gas & Consumable Fuels) | 2,386 | 89,499 | ||||||
Concho Resources, Inc. (Oil, Gas & Consumable Fuels) | 4,595 | 268,118 | ||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 24,994 | 999,510 | ||||||
Continental Resources, Inc. (Oil, Gas & Consumable Fuels) | 1,453 | 23,684 | ||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 8,951 | 141,515 | ||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 3,697 | 178,935 | ||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 13,653 | 680,875 | ||||||
EQT Corp.* (Oil, Gas & Consumable Fuels) | 6,448 | 81,954 | ||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 9,513 | 76,485 | ||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 98,944 | 4,078,472 | ||||||
First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | 1,986 | 196,455 | ||||||
Halliburton Co. (Energy Equipment & Services) | 20,687 | 390,984 | ||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 6,396 | 337,645 | ||||||
HollyFrontier Corp. (Oil, Gas & Consumable Fuels) | 3,489 | 90,191 | ||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 45,562 | 622,833 | ||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 18,471 | 123,202 | ||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 15,227 | 629,789 | ||||||
National Oilwell Varco, Inc. (Energy Equipment & Services) | 9,084 | 124,723 | ||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 19,613 | 339,501 | ||||||
OGE Energy Corp. (Electric Utilities) | 4,683 | 149,200 | ||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 10,401 | 399,190 |
Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 6,080 | 87,309 | ||||||
Parsley Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | 7,150 | 101,530 | ||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 10,221 | 714,857 | ||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 3,849 | 438,363 | ||||||
Schlumberger, Ltd. (Energy Equipment & Services) | 32,577 | 711,156 | ||||||
Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 5,359 | 141,370 | ||||||
TechnipFMC PLC (Energy Equipment & Services) | 9,884 | 92,910 | ||||||
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 28,389 | 569,199 | ||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 9,544 | 539,904 | ||||||
WPX Energy, Inc.* (Oil, Gas & Consumable Fuels) | 9,452 | 77,034 | ||||||
TOTAL COMMON STOCKS (Cost $10,690,427) | 18,234,677 |
Repurchase Agreements(a) (1.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $258,001 | $ | 258,000 | $ | 258,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $258,000) | 258,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,948,427)—99.8% | 18,492,677 | |||||||
Net other assets (liabilities)—0.2% | 42,721 | |||||||
NET ASSETS—100.0% | $ | 18,535,398 |
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements – Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
Dow Jones U.S. Oil & Gas Index | Goldman Sachs International | 1/25/21 | 0.60 | % | $ | 303,982 | $ | (3,138 | ) |
(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, 2020, 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.
174 :: ProFund VP Oil & Gas :: Financial Statements
ProFund VP Oil & Gas invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Electric Utilities | $ | 149,200 | 0.8 | % | ||||
Energy Equipment & Services | 1,654,436 | 8.9 | % | |||||
Oil, Gas & Consumable Fuels | 16,234,586 | 87.6 | % | |||||
Semiconductors & Semiconductor Equipment | 196,455 | 1.1 | % | |||||
Other** | 300,721 | 1.6 | % | |||||
Total | $ | 18,535,398 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Oil & Gas :: 175
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 10,948,427 | ||
Securities, at value | 18,234,677 | |||
Repurchase agreements, at value | 258,000 | |||
Total Investment Securities, at value | 18,492,677 | |||
Cash | 1,577 | |||
Segregated cash balances for swap agreements with custodian | 60,000 | |||
Dividends and interest receivable | 6,644 | |||
Receivable for capital shares issued | 29,983 | |||
Prepaid expenses | 107 | |||
TOTAL ASSETS | 18,590,988 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 3,484 | |||
Unrealized depreciation on swap agreements | 3,138 | |||
Advisory fees payable | 11,721 | |||
Management services fees payable | 1,563 | |||
Administration fees payable | 1,292 | |||
Administrative services fees payable | 8,321 | |||
Distribution fees payable | 8,043 | |||
Transfer agency fees payable | 1,084 | |||
Fund accounting fees payable | 746 | |||
Compliance services fees payable | 89 | |||
Other accrued expenses | 16,109 | |||
TOTAL LIABILITIES | 55,590 | |||
NET ASSETS | $ | 18,535,398 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 17,283,317 | ||
Total distributable earnings (loss) | 1,252,081 | |||
NET ASSETS | $ | 18,535,398 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 986,847 | |||
Net Asset Value (offering and redemption price per share) | $ | 18.78 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 828,776 | ||
Interest | 1,023 | |||
Foreign tax withholding | (36 | ) | ||
Income from securities lending | 234 | |||
TOTAL INVESTMENT INCOME | 829,997 | |||
EXPENSES: | ||||
Advisory fees | 133,124 | |||
Management services fees | 17,750 | |||
Administration fees | 16,666 | |||
Transfer agency fees | 12,966 | |||
Administrative services fees | 46,945 | |||
Distribution fees | 44,375 | |||
Custody fees | 2,139 | |||
Fund accounting fees | 9,135 | |||
Trustee fees | 400 | |||
Compliance services fees | 192 | |||
Other fees | 27,825 | |||
Total Gross Expenses before reductions | 311,517 | |||
Expenses reduced and reimbursed by the Advisor | (13,320 | ) | ||
TOTAL NET EXPENSES | 298,197 | |||
NET INVESTMENT INCOME (LOSS) | 531,800 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (2,013,445 | ) | ||
Net realized gains (losses) on swap agreements | (160,711 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (6,096,527 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (1,589 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (8,272,272 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (7,740,472 | ) |
See accompanying notes to financial statements.
176 :: ProFund VP Oil & Gas :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 531,800 | $ | 379,134 | ||||
Net realized gains (losses) on investments | (2,174,156 | ) | 1,291,991 | |||||
Change in net unrealized appreciation/depreciation on investments | (6,098,116 | ) | 606,163 | |||||
Change in net assets resulting from operations | (7,740,472 | ) | 2,277,288 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (607,652 | ) | (1,174,970 | ) | ||||
Change in net assets resulting from distributions | (607,652 | ) | (1,174,970 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 29,132,344 | 17,342,848 | ||||||
Distributions reinvested | 607,652 | 1,174,970 | ||||||
Value of shares redeemed | (29,298,442 | ) | (18,961,207 | ) | ||||
Change in net assets resulting from capital transactions | 441,554 | (443,389 | ) | |||||
Change in net assets | (7,906,570 | ) | 658,929 | |||||
NET ASSETS: | ||||||||
Beginning of period | 26,441,968 | 25,783,039 | ||||||
End of period | $ | 18,535,398 | $ | 26,441,968 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 1,586,151 | 571,758 | ||||||
Reinvested | 35,681 | 42,418 | ||||||
Redeemed | (1,520,551 | ) | (617,849 | ) | ||||
Change in shares | 101,281 | (3,673 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Oil & Gas :: 177
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 29.86 | $ | 28.99 | $ | 36.93 | $ | 38.63 | $ | 31.52 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.57 | 0.45 | 0.36 | 0.53 | 0.37 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (10.93 | ) | 1.90 | (7.68 | ) | (1.78 | ) | 7.22 | ||||||||||||
Total income (loss) from investment activities | (10.36 | ) | 2.35 | (7.32 | ) | (1.25 | ) | 7.59 | ||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.50 | ) | (0.44 | ) | (0.62 | ) | (0.45 | ) | (0.48 | ) | ||||||||||
Net realized gains on investments | (0.22 | ) | (1.04 | ) | — | — | — | |||||||||||||
Total distributions | (0.72 | ) | (1.48 | ) | (0.62 | ) | (0.45 | ) | (0.48 | ) | ||||||||||
Net Asset Value, End of Period | $ | 18.78 | $ | 29.86 | $ | 28.99 | $ | 36.93 | $ | 38.63 | ||||||||||
Total Return | (34.46 | )% | 8.52 | % | (20.22 | )%(b) | (3.17 | )% | 24.18 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.76 | % | 1.72 | % | 1.72 | % | 1.69 | % | 1.70 | % | ||||||||||
Net expenses | 1.68 | % | 1.72 | %(c) | 1.65 | %(b) | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | 3.00 | % | 1.46 | % | 0.99 | %(b) | 1.52 | % | 1.07 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 18,535 | $ | 26,442 | $ | 25,783 | $ | 41,863 | $ | 55,134 | ||||||||||
Portfolio turnover rate(d) | 130 | % | 38 | % | 76 | % | 35 | % | 50 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.68% and 0.96%, respectively, and the total return would have been (20.26)%. |
(c) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
178 :: ProFund VP Pharmaceuticals :: Management Discussion of Fund Performance
ProFund VP Pharmaceuticals (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Select PharmaceuticalsSM Index (the “Index”). For the year ended December 31, 2020, the Fund had a total return of 12.51%. For the same period, the Index had a total return of 14.32%1 and a volatility of 29.67%. 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 pharmaceuticals sector of the U.S. equity market. Component companies include, among others, the makers of prescription and over-the-counter drugs. The Index includes vaccine producers, but excludes vitamin producers.
During the year ended December 31, 2020, 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 Pharmaceuticals from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Pharmaceuticals | 12.51 | % | 5.04 | % | 10.55 | % | ||||||
Dow Jones U.S. Select PharmaceuticalsSM Index | 14.32 | % | 3.76 | % | 12.82 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Pharmaceuticals | 1.74 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | 3 | % | ||
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 | |||
Johnson & Johnson | 22.2 | % | ||
Pfizer, Inc. | 16.8 | % | ||
Catalent, Inc. | 4.9 | % | ||
Viatris, Inc. | 4.6 | % | ||
Eli Lilly & Co. | 4.6 | % |
Dow Jones U.S. Select PharmaceuticalsSM Index – Composition
% of Index | ||||
Pharmaceuticals | 95 | % | ||
Biotechnology | 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 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.
Financial Statements :: ProFund VP Pharmaceuticals :: 179
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (97.5%)
Shares | Value | |||||||
Aerie Pharmaceuticals, Inc.* (Pharmaceuticals) | 2,694 | $ | 36,396 | |||||
Amicus Therapeutics, Inc.* (Biotechnology) | 15,014 | 346,672 | ||||||
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | 6,541 | 29,892 | ||||||
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | 2,105 | 42,332 | ||||||
Arvinas, Inc.* (Pharmaceuticals) | 1,781 | 151,260 | ||||||
Axsome Therapeutics, Inc.* (Pharmaceuticals) | 1,526 | 124,323 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 11,514 | 714,213 | ||||||
Cara Therapeutics, Inc.* (Biotechnology) | 2,466 | 37,311 | ||||||
Catalent, Inc.* (Pharmaceuticals) | 7,599 | 790,828 | ||||||
Catalyst Pharmaceuticals, Inc.* (Biotechnology) | 5,547 | 18,527 | ||||||
ChemoCentryx, Inc.* (Biotechnology) | 2,867 | 177,525 | ||||||
Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | 1,990 | 39,860 | ||||||
Corcept Therapeutics, Inc.* (Pharmaceuticals) | 6,016 | 157,379 | ||||||
Elanco Animal Health, Inc.* (Pharmaceuticals) | 24,279 | 744,637 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 4,439 | 749,481 | ||||||
Endo International PLC* (Pharmaceuticals) | 13,252 | 95,149 | ||||||
Horizon Therapeutics PLC* (Pharmaceuticals) | 10,006 | 731,939 | ||||||
Innoviva, Inc.* (Pharmaceuticals) | 3,617 | 44,815 | ||||||
Intra-Cellular Therapies, Inc.* (Pharmaceuticals) | 4,059 | 129,076 | ||||||
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | 9,213 | 104,936 | ||||||
Jazz Pharmaceuticals PLC* (Pharmaceuticals) | 3,206 | 529,150 | ||||||
Johnson & Johnson (Pharmaceuticals) | 22,907 | 3,605,105 | ||||||
Madrigal Pharmaceuticals, Inc.* (Biotechnology) | 534 | 59,365 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 8,403 | 687,365 | ||||||
Omeros Corp.*(a) (Pharmaceuticals) | 3,548 | 50,683 | ||||||
Pacira BioSciences, Inc.* (Pharmaceuticals) | 2,500 | 149,600 | ||||||
Perrigo Co. PLC (Pharmaceuticals) | 7,854 | 351,231 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 74,087 | 2,727,143 | ||||||
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals) | 700 | 23,254 | ||||||
Phibro Animal Health Corp.—Class A (Pharmaceuticals) | 1,167 | 22,663 | ||||||
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 2,883 | 100,530 | ||||||
Provention Bio, Inc.* (Pharmaceuticals) | 2,763 | 46,805 | ||||||
Reata Pharmaceuticals, Inc.* (Pharmaceuticals) | 1,520 | 187,902 | ||||||
Relmada Therapeutics, Inc.* (Pharmaceuticals) | 785 | 25,175 | ||||||
Revance Therapeutics, Inc.* (Pharmaceuticals) | 3,561 | 100,919 | ||||||
Royalty Pharma PLC—Class A (Pharmaceuticals) | 4,914 | 245,946 | ||||||
Spectrum Pharmaceuticals, Inc.* (Biotechnology) | 8,397 | 28,634 |
TherapeuticsMD, Inc.*(a) (Pharmaceuticals) | 15,525 | 18,785 | ||||||
Theravance Biopharma, Inc.* (Pharmaceuticals) | 2,872 | 51,035 | ||||||
Vanda Pharmaceuticals, Inc.* (Biotechnology) | 3,147 | 41,352 | ||||||
Viatris, Inc.* (Pharmaceuticals) | 40,037 | 750,293 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 4,420 | 731,510 | ||||||
Zogenix, Inc.* (Pharmaceuticals) | 3,204 | 64,048 | ||||||
TOTAL COMMON STOCKS (Cost $10,316,858) | 15,865,044 |
Repurchase Agreements(b) (1.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $195,000 | $ | 195,000 | $ | 195,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $195,000) | 195,000 |
Collateral for Securities Loaned (0.4%)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(c) | 61,176 | $ | 61,176 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(c) | 257 | 257 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(c) | 1,116 | 1,116 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $62,549) | 62,549 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,574,407)—99.1% | 16,122,593 | |||||||
Net other assets (liabilities)—0.9% | 148,608 | |||||||
NET ASSETS—100.0% | $ | 16,271,201 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $59,841. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
See accompanying notes to financial statements.
180 :: ProFund VP Pharmaceuticals :: Financial Statements
Total Return Swap Agreements – Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||||
Dow Jones U.S. Select Pharmaceuticals Index | Goldman Sachs International | 1/25/21 | 0.60 | % | $ | 496,015 | $ | 8,542 |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Pharmaceuticals invested in the following industries as of December 31, 2020:
Value | % of Net Assets | ||||||||
Biotechnology | $ | 814,322 | 5.0 | % | |||||
Pharmaceuticals | 15,050,722 | 92.5 | % | ||||||
Other** | 406,157 | 2.5 | % | ||||||
Total | $ | 16,271,201 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Pharmaceuticals :: 181
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 10,574,407 | ||
Securities, at value(a) | 15,927,593 | |||
Repurchase agreements, at value | 195,000 | |||
Total Investment Securities, at value | 16,122,593 | |||
Cash | 366 | |||
Segregated cash balances for swap agreements with custodian | 220,000 | |||
Dividends and interest receivable | 26,796 | |||
Unrealized appreciation on swap agreements | 8,542 | |||
Receivable for capital shares issued | 961 | |||
Prepaid expenses | 77 | |||
TOTAL ASSETS | 16,379,335 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 6,761 | |||
Payable for collateral for securities loaned | 62,549 | |||
Advisory fees payable | 9,831 | |||
Management services fees payable | 1,311 | |||
Administration fees payable | 1,041 | |||
Administrative services fees payable | 8,250 | |||
Distribution fees payable | 8,296 | |||
Transfer agency fees payable | 874 | |||
Fund accounting fees payable | 606 | |||
Compliance services fees payable | 80 | |||
Other accrued expenses | 8,535 | |||
TOTAL LIABILITIES | 108,134 | |||
NET ASSETS | $ | 16,271,201 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 12,162,362 | ||
Total distributable earnings (loss) | 4,108,839 | |||
NET ASSETS | $ | 16,271,201 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 422,137 | |||
Net Asset Value (offering and redemption price per share) | $ | 38.54 | ||
(a) Includes securities on loan valued at: | $ | 59,841 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 224,792 | ||
Interest | 1,001 | |||
Income from securities lending | 1,335 | |||
TOTAL INVESTMENT INCOME | 227,128 | |||
EXPENSES: | ||||
Advisory fees | 101,069 | |||
Management services fees | 13,476 | |||
Administration fees | 12,285 | |||
Transfer agency fees | 9,902 | |||
Administrative services fees | 35,018 | |||
Distribution fees | 33,690 | |||
Custody fees | 1,753 | |||
Fund accounting fees | 6,974 | |||
Trustee fees | 279 | |||
Compliance services fees | 159 | |||
Other fees | 18,013 | |||
Total Gross Expenses before reductions | 232,618 | |||
Expenses reduced and reimbursed by the Advisor | (6,224 | ) | ||
TOTAL NET EXPENSES | 226,394 | |||
NET INVESTMENT INCOME (LOSS) | 734 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 441,634 | |||
Net realized gains (losses) on swap agreements | 18,559 | |||
Change in net unrealized appreciation/depreciation on investment securities | 1,329,558 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 12,575 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 1,802,326 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,803,060 |
See accompanying notes to financial statements.
182 :: ProFund VP Pharmaceuticals :: Financial Statements
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 734 | $ | 15,201 | ||||
Net realized gains (losses) on investments | 460,193 | (125,627 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | 1,342,133 | 1,786,144 | ||||||
Change in net assets resulting from operations | 1,803,060 | 1,675,718 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (15,201 | ) | (1,644,528 | ) | ||||
Change in net assets resulting from distributions | (15,201 | ) | (1,644,528 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 12,366,348 | 12,135,082 | ||||||
Distributions reinvested | 15,201 | 1,644,528 | ||||||
Value of shares redeemed | (11,502,033 | ) | (14,039,833 | ) | ||||
Change in net assets resulting from capital transactions | 879,516 | (260,223 | ) | |||||
Change in net assets | 2,667,375 | (229,033 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 13,603,826 | 13,832,859 | ||||||
End of period | $ | 16,271,201 | $ | 13,603,826 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 367,558 | 356,716 | ||||||
Reinvested | 423 | 54,275 | ||||||
Redeemed | (342,539 | ) | (411,187 | ) | ||||
Change in shares | 25,442 | (196 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Pharmaceuticals :: 183
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 34.29 | $ | 34.85 | $ | 38.53 | $ | 35.42 | $ | 39.47 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | — | (b) | 0.04 | 0.25 | 0.33 | 0.29 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 4.29 | 4.22 | (2.58 | ) | 3.34 | (1.63 | ) | |||||||||||||
Total income (loss) from investment activities | 4.29 | 4.26 | (2.33 | ) | 3.67 | (1.34 | ) | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.04 | ) | (0.31 | ) | (0.42 | ) | (0.39 | ) | (0.38 | ) | ||||||||||
Net realized gains on investments | — | (4.51 | ) | (0.93 | ) | (0.17 | ) | (2.33 | ) | |||||||||||
Total distributions | (0.04 | ) | (4.82 | ) | (1.35 | ) | (0.56 | ) | (2.71 | ) | ||||||||||
Net Asset Value, End of Period | $ | 38.54 | $ | 34.29 | $ | 34.85 | $ | 38.53 | $ | 35.42 | ||||||||||
Total Return | 12.51 | % | 14.04 | % | (6.20 | )% | 10.36 | % | (3.73 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.73 | % | 1.74 | % | 1.76 | % | 1.70 | % | 1.71 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | 0.01 | % | 0.12 | % | 0.65 | % | 0.88 | % | 0.76 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 16,271 | $ | 13,604 | $ | 13,833 | $ | 17,278 | $ | 19,878 | ||||||||||
Portfolio turnover rate(c) | 91 | % | 126 | % | 261 | % | 219 | % | 247 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Amount is less than $0.005. |
(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 financial statements.
184 :: 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, 2020, the Fund had a total return of 24.10%. For the same period, the Index had a return of 27.50%1 and a volatility of 49.88%. 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, 2020, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Precious Metals | 24.10 | % | 20.79 | % | -5.58 | % | ||||||
Dow Jones Precious MetalsSM Index | 27.50 | % | 23.96 | % | -3.24 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Precious Metals | 1.72 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | 93 | % | ||
Silver | 6 | % | ||
Precious Metals & Minerals | 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.
Financial Statements :: ProFund VP Precious Metals :: 185
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a)(b) (94.0%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $36,076,076 | $ | 36,076,000 | $ | 36,076,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $36,076,000) | 36,076,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $36,076,000)—94.0% | 36,076,000 | |||||||
Net other assets (liabilities)—6.0% | 2,294,631 | |||||||
NET ASSETS—100.0% | $ | 38,370,631 | ||||||
(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, 2020, the aggregate amount held in a segregated account was $4,594,000. |
(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 | 1/25/21 | 0.60 | % | $ | 23,140,143 | $ | 9,544 | ||||||||||
Dow Jones Precious Metals Index | UBS AG | 1/25/21 | 0.85 | % | 15,171,765 | (1,096 | ) | |||||||||||
$ | 38,311,908 | $ | 8,448 |
(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, 2020, 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.
186 :: ProFund VP Precious Metals :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 36,076,000 | ||
Repurchase agreements, at value | 36,076,000 | |||
Total Investment Securities, at value | 36,076,000 | |||
Cash | 453 | |||
Interest receivable | 19 | |||
Unrealized appreciation on swap agreements | 9,544 | |||
Receivable for capital shares issued | 2,571,137 | |||
Prepaid expenses | 235 | |||
TOTAL ASSETS | 38,657,388 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 195,944 | |||
Unrealized depreciation on swap agreements | 1,096 | |||
Advisory fees payable | 22,965 | |||
Management services fees payable | 3,062 | |||
Administration fees payable | 2,224 | |||
Administrative services fees payable | 17,862 | |||
Distribution fees payable | 17,609 | |||
Transfer agency fees payable | 2,035 | |||
Fund accounting fees payable | 1,379 | |||
Compliance services fees payable | 214 | |||
Other accrued expenses | 22,367 | |||
TOTAL LIABILITIES | 286,757 | |||
NET ASSETS | $ | 38,370,631 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 97,286,564 | ||
Total distributable earnings (loss) | (58,915,933 | ) | ||
NET ASSETS | $ | 38,370,631 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 1,242,059 | |||
Net Asset Value (offering and redemption price per share) | $ | 30.89 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 94,322 | ||
EXPENSES: | ||||
Advisory fees | 278,381 | |||
Management services fees | 37,117 | |||
Administration fees | 31,129 | |||
Transfer agency fees | 27,431 | |||
Administrative services fees | 102,484 | |||
Distribution fees | 92,794 | |||
Custody fees | 5,842 | |||
Fund accounting fees | 18,878 | |||
Trustee fees | 758 | |||
Compliance services fees | 421 | |||
Other fees | 49,566 | |||
Total Gross Expenses before reductions | 644,801 | |||
Expenses reduced and reimbursed by the Advisor | (21,228 | ) | ||
TOTAL NET EXPENSES | 623,573 | |||
NET INVESTMENT INCOME (LOSS) | (529,251 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | 3,558,430 | |||
Change in net unrealized appreciation/depreciation on swap agreements | (1,457,345 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 2,101,085 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,571,834 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Precious Metals :: 187
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (529,251 | ) | $ | 89,778 | |||
Net realized gains (losses) on investments | 3,558,430 | 7,245,134 | ||||||
Change in net unrealized appreciation/depreciation on investments | (1,457,345 | ) | 1,498,482 | |||||
Change in net assets resulting from operations | 1,571,834 | 8,833,394 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (89,778 | ) | (8,874 | ) | ||||
Change in net assets resulting from distributions | (89,778 | ) | (8,874 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 104,066,719 | 57,439,083 | ||||||
Distributions reinvested | 89,778 | 8,874 | ||||||
Value of shares redeemed | (99,662,435 | ) | (52,878,475 | ) | ||||
Change in net assets resulting from capital transactions | 4,494,062 | 4,569,482 | ||||||
Change in net assets | 5,976,118 | 13,394,002 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 32,394,513 | 19,000,511 | ||||||
End of period | $ | 38,370,631 | $ | 32,394,513 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 3,624,215 | 2,810,479 | ||||||
Reinvested | 2,482 | 382 | ||||||
Redeemed | (3,683,477 | ) | (2,623,427 | ) | ||||
Change in shares | (56,780 | ) | 187,434 |
See accompanying notes to financial statements.
188 :: ProFund VP Precious Metals :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 24.94 | $ | 17.10 | $ | 19.75 | $ | 18.76 | $ | 12.04 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.42 | ) | 0.07 | 0.01 | (0.18 | ) | (0.30 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 6.44 | 7.78 | (2.66 | ) | 1.17 | 7.02 | ||||||||||||||
Total income (loss) from investment activities | 6.02 | 7.85 | (2.65 | ) | 0.99 | 6.72 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.07 | ) | (0.01 | ) | — | — | — | |||||||||||||
Net Asset Value, End of Period | $ | 30.89 | $ | 24.94 | $ | 17.10 | $ | 19.75 | $ | 18.76 | ||||||||||
Total Return | 24.10 | % | 45.98 | % | (13.47 | )% | 5.28 | % | 55.81 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.74 | % | 1.72 | % | 1.75 | % | 1.70 | % | 1.70 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.43 | )% | 0.37 | % | 0.04 | % | (0.88 | )% | (1.41 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 38,371 | $ | 32,395 | $ | 19,001 | $ | 24,286 | $ | 28,560 | ||||||||||
Portfolio turnover rate(b) | — | — | — | — | — |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP Real Estate :: 189
ProFund VP Real Estate (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Real EstateSM Index (the “Index”). For the year ended December 31, 2020, the Fund had a total return of -6.29%. For the same period, the Index had a total return of -5.29%1 and a volatility of 42.51%. 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 measures the performance of the real estate sector of the U.S. equity market. Component companies include real estate holding and development and real estate service companies; and real estate investment trusts (“REITs”) that invest in industrial, office and retail properties. REITs are passive investment vehicles that invest primarily in income-producing real estate and real estate related loans or interests.
During the year ended December 31, 2020, 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 Real Estate from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Real Estate | -6.29 | % | 5.05 | % | 7.02 | % | ||||||
Dow Jones U.S. Real EstateSM Index | -5.29 | % | 6.72 | % | 8.73 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Real Estate | 1.71 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | 1 | % | ||
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 | |||
American Tower Corp. | 8.6 | % | ||
Prologis, Inc. | 6.3 | % | ||
Crown Castle International Corp. | 5.9 | % | ||
Equinix, Inc. | 5.5 | % | ||
Digital Realty Trust Inc. | 3.4 | % |
Dow Jones U.S. Real EstateSM Index – Composition
% of Index | ||||
Equity Real Estate Investment Trusts (REITs) | 91 | % | ||
Professional Services | 3 | % | ||
Mortgage Real Estate Investment Trusts (REITs) | 3 | % | ||
Real Estate Management & Development | 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 | 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.
190 :: ProFund VP Real Estate :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (97.6%)
Shares | Value | |||||||
AGNC Investment Corp. (Mortgage Real Estate Investment Trusts) | 4,563 | $ | 71,183 | |||||
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | 1,036 | 184,636 | ||||||
American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | 1,152 | 49,271 | ||||||
American Homes 4 Rent—Class A (Equity Real Estate Investment Trusts) | 2,245 | 67,350 | ||||||
American Tower Corp. (Equity Real Estate Investment Trusts) | 3,717 | 834,319 | ||||||
Americold Realty Trust (Equity Real Estate Investment Trusts) | 1,715 | 64,021 | ||||||
Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts) | 11,699 | 98,857 | ||||||
Apartment Income REIT Corp.* (Equity Real Estate Investment Trusts) | 1,246 | 47,852 | ||||||
Apartment Investment and Management Co. (Equity Real Estate Investment Trusts) | 1,245 | 6,574 | ||||||
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | 1,168 | 187,382 | ||||||
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | 1,223 | 33,669 | ||||||
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | 1,184 | 111,924 | ||||||
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | 2,481 | 41,061 | ||||||
Camden Property Trust (Equity Real Estate Investment Trusts) | 814 | 81,335 | ||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 2,807 | 176,054 | ||||||
CoreSite Realty Corp. (Equity Real Estate Investment Trusts) | 358 | 44,850 | ||||||
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | 939 | 24,489 | ||||||
CoStar Group, Inc.* (Professional Services) | 330 | 305,012 | ||||||
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | 1,242 | 41,607 | ||||||
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | 3,609 | 574,517 | ||||||
CubeSmart (Equity Real Estate Investment Trusts) | 1,634 | 54,919 | ||||||
CyrusOne, Inc. (Equity Real Estate Investment Trusts) | 1,007 | 73,662 | ||||||
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 2,344 | 327,011 | ||||||
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | 1,379 | 40,239 | ||||||
Duke Realty Corp. (Equity Real Estate Investment Trusts) | 3,112 | 124,387 | ||||||
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | 331 | 45,698 | ||||||
Equinix, Inc. (Equity Real Estate Investment Trusts) | 745 | 532,064 | ||||||
Equity Commonwealth (Equity Real Estate Investment Trusts) | 1,018 | 27,764 | ||||||
Equity LifeStyle Properties, Inc. (Equity Real Estate Investment Trusts) | 1,418 | 89,844 | ||||||
Equity Residential (Equity Real Estate Investment Trusts) | 2,865 | 169,837 | ||||||
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | 545 | 129,394 |
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | 1,081 | 125,245 | ||||||
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | 576 | 49,029 | ||||||
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 1,079 | 45,458 | ||||||
Gaming & Leisure Properties, Inc. (Equity Real Estate Investment Trusts) | 1,826 | 77,433 | ||||||
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 1,138 | 33,685 | ||||||
Healthcare Trust of America, Inc.—Class A (Equity Real Estate Investment Trusts) | 1,829 | 50,371 | ||||||
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | 4,504 | 136,156 | ||||||
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | 869 | 34,438 | ||||||
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 5,902 | 86,346 | ||||||
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts) | 1,274 | 30,601 | ||||||
Invitation Homes, Inc. (Equity Real Estate Investment Trusts) | 4,690 | 139,293 | ||||||
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | 2,411 | 71,076 | ||||||
JBG Smith Properties (Equity Real Estate Investment Trusts) | 931 | 29,112 | ||||||
Jones Lang LaSalle, Inc.* (Real Estate Management & Development) | 429 | 63,651 | ||||||
Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | 877 | 50,340 | ||||||
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | 3,619 | 54,321 | ||||||
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | 723 | 60,168 | ||||||
Lexington Realty Trust (Equity Real Estate Investment Trusts) | 2,317 | 24,607 | ||||||
Life Storage, Inc. (Equity Real Estate Investment Trusts) | 407 | 48,592 | ||||||
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | 4,487 | 97,772 | ||||||
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | 957 | 121,242 | ||||||
National Health Investors, Inc. (Equity Real Estate Investment Trusts) | 374 | 25,870 | ||||||
National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | 1,453 | 59,457 | ||||||
New Residential Investment Corp. (Mortgage Real Estate Investment Trusts) | 3,480 | 34,591 | ||||||
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | 1,900 | 69,008 | ||||||
Physicians Realty Trust (Equity Real Estate Investment Trusts) | 1,741 | 30,990 | ||||||
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | 560 | 28,011 | ||||||
Prologis, Inc. (Equity Real Estate Investment Trusts) | 6,185 | 616,397 | ||||||
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | 169 | 22,455 | ||||||
Public Storage (Equity Real Estate Investment Trusts) | 1,272 | 293,743 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Real Estate :: 191
Common Stocks, continued
Shares | Value | |||||||
Rayonier, Inc. (Equity Real Estate Investment Trusts) | 1,142 | $ | 33,552 | |||||
Realty Income Corp. (Equity Real Estate Investment Trusts) | 2,937 | 182,593 | ||||||
Regency Centers Corp. (Equity Real Estate Investment Trusts) | 1,320 | 60,179 | ||||||
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | 1,092 | 53,628 | ||||||
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | 1,731 | 30,067 | ||||||
SBA Communications Corp. (Equity Real Estate Investment Trusts) | 930 | 262,381 | ||||||
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | 2,741 | 233,752 | ||||||
SL Green Realty Corp. (Equity Real Estate Investment Trusts) | 607 | 36,165 | ||||||
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts) | 956 | 38,403 | ||||||
Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts) | 2,383 | 45,992 | ||||||
STORE Capital Corp. (Equity Real Estate Investment Trusts) | 1,976 | 67,144 | ||||||
Sun Communities, Inc. (Equity Real Estate Investment Trusts) | 900 | 136,755 | ||||||
The Howard Hughes Corp.* (Real Estate Management & Development) | 377 | 29,757 | ||||||
UDR, Inc. (Equity Real Estate Investment Trusts) | 2,465 | 94,730 | ||||||
Ventas, Inc. (Equity Real Estate Investment Trusts) | 3,135 | 153,740 | ||||||
VEREIT, Inc. (Equity Real Estate Investment Trusts) | 1,829 | 69,110 | ||||||
VICI Properties, Inc. (Equity Real Estate Investment Trusts) | 4,489 | 114,470 | ||||||
Vornado Realty Trust (Equity Real Estate Investment Trusts) | 1,312 | 48,990 |
Welltower, Inc. (Equity Real Estate Investment Trusts) | 3,490 | 225,524 | ||||||
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | 6,245 | 209,395 | ||||||
WP Carey, Inc. (Equity Real Estate Investment Trusts) | 1,467 | 103,541 | ||||||
TOTAL COMMON STOCKS (Cost $4,077,767) | 9,500,108 |
Repurchase Agreements(a) (0.6%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $57,000 | $ | 57,000 | $ | 57,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $57,000) | 57,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $4,134,767)—98.2% | 9,557,108 | |||||||
Net other assets (liabilities)—1.8% | 171,939 | |||||||
NET ASSETS—100.0% | $ | 9,729,047 | ||||||
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements — Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
Dow Jones U.S. Real Estate Index | Goldman Sachs International | 1/25/21 | 0.60 | % | $ | 222,889 | $ | 1,510 | |||||||||
(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, 2020, 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, 2020:
Value | % of Net Assets | |||||||
Equity Real Estate Investment Trusts | $ | 8,641,342 | 88.8 | % | ||||
Mortgage Real Estate Investment Trusts | 284,292 | 2.9 | % | |||||
Professional Services | 305,012 | 3.1 | % | |||||
Real Estate Management & Development | 269,462 | 2.8 | % | |||||
Other** | 228,939 | 2.4 | % | |||||
Total | $ | 9,729,047 | 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.
192 :: ProFund VP Real Estate :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 4,134,767 | ||
Securities, at value | 9,500,108 | |||
Repurchase agreements, at value | 57,000 | |||
Total Investment Securities, at value | 9,557,108 | |||
Cash | 524 | |||
Dividends and interest receivable | 40,876 | |||
Unrealized appreciation on swap agreements | 1,510 | |||
Receivable for capital shares issued | 149,005 | |||
Prepaid expenses | 79 | |||
TOTAL ASSETS | 9,749,102 | |||
LIABILITIES: | ||||
Advisory fees payable | 5,402 | |||
Management services fees payable | 720 | |||
Administration fees payable | 596 | |||
Administrative services fees payable | 3,494 | |||
Distribution fees payable | 3,245 | |||
Transfer agency fees payable | 500 | |||
Fund accounting fees payable | 365 | |||
Compliance services fees payable | 48 | |||
Other accrued expenses | 5,685 | |||
TOTAL LIABILITIES | 20,055 | |||
NET ASSETS | $ | 9,729,047 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 5,728,743 | ||
Total distributable earnings (loss) | 4,000,304 | |||
NET ASSETS | $ | 9,729,047 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 167,319 | |||
Net Asset Value (offering and redemption price per share) | $ | 58.15 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 242,438 | ||
Interest | 790 | |||
Income from securities lending | 165 | |||
TOTAL INVESTMENT INCOME | 243,393 | |||
EXPENSES: | ||||
Advisory fees | 76,124 | |||
Management services fees | 10,150 | |||
Administration fees | 9,424 | |||
Transfer agency fees | 7,373 | |||
Administrative services fees | 30,287 | |||
Distribution fees | 25,375 | |||
Custody fees | 1,635 | |||
Fund accounting fees | 5,462 | |||
Trustee fees | 221 | |||
Compliance services fees | 83 | |||
Other fees | 12,866 | |||
Total Gross Expenses before reductions | 179,000 | |||
Expenses reduced and reimbursed by the Advisor | (8,483 | ) | ||
TOTAL NET EXPENSES | 170,517 | |||
NET INVESTMENT INCOME (LOSS) | 72,876 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 260,150 | |||
Net realized gains (losses) on swap agreements | (84,291 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (2,297,135 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (2,250 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (2,123,526 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,050,650 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Real Estate :: 193
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 72,876 | $ | 202,861 | ||||
Net realized gains (losses) on investments | 175,859 | 111,962 | ||||||
Change in net unrealized appreciation/depreciation on investments | (2,299,385 | ) | 3,149,435 | |||||
Change in net assets resulting from operations | (2,050,650 | ) | 3,464,258 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (404,416 | ) | (1,051,102 | ) | ||||
Return of capital | (28,104 | ) | — | |||||
Change in net assets resulting from distributions | (432,520 | ) | (1,051,102 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 19,545,765 | 33,259,408 | ||||||
Distributions reinvested | 432,520 | 1,051,102 | ||||||
Value of shares redeemed | (23,711,191 | ) | (31,162,524 | ) | ||||
Change in net assets resulting from capital transactions | (3,732,906 | ) | 3,147,986 | |||||
Change in net assets | (6,216,076 | ) | 5,561,142 | |||||
NET ASSETS: | ||||||||
Beginning of period | 15,945,123 | 10,383,981 | ||||||
End of period | $ | 9,729,047 | $ | 15,945,123 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 338,735 | 525,980 | ||||||
Reinvested | 7,778 | 16,699 | ||||||
Redeemed | (424,323 | ) | (488,036 | ) | ||||
Change in shares | (77,810 | ) | 54,643 |
See accompanying notes to financial statements.
194 :: ProFund VP Real Estate :: Financial Highlights
ProFunds Financial Highlights
FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 65.05 | $ | 54.51 | $ | 66.65 | $ | 65.02 | $ | 62.61 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.42 | 0.75 | 1.09 | 1.02 | 0.84 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (4.66 | ) | 13.65 | (4.66 | ) | 4.13 | 2.76 | |||||||||||||
Total income (loss) from investment activities | (4.24 | ) | 14.40 | (3.57 | ) | 5.15 | 3.60 | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.78 | ) | (1.06 | ) | (1.36 | ) | (0.66 | ) | (1.19 | ) | ||||||||||
Net realized gains on investments | (1.71 | ) | (2.80 | ) | (7.21 | ) | (2.86 | ) | — | |||||||||||
Return of capital | (0.17 | ) | — | — | — | — | ||||||||||||||
Total distributions | (2.66 | ) | (3.86 | ) | (8.57 | ) | (3.52 | ) | (1.19 | ) | ||||||||||
Net Asset Value, End of Period | $ | 58.15 | $ | 65.05 | $ | 54.51 | $ | 66.65 | $ | 65.02 | ||||||||||
Total Return | (6.29 | )%(b) | 26.76 | % | (5.70 | )% | 8.05 | % | 5.72 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.76 | % | 1.71 | % | 1.69 | % | 1.68 | % | 1.68 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | 0.72 | % | 1.18 | % | 1.82 | % | 1.52 | % | 1.29 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 9,729 | $ | 15,945 | $ | 10,384 | $ | 11,419 | $ | 13,217 | ||||||||||
Portfolio turnover rate(c) | 150 | % | 126 | % | 82 | % | 135 | % | 146 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | 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 0.36%. |
(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 financial statements.
Management Discussion of Fund Performance :: ProFund VP Rising Rates Opportunity :: 195
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 Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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, 2020, the Fund had a total return of -26.70%. For the same period, the Long Bond, as measured by the Ryan Labs Returns Treasury Yield Curve 30 Year Index1, had a total return of 18.99%2 and a volatility of 27.72%. 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.3
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, 2020, the most recent Long Bond carried a maturity date of 11/15/50 and a 1.625% coupon.
During the year ended December 31, 2020, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Rising Rates Opportunity | -26.70 | % | -12.03 | % | -13.12 | % | ||||||
Ryan Labs Returns Treasury Yield Curve 30 Year Index | 18.99 | % | 8.32 | % | 8.18 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Rising Rates Opportunity | 1.70 | % | 1.68 | % | |||||
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings
Market Exposure
Investment Type | % of Net Assets | |||
Swap Agreements | (120 | )% | ||
Total Exposure | (120 | )% |
“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 | The Ryan Labs Returns Treasury Yield Curve 30 Year Index is an index that consists of public obligations of the U.S. Treasury consisting of a single security, the latest issued on-the-run 30 Year 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. |
2 | 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. |
3 | 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.
196 :: ProFund VP Rising Rates Opportunity :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a)(b) (97.6%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $4,333,009 | $ | 4,333,000 | $ | 4,333,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $4,333,000) | 4,333,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $4,333,000)—97.6% | 4,333,000 | |||||||
Net other assets (liabilities)—2.4% | 107,619 | |||||||
NET ASSETS—100.0% | $ | 4,440,619 | ||||||
(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, 2020, the aggregate amount held in a segregated account was $48,000. |
(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, 1.625% due on 11/15/50 | Citibank North America | 1/15/21 | 0.10 | % | $ | (3,854,883 | ) | $ | (14,953 | ) | |||||||
30-Year U.S. Treasury Bond, 1.625% due on 11/15/50 | Societe' Generale | 1/15/21 | 0.13 | % | (1,494,141 | ) | (4,821 | ) | |||||||||
$ | (5,349,024 | ) | $ | (19,774 | ) |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Rising Rates Opportunity :: 197
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 4,333,000 | ||
Repurchase agreements, at value | 4,333,000 | |||
Total Investment Securities, at value | 4,333,000 | |||
Cash | 24 | |||
Receivable for capital shares issued | 140,308 | |||
Prepaid expenses | 35 | |||
TOTAL ASSETS | 4,473,367 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 713 | |||
Unrealized depreciation on swap agreements | 19,774 | |||
Advisory fees payable | 4,166 | |||
Management services fees payable | 556 | |||
Administration fees payable | 287 | |||
Administrative services fees payable | 1,640 | |||
Distribution fees payable | 2,269 | |||
Transfer agency fees payable | 241 | |||
Fund accounting fees payable | 163 | |||
Compliance services | 23 | |||
Other accrued expenses | 2,916 | |||
TOTAL LIABILITIES | 32,748 | |||
NET ASSETS | $ | 4,440,619 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 32,928,108 | ||
Total distributable earnings (loss) | (28,487,489 | ) | ||
NET ASSETS | $ | 4,440,619 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 159,844 | |||
Net Asset Value (offering and redemption price per share) | $ | 27.78 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 16,849 | ||
EXPENSES: | ||||
Advisory fees | 33,542 | |||
Management services fees | 4,472 | |||
Administration fees | 4,078 | |||
Transfer agency fees | 3,225 | |||
Administrative services fees | 9,452 | |||
Distribution fees | 11,181 | |||
Custody fees | 434 | |||
Fund accounting fees | 2,230 | |||
Trustee fees | 94 | |||
Compliance services fees | 47 | |||
Other fees | 6,772 | |||
Recoupment of prior expenses reduced by the Advisor | 1,584 | |||
Total Gross Expenses before reductions | 77,111 | |||
Expenses reduced and reimbursed by the Advisor | (2,011 | ) | ||
TOTAL NET EXPENSES | 75,100 | |||
NET INVESTMENT INCOME (LOSS) | (58,251 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on futures contracts | 9,489 | |||
Net realized gains (losses) on swap agreements | (1,450,904 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (129,318 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (1,570,733 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,628,984 | ) |
See accompanying notes to financial statements.
198 :: ProFund VP Rising Rates Opportunity :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (58,251 | ) | $ | 37,790 | |||
Net realized gains (losses) on investments | (1,441,415 | ) | (2,200,960 | ) | ||||
Change in net unrealized appreciation/depreciation on investments | (129,318 | ) | 343,086 | |||||
Change in net assets resulting from operations | (1,628,984 | ) | (1,820,084 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (37,790 | ) | (336,149 | ) | ||||
Change in net assets resulting from distributions | (37,790 | ) | (336,149 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 12,193,038 | 51,956,491 | ||||||
Distributions reinvested | 37,790 | 336,149 | ||||||
Value of shares redeemed | (12,085,309 | ) | (54,115,854 | ) | ||||
Change in net assets resulting from capital transactions | 145,519 | (1,823,214 | ) | |||||
Change in net assets | (1,521,255 | ) | (3,979,447 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 5,961,874 | 9,941,321 | ||||||
End of period | $ | 4,440,619 | $ | 5,961,874 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 423,425 | 1,206,219 | ||||||
Reinvested | 1,443 | 8,974 | ||||||
Redeemed | (421,054 | ) | (1,263,895 | ) | ||||
Change in shares | 3,814 | (48,702 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Rising Rates Opportunity :: 199
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016(a) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 38.21 | $ | 48.56 | $ | 46.61 | $ | 52.91 | $ | 55.80 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(b) | (0.37 | ) | 0.21 | 0.06 | (0.46 | ) | (0.68 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (9.84 | ) | (8.70 | ) | 1.89 | (5.84 | ) | (2.21 | ) | |||||||||||
Total income (loss) from investment activities | (10.21 | ) | (8.49 | ) | 1.95 | (6.30 | ) | (2.89 | ) | |||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.22 | ) | (0.08 | ) | — | — | — | |||||||||||||
Net realized gains on investments | — | (1.78 | ) | — | — | — | ||||||||||||||
Total distributions | (0.22 | ) | (1.86 | ) | — | — | — | |||||||||||||
Net Asset Value, End of Period | $ | 27.78 | $ | 38.21 | $ | 48.56 | $ | 46.61 | $ | 52.91 | ||||||||||
Total Return | (26.70 | )% | (17.41 | )% | 4.16 | % | (11.90 | )% | (5.16 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.73 | % | 1.70 | % | 1.64 | % | 1.70 | % | 1.68 | % | ||||||||||
Net expenses | 1.68 | % | 1.67 | % | 1.64 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.30 | )% | 0.50 | % | 0.12 | % | (0.91 | )% | (1.41 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 4,441 | $ | 5,962 | $ | 9,941 | $ | 7,626 | $ | 18,676 | ||||||||||
Portfolio turnover rate(c) | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:10 reverse share split that occurred on December 5, 2016. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(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). |
See accompanying notes to financial statements.
200 :: ProFund VP Semiconductor :: Management Discussion of Fund Performance
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, 2020, the Fund had a total return of 44.85%. For the same period, the Index had a return of 47.33%1 and a volatility of 47.51%. 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 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, 2020, 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 Semiconductor from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Semiconductor | 44.85 | % | 27.51 | % | 18.40 | % | ||||||
Dow Jones U.S. SemiconductorsSM Index | 47.33 | % | 29.78 | % | 20.54 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Semiconductor | 1.67 | % | 1.67 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 79 | % | ||
Swap Agreements | 21 | % | ||
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 | |||
NVIDIA Corp. | 13.9 | % | ||
Intel Corp. | 8.8 | % | ||
Broadcom, Inc. | 7.6 | % | ||
Qualcomm, Inc. | 7.4 | % | ||
Texas Instruments, Inc. | 6.5 | % |
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.
Financial Statements :: ProFund VP Semiconductor :: 201
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (78.9%)
Shares | Value | |||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 6,769 | $ | 620,785 | |||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 2,080 | 307,278 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 5,139 | 443,496 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 2,276 | 996,546 | ||||||
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | 326 | 26,797 | ||||||
Cree, Inc.* (Semiconductors & Semiconductor Equipment) | 622 | 65,870 | ||||||
Enphase Energy, Inc.* (Electrical Equipment) | 711 | 124,759 | ||||||
Entegris, Inc. (Semiconductors & Semiconductor Equipment) | 760 | 73,036 | ||||||
Inphi Corp.* (Semiconductors & Semiconductor Equipment) | 293 | 47,018 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 23,061 | 1,148,898 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 869 | 224,993 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 810 | 382,539 | ||||||
Marvell Technology Group, Ltd. (Semiconductors & Semiconductor Equipment) | 3,772 | 179,321 | ||||||
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | 1,505 | 133,418 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 1,465 | 202,331 | ||||||
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | 6,265 | 471,003 | ||||||
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 311 | 46,790 | ||||||
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 238 | 87,163 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 3,483 | 1,818,822 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 1,574 | 250,282 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 2,314 | 75,737 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 338 | 27,669 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 642 | 106,745 | ||||||
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | 6,365 | 969,644 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 366 | 26,385 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 247 | 31,453 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 935 | 142,943 | ||||||
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 288 | 91,907 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 934 | 111,977 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 5,166 | 847,896 | ||||||
Universal Display Corp. (Semiconductors & Semiconductor Equipment) | 241 | 55,382 | ||||||
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | 1,380 | 195,643 | ||||||
TOTAL COMMON STOCKS (Cost $3,406,188) | 10,334,526 |
Repurchase Agreements(a) (2.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $358,001 | $ | 358,000 | $ | 358,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $358,000) | 358,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $3,764,188)—81.6% | 10,692,526 | |||||||
Net other assets (liabilities)—18.4% | 2,413,551 | |||||||
NET ASSETS—100.0% | $ | 13,106,077 | ||||||
* | 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.
202 :: ProFund VP Semiconductor :: Financial Statements
Total Return Swap Agreements – Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Dow Jones U.S. Semiconductors Index | Goldman Sachs International | 1/25/21 | 0.60 | % | $ | 2,693,048 | $ | 8,830 | ||||||||
(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, 2020, 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, 2020:
Value | % of Net Assets | |||||||
Electrical Equipment | $ | 124,759 | 1.0 | % | ||||
Semiconductors & Semiconductor Equipment | 10,209,767 | 77.9 | % | |||||
Other** | 2,771,551 | 21.1 | % | |||||
Total | $ | 13,106,077 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Semiconductor :: 203
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 3,764,188 | ||
Securities, at value | 10,334,526 | |||
Repurchase agreements, at value | 358,000 | |||
Total Investment Securities, at value | 10,692,526 | |||
Cash | 12,348 | |||
Segregated cash balances for swap agreements with custodian | 40,000 | |||
Dividends and interest receivable | 2,414 | |||
Unrealized appreciation on swap agreements | 8,830 | |||
Receivable for capital shares issued | 87,186 | |||
Receivable for investments sold | 2,302,410 | |||
Prepaid expenses | 45 | |||
TOTAL ASSETS | 13,145,759 | |||
LIABILITIES: | ||||
Payable for investments purchased | 11,630 | |||
Advisory fees payable | 8,312 | |||
Management services fees payable | 1,108 | |||
Administration fees payable | 839 | |||
Administrative services fees payable | 5,010 | |||
Distribution fees payable | 5,565 | |||
Transfer agency fees payable | 705 | |||
Fund accounting fees payable | 487 | |||
Compliance services fees payable | 61 | |||
Other accrued expenses | 5,965 | |||
TOTAL LIABILITIES | 39,682 | |||
NET ASSETS | $ | 13,106,077 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 5,507,953 | ||
Total distributable earnings (loss) | 7,598,124 | |||
NET ASSETS | $ | 13,106,077 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 158,814 | |||
Net Asset Value (offering and redemption price per share) | $ | 82.52 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 154,066 | ||
Interest | 768 | |||
Foreign tax withholding | (98 | ) | ||
TOTAL INVESTMENT INCOME | 154,736 | |||
EXPENSES: | ||||
Advisory fees | 72,100 | |||
Management services fees | 9,613 | |||
Administration fees | 8,713 | |||
Transfer agency fees | 6,986 | |||
Administrative services fees | 24,587 | |||
Distribution fees | 24,033 | |||
Custody fees | 1,460 | |||
Fund accounting fees | 4,912 | |||
Trustee fees | 199 | |||
Compliance services fees | 121 | |||
Other fees | 12,304 | |||
Total Gross Expenses before reductions | 165,028 | |||
Expenses reduced and reimbursed by the Advisor | (1,280 | ) | ||
TOTAL NET EXPENSES | 163,748 | |||
NET INVESTMENT INCOME (LOSS) | (9,012 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 1,121,975 | |||
Net realized gains (losses) on swap agreements | 38,749 | |||
Change in net unrealized appreciation/depreciation on investment securities | 2,158,860 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 10,136 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 3,329,720 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,320,708 |
See accompanying notes to financial statements.
204 :: ProFund VP Semiconductor :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (9,012 | ) | $ | 34,077 | |||
Net realized gains (losses) on investments | 1,160,724 | 498,006 | ||||||
Change in net unrealized appreciation/depreciation on investments | 2,168,996 | 2,426,219 | ||||||
Change in net assets resulting from operations | 3,320,708 | 2,958,302 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (696,166 | ) | (646,386 | ) | ||||
Change in net assets resulting from distributions | (696,166 | ) | (646,386 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 28,294,483 | 40,375,196 | ||||||
Distributions reinvested | 696,166 | 646,386 | ||||||
Value of shares redeemed | (28,026,511 | ) | (39,180,112 | ) | ||||
Change in net assets resulting from capital transactions | 964,138 | 1,841,470 | ||||||
Change in net assets | 3,588,680 | 4,153,386 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 9,517,397 | 5,364,011 | ||||||
End of period | $ | 13,106,077 | $ | 9,517,397 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 444,871 | 753,788 | ||||||
Reinvested | 9,454 | 13,436 | ||||||
Redeemed | (452,544 | ) | (731,107 | ) | ||||
Change in shares | 1,781 | 36,117 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Semiconductor :: 205
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 60.61 | $ | 44.36 | $ | 52.82 | $ | 39.06 | $ | 30.62 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.06 | ) | 0.22 | 0.17 | (0.06 | ) | 0.18 | |||||||||||||
Net realized and unrealized gains (losses) on investments | 26.68 | 20.66 | (4.81 | ) | 13.95 | 8.29 | ||||||||||||||
Total income (loss) from investment activities | 26.62 | 20.88 | (4.64 | ) | 13.89 | 8.47 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.23 | ) | (0.15 | ) | — | (0.13 | ) | (0.03 | ) | |||||||||||
Net realized gains on investments | (4.48 | ) | (4.48 | ) | (3.82 | ) | — | — | ||||||||||||
Total distributions | (4.71 | ) | (4.63 | ) | (3.82 | ) | (0.13 | ) | (0.03 | ) | ||||||||||
Net Asset Value, End of Period | $ | 82.52 | $ | 60.61 | $ | 44.36 | $ | 52.82 | $ | 39.06 | ||||||||||
Total Return | 44.85 | % | 49.77 | % | (10.23 | )% | 35.55 | % | 27.71 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.72 | % | 1.67 | % | 1.65 | % | 1.68 | % | 1.68 | % | ||||||||||
Net expenses | 1.70 | %(b) | 1.66 | % | 1.65 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (0.09 | )% | 0.41 | % | 0.31 | % | (0.12 | )% | 0.51 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 13,106 | $ | 9,517 | $ | 5,364 | $ | 11,060 | $ | 6,977 | ||||||||||
Portfolio turnover rate(c) | 348 | % | 561 | % | 249 | % | 297 | % | 474 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation in applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(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 financial statements.
206 :: 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 Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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, 2020, the Fund had a total return of -20.89%. For the same period, the Index had a total return of 9.72%1 and a volatility of 37.05%. 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, 2020, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Short Dow 30 | -20.89 | % | -15.69 | % | -15.13 | % | ||||||
Dow Jones Industrial Average® | 9.72 | % | 14.65 | % | 12.97 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Short Dow 30 | 1.76 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 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 | ||||
Information Technology | 22 | % | ||
Health Care | 18 | % | ||
Industrials | 17 | % | ||
Financials | 14 | % | ||
Consumer Discretionary | 13 | % | ||
Consumer Staples | 8 | % | ||
Communication Services | 5 | % | ||
Energy | 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.
Financial Statements :: ProFund VP Short Dow 30 :: 207
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a)(b) (99.8%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $16,000 | $ | 16,000 | $ | 16,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $16,000) | 16,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $16,000)—99.8% | 16,000 | |||||||
Net other assets (liabilities)—0.2% | 26 | |||||||
NET ASSETS—100.0% | $ | 16,026 | ||||||
(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, 2020, the aggregate amount held in a segregated account was $14,000. |
(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 | 1/27/21 | (0.30 | )% | $ | (3,167 | ) | $ | (21 | ) | ||||||
Dow Jones Industrial Average | UBS AG | 1/27/21 | (0.30 | )% | (12,783 | ) | (86 | ) | ||||||||
$ | (15,950 | ) | $ | (107 | ) |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
208 :: ProFund VP Short Dow 30 :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 16,000 | ||
Repurchase agreements, at value | 16,000 | |||
Total Investment Securities, at value | 16,000 | |||
Cash | 189 | |||
Receivable from Advisor under an expense limitation agreement | 7 | |||
TOTAL ASSETS | 16,196 | |||
LIABILITIES: | ||||
Unrealized depreciation on swap agreements | 107 | |||
Administration fees payable | 1 | |||
Administrative services fees payable | 7 | |||
Distribution fees payable | 7 | |||
Transfer agency fees payable | 1 | |||
Fund accounting fees payable | 1 | |||
Other accrued expenses | 46 | |||
TOTAL LIABILITIES | 170 | |||
NET ASSETS | $ | 16,026 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 133,810 | ||
Total distributable earnings (loss) | (117,784 | ) | ||
NET ASSETS | $ | 16,026 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 580 | |||
Net Asset Value (offering and redemption price per share) | $ | 27.63 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 50 | ||
EXPENSES: | ||||
Advisory fees | 696 | |||
Management services fees | 93 | |||
Administration fees | 94 | |||
Transfer agency fees | 70 | |||
Administrative services fees | 212 | |||
Distribution fees | 232 | |||
Custody fees | 22 | |||
Fund accounting fees | 48 | |||
Trustee fees | 2 | |||
Compliance services fees | 2 | |||
Other fees | 144 | |||
Recoupment of prior expenses reduced by the Advisor | 10 | |||
Total Gross Expenses before reductions | 1,625 | |||
Expenses reduced and reimbursed by the Advisor | (66 | ) | ||
TOTAL NET EXPENSES | 1,559 | |||
NET INVESTMENT INCOME (LOSS) | (1,509 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | (62,897 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (152 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (63,049 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (64,558 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Dow 30 :: 209
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (1,509 | ) | $ | 43 | |||
Net realized gains (losses) on investments | (62,897 | ) | (2,984 | ) | ||||
Change in net unrealized appreciation/depreciation on investments | (152 | ) | 161 | |||||
Change in net assets resulting from operations | (64,558 | ) | (2,780 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (43 | ) | (5 | ) | ||||
Change in net assets resulting from distributions | (43 | ) | (5 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 1,047,279 | — | ||||||
Distributions reinvested | 43 | 5 | ||||||
Value of shares redeemed | (978,223 | ) | (167 | ) | ||||
Change in net assets resulting from capital transactions | 69,099 | (162 | ) | |||||
Change in net assets | 4,498 | (2,947 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 11,528 | 14,475 | ||||||
End of period | $ | 16,026 | $ | 11,528 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 30,329 | — | ||||||
Reinvested | 1 | — | (a)(b) | |||||
Redeemed | (30,079 | ) | (5 | )(a) | ||||
Change in shares | 251 | (5 | ) |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019. |
(b) | Amount is less than 0.50. |
See accompanying notes to financial statements.
210 :: ProFund VP Short Dow 30 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a) | Year Ended Dec. 31, 2016(a) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 35.04 | $ | 43.37 | $ | 42.35 | $ | 54.31 | $ | 67.20 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(b) | (0.56 | ) | 0.13 | — | (c) | (0.44 | ) | (0.88 | ) | |||||||||||
Net realized and unrealized gains (losses) on investments | (6.78 | ) | (8.44 | ) | 1.02 | (11.52 | ) | (10.05 | ) | |||||||||||
Total income (loss) from investment activities | (7.34 | ) | (8.31 | ) | 1.02 | (11.96 | ) | (10.93 | ) | |||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.07 | ) | (0.02 | ) | — | — | — | |||||||||||||
Net realized gains on investments | — | — | — | — | (1.96 | ) | ||||||||||||||
Total distributions | (0.07 | ) | (0.02 | ) | — | — | (1.96 | ) | ||||||||||||
Net Asset Value, End of Period | $ | 27.63 | $ | 35.04 | $ | 43.37 | $ | 42.35 | $ | 54.31 | ||||||||||
Total Return | (20.89 | )% | (19.25 | )% | 2.36 | % | (22.02 | )% | (16.45 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.75 | % | 1.76 | % | 1.81 | % | 2.87 | % | 1.99 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.63 | )% | 0.34 | % | 0.03 | % | (0.90 | )% | (1.41 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 16 | $ | 12 | $ | 14 | $ | 14 | $ | 29 | ||||||||||
Portfolio turnover rate(d) | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | Amount is less than $0.005. |
(d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP Short Emerging Markets :: 211
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/BNY Mellon 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 Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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, 2020, the Fund had a total return of -31.76%. For the same period, the Index had a total return of 28.58%1 and a volatility of 33.69%. 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, 2020, the Index consists of companies from the following emerging market countries: Brazil, 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, 2020, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Short Emerging Markets | -31.76 | % | -18.17 | % | -9.19 | % | ||||||
S&P/BNY Mellon Emerging 50 ADR Index (USD) | 28.58 | % | 16.20 | % | 3.96 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Short Emerging Markets | 1.67 | % | 1.67 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 Emerging Markets primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
S&P/BNY Mellon Emerging 50 ADR
Index (USD) – Composition
Industry Breakdown | % of Index | |||
Consumer Discretionary | 33 | % | ||
Information Technology | 26 | % | ||
Financials | 13 | % | ||
Communication Services | 12 | % | ||
Materials | 7 | % | ||
Energy | 4 | % | ||
Consumer Staples | 2 | % | ||
Health Care | 1 | % | ||
Industrials | 1 | % | ||
Real Estate | 1 | % | ||
Country Composition | ||||
China | 47 | % | ||
Taiwan | 23 | % | ||
India | 12 | % | ||
Brazil | 10 | % | ||
Other | 8 | % |
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.
212 :: ProFund VP Short Emerging Markets :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a)(b) (102.8%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $376,001 | $ | 376,000 | $ | 376,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $376,000) | 376,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $376,000)—102.8% | 376,000 | |||||||
Net other assets (liabilities)—(2.8)% | (10,235 | ) | ||||||
NET ASSETS—100.0% | $ | 365,765 | ||||||
(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, 2020, the aggregate amount held in a segregated account was $280,000. |
(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/BNY Mellon Emerging 50 ADR Index (USD) | Goldman Sachs International | 1/27/21 | 0.40 | % | $ | (133,898 | ) | $ | (4,467 | ) | ||||||
S&P/BNY Mellon Emerging 50 ADR Index (USD) | UBS AG | 1/27/21 | 0.40 | % | (230,560 | ) | (9,175 | ) | ||||||||
$ | (364,458 | ) | $ | (13,642 | ) |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Emerging Markets :: 213
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 376,000 | ||
Repurchase agreements, at value | 376,000 | |||
Total Investment Securities, at value | 376,000 | |||
Cash | 374 | |||
Receivable for capital shares issued | 19,334 | |||
Prepaid expenses | 46 | |||
TOTAL ASSETS | 395,754 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 14,852 | |||
Unrealized depreciation on swap agreements | 13,642 | |||
Advisory fees payable | 192 | |||
Management services fees payable | 25 | |||
Administration fees payable | 26 | |||
Administrative services fees payable | 293 | |||
Distribution fees payable | 308 | |||
Transfer agency fees payable | 23 | |||
Fund accounting fees payable | 16 | |||
Compliance services fees payable | 3 | |||
Other accrued expenses | 609 | |||
TOTAL LIABILITIES | 29,989 | |||
NET ASSETS | $ | 365,765 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 2,989,320 | ||
Total distributable earnings (loss) | (2,623,555 | ) | ||
NET ASSETS | $ | 365,765 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 15,766 | |||
Net Asset Value (offering and redemption price per share) | $ | 23.20 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 3,333 | ||
EXPENSES: | ||||
Advisory fees | 9,752 | |||
Management services fees | 1,300 | |||
Administration fees | 1,200 | |||
Transfer agency fees | 1,004 | |||
Administrative services fees | 3,026 | |||
Distribution fees | 3,251 | |||
Custody fees | 184 | |||
Fund accounting fees | 701 | |||
Trustee fees | 29 | |||
Compliance services fees | 9 | |||
Other fees | 1,948 | |||
Total Gross Expenses before reductions | 22,404 | |||
Expenses reduced and reimbursed by the Advisor | (456 | ) | ||
TOTAL NET EXPENSES | 21,948 | |||
NET INVESTMENT INCOME (LOSS) | (18,615 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | (573,184 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (20,260 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (593,444 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (612,059 | ) |
See accompanying notes to financial statements.
214 :: ProFund VP Short Emerging Markets :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (18,615 | ) | $ | 5,130 | |||
Net realized gains (losses) on investments | (573,184 | ) | (375,364 | ) | ||||
Change in net unrealized appreciation/depreciation on investments | (20,260 | ) | 11,231 | |||||
Change in net assets resulting from operations | (612,059 | ) | (359,003 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (5,130 | ) | (96,628 | ) | ||||
Change in net assets resulting from distributions | (5,130 | ) | (96,628 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 15,139,462 | 8,803,755 | ||||||
Distributions reinvested | 5,130 | 96,628 | ||||||
Value of shares redeemed | (15,006,836 | ) | (9,587,412 | ) | ||||
Change in net assets resulting from capital transactions | 137,756 | (687,029 | ) | |||||
Change in net assets | (479,433 | ) | (1,142,660 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 845,198 | 1,987,858 | ||||||
End of period | $ | 365,765 | $ | 845,198 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 434,598 | 215,578 | ||||||
Reinvested | 185 | 2,325 | ||||||
Redeemed | (443,623 | ) | (234,908 | ) | ||||
Change in shares | (8,840 | ) | (17,005 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Short Emerging Markets :: 215
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017(a) | Year Ended Dec. 31, 2016(a) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 34.35 | $ | 47.77 | $ | 42.43 | $ | 58.80 | $ | 70.21 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(b) | (0.51 | ) | 0.20 | 0.15 | (0.44 | ) | (0.95 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (10.35 | ) | (9.52 | ) | 5.19 | (15.93 | ) | (10.46 | ) | |||||||||||
Total income (loss) from investment activities | (10.86 | ) | (9.32 | ) | 5.34 | (16.37 | ) | (11.41 | ) | |||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.29 | ) | (0.23 | ) | — | — | — | |||||||||||||
Net realized gains on investments | — | (3.87 | ) | — | — | — | ||||||||||||||
Total distributions | (0.29 | ) | (4.10 | ) | — | — | — | |||||||||||||
Net Asset Value, End of Period | $ | 23.20 | $ | 34.35 | $ | 47.77 | $ | 42.43 | $ | 58.80 | ||||||||||
Total Return | (31.76 | )% | (20.99 | )% | 12.59 | %(c) | (27.84 | )% | (16.24 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.72 | % | 1.67 | % | 1.59 | % | 1.69 | % | 1.68 | % | ||||||||||
Net expenses | 1.69 | %(d) | 1.67 | % | 1.52 | %(c) | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.43 | )% | 0.48 | % | 0.34 | %(c) | (0.91 | )% | (1.42 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 366 | $ | 845 | $ | 1,988 | $ | 959 | $ | 1,660 | ||||||||||
Portfolio turnover rate(e) | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:5 reverse share split that occurred on December 11, 2017. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.59% and 0.27%, respectively, and the total return would have been 12.51%. |
(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 one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation effect can be found in Note 4 of the accompanying Notes to Financial Statements. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
216 :: 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 Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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, 2020, the Fund had a total return of -16.94%. For the same period, the Index had a total return of 7.82%1 and a volatility of 23.88%. 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, 2020, 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, 2020, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Short International | -16.94 | % | -9.97 | % | -9.33 | % | ||||||
MSCI EAFE Index® | 7.82 | % | 7.45 | % | 5.51 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Short International | 1.69 | % | 1.68 | % | ||||
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 International primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
MSCI EAFE Index – Composition
Industry Breakdown | % of Index | |||
Financials | 16 | % | ||
Industrials | 15 | % | ||
Health Care | 13 | % | ||
Consumer Discretionary | 13 | % | ||
Consumer Staples | 11 | % | ||
Information Technology | 9 | % | ||
Materials | 8 | % | ||
Communication Services | 5 | % | ||
Utilities | 4 | % | ||
Energy | 3 | % | ||
Real Estate | 3 | % | ||
Country Composition | ||||
Japan | 25 | % | ||
United Kingdom | 14 | % | ||
France | 11 | % | ||
Switzerland | 10 | % | ||
Germany | 9 | % | ||
Australia | 7 | % | ||
Other | 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 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.
Financial Statements :: ProFund VP Short International :: 217
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a)(b) (97.3%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $666,001 | $ | 666,000 | $ | 666,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $666,000) | 666,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $666,000)—97.3% | 666,000 | |||||||
Net other assets (liabilities)—2.7% | 18,608 | |||||||
NET ASSETS—100.0% | $ | 684,608 | ||||||
(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, 2020, the aggregate amount held in a segregated account was $220,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements – Short
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
MSCI EAFE Index | Goldman Sachs International | 1/27/21 | 0.30 | % | $ | (419,601 | ) | $ | 548 | |||||||
MSCI EAFE Index | UBS AG | 1/27/21 | 0.20 | % | (263,047 | ) | 278 | |||||||||
$ | (682,648 | ) | $ | 826 |
(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, 2020, 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.
218 :: ProFund VP Short International :: Financial Highlights
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 666,000 | ||
Repurchase agreements, at value | 666,000 | |||
Total Investment Securities, at value | 666,000 | |||
Cash | 401 | |||
Unrealized appreciation on swap agreements | 826 | |||
Receivable for capital shares issued | 19,331 | |||
Prepaid expenses | 12 | |||
TOTAL ASSETS | 686,570 | |||
LIABILITIES: | ||||
Advisory fees payable | 484 | |||
Management services fees payable | 64 | |||
Administration fees payable | 39 | |||
Administrative services fees payable | 373 | |||
Distribution fees payable | 402 | |||
Transfer agency fees payable | 35 | |||
Fund accounting fees payable | 24 | |||
Compliance services fees payable | 4 | |||
Other accrued expenses | 537 | |||
TOTAL LIABILITIES | 1,962 | |||
NET ASSETS | $ | 684,608 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 2,925,469 | ||
Total distributable earnings (loss) | (2,240,861 | ) | ||
NET ASSETS | $ | 684,608 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 23,583 | |||
Net Asset Value (offering and redemption price per share) | $ | 29.03 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 2,461 | ||
EXPENSES: | ||||
Advisory fees | 7,428 | |||
Management services fees | 990 | |||
Administration fees | 874 | |||
Transfer agency fees | 760 | |||
Administrative services fees | 2,213 | |||
Distribution fees | 2,476 | |||
Custody fees | 138 | |||
Fund accounting fees | 528 | |||
Trustee fees | 21 | |||
Compliance services fees | 9 | |||
Other fees | 1,335 | |||
Recoupment of prior expenses reduced by the Advisor | 85 | |||
Total Gross Expenses before reductions | 16,857 | |||
Expenses reduced and reimbursed by the Advisor | (219 | ) | ||
TOTAL NET EXPENSES | 16,638 | |||
NET INVESTMENT INCOME (LOSS) | (14,177 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | (304,709 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (1,131 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (305,840 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (320,017 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short International :: 219
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (14,177 | ) | $ | 3,789 | |||
Net realized gains (losses) on investments | (304,709 | ) | (235,585 | ) | ||||
Change in net unrealized appreciation/depreciation on investments | (1,131 | ) | 19,507 | |||||
Change in net assets resulting from operations | (320,017 | ) | (212,289 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (3,789 | ) | (22,231 | ) | ||||
Change in net assets resulting from distributions | (3,789 | ) | (22,231 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 8,938,153 | 4,055,233 | ||||||
Distributions reinvested | 3,789 | 22,231 | ||||||
Value of shares redeemed | (8,529,787 | ) | (5,429,883 | ) | ||||
Change in net assets resulting from capital transactions | 412,155 | (1,352,419 | ) | |||||
Change in net assets | 88,349 | (1,586,939 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 596,259 | 2,183,198 | ||||||
End of period | $ | 684,608 | $ | 596,259 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 229,595 | 101,726 | (a) | |||||
Reinvested | 115 | 565 | (a) | |||||
Redeemed | (223,082 | ) | (135,101 | )(a) | ||||
Change in shares | 6,628 | (32,810 | ) |
(a) | 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 financial statements.
220 :: ProFund VP Short International :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a) | Year Ended Dec. 31, 2016(a) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 35.17 | $ | 43.87 | $ | 37.99 | $ | 47.87 | $ | 50.88 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(b) | (0.53 | ) | 0.19 | 0.16 | (0.36 | ) | (0.72 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (5.40 | ) | (7.70 | ) | 5.72 | (9.52 | ) | (2.29 | ) | |||||||||||
Total income (loss) from investment activities | (5.93 | ) | (7.51 | ) | 5.88 | (9.88 | ) | (3.01 | ) | |||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.21 | ) | (0.20 | ) | — | — | — | |||||||||||||
Net realized gains on investments | — | (0.99 | ) | — | — | — | ||||||||||||||
Total distributions | (0.21 | ) | (1.19 | ) | — | — | — | |||||||||||||
Net Asset Value, End of Period | $ | 29.03 | $ | 35.17 | $ | 43.87 | $ | 37.99 | $ | 47.87 | ||||||||||
Total Return | (16.94 | )% | (17.42 | )% | 15.47 | %(c) | (20.63 | )% | (5.90 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.70 | % | 1.69 | % | 1.54 | % | 1.69 | % | 1.68 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.46 | %(c) | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.43 | )% | 0.48 | % | 0.41 | %(c) | (0.90 | )% | (1.41 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 685 | $ | 596 | $ | 2,183 | $ | 611 | $ | 1,183 | ||||||||||
Portfolio turnover rate(d) | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.54% and 0.33%, respectively, and the total return would have been 15.39%. |
(d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP Short Mid-Cap :: 221
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 Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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, 2020, the Fund had a total return of -26.65%. For the same period, the Index had a total return of 13.66%1 and a volatility of 41.07%. 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, 2020, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Short Mid-Cap | -26.65 | % | -15.29 | % | -14.79 | % | ||||||
S&P MidCap 400® | 13.66 | % | 12.35 | % | 11.51 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Short Mid-Cap | 1.66 | % | 1.66 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 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 | 18 | % | ||
Information Technology | 17 | % | ||
Financials | 15 | % | ||
Consumer Discretionary | 14 | % | ||
Health Care | 11 | % | ||
Real Estate | 9 | % | ||
Materials | 6 | % | ||
Consumer Staples | 4 | % | ||
Utilities | 3 | % | ||
Communication Services | 2 | % | ||
Energy | 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.
222 :: ProFund VP Short Mid-Cap :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a)(b) (130.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $89,000 | $ | 89,000 | $ | 89,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $89,000) | 89,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $89,000)—130.7% | 89,000 | |||||||
Net other assets (liabilities)—(30.7)% | (20,888 | ) | ||||||
NET ASSETS—100.0% | $ | 68,112 |
(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, 2020, the aggregate amount held in a segregated account was $26,000. |
(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 | 1/27/21 | (0.15 | )% | $ | (53,291 | ) | $ | 61 | ||||||||
S&P MidCap 400 | UBS AG | 1/27/21 | (0.10 | )% | (14,412 | ) | (141 | ) | |||||||||
$ | (67,703 | ) | $ | (80 | ) |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Mid-Cap :: 223
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 89,000 | ||
Repurchase agreements, at value | 89,000 | |||
Total Investment Securities, at value | 89,000 | |||
Cash | 140 | |||
Unrealized appreciation on swap agreements | 61 | |||
Prepaid expenses | 25 | |||
TOTAL ASSETS | 89,226 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 20,538 | |||
Unrealized depreciation on swap agreements | 141 | |||
Advisory fees payable | 102 | |||
Management services fees payable | 14 | |||
Administration fees payable | 8 | |||
Administrative services fees payable | 50 | |||
Distribution fees payable | 69 | |||
Transfer agency fees payable | 7 | |||
Fund accounting fees payable | 5 | |||
Compliance services fees payable | 1 | |||
Other accrued expenses | 179 | |||
TOTAL LIABILITIES | 21,114 | |||
NET ASSETS | $ | 68,112 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 2,435,105 | ||
Total distributable earnings (loss) | (2,366,993 | ) | ||
NET ASSETS | $ | 68,112 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 3,384 | |||
Net Asset Value (offering and redemption price per share) | $ | 20.13 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 630 | ||
EXPENSES: | ||||
Advisory fees | 2,346 | |||
Management services fees | 313 | |||
Administration fees | 269 | |||
Transfer agency fees | 252 | |||
Administrative services fees | 763 | |||
Distribution fees | 782 | |||
Custody fees | 139 | |||
Fund accounting fees | 175 | |||
Trustee fees | 4 | |||
Compliance services fees | 2 | |||
Other fees | 446 | |||
Total Gross Expenses before reductions | 5,491 | |||
Expenses reduced and reimbursed by the Advisor | (213 | ) | ||
TOTAL NET EXPENSES | 5,278 | |||
NET INVESTMENT INCOME (LOSS) | (4,648 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | 123,744 | |||
Change in net unrealized appreciation/depreciation on swap agreements | (6 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 123,738 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 119,090 |
See accompanying notes to financial statements.
224 :: ProFund VP Short Mid-Cap :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (4,648 | ) | $ | 1,287 | |||
Net realized gains (losses) on investments | 123,744 | (93,163 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | (6 | ) | 6,608 | |||||
Change in net assets resulting from operations | 119,090 | (85,268 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (1,287 | ) | (411 | ) | ||||
Change in net assets resulting from distributions | (1,287 | ) | (411 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 19,396,710 | 7,384,516 | ||||||
Distributions reinvested | 1,287 | 411 | ||||||
Value of shares redeemed | (19,589,287 | ) | (7,814,176 | ) | ||||
Change in net assets resulting from capital transactions | (191,290 | ) | (429,249 | ) | ||||
Change in net assets | (73,487 | ) | (514,928 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 141,599 | 656,527 | ||||||
End of period | $ | 68,112 | $ | 141,599 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 650,184 | 240,486 | ||||||
Reinvested | 53 | 13 | ||||||
Redeemed | (651,955 | ) | (253,997 | ) | ||||
Change in shares | (1,718 | ) | (13,498 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Short Mid-Cap :: 225
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016(a) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 27.75 | $ | 35.30 | $ | 33.94 | $ | 40.17 | $ | 55.37 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(b) | (0.44 | ) | 0.18 | 0.05 | (0.30 | ) | (0.71 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (6.91 | )(c) | (7.64 | ) | 3.33 | (5.66 | ) | (10.19 | ) | |||||||||||
Total income (loss) from investment activities | (7.35 | ) | (7.46 | ) | 3.38 | (5.96 | ) | (10.90 | ) | |||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.27 | ) | (0.09 | ) | — | — | — | |||||||||||||
Net realized gains on investments | — | — | (2.02 | ) | (0.27 | ) | (4.30 | ) | ||||||||||||
Total distributions | (0.27 | ) | (0.09 | ) | (2.02 | ) | (0.27 | ) | (4.30 | ) | ||||||||||
Net Asset Value, End of Period | $ | 20.13 | $ | 27.75 | $ | 35.30 | $ | 33.94 | $ | 40.17 | ||||||||||
Total Return | (26.65 | )% | (21.17 | )% | 10.97 | % | (14.85 | )% | (20.19 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.76 | % | 1.66 | % | 1.67 | % | 1.68 | % | 1.68 | % | ||||||||||
Net expenses | 1.69 | %(d) | 1.66 | % | 1.67 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.49 | )% | 0.59 | % | 0.17 | % | (0.81 | )% | (1.42 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 68 | $ | 142 | $ | 657 | $ | 165 | $ | 396 | ||||||||||
Portfolio turnover rate(e) | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:8 reverse share split that occurred on December 5, 2016. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
(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 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) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
226 :: 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 Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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, 2020, the Fund had a total return of -42.77%. For the same period, the Index had a total return of 48.88%1 and a volatility of 36.59%. 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, 2020, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Short Nasdaq-100 | -42.77 | % | -23.11 | % | -20.83 | % | ||||||
Nasdaq-100® Index | 48.88 | % | 24.27 | % | 20.63 | % |
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, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Futures Contracts | (30 | )% | ||
Swap Agreements | (70 | )% | ||
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 | 49 | % | ||
Consumer Discretionary | 19 | % | ||
Communication Services | 18 | % | ||
Health Care | 6 | % | ||
Consumer Staples | 5 | % | ||
Industrials | 2 | % | ||
Utilities | 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.
Financial Statements :: ProFund VP Short Nasdaq-100 :: 227
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a)(b) (98.6%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $5,048,011 | $ | 5,048,000 | $ | 5,048,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $5,048,000) | 5,048,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $5,048,000)—98.6% | 5,048,000 | |||||||
Net other assets (liabilities)—1.4% | 72,311 | |||||||
NET ASSETS—100.0% | $ | 5,120,311 |
(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, 2020, the aggregate amount held in a segregated account was $491,000. |
(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 | 6 | 3/22/21 | $ | (1,546,260 | ) | $ | (62,482 | ) |
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 | 1/27/21 | (0.40 | )% | $ | (3,397,569 | ) | $ | (13,026 | ) | |||||||
Nasdaq-100 Index | UBS AG | 1/27/21 | (0.25 | )% | (167,548 | ) | (746 | ) | |||||||||
$ | (3,565,117 | ) | $ | (13,772 | ) |
(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, 2020, 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.
228 :: ProFund VP Short Nasdaq-100 :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 5,048,000 | ||
Repurchase agreements, at value | 5,048,000 | |||
Total Investment Securities, at value | 5,048,000 | |||
Cash | 691 | |||
Segregated cash balances for futures contracts with brokers | 105,600 | |||
Segregated cash balances for swap agreements with custodian | 600 | |||
Interest receivable | 3 | |||
Receivable for capital shares issued | 25,017 | |||
Prepaid expenses | 65 | |||
TOTAL ASSETS | 5,179,976 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 21,969 | |||
Unrealized depreciation on swap agreements | 13,772 | |||
Variation margin on futures contracts | 5,280 | |||
Advisory fees payable | 3,281 | |||
Management services fees payable | 437 | |||
Administration fees payable | 457 | |||
Administrative services fees payable | 3,937 | |||
Distribution fees payable | 4,075 | |||
Transfer agency fees payable | 383 | |||
Fund accounting fees payable | 260 | |||
Compliance services fees payable | 42 | |||
Other accrued expenses | 5,772 | |||
TOTAL LIABILITIES | 59,665 | |||
NET ASSETS | $ | 5,120,311 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 18,632,770 | ||
Total distributable earnings (loss) | (13,512,459 | ) | ||
NET ASSETS | $ | 5,120,311 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 281,044 | |||
Net Asset Value (offering and redemption price per share) | $ | 18.22 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 24,328 | ||
EXPENSES: | ||||
Advisory fees | 52,177 | |||
Management services fees | 6,957 | |||
Administration fees | 6,395 | |||
Transfer agency fees | 5,330 | |||
Administrative services fees | 16,714 | |||
Distribution fees | 17,392 | |||
Custody fees | 1,046 | |||
Fund accounting fees | 3,675 | |||
Trustee fees | 143 | |||
Compliance services fees | 86 | |||
Other fees | 11,627 | |||
Total Gross Expenses before reductions | 121,542 | |||
Expenses reduced and reimbursed by the Advisor | (4,665 | ) | ||
TOTAL NET EXPENSES | 116,877 | |||
NET INVESTMENT INCOME (LOSS) | (92,549 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on futures contracts | (250,116 | ) | ||
Net realized gains (losses) on swap agreements | (455,940 | ) | ||
Change in net unrealized appreciation/depreciation on futures contracts | (57,344 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (45,883 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (809,283 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (901,832 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Nasdaq-100 :: 229
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (92,549 | ) | $ | 11,485 | |||
Net realized gains (losses) on investments | (706,056 | ) | (966,348 | ) | ||||
Change in net unrealized appreciation/depreciation on investments | (103,227 | ) | 18,618 | |||||
Change in net assets resulting from operations | (901,832 | ) | (936,245 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (11,485 | ) | (2,407 | ) | ||||
Change in net assets resulting from distributions | (11,485 | ) | (2,407 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 321,915,101 | 121,885,465 | ||||||
Distributions reinvested | 11,485 | 2,407 | ||||||
Value of shares redeemed | (323,245,706 | ) | (118,263,754 | ) | ||||
Change in net assets resulting from capital transactions | (1,319,120 | ) | 3,624,118 | |||||
Change in net assets | (2,232,437 | ) | 2,685,466 | |||||
NET ASSETS: | ||||||||
Beginning of period | 7,352,748 | 4,667,282 | ||||||
End of period | $ | 5,120,311 | $ | 7,352,748 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 13,086,902 | 3,239,164 | (a) | |||||
Reinvested | 587 | 65 | (a) | |||||
Redeemed | (13,036,912 | ) | (3,113,922 | )(a) | ||||
Change in shares | 50,577 | 125,307 |
(a) | 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 financial statements.
230 :: ProFund VP Short Nasdaq-100 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a) | Year Ended Dec. 31, 2016(a) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 31.90 | $ | 44.38 | $ | 45.72 | $ | 61.17 | $ | 68.02 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(b) | (0.32 | ) | 0.12 | 0.04 | (0.44 | ) | (0.96 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (13.32 | ) | (12.55 | ) | (1.38 | ) | (15.01 | ) | (5.89 | ) | ||||||||||
Total income (loss) from investment activities | (13.64 | ) | (12.43 | ) | (1.34 | ) | (15.45 | ) | (6.85 | ) | ||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.04 | ) | (0.05 | ) | — | — | — | |||||||||||||
Net Asset Value, End of Period | $ | 18.22 | $ | 31.90 | $ | 44.38 | $ | 45.72 | $ | 61.17 | ||||||||||
Total Return | (42.77 | )% | (28.05 | )% | (2.89 | )%(c) | (25.25 | )% | (10.06 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.75 | % | 1.73 | % | 1.76 | % | 1.72 | % | 1.69 | % | ||||||||||
Net expenses | 1.68 | % | 1.69 | %(d) | 1.66 | %(c) | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.33 | )% | 0.32 | % | 0.08 | %(c) | (0.85 | )% | (1.42 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 5,120 | $ | 7,353 | $ | 4,667 | $ | 3,593 | $ | 3,797 | ||||||||||
Portfolio turnover rate(e) | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.67% and 0.07%, respectively, and the total return would have been (2.90)%. |
(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 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) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP Short Small-Cap :: 231
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 Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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, 2020, the Fund had a total return of -31.96%. For the same period, the Index had a total return of 19.96%1 and a volatility of 43.13%. 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 8% of the total market capitalization of the Russell 3000® Index, which in turn represents approximately 98% of the investable U.S. equity market.
During the year ended December 31, 2020, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Short Small-Cap | -31.96 | % | -16.73 | % | -15.64 | % | ||||||
Russell 2000® Index | 19.96 | % | 13.26 | % | 11.20 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Short Small-Cap | 1.77 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | ||||
Health Care | 22 | % | ||
Industrials | 16 | % | ||
Financials | 15 | % | ||
Information Technology | 14 | % | ||
Consumer Discretionary | 13 | % | ||
Real Estate | 6 | % | ||
Materials | 4 | % | ||
Consumer Staples | 3 | % | ||
Utilities | 3 | % | ||
Communication Services | 2 | % | ||
Energy | 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.
232 :: ProFund VP Short Small-Cap :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a)(b) (102.5%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $1,111,002 | $ | 1,111,000 | $ | 1,111,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $1,111,000) | 1,111,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $1,111,000)—102.5% | 1,111,000 | |||||||
Net other assets (liabilities)—(2.5)% | (26,912 | ) | ||||||
NET ASSETS—100.0% | $ | 1,084,088 | ||||||
(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, 2020, the aggregate amount held in a segregated account was $365,000. |
(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 | 1 | 3/22/21 | $ | (98,740 | ) | $ | (3,664 | ) | ||||||
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 | 1/27/21 | 0.15 | % | $ | (282,839 | ) | $ | (1,958 | ) | ||||||
Russell 2000 Index | UBS AG | 1/27/21 | 0.40 | % | (701,075 | ) | 8,054 | |||||||||
$ | (983,914 | ) | $ | 6,096 |
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of December 31, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Small-Cap :: 233
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 1,111,000 | ||
Repurchase agreements, at value | 1,111,000 | |||
Total Investment Securities, at value | 1,111,000 | |||
Cash | 51 | |||
Segregated cash balances for futures contracts with brokers | 6,600 | |||
Unrealized appreciation on swap agreements | 8,054 | |||
Variation margin on futures contracts | 85 | |||
Prepaid expenses | 24 | |||
TOTAL ASSETS | 1,125,814 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 36,246 | |||
Unrealized depreciation on swap agreements | 1,958 | |||
Advisory fees payable | 676 | |||
Management services fees payable | 90 | |||
Administration fees payable | 66 | |||
Administrative services fees payable | 653 | |||
Distribution fees payable | 693 | |||
Transfer agency fees payable | 55 | |||
Fund accounting fees payable | 37 | |||
Compliance services fees payable | 7 | |||
Other accrued expenses | 1,245 | |||
TOTAL LIABILITIES | 41,726 | |||
NET ASSETS | $ | 1,084,088 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 6,758,671 | ||
Total distributable earnings (loss) | (5,674,583 | ) | ||
NET ASSETS | $ | 1,084,088 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 39,269 | |||
Net Asset Value (offering and redemption price per share) | $ | 27.61 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 6,668 | ||
EXPENSES: | ||||
Advisory fees | 15,551 | |||
Management services fees | 2,074 | |||
Administration fees | 1,984 | |||
Transfer agency fees | 1,583 | |||
Administrative services fees | 5,097 | |||
Distribution fees | 5,184 | |||
Custody fees | 330 | |||
Fund accounting fees | 1,098 | |||
Trustee fees | 39 | |||
Compliance services fees | 18 | |||
Licensing fees | 2,490 | |||
Other fees | 2,523 | |||
Total Gross Expenses before reductions | 37,971 | |||
Expenses reduced and reimbursed by the Advisor | (3,138 | ) | ||
TOTAL NET EXPENSES | 34,833 | |||
NET INVESTMENT INCOME (LOSS) | (28,165 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on futures contracts | (26,805 | ) | ||
Net realized gains (losses) on swap agreements | (225,847 | ) | ||
Change in net unrealized appreciation/depreciation on futures contracts | 1,643 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 6,262 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (244,747 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (272,912 | ) |
See accompanying notes to financial statements.
234 :: ProFund VP Short Small-Cap :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (28,165 | ) | $ | 9,164 | |||
Net realized gains (losses) on investments | (252,652 | ) | (511,821 | ) | ||||
Change in net unrealized appreciation/depreciation on investments | 7,905 | (2,866 | ) | |||||
Change in net assets resulting from operations | (272,912 | ) | (505,523 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (9,164 | ) | (178,883 | ) | ||||
Change in net assets resulting from distributions | (9,164 | ) | (178,883 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 45,008,330 | 40,251,079 | ||||||
Distributions reinvested | 9,164 | 178,883 | ||||||
Value of shares redeemed | (45,506,199 | ) | (40,821,892 | ) | ||||
Change in net assets resulting from capital transactions | (488,705 | ) | (391,930 | ) | ||||
Change in net assets | (770,781 | ) | (1,076,336 | ) | ||||
NET ASSETS: | ||||||||
Beginning of period | 1,854,869 | 2,931,205 | ||||||
End of period | $ | 1,084,088 | $ | 1,854,869 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 1,018,688 | (a) | 847,340 | (a) | ||||
Reinvested | 259 | (a) | 3,902 | (a) | ||||
Redeemed | (1,025,160 | )(a) | (856,874 | )(a) | ||||
Change in shares | (6,213 | ) | (5,632 | ) |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 revere share split that occurred on December 14, 2020. |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Short Small-Cap :: 235
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020(a) | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a) | Year Ended Dec. 31, 2016(a) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 40.78 | $ | 57.35 | $ | 51.94 | $ | 60.57 | $ | 77.24 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(b) | (0.56 | ) | 0.20 | 0.04 | (0.48 | ) | (1.04 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (12.42 | ) | (11.57 | ) | 5.37 | (8.15 | ) | (15.63 | ) | |||||||||||
Total income (loss) from investment activities | (12.98 | ) | (11.37 | ) | 5.41 | (8.63 | ) | (16.67 | ) | |||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.19 | ) | (0.04 | ) | — | — | — | |||||||||||||
Net realized gains on investments | — | (5.16 | ) | — | — | — | ||||||||||||||
Total distributions | (0.19 | ) | (5.20 | ) | — | — | — | |||||||||||||
Net Asset Value, End of Period | $ | 27.61 | $ | 40.78 | $ | 57.35 | $ | 51.94 | $ | 60.57 | ||||||||||
Total Return | (31.96 | )% | (20.78 | )% | 10.39 | %(c) | (14.20 | )% | (21.60 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.83 | % | 1.77 | % | 1.78 | % | 1.70 | % | 1.72 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | %(c) | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.36 | )% | 0.42 | % | 0.10 | %(c) | (0.87 | )% | (1.42 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 1,084 | $ | 1,855 | $ | 2,931 | $ | 1,882 | $ | 2,087 | ||||||||||
Portfolio turnover rate(d) | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. The effect to the net expense ratio, net investment income (loss) ratio, and total return were each less than 0.005%. |
(d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
236 :: 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, 2020, the Fund had a total return of 17.06%. For the same period, the Index had a total return of 19.96%1 and a volatility of 43.13%. 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 8% of the total market capitalization of the Russell 3000® Index, which in turn represents approximately 98% of the investable U.S. equity market.
During the year ended December 31, 2020, 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Small-Cap | 17.06 | % | 11.14 | % | 9.24 | % | ||||||
Russell 2000® Index | 19.96 | % | 13.26 | % | 11.20 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Small-Cap | 1.74 | % | 1.68 | % | ||||
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 40 | % | ||
Swap Agreements | 60 | % | ||
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 | |||
Penn National Gaming, Inc. | 0.2 | % | ||
Caesars Entertainment, Inc. | 0.2 | % | ||
Plug Power, Inc. | 0.2 | % | ||
Sunrun, Inc. | 0.2 | % | ||
Mirati Therapeutics, Inc. | 0.2 | % |
Russell 2000® Index – Composition
% of Index | ||||
Health Care | 22 | % | ||
Industrials | 16 | % | ||
Financials | 15 | % | ||
Information Technology | 14 | % | ||
Consumer Discretionary | 13 | % | ||
Real Estate | 6 | % | ||
Materials | 4 | % | ||
Consumer Staples | 3 | % | ||
Utilities | 3 | % | ||
Communication Services | 2 | % | ||
Energy | 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.
Financial Statements :: ProFund VP Small-Cap :: 237
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (39.8%)
Shares | Value | |||||||
1-800-Flowers.com, Inc.*—Class A (Internet & Direct Marketing Retail) | 74 | $ | 1,924 | |||||
1Life Healthcare, Inc.* (Health Care Providers & Services) | 232 | 10,127 | ||||||
1st Constitution Bancorp (Banks) | 27 | 428 | ||||||
1st Source Corp. (Banks) | 48 | 1,934 | ||||||
3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | 357 | 3,741 | ||||||
89bio, Inc.* (Biotechnology) | 25 | 609 | ||||||
8x8, Inc.* (Software) | 311 | 10,720 | ||||||
A10 Networks, Inc.* (Software) | 177 | 1,745 | ||||||
AAON, Inc. (Building Products) | 121 | 8,062 | ||||||
AAR Corp. (Aerospace & Defense) | 99 | 3,586 | ||||||
Aaron's Co., Inc. (The)* (Specialty Retail) | 99 | 1,877 | ||||||
Abeona Therapeutics, Inc.* (Biotechnology) | 178 | 279 | ||||||
Abercrombie & Fitch Co.—Class A (Specialty Retail) | 184 | 3,746 | ||||||
ABM Industries, Inc. (Commercial Services & Supplies) | 198 | 7,492 | ||||||
Acacia Communications, Inc.* (Communications Equipment) | 115 | 8,390 | ||||||
Acacia Research Corp.* (Professional Services) | 140 | 552 | ||||||
Academy Sports & Outdoors, Inc.* (Leisure Products) | 52 | 1,078 | ||||||
Acadia Realty Trust (Equity Real Estate Investment Trusts) | 250 | 3,548 | ||||||
Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 148 | 1,495 | ||||||
Accelerate Diagnostics, Inc.* (Life Sciences Tools & Services) | 93 | 705 | ||||||
ACCO Brands Corp. (Commercial Services & Supplies) | 272 | 2,298 | ||||||
Accolade, Inc.* (Health Care Technology) | 39 | 1,697 | ||||||
Accuray, Inc.* (Health Care Equipment & Supplies) | 264 | 1,101 | ||||||
AcelRx Pharmaceuticals, Inc.* (Pharmaceuticals) | 236 | 293 | ||||||
ACI Worldwide, Inc.* (Software) | 338 | 12,989 | ||||||
ACNB Corp. (Banks) | 25 | 625 | ||||||
Acushnet Holdings Corp. (Leisure Products) | 101 | 4,095 | ||||||
Acutus Medical, Inc.* (Health Care Equipment & Supplies) | 29 | 835 | ||||||
Adams Resources & Energy, Inc. (Oil, Gas & Consumable Fuels) | 6 | 145 | ||||||
AdaptHealth Corp.* (Health Care Providers & Services) | 74 | 2,779 | ||||||
Addus Homecare Corp.* (Health Care Providers & Services) | 44 | 5,152 | ||||||
Adient PLC* (Auto Components) | 259 | 9,005 | ||||||
ADMA Biologics, Inc.* (Biotechnology) | 194 | 378 | ||||||
Adtalem Global Education, Inc.* (Diversified Consumer Services) | 153 | 5,193 | ||||||
ADTRAN, Inc. (Communications Equipment) | 141 | 2,083 | ||||||
Advanced Drainage Systems, Inc. (Building Products) | 166 | 13,875 | ||||||
Advanced Emissions Solutions, Inc. (Chemicals) | 47 | 259 | ||||||
Advanced Energy Industries, Inc.* (Semiconductors & Semiconductor Equipment) | 112 | 10,861 | ||||||
AdvanSix, Inc.* (Chemicals) | 81 | 1,619 | ||||||
Adverum Biotechnologies, Inc.* (Biotechnology) | 262 | 2,840 | ||||||
Aegion Corp.* (Construction & Engineering) | 89 | 1,690 | ||||||
Aeglea BioTherapeutics, Inc.* (Biotechnology) | 133 | 1,047 | ||||||
Aerie Pharmaceuticals, Inc.* (Pharmaceuticals) | 108 | 1,459 | ||||||
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense) | 213 | 11,258 | ||||||
AeroVironment, Inc.* (Aerospace & Defense) | 64 | 5,562 | ||||||
Affimed NV* (Biotechnology) | 251 | 1,461 | ||||||
Agenus, Inc.* (Biotechnology) | 464 | 1,476 | ||||||
Agile Therapeutics, Inc.* (Pharmaceuticals) | 200 | 574 | ||||||
Agilysys, Inc.* (Software) | 56 | 2,149 | ||||||
Agree Realty Corp. (Equity Real Estate Investment Trusts) | 161 | 10,719 | ||||||
AgroFresh Solutions, Inc.* (Chemicals) | 91 | 207 | ||||||
Air Transport Services Group, Inc.* (Air Freight & Logistics) | 173 | 5,422 | ||||||
Akebia Therapeutics, Inc.* (Biotechnology) | 422 | 1,182 | ||||||
Akerna Corp.* (Professional Services) | 51 | 165 | ||||||
Akero Therapeutics, Inc.* (Biotechnology) | 40 | 1,032 | ||||||
Akouos, Inc.* (Biotechnology) | 43 | 853 | ||||||
Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 97 | 1,186 | ||||||
Alamo Group, Inc. (Machinery) | 29 | 4,001 | ||||||
Alarm.com Holdings, Inc.* (Software) | 140 | 14,483 | ||||||
Alaska Communications Systems Group, Inc. (Diversified Telecommunication Services) | 153 | 565 | ||||||
Albany International Corp.—Class A (Machinery) | 91 | 6,681 | ||||||
Albireo Pharma, Inc.* (Biotechnology) | 50 | 1,876 | ||||||
Alcoa Corp.* (Metals & Mining) | 552 | 12,724 | ||||||
Alector, Inc.* (Biotechnology) | 137 | 2,073 | ||||||
Alerus Financial Corp. (Diversified Financial Services) | 44 | 1,204 | ||||||
Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts) | 213 | 3,659 | ||||||
Alexander's, Inc. (Equity Real Estate Investment Trusts) | 6 | 1,664 | ||||||
Alico, Inc. (Food Products) | 15 | 465 | ||||||
Aligos Therapeutics, Inc.* (Biotechnology) | 30 | 830 | ||||||
Allakos, Inc.* (Biotechnology) | 77 | 10,780 | ||||||
Allegheny Technologies, Inc.* (Metals & Mining) | 374 | 6,272 | ||||||
Allegiance Bancshares, Inc. (Banks) | 56 | 1,911 | ||||||
Allegiant Travel Co. (Airlines) | 39 | 7,380 | ||||||
ALLETE, Inc. (Electric Utilities) | 154 | 9,539 | ||||||
Allied Motion Technologies, Inc. (Electrical Equipment) | 22 | 1,124 | ||||||
Allogene Therapeutics, Inc.* (Biotechnology) | 159 | 4,013 | ||||||
Allovir, Inc.* (Biotechnology) | 53 | 2,037 | ||||||
Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | 463 | 6,686 | ||||||
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment) | 62 | 1,466 | ||||||
Alpha Pro Tech, Ltd.* (Building Products) | 36 | 401 | ||||||
Alphatec Holdings, Inc.* (Health Care Equipment & Supplies) | 162 | 2,352 | ||||||
Alpine Income Property Trust, Inc. (Equity Real Estate Investment Trusts) | 20 | 300 |
See accompanying notes to financial statements.
238 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Alta Equipment Group, Inc.* (Trading Companies & Distributors) | 51 | $ | 504 | |||||
Altabancorp (Banks) | 47 | 1,312 | ||||||
Altair Engineering, Inc.*—Class A (Software) | 128 | 7,447 | ||||||
Altisource Portfolio Solutions S.A.* (Real Estate Management & Development) | 14 | 180 | ||||||
Altra Industrial Motion Corp. (Machinery) | 190 | 10,531 | ||||||
ALX Oncology Holdings, Inc.* (Biotechnology) | 29 | 2,500 | ||||||
Amalgamated Bank—Class A (Banks) | 39 | 536 | ||||||
A-Mark Precious Metals, Inc. (Diversified Financial Services) | 14 | 359 | ||||||
Ambac Financial Group, Inc.* (Insurance) | 134 | 2,061 | ||||||
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment) | 97 | 8,907 | ||||||
AMC Entertainment Holdings, Inc.—Class A (Entertainment) | 227 | 481 | ||||||
AMC Networks, Inc.*(a)—Class A (Media) | 84 | 3,005 | ||||||
Amerant Bancorp, Inc.* (Banks) | 67 | 1,018 | ||||||
Ameresco, Inc.*—Class A (Construction & Engineering) | 73 | 3,814 | ||||||
American Assets Trust, Inc. (Equity Real Estate Investment Trusts) | 148 | 4,274 | ||||||
American Axle & Manufacturing Holdings, Inc.* (Auto Components) | 331 | 2,761 | ||||||
American Eagle Outfitters, Inc. (Specialty Retail) | 445 | 8,931 | ||||||
American Equity Investment Life Holding Co. (Insurance) | 268 | 7,413 | ||||||
American Finance Trust, Inc. (Equity Real Estate Investment Trusts) | 322 | 2,392 | ||||||
American National Bankshares, Inc. (Banks) | 31 | 813 | ||||||
American Outdoor Brands, Inc.* (Leisure Products) | 41 | 698 | ||||||
American Public Education, Inc.* (Diversified Consumer Services) | 43 | 1,311 | ||||||
American Realty Investors, Inc.* (Real Estate Management & Development) | 3 | 33 | ||||||
American Renal Associates Holdings, Inc.* (Health Care Providers & Services) | 42 | 481 | ||||||
American Software, Inc.—Class A (Software) | 88 | 1,511 | ||||||
American States Water Co. (Water Utilities) | 109 | 8,666 | ||||||
American Superconductor Corp.* (Electrical Equipment) | 79 | 1,850 | ||||||
American Vanguard Corp. (Chemicals) | 85 | 1,319 | ||||||
American Woodmark Corp.* (Building Products) | 50 | 4,693 | ||||||
America's Car-Mart, Inc.* (Specialty Retail) | 19 | 2,087 | ||||||
Ameris Bancorp (Banks) | 196 | 7,462 | ||||||
AMERISAFE, Inc. (Insurance) | 56 | 3,216 | ||||||
Ames National Corp. (Banks) | 26 | 625 | ||||||
Amicus Therapeutics, Inc.* (Biotechnology) | 758 | 17,502 | ||||||
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | 294 | 4,434 | ||||||
AMN Healthcare Services, Inc.* (Health Care Providers & Services) | 138 | 9,419 | ||||||
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | 292 | 1,334 | ||||||
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | 107 | 2,152 | ||||||
Amyris, Inc.* (Oil, Gas & Consumable Fuels) | 314 | 1,939 | ||||||
AnaptysBio, Inc.* (Biotechnology) | 63 | 1,355 | ||||||
Anavex Life Sciences Corp.* (Biotechnology) | 155 | 837 | ||||||
AngioDynamics, Inc.* (Health Care Equipment & Supplies) | 108 | 1,656 | ||||||
ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | 28 | 813 | ||||||
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies) | 41 | 1,856 | ||||||
Annexon, Inc.* (Biotechnology) | 46 | 1,151 | ||||||
Antares Pharma, Inc.* (Health Care Equipment & Supplies) | 485 | 1,935 | ||||||
Anterix, Inc.* (Diversified Telecommunication Services) | 32 | 1,203 | ||||||
Antero Resources Corp.* (Oil, Gas & Consumable Fuels) | 716 | 3,902 | ||||||
Anworth Mortgage Asset Corp. (Mortgage Real Estate Investment Trusts) | 289 | 783 | ||||||
Apellis Pharmaceuticals, Inc.* (Biotechnology) | 177 | 10,124 | ||||||
API Group Corp.* (Construction & Engineering) | 413 | 7,496 | ||||||
Apogee Enterprises, Inc. (Building Products) | 76 | 2,408 | ||||||
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | 416 | 4,647 | ||||||
Apollo Medical Holdings, Inc.* (Health Care Providers & Services) | 60 | 1,096 | ||||||
Appfolio, Inc.* (Software) | 48 | 8,642 | ||||||
Appian Corp.* (Software) | 105 | 17,020 | ||||||
Applied Genetic Technologies Corp.* (Biotechnology) | 76 | 311 | ||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 114 | 8,890 | ||||||
Applied Molecular Transport, Inc.* (Biotechnology) | 37 | 1,138 | ||||||
Applied Optoelectronics, Inc.* (Communications Equipment) | 64 | 545 | ||||||
Applied Therapeutics, Inc.* (Biotechnology) | 40 | 880 | ||||||
Aprea Therapeutics, Inc.* (Biotechnology) | 21 | 103 | ||||||
Aptinyx, Inc.* (Biotechnology) | 101 | 349 | ||||||
Apyx Medical Corp.* (Health Care Equipment & Supplies) | 99 | 713 | ||||||
Aquestive Therapeutics, Inc.* (Pharmaceuticals) | 59 | 316 | ||||||
Aravive, Inc.* (Biotechnology) | 36 | 203 | ||||||
Arbor Realty Trust, Inc. (Mortgage Real Estate Investment Trusts) | 340 | 4,821 | ||||||
ArcBest Corp. (Road & Rail) | 74 | 3,158 | ||||||
Arch Resources, Inc. (Oil, Gas & Consumable Fuels) | 45 | 1,970 | ||||||
Archrock, Inc. (Energy Equipment & Services) | 383 | 3,317 | ||||||
Arconic Corp.* (Metals & Mining) | 294 | 8,761 | �� | |||||
Arcosa, Inc. (Construction & Engineering) | 143 | 7,855 | ||||||
Arcturus Therapeutics Holdings, Inc.* (Biotechnology) | 65 | 2,820 | ||||||
Arcus Biosciences, Inc.* (Biotechnology) | 124 | 3,219 | ||||||
Arcutis Biotherapeutics, Inc.* (Biotechnology) | 61 | 1,716 | ||||||
Ardelyx, Inc.* (Biotechnology) | 218 | 1,410 | ||||||
Ardmore Shipping Corp. (Oil, Gas & Consumable Fuels) | 99 | 324 | ||||||
Arena Pharmaceuticals, Inc.* (Biotechnology) | 171 | 13,138 | ||||||
Ares Commercial Real Estate Corp. (Mortgage Real Estate Investment Trusts) | 91 | 1,084 | ||||||
Argan, Inc. (Construction & Engineering) | 43 | 1,913 | ||||||
Argo Group International Holdings, Ltd. (Insurance) | 96 | 4,195 | ||||||
Arlington Asset Investment Corp.*—Class A (Capital Markets) | 98 | 370 | ||||||
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 234 | 1,823 | ||||||
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts) | 170 | 1,907 | ||||||
ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts) | 189 | 2,039 | ||||||
Arrow Financial Corp. (Banks) | 39 | 1,166 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 239
Common Stocks, continued
Shares | Value | |||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 296 | $ | 22,711 | |||||
Artesian Resources Corp.—Class A (Water Utilities) | 24 | 890 | ||||||
Artisan Partners Asset Management, Inc. (Capital Markets) | 162 | 8,154 | ||||||
Arvinas, Inc.* (Pharmaceuticals) | 102 | 8,662 | ||||||
Asbury Automotive Group, Inc.* (Specialty Retail) | 57 | 8,307 | ||||||
ASGN, Inc.* (Professional Services) | 150 | 12,529 | ||||||
Aspen Aerogels, Inc.* (Energy Equipment & Services) | 61 | 1,018 | ||||||
Aspen Group, Inc.* (Diversified Consumer Services) | 66 | 735 | ||||||
Aspira Women's Health, Inc.* (Health Care Equipment & Supplies) | 234 | 1,570 | ||||||
Assembly Biosciences, Inc.* (Pharmaceuticals) | 90 | 545 | ||||||
Assetmark Financial Holdings, Inc.* (Capital Markets) | 48 | 1,162 | ||||||
Associated Capital Group, Inc.—Class A (Capital Markets) | 5 | 176 | ||||||
Astec Industries, Inc. (Machinery) | 66 | 3,820 | ||||||
Astronics Corp.* (Aerospace & Defense) | 70 | 926 | ||||||
Asure Software, Inc.* (Software) | 40 | 284 | ||||||
At Home Group, Inc.* (Specialty Retail) | 158 | 2,443 | ||||||
Atara Biotherapeutics, Inc.* (Biotechnology) | 223 | 4,377 | ||||||
Atea Pharmaceuticals, Inc.* (Biotechnology) | 43 | 1,797 | ||||||
Athenex, Inc.* (Biotechnology) | 209 | 2,312 | ||||||
Athersys, Inc.* (Biotechnology) | 511 | 894 | ||||||
Athira Pharma, Inc.* (Pharmaceuticals) | 38 | 1,302 | ||||||
Atkore International Group, Inc.* (Electrical Equipment) | 140 | 5,755 | ||||||
Atlantic Capital Bancshares, Inc.* (Banks) | 60 | 955 | ||||||
Atlantic Power Corp.* (Independent Power and Renewable Electricity Producers) | 256 | 538 | ||||||
Atlantic Union Bankshares (Banks) | 230 | 7,576 | ||||||
Atlanticus Holdings Corp.* (Consumer Finance) | 15 | 369 | ||||||
Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics) | 76 | 4,145 | ||||||
ATN International, Inc. (Diversified Telecommunication Services) | 33 | 1,378 | ||||||
Atomera, Inc.* (Semiconductors & Semiconductor Equipment) | 51 | 821 | ||||||
Atreca, Inc.*—Class A (Biotechnology) | 85 | 1,373 | ||||||
AtriCure, Inc.* (Health Care Equipment & Supplies) | 129 | 7,181 | ||||||
Atrion Corp. (Health Care Equipment & Supplies) | 4 | 2,569 | ||||||
Auburn National BanCorp, Inc. (Banks) | 7 | 292 | ||||||
Avalon GloboCare Corp.* (Health Care Providers & Services) | 59 | 66 | ||||||
Avanos Medical, Inc.*—Class I (Health Care Equipment & Supplies) | 140 | 6,423 | ||||||
Avaya Holdings Corp.*—Class C (Software) | 244 | 4,673 | ||||||
Avenue Therapeutics, Inc.* (Pharmaceuticals) | 20 | 119 | ||||||
AVEO Pharmaceuticals, Inc.* (Biotechnology) | 64 | 369 | ||||||
Avid Bioservices, Inc.* (Biotechnology) | 166 | 1,916 | ||||||
Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals) | 93 | 1,476 | ||||||
Avidity Biosciences, Inc.* (Biotechnology) | 49 | 1,250 | ||||||
Avient Corp. (Chemicals) | 270 | 10,876 | ||||||
Avis Budget Group, Inc.* (Road & Rail) | 155 | 5,782 | ||||||
Avista Corp. (Multi-Utilities) | 203 | 8,148 | ||||||
Avrobio, Inc.* (Biotechnology) | 92 | 1,282 | ||||||
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 98 | 2,854 | ||||||
Axcella Health, Inc.* (Biotechnology) | 46 | 239 | ||||||
AxoGen, Inc.* (Health Care Equipment & Supplies) | 107 | 1,915 | ||||||
Axonics Modulation Technologies, Inc.* (Health Care Equipment & Supplies) | 89 | 4,443 | ||||||
Axos Financial, Inc.*—Class I (Thrifts & Mortgage Finance) | 169 | 6,343 | ||||||
Axsome Therapeutics, Inc.* (Pharmaceuticals) | 82 | 6,681 | ||||||
AXT, Inc.* (Semiconductors & Semiconductor Equipment) | 116 | 1,110 | ||||||
Aytu BioScience, Inc.* (Pharmaceuticals) | 8 | 48 | ||||||
Aziyo Biologics, Inc.*—Class A (Biotechnology) | 7 | 95 | ||||||
AZZ, Inc. (Electrical Equipment) | 77 | 3,653 | ||||||
B Riley Financial, Inc. (Capital Markets) | 56 | 2,476 | ||||||
B&G Foods, Inc.(a)—Class A (Food Products) | 188 | 5,213 | ||||||
Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | 86 | 8,089 | ||||||
Balchem Corp. (Chemicals) | 95 | 10,946 | ||||||
Bally's Corp. (Hotels, Restaurants & Leisure) | 53 | 2,662 | ||||||
Banc of California, Inc. (Banks) | 132 | 1,942 | ||||||
BancFirst Corp. (Banks) | 55 | 3,229 | ||||||
Banco Latinoamericano de Comercio Exterior S.A.—Class E (Diversified Financial Services) | 91 | 1,441 | ||||||
BancorpSouth Bank (Banks) | 292 | 8,012 | ||||||
Bandwidth, Inc.* (Diversified Telecommunication Services) | 57 | 8,759 | ||||||
Bank First Corp. (Banks) | 19 | 1,232 | ||||||
Bank of Commerce Holdings (Banks) | 47 | 465 | ||||||
Bank of Marin Bancorp (Banks) | 39 | 1,339 | ||||||
Bank7 Corp. (Thrifts & Mortgage Finance) | 8 | 114 | ||||||
BankFinancial Corp. (Thrifts & Mortgage Finance) | 39 | 342 | ||||||
BankUnited, Inc. (Banks) | 271 | 9,425 | ||||||
Bankwell Financial Group, Inc. (Banks) | 20 | 391 | ||||||
Banner Corp. (Banks) | 102 | 4,752 | ||||||
Bar Harbor Bankshares (Banks) | 44 | 994 | ||||||
Barnes Group, Inc. (Machinery) | 139 | 7,046 | ||||||
Barrett Business Services, Inc. (Professional Services) | 22 | 1,501 | ||||||
BayCom Corp.* (Banks) | 33 | 501 | ||||||
BCB Bancorp, Inc. (Banks) | 42 | 465 | ||||||
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors) | 161 | 6,471 | ||||||
Beam Therapeutics, Inc.* (Biotechnology) | 118 | 9,634 | ||||||
Beazer Homes USA, Inc.* (Household Durables) | 84 | 1,273 | ||||||
Bed Bath & Beyond, Inc. (Specialty Retail) | 374 | 6,642 | ||||||
Bel Fuse, Inc.—Class B (Electronic Equipment, Instruments & Components) | 30 | 451 | ||||||
Belden, Inc. (Electronic Equipment, Instruments & Components) | 130 | 5,447 | ||||||
Bellerophon Therapeutics, Inc.* (Health Care Equipment & Supplies) | 13 | 87 | ||||||
BellRing Brands, Inc.*—Class A (Personal Products) | 117 | 2,844 | ||||||
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | 108 | 2,917 | ||||||
Benefitfocus, Inc.* (Software) | 86 | 1,245 | ||||||
Berkshire Hills Bancorp, Inc. (Banks) | 134 | 2,294 | ||||||
Berry Corp. (Oil, Gas & Consumable Fuels) | 200 | 736 | ||||||
Beyond Air, Inc.* (Health Care Equipment & Supplies) | 42 | 221 | ||||||
Beyondspring, Inc.* (Biotechnology) | 43 | 525 |
See accompanying notes to financial statements.
240 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
BG Staffing, Inc. (Professional Services) | 29 | $ | 391 | |||||
BGC Partners, Inc.—Class A (Capital Markets) | 914 | 3,656 | ||||||
Big Lots, Inc. (Multiline Retail) | 116 | 4,980 | ||||||
Biglari Holdings, Inc.*—Class B (Hotels, Restaurants & Leisure) | 3 | 334 | ||||||
BioCryst Pharmaceuticals, Inc.* (Biotechnology) | 521 | 3,881 | ||||||
BioDelivery Sciences International, Inc.* (Pharmaceuticals) | 265 | 1,113 | ||||||
Biodesix, Inc.* (Health Care Providers & Services) | 9 | 181 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology) | 142 | 12,171 | ||||||
Biolife Solutions, Inc.* (Health Care Equipment & Supplies) | 41 | 1,635 | ||||||
BioSig Technologies, Inc.* (Health Care Equipment & Supplies) | 72 | 281 | ||||||
BioTelemetry, Inc.* (Health Care Providers & Services) | 99 | 7,136 | ||||||
Bioxcel Therapeutics, Inc.* (Biotechnology) | 38 | 1,756 | ||||||
BJ's Restaurants, Inc. (Hotels, Restaurants & Leisure) | 65 | 2,502 | ||||||
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing) | 404 | 15,061 | ||||||
Black Diamond Therapeutics, Inc.* (Biotechnology) | 53 | 1,699 | ||||||
Black Hills Corp. (Multi-Utilities) | 186 | 11,430 | ||||||
Blackbaud, Inc. (Software) | 146 | 8,404 | ||||||
Blackline, Inc.* (Software) | 150 | 20,008 | ||||||
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | 406 | 11,177 | ||||||
Bloom Energy Corp.* (Electrical Equipment) | 262 | 7,509 | ||||||
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure) | 258 | 5,010 | ||||||
Blucora, Inc.* (Capital Markets) | 142 | 2,259 | ||||||
Blue Bird Corp.* (Machinery) | 45 | 822 | ||||||
Bluegreen Vacations Corp. (Hotels, Restaurants & Leisure) | 15 | 119 | ||||||
Bluegreen Vacations Holding Corp.* (Hotels, Restaurants & Leisure) | 37 | 501 | ||||||
Blueprint Medicines Corp.* (Biotechnology) | 163 | 18,280 | ||||||
Bluerock Residential Growth REIT, Inc. (Equity Real Estate Investment Trusts) | 70 | 887 | ||||||
Bogota Financial Corp.* (Thrifts & Mortgage Finance) | 17 | 151 | ||||||
Boingo Wireless, Inc.* (Wireless Telecommunication Services) | 129 | 1,641 | ||||||
Boise Cascade Co. (Paper & Forest Products) | 115 | 5,497 | ||||||
Bonanza Creek Energy, Inc.* (Oil, Gas & Consumable Fuels) | 55 | 1,063 | ||||||
Boot Barn Holdings, Inc.* (Specialty Retail) | 84 | 3,642 | ||||||
Boston Omaha Corp.*—Class A (Media) | 39 | 1,078 | ||||||
Boston Private Financial Holdings, Inc. (Banks) | 242 | 2,045 | ||||||
Bottomline Technologies, Inc.* (Software) | 131 | 6,909 | ||||||
Box, Inc.*—Class A (Software) | 417 | 7,527 | ||||||
Boyd Gaming Corp.* (Hotels, Restaurants & Leisure) | 240 | 10,301 | ||||||
Brady Corp.—Class A (Commercial Services & Supplies) | 139 | 7,342 | ||||||
BrainStorm Cell Therapeutics, Inc.* (Biotechnology) | 79 | 357 | ||||||
Bridge Bancorp, Inc. (Banks) | 49 | 1,185 | ||||||
Bridgebio Pharma, Inc.* (Biotechnology) | 215 | 15,289 | ||||||
Bridgewater Bancshares, Inc.* (Thrifts & Mortgage Finance) | 64 | 799 | ||||||
Bridgford Foods Corp.* (Food Products) | 5 | 91 | ||||||
Brigham Minerals, Inc. (Oil, Gas & Consumable Fuels) | 125 | 1,374 | ||||||
Brightcove, Inc.* (IT Services) | 116 | 2,134 | ||||||
Brightsphere Investment Group, Inc. (Capital Markets) | 181 | 3,490 | ||||||
BrightView Holdings, Inc.* (Commercial Services & Supplies) | 121 | 1,830 | ||||||
Brinker International, Inc. (Hotels, Restaurants & Leisure) | 132 | 7,467 | ||||||
Bristow Group, Inc.* (Energy Equipment & Services) | 19 | 500 | ||||||
Broadmark Realty Capital, Inc. (Mortgage Real Estate Investment Trusts) | 379 | 3,866 | ||||||
Broadstone Net Lease, Inc.—Class A (Equity Real Estate Investment Trusts) | 105 | 2,056 | ||||||
Brookdale Senior Living, Inc.* (Health Care Providers & Services) | 542 | 2,401 | ||||||
Brookfield Infrastructure Corp.—Class A (Gas Utilities) | 94 | 6,796 | ||||||
Brookfield Renewable Corp.—Class A (Equity Real Estate Investment Trusts) | 303 | 17,657 | ||||||
Brookline Bancorp, Inc. (Banks) | 229 | 2,757 | ||||||
Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment) | 214 | 14,519 | ||||||
BRP Group, Inc.*—Class A (Insurance) | 125 | 3,746 | ||||||
BRT Apartments Corp. (Equity Real Estate Investment Trusts) | 31 | 471 | ||||||
Bryn Mawr Bank Corp. (Banks) | 58 | 1,775 | ||||||
Builders FirstSource, Inc.* (Building Products) | 603 | 24,609 | ||||||
Business First Bancshares, Inc. (Banks) | 57 | 1,161 | ||||||
Byline Bancorp, Inc. (Banks) | 72 | 1,112 | ||||||
C&F Financial Corp. (Banks) | 10 | 371 | ||||||
C4 Therapeutics, Inc.* (Biotechnology) | 31 | 1,027 | ||||||
Cabaletta Bio, Inc.* (Biotechnology) | 38 | 474 | ||||||
Cactus, Inc.—Class A (Energy Equipment & Services) | 140 | 3,650 | ||||||
Cadence Bancorp (Banks) | 364 | 5,977 | ||||||
Cadiz, Inc.* (Water Utilities) | 60 | 639 | ||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 531 | 39,437 | ||||||
Caesarstone, Ltd. (Building Products) | 66 | 851 | ||||||
CAI International, Inc. (Trading Companies & Distributors) | 49 | 1,531 | ||||||
CalAmp Corp.* (Communications Equipment) | 101 | 1,002 | ||||||
Calavo Growers, Inc. (Food Products) | 49 | 3,402 | ||||||
Caledonia Mining Corp. PLC (Metals & Mining) | 35 | 556 | ||||||
Caleres, Inc. (Specialty Retail) | 107 | 1,675 | ||||||
California Bancorp, Inc.* (Banks) | 22 | 342 | ||||||
California Water Service Group (Water Utilities) | 146 | 7,888 | ||||||
Calithera Biosciences, Inc.* (Biotechnology) | 194 | 953 | ||||||
Calix, Inc.* (Communications Equipment) | 155 | 4,613 | ||||||
Callaway Golf Co. (Leisure Products) | 275 | 6,603 | ||||||
Cal-Maine Foods, Inc.* (Food Products) | 109 | 4,092 | ||||||
Calyxt, Inc.* (Biotechnology) | 30 | 127 | ||||||
Cambium Networks Corp.* (Communications Equipment) | 16 | 401 | ||||||
Cambridge Bancorp (Banks) | 19 | 1,325 | ||||||
Camden National Corp. (Banks) | 44 | 1,574 | ||||||
Camping World Holdings, Inc.—Class A (Specialty Retail) | 97 | 2,527 | ||||||
Cannae Holdings, Inc.* (Diversified Financial Services) | 254 | 11,244 | ||||||
Cantel Medical Corp. (Health Care Equipment & Supplies) | 112 | 8,832 | ||||||
Capital Bancorp, Inc.* (Banks) | 23 | 320 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 241
Common Stocks, continued
Shares | Value | |||||||
Capital City Bank Group, Inc. (Banks) | 40 | $ | 983 | |||||
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance) | 384 | 4,800 | ||||||
Capstar Financial Holdings, Inc. (Banks) | 47 | 693 | ||||||
Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts) | 281 | 1,633 | ||||||
Cara Therapeutics, Inc.* (Biotechnology) | 121 | 1,831 | ||||||
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies) | 116 | 5,076 | ||||||
Cardlytics, Inc.*(a) (Media) | 77 | 10,993 | ||||||
Cardtronics PLC*—Class A (IT Services) | 106 | 3,742 | ||||||
CareDx, Inc.* (Biotechnology) | 141 | 10,215 | ||||||
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | 282 | 6,255 | ||||||
Cargurus, Inc.* (Interactive Media & Services) | 259 | 8,218 | ||||||
CarParts.com, Inc.* (Internet & Direct Marketing Retail) | 101 | 1,251 | ||||||
Carpenter Technology Corp. (Metals & Mining) | 140 | 4,077 | ||||||
Carriage Services, Inc. (Diversified Consumer Services) | 49 | 1,535 | ||||||
Carrols Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | 103 | 647 | ||||||
Cars.com, Inc.* (Interactive Media & Services) | 199 | 2,249 | ||||||
Carter Bankshares, Inc. (Banks) | 67 | 718 | ||||||
Casa Systems, Inc.* (Communications Equipment) | 93 | 574 | ||||||
Casella Waste Systems, Inc.*—Class A (Commercial Services & Supplies) | 144 | 8,921 | ||||||
CASI Pharmaceuticals, Inc.* (Biotechnology) | 195 | 575 | ||||||
Casper Sleep, Inc.* (Household Durables) | 75 | 461 | ||||||
Cass Information Systems, Inc. (IT Services) | 42 | 1,634 | ||||||
Cassava Sciences, Inc.* (Pharmaceuticals) | 96 | 655 | ||||||
Castle Biosciences, Inc.* (Biotechnology) | 35 | 2,350 | ||||||
Catabasis Pharmaceuticals, Inc.* (Biotechnology) | 60 | 128 | ||||||
Catalyst Biosciences, Inc.* (Biotechnology) | 65 | 410 | ||||||
Catalyst Pharmaceuticals, Inc.* (Biotechnology) | 286 | 955 | ||||||
CatchMark Timber Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | 144 | 1,348 | ||||||
Cathay General Bancorp (Banks) | 224 | 7,211 | ||||||
Cavco Industries, Inc.* (Household Durables) | 27 | 4,737 | ||||||
CB Financial Services, Inc. (Banks) | 15 | 300 | ||||||
CBIZ, Inc.* (Professional Services) | 150 | 3,992 | ||||||
CBTX, Inc. (Banks) | 52 | 1,327 | ||||||
CECO Environmental Corp.* (Commercial Services & Supplies) | 91 | 633 | ||||||
Cellular Biomedicine Group, Inc.* (Biotechnology) | 36 | 662 | ||||||
CEL-SCI Corp.* (Biotechnology) | 99 | 1,154 | ||||||
Celsius Holdings, Inc.* (Beverages) | 105 | 5,283 | ||||||
Centerspace (Equity Real Estate Investment Trusts) | 38 | 2,684 | ||||||
Centogene NV* (Biotechnology) | 25 | 270 | ||||||
Central Garden & Pet Co.* (Household Products) | 28 | 1,081 | ||||||
Central Garden & Pet Co.*—Class A (Household Products) | 117 | 4,251 | ||||||
Central Pacific Financial Corp. (Banks) | 81 | 1,540 | ||||||
Central Valley Community Bancorp (Banks) | 31 | 462 | ||||||
Century Aluminum Co.* (Metals & Mining) | 149 | 1,643 | ||||||
Century Bancorp, Inc.—Class A (Banks) | 8 | 619 | ||||||
Century Casinos, Inc.* (Hotels, Restaurants & Leisure) | 80 | 511 | ||||||
Century Communities, Inc.* (Household Durables) | 86 | 3,765 | ||||||
Cerecor, Inc.* (Pharmaceuticals) | 107 | 282 | ||||||
Cerence, Inc.* (Software) | 108 | 10,852 | ||||||
Cerus Corp.* (Health Care Equipment & Supplies) | 484 | 3,349 | ||||||
CEVA, Inc.* (Semiconductors & Semiconductor Equipment) | 65 | 2,958 | ||||||
Champions Oncology, Inc.* (Life Sciences Tools & Services) | 19 | 205 | ||||||
ChampionX Corp.* (Energy Equipment & Services) | 548 | 8,384 | ||||||
ChannelAdvisor Corp.* (Software) | 82 | 1,310 | ||||||
Chart Industries, Inc.* (Machinery) | 106 | 12,485 | ||||||
Chase Corp. (Chemicals) | 22 | 2,222 | ||||||
Chatham Lodging Trust (Equity Real Estate Investment Trusts) | 137 | 1,480 | ||||||
Checkmate Pharmaceuticals, Inc.* (Biotechnology) | 15 | 219 | ||||||
Checkpoint Therapeutics, Inc.* (Biotechnology) | 153 | 405 | ||||||
Chefs' Warehouse, Inc.* (Food & Staples Retailing) | 89 | 2,286 | ||||||
Chembio Diagnostics, Inc.* (Health Care Equipment & Supplies) | 58 | 276 | ||||||
ChemoCentryx, Inc.* (Biotechnology) | 146 | 9,040 | ||||||
Chemung Financial Corp. (Banks) | 10 | 340 | ||||||
Cherry Hill Mortgage Investment Corp. (Mortgage Real Estate Investment Trusts) | 45 | 411 | ||||||
Chesapeake Utilities Corp. (Gas Utilities) | 51 | 5,519 | ||||||
Chiasma, Inc.* (Pharmaceuticals) | 148 | 644 | ||||||
Chico's FAS, Inc. (Specialty Retail) | 350 | 557 | ||||||
Chimera Investment Corp. (Mortgage Real Estate Investment Trusts) | 566 | 5,802 | ||||||
Chimerix, Inc.* (Biotechnology) | 144 | 696 | ||||||
Chinook Therapeutics, Inc.* (Biotechnology) | 39 | 619 | ||||||
ChoiceOne Financial Services, Inc. (Banks) | 22 | 678 | ||||||
ChromaDex Corp.* (Life Sciences Tools & Services) | 122 | 586 | ||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | 112 | 21,816 | ||||||
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure) | 58 | 1,536 | ||||||
Cidara Therapeutics, Inc.* (Biotechnology) | 106 | 212 | ||||||
CIM Commercial Trust Corp. (Equity Real Estate Investment Trusts) | 33 | 470 | ||||||
Cimpress PLC* (Commercial Services & Supplies) | 52 | 4,562 | ||||||
Cincinnati Bell, Inc.* (Diversified Telecommunication Services) | 148 | 2,261 | ||||||
Cinemark Holdings, Inc. (Entertainment) | 315 | 5,485 | ||||||
CIRCOR International, Inc.* (Machinery) | 59 | 2,268 | ||||||
CIT Group, Inc. (Banks) | 291 | 10,447 | ||||||
Citi Trends, Inc. (Specialty Retail) | 29 | 1,441 | ||||||
Citizens & Northern Corp. (Banks) | 39 | 774 | ||||||
Citizens Holding Co. (Banks) | 14 | 293 | ||||||
Citizens, Inc.* (Insurance) | 146 | 837 | ||||||
City Holding Co. (Banks) | 45 | 3,130 | ||||||
City Office REIT, Inc. (Equity Real Estate Investment Trusts) | 126 | 1,231 | ||||||
Civista Bancshares, Inc. (Banks) | 47 | 824 | ||||||
Clarus Corp. (Leisure Products) | 71 | 1,093 | ||||||
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels) | 383 | 3,010 | ||||||
Clearfield, Inc.* (Communications Equipment) | 33 | 816 | ||||||
Clearwater Paper Corp.* (Paper & Forest Products) | 47 | 1,774 |
See accompanying notes to financial statements.
242 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Clearway Energy, Inc.—Class A (Independent Power and Renewable Electricity Producers) | 103 | $ | 3,044 | |||||
Clearway Energy, Inc.—Class C (Independent Power and Renewable Electricity Producers) | 242 | 7,727 | ||||||
Cleveland-Cliffs, Inc. (Metals & Mining) | 1,165 | 16,962 | ||||||
Clipper Realty, Inc. (Equity Real Estate Investment Trusts) | 44 | 310 | ||||||
Cloudera, Inc.* (Software) | 604 | 8,402 | ||||||
Clovis Oncology, Inc.* (Biotechnology) | 245 | 1,176 | ||||||
CMC Materials, Inc. (Semiconductors & Semiconductor Equipment) | 86 | 13,012 | ||||||
CNB Financial Corp. (Banks) | 44 | 937 | ||||||
CNO Financial Group, Inc. (Insurance) | 409 | 9,092 | ||||||
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | 656 | 7,085 | ||||||
Co.-Diagnostics, Inc.* (Health Care Equipment & Supplies) | 78 | 725 | ||||||
Coastal Financial Corp.* (Banks) | 27 | 567 | ||||||
Coca-Cola Consolidated, Inc. (Beverages) | 14 | 3,728 | ||||||
Codexis, Inc.* (Life Sciences Tools & Services) | 158 | 3,449 | ||||||
Codiak Biosciences, Inc.* (Biotechnology) | 16 | 517 | ||||||
Codorus Valley Bancorp, Inc. (Banks) | 28 | 475 | ||||||
Coeur Mining, Inc.* (Metals & Mining) | 714 | 7,390 | ||||||
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | 125 | 7,484 | ||||||
Cohbar, Inc.* (Biotechnology) | 97 | 130 | ||||||
Cohen & Steers, Inc. (Capital Markets) | 72 | 5,350 | ||||||
Coherus Biosciences, Inc.* (Biotechnology) | 173 | 3,007 | ||||||
Cohu, Inc. (Semiconductors & Semiconductor Equipment) | 121 | 4,620 | ||||||
Collectors Universe, Inc. (Diversified Consumer Services) | 27 | 2,036 | ||||||
Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | 101 | 2,023 | ||||||
Colony Bankcorp, Inc. (Banks) | 23 | 337 | ||||||
Colony Capital, Inc. (Equity Real Estate Investment Trusts) | 1,416 | 6,811 | ||||||
Colony Credit Real Estate, Inc. (Mortgage Real Estate Investment Trusts) | 248 | 1,860 | ||||||
Columbia Banking System, Inc. (Banks) | 212 | 7,611 | ||||||
Columbia Financial, Inc.* (Thrifts & Mortgage Finance) | 141 | 2,194 | ||||||
Columbia Property Trust, Inc. (Equity Real Estate Investment Trusts) | 338 | 4,847 | ||||||
Columbus McKinnon Corp. (Machinery) | 68 | 2,614 | ||||||
Comfort Systems USA, Inc. (Construction & Engineering) | 106 | 5,582 | ||||||
Commercial Metals Co. (Metals & Mining) | 351 | 7,210 | ||||||
Community Bank System, Inc. (Banks) | 156 | 9,720 | ||||||
Community Bankers Trust Corp. (Banks) | 64 | 432 | ||||||
Community Health Systems, Inc.* (Health Care Providers & Services) | 251 | 1,865 | ||||||
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts) | 66 | 3,109 | ||||||
Community Trust Bancorp, Inc. (Banks) | 46 | 1,704 | ||||||
CommVault Systems, Inc.* (Software) | 125 | 6,921 | ||||||
Compass Minerals International, Inc. (Metals & Mining) | 101 | 6,234 | ||||||
Computer Programs & Systems, Inc. (Health Care Technology) | 38 | 1,020 | ||||||
CompX International, Inc. (Commercial Services & Supplies) | 5 | 71 | ||||||
comScore, Inc.* (Media) | 179 | 446 | ||||||
Comstock Resources, Inc.* (Oil, Gas & Consumable Fuels) | 72 | 315 | ||||||
Comtech Telecommunications Corp. (Communications Equipment) | 72 | 1,490 | ||||||
Concert Pharmaceuticals, Inc.* (Biotechnology) | 87 | 1,100 | ||||||
Concrete Pumping Holdings, Inc.* (Construction & Engineering) | 77 | 295 | ||||||
Conduent, Inc.* (IT Services) | 487 | 2,338 | ||||||
CONMED Corp. (Health Care Equipment & Supplies) | 80 | 8,960 | ||||||
ConnectOne Bancorp, Inc. (Banks) | 109 | 2,157 | ||||||
Conn's, Inc.* (Specialty Retail) | 51 | 596 | ||||||
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels) | 77 | 555 | ||||||
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | 215 | 1,051 | ||||||
Consolidated Water Co., Ltd. (Water Utilities) | 43 | 518 | ||||||
Constellation Pharmaceuticals, Inc.* (Biotechnology) | 91 | 2,621 | ||||||
Construction Partners, Inc.*—Class A (Construction & Engineering) | 78 | 2,271 | ||||||
Contango Oil & Gas Co.* (Oil, Gas & Consumable Fuels) | 270 | 618 | ||||||
ContraFect Corp.* (Biotechnology) | 72 | 364 | ||||||
Cooper Tire & Rubber Co. (Auto Components) | 149 | 6,035 | ||||||
Cooper-Standard Holding, Inc.* (Auto Components) | 49 | 1,699 | ||||||
Corbus Pharmaceuticals Holdings, Inc.*(a) (Biotechnology) | 227 | 284 | ||||||
Corcept Therapeutics, Inc.* (Pharmaceuticals) | 287 | 7,508 | ||||||
CoreCivic, Inc. (Equity Real Estate Investment Trusts) | 353 | 2,312 | ||||||
Core-Mark Holding Co., Inc. (Distributors) | 132 | 3,877 | ||||||
CorEnergy Infrastructure Trust, Inc. (Equity Real Estate Investment Trusts) | 40 | 274 | ||||||
CorePoint Lodging, Inc. (Equity Real Estate Investment Trusts) | 116 | 798 | ||||||
CorMedix, Inc.* (Pharmaceuticals) | 94 | 698 | ||||||
Cornerstone Building Brands, Inc.* (Building Products) | 129 | 1,197 | ||||||
Cornerstone OnDemand, Inc.* (Software) | 181 | 7,971 | ||||||
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals) | 45 | 1,630 | ||||||
Cortexyme, Inc.* (Biotechnology) | 46 | 1,278 | ||||||
CorVel Corp.* (Health Care Providers & Services) | 26 | 2,756 | ||||||
Costamare, Inc. (Marine) | 149 | 1,234 | ||||||
County Bancorp, Inc. (Banks) | 14 | 309 | ||||||
Covanta Holding Corp. (Commercial Services & Supplies) | 350 | 4,596 | ||||||
Covenant Logistics Group, Inc.*—Class A (Road & Rail) | 34 | 504 | ||||||
Covetrus, Inc.* (Health Care Providers & Services) | 343 | 9,858 | ||||||
Cowen, Inc.—Class A (Capital Markets) | 76 | 1,975 | ||||||
CRA International, Inc. (Professional Services) | 22 | 1,120 | ||||||
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | 70 | 9,234 | ||||||
Crawford & Co.—Class A (Insurance) | 48 | 355 | ||||||
Crinetics Pharmaceuticals, Inc.* (Biotechnology) | 80 | 1,129 | ||||||
Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | 197 | 12,344 | ||||||
Cross Country Healthcare, Inc.* (Health Care Providers & Services) | 106 | 940 | ||||||
CrossFirst Bankshares, Inc.* (Banks) | 141 | 1,516 | ||||||
CryoLife, Inc.* (Health Care Equipment & Supplies) | 112 | 2,644 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 243
Common Stocks, continued
Shares | Value | |||||||
CryoPort, Inc.* (Health Care Equipment & Supplies) | 103 | $ | 4,520 | |||||
CSG Systems International, Inc. (IT Services) | 96 | 4,327 | ||||||
CSW Industrials, Inc. (Building Products) | 40 | 4,476 | ||||||
CTO Realty Growth, Inc. (Real Estate Management & Development) | 18 | 759 | ||||||
CTS Corp. (Electronic Equipment, Instruments & Components) | 94 | 3,227 | ||||||
Cubic Corp. (Aerospace & Defense) | 93 | 5,770 | ||||||
Cue BioPharma, Inc.* (Biotechnology) | 87 | 1,088 | ||||||
Curo Group Holdings Corp. (Consumer Finance) | 54 | 774 | ||||||
Cushman & Wakefield PLC* (Real Estate Management & Development) | 326 | 4,835 | ||||||
Customers Bancorp, Inc.* (Banks) | 85 | 1,545 | ||||||
Cutera, Inc.* (Health Care Equipment & Supplies) | 51 | 1,230 | ||||||
CVB Financial Corp. (Banks) | 381 | 7,430 | ||||||
CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | 87 | 1,296 | ||||||
CyberOptics Corp.* (Semiconductors & Semiconductor Equipment) | 21 | 476 | ||||||
Cyclerion Therapeutics, Inc.* (Biotechnology) | 65 | 199 | ||||||
Cymabay Therapeutics, Inc.* (Pharmaceuticals) | 204 | 1,171 | ||||||
Cytokinetics, Inc.* (Biotechnology) | 196 | 4,073 | ||||||
CytomX Therapeutics, Inc.* (Biotechnology) | 133 | 871 | ||||||
CytoSorbents Corp.* (Health Care Equipment & Supplies) | 121 | 964 | ||||||
Daily Journal Corp.* (Media) | 3 | 1,212 | ||||||
Daktronics, Inc. (Electronic Equipment, Instruments & Components) | 108 | 505 | ||||||
Dana, Inc. (Auto Components) | 427 | 8,335 | ||||||
Darling Ingredients, Inc.* (Food Products) | 475 | 27,399 | ||||||
Daseke, Inc.* (Road & Rail) | 134 | 779 | ||||||
Dave & Buster's Entertainment, Inc. (Hotels, Restaurants & Leisure) | 130 | 3,903 | ||||||
Deciphera Pharmaceuticals, Inc.* (Biotechnology) | 112 | 6,392 | ||||||
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | 83 | 23,802 | ||||||
Del Taco Restaurants, Inc.* (Hotels, Restaurants & Leisure) | 88 | 797 | ||||||
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels) | 184 | 2,957 | ||||||
Deluxe Corp. (Commercial Services & Supplies) | 123 | 3,592 | ||||||
Denali Therapeutics, Inc.* (Biotechnology) | 185 | 15,496 | ||||||
Denny's Corp.* (Hotels, Restaurants & Leisure) | 183 | 2,686 | ||||||
DermTech, Inc.* (Biotechnology) | 24 | 779 | ||||||
Designer Brands, Inc. (Specialty Retail) | 182 | 1,392 | ||||||
DHI Group, Inc.* (Interactive Media & Services) | 142 | 315 | ||||||
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels) | 329 | 1,721 | ||||||
Diamond Hill Investment Group, Inc. (Capital Markets) | 9 | 1,343 | ||||||
Diamond S Shipping, Inc.* (Oil, Gas & Consumable Fuels) | 81 | 539 | ||||||
DiamondRock Hospitality Co.* (Equity Real Estate Investment Trusts) | 589 | 4,859 | ||||||
Dicerna Pharmaceuticals, Inc.* (Biotechnology) | 194 | 4,274 | ||||||
Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals) | 207 | 2,207 | ||||||
Digi International, Inc.* (Communications Equipment) | 85 | 1,607 | ||||||
Digimarc Corp.* (Software) | 35 | 1,653 | ||||||
Digital Turbine, Inc.* (Software) | 248 | 14,027 | ||||||
Dillard's, Inc.(a)—Class A (Multiline Retail) | 21 | 1,324 | ||||||
Dime Community Bancshares, Inc. (Thrifts & Mortgage Finance) | 85 | 1,340 | ||||||
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | 46 | 2,668 | ||||||
Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | 126 | 8,883 | ||||||
Diversified Healthcare Trust (Equity Real Estate Investment Trusts) | 699 | 2,880 | ||||||
DMC Global, Inc. (Machinery) | 43 | 1,860 | ||||||
Domo, Inc.* (Software) | 77 | 4,910 | ||||||
Domtar Corp. (Paper & Forest Products) | 162 | 5,127 | ||||||
Donegal Group, Inc.—Class A (Insurance) | 33 | 464 | ||||||
Donnelley Financial Solutions, Inc.* (Capital Markets) | 88 | 1,493 | ||||||
Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels) | 111 | 1,353 | ||||||
Dorman Products, Inc.* (Auto Components) | 79 | 6,859 | ||||||
Douglas Dynamics, Inc. (Machinery) | 66 | 2,823 | ||||||
Dril-Quip, Inc.* (Energy Equipment & Services) | 103 | 3,051 | ||||||
DSP Group, Inc.* (Semiconductors & Semiconductor Equipment) | 65 | 1,078 | ||||||
Ducommun, Inc.* (Aerospace & Defense) | 32 | 1,718 | ||||||
Duluth Holdings, Inc.*—Class B (Internet & Direct Marketing Retail) | 33 | 348 | ||||||
Durect Corp.* (Pharmaceuticals) | 605 | 1,252 | ||||||
DXP Enterprises, Inc.* (Trading Companies & Distributors) | 48 | 1,067 | ||||||
Dyadic International, Inc.* (Biotechnology) | 57 | 307 | ||||||
Dycom Industries, Inc.* (Construction & Engineering) | 91 | 6,872 | ||||||
Dynavax Technologies Corp.* (Biotechnology) | 313 | 1,393 | ||||||
Dyne Therapeutics, Inc.* (Biotechnology) | 42 | 882 | ||||||
Dynex Capital, Inc. (Mortgage Real Estate Investment Trusts) | 65 | 1,157 | ||||||
DZS, Inc.* (Communications Equipment) | 35 | 541 | ||||||
Eagle Bancorp Montana, Inc. (Banks) | 19 | 403 | ||||||
Eagle Bancorp, Inc. (Banks) | 94 | 3,882 | ||||||
Eagle Bulk Shipping, Inc.* (Marine) | 19 | 361 | ||||||
Eagle Pharmaceuticals, Inc.* (Biotechnology) | 31 | 1,444 | ||||||
Eargo, Inc.* (Health Care Equipment & Supplies) | 24 | 1,076 | ||||||
Earthstone Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | 69 | 368 | ||||||
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts) | 241 | 5,459 | ||||||
Eastern Bankshares, Inc.* (Banks) | 489 | 7,976 | ||||||
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | 115 | 15,878 | ||||||
Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals) | 46 | 374 | ||||||
Ebix, Inc. (Software) | 79 | 3,000 | ||||||
Echo Global Logistics, Inc.* (Air Freight & Logistics) | 77 | 2,065 | ||||||
Edgewell Personal Care Co. (Personal Products) | 161 | 5,567 | ||||||
Editas Medicine, Inc.* (Biotechnology) | 185 | 12,970 | ||||||
eGain Corp.* (Software) | 61 | 720 | ||||||
eHealth, Inc.* (Insurance) | 76 | 5,366 | ||||||
Eidos Therapeutics, Inc.* (Biotechnology) | 32 | 4,211 | ||||||
Eiger Biopharmaceuticals, Inc.* (Biotechnology) | 90 | 1,106 | ||||||
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure) | 55 | 996 | ||||||
Electromed, Inc.* (Health Care Equipment & Supplies) | 21 | 206 | ||||||
elf Beauty, Inc.* (Personal Products) | 133 | 3,350 |
See accompanying notes to financial statements.
244 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Ellington Financial, Inc. (Mortgage Real Estate Investment Trusts) | 122 | $ | 1,810 | |||||
Ellington Residential Mortgage REIT (Mortgage Real Estate Investment Trusts) | 27 | 352 | ||||||
Eloxx Pharmaceuticals, Inc.* (Pharmaceuticals) | 79 | 314 | ||||||
EMCOR Group, Inc. (Construction & Engineering) | 160 | 14,633 | ||||||
Emerald Holding, Inc. (Media) | 72 | 390 | ||||||
Emergent BioSolutions, Inc.* (Biotechnology) | 133 | 11,917 | ||||||
Employers Holdings, Inc. (Insurance) | 85 | 2,736 | ||||||
Enanta Pharmaceuticals, Inc.* (Biotechnology) | 56 | 2,358 | ||||||
Encore Capital Group, Inc.* (Consumer Finance) | 92 | 3,583 | ||||||
Encore Wire Corp. (Electrical Equipment) | 60 | 3,634 | ||||||
Endo International PLC* (Pharmaceuticals) | 667 | 4,789 | ||||||
Endurance International Group Holdings, Inc.* (IT Services) | 195 | 1,843 | ||||||
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels) | 384 | 1,636 | ||||||
Energy Recovery, Inc.* (Machinery) | 118 | 1,610 | ||||||
Enerpac Tool Group Corp. (Machinery) | 160 | 3,618 | ||||||
EnerSys (Electrical Equipment) | 125 | 10,383 | ||||||
Ennis, Inc. (Commercial Services & Supplies) | 76 | 1,357 | ||||||
Enochian Biosciences, Inc.* (Biotechnology) | 41 | 121 | ||||||
Enova International, Inc.* (Consumer Finance) | 102 | 2,527 | ||||||
EnPro Industries, Inc. (Machinery) | 61 | 4,607 | ||||||
Enstar Group, Ltd.* (Insurance) | 35 | 7,171 | ||||||
Entercom Communications Corp.—Class A (Media) | 346 | 855 | ||||||
Enterprise Bancorp, Inc. (Banks) | 26 | 664 | ||||||
Enterprise Financial Services Corp. (Banks) | 71 | 2,481 | ||||||
Entravision Communications Corp.—Class A (Media) | 173 | 476 | ||||||
Envela Corp.* (Specialty Retail) | 23 | 120 | ||||||
Envestnet, Inc.* (Software) | 157 | 12,920 | ||||||
Enzo Biochem, Inc.* (Life Sciences Tools & Services) | 131 | 330 | ||||||
Epizyme, Inc.* (Biotechnology) | 263 | 2,856 | ||||||
ePlus, Inc.* (Electronic Equipment, Instruments & Components) | 39 | 3,430 | ||||||
Equity Bancshares, Inc.*—Class A (Banks) | 42 | 907 | ||||||
Eros STX Global Corp.* (Entertainment) | 478 | 870 | ||||||
Escalade, Inc. (Leisure Products) | 30 | 635 | ||||||
ESCO Technologies, Inc. (Machinery) | 75 | 7,742 | ||||||
Esperion Therapeutics, Inc.* (Biotechnology) | 76 | 1,976 | ||||||
Esquire Financial Holdings, Inc.* (Banks) | 20 | 384 | ||||||
ESSA Bancorp, Inc. (Thrifts & Mortgage Finance) | 27 | 405 | ||||||
Essent Group, Ltd. (Thrifts & Mortgage Finance) | 325 | 14,040 | ||||||
Essential Properties Realty Trust, Inc. (Real Estate Management & Development) | 307 | 6,507 | ||||||
Ethan Allen Interiors, Inc. (Household Durables) | 67 | 1,354 | ||||||
Eton Pharmaceuticals, Inc.* (Pharmaceuticals) | 50 | 407 | ||||||
Evans Bancorp, Inc. (Banks) | 14 | 386 | ||||||
Evelo Biosciences, Inc.* (Biotechnology) | 59 | 713 | ||||||
Eventbrite, Inc.* (Interactive Media & Services) | 190 | 3,439 | ||||||
Everi Holdings, Inc.* (IT Services) | 242 | 3,342 | ||||||
EverQuote, Inc.*—Class A (Interactive Media & Services) | 41 | 1,531 | ||||||
EVERTEC, Inc. (IT Services) | 178 | 6,999 | ||||||
EVI Industries, Inc.* (Trading Companies & Distributors) | 15 | 449 | ||||||
Evo Payments, Inc.* (IT Services) | 122 | 3,295 | ||||||
Evofem Biosciences, Inc.* (Pharmaceuticals) | 226 | 545 | ||||||
Evolent Health, Inc.* (Health Care Technology) | 223 | 3,575 | ||||||
Evolus, Inc.* (Pharmaceuticals) | 64 | 215 | ||||||
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels) | 90 | 257 | ||||||
Evoqua Water Technologies Corp.* (Machinery) | 269 | 7,258 | ||||||
Exagen, Inc.* (Health Care Providers & Services) | 14 | 185 | ||||||
Exicure, Inc.* (Biotechnology) | 175 | 310 | ||||||
ExlService Holdings, Inc.* (IT Services) | 98 | 8,343 | ||||||
eXp World Holdings, Inc.* (Real Estate Management & Development) | 73 | 4,608 | ||||||
Exponent, Inc. (Professional Services) | 151 | 13,594 | ||||||
Express, Inc.* (Specialty Retail) | 188 | 171 | ||||||
Exterran Corp.* (Energy Equipment & Services) | 77 | 340 | ||||||
Extreme Networks, Inc.* (Communications Equipment) | 357 | 2,460 | ||||||
EZCORP, Inc.*—Class A (Consumer Finance) | 141 | 675 | ||||||
Fabrinet* (Electronic Equipment, Instruments & Components) | 108 | 8,380 | ||||||
Falcon Minerals Corp. (Oil, Gas & Consumable Fuels) | 113 | 356 | ||||||
Farmer Bros Co.* (Food Products) | 48 | 224 | ||||||
Farmers & Merchants Bancorp, Inc./Archbold Ohio (Banks) | 30 | 690 | ||||||
Farmers National Bancorp (Banks) | 77 | 1,022 | ||||||
Farmland Partners, Inc. (Equity Real Estate Investment Trusts) | 76 | 661 | ||||||
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 52 | 3,673 | ||||||
Fate Therapeutics, Inc.* (Biotechnology) | 211 | 19,185 | ||||||
Fathom Holdings, Inc.* (Real Estate Management & Development) | 14 | 505 | ||||||
FB Financial Corp. (Banks) | 93 | 3,230 | ||||||
FBL Financial Group, Inc.—Class A (Insurance) | 28 | 1,470 | ||||||
Federal Agricultural Mortgage Corp. (Thrifts & Mortgage Finance) | 27 | 2,005 | ||||||
Federal Signal Corp. (Machinery) | 176 | 5,838 | ||||||
Federated Hermes, Inc.—Class B (Capital Markets) | 280 | 8,089 | ||||||
FedNat Holding Co. (Insurance) | 36 | 213 | ||||||
Fennec Pharmaceuticals, Inc.* (Biotechnology) | 64 | 477 | ||||||
Ferro Corp.* (Chemicals) | 241 | 3,526 | ||||||
FibroGen, Inc.* (Biotechnology) | 248 | 9,198 | ||||||
Fidelity D&D Bancorp, Inc. (Banks) | 12 | 772 | ||||||
Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | 53 | 604 | ||||||
Financial Institutions, Inc. (Banks) | 47 | 1,058 | ||||||
First Bancorp (Banks) | 635 | 5,855 | ||||||
First Bancorp (Banks) | 83 | 2,808 | ||||||
First Bancshares, Inc. (Banks) | 61 | 1,884 | ||||||
First Bank/Hamilton NJ (Banks) | 47 | 441 | ||||||
First Busey Corp. (Banks) | 149 | 3,211 | ||||||
First Business Financial Services, Inc. (Banks) | 24 | 442 | ||||||
First Capital, Inc. (Thrifts & Mortgage Finance) | 10 | 606 | ||||||
First Choice Bancorp (Banks) | 31 | 573 | ||||||
First Commonwealth Financial Corp. (Banks) | 282 | 3,085 | ||||||
First Community Bancshares, Inc. (Banks) | 51 | 1,101 | ||||||
First Community Corp. (Banks) | 21 | 357 | ||||||
First Financial Bancorp (Banks) | 286 | 5,014 | ||||||
First Financial Bankshares, Inc. (Banks) | 381 | 13,782 | ||||||
First Financial Corp. (Banks) | 40 | 1,554 | ||||||
First Foundation, Inc. (Banks) | 116 | 2,320 | ||||||
First Guaranty Bancshares, Inc. (Banks) | 11 | 195 | ||||||
First Internet Bancorp (Banks) | 28 | 805 | ||||||
First Interstate BancSystem—Class A (Banks) | 119 | 4,852 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 245
Common Stocks, continued
Shares | Value | |||||||
First Merchants Corp. (Banks) | 159 | $ | 5,948 | |||||
First Mid Bancshares, Inc. (Banks) | 43 | 1,447 | ||||||
First Midwest Bancorp, Inc. (Banks) | 336 | 5,349 | ||||||
First Northwest Bancorp (Banks) | 26 | 406 | ||||||
First of Long Island Corp. (Banks) | 67 | 1,196 | ||||||
First Savings Financial Group, Inc. (Banks) | 6 | 390 | ||||||
First United Corp. (Banks) | 20 | 310 | ||||||
First Western Financial, Inc.* (Banks) | 18 | 352 | ||||||
FirstCash, Inc. (Consumer Finance) | 120 | 8,405 | ||||||
Fitbit, Inc.*—Class A (Electronic Equipment, Instruments & Components) | 726 | 4,937 | ||||||
Five Prime Therapeutics, Inc.* (Biotechnology) | 92 | 1,565 | ||||||
Five Star Senior Living* (Health Care Providers & Services) | 56 | 386 | ||||||
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance) | 142 | 5,788 | ||||||
Flexion Therapeutics, Inc.* (Biotechnology) | 129 | 1,489 | ||||||
Fluent, Inc.* (Media) | 123 | 653 | ||||||
Fluidigm Corp.* (Life Sciences Tools & Services) | 218 | 1,308 | ||||||
Fluor Corp. (Construction & Engineering) | 416 | 6,644 | ||||||
Flushing Financial Corp. (Banks) | 87 | 1,448 | ||||||
FNCB Bancorp, Inc. (Banks) | 50 | 320 | ||||||
Focus Financial Partners, Inc.* (Capital Markets) | 93 | 4,046 | ||||||
Foghorn Therapeutics, Inc.* (Pharmaceuticals) | 21 | 426 | ||||||
FONAR Corp.* (Health Care Equipment & Supplies) | 19 | 330 | ||||||
Forestar Group, Inc.* (Real Estate Management & Development) | 49 | 989 | ||||||
Forma Therapeutics Holdings, Inc.* (Biotechnology) | 51 | 1,780 | ||||||
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | 228 | 9,809 | ||||||
Forrester Research, Inc.* (Professional Services) | 33 | 1,383 | ||||||
Forterra, Inc.* (Construction Materials) | 86 | 1,479 | ||||||
Fortress Biotech, Inc.* (Biotechnology) | 197 | 624 | ||||||
Forward Air Corp. (Air Freight & Logistics) | 81 | 6,224 | ||||||
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | 138 | 1,196 | ||||||
Foundation Building Materials, Inc.* (Trading Companies & Distributors) | 60 | 1,153 | ||||||
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | 217 | 6,460 | ||||||
Fox Factory Holding Corp.* (Auto Components) | 122 | 12,896 | ||||||
Franchise Group, Inc. (Diversified Consumer Services) | 64 | 1,949 | ||||||
Franklin Covey Co.* (Professional Services) | 37 | 824 | ||||||
Franklin Electric Co., Inc. (Machinery) | 136 | 9,413 | ||||||
Franklin Financial Services Corp. (Banks) | 12 | 324 | ||||||
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts) | 306 | 1,337 | ||||||
Frank's International N.V.* (Energy Equipment & Services) | 457 | 1,252 | ||||||
Frequency Therapeutics, Inc.*(a) (Biotechnology) | 74 | 2,609 | ||||||
Fresh Del Monte Produce, Inc. (Food Products) | 92 | 2,214 | ||||||
Freshpet, Inc.* (Food Products) | 114 | 16,188 | ||||||
Front Yard Residential Corp. (Equity Real Estate Investment Trusts) | 148 | 2,398 | ||||||
Frontline, Ltd.(a) (Oil, Gas & Consumable Fuels) | 348 | 2,165 | ||||||
FRP Holdings, Inc.* (Real Estate Management & Development) | 19 | 865 | ||||||
FS Bancorp, Inc. (Thrifts & Mortgage Finance) | 11 | 603 | ||||||
FuelCell Energy, Inc.* (Electrical Equipment) | 848 | 9,472 | ||||||
Fulcrum Therapeutics, Inc.* (Pharmaceuticals) | 42 | 492 | ||||||
Fulgent Genetics, Inc.*(a) (Health Care Providers & Services) | 40 | 2,084 | ||||||
Fulton Financial Corp. (Banks) | 468 | 5,953 | ||||||
Funko, Inc.* (Distributors) | 72 | 747 | ||||||
FutureFuel Corp. (Chemicals) | 76 | 965 | ||||||
FVCBankcorp, Inc.* (Banks) | 35 | 515 | ||||||
G1 Therapeutics, Inc.* (Biotechnology) | 101 | 1,817 | ||||||
Gaia, Inc.* (Internet & Direct Marketing Retail) | 36 | 356 | ||||||
Galectin Therapeutics, Inc.* (Biotechnology) | 110 | 246 | ||||||
Galera Therapeutics, Inc.* (Biotechnology) | 26 | 266 | ||||||
GAMCO Investors, Inc.—Class A (Capital Markets) | 16 | 284 | ||||||
GameStop Corp.*(a)—Class A (Specialty Retail) | 169 | 3,184 | ||||||
GAN, Ltd.* (Hotels, Restaurants & Leisure) | 71 | 1,440 | ||||||
Gannett Co., Inc.* (Media) | 392 | 1,317 | ||||||
Gatos Silver, Inc.* (Metals & Mining) | 70 | 912 | ||||||
GATX Corp. (Trading Companies & Distributors) | 103 | 8,568 | ||||||
GCP Applied Technologies, Inc.* (Chemicals) | 144 | 3,406 | ||||||
Genasys, Inc.* (Communications Equipment) | 98 | 639 | ||||||
Genco Shipping & Trading, Ltd. (Marine) | 50 | 368 | ||||||
Gencor Industries, Inc.* (Machinery) | 27 | 332 | ||||||
General Finance Corp.* (Trading Companies & Distributors) | 30 | 255 | ||||||
Generation Bio Co.* (Biotechnology) | 36 | 1,021 | ||||||
Genesco, Inc.* (Specialty Retail) | 43 | 1,294 | ||||||
Genie Energy, Ltd.—Class B (Electric Utilities) | 39 | 281 | ||||||
GenMark Diagnostics, Inc.* (Health Care Equipment & Supplies) | 205 | 2,993 | ||||||
Genprex, Inc.* (Biotechnology) | 86 | 357 | ||||||
Gentherm, Inc.* (Auto Components) | 97 | 6,326 | ||||||
Genworth Financial, Inc.*—Class A (Insurance) | 1,488 | 5,625 | ||||||
German American Bancorp, Inc. (Banks) | 73 | 2,416 | ||||||
Geron Corp.* (Biotechnology) | 847 | 1,347 | ||||||
Getty Realty Corp. (Equity Real Estate Investment Trusts) | 103 | 2,837 | ||||||
Gibraltar Industries, Inc.* (Building Products) | 96 | 6,906 | ||||||
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | 130 | 3,086 | ||||||
Glacier Bancorp, Inc. (Banks) | 283 | 13,020 | ||||||
Gladstone Commercial Corp. (Equity Real Estate Investment Trusts) | 99 | 1,782 | ||||||
Gladstone Land Corp. (Equity Real Estate Investment Trusts) | 63 | 922 | ||||||
Glatfelter Corp. (Paper & Forest Products) | 129 | 2,113 | ||||||
Glaukos Corp.* (Health Care Equipment & Supplies) | 126 | 9,483 | ||||||
Global Medical REIT, Inc. (Equity Real Estate Investment Trusts) | 130 | 1,698 | ||||||
Global Net Lease, Inc. (Equity Real Estate Investment Trusts) | 266 | 4,559 | ||||||
Global Water Resources, Inc. (Water Utilities) | 38 | 548 | ||||||
Glu Mobile, Inc.* (Entertainment) | 431 | 3,883 | ||||||
GlycoMimetics, Inc.* (Biotechnology) | 109 | 410 | ||||||
GMS, Inc.* (Trading Companies & Distributors) | 123 | 3,749 | ||||||
Gogo, Inc.*(a) (Wireless Telecommunication Services) | 163 | 1,570 | ||||||
Golar LNG, Ltd.* (Oil, Gas & Consumable Fuels) | 268 | 2,584 | ||||||
Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 49 | 975 | ||||||
Goodrich Petroleum Corp.* (Oil, Gas & Consumable Fuels) | 27 | 272 | ||||||
Goosehead Insurance, Inc. (Insurance) | 39 | 4,866 | ||||||
GoPro, Inc.*—Class A (Household Durables) | 361 | 2,989 | ||||||
Gorman-Rupp Co. (Machinery) | 52 | 1,687 | ||||||
Gossamer Bio, Inc.* (Biotechnology) | 167 | 1,615 |
See accompanying notes to financial statements.
246 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
GP Strategies Corp.* (Professional Services) | 38 | $ | 451 | |||||
Graham Corp. (Machinery) | 28 | 425 | ||||||
Granite Construction, Inc. (Construction & Engineering) | 138 | 3,686 | ||||||
Granite Point Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | 161 | 1,608 | ||||||
Gray Television, Inc.* (Media) | 256 | 4,580 | ||||||
Graybug Vision, Inc.*—Class I (Pharmaceuticals) | 19 | 551 | ||||||
Great Ajax Corp. (Mortgage Real Estate Investment Trusts) | 61 | 638 | ||||||
Great Lakes Dredge & Dock Corp.* (Construction & Engineering) | 187 | 2,463 | ||||||
Great Southern Bancorp, Inc. (Banks) | 32 | 1,565 | ||||||
Great Western Bancorp, Inc. (Banks) | 163 | 3,407 | ||||||
Green Brick Partners, Inc.* (Household Durables) | 70 | 1,607 | ||||||
Green Dot Corp.*—Class A (Consumer Finance) | 152 | 8,482 | ||||||
Green Plains, Inc.* (Oil, Gas & Consumable Fuels) | 101 | 1,330 | ||||||
Greene County Bancorp, Inc. (Thrifts & Mortgage Finance) | 9 | 229 | ||||||
Greenhill & Co., Inc. (Capital Markets) | 42 | 510 | ||||||
Greenlane Holdings, Inc.*—Class A (Distributors) | 30 | 119 | ||||||
Greenlight Capital Re, Ltd.*—Class A (Insurance) | 80 | 585 | ||||||
GreenSky, Inc.*—Class A (IT Services) | 186 | 861 | ||||||
Greif, Inc.—Class A (Containers & Packaging) | 76 | 3,563 | ||||||
Greif, Inc.—Class B (Containers & Packaging) | 18 | 871 | ||||||
Grid Dynamics Holdings, Inc.* (IT Services) | 80 | 1,008 | ||||||
Griffin Industrial Realty, Inc.* (Real Estate Management & Development) | 10 | 625 | ||||||
Griffon Corp. (Building Products) | 129 | 2,629 | ||||||
Gritstone Oncology, Inc.* (Biotechnology) | 89 | 351 | ||||||
Group 1 Automotive, Inc. (Specialty Retail) | 51 | 6,688 | ||||||
Groupon, Inc.* (Internet & Direct Marketing Retail) | 69 | 2,622 | ||||||
GrowGeneration Corp.* (Specialty Retail) | 109 | 4,384 | ||||||
GSI Technology, Inc.* (Semiconductors & Semiconductor Equipment) | 49 | 363 | ||||||
GTT Communications, Inc.* (IT Services) | 94 | 336 | ||||||
GTY Technology Holdings, Inc.* (Software) | 131 | 679 | ||||||
Guaranty Bancshares, Inc. (Banks) | 21 | 629 | ||||||
Guess?, Inc. (Specialty Retail) | 117 | 2,647 | ||||||
GWG Holdings, Inc.* (Diversified Financial Services) | 9 | 63 | ||||||
H&E Equipment Services, Inc. (Trading Companies & Distributors) | 94 | 2,802 | ||||||
H.B. Fuller Co. (Chemicals) | 152 | 7,886 | ||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 392 | 16,742 | ||||||
Hamilton Beach Brands Holding Co.—Class A (Household Durables) | 20 | 350 | ||||||
Hamilton Lane, Inc. (Capital Markets) | 95 | 7,415 | ||||||
Hancock Whitney Corp. (Banks) | 254 | 8,641 | ||||||
Hanger, Inc.* (Health Care Providers & Services) | 109 | 2,397 | ||||||
Hanmi Financial Corp. (Banks) | 90 | 1,021 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.—Class I (Mortgage Real Estate Investment Trusts) | 217 | 13,765 | ||||||
HarborOne Bancorp, Inc. (Banks) | 156 | 1,694 | ||||||
Harmonic, Inc.* (Communications Equipment) | 283 | 2,091 | ||||||
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals) | 18 | 651 | ||||||
Harpoon Therapeutics, Inc.* (Biotechnology) | 32 | 532 | ||||||
Harrow Health, Inc.* (Pharmaceuticals) | 66 | 453 | ||||||
Harsco Corp.* (Machinery) | 231 | 4,153 | ||||||
Harvard Bioscience, Inc.* (Life Sciences Tools & Services) | 113 | 485 | ||||||
Haverty Furniture Cos., Inc. (Specialty Retail) | 48 | 1,328 | ||||||
Hawaiian Holdings, Inc. (Airlines) | 134 | 2,372 | ||||||
Hawkins, Inc. (Chemicals) | 29 | 1,517 | ||||||
Hawthorn Bancshares, Inc. (Banks) | 17 | 372 | ||||||
Haynes International, Inc. (Metals & Mining) | 37 | 882 | ||||||
HBT Financial, Inc. (Banks) | 29 | 439 | ||||||
HC2 Holdings, Inc.* (Construction & Engineering) | 165 | 538 | ||||||
HCI Group, Inc. (Insurance) | 18 | 941 | ||||||
Health Catalyst, Inc.* (Health Care Technology) | 99 | 4,309 | ||||||
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 399 | 11,811 | ||||||
Healthcare Services Group, Inc. (Commercial Services & Supplies) | 220 | 6,182 | ||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 222 | 15,476 | ||||||
HealthStream, Inc.* (Health Care Technology) | 76 | 1,660 | ||||||
Heartland Express, Inc. (Road & Rail) | 144 | 2,606 | ||||||
Heartland Financial USA, Inc. (Banks) | 102 | 4,118 | ||||||
Hecla Mining Co. (Metals & Mining) | 1,539 | 9,973 | ||||||
Heidrick & Struggles International, Inc. (Professional Services) | 57 | 1,675 | ||||||
Helen of Troy, Ltd.* (Household Durables) | 75 | 16,664 | ||||||
Helios Technologies, Inc. (Machinery) | 92 | 4,903 | ||||||
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | 421 | 1,768 | ||||||
Hemisphere Media Group, Inc.* (Media) | 48 | 497 | ||||||
Herc Holdings, Inc.* (Trading Companies & Distributors) | 72 | 4,782 | ||||||
Heritage Commerce Corp. (Banks) | 171 | 1,517 | ||||||
Heritage Financial Corp. (Banks) | 106 | 2,479 | ||||||
Heritage Insurance Holdings, Inc. (Insurance) | 74 | 750 | ||||||
Heritage-Crystal Clean, Inc.* (Commercial Services & Supplies) | 46 | 969 | ||||||
Herman Miller, Inc. (Commercial Services & Supplies) | 174 | 5,881 | ||||||
Heron Therapeutics, Inc.* (Biotechnology) | 258 | 5,461 | ||||||
Hersha Hospitality Trust (Equity Real Estate Investment Trusts) | 100 | 789 | ||||||
Heska Corp.* (Health Care Equipment & Supplies) | 21 | 3,059 | ||||||
HF Foods Group, Inc.* (Food & Staples Retailing) | 105 | 790 | ||||||
Hibbett Sports, Inc.* (Specialty Retail) | 49 | 2,263 | ||||||
Hillenbrand, Inc. (Machinery) | 219 | 8,716 | ||||||
Hilltop Holdings, Inc. (Banks) | 213 | 5,860 | ||||||
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure) | 251 | 7,869 | ||||||
Hingham Institution For Savings The (Thrifts & Mortgage Finance) | 4 | 864 | ||||||
HMS Holdings Corp.* (Health Care Technology) | 260 | 9,555 | ||||||
HNI Corp. (Commercial Services & Supplies) | 126 | 4,342 | ||||||
Home Bancorp, Inc. (Thrifts & Mortgage Finance) | 22 | 616 | ||||||
Home BancShares, Inc. (Banks) | 451 | 8,785 | ||||||
HomeStreet, Inc. (Thrifts & Mortgage Finance) | 63 | 2,126 | ||||||
HomeTrust Bancshares, Inc. (Banks) | 46 | 888 | ||||||
Homology Medicines, Inc.* (Biotechnology) | 100 | 1,129 | ||||||
Hooker Furniture Corp. (Household Durables) | 34 | 1,097 | ||||||
Hookipa Pharma, Inc.* (Biotechnology) | 37 | 410 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 247
Common Stocks, continued
Shares | Value | |||||||
Hope Bancorp, Inc. (Banks) | 346 | $ | 3,775 | |||||
Horace Mann Educators Corp. (Insurance) | 122 | 5,129 | ||||||
Horizon Bancorp, Inc. (Banks) | 126 | 1,998 | ||||||
Hostess Brands, Inc.* (Food Products) | 370 | 5,417 | ||||||
Houghton Mifflin Harcourt Co.* (Diversified Consumer Services) | 311 | 1,036 | ||||||
Houlihan Lokey, Inc. (Capital Markets) | 153 | 10,285 | ||||||
Howard Bancorp, Inc.* (Banks) | 39 | 461 | ||||||
Hub Group, Inc.*—Class A (Air Freight & Logistics) | 97 | 5,529 | ||||||
Hurco Cos., Inc. (Machinery) | 18 | 540 | ||||||
Huron Consulting Group, Inc.* (Professional Services) | 67 | 3,950 | ||||||
Hyster-Yale Materials Handling, Inc. (Machinery) | 29 | 1,727 | ||||||
I3 Verticals, Inc.*—Class A (IT Services) | 55 | 1,826 | ||||||
IBEX, Ltd.* (Commercial Services & Supplies) | 15 | 281 | ||||||
iBio, Inc.* (Biotechnology) | 531 | 558 | ||||||
iCAD, Inc.* (Health Care Technology) | 59 | 779 | ||||||
ICF International, Inc. (Professional Services) | 54 | 4,014 | ||||||
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | 66 | 1,990 | ||||||
Ideaya Biosciences, Inc.* (Biotechnology) | 47 | 658 | ||||||
IDT Corp.*—Class B (Diversified Telecommunication Services) | 58 | 717 | ||||||
IES Holdings, Inc.* (Construction & Engineering) | 24 | 1,105 | ||||||
IGM Biosciences, Inc.* (Biotechnology) | 21 | 1,854 | ||||||
iHeartMedia, Inc.*—Class A (Media) | 180 | 2,336 | ||||||
II-VI, Inc.* (Electronic Equipment, Instruments & Components) | 303 | 23,017 | ||||||
IMARA, Inc.* (Pharmaceuticals) | 23 | 507 | ||||||
IMAX Corp.* (Entertainment) | 146 | 2,631 | ||||||
Immersion Corp.* (Technology Hardware, Storage & Peripherals) | 51 | 576 | ||||||
Immunic, Inc.* (Biotechnology) | 16 | 245 | ||||||
ImmunoGen, Inc.* (Biotechnology) | 545 | 3,515 | ||||||
Immunome, Inc.* (Biotechnology) | 6 | 58 | ||||||
Immunovant, Inc.* (Biotechnology) | 111 | 5,127 | ||||||
Impinj, Inc.* (Semiconductors & Semiconductor Equipment) | 51 | 2,135 | ||||||
Inari Medical, Inc.* (Health Care Equipment & Supplies) | 23 | 2,008 | ||||||
Independence Holding Co. (Insurance) | 14 | 574 | ||||||
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 280 | 3,760 | ||||||
Independent Bank Corp. (Banks) | 62 | 1,145 | ||||||
Independent Bank Corp. (Banks) | 97 | 7,085 | ||||||
Independent Bank Group, Inc. (Banks) | 109 | 6,815 | ||||||
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts) | 191 | 4,448 | ||||||
Infinera Corp.* (Communications Equipment) | 484 | 5,072 | ||||||
Information Services Group, Inc.* (IT Services) | 106 | 348 | ||||||
InfuSystem Holdings, Inc.* (Health Care Providers & Services) | 43 | 808 | ||||||
Ingevity Corp.* (Chemicals) | 122 | 9,239 | ||||||
Ingles Markets, Inc. (Food & Staples Retailing) | 42 | 1,792 | ||||||
Inhibrx, Inc.* (Biotechnology) | 24 | 791 | ||||||
Innospec, Inc. (Chemicals) | 72 | 6,533 | ||||||
Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts) | 64 | 11,721 | ||||||
Innoviva, Inc.* (Pharmaceuticals) | 187 | 2,317 | ||||||
Inogen, Inc.* (Health Care Equipment & Supplies) | 54 | 2,413 | ||||||
Inovalon Holdings, Inc.* (Health Care Technology) | 220 | 3,997 | ||||||
Inovio Pharmaceuticals, Inc.*(a) (Biotechnology) | 468 | 4,142 | ||||||
Inozyme Pharma, Inc.* (Biotechnology) | 24 | 495 | ||||||
Inseego Corp.* (Communications Equipment) | 207 | 3,202 | ||||||
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | 102 | 7,761 | ||||||
Insmed, Inc.* (Biotechnology) | 299 | 9,954 | ||||||
Insperity, Inc. (Professional Services) | 106 | 8,631 | ||||||
Inspire Medical Systems, Inc.* (Health Care Technology) | 77 | 14,483 | ||||||
Installed Building Products, Inc.* (Household Durables) | 67 | 6,829 | ||||||
Insteel Industries, Inc. (Building Products) | 55 | 1,225 | ||||||
Integer Holdings Corp.* (Health Care Equipment & Supplies) | 96 | 7,794 | ||||||
Intellia Therapeutics, Inc.* (Biotechnology) | 148 | 8,051 | ||||||
Intellicheck, Inc.* (Electronic Equipment, Instruments & Components) | 53 | 604 | ||||||
Intelligent Systems Corp.* (Software) | 22 | 882 | ||||||
Inter Parfums, Inc. (Personal Products) | 52 | 3,145 | ||||||
Intercept Pharmaceuticals, Inc.* (Biotechnology) | 76 | 1,877 | ||||||
InterDigital, Inc. (Communications Equipment) | 91 | 5,522 | ||||||
Interface, Inc. (Commercial Services & Supplies) | 172 | 1,806 | ||||||
International Bancshares Corp. (Banks) | 157 | 5,878 | ||||||
International Game Technology PLC (Hotels, Restaurants & Leisure) | 293 | 4,963 | ||||||
International Money Express, Inc.* (IT Services) | 84 | 1,304 | ||||||
International Seaways, Inc. (Oil, Gas & Consumable Fuels) | 71 | 1,159 | ||||||
Intersect ENT, Inc.* (Pharmaceuticals) | 96 | 2,198 | ||||||
Intevac, Inc.* (Technology Hardware, Storage & Peripherals) | 69 | 497 | ||||||
Intra-Cellular Therapies, Inc.* (Pharmaceuticals) | 196 | 6,233 | ||||||
Intrepid Potash, Inc.* (Chemicals) | 28 | 676 | ||||||
IntriCon Corp.* (Health Care Equipment & Supplies) | 25 | 453 | ||||||
Invacare Corp. (Health Care Equipment & Supplies) | 100 | 895 | ||||||
Invesco Mortgage Capital, Inc.(a) (Mortgage Real Estate Investment Trusts) | 539 | 1,822 | ||||||
Investar Holding Corp. (Banks) | 29 | 480 | ||||||
Investors Bancorp, Inc. (Banks) | 680 | 7,181 | ||||||
Investors Title Co. (Insurance) | 4 | 612 | ||||||
Invitae Corp.* (Biotechnology) | 340 | 14,215 | ||||||
iRadimed Corp.* (Health Care Equipment & Supplies) | 17 | 388 | ||||||
iRhythm Technologies, Inc.* (Health Care Equipment & Supplies) | 85 | 20,162 | ||||||
Iridium Communications, Inc.* (Diversified Telecommunication Services) | 346 | 13,606 | ||||||
iRobot Corp.* (Household Durables) | 81 | 6,503 | ||||||
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | 471 | 5,365 | ||||||
iStar, Inc. (Equity Real Estate Investment Trusts) | 212 | 3,148 | ||||||
iTeos Therapeutics, Inc.* (Biotechnology) | 33 | 1,116 | ||||||
Iteris, Inc.* (Electronic Equipment, Instruments & Components) | 120 | 678 | ||||||
Itron, Inc.* (Electronic Equipment, Instruments & Components) | 118 | 11,316 | ||||||
IVERIC bio, Inc.* (Biotechnology) | 237 | 1,638 | ||||||
J & J Snack Foods Corp. (Food Products) | 44 | 6,836 | ||||||
j2 Global, Inc.* (Software) | 128 | 12,504 | ||||||
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | 67 | 6,218 |
See accompanying notes to financial statements.
248 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
James River Group Holdings, Ltd. (Insurance) | 88 | $ | 4,325 | |||||
JELD-WEN Holding, Inc.* (Building Products) | 200 | 5,072 | ||||||
John B Sanfilippo & Son, Inc. (Food Products) | 26 | 2,050 | ||||||
John Bean Technologies Corp. (Machinery) | 92 | 10,475 | ||||||
Johnson Outdoors, Inc.—Class A (Leisure Products) | 15 | 1,689 | ||||||
Jounce Therapeutics, Inc.* (Biotechnology) | 51 | 357 | ||||||
Kadant, Inc. (Machinery) | 34 | 4,793 | ||||||
Kadmon Holdings, Inc.* (Biotechnology) | 509 | 2,112 | ||||||
Kaiser Aluminum Corp. (Metals & Mining) | 46 | 4,549 | ||||||
Kala Pharmaceuticals, Inc.* (Pharmaceuticals) | 117 | 793 | ||||||
Kaleido Biosciences, Inc.* (Pharmaceuticals) | 35 | 319 | ||||||
KalVista Pharmaceuticals, Inc.* (Biotechnology) | 43 | 817 | ||||||
Kaman Corp.—Class A (Trading Companies & Distributors) | 81 | 4,628 | ||||||
KAR Auction Services, Inc. (Commercial Services & Supplies) | 381 | 7,090 | ||||||
Karuna Therapeutics, Inc.* (Biotechnology) | 47 | 4,775 | ||||||
Karyopharm Therapeutics, Inc.* (Biotechnology) | 207 | 3,204 | ||||||
KB Home (Household Durables) | 260 | 8,715 | ||||||
KBR, Inc. (IT Services) | 420 | 12,991 | ||||||
Kearny Financial Corp. (Thrifts & Mortgage Finance) | 236 | 2,492 | ||||||
Kelly Services, Inc.—Class A (Professional Services) | 99 | 2,036 | ||||||
Kennametal, Inc. (Machinery) | 245 | 8,879 | ||||||
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development) | 356 | 6,368 | ||||||
Keros Therapeutics, Inc.* (Biotechnology) | 38 | 2,681 | ||||||
Kezar Life Sciences, Inc.* (Biotechnology) | 92 | 480 | ||||||
Kforce, Inc. (Professional Services) | 58 | 2,441 | ||||||
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components) | 71 | 1,135 | ||||||
Kimball International, Inc.—Class B (Commercial Services & Supplies) | 106 | 1,267 | ||||||
Kindred Biosciences, Inc.* (Biotechnology) | 110 | 474 | ||||||
Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology) | 79 | 1,396 | ||||||
Kinsale Capital Group, Inc. (Insurance) | 62 | 12,408 | ||||||
Kite Realty Group Trust (Equity Real Estate Investment Trusts) | 245 | 3,665 | ||||||
KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts) | 84 | 1,505 | ||||||
Knoll, Inc. (Commercial Services & Supplies) | 148 | 2,173 | ||||||
Knowles Corp.* (Electronic Equipment, Instruments & Components) | 261 | 4,810 | ||||||
Kodiak Sciences, Inc.* (Biotechnology) | 95 | 13,956 | ||||||
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | 152 | 6,165 | ||||||
Koppers Holdings, Inc.* (Chemicals) | 61 | 1,901 | ||||||
Korn Ferry (Professional Services) | 161 | 7,004 | ||||||
Kosmos Energy, Ltd. (Oil, Gas & Consumable Fuels) | 1,189 | 2,794 | ||||||
Kraton Corp.* (Chemicals) | 92 | 2,557 | ||||||
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense) | 358 | 9,820 | ||||||
Kronos Bio, Inc.* (Chemicals) | 43 | 1,284 | ||||||
Kronos Worldwide, Inc. (Chemicals) | 66 | 984 | ||||||
Krystal Biotech, Inc.* (Biotechnology) | 40 | 2,400 | ||||||
Kura Oncology, Inc.* (Biotechnology) | 181 | 5,911 | ||||||
Kura Sushi USA, Inc.*—Class A (Hotels, Restaurants & Leisure) | 10 | 195 | ||||||
KVH Industries, Inc.* (Communications Equipment) | 49 | 556 | ||||||
Kymera Therapeutics, Inc.* (Biotechnology) | 30 | 1,860 | ||||||
L B Foster Co.*—Class A (Machinery) | 30 | 452 | ||||||
La Jolla Pharmaceutical Co.* (Biotechnology) | 53 | 206 | ||||||
Ladder Capital Corp. (Mortgage Real Estate Investment Trusts) | 312 | 3,051 | ||||||
Laird Superfood, Inc.* (Food Products) | 9 | 426 | ||||||
Lakeland Bancorp, Inc. (Banks) | 144 | 1,829 | ||||||
Lakeland Financial Corp. (Banks) | 73 | 3,911 | ||||||
Lakeland Industries, Inc.* (Textiles, Apparel & Luxury Goods) | 23 | 627 | ||||||
Lancaster Colony Corp. (Food Products) | 56 | 10,290 | ||||||
Landec Corp.* (Food Products) | 76 | 825 | ||||||
Landmark Bancorp, Inc. (Banks) | 12 | 274 | ||||||
Lands' End, Inc.* (Internet & Direct Marketing Retail) | 34 | 733 | ||||||
Lannett Co., Inc.* (Pharmaceuticals) | 97 | 632 | ||||||
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | 196 | 2,644 | ||||||
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 401 | 18,373 | ||||||
Laureate Education, Inc.*—Class A (Diversified Consumer Services) | 317 | 4,616 | ||||||
Lawson Products, Inc.* (Trading Companies & Distributors) | 13 | 662 | ||||||
La-Z-Boy, Inc. (Household Durables) | 131 | 5,219 | ||||||
LCI Industries (Auto Components) | 73 | 9,466 | ||||||
LCNB Corp. (Banks) | 36 | 529 | ||||||
Legacy Housing Corp.* (Household Durables) | 24 | 363 | ||||||
Lemaitre Vascular, Inc. (Health Care Equipment & Supplies) | 49 | 1,985 | ||||||
LendingClub Corp.* (Consumer Finance) | 208 | 2,196 | ||||||
LENSAR, Inc.* (Health Care Equipment & Supplies) | 22 | 160 | ||||||
Level One Bancorp, Inc. (Banks) | 15 | 303 | ||||||
Lexicon Pharmaceuticals, Inc.*(a) (Biotechnology) | 122 | 417 | ||||||
Lexington Realty Trust (Equity Real Estate Investment Trusts) | 807 | 8,570 | ||||||
LGI Homes, Inc.* (Household Durables) | 66 | 6,986 | ||||||
LHC Group, Inc.* (Health Care Providers & Services) | 90 | 19,198 | ||||||
Liberty Latin America, Ltd.*—Class A (Media) | 136 | 1,514 | ||||||
Liberty Latin America, Ltd.*—Class C (Media) | 458 | 5,079 | ||||||
Liberty Media Corp-Liberty Braves*—Class A (Entertainment) | 30 | 746 | ||||||
Liberty Media Corp-Liberty Braves*—Class C (Entertainment) | 107 | 2,662 | ||||||
Liberty Oilfield Services, Inc. (Energy Equipment & Services) | 218 | 2,248 | ||||||
Liberty TripAdvisor Holdings, Inc.*—Class A (Interactive Media & Services) | 214 | 929 | ||||||
Lifetime Brands, Inc. (Household Durables) | 36 | 547 | ||||||
Lifevantage Corp.* (Personal Products) | 40 | 373 | ||||||
Ligand Pharmaceuticals, Inc.*(a)—Class B (Biotechnology) | 43 | 4,276 | ||||||
Limelight Networks, Inc.* (IT Services) | 349 | 1,393 | ||||||
Limestone Bancorp, Inc.* (Banks) | 15 | 188 | ||||||
Limoneira Co. (Food Products) | 48 | 799 | ||||||
Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure) | 76 | 1,301 | ||||||
Lindsay Corp. (Machinery) | 32 | 4,111 | ||||||
Liquidia Technologies, Inc.* (Pharmaceuticals) | 80 | 236 | ||||||
Liquidity Services, Inc.* (Internet & Direct Marketing Retail) | 82 | 1,305 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 249
Common Stocks, continued
Shares | Value | |||||||
Lithia Motors, Inc.—Class A (Specialty Retail) | 77 | $ | 22,537 | |||||
LivaNova PLC* (Health Care Equipment & Supplies) | 144 | 9,534 | ||||||
Live Oak Bancshares, Inc. (Banks) | 84 | 3,987 | ||||||
Livent Corp.* (Chemicals) | 433 | 8,158 | ||||||
LivePerson, Inc.* (Software) | 184 | 11,450 | ||||||
LiveRamp Holdings, Inc.* (IT Services) | 189 | 13,832 | ||||||
LiveXLive Media, Inc.* (Entertainment) | 140 | 459 | ||||||
LogicBio Therapeutics, Inc.* (Biotechnology) | 48 | 366 | ||||||
Loral Space & Communications, Inc. (Media) | 38 | 798 | ||||||
Louisiana-Pacific Corp. (Paper & Forest Products) | 324 | 12,043 | ||||||
LSI Industries, Inc. (Electrical Equipment) | 76 | 651 | ||||||
LTC Properties, Inc. (Equity Real Estate Investment Trusts) | 115 | 4,475 | ||||||
Lumber Liquidators Holdings, Inc.* (Specialty Retail) | 84 | 2,582 | ||||||
Luminex Corp. (Life Sciences Tools & Services) | 127 | 2,936 | ||||||
Luna Innovations, Inc.* (Electronic Equipment, Instruments & Components) | 86 | 850 | ||||||
Luther Burbank Corp. (Thrifts & Mortgage Finance) | 54 | 529 | ||||||
Luxfer Holdings PLC (Machinery) | 81 | 1,330 | ||||||
Lydall, Inc.* (Machinery) | 50 | 1,502 | ||||||
Lyra Therapeutics, Inc.* (Pharmaceuticals) | 20 | 228 | ||||||
M.D.C Holdings, Inc. (Household Durables) | 154 | 7,484 | ||||||
M/I Homes, Inc.* (Household Durables) | 82 | 3,632 | ||||||
Macatawa Bank Corp. (Banks) | 77 | 644 | ||||||
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts) | 256 | 3,190 | ||||||
Mackinac Financial Corp. (Banks) | 26 | 332 | ||||||
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 139 | 7,651 | ||||||
MacroGenics, Inc.* (Biotechnology) | 162 | 3,703 | ||||||
Macy's, Inc. (Multiline Retail) | 921 | 10,361 | ||||||
Madrigal Pharmaceuticals, Inc.* (Biotechnology) | 26 | 2,890 | ||||||
Magellan Health, Inc.* (Health Care Providers & Services) | 71 | 5,882 | ||||||
Magenta Therapeutics, Inc.* (Biotechnology) | 61 | 478 | ||||||
Magnite, Inc.* (Internet & Direct Marketing Retail) | 317 | 9,735 | ||||||
Magnolia Oil & Gas Corp.* (Oil, Gas & Consumable Fuels) | 366 | 2,584 | ||||||
MainStreet Bancshares, Inc.* (Banks) | 19 | 321 | ||||||
Malibu Boats, Inc.* (Leisure Products) | 61 | 3,809 | ||||||
MannKind Corp.* (Biotechnology) | 659 | 2,063 | ||||||
ManTech International Corp.—Class A (IT Services) | 80 | 7,115 | ||||||
Marcus & Millichap, Inc.* (Real Estate Management & Development) | 69 | 2,569 | ||||||
Marine Products Corp. (Leisure Products) | 21 | 305 | ||||||
MarineMax, Inc.* (Specialty Retail) | 61 | 2,137 | ||||||
Marinus Pharmaceuticals, Inc.* (Pharmaceuticals) | 74 | 903 | ||||||
Marker Therapeutics, Inc.* (Biotechnology) | 90 | 131 | ||||||
Marlin Business Services Corp. (Diversified Financial Services) | 25 | 306 | ||||||
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | 119 | 16,329 | ||||||
Marrone Bio Innovations, Inc.* (Chemicals) | 205 | 256 | ||||||
Marten Transport, Ltd. (Road & Rail) | 175 | 3,015 | ||||||
Masonite International Corp.* (Building Products) | 72 | 7,080 | ||||||
MasTec, Inc.* (Construction & Engineering) | 167 | 11,385 | ||||||
Mastech Digital, Inc.* (Professional Services) | 12 | 191 | ||||||
MasterCraft Boat Holdings, Inc.* (Leisure Products) | 55 | 1,366 | ||||||
Matador Resources Co.* (Oil, Gas & Consumable Fuels) | 325 | 3,920 | ||||||
Materion Corp. (Metals & Mining) | 60 | 3,823 | ||||||
Matrix Service Co.* (Energy Equipment & Services) | 77 | 849 | ||||||
Matson, Inc. (Marine) | 126 | 7,178 | ||||||
Matthews International Corp.—Class A (Commercial Services & Supplies) | 90 | 2,646 | ||||||
Maui Land & Pineapple Co., Inc.* (Real Estate Management & Development) | 20 | 231 | ||||||
MAX Holdings, Inc. (Real Estate Management & Development) | 54 | 1,962 | ||||||
Maxar Technologies, Inc. (Aerospace & Defense) | 180 | 6,946 | ||||||
Maxeon Solar Technologies, Ltd.* (Semiconductors & Semiconductor Equipment) | 28 | 794 | ||||||
MAXIMUS, Inc. (IT Services) | 180 | 13,173 | ||||||
MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | 202 | 7,714 | ||||||
Mayville Engineering Co., Inc.* (Metals & Mining) | 22 | 295 | ||||||
MBIA, Inc.* (Insurance) | 146 | 961 | ||||||
McGrath RentCorp (Commercial Services & Supplies) | 71 | 4,764 | ||||||
MediaAlpha, Inc.*—Class A (Interactive Media & Services) | 32 | 1,250 | ||||||
MediciNova, Inc.* (Biotechnology) | 127 | 668 | ||||||
Medifast, Inc. (Personal Products) | 33 | 6,480 | ||||||
MEDNAX, Inc.* (Health Care Providers & Services) | 220 | 5,399 | ||||||
Medpace Holdings, Inc.* (Life Sciences Tools & Services) | 81 | 11,275 | ||||||
MEI Pharma, Inc.* (Biotechnology) | 323 | 853 | ||||||
MeiraGTx Holdings PLC* (Biotechnology) | 62 | 939 | ||||||
Mercantile Bank Corp. (Banks) | 47 | 1,277 | ||||||
Merchants Bancorp (Thrifts & Mortgage Finance) | 26 | 718 | ||||||
Meredith Corp. (Media) | 117 | 2,246 | ||||||
Meridian Bancorp, Inc. (Thrifts & Mortgage Finance) | 138 | 2,058 | ||||||
Meridian Bioscience, Inc.* (Health Care Equipment & Supplies) | 125 | 2,336 | ||||||
Meridian Corp. (Banks) | 16 | 333 | ||||||
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | 160 | 8,882 | ||||||
Meritage Homes Corp.* (Household Durables) | 110 | 9,110 | ||||||
Meritor, Inc.* (Machinery) | 205 | 5,722 | ||||||
Mersana Therapeutics, Inc.* (Biotechnology) | 157 | 4,178 | ||||||
Mesa Air Group, Inc.* (Airlines) | 87 | 582 | ||||||
Mesa Laboratories, Inc. (Electronic Equipment, Instruments & Components) | 14 | 4,013 | ||||||
Meta Financial Group, Inc. (Thrifts & Mortgage Finance) | 98 | 3,583 | ||||||
Metacrine, Inc.* (Biotechnology) | 19 | 149 | ||||||
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | 108 | 4,134 | ||||||
Metrocity Bankshares, Inc. (Banks) | 51 | 735 | ||||||
Metropolitan Bank Holding Corp.* (Banks) | 21 | 762 | ||||||
MFA Financial, Inc. (Mortgage Real Estate Investment Trusts) | 1,335 | 5,193 |
See accompanying notes to financial statements.
250 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | �� | ||||||
MGE Energy, Inc. (Electric Utilities) | 107 | $ | 7,493 | |||||
MGP Ingredients, Inc. (Beverages) | 38 | 1,788 | ||||||
MicroStrategy, Inc.*—Class A (Software) | 22 | 8,548 | ||||||
Mid Penn Bancorp, Inc. (Banks) | 20 | 438 | ||||||
Middlefield Banc Corp. (Banks) | 18 | 405 | ||||||
Middlesex Water Co. (Water Utilities) | 50 | 3,624 | ||||||
Midland States Bancorp, Inc. (Banks) | 63 | 1,126 | ||||||
MidwestOne Financial Group, Inc. (Banks) | 43 | 1,054 | ||||||
Milestone Scientific, Inc.* (Health Care Equipment & Supplies) | 136 | 288 | ||||||
Miller Industries, Inc. (Machinery) | 33 | 1,255 | ||||||
Mimecast, Ltd.* (Software) | 168 | 9,549 | ||||||
Minerals Technologies, Inc. (Chemicals) | 100 | 6,212 | ||||||
Minerva Neurosciences, Inc.* (Biotechnology) | 104 | 243 | ||||||
Mirati Therapeutics, Inc.* (Biotechnology) | 126 | 27,674 | ||||||
Mirum Pharmaceuticals, Inc.* (Biotechnology) | 16 | 279 | ||||||
Misonix, Inc.* (Health Care Equipment & Supplies) | 35 | 438 | ||||||
Mission Produce, Inc.* (Food Products) | 21 | 316 | ||||||
Mistras Group, Inc.* (Professional Services) | 53 | 411 | ||||||
Mitek System, Inc.* (Software) | 120 | 2,134 | ||||||
MMA Capital Holdings, Inc.* (Thrifts & Mortgage Finance) | 14 | 344 | ||||||
Model N, Inc.* (Software) | 101 | 3,604 | ||||||
Modine Manufacturing Co.* (Auto Components) | 146 | 1,834 | ||||||
Moelis & Co. (Capital Markets) | 156 | 7,295 | ||||||
Molecular Templates, Inc.* (Biotechnology) | 78 | 732 | ||||||
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure) | 37 | 2,265 | ||||||
MoneyGram International, Inc.* (IT Services) | 183 | 1,000 | ||||||
Monmouth Real Estate Investment Corp.— Class A (Equity Real Estate Investment Trusts) | 280 | 4,850 | ||||||
Monro, Inc. (Specialty Retail) | 97 | 5,170 | ||||||
Montrose Environmental Group, Inc.* (Commercial Services & Supplies) | 33 | 1,022 | ||||||
Moog, Inc.—Class A (Aerospace & Defense) | 88 | 6,978 | ||||||
Morphic Holding, Inc.* (Biotechnology) | 41 | 1,376 | ||||||
Motorcar Parts of America, Inc.* (Auto Components) | 55 | 1,079 | ||||||
Movado Group, Inc.* (Textiles, Apparel & Luxury Goods) | 46 | 765 | ||||||
Mr. Cooper Group, Inc.* (Thrifts & Mortgage Finance) | 223 | 6,920 | ||||||
MRC Global, Inc.* (Trading Companies & Distributors) | 232 | 1,538 | ||||||
MSG Networks, Inc.*—Class A (Media) | 89 | 1,312 | ||||||
MTS Systems Corp. (Electronic Equipment, Instruments & Components) | 57 | 3,315 | ||||||
Mueller Industries, Inc. (Machinery) | 165 | 5,793 | ||||||
Mueller Water Products, Inc.—Class A (Machinery) | 462 | 5,720 | ||||||
Murphy USA, Inc. (Specialty Retail) | 80 | 10,470 | ||||||
Mustang Bio, Inc.* (Biotechnology) | 148 | 560 | ||||||
MVB Financial Corp. (Banks) | 29 | 658 | ||||||
Myers Industries, Inc. (Containers & Packaging) | 106 | 2,203 | ||||||
MYR Group, Inc.* (Construction & Engineering) | 48 | 2,885 | ||||||
Myriad Genetics, Inc.* (Biotechnology) | 210 | 4,153 | ||||||
Nabors Industries, Ltd.*(a) (Energy Equipment & Services) | 21 | 1,223 | ||||||
NACCO Industries, Inc.—Class A (Oil, Gas & Consumable Fuels) | 11 | 289 | ||||||
NanoString Technologies, Inc.* (Life Sciences Tools & Services) | 130 | 8,694 | ||||||
Nanthealth, Inc.* (Health Care Technology) | 80 | 258 | ||||||
Nantkwest, Inc.*(a) (Biotechnology) | 93 | 1,240 | ||||||
Napco Security Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 34 | 891 | ||||||
Natera, Inc.* (Biotechnology) | 223 | 22,192 | ||||||
Nathan's Famous, Inc. (Hotels, Restaurants & Leisure) | 8 | 442 | ||||||
National Bank Holdings Corp. (Banks) | 87 | 2,850 | ||||||
National Bankshares, Inc. (Banks) | 19 | 595 | ||||||
National Beverage Corp.(a) (Beverages) | 35 | 2,972 | ||||||
National CineMedia, Inc. (Media) | 184 | 684 | ||||||
National Energy Services Reunited Corp.* (Energy Equipment & Services) | 61 | 606 | ||||||
National Health Investors, Inc. (Equity Real Estate Investment Trusts) | 127 | 8,785 | ||||||
National Healthcare Corp. (Health Care Providers & Services) | 37 | 2,457 | ||||||
National Presto Industries, Inc. (Aerospace & Defense) | 15 | 1,326 | ||||||
National Research Corp. (Health Care Providers & Services) | 40 | 1,710 | ||||||
National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | 185 | 6,666 | ||||||
National Vision Holdings, Inc.* (Specialty Retail) | 237 | 10,734 | ||||||
National Western Life Group, Inc.—Class A (Insurance) | 8 | 1,652 | ||||||
Natural Grocers by Vitamin Cottage, Inc. (Food & Staples Retailing) | 27 | 371 | ||||||
Nature's Sunshine Products, Inc.* (Personal Products) | 26 | 389 | ||||||
Natus Medical, Inc.* (Health Care Equipment & Supplies) | 99 | 1,984 | ||||||
Nautilus, Inc.* (Leisure Products) | 89 | 1,614 | ||||||
Navient Corp. (Consumer Finance) | 543 | 5,332 | ||||||
Navistar International Corp.* (Machinery) | 147 | 6,462 | ||||||
NBT Bancorp, Inc. (Banks) | 125 | 4,013 | ||||||
Neenah, Inc. (Paper & Forest Products) | 49 | 2,711 | ||||||
Nelnet, Inc.—Class A (Consumer Finance) | 51 | 3,633 | ||||||
Nemaura Medical, Inc.* (Health Care Equipment & Supplies) | 22 | 83 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 156 | 12,370 | ||||||
NeoGenomics, Inc.* (Life Sciences Tools & Services) | 309 | 16,637 | ||||||
Neoleukin Therapeutics, Inc.* (Biotechnology) | 95 | 1,340 | ||||||
NeoPhotonics Corp.* (Semiconductors & Semiconductor Equipment) | 146 | 1,327 | ||||||
Nesco Holdings, Inc.* (Trading Companies & Distributors) | 39 | 287 | ||||||
NETGEAR, Inc.* (Communications Equipment) | 88 | 3,575 | ||||||
NetScout Systems, Inc.* (Communications Equipment) | 208 | 5,703 | ||||||
NETSTREIT Corp. (Equity Real Estate Investment Trusts) | 39 | 760 | ||||||
Neubase Therapeutics, Inc.* (Biotechnology) | 50 | 350 | ||||||
NeuroBo Pharmaceuticals, Inc.* (Biotechnology) | 13 | 68 | ||||||
Nevro Corp.* (Health Care Equipment & Supplies) | 100 | 17,309 | ||||||
New Jersey Resources Corp. (Gas Utilities) | 281 | 9,990 | ||||||
New Senior Investment Group, Inc. (Equity Real Estate Investment Trusts) | 242 | 1,254 | ||||||
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | 1,117 | 4,122 | ||||||
NewAge, Inc.* (Beverages) | 279 | 734 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 251
Common Stocks, continued
Shares | Value | |||||||
Newmark Group, Inc. (Real Estate Management & Development) | 427 | $ | 3,113 | |||||
Newpark Resources, Inc.* (Energy Equipment & Services) | 265 | 509 | ||||||
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts) | 65 | 2,750 | ||||||
NextCure, Inc.* (Biotechnology) | 49 | 534 | ||||||
NextDecade Corp.* (Oil, Gas & Consumable Fuels) | 62 | 130 | ||||||
NextGen Healthcare, Inc.* (Health Care Technology) | 165 | 3,010 | ||||||
NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services) | 477 | 1,641 | ||||||
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals) | 70 | 2,121 | ||||||
NI Holdings, Inc.* (Insurance) | 27 | 443 | ||||||
NIC, Inc. (IT Services) | 194 | 5,011 | ||||||
Nicolet Bankshares, Inc.* (Banks) | 27 | 1,791 | ||||||
Nkarta, Inc.* (Biotechnology) | 48 | 2,951 | ||||||
NL Industries, Inc. (Commercial Services & Supplies) | 25 | 120 | ||||||
nLight, Inc.* (Electronic Equipment, Instruments & Components) | 104 | 3,396 | ||||||
NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance) | 243 | 5,504 | ||||||
NN, Inc.* (Machinery) | 124 | 815 | ||||||
Noodles & Co.* (Hotels, Restaurants & Leisure) | 92 | 727 | ||||||
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels) | 435 | 1,283 | ||||||
Northeast Bank (Banks) | 22 | 495 | ||||||
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance) | 141 | 1,739 | ||||||
Northrim Bancorp, Inc. (Banks) | 18 | 611 | ||||||
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance) | 346 | 4,408 | ||||||
Northwest Natural Holding Co. (Gas Utilities) | 90 | 4,139 | ||||||
Northwest Pipe Co.* (Construction & Engineering) | 28 | 792 | ||||||
NorthWestern Corp. (Multi-Utilities) | 150 | 8,747 | ||||||
Norwood Financial Corp. (Banks) | 17 | 445 | ||||||
Novagold Resources, Inc.* (Metals & Mining) | 701 | 6,779 | ||||||
Novanta, Inc.* (Electronic Equipment, Instruments & Components) | 101 | 11,940 | ||||||
Novavax, Inc.* (Biotechnology) | 182 | 20,294 | ||||||
NOW, Inc.* (Trading Companies & Distributors) | 323 | 2,319 | ||||||
Nurix Therapeutics, Inc.* (Biotechnology) | 34 | 1,118 | ||||||
NuVasive, Inc.* (Health Care Equipment & Supplies) | 152 | 8,562 | ||||||
NV5 Global, Inc.* (Construction & Engineering) | 32 | 2,521 | ||||||
NVE Corp. (Semiconductors & Semiconductor Equipment) | 14 | 787 | ||||||
Nymox Pharmaceutical Corp.* (Biotechnology) | 125 | 310 | ||||||
Oak Valley Bancorp (Banks) | 20 | 332 | ||||||
Oceaneering International, Inc.* (Energy Equipment & Services) | 293 | 2,329 | ||||||
Oceanfirst Financial Corp. (Thrifts & Mortgage Finance) | 175 | 3,260 | ||||||
Oconee Federal Financial Corp. (Thrifts & Mortgage Finance) | 3 | 76 | ||||||
Ocular Therapeutix, Inc.* (Pharmaceuticals) | 202 | 4,181 | ||||||
Odonate Therapeutics, Inc.* (Pharmaceuticals) | 46 | 883 | ||||||
Office Properties Income Trust (Equity Real Estate Investment Trusts) | 141 | 3,204 | ||||||
OFG Bancorp (Banks) | 149 | 2,762 | ||||||
Ohio Valley Banc Corp. (Banks) | 13 | 307 | ||||||
O-I Glass, Inc. (Containers & Packaging) | 462 | 5,498 | ||||||
Oil States International, Inc.* (Energy Equipment & Services) | 178 | 894 | ||||||
Oil-Dri Corp. of America (Household Products) | 15 | 511 | ||||||
Old National Bancorp (Banks) | 484 | 8,015 | ||||||
Old Second Bancorp, Inc. (Banks) | 84 | 848 | ||||||
Olympic Steel, Inc. (Metals & Mining) | 27 | 360 | ||||||
Omega Flex, Inc. (Machinery) | 9 | 1,314 | ||||||
Omeros Corp.*(a) (Pharmaceuticals) | 174 | 2,486 | ||||||
Omnicell, Inc.* (Health Care Technology) | 125 | 15,002 | ||||||
Oncocyte Corp.* (Biotechnology) | 185 | 442 | ||||||
Oncorus, Inc.* (Biotechnology) | 20 | 647 | ||||||
ONE Gas, Inc. (Gas Utilities) | 155 | 11,899 | ||||||
One Liberty Properties, Inc. (Equity Real Estate Investment Trusts) | 47 | 943 | ||||||
OneSpan, Inc.* (Software) | 98 | 2,027 | ||||||
OneSpaWorld Holdings, Ltd. (Diversified Consumer Services) | 133 | 1,349 | ||||||
Onewater Marine, Inc.* (Specialty Retail) | 25 | 727 | ||||||
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment) | 140 | 6,657 | ||||||
Ontrak, Inc.* (Health Care Providers & Services) | 24 | 1,483 | ||||||
Ooma, Inc.* (Diversified Telecommunication Services) | 62 | 893 | ||||||
OP Bancorp (Thrifts & Mortgage Finance) | 36 | 277 | ||||||
OPKO Health, Inc.* (Biotechnology) | 1,173 | 4,633 | ||||||
Oportun Financial Corp.* (Consumer Finance) | 58 | 1,123 | ||||||
Oppenheimer Holdings, Inc.—Class A (Capital Markets) | 27 | 849 | ||||||
OptimizeRx Corp.* (Health Care Technology) | 44 | 1,371 | ||||||
Optinose, Inc.* (Pharmaceuticals) | 103 | 426 | ||||||
Option Care Health, Inc.* (Health Care Providers & Services) | 130 | 2,033 | ||||||
OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | 210 | 2,223 | ||||||
ORBCOMM, Inc.* (Diversified Telecommunication Services) | 218 | 1,618 | ||||||
Orchid Island Capital, Inc. (Mortgage Real Estate Investment Trusts) | 205 | 1,070 | ||||||
Organogenesis Holdings, Inc.* (Biotechnology) | 71 | 535 | ||||||
Orgenesis, Inc.* (Biotechnology) | 56 | 252 | ||||||
ORIC Pharmaceuticals, Inc.* (Biotechnology) | 66 | 2,234 | ||||||
Origin Bancorp, Inc. (Banks) | 65 | 1,805 | ||||||
Orion Energy Systems, Inc.* (Electrical Equipment) | 80 | 790 | ||||||
Orion Engineered Carbons SA (Chemicals) | 178 | 3,051 | ||||||
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers) | 118 | 10,653 | ||||||
Orrstown Financial Services, Inc. (Banks) | 32 | 530 | ||||||
Orthofix Medical, Inc.* (Health Care Equipment & Supplies) | 55 | 2,364 | ||||||
OrthoPediatrics Corp.* (Health Care Equipment & Supplies) | 39 | 1,609 | ||||||
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | 50 | 4,661 | ||||||
Osmotica Pharmaceuticals PLC* (Pharmaceuticals) | 37 | 152 | ||||||
Otter Tail Corp. (Electric Utilities) | 120 | 5,113 | ||||||
Outset Medical, Inc.*—Class I (Health Care Equipment & Supplies) | 29 | 1,648 | ||||||
Overseas Shipholding Group, Inc.*—Class A (Oil, Gas & Consumable Fuels) | 195 | 417 | ||||||
Overstock.com, Inc.* (Internet & Direct Marketing Retail) | 126 | 6,044 | ||||||
Ovid Therapeutics, Inc.* (Biotechnology) | 140 | 323 |
See accompanying notes to financial statements.
252 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 772 | $ | 11,086 | |||||
Owens & Minor, Inc. (Health Care Providers & Services) | 214 | 5,789 | ||||||
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 48 | 3,144 | ||||||
Oyster Point Pharma, Inc.* (Biotechnology) | 18 | 339 | ||||||
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services) | 521 | 13,515 | ||||||
Pacific Premier Bancorp, Inc. (Banks) | 236 | 7,394 | ||||||
Pacira BioSciences, Inc.* (Pharmaceuticals) | 126 | 7,540 | ||||||
Pactiv Evergreen, Inc.* (Containers & Packaging) | 117 | 2,122 | ||||||
PAE, Inc.* (Aerospace & Defense) | 174 | 1,597 | ||||||
Palomar Holdings, Inc.* (Insurance) | 60 | 5,330 | ||||||
PAM Transportation Services, Inc.* (Road & Rail) | 5 | 245 | ||||||
Pandion Therapeutics, Inc.* (Biotechnology) | 22 | 327 | ||||||
Pangaea Logistics Solutions, Ltd.* (Marine) | 31 | 86 | ||||||
Papa John's International, Inc. (Hotels, Restaurants & Leisure) | 97 | 8,230 | ||||||
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | 118 | 1,650 | ||||||
PAR Technology Corp.* (Electronic Equipment, Instruments & Components) | 56 | 3,516 | ||||||
Paratek Pharmaceuticals, Inc.* (Pharmaceuticals) | 129 | 808 | ||||||
Park Aerospace Corp. (Aerospace & Defense) | 58 | 778 | ||||||
Park City Group, Inc.* (Software) | 36 | 172 | ||||||
Park National Corp. (Banks) | 42 | 4,410 | ||||||
Parke BanCorp, Inc. (Banks) | 31 | 484 | ||||||
Park-Ohio Holdings Corp. (Machinery) | 26 | 803 | ||||||
Parsons Corp.* (Aerospace & Defense) | 66 | 2,403 | ||||||
Partners Bancorp (Banks) | 29 | 189 | ||||||
Passage Bio, Inc.* (Biotechnology) | 73 | 1,867 | ||||||
Patrick Industries, Inc. (Building Products) | 66 | 4,511 | ||||||
Patterson Cos., Inc. (Health Care Providers & Services) | 250 | 7,408 | ||||||
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | 540 | 2,840 | ||||||
PAVmed, Inc.* (Health Care Equipment & Supplies) | 113 | 240 | ||||||
Paysign, Inc.* (IT Services) | 92 | 427 | ||||||
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | 284 | 2,016 | ||||||
PC Connection, Inc. (Electronic Equipment, Instruments & Components) | 33 | 1,561 | ||||||
PCB BanCorp (Banks) | 37 | 374 | ||||||
PCSB Financial Corp. (Thrifts & Mortgage Finance) | 42 | 669 | ||||||
PCTEL, Inc. (Communications Equipment) | 53 | 348 | ||||||
PDC Energy, Inc.* (Oil, Gas & Consumable Fuels) | 294 | 6,036 | ||||||
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | 85 | 1,836 | ||||||
PDL Community Bancorp* (Thrifts & Mortgage Finance) | 22 | 231 | ||||||
Peabody Energy Corp.* (Oil, Gas & Consumable Fuels) | 185 | 446 | ||||||
Peapack Gladstone Financial Corp. (Banks) | 54 | 1,229 | ||||||
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | 384 | 7,219 | ||||||
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | 460 | 39,731 | ||||||
Penn Virginia Corp.* (Oil, Gas & Consumable Fuels) | 40 | 406 | ||||||
Penns Woods Bancorp, Inc. (Banks) | 20 | 520 | ||||||
Pennymac Financial Services, Inc. (Thrifts & Mortgage Finance) | 125 | 8,203 | ||||||
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts) | 289 | 5,084 | ||||||
Peoples Bancorp of North Carolina, Inc. (Banks) | 13 | 299 | ||||||
Peoples Bancorp, Inc. (Banks) | 54 | 1,463 | ||||||
Peoples Financial Services Corp. (Banks) | 20 | 735 | ||||||
Perdoceo Education Corp.* (Diversified Consumer Services) | 204 | 2,577 | ||||||
Perficient, Inc.* (IT Services) | 96 | 4,574 | ||||||
Performance Food Group Co.* (Food & Staples Retailing) | 386 | 18,376 | ||||||
Personalis, Inc.* (Life Sciences Tools & Services) | 71 | 2,599 | ||||||
Perspecta, Inc. (IT Services) | 411 | 9,897 | ||||||
Petiq, Inc.* (Health Care Providers & Services) | 63 | 2,422 | ||||||
PetMed Express, Inc.(a) (Internet & Direct Marketing Retail) | 58 | 1,859 | ||||||
PFSweb, Inc.* (IT Services) | 47 | 316 | ||||||
PGT Innovations, Inc.* (Building Products) | 168 | 3,417 | ||||||
PhaseBio Pharmaceuticals, Inc.* (Biotechnology) | 45 | 151 | ||||||
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals) | 32 | 1,063 | ||||||
Phibro Animal Health Corp.—Class A (Pharmaceuticals) | 60 | 1,165 | ||||||
Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | 186 | 2,076 | ||||||
Phreesia, Inc.* (Health Care Technology) | 98 | 5,317 | ||||||
Physicians Realty Trust (Equity Real Estate Investment Trusts) | 616 | 10,965 | ||||||
PICO Holdings, Inc.* (Commercial Services & Supplies) | 49 | 458 | ||||||
Piedmont Office Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | 372 | 6,038 | ||||||
Pieris Pharmaceuticals, Inc.* (Biotechnology) | 157 | 393 | ||||||
Ping Identity Holding Corp.* (Software) | 109 | 3,122 | ||||||
Pioneer Bancorp, Inc.* (Thrifts & Mortgage Finance) | 34 | 359 | ||||||
Piper Sandler Cos. (Capital Markets) | 51 | 5,146 | ||||||
Pitney Bowes, Inc. (Commercial Services & Supplies) | 511 | 3,148 | ||||||
Pixelworks, Inc.* (Semiconductors & Semiconductor Equipment) | 120 | 338 | ||||||
PJT Partners, Inc.—Class A (Capital Markets) | 69 | 5,192 | ||||||
Plantronics, Inc. (Communications Equipment) | 102 | 2,757 | ||||||
PlayAGS, Inc.* (Hotels, Restaurants & Leisure) | 78 | 562 | ||||||
Plexus Corp.* (Electronic Equipment, Instruments & Components) | 85 | 6,648 | ||||||
Pliant Therapeutics, Inc.* (Pharmaceuticals) | 31 | 704 | ||||||
Plug Power, Inc.* (Electrical Equipment) | 1,105 | 37,470 | ||||||
Plumas BanCorp (Banks) | 14 | 329 | ||||||
Plymouth Industrial REIT, Inc. (Equity Real Estate Investment Trusts) | 72 | 1,080 | ||||||
PMV Pharmaceuticals, Inc.* (Pharmaceuticals) | 40 | 2,460 | ||||||
PNM Resources, Inc. (Electric Utilities) | 234 | 11,356 | ||||||
Portland General Electric Co. (Electric Utilities) | 265 | 11,334 | ||||||
Poseida Therapeutics, Inc.* (Biotechnology) | 40 | 439 | ||||||
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | 193 | 9,654 | ||||||
Powell Industries, Inc. (Electrical Equipment) | 26 | 767 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 174 | 14,243 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 253
Common Stocks, continued
Shares | Value | |||||||
Powerfleet, Inc.* (Electronic Equipment, Instruments & Components) | 84 | $ | 624 | |||||
PQ Group Holdings, Inc. (Chemicals) | 113 | 1,611 | ||||||
PRA Group, Inc.* (Consumer Finance) | 133 | 5,275 | ||||||
Praxis Precision Medicines, Inc.* (Biotechnology) | 33 | 1,816 | ||||||
Precigen, Inc.* (Biotechnology) | 195 | 1,989 | ||||||
Precision BioSciences, Inc.* (Biotechnology) | 137 | 1,143 | ||||||
Preferred Apartment Communities, Inc.—Class A (Equity Real Estate Investment Trusts) | 140 | 1,036 | ||||||
Preferred Bank (Banks) | 41 | 2,069 | ||||||
Preformed Line Products Co. (Electrical Equipment) | 9 | 616 | ||||||
Prelude Therapeutics, Inc.* (Biotechnology) | 27 | 1,932 | ||||||
Premier Financial Bancorp, Inc. (Banks) | 38 | 505 | ||||||
Premier Financial Corp. (Thrifts & Mortgage Finance) | 109 | 2,507 | ||||||
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 148 | 5,161 | ||||||
Prevail Therapeutics, Inc.* (Biotechnology) | 42 | 969 | ||||||
PriceSmart, Inc. (Food & Staples Retailing) | 67 | 6,103 | ||||||
PrimeEnergy Resources Corp.* (Oil, Gas & Consumable Fuels) | 2 | 86 | ||||||
Primo Water Corp. (Beverages) | 461 | 7,227 | ||||||
Primoris Services Corp. (Construction & Engineering) | 142 | 3,921 | ||||||
Priority Technology Holdings, Inc.* (IT Services) | 23 | 162 | ||||||
ProAssurance Corp. (Insurance) | 158 | 2,811 | ||||||
Professional Holding Corp.*—Class A (Banks) | 33 | 509 | ||||||
PROG Holdings, Inc. (Consumer Finance) | 199 | 10,721 | ||||||
Progenity, Inc.* (Health Care Providers & Services) | 10 | 53 | ||||||
Progress Software Corp. (Software) | 132 | 5,965 | ||||||
Progyny, Inc.* (Health Care Providers & Services) | 79 | 3,349 | ||||||
ProPetro Holding Corp.* (Energy Equipment & Services) | 236 | 1,744 | ||||||
PROS Holdings, Inc.* (Software) | 116 | 5,889 | ||||||
ProSight Global, Inc.* (Insurance) | 27 | 346 | ||||||
Protagonist Therapeutics, Inc.* (Biotechnology) | 93 | 1,875 | ||||||
Protara Therapeutics, Inc.* (Biotechnology) | 11 | 266 | ||||||
Protective Insurance Corp.—Class B (Insurance) | 26 | 356 | ||||||
Prothena Corp. PLC* (Biotechnology) | 91 | 1,093 | ||||||
Proto Labs, Inc.* (Machinery) | 79 | 12,118 | ||||||
Provention Bio, Inc.* (Pharmaceuticals) | 140 | 2,372 | ||||||
Provident BanCorp, Inc. (Thrifts & Mortgage Finance) | 50 | 600 | ||||||
Provident Financial Holdings, Inc. (Thrifts & Mortgage Finance) | 18 | 283 | ||||||
Provident Financial Services, Inc. (Thrifts & Mortgage Finance) | 212 | 3,808 | ||||||
Prudential Bancorp, Inc. (Thrifts & Mortgage Finance) | 24 | 332 | ||||||
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | 59 | 7,839 | ||||||
PTC Therapeutics, Inc.* (Biotechnology) | 182 | 11,107 | ||||||
Pulmonx Corp.* (Health Care Equipment & Supplies) | 34 | 2,347 | ||||||
Pulse Biosciences, Inc.* (Health Care Equipment & Supplies) | 40 | 954 | ||||||
Puma Biotechnology, Inc.* (Biotechnology) | 91 | 934 | ||||||
Pure Cycle Corp.* (Water Utilities) | 57 | 640 | ||||||
Purple Innovation, Inc.* (Household Durables) | 49 | 1,614 | ||||||
Pzena Investment Management, Inc.—Class A (Capital Markets) | 50 | 365 | ||||||
Q2 Holdings, Inc.* (Software) | 148 | 18,727 | ||||||
QAD, Inc. (Software) | 35 | 2,211 | ||||||
QCR Holdings, Inc. (Banks) | 44 | 1,742 | ||||||
QTS Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | 189 | 11,695 | ||||||
Quad/Graphics, Inc. (Commercial Services & Supplies) | 98 | 374 | ||||||
Quaker Chemical Corp. (Chemicals) | 39 | 9,882 | ||||||
Qualys, Inc.* (Software) | 100 | 12,187 | ||||||
Quanex Building Products Corp. (Building Products) | 97 | 2,150 | ||||||
Quanterix Corp.* (Life Sciences Tools & Services) | 62 | 2,883 | ||||||
Quantum Corp.* (Technology Hardware, Storage & Peripherals) | 88 | 539 | ||||||
QuinStreet, Inc.* (Interactive Media & Services) | 142 | 3,044 | ||||||
Quotient Technology, Inc.* (Internet & Direct Marketing Retail) | 256 | 2,412 | ||||||
Quotient, Ltd.* (Health Care Equipment & Supplies) | 214 | 1,115 | ||||||
R1 RCM, Inc.* (Health Care Providers & Services) | 320 | 7,686 | ||||||
Rackspace Technology, Inc.* (IT Services) | 100 | 1,906 | ||||||
Radian Group, Inc. (Thrifts & Mortgage Finance) | 565 | 11,441 | ||||||
Radiant Logistics, Inc.* (Air Freight & Logistics) | 115 | 667 | ||||||
Radius Health, Inc.* (Biotechnology) | 134 | 2,393 | ||||||
RadNet, Inc.* (Health Care Providers & Services) | 128 | 2,505 | ||||||
Rafael Holdings, Inc.*—Class B (Real Estate Management & Development) | 27 | 630 | ||||||
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | 334 | 5,832 | ||||||
Range Resources Corp.* (Oil, Gas & Consumable Fuels) | 632 | 4,234 | ||||||
Ranpak Holdings Corp.* (Containers & Packaging) | 85 | 1,142 | ||||||
Rapid7, Inc.* (Software) | 152 | 13,704 | ||||||
RAPT Therapeutics, Inc.* (Biotechnology) | 32 | 632 | ||||||
Raven Industries, Inc. (Industrial Conglomerates) | 105 | 3,474 | ||||||
Rayonier Advanced Materials, Inc.* (Chemicals) | 183 | 1,193 | ||||||
RBB Bancorp (Banks) | 49 | 754 | ||||||
RBC Bearings, Inc.* (Machinery) | 73 | 13,069 | ||||||
RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure) | 25 | 986 | ||||||
Ready Capital Corp. (Mortgage Real Estate Investment Trusts) | 123 | 1,531 | ||||||
Realogy Holdings Corp.* (Real Estate Management & Development) | 338 | 4,435 | ||||||
Recro Pharma, Inc.* (Biotechnology) | 57 | 162 | ||||||
Red River Bancshares, Inc. (Banks) | 15 | 743 | ||||||
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure) | 46 | 885 | ||||||
Red Rock Resorts, Inc.—Class A (Hotels, Restaurants & Leisure) | 194 | 4,858 | ||||||
Red Violet, Inc.* (Professional Services) | 20 | 522 | ||||||
Redfin Corp.* (Real Estate Management & Development) | 294 | 20,176 | ||||||
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts) | 330 | 2,897 | ||||||
REGENXBIO, Inc.* (Biotechnology) | 100 | 4,536 | ||||||
Regional Management Corp. (Consumer Finance) | 25 | 747 | ||||||
Regis Corp.* (Diversified Consumer Services) | 69 | 634 | ||||||
Relay Therapeutics, Inc.* (Biotechnology) | 95 | 3,948 |
See accompanying notes to financial statements.
254 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Reliant Bancorp, Inc. (Banks) | 44 | $ | 819 | |||||
Relmada Therapeutics, Inc.* (Pharmaceuticals) | 43 | 1,379 | ||||||
Renasant Corp. (Banks) | 161 | 5,422 | ||||||
Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels) | 113 | 8,003 | ||||||
Rent-A-Center, Inc. (Specialty Retail) | 143 | 5,475 | ||||||
Repay Holdings Corp.* (IT Services) | 180 | 4,905 | ||||||
Replimune Group, Inc.* (Biotechnology) | 70 | 2,671 | ||||||
Repro-Med Systems, Inc.* (Health Care Equipment & Supplies) | 79 | 476 | ||||||
Republic Bancorp, Inc.—Class A (Banks) | 29 | 1,046 | ||||||
Republic First Bancorp, Inc.* (Banks) | 134 | 382 | ||||||
Research Frontiers, Inc.* (Electronic Equipment, Instruments & Components) | 78 | 219 | ||||||
Resideo Technologies, Inc.* (Building Products) | 416 | 8,844 | ||||||
Resonant, Inc.* (Communications Equipment) | 150 | 398 | ||||||
Resources Connection, Inc. (Professional Services) | 90 | 1,131 | ||||||
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts) | 341 | 4,566 | ||||||
Retail Properties of America, Inc. (Equity Real Estate Investment Trusts) | 633 | 5,418 | ||||||
Retail Value, Inc. (Equity Real Estate Investment Trusts) | 48 | 714 | ||||||
Retractable Technologies, Inc.* (Health Care Equipment & Supplies) | 40 | 430 | ||||||
REV Group, Inc. (Machinery) | 81 | 714 | ||||||
Revance Therapeutics, Inc.* (Pharmaceuticals) | 186 | 5,271 | ||||||
Revlon, Inc.*—Class A (Personal Products) | 20 | 238 | ||||||
REVOLUTION Medicines, Inc.* (Biotechnology) | 114 | 4,513 | ||||||
REX American Resources Corp.* (Oil, Gas & Consumable Fuels) | 16 | 1,176 | ||||||
Rexnord Corp. (Machinery) | 355 | 14,018 | ||||||
RGC Resources, Inc. (Gas Utilities) | 22 | 523 | ||||||
RH* (Specialty Retail) | 47 | 21,033 | ||||||
Rhythm Pharmaceuticals, Inc.* (Biotechnology) | 99 | 2,943 | ||||||
Ribbon Communications, Inc.* (Communications Equipment) | 201 | 1,319 | ||||||
Richmond Mutual Bancorp, Inc. (Banks) | 36 | 492 | ||||||
Rigel Pharmaceuticals, Inc.* (Biotechnology) | 501 | 1,754 | ||||||
Rimini Street, Inc.* (Software) | 68 | 301 | ||||||
Rite Aid Corp.* (Food & Staples Retailing) | 161 | 2,549 | ||||||
Riverview Bancorp, Inc. (Thrifts & Mortgage Finance) | 62 | 326 | ||||||
RLI Corp. (Insurance) | 117 | 12,186 | ||||||
RLJ Lodging Trust (Equity Real Estate Investment Trusts) | 484 | 6,849 | ||||||
Rocket Pharmaceuticals, Inc.* (Biotechnology) | 100 | 5,484 | ||||||
Rockwell Medical, Inc.* (Health Care Equipment & Supplies) | 205 | 207 | ||||||
Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods) | 20 | 561 | ||||||
Rogers Corp.* (Electronic Equipment, Instruments & Components) | 55 | 8,541 | ||||||
RPC, Inc.* (Energy Equipment & Services) | 169 | 532 | ||||||
RPT Realty (Equity Real Estate Investment Trusts) | 238 | 2,059 | ||||||
Rubius Therapeutics, Inc.* (Biotechnology) | 106 | 805 | ||||||
Rush Enterprises, Inc.—Class A (Trading Companies & Distributors) | 121 | 5,012 | ||||||
Rush Enterprises, Inc.—Class B (Trading Companies & Distributors) | 20 | 758 | ||||||
Ruth’s Hospitality Group, Inc. (Hotels, Restaurants & Leisure) | 96 | 1,702 | ||||||
Ryerson Holding Corp.* (Metals & Mining) | 47 | 641 | ||||||
Ryman Hospitality Properties, Inc.—Class I (Equity Real Estate Investment Trusts) | 149 | 10,096 | ||||||
S&T Bancorp, Inc. (Banks) | 114 | 2,832 | ||||||
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | 606 | 10,526 | ||||||
Safe Bulkers, Inc.* (Marine) | 153 | 199 | ||||||
Safeguard Scientifics, Inc.* (Capital Markets) | 58 | 370 | ||||||
Safehold, Inc. (Equity Real Estate Investment Trusts) | 53 | 3,842 | ||||||
Safety Insurance Group, Inc. (Insurance) | 42 | 3,272 | ||||||
Saga Communications, Inc.—Class A (Media) | 11 | 264 | ||||||
Saia, Inc.* (Road & Rail) | 78 | 14,101 | ||||||
Sailpoint Technologies Holding, Inc.* (Software) | 260 | 13,842 | ||||||
Salisbury Bancorp, Inc. (Banks) | 7 | 261 | ||||||
Sally Beauty Holdings, Inc.* (Specialty Retail) | 333 | 4,342 | ||||||
Sanderson Farms, Inc. (Food Products) | 59 | 7,800 | ||||||
Sandy Spring Bancorp, Inc. (Banks) | 136 | 4,378 | ||||||
Sangamo Therapeutics, Inc.* (Biotechnology) | 340 | 5,306 | ||||||
Sanmina Corp.* (Electronic Equipment, Instruments & Components) | 189 | 6,027 | ||||||
Sapiens International Corp. N.V. (Software) | 81 | 2,479 | ||||||
Satsuma Pharmaceuticals, Inc.* (Pharmaceuticals) | 27 | 124 | ||||||
Saul Centers, Inc. (Equity Real Estate Investment Trusts) | 35 | 1,109 | ||||||
Savara, Inc.* (Biotechnology) | 142 | 163 | ||||||
SB Financial Group, Inc. (Banks) | 21 | 384 | ||||||
ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | 75 | 1,979 | ||||||
Schnitzer Steel Industries, Inc.—Class A (Metals & Mining) | 76 | 2,425 | ||||||
Scholar Rock Holding Corp.* (Biotechnology) | 75 | 3,640 | ||||||
Scholastic Corp. (Media) | 86 | 2,150 | ||||||
Schrodinger, Inc.* (Health Care Technology) | 89 | 7,047 | ||||||
Schweitzer-Mauduit International, Inc. (Paper & Forest Products) | 92 | 3,699 | ||||||
Scientific Games Corp.*—Class A (Hotels, Restaurants & Leisure) | 168 | 6,970 | ||||||
Scorpio Bulkers, Inc. (Marine) | 27 | 457 | ||||||
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels) | 149 | 1,667 | ||||||
scPharmaceuticals, Inc.* (Pharmaceuticals) | 21 | 111 | ||||||
Sculptor Capital Management, Inc. (Capital Markets) | 55 | 836 | ||||||
SeaChange International, Inc.* (Software) | 89 | 125 | ||||||
Seacoast Banking Corp.* (Banks) | 152 | 4,476 | ||||||
SEACOR Holdings, Inc.* (Energy Equipment & Services) | 57 | 2,363 | ||||||
SeaSpine Holdings Corp.* (Health Care Equipment & Supplies) | 78 | 1,361 | ||||||
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 150 | 4,739 | ||||||
SecureWorks Corp.*—Class A (Software) | 26 | 370 | ||||||
Security National Financial Corp.*—Class A (Thrifts & Mortgage Finance) | 28 | 234 | ||||||
Select Bancorp, Inc.* (Banks) | 46 | 436 | ||||||
Select Energy Services, Inc.* (Energy Equipment & Services) | 174 | 713 | ||||||
Select Medical Holdings Corp.* (Health Care Providers & Services) | 320 | 8,851 | ||||||
Selecta Biosciences, Inc.* (Biotechnology) | 200 | 606 | ||||||
Selective Insurance Group, Inc. (Insurance) | 174 | 11,655 | ||||||
Selectquote, Inc.* (Insurance) | 92 | 1,909 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 190 | 13,696 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 255
Common Stocks, continued
Shares | Value | |||||||
Seneca Foods Corp.*—Class A (Food Products) | 19 | $ | 758 | |||||
Sensient Technologies Corp. (Chemicals) | 125 | 9,221 | ||||||
Seres Therapeutics, Inc.* (Biotechnology) | 163 | 3,994 | ||||||
Seritage Growth Properties*(a)—Class A (Equity Real Estate Investment Trusts) | 100 | 1,468 | ||||||
Service Properties Trust (Equity Real Estate Investment Trusts) | 484 | 5,561 | ||||||
ServiceSource International, Inc.* (IT Services) | 260 | 458 | ||||||
ServisFirst Bancshares, Inc. (Banks) | 144 | 5,802 | ||||||
SFL Corp., Ltd. (Oil, Gas & Consumable Fuels) | 279 | 1,752 | ||||||
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | 103 | 8,732 | ||||||
Sharps Compliance Corp.* (Health Care Providers & Services) | 42 | 397 | ||||||
Shattuck Labs, Inc.* (Biotechnology) | 39 | 2,044 | ||||||
Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | 142 | 6,141 | ||||||
Shockwave Medical, Inc.* (Health Care Equipment & Supplies) | 84 | 8,712 | ||||||
Shoe Carnival, Inc. (Specialty Retail) | 27 | 1,058 | ||||||
Shore Bancshares, Inc. (Banks) | 35 | 511 | ||||||
ShotSpotter, Inc.* (Software) | 24 | 905 | ||||||
Shutterstock, Inc. (Internet & Direct Marketing Retail) | 65 | 4,661 | ||||||
SI-BONE, Inc.* (Health Care Equipment & Supplies) | 85 | 2,542 | ||||||
Siebert Financial Corp.* (Capital Markets) | 34 | 143 | ||||||
Sientra, Inc.* (Health Care Equipment & Supplies) | 137 | 533 | ||||||
Sierra Bancorp (Banks) | 42 | 1,005 | ||||||
SIGA Technologies, Inc.* (Pharmaceuticals) | 154 | 1,120 | ||||||
Signet Jewelers, Ltd. (Specialty Retail) | 154 | 4,200 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 128 | 16,299 | ||||||
Silk Road Medical, Inc.*(a) (Health Care Equipment & Supplies) | 81 | 5,101 | ||||||
Silvercrest Asset Management Group, Inc.— Class A (Capital Markets) | 28 | 389 | ||||||
Silvergate Capital Corp.*—Class A (Banks) | 46 | 3,418 | ||||||
Simmons First National Corp.—Class A (Banks) | 319 | 6,887 | ||||||
Simpson Manufacturing Co., Inc. (Building Products) | 129 | 12,055 | ||||||
Simulations Plus, Inc. (Health Care Technology) | 41 | 2,949 | ||||||
Sinclair Broadcast Group, Inc.—Class A (Media) | 130 | 4,141 | ||||||
SITE Centers Corp. (Equity Real Estate Investment Trusts) | 452 | 4,574 | ||||||
Siteone Landscape Supply, Inc.* (Trading Companies & Distributors) | 130 | 20,621 | ||||||
SiTime Corp.* (Semiconductors & Semiconductor Equipment) | 27 | 3,022 | ||||||
SJW Corp. (Water Utilities) | 78 | 5,410 | ||||||
Skyline Champion Corp.* (Household Durables) | 155 | 4,796 | ||||||
SkyWest, Inc. (Airlines) | 145 | 5,845 | ||||||
Sleep Number Corp.* (Specialty Retail) | 80 | 6,549 | ||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 337 | 2,062 | ||||||
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 42 | 1,580 | ||||||
SmartFinancial, Inc. (Banks) | 41 | 744 | ||||||
Smith & Wesson Brands, Inc. (Leisure Products) | 163 | 2,893 | ||||||
Smith Micro Software, Inc.* (Software) | 101 | 547 | ||||||
Solaris Oilfield Infrastructure, Inc. (Energy Equipment & Services) | 85 | 692 | ||||||
Soleno Therapeutics, Inc.* (Biotechnology) | 176 | 340 | ||||||
Solid Biosciences, Inc.* (Biotechnology) | 83 | 629 | ||||||
Soliton, Inc.* (Health Care Equipment & Supplies) | 21 | 161 | ||||||
Sonic Automotive, Inc.—Class A (Specialty Retail) | 69 | 2,661 | ||||||
Sonos, Inc.* (Household Durables) | 238 | 5,567 | ||||||
Sorrento Therapeutics, Inc.*(a) (Biotechnology) | 738 | 5,037 | ||||||
South Jersey Industries, Inc. (Gas Utilities) | 297 | 6,400 | ||||||
South Plains Financial, Inc. (Banks) | 31 | 587 | ||||||
South State Corp. (Banks) | 206 | 14,893 | ||||||
Southern First Bancshares, Inc.* (Banks) | 21 | 742 | ||||||
Southern Missouri Bancorp, Inc. (Thrifts & Mortgage Finance) | 23 | 700 | ||||||
Southern National Bancorp of Virginia, Inc. (Banks) | 58 | 702 | ||||||
Southside Bancshares, Inc. (Banks) | 93 | 2,886 | ||||||
Southwest Gas Holdings, Inc. (Gas Utilities) | 165 | 10,024 | ||||||
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | 1,909 | 5,689 | ||||||
SP Plus Corp.* (Commercial Services & Supplies) | 68 | 1,960 | ||||||
Spark Energy, Inc.—Class A (Electric Utilities) | 35 | 335 | ||||||
SpartanNash Co. (Food & Staples Retailing) | 105 | 1,828 | ||||||
Spectrum Pharmaceuticals, Inc.* (Biotechnology) | 425 | 1,449 | ||||||
Spero Therapeutics, Inc.* (Biotechnology) | 60 | 1,163 | ||||||
Spire, Inc. (Gas Utilities) | 148 | 9,478 | ||||||
Spirit Airlines, Inc.* (Airlines) | 290 | 7,091 | ||||||
Spirit of Texas Bancshares, Inc. (Banks) | 39 | 655 | ||||||
Spok Holdings, Inc. (Wireless Telecommunication Services) | 52 | 579 | ||||||
Sportsman’s Warehouse Holdings, Inc.* (Specialty Retail) | 126 | 2,211 | ||||||
SpringWorks Therapeutics, Inc.* (Biotechnology) | 71 | 5,149 | ||||||
Sprout Social, Inc.*—Class A (Software) | 82 | 3,724 | ||||||
Spruce Biosciences, Inc.* (Biotechnology) | 21 | 511 | ||||||
SPS Commerce, Inc.* (Software) | 105 | 11,402 | ||||||
SPX Corp.* (Machinery) | 127 | 6,927 | ||||||
SPX FLOW, Inc.* (Machinery) | 126 | 7,303 | ||||||
SQZ Biotechnologies Co.* (Biotechnology) | 13 | 377 | ||||||
STAAR Surgical Co.* (Health Care Equipment & Supplies) | 135 | 10,694 | ||||||
STAG Industrial, Inc. (Equity Real Estate Investment Trusts) | 442 | 13,844 | ||||||
Stamps.com, Inc.* (Internet & Direct Marketing Retail) | 50 | 9,810 | ||||||
Standard AVB Financial Corp. (Thrifts & Mortgage Finance) | 12 | 391 | ||||||
Standard Motor Products, Inc. (Auto Components) | 62 | 2,509 | ||||||
Standex International Corp. (Machinery) | 36 | 2,791 | ||||||
Startek, Inc.* (IT Services) | 51 | 384 | ||||||
State Auto Financial Corp. (Insurance) | 52 | 922 | ||||||
Steelcase, Inc.—Class A (Commercial Services & Supplies) | 254 | 3,442 | ||||||
Stepan Co. (Chemicals) | 64 | 7,636 | ||||||
StepStone Group, Inc.*—Class A (Capital Markets) | 57 | 2,269 | ||||||
Stereotaxis, Inc.* (Health Care Equipment & Supplies) | 130 | 662 | ||||||
Sterling Bancorp, Inc. (Thrifts & Mortgage Finance) | 48 | 218 | ||||||
Sterling Construction Co., Inc.* (Construction & Engineering) | 82 | 1,526 |
See accompanying notes to financial statements.
256 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | 243 | $ | 8,583 | |||||
Stewart Information Services Corp. (Insurance) | 78 | 3,772 | ||||||
Stifel Financial Corp. (Capital Markets) | 295 | 14,885 | ||||||
Stitch Fix, Inc.* (Internet & Direct Marketing Retail) | 178 | 10,451 | ||||||
Stock Yards Bancorp, Inc. (Banks) | 60 | 2,429 | ||||||
Stoke Therapeutics, Inc.* (Biotechnology) | 37 | 2,291 | ||||||
Stoneridge, Inc.* (Auto Components) | 77 | 2,328 | ||||||
StoneX Group, Inc.* (Capital Markets) | 48 | 2,779 | ||||||
Strategic Education, Inc. (Diversified Consumer Services) | 71 | 6,767 | ||||||
Stratus Properties, Inc.* (Real Estate Management & Development) | 17 | 434 | ||||||
Stride, Inc.* (Diversified Consumer Services) | 119 | 2,526 | ||||||
Strongbridge BioPharma PLC* (Pharmaceuticals) | 130 | 316 | ||||||
Sturm Ruger & Co., Inc. (Leisure Products) | 50 | 3,254 | ||||||
Summit Financial Group, Inc. (Banks) | 33 | 729 | ||||||
Summit Hotel Properties, Inc. (Equity Real Estate Investment Trusts) | 305 | 2,748 | ||||||
Summit Materials, Inc.*—Class A (Construction Materials) | 338 | 6,786 | ||||||
Sumo Logic, Inc.* (Software) | 42 | 1,200 | ||||||
SunCoke Energy, Inc. (Metals & Mining) | 245 | 1,066 | ||||||
Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers) | 157 | 7,085 | ||||||
SunPower Corp.* (Semiconductors & Semiconductor Equipment) | 226 | 5,795 | ||||||
Sunrun, Inc.* (Electrical Equipment) | 444 | 30,804 | ||||||
Sunstone Hotel Investors, Inc. (Equity Real Estate Investment Trusts) | 634 | 7,183 | ||||||
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals) | 131 | 4,148 | ||||||
Superior Group of Cos., Inc. (Textiles, Apparel & Luxury Goods) | 32 | 744 | ||||||
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | 144 | 3,623 | ||||||
Surgalign Holdings, Inc.* (Health Care Equipment & Supplies) | 170 | 372 | ||||||
Surgery Partners, Inc.* (Health Care Providers & Services) | 66 | 1,915 | ||||||
Surmodics, Inc.* (Health Care Equipment & Supplies) | 39 | 1,697 | ||||||
Sutro BioPharma, Inc.* (Biotechnology) | 82 | 1,780 | ||||||
SVMK, Inc.* (Software) | 362 | 9,249 | ||||||
SWK Holdings Corp.* (Diversified Financial Services) | 10 | 144 | ||||||
Sykes Enterprises, Inc.* (IT Services) | 113 | 4,257 | ||||||
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | 102 | 9,833 | ||||||
Synchronoss Technologies, Inc.* (Software) | 116 | 545 | ||||||
Syndax Pharmaceuticals, Inc.* (Biotechnology) | 79 | 1,757 | ||||||
Syros Pharmaceuticals, Inc.* (Biotechnology) | 122 | 1,324 | ||||||
Systemax, Inc. (Trading Companies & Distributors) | 37 | 1,328 | ||||||
Tabula Rasa Healthcare, Inc.* (Health Care Technology) | 62 | 2,656 | ||||||
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies) | 54 | 2,427 | ||||||
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels) | 36 | 297 | ||||||
Tanger Factory Outlet Centers, Inc.(a) (Equity Real Estate Investment Trusts) | 267 | 2,659 | ||||||
Target Hospitality Corp.* (Hotels, Restaurants & Leisure) | 86 | 136 | ||||||
Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals) | 18 | 744 | ||||||
Taylor Morrison Home Corp.* (Household Durables) | 372 | 9,542 | ||||||
Taysha Gene Therapies, Inc.* (Biotechnology) | 26 | 690 | ||||||
TCR2 Therapeutics, Inc.* (Biotechnology) | 75 | 2,320 | ||||||
Team, Inc.* (Commercial Services & Supplies) | 88 | 959 | ||||||
TechTarget, Inc.* (Media) | 70 | 4,138 | ||||||
TEGNA, Inc. (Media) | 647 | 9,026 | ||||||
Tejon Ranch Co.* (Real Estate Management & Development) | 62 | 896 | ||||||
Tela Bio, Inc.* (Health Care Equipment & Supplies) | 20 | 301 | ||||||
Telenav, Inc.* (Software) | 98 | 461 | ||||||
Tellurian, Inc.* (Oil, Gas & Consumable Fuels) | 494 | 632 | ||||||
Tenable Holdings, Inc.* (Software) | 210 | 10,975 | ||||||
Tenet Healthcare Corp.* (Health Care Providers & Services) | 308 | 12,298 | ||||||
Tennant Co. (Machinery) | 54 | 3,789 | ||||||
Tenneco, Inc.* (Auto Components) | 150 | 1,590 | ||||||
Terex Corp. (Machinery) | 199 | 6,943 | ||||||
Terreno Realty Corp. (Equity Real Estate Investment Trusts) | 197 | 11,526 | ||||||
Territorial Bancorp, Inc. (Thrifts & Mortgage Finance) | 23 | 553 | ||||||
Tetra Tech, Inc. (Commercial Services & Supplies) | 159 | 18,409 | ||||||
Texas Capital Bancshares, Inc.* (Banks) | 149 | 8,866 | ||||||
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | 194 | 15,163 | ||||||
Textainer Group Holdings, Ltd.* (Trading Companies & Distributors) | 146 | 2,800 | ||||||
TG Therapeutics, Inc.* (Biotechnology) | 340 | 17,687 | ||||||
The Andersons, Inc. (Food & Staples Retailing) | 92 | 2,255 | ||||||
The Bancorp, Inc.* (Banks) | 152 | 2,075 | ||||||
The Bank of Nt Butterfield & Son, Ltd. (Banks) | 148 | 4,612 | ||||||
The Bank of Princeton (Banks) | 17 | 398 | ||||||
The Brink’s Co. (Commercial Services & Supplies) | 145 | 10,440 | ||||||
The Buckle, Inc. (Specialty Retail) | 85 | 2,482 | ||||||
The Cato Corp.—Class A (Specialty Retail) | 63 | 604 | ||||||
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | 125 | 4,633 | ||||||
The Children’s Place, Inc.* (Specialty Retail) | 42 | 2,104 | ||||||
The Community Financial Corp. (Banks) | 15 | 397 | ||||||
The Container Store Group, Inc.* (Specialty Retail) | 58 | 553 | ||||||
The E.W. Scripps Co.—Class A (Media) | 165 | 2,523 | ||||||
The Eastern Co. (Machinery) | 16 | 386 | ||||||
The Ensign Group, Inc. (Health Care Providers & Services) | 152 | 11,084 | ||||||
The ExOne Co.* (Machinery) | 39 | 370 | ||||||
The First Bancorp, Inc. (Banks) | 30 | 762 | ||||||
The GEO Group, Inc. (Equity Real Estate Investment Trusts) | 347 | 3,074 | ||||||
The Goodyear Tire & Rubber Co. (Auto Components) | 682 | 7,441 | ||||||
The Greenbrier Cos., Inc. (Machinery) | 95 | 3,456 | ||||||
The Hackett Group, Inc. (IT Services) | 74 | 1,065 | ||||||
The Joint Corp.* (Health Care Providers & Services) | 39 | 1,024 | ||||||
The Lovesac Co.* (Household Durables) | 29 | 1,250 | ||||||
The Macerich Co.(a) (Equity Real Estate Investment Trusts) | 442 | 4,716 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 257
Common Stocks, continued
Shares | Value | |||||||
The Manitowoc Co., Inc.* (Machinery) | 100 | $ | 1,331 | |||||
The Marcus Corp. (Entertainment) | 66 | 890 | ||||||
The Michaels Cos., Inc.* (Specialty Retail) | 220 | 2,862 | ||||||
The ODP Corp.* (Specialty Retail) | 154 | 4,512 | ||||||
The Pennant Group, Inc.* (Health Care Providers & Services) | 75 | 4,355 | ||||||
The Providence Service Corp.* (Health Care Providers & Services) | 36 | 4,991 | ||||||
The RealReal, Inc.* (Internet & Direct Marketing Retail) | 187 | 3,654 | ||||||
The RMR Group, Inc.—Class A (Real Estate Management & Development) | 45 | 1,738 | ||||||
The Shyft Group, Inc. (Machinery) | 102 | 2,895 | ||||||
The Simply Good Foods Co.* (Food Products) | 251 | 7,871 | ||||||
The St Joe Co. (Real Estate Management & Development) | 97 | 4,118 | ||||||
TherapeuticsMD, Inc.*(a) (Pharmaceuticals) | 760 | 920 | ||||||
Theravance Biopharma, Inc.* (Pharmaceuticals) | 138 | 2,452 | ||||||
Thermon Group Holdings, Inc.* (Electrical Equipment) | 97 | 1,516 | ||||||
Third Point Reinsurance, Ltd.* (Insurance) | 238 | 2,266 | ||||||
Tidewater, Inc.* (Energy Equipment & Services) | 119 | 1,028 | ||||||
Tilly’s, Inc.—Class A (Specialty Retail) | 65 | 530 | ||||||
Timberland Bancorp, Inc. (Thrifts & Mortgage Finance) | 22 | 534 | ||||||
TimkenSteel Corp.* (Metals & Mining) | 133 | 621 | ||||||
Tiptree, Inc. (Insurance) | 72 | 361 | ||||||
Titan Machinery, Inc.* (Trading Companies & Distributors) | 56 | 1,095 | ||||||
Tivity Health, Inc.* (Health Care Providers & Services) | 128 | 2,508 | ||||||
Tompkins Financial Corp. (Banks) | 42 | 2,965 | ||||||
Tootsie Roll Industries, Inc. (Food Products) | 47 | 1,396 | ||||||
TopBuild Corp.* (Household Durables) | 98 | 18,040 | ||||||
TowneBank (Banks) | 197 | 4,626 | ||||||
TPG RE Finance Trust, Inc.—Class T (Mortgage Real Estate Investment Trusts) | 177 | 1,880 | ||||||
TPI Composites, Inc.* (Electrical Equipment) | 91 | 4,803 | ||||||
Transcat, Inc.* (Trading Companies & Distributors) | 21 | 728 | ||||||
Transcontinental Realty Investors, Inc.* (Real Estate Management & Development) | 4 | 96 | ||||||
Translate Bio, Inc.* (Biotechnology) | 201 | 3,704 | ||||||
TransMedics Group, Inc.* (Health Care Equipment & Supplies) | 74 | 1,473 | ||||||
Transocean, Ltd.* (Energy Equipment & Services) | 1,725 | 3,985 | ||||||
Travere Therapeutics, Inc.* (Biotechnology) | 144 | 3,925 | ||||||
Trean Insurance Group, Inc.* (Insurance) | 35 | 459 | ||||||
Trecora Resources* (Chemicals) | 71 | 496 | ||||||
Tredegar Corp. (Chemicals) | 77 | 1,286 | ||||||
TRI Pointe Group, Inc.* (Household Durables) | 372 | 6,417 | ||||||
Tribune Publishing Co. (Media) | 46 | 630 | ||||||
Tricida, Inc.* (Pharmaceuticals) | 83 | 585 | ||||||
TriCo Bancshares (Banks) | 78 | 2,752 | ||||||
TriMas Corp.* (Machinery) | 121 | 3,832 | ||||||
TriNet Group, Inc.* (Professional Services) | 121 | 9,752 | ||||||
Trinseo SA (Chemicals) | 113 | 5,787 | ||||||
Triple-S Management Corp.* (Health Care Providers & Services) | 67 | 1,430 | ||||||
TriState Capital Holdings, Inc.* (Banks) | 81 | 1,409 | ||||||
Triton International, Ltd. (Trading Companies & Distributors) | 178 | 8,635 | ||||||
Triumph Bancorp, Inc.* (Banks) | 67 | 3,253 | ||||||
Triumph Group, Inc. (Aerospace & Defense) | 152 | 1,909 | ||||||
Tronox Holdings PLC—Class A (Chemicals) | 264 | 3,860 | ||||||
TrueBlue, Inc.* (Professional Services) | 104 | 1,944 | ||||||
TrueCar, Inc.* (Interactive Media & Services) | 303 | 1,273 | ||||||
Trupanion, Inc.* (Insurance) | 89 | 10,654 | ||||||
TrustCo Bank Corp. (Thrifts & Mortgage Finance) | 279 | 1,861 | ||||||
Trustmark Corp. (Banks) | 186 | 5,080 | ||||||
TTEC Holdings, Inc. (IT Services) | 54 | 3,938 | ||||||
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 295 | 4,070 | ||||||
Tucows, Inc.* (IT Services) | 28 | 2,069 | ||||||
Tupperware Brands Corp.* (Household Durables) | 145 | 4,697 | ||||||
Turning Point Brands, Inc. (Tobacco) | 35 | 1,560 | ||||||
Turning Point Therapeutics, Inc.* (Biotechnology) | 110 | 13,404 | ||||||
Turtle Beach Corp.* (Household Durables) | 41 | 884 | ||||||
Tutor Perini Corp.* (Construction & Engineering) | 120 | 1,554 | ||||||
Twist Bioscience Corp.* (Biotechnology) | 96 | 13,564 | ||||||
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts) | 807 | 5,141 | ||||||
Tyme Technologies, Inc.* (Biotechnology) | 205 | 250 | ||||||
U.S. Concrete, Inc.* (Construction Materials) | 47 | 1,879 | ||||||
U.S. Ecology, Inc. (Commercial Services & Supplies) | 93 | 3,379 | ||||||
U.S. Lime & Minerals, Inc. (Construction Materials) | 6 | 684 | ||||||
U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 37 | 4,449 | ||||||
U.S. Silica Holdings, Inc. (Energy Equipment & Services) | 217 | 1,523 | ||||||
UFP Industries, Inc. (Building Products) | 176 | 9,777 | ||||||
UFP Technologies, Inc.* (Containers & Packaging) | 20 | 932 | ||||||
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 118 | 3,676 | ||||||
Ultragenyx Pharmaceutical, Inc.* (Biotechnology) | 185 | 25,609 | ||||||
Ultralife Corp.* (Electrical Equipment) | 27 | 175 | ||||||
UMB Financial Corp. (Banks) | 129 | 8,900 | ||||||
UMH Properties, Inc. (Equity Real Estate Investment Trusts) | 110 | 1,629 | ||||||
Unifi, Inc.* (Textiles, Apparel & Luxury Goods) | 40 | 710 | ||||||
UniFirst Corp. (Commercial Services & Supplies) | 44 | 9,314 | ||||||
Unisys Corp.* (IT Services) | 182 | 3,582 | ||||||
United Bankshares, Inc. (Banks) | 364 | 11,794 | ||||||
United Community Banks, Inc. (Banks) | 230 | 6,541 | ||||||
United Fire Group, Inc. (Insurance) | 62 | 1,556 | ||||||
United Insurance Holdings Corp. (Insurance) | 60 | 343 | ||||||
United Natural Foods, Inc.* (Food & Staples Retailing) | 161 | 2,571 | ||||||
United Security Bancshares/Fresno CA (Banks) | 40 | 282 | ||||||
United States Steel Corp. (Metals & Mining) | 646 | 10,833 | ||||||
Uniti Group, Inc. (Equity Real Estate Investment Trusts) | 570 | 6,686 | ||||||
Unitil Corp. (Multi-Utilities) | 44 | 1,948 | ||||||
Unity BanCorp, Inc. (Banks) | 23 | 404 | ||||||
UNITY Biotechnology, Inc.* (Biotechnology) | 104 | 545 | ||||||
Universal Corp. (Tobacco) | 72 | 3,500 | ||||||
Universal Electronics, Inc.* (Household Durables) | 39 | 2,046 |
See accompanying notes to financial statements.
258 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts) | 38 | $ | 2,442 | |||||
Universal Insurance Holdings, Inc. (Insurance) | 80 | 1,209 | ||||||
Universal Logistics Holdings, Inc. (Road & Rail) | 23 | 474 | ||||||
Universal Technical Institute, Inc.* (Diversified Consumer Services) | 85 | 549 | ||||||
Univest Financial Corp. (Banks) | 85 | 1,749 | ||||||
Upland Software, Inc.* (Software) | 78 | 3,579 | ||||||
Upwork, Inc.* (Professional Services) | 274 | 9,458 | ||||||
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels) | 575 | 1,012 | ||||||
Urban Edge Properties (Equity Real Estate Investment Trusts) | 342 | 4,425 | ||||||
Urban Outfitters, Inc.* (Specialty Retail) | 203 | 5,197 | ||||||
UroGen Pharma, Ltd.* (Biotechnology) | 57 | 1,027 | ||||||
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts) | 88 | 1,243 | ||||||
US Xpress Enterprises, Inc.*—Class A (Road & Rail) | 65 | 445 | ||||||
USANA Health Sciences, Inc.* (Personal Products) | 34 | 2,621 | ||||||
Utah Medical Products, Inc. (Health Care Equipment & Supplies) | 10 | 843 | ||||||
Valley National Bancorp (Banks) | 1,175 | 11,456 | ||||||
Value Line, Inc. (Capital Markets) | 3 | 99 | ||||||
Vanda Pharmaceuticals, Inc.* (Biotechnology) | 158 | 2,076 | ||||||
Vapotherm, Inc.* (Health Care Equipment & Supplies) | 58 | 1,558 | ||||||
Varex Imaging Corp.* (Health Care Equipment & Supplies) | 113 | 1,885 | ||||||
Varonis Systems, Inc.* (Software) | 92 | 15,053 | ||||||
Vaxart, Inc.* (Biotechnology) | 155 | 885 | ||||||
Vaxcyte, Inc.* (Pharmaceuticals) | 54 | 1,435 | ||||||
VBI Vaccines, Inc.*(a) (Biotechnology) | 531 | 1,460 | ||||||
Vector Group, Ltd. (Tobacco) | 412 | 4,799 | ||||||
Vectrus, Inc.* (Aerospace & Defense) | 34 | 1,690 | ||||||
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | 143 | 2,482 | ||||||
Venus Concept, Inc.* (Health Care Equipment & Supplies) | 56 | 97 | ||||||
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods) | 60 | 478 | ||||||
Veracyte, Inc.* (Biotechnology) | 169 | 8,271 | ||||||
Verastem, Inc.* (Biotechnology) | 503 | 1,071 | ||||||
Vericel Corp.* (Biotechnology) | 134 | 4,138 | ||||||
Vericity, Inc.* (Insurance) | 5 | 50 | ||||||
Verint Systems, Inc.* (Software) | 191 | 12,831 | ||||||
Veritex Holdings, Inc. (Banks) | 140 | 3,592 | ||||||
Veritiv Corp.* (Trading Companies & Distributors) | 38 | 790 | ||||||
Veritone, Inc.* (Software) | 69 | 1,963 | ||||||
Verra Mobility Corp.*—Class C (IT Services) | 394 | 5,287 | ||||||
Verrica Pharmaceuticals, Inc.* (Pharmaceuticals) | 37 | 426 | ||||||
Verso Corp.—Class A (Paper & Forest Products) | 92 | 1,106 | ||||||
Veru, Inc.* (Personal Products) | 157 | 1,358 | ||||||
Viad Corp. (Commercial Services & Supplies) | 60 | 2,170 | ||||||
Viavi Solutions, Inc.* (Communications Equipment) | 674 | 10,093 | ||||||
Vicor Corp.* (Electrical Equipment) | 57 | 5,257 | ||||||
Viela Bio, Inc.* (Biotechnology) | 64 | 2,302 | ||||||
Viemed Healthcare, Inc.* (Health Care Providers & Services) | 103 | 799 | ||||||
ViewRay, Inc.* (Health Care Equipment & Supplies) | 329 | 1,257 | ||||||
Viking Therapeutics, Inc.* (Biotechnology) | 193 | 1,087 | ||||||
Village Super Market, Inc.—Class A (Food & Staples Retailing) | 25 | 552 | ||||||
Vir Biotechnology, Inc.* (Biotechnology) | 158 | 4,231 | ||||||
VirnetX Holding Corp. (Software) | 187 | 942 | ||||||
Virtus Investment Partners, Inc. (Capital Markets) | 21 | 4,557 | ||||||
Virtusa Corp.* (IT Services) | 86 | 4,397 | ||||||
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | 392 | 8,118 | ||||||
Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components) | 37 | 1,165 | ||||||
Vista Outdoor, Inc.* (Leisure Products) | 172 | 4,087 | ||||||
Visteon Corp.* (Auto Components) | 82 | 10,292 | ||||||
Vital Farms, Inc.* (Food Products) | 30 | 759 | ||||||
Vivint Smart Home, Inc.* (Diversified Consumer Services) | 230 | 4,772 | ||||||
Vocera Communications, Inc.* (Health Care Technology) | 95 | 3,945 | ||||||
VolitionRX, Ltd.* (Health Care Equipment & Supplies) | 81 | 315 | ||||||
Vonage Holdings Corp.* (Diversified Telecommunication Services) | 691 | 8,897 | ||||||
VOXX International Corp.* (Auto Components) | 58 | 740 | ||||||
Voyager Therapeutics, Inc.* (Biotechnology) | 76 | 543 | ||||||
VSE Corp. (Commercial Services & Supplies) | 26 | 1,001 | ||||||
vTv Therapeutics, Inc.*—Class A (Biotechnology) | 33 | 61 | ||||||
VYNE Therapeutics, Inc.* (Pharmaceuticals) | 428 | 676 | ||||||
W&T Offshore, Inc.* (Oil, Gas & Consumable Fuels) | 278 | 603 | ||||||
Wabash National Corp. (Machinery) | 156 | 2,688 | ||||||
Waddell & Reed Financial, Inc.—Class A (Capital Markets) | 181 | 4,610 | ||||||
Waitr Holdings, Inc.* (Internet & Direct Marketing Retail) | 247 | 687 | ||||||
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance) | 83 | 7,638 | ||||||
Warrior Met Coal, Inc. (Metals & Mining) | 152 | 3,241 | ||||||
Washington Federal, Inc. (Thrifts & Mortgage Finance) | 223 | 5,740 | ||||||
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts) | 243 | 5,256 | ||||||
Washington Trust Bancorp, Inc. (Banks) | 50 | 2,240 | ||||||
Waterstone Financial, Inc. (Thrifts & Mortgage Finance) | 64 | 1,204 | ||||||
Watford Holdings, Ltd.* (Insurance) | 51 | 1,765 | ||||||
Watts Water Technologies, Inc.—Class A (Machinery) | 81 | 9,857 | ||||||
WaVe Life Sciences, Ltd.* (Pharmaceuticals) | 97 | 763 | ||||||
WD-40 Co. (Household Products) | 40 | 10,627 | ||||||
Weis Markets, Inc. (Food & Staples Retailing) | 28 | 1,339 | ||||||
Welbilt, Inc.* (Machinery) | 385 | 5,082 | ||||||
Werner Enterprises, Inc. (Road & Rail) | 180 | 7,059 | ||||||
WesBanco, Inc. (Banks) | 192 | 5,752 | ||||||
WESCO International, Inc.* (Trading Companies & Distributors) | 145 | 11,382 | ||||||
West Bancorp, Inc. (Banks) | 47 | 907 | ||||||
Westamerica Bancorp (Banks) | 77 | 4,257 | ||||||
Western Asset Mortgage Capital Corp. (Mortgage Real Estate Investment Trusts) | 176 | 574 | ||||||
Western New England Bancorp, Inc. (Thrifts & Mortgage Finance) | 67 | 462 | ||||||
Westwood Holdings Group, Inc. (Capital Markets) | 23 | 334 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 259
Common Stocks, continued
Shares | Value | |||||||
Weyco Group, Inc. (Distributors) | 18 | $ | 285 | |||||
Whitestone REIT (Equity Real Estate Investment Trusts) | 117 | 932 | ||||||
Whiting Petroleum Corp.* (Oil, Gas & Consumable Fuels) | 4 | 100 | ||||||
WideOpenWest, Inc.* (Media) | 154 | 1,643 | ||||||
Willdan Group, Inc.* (Professional Services) | 30 | 1,251 | ||||||
Willis Lease Finance Corp.* (Trading Companies & Distributors) | 9 | 274 | ||||||
WillScot Mobile Mini Holdings Corp.* (Construction & Engineering) | 473 | 10,959 | ||||||
Wingstop, Inc. (Hotels, Restaurants & Leisure) | 87 | 11,532 | ||||||
Winmark Corp. (Specialty Retail) | 9 | 1,672 | ||||||
Winnebago Industries, Inc. (Automobiles) | 92 | 5,514 | ||||||
WisdomTree Investments, Inc. (Capital Markets) | 410 | 2,194 | ||||||
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | 238 | 7,438 | ||||||
Workhorse Group, Inc.* (Auto Components) | 278 | 5,499 | ||||||
Workiva, Inc.* (Software) | 117 | 10,720 | ||||||
World Acceptance Corp.* (Consumer Finance) | 13 | 1,329 | ||||||
World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | 184 | 5,733 | ||||||
Worthington Industries, Inc. (Metals & Mining) | 108 | 5,545 | ||||||
Wrap Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 34 | 164 | ||||||
WSFS Financial Corp. (Thrifts & Mortgage Finance) | 148 | 6,642 | ||||||
WW International, Inc.* (Diversified Consumer Services) | 139 | 3,392 | ||||||
X4 Pharmaceuticals, Inc.* (Biotechnology) | 47 | 302 | ||||||
XBiotech, Inc.* (Biotechnology) | 43 | 673 | ||||||
Xencor, Inc.* (Biotechnology) | 164 | 7,155 | ||||||
Xenia Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 334 | 5,077 | ||||||
Xeris Pharmaceuticals, Inc.* (Pharmaceuticals) | 136 | 669 | ||||||
XOMA Corp.* (Biotechnology) | 18 | 794 | ||||||
XPEL, Inc.* (Auto Components) | 49 | 2,526 | ||||||
Xperi Holding Corp. (Software) | 308 | 6,437 | ||||||
Yelp, Inc.* (Interactive Media & Services) | 212 | 6,926 | ||||||
YETI Holdings, Inc.* (Leisure Products) | 236 | 16,160 | ||||||
Yext, Inc.* (Software) | 304 | 4,779 | ||||||
Y-mAbs Therapeutics, Inc.* (Biotechnology) | 90 | 4,456 | ||||||
York Water Co. (Water Utilities) | 38 | 1,771 | ||||||
Zentalis Pharmaceuticals, Inc.* (Biotechnology) | 85 | 4,415 | ||||||
ZIOPHARM Oncology, Inc.*(a) (Biotechnology) | 629 | 1,585 | ||||||
Zix Corp.* (Software) | 161 | 1,389 | ||||||
Zogenix, Inc.* (Pharmaceuticals) | 164 | 3,278 | ||||||
Zumiez, Inc.* (Specialty Retail) | 62 | 2,280 | ||||||
Zuora, Inc.*—Class A (Software) | 296 | 4,123 | ||||||
Zynex, Inc.*(a) (Health Care Equipment & Supplies) | 55 | 740 | ||||||
TOTAL COMMON STOCKS (Cost $4,838,112) | 7,303,508 |
Trust (0.0%)
Interest Units | Value | |||||||
Ferroglobe Representation and Warranty Insurance*+ (Metals & Mining) | 250 | $ | — | |||||
TOTAL TRUST (Cost $—) | — |
Repurchase Agreements(b)(c) (61.1%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $11,238,024 | $ | 11,238,000 | $ | 11,238,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $11,238,000) | 11,238,000 |
Collateral for Securities Loaned (0.3%)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(d) | 54,767 | $ | 54,767 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(d) | 230 | 230 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(d) | 999 | 999 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $55,996) | 55,996 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $16,132,108)—101.2% | 18,597,504 | |||||||
Net other assets (liabilities)—(1.2)% | (212,075 | ) | ||||||
NET ASSETS—100.0% | $ | 18,385,429 |
* | Non-income producing security. |
+ | This security was fair valued based on procedures approved by the Board of Trustees. As of December 31, 2020, this security represented 0.000% of the net assets of the Fund. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $53,147. |
(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, 2020, the aggregate amount held in a segregated account was $1,476,000. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
See accompanying notes to financial statements.
260 :: ProFund VP Small-Cap :: Financial Statements
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 | 1/27/21 | 0.35 | % | $ | 6,964,142 | $ | (84,075 | ) | ||||||||
Russell 2000 Index | UBS AG | 1/27/21 | 0.10 | % | 4,107,709 | (42,657 | ) | ||||||||||
$ | 11,071,851 | $ | (126,732 | ) |
(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, 2020, 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 Small-Cap invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 62,267 | 0.3 | % | ||||
Air Freight & Logistics | 24,052 | 0.1 | % | |||||
Airlines | 23,270 | 0.1 | % | |||||
Auto Components | 99,220 | 0.5 | % | |||||
Automobiles | 5,514 | NM | ||||||
Banks | 560,718 | 3.1 | % | |||||
Beverages | 21,732 | 0.1 | % | |||||
Biotechnology | 820,174 | 4.4 | % | |||||
Building Products | 124,238 | 0.7 | % | |||||
Capital Markets | 114,845 | 0.6 | % | |||||
Chemicals | 126,571 | 0.6 | % | |||||
Commercial Services & Supplies | 136,291 | 0.7 | % | |||||
Communications Equipment | 65,797 | 0.4 | % | |||||
Construction & Engineering | 102,400 | 0.6 | % | |||||
Construction Materials | 10,828 | 0.1 | % | |||||
Consumer Finance | 55,171 | 0.3 | % | |||||
Containers & Packaging | 16,331 | 0.1 | % | |||||
Distributors | 5,028 | NM | ||||||
Diversified Consumer Services | 40,977 | 0.2 | % | |||||
Diversified Financial Services | 14,761 | 0.1 | % | |||||
Diversified Telecommunication Services | 48,432 | 0.3 | % | |||||
Electric Utilities | 45,451 | 0.2 | % | |||||
Electrical Equipment | 126,229 | 0.7 | % | |||||
Electronic Equipment, Instruments & Components | 169,218 | 0.9 | % | |||||
Energy Equipment & Services | 48,999 | 0.3 | % | |||||
Entertainment | 18,107 | 0.1 | % | |||||
Equity Real Estate Investment Trusts | 403,730 | 2.2 | % | |||||
Food & Staples Retailing | 55,873 | 0.3 | % | |||||
Food Products | 104,831 | 0.6 | % | |||||
Gas Utilities | 64,768 | 0.3 | % | |||||
Health Care Equipment & Supplies | 247,528 | 1.3 | % | |||||
Health Care Providers & Services | 197,068 | 1.1 | % | |||||
Health Care Technology | 89,316 | 0.5 | % | |||||
Hotels, Restaurants & Leisure | 266,809 | 1.6 | % | |||||
Household Durables | 144,538 | 0.8 | % | |||||
Household Products | 16,470 | 0.1 | % | |||||
Independent Power and Renewable Electricity Producers | 29,047 | 0.2 | % | |||||
Industrial Conglomerates | 3,474 | NM | ||||||
Insurance | 148,428 | 0.8 | % | |||||
Interactive Media & Services | 29,174 | 0.2 | % | |||||
Internet & Direct Marketing Retail | 57,852 | 0.3 | % | |||||
IT Services | 145,819 | 0.8 | % | |||||
Leisure Products | 49,379 | 0.3 | % | |||||
Life Sciences Tools & Services | 65,607 | 0.4 | % | |||||
Machinery | 274,515 | 1.5 | % | |||||
Marine | 9,883 | 0.1 | % | |||||
Media | 63,986 | 0.2 | % | |||||
Metals & Mining | 123,774 | 0.7 | % | |||||
Mortgage Real Estate Investment Trusts | 91,323 | 0.5 | % | |||||
Multiline Retail | 16,665 | 0.1 | % | |||||
Multi-Utilities | 30,273 | 0.2 | % | |||||
Oil, Gas & Consumable Fuels | 107,132 | 0.5 | % | |||||
Paper & Forest Products | 34,070 | 0.2 | % | |||||
Personal Products | 26,365 | 0.1 | % | |||||
Pharmaceuticals | 118,267 | 0.6 | % | |||||
Professional Services | 90,913 | 0.5 | % | |||||
Real Estate Management & Development | 66,672 | 0.4 | % | |||||
Road & Rail | 38,168 | 0.2 | % | |||||
Semiconductors & Semiconductor Equipment | 214,307 | 1.2 | % | |||||
Software | 429,737 | 2.3 | % | |||||
Specialty Retail | 192,624 | 1.0 | % | |||||
Technology Hardware, Storage & Peripherals | 15,188 | 0.1 | % | |||||
Textiles, Apparel & Luxury Goods | 69,643 | 0.4 | % | |||||
Thrifts & Mortgage Finance | 130,209 | 0.7 | % | |||||
Tobacco | 9,859 | 0.1 | % | |||||
Trading Companies & Distributors | 103,078 | 0.6 | % | |||||
Water Utilities | 30,594 | 0.2 | % | |||||
Wireless Telecommunication Services | 9,931 | 0.1 | % | |||||
Other** | 11,081,921 | 60.2 | % | |||||
Total | $ | 18,385,429 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 261
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 16,132,108 | ||
Securities, at value(a) | 7,359,504 | |||
Repurchase agreements, at value | 11,238,000 | |||
Total Investment Securities, at value | 18,597,504 | |||
Cash | 239 | |||
Segregated cash balances for swap agreements with custodian | 938 | |||
Dividends and interest receivable | 6,611 | |||
Receivable for investments sold | 17,496 | |||
Prepaid expenses | 52 | |||
TOTAL ASSETS | 18,622,840 | |||
LIABILITIES: | ||||
Payable for investments purchased | 10,693 | |||
Payable for capital shares redeemed | 5,383 | |||
Payable for collateral for securities loaned | 55,996 | |||
Unrealized depreciation on swap agreements | 126,732 | |||
Advisory fees payable | 9,868 | |||
Management services fees payable | 1,316 | |||
Administration fees payable | 1,147 | |||
Administrative services fees payable | 7,365 | |||
Distribution fees payable | 8,394 | |||
Transfer agency fees payable | 963 | |||
Fund accounting fees payable | 1,247 | |||
Compliance services fees payable | 71 | |||
Other accrued expenses | 8,236 | |||
TOTAL LIABILITIES | 237,411 | |||
NET ASSETS | $ | 18,385,429 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 15,295,604 | ||
Total distributable earnings (loss) | 3,089,825 | |||
NET ASSETS | $ | 18,385,429 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 461,666 | |||
Net Asset Value (offering and redemption price per share) | $ | 39.82 | ||
(a) Includes securities on loan valued at: | $ | 53,147 |
Statement of Operations
For the year ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 63,616 | ||
Interest | 20,865 | |||
Foreign tax withholding | (67 | ) | ||
Income from securities lending | 1,738 | |||
TOTAL INVESTMENT INCOME | 86,152 | |||
EXPENSES: | ||||
Advisory fees | 77,997 | |||
Management services fees | 10,399 | |||
Administration fees | 9,124 | |||
Transfer agency fees | 7,302 | |||
Administrative services fees | 22,932 | |||
Distribution fees | 25,999 | |||
Custody fees | 1,533 | |||
Fund accounting fees | 10,343 | |||
Trustee fees | 224 | |||
Compliance services fees | 118 | |||
Licensing fees | 11,155 | |||
Other fees | 12,199 | |||
Total Gross Expenses before reductions | 189,325 | |||
Expenses reduced and reimbursed by the Advisor | (14,612 | ) | ||
TOTAL NET EXPENSES | 174,713 | |||
NET INVESTMENT INCOME (LOSS) | (88,561 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 290,358 | |||
Net realized gains (losses) on futures contracts | 8,691 | |||
Net realized gains (losses) on swap agreements | 558,419 | |||
Change in net unrealized appreciation/depreciation on investment securities | 907,696 | |||
Change in net unrealized appreciation/depreciation on futures contracts | (7,409 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (126,911 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 1,630,844 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,542,283 |
See accompanying notes to financial statements.
262 :: ProFund VP Small-Cap :: Financial Statements
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (88,561 | ) | $ | 3,983 | |||
Net realized gains (losses) on investments | 857,468 | 1,315,694 | ||||||
Change in net unrealized appreciation/depreciation on investments | 773,376 | 988,613 | ||||||
Change in net assets resulting from operations | 1,542,283 | 2,308,290 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (377,359 | ) | — | |||||
Change in net assets resulting from distributions | (377,359 | ) | — | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 26,159,780 | 18,202,042 | ||||||
Distributions reinvested | 377,359 | — | ||||||
Value of shares redeemed | (25,391,616 | ) | (14,737,883 | ) | ||||
Change in net assets resulting from capital transactions | 1,145,523 | 3,464,159 | ||||||
Change in net assets | 2,310,447 | 5,772,449 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 16,074,982 | 10,302,533 | ||||||
End of period | $ | 18,385,429 | $ | 16,074,982 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 799,907 | 546,273 | ||||||
Reinvested | 11,716 | — | ||||||
Redeemed | (804,043 | ) | (451,947 | ) | ||||
Change in shares | 7,580 | 94,326 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Small-Cap :: 263
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 35.40 | $ | 28.64 | $ | 35.03 | $ | 35.32 | $ | 29.58 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.28 | ) | 0.01 | (0.04 | ) | (0.29 | ) | (0.29 | ) | |||||||||||
Net realized and unrealized gains (losses) on investments | 6.01 | 6.75 | (3.99 | ) | 4.63 | 6.03 | ||||||||||||||
Total income (loss) from investment activities | 5.73 | 6.76 | (4.03 | ) | 4.34 | 5.74 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.02 | ) | — | — | — | — | ||||||||||||||
Net realized gains on investments | (1.29 | ) | — | (2.36 | ) | (4.63 | ) | — | ||||||||||||
Total distributions | (1.31 | ) | — | (2.36 | ) | (4.63 | ) | — | ||||||||||||
Net Asset Value, End of Period | $ | 39.82 | $ | 35.40 | $ | 28.64 | $ | 35.03 | $ | 35.32 | ||||||||||
Total Return | 17.06 | % | 23.60 | % | (12.89 | )% | 12.43 | % | 19.44 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.82 | % | 1.74 | % | 1.76 | % | 1.72 | % | 1.76 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (0.85 | )% | 0.03 | % | (0.10 | )% | (0.81 | )% | (0.94 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 18,385 | $ | 16,075 | $ | 10,303 | $ | 14,191 | $ | 21,225 | ||||||||||
Portfolio turnover rate(b) | 26 | % | 22 | % | 18 | % | 12 | % | 14 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
264 :: ProFund VP Small-Cap Growth :: Management Discussion of Fund Performance
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, 2020, the Fund had a total return of 17.39%. For the same period, the Index had a total return of 19.60%1 and a volatility of 42.90%. 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Small-Cap Growth | 17.39 | % | 12.35 | % | 11.46 | % | ||||||
S&P Small Cap 600® Growth Index | 19.60 | % | 14.28 | % | 13.43 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Small-Cap Growth | 1.73 | % | 1.68 | % | ||||
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | |||
NeoGenomics, Inc. | 1.4 | % | ||
Cleveland-Cliffs, Inc. | 1.3 | % | ||
YETI Holdings, Inc. | 1.2 | % | ||
Omnicell, Inc. | 1.2 | % | ||
Brooks Automation, Inc. | 1.1 | % |
S&P SmallCap 600® Growth Index – Composition
% of Index | ||||
Information Technology | 21 | % | ||
Health Care | 18 | % | ||
Industrials | 17 | % | ||
Consumer Discretionary | 15 | % | ||
Financials | 9 | % | ||
Real Estate | 5 | % | ||
Materials | 5 | % | ||
Consumer Staples | 4 | % | ||
Communication Services | 3 | % | ||
Energy | 2 | % | ||
Utilities | 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.
Financial Statements :: ProFund VP Small-Cap Growth :: 265
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (100.4%)
Shares | Value | |||||||
3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | 2,983 | $ | 31,262 | |||||
8x8, Inc.* (Software) | 5,435 | 187,344 | ||||||
AAON, Inc. (Building Products) | 2,082 | 138,724 | ||||||
Addus Homecare Corp.* (Health Care Providers & Services) | 767 | 89,808 | ||||||
Advanced Energy Industries, Inc.* (Semiconductors & Semiconductor Equipment) | 1,957 | 189,770 | ||||||
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense) | 1,653 | 87,361 | ||||||
AeroVironment, Inc.* (Aerospace & Defense) | 1,121 | 97,416 | ||||||
Agilysys, Inc.* (Software) | 1,037 | 39,800 | ||||||
Agree Realty Corp. (Equity Real Estate Investment Trusts) | 1,415 | 94,210 | ||||||
Alamo Group, Inc. (Machinery) | 504 | 69,527 | ||||||
Alarm.com Holdings, Inc.* (Software) | 2,284 | 236,280 | ||||||
Albany International Corp.—Class A (Machinery) | 785 | 57,635 | ||||||
Allegiant Travel Co. (Airlines) | 295 | 55,826 | ||||||
Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | 8,076 | 116,617 | ||||||
Ambac Financial Group, Inc.* (Insurance) | 796 | 12,242 | ||||||
American Public Education, Inc.* (Diversified Consumer Services) | 424 | 12,924 | ||||||
American States Water Co. (Water Utilities) | 1,018 | 80,941 | ||||||
American Vanguard Corp. (Chemicals) | 613 | 9,514 | ||||||
American Woodmark Corp.* (Building Products) | 461 | 43,265 | ||||||
America’s Car-Mart, Inc.* (Specialty Retail) | 201 | 22,078 | ||||||
AMERISAFE, Inc. (Insurance) | 365 | 20,962 | ||||||
AMN Healthcare Services, Inc.* (Health Care Providers & Services) | 1,515 | 103,399 | ||||||
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | 1,216 | 24,454 | ||||||
AngioDynamics, Inc.* (Health Care Equipment & Supplies) | 679 | 10,409 | ||||||
ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | 177 | 5,140 | ||||||
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies) | 290 | 13,125 | ||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 1,209 | 94,290 | ||||||
Arconic Corp.* (Metals & Mining) | 2,781 | 82,874 | ||||||
Arcosa, Inc. (Construction & Engineering) | 1,332 | 73,167 | ||||||
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 4,041 | 31,479 | ||||||
Astec Industries, Inc. (Machinery) | 705 | 40,805 | ||||||
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 1,113 | 32,411 | ||||||
Axos Financial, Inc.*—Class I (Thrifts & Mortgage Finance) | 2,626 | 98,554 | ||||||
AZZ, Inc. (Electrical Equipment) | 746 | 35,390 | ||||||
B&G Foods, Inc.(a)—Class A (Food Products) | 3,284 | 91,064 | ||||||
Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | 1,488 | 139,962 | ||||||
Balchem Corp. (Chemicals) | 1,654 | 190,573 | ||||||
BancFirst Corp. (Banks) | 467 | 27,413 | ||||||
Berkshire Hills Bancorp, Inc. (Banks) | 832 | 14,244 | ||||||
Big Lots, Inc. (Multiline Retail) | 1,826 | 78,390 | ||||||
BioTelemetry, Inc.* (Health Care Providers & Services) | 1,751 | 126,212 | ||||||
Blucora, Inc.* (Capital Markets) | 1,081 | 17,199 | ||||||
Bonanza Creek Energy, Inc.* (Oil, Gas & Consumable Fuels) | 948 | 18,325 | ||||||
Boot Barn Holdings, Inc.* (Specialty Retail) | 885 | 38,374 | ||||||
Bottomline Technologies, Inc.* (Software) | 1,203 | 63,446 | ||||||
Brady Corp.—Class A (Commercial Services & Supplies) | 966 | 51,024 | ||||||
Brightsphere Investment Group, Inc. (Capital Markets) | 3,062 | 59,035 | ||||||
Brinker International, Inc. (Hotels, Restaurants & Leisure) | 1,250 | 70,713 | ||||||
Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment) | 3,774 | 256,065 | ||||||
CalAmp Corp.* (Communications Equipment) | 717 | 7,113 | ||||||
Calavo Growers, Inc. (Food Products) | 348 | 24,162 | ||||||
California Water Service Group (Water Utilities) | 1,503 | 81,207 | ||||||
Callaway Golf Co. (Leisure Products) | 2,792 | 67,036 | ||||||
Cal-Maine Foods, Inc.* (Food Products) | 1,127 | 42,308 | ||||||
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies) | 1,046 | 45,773 | ||||||
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | 2,495 | 55,339 | ||||||
Cavco Industries, Inc.* (Household Durables) | 253 | 44,389 | ||||||
Centerspace (Equity Real Estate Investment Trusts) | 378 | 26,702 | ||||||
Central Garden & Pet Co.* (Household Products) | 304 | 11,737 | ||||||
Central Garden & Pet Co.*—Class A (Household Products) | 1,215 | 44,141 | ||||||
Century Aluminum Co.* (Metals & Mining) | 1,538 | 16,964 | ||||||
Century Communities, Inc.* (Household Durables) | 1,483 | 64,926 | ||||||
CEVA, Inc.* (Semiconductors & Semiconductor Equipment) | 1,138 | 51,779 | ||||||
Chart Industries, Inc.* (Machinery) | 1,805 | 212,611 | ||||||
Chesapeake Utilities Corp. (Gas Utilities) | 455 | 49,236 | ||||||
Cincinnati Bell, Inc.* (Diversified Telecommunication Services) | 2,591 | 39,590 | ||||||
CIRCOR International, Inc.* (Machinery) | 368 | 14,146 | ||||||
City Holding Co. (Banks) | 371 | 25,803 | ||||||
Cleveland-Cliffs, Inc. (Metals & Mining) | 20,407 | 297,126 | ||||||
Coca-Cola Consolidated, Inc. (Beverages) | 102 | 27,160 | ||||||
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | 1,354 | 81,064 | ||||||
Coherus Biosciences, Inc.* (Biotechnology) | 3,241 | 56,329 |
See accompanying notes to financial statements.
266 :: ProFund VP Small-Cap Growth :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Cohu, Inc. (Semiconductors & Semiconductor Equipment) | 2,145 | $ | 81,896 | |||||
Comfort Systems USA, Inc. (Construction & Engineering) | 1,860 | 97,947 | ||||||
Community Bank System, Inc. (Banks) | 1,287 | 80,193 | ||||||
Community Health Systems, Inc.* (Health Care Providers & Services) | 5,748 | 42,708 | ||||||
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts) | 1,126 | 53,046 | ||||||
Computer Programs & Systems, Inc. (Health Care Technology) | 303 | 8,133 | ||||||
CONMED Corp. (Health Care Equipment & Supplies) | 819 | 91,728 | ||||||
Corcept Therapeutics, Inc.* (Pharmaceuticals) | 5,344 | 139,798 | ||||||
Core Laboratories N.V. (Energy Equipment & Services) | 910 | 24,124 | ||||||
CorVel Corp.* (Health Care Providers & Services) | 299 | 31,694 | ||||||
Covetrus, Inc.* (Health Care Providers & Services) | 3,040 | 87,370 | ||||||
Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | 3,450 | 216,177 | ||||||
CryoLife, Inc.* (Health Care Equipment & Supplies) | 1,053 | 24,861 | ||||||
CSG Systems International, Inc. (IT Services) | 842 | 37,949 | ||||||
CTS Corp. (Electronic Equipment, Instruments & Components) | 875 | 30,039 | ||||||
Cubic Corp. (Aerospace & Defense) | 822 | 50,997 | ||||||
Cutera, Inc.* (Health Care Equipment & Supplies) | 397 | 9,572 | ||||||
CVB Financial Corp. (Banks) | 2,670 | 52,065 | ||||||
Cytokinetics, Inc.* (Biotechnology) | 3,617 | 75,161 | ||||||
Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals) | 1,867 | 19,902 | ||||||
Digi International, Inc.* (Communications Equipment) | 867 | 16,386 | ||||||
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | 840 | 48,720 | ||||||
Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | 2,154 | 151,857 | ||||||
DMC Global, Inc. (Machinery) | 755 | 32,654 | ||||||
Donnelley Financial Solutions, Inc.* (Capital Markets) | 668 | 11,336 | ||||||
Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels) | 979 | 11,934 | ||||||
Dorman Products, Inc.* (Auto Components) | 1,469 | 127,539 | ||||||
DSP Group, Inc.* (Semiconductors & Semiconductor Equipment) | 584 | 9,689 | ||||||
Eagle Pharmaceuticals, Inc.* (Biotechnology) | 213 | 9,919 | ||||||
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts) | 1,785 | 40,430 | ||||||
Ebix, Inc. (Software) | 1,203 | 45,678 | ||||||
Echo Global Logistics, Inc.* (Air Freight & Logistics) | 693 | 18,586 | ||||||
eHealth, Inc.* (Insurance) | 1,324 | 93,488 | ||||||
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure) | 504 | 9,122 | ||||||
Enanta Pharmaceuticals, Inc.* (Biotechnology) | 384 | 16,166 | ||||||
Endo International PLC* (Pharmaceuticals) | 7,181 | 51,560 | ||||||
Enerpac Tool Group Corp. (Machinery) | 1,254 | 28,353 | ||||||
ESCO Technologies, Inc. (Machinery) | 785 | 81,028 | ||||||
Essential Properties Realty Trust, Inc. (Real Estate Management & Development) | 5,350 | 113,420 | ||||||
EVERTEC, Inc. (IT Services) | 3,050 | 119,926 | ||||||
ExlService Holdings, Inc.* (IT Services) | 1,728 | 147,104 | ||||||
Exponent, Inc. (Professional Services) | 2,639 | 237,588 | ||||||
Extreme Networks, Inc.* (Communications Equipment) | 2,767 | 19,065 | ||||||
Fabrinet* (Electronic Equipment, Instruments & Components) | 1,171 | 90,858 | ||||||
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 529 | 37,363 | ||||||
Federal Signal Corp. (Machinery) | 3,093 | 102,595 | ||||||
Ferro Corp.* (Chemicals) | 1,473 | 21,550 | ||||||
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance) | 1,451 | 59,143 | ||||||
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | 3,955 | 170,144 | ||||||
Forrester Research, Inc.* (Professional Services) | 562 | 23,548 | ||||||
Forward Air Corp. (Air Freight & Logistics) | 1,406 | 108,037 | ||||||
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | 1,293 | 11,210 | ||||||
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | 2,102 | 62,577 | ||||||
Franklin Electric Co., Inc. (Machinery) | 1,960 | 135,652 | ||||||
Fulgent Genetics, Inc.*(a) (Health Care Providers & Services) | 670 | 34,907 | ||||||
FutureFuel Corp. (Chemicals) | 555 | 7,049 | ||||||
GameStop Corp.*(a)—Class A (Specialty Retail) | 1,315 | 24,775 | ||||||
GCP Applied Technologies, Inc.* (Chemicals) | 1,282 | 30,319 | ||||||
Gentherm, Inc.* (Auto Components) | 1,103 | 71,938 | ||||||
Getty Realty Corp. (Equity Real Estate Investment Trusts) | 864 | 23,795 | ||||||
Gibraltar Industries, Inc.* (Building Products) | 1,663 | 119,636 | ||||||
Glaukos Corp.* (Health Care Equipment & Supplies) | 1,471 | 110,707 | ||||||
Glu Mobile, Inc.* (Entertainment) | 7,562 | 68,134 | ||||||
Great Western Bancorp, Inc. (Banks) | 957 | 20,001 | ||||||
Green Dot Corp.*—Class A (Consumer Finance) | 2,734 | 152,557 | ||||||
Greenhill & Co., Inc. (Capital Markets) | 437 | 5,305 | ||||||
H.B. Fuller Co. (Chemicals) | 1,349 | 69,986 | ||||||
Hanger, Inc.* (Health Care Providers & Services) | 1,188 | 26,124 | ||||||
Harmonic, Inc.* (Communications Equipment) | 2,399 | 17,729 | ||||||
Haverty Furniture Cos., Inc. (Specialty Retail) | 384 | 10,625 | ||||||
Hawkins, Inc. (Chemicals) | 267 | 13,967 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Growth :: 267
Common Stocks, continued
Shares | Value | |||||||
HCI Group, Inc. (Insurance) | 315 | $ | 16,475 | |||||
HealthStream, Inc.* (Health Care Technology) | 492 | 10,745 | ||||||
Heartland Express, Inc. (Road & Rail) | 1,234 | 22,335 | ||||||
Heska Corp.* (Health Care Equipment & Supplies) | 454 | 66,125 | ||||||
Hibbett Sports, Inc.* (Specialty Retail) | 848 | 39,161 | ||||||
Hillenbrand, Inc. (Machinery) | 2,523 | 100,415 | ||||||
HMS Holdings Corp.* (Health Care Technology) | 4,526 | 166,331 | ||||||
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | 592 | 17,846 | ||||||
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 2,376 | 31,910 | ||||||
Independent Bank Corp. (Banks) | 607 | 44,335 | ||||||
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts) | 1,502 | 34,982 | ||||||
Innospec, Inc. (Chemicals) | 477 | 43,278 | ||||||
Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts) | 1,134 | 207,668 | ||||||
Innoviva, Inc.* (Pharmaceuticals) | 3,214 | 39,821 | ||||||
Inogen, Inc.* (Health Care Equipment & Supplies) | 394 | 17,604 | ||||||
Installed Building Products, Inc.* (Household Durables) | 1,158 | 118,035 | ||||||
Insteel Industries, Inc. (Building Products) | 404 | 8,997 | ||||||
Integer Holdings Corp.* (Health Care Equipment & Supplies) | 672 | 54,560 | ||||||
Inter Parfums, Inc. (Personal Products) | 397 | 24,015 | ||||||
Invesco Mortgage Capital, Inc.(a) (Mortgage Real Estate Investment Trusts) | 3,431 | 11,597 | ||||||
Iridium Communications, Inc.* (Diversified Telecommunication Services) | 3,657 | 143,812 | ||||||
iRobot Corp.* (Household Durables) | 1,438 | 115,457 | ||||||
Itron, Inc.* (Electronic Equipment, Instruments & Components) | 1,073 | 102,902 | ||||||
J & J Snack Foods Corp. (Food Products) | 329 | 51,117 | ||||||
James River Group Holdings, Ltd. (Insurance) | 626 | 30,768 | ||||||
John Bean Technologies Corp. (Machinery) | 990 | 112,731 | ||||||
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | 1,079 | 43,764 | ||||||
Korn Ferry (Professional Services) | 1,107 | 48,155 | ||||||
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment) | 1,553 | 49,401 | ||||||
La-Z-Boy, Inc. (Household Durables) | 1,203 | 47,928 | ||||||
LCI Industries (Auto Components) | 1,286 | 166,768 | ||||||
Lemaitre Vascular, Inc. (Health Care Equipment & Supplies) | 863 | 34,952 | ||||||
Lexington Realty Trust (Equity Real Estate Investment Trusts) | 5,096 | 54,120 | ||||||
LGI Homes, Inc.* (Household Durables) | 1,129 | 119,504 | ||||||
Lindsay Corp. (Machinery) | 333 | 42,777 | ||||||
Liquidity Services, Inc.* (Internet & Direct Marketing Retail) | 885 | 14,080 | ||||||
Livent Corp.* (Chemicals) | 7,478 | 140,886 | ||||||
LivePerson, Inc.* (Software) | 3,179 | 197,829 | ||||||
LTC Properties, Inc. (Equity Real Estate Investment Trusts) | 782 | 30,428 | ||||||
Lumber Liquidators Holdings, Inc.* (Specialty Retail) | 1,476 | 45,372 | ||||||
Luminex Corp. (Life Sciences Tools & Services) | 2,212 | 51,141 | ||||||
Lydall, Inc.* (Machinery) | 396 | 11,892 | ||||||
M.D.C Holdings, Inc. (Household Durables) | 1,546 | 75,136 | ||||||
ManTech International Corp.—Class A (IT Services) | 945 | 84,048 | ||||||
Marcus & Millichap, Inc.* (Real Estate Management & Development) | 565 | 21,035 | ||||||
MarineMax, Inc.* (Specialty Retail) | 1,128 | 39,514 | ||||||
Marten Transport, Ltd. (Road & Rail) | 3,001 | 51,707 | ||||||
Matador Resources Co.* (Oil, Gas & Consumable Fuels) | 2,414 | 29,113 | ||||||
Materion Corp. (Metals & Mining) | 394 | 25,106 | ||||||
Matson, Inc. (Marine) | 2,202 | 125,448 | ||||||
MAX Holdings, Inc. (Real Estate Management & Development) | 398 | 14,459 | ||||||
MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | 3,450 | 131,756 | ||||||
Medifast, Inc. (Personal Products) | 602 | 118,197 | ||||||
MEDNAX, Inc.* (Health Care Providers & Services) | 1,706 | 41,865 | ||||||
Meridian Bioscience, Inc.* (Health Care Equipment & Supplies) | 2,202 | 41,155 | ||||||
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | 2,498 | 138,665 | ||||||
Meritage Homes Corp.* (Household Durables) | 1,923 | 159,262 | ||||||
Mesa Laboratories, Inc. (Electronic Equipment, Instruments & Components) | 248 | 71,087 | ||||||
Meta Financial Group, Inc. (Thrifts & Mortgage Finance) | 957 | 34,988 | ||||||
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | 787 | 30,126 | ||||||
MGP Ingredients, Inc. (Beverages) | 357 | 16,800 | ||||||
MicroStrategy, Inc.*—Class A (Software) | 371 | 144,152 | ||||||
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure) | 333 | 20,386 | ||||||
Moog, Inc.—Class A (Aerospace & Defense) | 570 | 45,201 | ||||||
Mr. Cooper Group, Inc.* (Thrifts & Mortgage Finance) | 3,669 | 113,849 | ||||||
Mueller Industries, Inc. (Machinery) | 1,167 | 40,973 | ||||||
Myers Industries, Inc. (Containers & Packaging) | 714 | 14,837 | ||||||
MYR Group, Inc.* (Construction & Engineering) | 479 | 28,788 | ||||||
National Bank Holdings Corp. (Banks) | 986 | 32,301 | ||||||
National Beverage Corp.(a) (Beverages) | 596 | 50,600 | ||||||
National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | 1,942 | 69,970 | ||||||
NeoGenomics, Inc.* (Life Sciences Tools & Services) | 5,675 | 305,542 | ||||||
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts) | 645 | 27,290 | ||||||
NextGen Healthcare, Inc.* (Health Care Technology) | 1,331 | 24,277 | ||||||
NIC, Inc. (IT Services) | 3,426 | 88,494 | ||||||
NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance) | 4,335 | 98,188 | ||||||
Omnicell, Inc.* (Health Care Technology) | 2,162 | 259,483 | ||||||
OneSpan, Inc.* (Software) | 1,745 | 36,087 |
See accompanying notes to financial statements.
268 :: ProFund VP Small-Cap Growth :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment) | 2,496 | $ | 118,685 | |||||
OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | 2,347 | 24,843 | ||||||
Orthofix Medical, Inc.* (Health Care Equipment & Supplies) | 355 | 15,258 | ||||||
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | 452 | 42,135 | ||||||
Owens & Minor, Inc. (Health Care Providers & Services) | 1,954 | 52,856 | ||||||
Pacira BioSciences, Inc.* (Pharmaceuticals) | 2,221 | 132,905 | ||||||
Palomar Holdings, Inc.* (Insurance) | 1,108 | 98,435 | ||||||
Park Aerospace Corp. (Aerospace & Defense) | 374 | 5,015 | ||||||
Park National Corp. (Banks) | 399 | 41,899 | ||||||
Patrick Industries, Inc. (Building Products) | 1,123 | 76,757 | ||||||
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | 914 | 19,742 | ||||||
Perdoceo Education Corp.* (Diversified Consumer Services) | 1,559 | 19,690 | ||||||
Perficient, Inc.* (IT Services) | 1,687 | 80,386 | ||||||
PetMed Express, Inc.(a) (Internet & Direct Marketing Retail) | 1,036 | 33,214 | ||||||
PGT Innovations, Inc.* (Building Products) | 3,014 | 61,305 | ||||||
Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | 1,644 | 18,347 | ||||||
Piper Sandler Cos. (Capital Markets) | 435 | 43,892 | ||||||
Plantronics, Inc. (Communications Equipment) | 1,247 | 33,706 | ||||||
Plexus Corp.* (Electronic Equipment, Instruments & Components) | 840 | 65,696 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 3,059 | 250,409 | ||||||
PRA Group, Inc.* (Consumer Finance) | 2,330 | 92,408 | ||||||
PriceSmart, Inc. (Food & Staples Retailing) | 524 | 47,732 | ||||||
Progress Software Corp. (Software) | 1,499 | 67,740 | ||||||
Proto Labs, Inc.* (Machinery) | 1,367 | 209,698 | ||||||
Quaker Chemical Corp. (Chemicals) | 675 | 171,038 | ||||||
QuinStreet, Inc.* (Interactive Media & Services) | 2,488 | 53,343 | ||||||
R1 RCM, Inc.* (Health Care Providers & Services) | 5,963 | 143,231 | ||||||
RadNet, Inc.* (Health Care Providers & Services) | 1,073 | 20,999 | ||||||
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | 2,446 | 42,707 | ||||||
Range Resources Corp.* (Oil, Gas & Consumable Fuels) | 7,469 | 50,042 | ||||||
Raven Industries, Inc. (Industrial Conglomerates) | 769 | 25,446 | ||||||
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts) | 2,117 | 18,587 | ||||||
REGENXBIO, Inc.* (Biotechnology) | 1,530 | 69,401 | ||||||
Regis Corp.* (Diversified Consumer Services) | 434 | 3,988 | ||||||
Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels) | 2,010 | 142,348 | ||||||
Rent-A-Center, Inc. (Specialty Retail) | 2,492 | 95,419 | ||||||
Rogers Corp.* (Electronic Equipment, Instruments & Components) | 505 | 78,421 | ||||||
Ruth’s Hospitality Group, Inc. (Hotels, Restaurants & Leisure) | 603 | 10,691 | ||||||
Safehold, Inc. (Equity Real Estate Investment Trusts) | 732 | 53,063 | ||||||
Saia, Inc.* (Road & Rail) | 1,337 | 241,730 | ||||||
Saul Centers, Inc. (Equity Real Estate Investment Trusts) | 270 | 8,554 | ||||||
Select Medical Holdings Corp.* (Health Care Providers & Services) | 2,810 | 77,725 | ||||||
ServisFirst Bancshares, Inc. (Banks) | 2,398 | 96,616 | ||||||
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | 1,822 | 154,470 | ||||||
Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | 1,657 | 71,665 | ||||||
Shutterstock, Inc. (Internet & Direct Marketing Retail) | 1,130 | 81,021 | ||||||
Simulations Plus, Inc. (Health Care Technology) | 774 | 55,666 | ||||||
Sleep Number Corp.* (Specialty Retail) | 1,419 | 116,159 | ||||||
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | 18,818 | 56,078 | ||||||
Spectrum Pharmaceuticals, Inc.* (Biotechnology) | 4,104 | 13,995 | ||||||
SPS Commerce, Inc.* (Software) | 1,805 | 196,005 | ||||||
SPX Corp.* (Machinery) | 1,328 | 72,429 | ||||||
SPX FLOW, Inc.* (Machinery) | 820 | 47,527 | ||||||
Stamps.com, Inc.* (Internet & Direct Marketing Retail) | 932 | 182,850 | ||||||
Stepan Co. (Chemicals) | 589 | 70,279 | ||||||
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | 1,543 | 54,499 | ||||||
StoneX Group, Inc.* (Capital Markets) | 832 | 48,173 | ||||||
Sturm Ruger & Co., Inc. (Leisure Products) | 554 | 36,049 | ||||||
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | 2,693 | 67,756 | ||||||
Surmodics, Inc.* (Health Care Equipment & Supplies) | 447 | 19,453 | ||||||
Tabula Rasa Healthcare, Inc.* (Health Care Technology) | 1,108 | 47,467 | ||||||
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies) | 992 | 44,580 | ||||||
Tanger Factory Outlet Centers, Inc.(a) (Equity Real Estate Investment Trusts) | 1,673 | 16,663 | ||||||
TechTarget, Inc.* (Media) | 1,207 | 71,346 | ||||||
Tennant Co. (Machinery) | 434 | 30,454 | ||||||
The Buckle, Inc. (Specialty Retail) | 601 | 17,549 | ||||||
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | 750 | 27,795 | ||||||
The Ensign Group, Inc. (Health Care Providers & Services) | 2,606 | 190,029 | ||||||
The Pennant Group, Inc.* (Health Care Providers & Services) | 1,296 | 75,246 | ||||||
The Providence Service Corp.* (Health Care Providers & Services) | 631 | 87,476 | ||||||
The Simply Good Foods Co.* (Food Products) | 1,936 | 60,713 | ||||||
The St Joe Co. (Real Estate Management & Development) | 1,595 | 67,708 | ||||||
Titan International, Inc. (Machinery) | 1,159 | 5,633 | ||||||
Tivity Health, Inc.* (Health Care Providers & Services) | 1,263 | 24,742 | ||||||
Triumph Bancorp, Inc.* (Banks) | 1,156 | 56,124 | ||||||
Triumph Group, Inc. (Aerospace & Defense) | 933 | 11,718 | ||||||
Trupanion, Inc.* (Insurance) | 1,673 | 200,274 | ||||||
TTEC Holdings, Inc. (IT Services) | 932 | 67,971 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Growth :: 269
Common Stocks, continued
Shares | Value | |||||||
Tupperware Brands Corp.* (Household Durables) | 2,514 | $ | 81,428 | |||||
U.S. Ecology, Inc. (Commercial Services & Supplies) | 628 | 22,815 | ||||||
U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 361 | 43,410 | ||||||
UFP Industries, Inc. (Building Products) | 1,595 | 88,602 | ||||||
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 2,070 | 64,481 | ||||||
UniFirst Corp. (Commercial Services & Supplies) | 405 | 85,735 | ||||||
Unisys Corp.* (IT Services) | 1,418 | 27,906 | ||||||
United Natural Foods, Inc.* (Food & Staples Retailing) | 1,519 | 24,258 | ||||||
Uniti Group, Inc. (Equity Real Estate Investment Trusts) | 7,614 | 89,312 | ||||||
Universal Electronics, Inc.* (Household Durables) | 288 | 15,108 | ||||||
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts) | 301 | 19,345 | ||||||
USANA Health Sciences, Inc.* (Personal Products) | 393 | 30,300 | ||||||
Vanda Pharmaceuticals, Inc.* (Biotechnology) | 1,426 | 18,738 | ||||||
Vector Group, Ltd. (Tobacco) | 3,253 | 37,897 | ||||||
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | 1,395 | 24,217 | ||||||
Viad Corp. (Commercial Services & Supplies) | 429 | 15,517 | ||||||
Viavi Solutions, Inc.* (Communications Equipment) | 11,704 | 175,267 | ||||||
Vicor Corp.* (Electrical Equipment) | 1,079 | 99,506 | ||||||
Virtus Investment Partners, Inc. (Capital Markets) | 366 | 79,421 | ||||||
Virtusa Corp.* (IT Services) | 1,456 | 74,445 | ||||||
Vista Outdoor, Inc.* (Leisure Products) | 2,976 | 70,710 | ||||||
Vonage Holdings Corp.* (Diversified Telecommunication Services) | 11,931 | 153,611 | ||||||
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance) | 1,484 | 136,558 | ||||||
Watts Water Technologies, Inc.—Class A (Machinery) | 912 | 110,990 | ||||||
WD-40 Co. (Household Products) | 698 | 185,445 | ||||||
Westamerica Bancorp (Banks) | 632 | 34,943 | ||||||
Winnebago Industries, Inc. (Automobiles) | 879 | 52,687 | ||||||
WisdomTree Investments, Inc. (Capital Markets) | 2,397 | 12,824 | ||||||
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | 1,594 | 49,813 | ||||||
World Acceptance Corp.* (Consumer Finance) | 138 | 14,106 | ||||||
Xencor, Inc.* (Biotechnology) | 2,936 | 128,097 | ||||||
Xperi Holding Corp. (Software) | 3,404 | 71,144 | ||||||
YETI Holdings, Inc.* (Leisure Products) | 3,828 | 262,103 | ||||||
Zumiez, Inc.* (Specialty Retail) | 598 | 21,994 | ||||||
Zynex, Inc.*(a) (Health Care Equipment & Supplies) | 995 | 13,393 | ||||||
TOTAL COMMON STOCKS (Cost $14,890,939) | 22,616,516 | |||||||
Collateral for Securities Loaned (1.0%) | ||||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(b) | 223,328 | 223,328 | ||||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(b) | 936 | 936 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(b) | 4,075 | 4,075 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $228,339) | 228,339 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $15,119,278)—101.4% | 22,844,855 | |||||||
Net other assets (liabilities)—(1.4)% | (315,156 | ) | ||||||
NET ASSETS—100.0% | $ | 22,529,699 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $220,650. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
See accompanying notes to financial statements.
270 :: ProFund VP Small-Cap Growth :: Financial Statements
ProFund VP Small-Cap Growth invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 297,708 | 1.3 | % | ||||
Air Freight & Logistics | 126,623 | 0.6 | % | |||||
Airlines | 55,826 | 0.2 | % | |||||
Auto Components | 366,245 | 1.6 | % | |||||
Automobiles | 52,687 | 0.2 | % | |||||
Banks | 525,937 | 2.3 | % | |||||
Beverages | 94,560 | 0.4 | % | |||||
Biotechnology | 387,806 | 1.7 | % | |||||
Building Products | 537,286 | 2.4 | % | |||||
Capital Markets | 277,185 | 1.2 | % | |||||
Chemicals | 768,439 | 3.4 | % | |||||
Commercial Services & Supplies | 175,091 | 0.8 | % | |||||
Communications Equipment | 269,266 | 1.2 | % | |||||
Construction & Engineering | 199,902 | 0.9 | % | |||||
Consumer Finance | 259,071 | 1.1 | % | |||||
Containers & Packaging | 14,837 | 0.1 | % | |||||
Diversified Consumer Services | 36,602 | 0.2 | % | |||||
Diversified Telecommunication Services | 418,077 | 1.9 | % | |||||
Electrical Equipment | 134,896 | 0.6 | % | |||||
Electronic Equipment, Instruments & Components | 720,068 | 3.2 | % | |||||
Energy Equipment & Services | 24,124 | 0.1 | % | |||||
Entertainment | 68,134 | 0.3 | % | |||||
Equity Real Estate Investment Trusts | 999,404 | 4.4 | % | |||||
Food & Staples Retailing | 71,990 | 0.3 | % | |||||
Food Products | 269,364 | 1.1 | % | |||||
Gas Utilities | 49,236 | 0.2 | % | |||||
Health Care Equipment & Supplies | 776,763 | 3.4 | % | |||||
Health Care Providers & Services | 1,299,801 | 5.8 | % | |||||
Health Care Technology | 688,719 | 3.1 | % | |||||
Hotels, Restaurants & Leisure | 341,897 | 1.5 | % | |||||
Household Durables | 841,173 | 3.8 | % | |||||
Household Products | 241,323 | 1.1 | % | |||||
Industrial Conglomerates | 25,446 | 0.1 | % | |||||
Insurance | 472,644 | 2.1 | % | |||||
Interactive Media & Services | 53,343 | 0.2 | % | |||||
Internet & Direct Marketing Retail | 311,165 | 1.4 | % | |||||
IT Services | 728,229 | 3.2 | % | |||||
Leisure Products | 435,898 | 1.9 | % | |||||
Life Sciences Tools & Services | 356,683 | 1.6 | % | |||||
Machinery | 1,560,525 | 6.9 | % | |||||
Marine | 125,448 | 0.6 | % | |||||
Media | 71,346 | 0.3 | % | |||||
Metals & Mining | 422,070 | 1.9 | % | |||||
Mortgage Real Estate Investment Trusts | 30,184 | 0.1 | % | |||||
Multiline Retail | 78,390 | 0.3 | % | |||||
Oil, Gas & Consumable Fuels | 307,840 | 1.4 | % | |||||
Personal Products | 172,512 | 0.8 | % | |||||
Pharmaceuticals | 461,434 | 2.0 | % | |||||
Professional Services | 309,291 | 1.4 | % | |||||
Real Estate Management & Development | 216,622 | 1.0 | % | |||||
Road & Rail | 315,772 | 1.4 | % | |||||
Semiconductors & Semiconductor Equipment | 1,681,202 | 7.6 | % | |||||
Software | 1,285,505 | 5.7 | % | |||||
Specialty Retail | 471,020 | 2.1 | % | |||||
Technology Hardware, Storage & Peripherals | 51,164 | 0.2 | % | |||||
Textiles, Apparel & Luxury Goods | 375,463 | 1.7 | % | |||||
Thrifts & Mortgage Finance | 541,280 | 2.5 | % | |||||
Tobacco | 37,897 | 0.2 | % | |||||
Trading Companies & Distributors | 94,290 | 0.4 | % | |||||
Water Utilities | 162,148 | 0.7 | % | |||||
Wireless Telecommunication Services | 71,665 | 0.3 | % | |||||
Other** | (86,817 | ) | (0.4 | )% | ||||
Total | $ | 22,529,699 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Growth :: 271
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 15,119,278 | ||
Securities, at value(a) | 22,844,855 | |||
Total Investment Securities, at value | 22,844,855 | |||
Dividends receivable | 17,491 | |||
Prepaid expenses | 1,380 | |||
TOTAL ASSETS | 22,863,726 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 14,542 | |||
Cash overdraft | 46,993 | |||
Payable for collateral for securities loaned | 228,339 | |||
Advisory fees payable | 13,787 | |||
Management services fees payable | 1,838 | |||
Administration fees payable | 1,453 | |||
Administrative services fees payable | 6,701 | |||
Distribution fees payable | 7,244 | |||
Transfer agency fees payable | 1,220 | |||
Fund accounting fees payable | 928 | |||
Compliance services fees payable | 103 | |||
Other accrued expenses | 10,879 | |||
TOTAL LIABILITIES | 334,027 | |||
NET ASSETS | $ | 22,529,699 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 14,502,248 | ||
Total distributable earnings (loss) | 8,027,451 | |||
NET ASSETS | $ | 22,529,699 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 616,174 | |||
Net Asset Value (offering and redemption price per share) | $ | 36.56 | ||
(a) Includes securities on loan valued at: | $ | 220,650 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 165,558 | ||
Interest | 97 | |||
Foreign tax withholding | (4 | ) | ||
Income from securities lending | 1,836 | |||
TOTAL INVESTMENT INCOME | 167,487 | |||
EXPENSES: | ||||
Advisory fees | 127,312 | |||
Management services fees | 16,975 | |||
Administration fees | 15,442 | |||
Transfer agency fees | 12,372 | |||
Administrative services fees | 48,018 | |||
Distribution fees | 42,437 | |||
Custody fees | 3,145 | |||
Fund accounting fees | 9,664 | |||
Trustee fees | 353 | |||
Compliance services fees | 202 | |||
Other fees | 20,237 | |||
Total Gross Expenses before reductions | 296,157 | |||
Expenses reduced and reimbursed by the Advisor | (10,978 | ) | ||
TOTAL NET EXPENSES | 285,179 | |||
NET INVESTMENT INCOME (LOSS) | (117,692 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 1,051,766 | |||
Change in net unrealized appreciation/depreciation on investment securities | 2,590,035 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 3,641,801 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,524,109 |
See accompanying notes to financial statements.
272 :: ProFund VP Small-Cap Growth :: Financial Statements
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (117,692 | ) | $ | (97,507 | ) | ||
Net realized gains (losses) on investments | 1,051,766 | 2,756,016 | ||||||
Change in net unrealized appreciation/depreciation on investments | 2,590,035 | 397,217 | ||||||
Change in net assets resulting from operations | 3,524,109 | 3,055,726 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (2,419,892 | ) | (2,319,685 | ) | ||||
Change in net assets resulting from distributions | (2,419,892 | ) | (2,319,685 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 20,530,573 | 12,943,350 | ||||||
Distributions reinvested | 2,419,892 | 2,319,685 | ||||||
Value of shares redeemed | (19,595,112 | ) | (17,113,775 | ) | ||||
Change in net assets resulting from capital transactions | 3,355,353 | (1,850,740 | ) | |||||
Change in net assets | 4,459,570 | (1,114,699 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 18,070,129 | 19,184,828 | ||||||
End of period | $ | 22,529,699 | $ | 18,070,129 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 669,204 | 352,891 | ||||||
Reinvested | 79,733 | 70,357 | ||||||
Redeemed | (636,862 | ) | (474,445 | ) | ||||
Change in shares | 112,075 | (51,197 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Small-Cap Growth :: 273
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 35.85 | $ | 34.55 | $ | 39.34 | $ | 37.88 | $ | 33.35 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.22 | ) | (0.19 | ) | (0.32 | ) | (0.22 | ) | (0.15 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments | 5.52 | 6.37 | (1.42 | ) | 5.07 | 6.74 | ||||||||||||||
Total income (loss) from investment activities | 5.30 | 6.18 | (1.74 | ) | 4.85 | 6.59 | ||||||||||||||
Distributions to Shareholders From: | �� | |||||||||||||||||||
Net realized gains on investments | (4.59 | ) | (4.88 | ) | (3.05 | ) | (3.39 | ) | (2.06 | ) | ||||||||||
Net Asset Value, End of Period | $ | 36.56 | $ | 35.85 | $ | 34.55 | $ | 39.34 | $ | 37.88 | ||||||||||
Total Return | 17.39 | % | 19.12 | % | (5.75 | )% | 12.97 | % | 20.23 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.74 | % | 1.73 | % | 1.69 | % | 1.68 | % | 1.68 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (0.69 | )% | (0.51 | )% | (0.78 | )% | (0.56 | )% | (0.45 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 22,530 | $ | 18,070 | $ | 19,185 | $ | 25,788 | $ | 30,053 | ||||||||||
Portfolio turnover rate(b) | 148 | % | 108 | % | 155 | % | 134 | % | 220 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
274 :: 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, 2020, the Fund had a total return of 1.06%. For the same period, the Index had a return of 2.53%1 and a volatility of 47.56%. 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Small-Cap Value | 1.06 | % | 8.46 | % | 8.37 | % | ||||||
S&P SmallCap 600® Value Index | 2.53 | % | 10.31 | % | 10.34 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Small-Cap Value | 1.75 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | |||
Capri Holdings, Ltd. | 1.5 | % | ||
Macy’s, Inc. | 0.8 | % | ||
BankUnited, Inc. | 0.7 | % | ||
First Hawaiian, Inc. | 0.7 | % | ||
Resideo Technologies, Inc. | 0.7 | % |
S&P SmallCap 600® Value Index – Composition
% of Index | ||||
Financials | 24 | % | ||
Industrials | 18 | % | ||
Consumer Discretionary | 15 | % | ||
Real Estate | 10 | % | ||
Information Technology | 9 | % | ||
Health Care | 6 | % | ||
Materials | 6 | % | ||
Energy | 5 | % | ||
Consumer Staples | 3 | % | ||
Utilities | 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.
Financial Statements :: ProFund VP Small-Cap Value :: 275
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (100.0%)
Shares | Value | |||||||
3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | 3,338 | $ | 34,982 | |||||
AAR Corp. (Aerospace & Defense) | 1,684 | 60,994 | ||||||
Aaron’s Co., Inc. (The)* (Specialty Retail) | 1,703 | 32,289 | ||||||
Abercrombie & Fitch Co.—Class A (Specialty Retail) | 3,165 | 64,439 | ||||||
ABM Industries, Inc. (Commercial Services & Supplies) | 3,384 | 128,050 | ||||||
Acadia Realty Trust (Equity Real Estate Investment Trusts) | 4,378 | 62,124 | ||||||
ADTRAN, Inc. (Communications Equipment) | 2,433 | 35,935 | ||||||
AdvanSix, Inc.* (Chemicals) | 1,422 | 28,426 | ||||||
Aegion Corp.* (Construction & Engineering) | 1,562 | 29,662 | ||||||
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense) | 2,005 | 105,965 | ||||||
Agree Realty Corp. (Equity Real Estate Investment Trusts) | 1,405 | 93,545 | ||||||
Albany International Corp.—Class A (Machinery) | 779 | 57,194 | ||||||
Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts) | 3,671 | 63,068 | ||||||
Allegheny Technologies, Inc.* (Metals & Mining) | 6,435 | 107,916 | ||||||
Allegiance Bancshares, Inc. (Banks) | 955 | 32,594 | ||||||
Allegiant Travel Co. (Airlines) | 373 | 70,587 | ||||||
Ambac Financial Group, Inc.* (Insurance) | 1,535 | 23,608 | ||||||
AMC Networks, Inc.*(a)—Class A (Media) | 1,509 | 53,977 | ||||||
American Assets Trust, Inc. (Equity Real Estate Investment Trusts) | 2,538 | 73,297 | ||||||
American Axle & Manufacturing Holdings, Inc.* (Auto Components) | 5,747 | 47,930 | ||||||
American Equity Investment Life Holding Co. (Insurance) | 4,668 | 129,118 | ||||||
American Public Education, Inc.* (Diversified Consumer Services) | 331 | 10,089 | ||||||
American States Water Co. (Water Utilities) | 860 | 68,379 | ||||||
American Vanguard Corp. (Chemicals) | 744 | 11,547 | ||||||
American Woodmark Corp.* (Building Products) | 406 | 38,103 | ||||||
America’s Car-Mart, Inc.* (Specialty Retail) | 113 | 12,412 | ||||||
Ameris Bancorp (Banks) | 3,526 | 134,235 | ||||||
AMERISAFE, Inc. (Insurance) | 617 | 35,434 | ||||||
AMN Healthcare Services, Inc.* (Health Care Providers & Services) | 883 | 60,265 | ||||||
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | 650 | 13,072 | ||||||
AngioDynamics, Inc.* (Health Care Equipment & Supplies) | 1,251 | 19,178 | ||||||
ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | 312 | 9,060 | ||||||
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies) | 433 | 19,598 | ||||||
Apogee Enterprises, Inc. (Building Products) | 1,338 | 42,388 | ||||||
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | 6,549 | 73,152 | ||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 767 | 59,818 | ||||||
Applied Optoelectronics, Inc.*(a) (Communications Equipment) | 1,072 | 9,123 | ||||||
ArcBest Corp. (Road & Rail) | 1,289 | 55,001 | ||||||
Archrock, Inc. (Energy Equipment & Services) | 6,518 | 56,446 | ||||||
Arconic Corp.* (Metals & Mining) | 2,169 | 64,636 | ||||||
Arcosa, Inc. (Construction & Engineering) | 1,126 | 61,851 | ||||||
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts) | 2,940 | 32,987 | ||||||
ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts) | 3,285 | 35,445 | ||||||
Asbury Automotive Group, Inc.* (Specialty Retail) | 978 | 142,535 | ||||||
Assured Guaranty, Ltd. (Insurance) | 4,097 | 129,015 | ||||||
Astec Industries, Inc. (Machinery) | 447 | 25,872 | ||||||
Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics) | 1,327 | 72,375 | ||||||
ATN International, Inc. (Diversified Telecommunication Services) | 556 | 23,219 | ||||||
Avista Corp. (Multi-Utilities) | 3,488 | 140,008 | ||||||
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 595 | 17,326 | ||||||
AZZ, Inc. (Electrical Equipment) | 583 | 27,658 | ||||||
Banc of California, Inc. (Banks) | 2,248 | 33,068 | ||||||
BancFirst Corp. (Banks) | 482 | 28,293 | ||||||
BankUnited, Inc. (Banks) | 4,688 | 163,049 | ||||||
Banner Corp. (Banks) | 1,784 | 83,117 | ||||||
Barnes & Noble Education, Inc.* (Specialty Retail) | 1,529 | 7,110 | ||||||
Barnes Group, Inc. (Machinery) | 2,363 | 119,781 | ||||||
Bed Bath & Beyond, Inc. (Specialty Retail) | 6,394 | 113,557 | ||||||
Bel Fuse, Inc.—Class B (Electronic Equipment, Instruments & Components) | 518 | 7,786 | ||||||
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | 1,850 | 49,969 | ||||||
Berkshire Hills Bancorp, Inc. (Banks) | 1,754 | 30,028 | ||||||
BJ’s Restaurants, Inc. (Hotels, Restaurants & Leisure) | 1,133 | 43,609 | ||||||
Bloomin’ Brands, Inc. (Hotels, Restaurants & Leisure) | 4,044 | 78,535 | ||||||
Blucora, Inc.* (Capital Markets) | 1,365 | 21,717 | ||||||
Boise Cascade Co. (Paper & Forest Products) | 1,990 | 95,121 | ||||||
Boot Barn Holdings, Inc.* (Specialty Retail) | 586 | 25,409 | ||||||
Boston Private Financial Holdings, Inc. (Banks) | 4,173 | 35,262 | ||||||
Bottomline Technologies, Inc.* (Software) | 797 | 42,034 | ||||||
Brady Corp.—Class A (Commercial Services & Supplies) | 1,500 | 79,230 | ||||||
Brandywine Realty Trust (Equity Real Estate Investment Trusts) | 8,656 | 103,092 | ||||||
Brinker International, Inc. (Hotels, Restaurants & Leisure) | 1,058 | 59,851 | ||||||
Bristow Group, Inc.* (Energy Equipment & Services) | 1,176 | 30,952 | ||||||
Brookline Bancorp, Inc. (Banks) | 4,012 | 48,304 | ||||||
Cadence Bancorp (Banks) | 6,392 | 104,957 | ||||||
CalAmp Corp.* (Communications Equipment) | 1,067 | 10,585 | ||||||
Calavo Growers, Inc. (Food Products) | 497 | 34,507 | ||||||
Caleres, Inc. (Specialty Retail) | 1,924 | 30,111 | ||||||
California Water Service Group (Water Utilities) | 1,037 | 56,029 | ||||||
Callaway Golf Co. (Leisure Products) | 2,007 | 48,188 | ||||||
Callon Petroleum Co.*(a) (Oil, Gas & Consumable Fuels) | 2,017 | 26,544 | ||||||
Cal-Maine Foods, Inc.* (Food Products) | 777 | 29,169 |
See accompanying notes to financial statements.
276 :: ProFund VP Small-Cap Value :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance) | 6,549 | $ | 81,863 | |||||
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods) | 7,644 | 321,048 | ||||||
Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts) | 4,895 | 28,440 | ||||||
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies) | 997 | 43,629 | ||||||
Cardtronics PLC*—Class A (IT Services) | 1,805 | 63,716 | ||||||
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | 2,380 | 52,788 | ||||||
Carpenter Technology Corp. (Metals & Mining) | 2,436 | 70,936 | ||||||
Cavco Industries, Inc.* (Household Durables) | 182 | 31,932 | ||||||
Centerspace (Equity Real Estate Investment Trusts) | 284 | 20,062 | ||||||
Central Garden & Pet Co.* (Household Products) | 193 | 7,452 | ||||||
Central Garden & Pet Co.*—Class A (Household Products) | 771 | 28,010 | ||||||
Central Pacific Financial Corp. (Banks) | 1,430 | 27,184 | ||||||
Century Aluminum Co.* (Metals & Mining) | 1,017 | 11,218 | ||||||
Chatham Lodging Trust (Equity Real Estate Investment Trusts) | 2,383 | 25,736 | ||||||
Chefs’ Warehouse, Inc.* (Food & Staples Retailing) | 1,648 | 42,337 | ||||||
Chesapeake Utilities Corp. (Gas Utilities) | 434 | 46,963 | ||||||
Chico’s FAS, Inc. (Specialty Retail) | 6,084 | 9,674 | ||||||
Chuy’s Holdings, Inc.* (Hotels, Restaurants & Leisure) | 999 | 26,464 | ||||||
CIRCOR International, Inc.* (Machinery) | 650 | 24,986 | ||||||
City Holding Co. (Banks) | 433 | 30,115 | ||||||
Clearwater Paper Corp.* (Paper & Forest Products) | 841 | 31,748 | ||||||
Coca-Cola Consolidated, Inc. (Beverages) | 134 | 35,680 | ||||||
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | 789 | 47,237 | ||||||
Columbia Banking System, Inc. (Banks) | 3,633 | 130,425 | ||||||
Community Bank System, Inc. (Banks) | 1,440 | 89,726 | ||||||
Computer Programs & Systems, Inc. (Health Care Technology) | 339 | 9,099 | ||||||
Comtech Telecommunications Corp. (Communications Equipment) | 1,270 | 26,276 | ||||||
CONMED Corp. (Health Care Equipment & Supplies) | 639 | 71,568 | ||||||
Conn’s, Inc.* (Specialty Retail) | 976 | 11,409 | ||||||
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels) | 1,322 | 9,532 | ||||||
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | 3,706 | 18,122 | ||||||
Cooper Tire & Rubber Co. (Auto Components) | 2,556 | 103,517 | ||||||
Cooper-Standard Holding, Inc.* (Auto Components) | 858 | 29,747 | ||||||
Core Laboratories N.V. (Energy Equipment & Services) | 1,355 | 35,921 | ||||||
CoreCivic, Inc. (Equity Real Estate Investment Trusts) | 6,070 | 39,759 | ||||||
Core-Mark Holding Co., Inc. (Distributors) | 2,279 | 66,934 | ||||||
CorVel Corp.* (Health Care Providers & Services) | 167 | 17,702 | ||||||
Covetrus, Inc.* (Health Care Providers & Services) | 2,011 | 57,796 | ||||||
Cross Country Healthcare, Inc.* (Health Care Providers & Services) | 1,772 | 15,718 | ||||||
CryoLife, Inc.* (Health Care Equipment & Supplies) | 927 | 21,886 | ||||||
CSG Systems International, Inc. (IT Services) | 836 | 37,679 | ||||||
CTS Corp. (Electronic Equipment, Instruments & Components) | 769 | 26,400 | ||||||
Cubic Corp. (Aerospace & Defense) | 783 | 48,577 | ||||||
Customers Bancorp, Inc.* (Banks) | 1,476 | 26,834 | ||||||
Cutera, Inc.* (Health Care Equipment & Supplies) | 501 | 12,079 | ||||||
CVB Financial Corp. (Banks) | 3,813 | 74,354 | ||||||
Daktronics, Inc. (Electronic Equipment, Instruments & Components) | 1,870 | 8,752 | ||||||
Dave & Buster’s Entertainment, Inc. (Hotels, Restaurants & Leisure) | 2,408 | 72,288 | ||||||
Deluxe Corp. (Commercial Services & Supplies) | 2,126 | 62,079 | ||||||
Designer Brands, Inc. (Specialty Retail) | 2,983 | 22,820 | ||||||
DiamondRock Hospitality Co.* (Equity Real Estate Investment Trusts) | 10,124 | 83,523 | ||||||
Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals) | 2,089 | 22,269 | ||||||
Digi International, Inc.* (Communications Equipment) | 624 | 11,794 | ||||||
Dime Community Bancshares, Inc. (Thrifts & Mortgage Finance) | 1,442 | 22,740 | ||||||
Diversified Healthcare Trust (Equity Real Estate Investment Trusts) | 12,088 | 49,803 | ||||||
Donnelley Financial Solutions, Inc.* (Capital Markets) | 844 | 14,323 | ||||||
Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels) | 733 | 8,935 | ||||||
Dril-Quip, Inc.* (Energy Equipment & Services) | 1,781 | 52,753 | ||||||
DSP Group, Inc.* (Semiconductors & Semiconductor Equipment) | 535 | 8,876 | ||||||
DXP Enterprises, Inc.* (Trading Companies & Distributors) | 830 | 18,451 | ||||||
Eagle Bancorp, Inc. (Banks) | 1,636 | 67,567 | ||||||
Eagle Pharmaceuticals, Inc.* (Biotechnology) | 377 | 17,557 | ||||||
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts) | 2,350 | 53,228 | ||||||
Echo Global Logistics, Inc.* (Air Freight & Logistics) | 662 | 17,755 | ||||||
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure) | 462 | 8,362 | ||||||
Employers Holdings, Inc. (Insurance) | 1,472 | 47,384 | ||||||
Enanta Pharmaceuticals, Inc.* (Biotechnology) | 526 | 22,145 | ||||||
Encore Capital Group, Inc.* (Consumer Finance) | 1,590 | 61,931 | ||||||
Encore Wire Corp. (Electrical Equipment) | 1,047 | 63,416 | ||||||
Endo International PLC* (Pharmaceuticals) | 4,556 | 32,712 | ||||||
Enerpac Tool Group Corp. (Machinery) | 1,791 | 40,495 | ||||||
Enova International, Inc.* (Consumer Finance) | 1,809 | 44,809 | ||||||
EnPro Industries, Inc. (Machinery) | 1,042 | 78,692 | ||||||
ePlus, Inc.* (Electronic Equipment, Instruments & Components) | 685 | 60,246 | ||||||
ESCO Technologies, Inc. (Machinery) | 542 | 55,945 | ||||||
Ethan Allen Interiors, Inc. (Household Durables) | 1,106 | 22,352 | ||||||
Exterran Corp.* (Energy Equipment & Services) | 1,260 | 5,569 | ||||||
Extreme Networks, Inc.* (Communications Equipment) | 3,495 | 24,081 | ||||||
EZCORP, Inc.*—Class A (Consumer Finance) | 2,642 | 12,655 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 277
Common Stocks, continued
Shares | Value | |||||||
Fabrinet* (Electronic Equipment, Instruments & Components) | 712 | $ | 55,244 | |||||
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 380 | 26,839 | ||||||
FB Financial Corp. (Banks) | 1,581 | 54,908 | ||||||
Ferro Corp.* (Chemicals) | 2,715 | 39,720 | ||||||
Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | 882 | 10,055 | ||||||
First Bancorp (Banks) | 11,073 | 102,093 | ||||||
First Bancorp (Banks) | 1,453 | 49,155 | ||||||
First Commonwealth Financial Corp. (Banks) | 4,877 | 53,354 | ||||||
First Financial Bancorp (Banks) | 4,974 | 87,194 | ||||||
First Hawaiian, Inc. (Banks) | 6,636 | 156,477 | ||||||
First Midwest Bancorp, Inc. (Banks) | 5,800 | 92,336 | ||||||
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance) | 960 | 39,130 | ||||||
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | 1,093 | 9,476 | ||||||
Foundation Building Materials, Inc.* (Trading Companies & Distributors) | 1,140 | 21,899 | ||||||
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | 1,640 | 48,823 | ||||||
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts) | 4,901 | 21,417 | ||||||
Fresh Del Monte Produce, Inc. (Food Products) | 1,538 | 37,020 | ||||||
FutureFuel Corp. (Chemicals) | 759 | 9,639 | ||||||
GameStop Corp.*(a)—Class A (Specialty Retail) | 1,472 | 27,732 | ||||||
Gannett Co., Inc.* (Media) | 6,649 | 22,341 | ||||||
GCP Applied Technologies, Inc.* (Chemicals) | 1,173 | 27,741 | ||||||
Genesco, Inc.* (Specialty Retail) | 723 | 21,755 | ||||||
Gentherm, Inc.* (Auto Components) | 564 | 36,784 | ||||||
Getty Realty Corp. (Equity Real Estate Investment Trusts) | 967 | 26,631 | ||||||
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | 2,209 | 52,442 | ||||||
Glatfelter Corp. (Paper & Forest Products) | 2,252 | 36,888 | ||||||
Glaukos Corp.* (Health Care Equipment & Supplies) | 821 | 61,788 | ||||||
Global Net Lease, Inc. (Equity Real Estate Investment Trusts) | 4,540 | 77,816 | ||||||
GMS, Inc.* (Trading Companies & Distributors) | 2,166 | 66,020 | ||||||
Granite Construction, Inc. (Construction & Engineering) | 2,372 | 63,357 | ||||||
Granite Point Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | 2,800 | 27,972 | ||||||
Great Western Bancorp, Inc. (Banks) | 1,843 | 38,519 | ||||||
Green Plains, Inc.* (Oil, Gas & Consumable Fuels) | 1,701 | 22,402 | ||||||
Greenhill & Co., Inc. (Capital Markets) | 289 | 3,508 | ||||||
Griffon Corp. (Building Products) | 2,278 | 46,426 | ||||||
Group 1 Automotive, Inc. (Specialty Retail) | 873 | 114,485 | ||||||
Guess?, Inc. (Specialty Retail) | 1,905 | 43,091 | ||||||
H.B. Fuller Co. (Chemicals) | 1,286 | 66,719 | ||||||
Hanger, Inc.* (Health Care Providers & Services) | 755 | 16,602 | ||||||
Hanmi Financial Corp. (Banks) | 1,558 | 17,668 | ||||||
Harmonic, Inc.* (Communications Equipment) | 2,578 | 19,051 | ||||||
Harsco Corp.* (Machinery) | 4,004 | 71,992 | ||||||
Haverty Furniture Cos., Inc. (Specialty Retail) | 466 | 12,894 | ||||||
Hawaiian Holdings, Inc. (Airlines) | 2,334 | 41,312 | ||||||
Hawkins, Inc. (Chemicals) | 217 | 11,351 | ||||||
Haynes International, Inc. (Metals & Mining) | 641 | 15,281 | ||||||
HealthStream, Inc.* (Health Care Technology) | 798 | 17,428 | ||||||
Heartland Express, Inc. (Road & Rail) | 1,276 | 23,096 | ||||||
Heidrick & Struggles International, Inc. (Professional Services) | 982 | 28,851 | ||||||
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | 7,161 | 30,076 | ||||||
Helmerich & Payne, Inc. (Energy Equipment & Services) | 5,460 | 126,455 | ||||||
Heritage Financial Corp. (Banks) | 1,822 | 42,617 | ||||||
Hersha Hospitality Trust (Equity Real Estate Investment Trusts) | 1,852 | 14,612 | ||||||
Hillenbrand, Inc. (Machinery) | 1,290 | 51,342 | ||||||
HomeStreet, Inc. (Thrifts & Mortgage Finance) | 1,106 | 37,328 | ||||||
Hope Bancorp, Inc. (Banks) | 6,254 | 68,231 | ||||||
Horace Mann Educators Corp. (Insurance) | 2,102 | 88,368 | ||||||
Hub Group, Inc.*—Class A (Air Freight & Logistics) | 1,699 | 96,842 | ||||||
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | 588 | 17,725 | ||||||
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 2,454 | 32,957 | ||||||
Independent Bank Corp. (Banks) | 1,070 | 78,153 | ||||||
Independent Bank Group, Inc. (Banks) | 1,865 | 116,600 | ||||||
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts) | 1,823 | 42,458 | ||||||
Innospec, Inc. (Chemicals) | 773 | 70,135 | ||||||
Inogen, Inc.* (Health Care Equipment & Supplies) | 541 | 24,172 | ||||||
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | 1,781 | 135,516 | ||||||
Insteel Industries, Inc. (Building Products) | 579 | 12,894 | ||||||
Integer Holdings Corp.* (Health Care Equipment & Supplies) | 1,001 | 81,271 | ||||||
Inter Parfums, Inc. (Personal Products) | 502 | 30,366 | ||||||
Interface, Inc. (Commercial Services & Supplies) | 2,977 | 31,259 | ||||||
Invacare Corp. (Health Care Equipment & Supplies) | 1,746 | 15,627 | ||||||
Invesco Mortgage Capital, Inc.(a) (Mortgage Real Estate Investment Trusts) | 5,797 | 19,594 | ||||||
Iridium Communications, Inc.* (Diversified Telecommunication Services) | 2,321 | 91,274 | ||||||
iStar, Inc. (Equity Real Estate Investment Trusts) | 3,754 | 55,747 | ||||||
Itron, Inc.* (Electronic Equipment, Instruments & Components) | 984 | 94,366 | ||||||
J & J Snack Foods Corp. (Food Products) | 433 | 67,275 | ||||||
James River Group Holdings, Ltd. (Insurance) | 932 | 45,808 | ||||||
John B Sanfilippo & Son, Inc. (Food Products) | 447 | 35,250 | ||||||
John Bean Technologies Corp. (Machinery) | 628 | 71,510 | ||||||
Kaiser Aluminum Corp. (Metals & Mining) | 803 | 79,417 | ||||||
Kaman Corp.—Class A (Trading Companies & Distributors) | 1,404 | 80,211 | ||||||
Kelly Services, Inc.—Class A (Professional Services) | 1,693 | 34,825 | ||||||
Kite Realty Group Trust (Equity Real Estate Investment Trusts) | 4,273 | 63,924 | ||||||
KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts) | 1,380 | 24,730 | ||||||
Knowles Corp.* (Electronic Equipment, Instruments & Components) | 4,652 | 85,736 |
See accompanying notes to financial statements.
278 :: ProFund VP Small-Cap Value :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | 1,310 | $ | 53,134 | |||||
Koppers Holdings, Inc.* (Chemicals) | 1,068 | 33,279 | ||||||
Korn Ferry (Professional Services) | 1,649 | 71,732 | ||||||
Kraton Corp.* (Chemicals) | 1,617 | 44,936 | ||||||
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment) | 1,605 | 51,055 | ||||||
Lannett Co., Inc.* (Pharmaceuticals) | 1,734 | 11,306 | ||||||
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | 3,393 | 45,772 | ||||||
Laredo Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | 457 | 9,003 | ||||||
La-Z-Boy, Inc. (Household Durables) | 1,147 | 45,696 | ||||||
Lexington Realty Trust (Equity Real Estate Investment Trusts) | 8,994 | 95,515 | ||||||
Lindsay Corp. (Machinery) | 221 | 28,390 | ||||||
Liquidity Services, Inc.* (Internet & Direct Marketing Retail) | 452 | 7,191 | ||||||
LTC Properties, Inc. (Equity Real Estate Investment Trusts) | 1,215 | 47,276 | ||||||
Lydall, Inc.* (Machinery) | 462 | 13,874 | ||||||
M.D.C Holdings, Inc. (Household Durables) | 1,067 | 51,856 | ||||||
M/I Homes, Inc.* (Household Durables) | 1,458 | 64,575 | ||||||
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts) | 4,372 | 54,475 | ||||||
Macy’s, Inc. (Multiline Retail) | 15,746 | 177,143 | ||||||
Magellan Health, Inc.* (Health Care Providers & Services) | 1,157 | 95,847 | ||||||
ManTech International Corp.—Class A (IT Services) | 441 | 39,223 | ||||||
Marcus & Millichap, Inc.* (Real Estate Management & Development) | 657 | 24,460 | ||||||
Matador Resources Co.* (Oil, Gas & Consumable Fuels) | 3,176 | 38,303 | ||||||
Materion Corp. (Metals & Mining) | 640 | 40,781 | ||||||
Matrix Service Co.* (Energy Equipment & Services) | 1,342 | 14,789 | ||||||
Matthews International Corp.—Class A (Commercial Services & Supplies) | 1,613 | 47,422 | ||||||
MAX Holdings, Inc. (Real Estate Management & Development) | 547 | 19,873 | ||||||
MEDNAX, Inc.* (Health Care Providers & Services) | 2,649 | 65,006 | ||||||
Mercer International, Inc. (Paper & Forest Products) | 2,005 | 20,551 | ||||||
Meredith Corp. (Media) | 2,055 | 39,456 | ||||||
Meritor, Inc.* (Machinery) | 3,670 | 102,430 | ||||||
Meta Financial Group, Inc. (Thrifts & Mortgage Finance) | 748 | 27,347 | ||||||
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | 1,123 | 42,988 | ||||||
MGP Ingredients, Inc. (Beverages) | 314 | 14,777 | ||||||
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure) | 318 | 19,468 | ||||||
Monro, Inc. (Specialty Retail) | 1,691 | 90,130 | ||||||
Moog, Inc.—Class A (Aerospace & Defense) | 924 | 73,273 | ||||||
Motorcar Parts of America, Inc.* (Auto Components) | 967 | 18,973 | ||||||
Movado Group, Inc.* (Textiles, Apparel & Luxury Goods) | 842 | 13,994 | ||||||
MTS Systems Corp. (Electronic Equipment, Instruments & Components) | 978 | 56,880 | ||||||
Mueller Industries, Inc. (Machinery) | 1,738 | 61,021 | ||||||
Myers Industries, Inc. (Containers & Packaging) | 1,109 | 23,045 | ||||||
MYR Group, Inc.* (Construction & Engineering) | 374 | 22,477 | ||||||
Myriad Genetics, Inc.* (Biotechnology) | 3,816 | 75,461 | ||||||
Nabors Industries, Ltd.*(a) (Energy Equipment & Services) | 326 | 18,983 | ||||||
National Bank Holdings Corp. (Banks) | 574 | 18,804 | ||||||
National Presto Industries, Inc. (Aerospace & Defense) | 264 | 23,346 | ||||||
National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | 1,232 | 44,389 | ||||||
Natus Medical, Inc.* (Health Care Equipment & Supplies) | 1,718 | 34,429 | ||||||
NBT Bancorp, Inc. (Banks) | 2,213 | 71,037 | ||||||
Neenah, Inc. (Paper & Forest Products) | 853 | 47,188 | ||||||
NETGEAR, Inc.* (Communications Equipment) | 1,536 | 62,407 | ||||||
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | 19,166 | 70,723 | ||||||
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts) | 483 | 20,436 | ||||||
NextGen Healthcare, Inc.* (Health Care Technology) | 1,489 | 27,159 | ||||||
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance) | 2,426 | 29,913 | ||||||
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance) | 6,485 | 82,618 | ||||||
Northwest Natural Holding Co. (Gas Utilities) | 1,551 | 71,330 | ||||||
NOW, Inc.* (Trading Companies & Distributors) | 5,550 | 39,849 | ||||||
Oceaneering International, Inc.* (Energy Equipment & Services) | 5,039 | 40,060 | ||||||
Office Properties Income Trust (Equity Real Estate Investment Trusts) | 2,451 | 55,687 | ||||||
OFG Bancorp (Banks) | 2,605 | 48,297 | ||||||
Oil States International, Inc.* (Energy Equipment & Services) | 3,096 | 15,542 | ||||||
Old National Bancorp (Banks) | 8,390 | 138,938 | ||||||
Olympic Steel, Inc. (Metals & Mining) | 461 | 6,145 | ||||||
OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | 1,311 | 13,877 | ||||||
Orthofix Medical, Inc.* (Health Care Equipment & Supplies) | 628 | 26,991 | ||||||
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | 397 | 37,008 | ||||||
Owens & Minor, Inc. (Health Care Providers & Services) | 1,791 | 48,447 | ||||||
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 857 | 56,142 | ||||||
Pacific Premier Bancorp, Inc. (Banks) | 4,789 | 150,039 | ||||||
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | 2,026 | 28,323 | ||||||
Park Aerospace Corp. (Aerospace & Defense) | 581 | 7,791 | ||||||
Park National Corp. (Banks) | 325 | 34,128 | ||||||
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | 9,513 | 50,038 | ||||||
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | 4,876 | 34,620 | ||||||
PC Connection, Inc. (Electronic Equipment, Instruments & Components) | 557 | 26,341 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 279
Common Stocks, continued
Shares | Value | |||||||
PDC Energy, Inc.* (Oil, Gas & Consumable Fuels) | 5,055 | $ | 103,778 | |||||
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | 580 | 12,528 | ||||||
Penn Virginia Corp.* (Oil, Gas & Consumable Fuels) | 771 | 7,826 | ||||||
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts) | 5,013 | 88,178 | ||||||
Perdoceo Education Corp.* (Diversified Consumer Services) | 1,969 | 24,869 | ||||||
Phibro Animal Health Corp.—Class A (Pharmaceuticals) | 1,029 | 19,983 | ||||||
Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | 1,698 | 18,950 | ||||||
Piper Sandler Cos. (Capital Markets) | 265 | 26,739 | ||||||
Pitney Bowes, Inc. (Commercial Services & Supplies) | 8,783 | 54,103 | ||||||
Plantronics, Inc. (Communications Equipment) | 667 | 18,029 | ||||||
Plexus Corp.* (Electronic Equipment, Instruments & Components) | 629 | 49,194 | ||||||
Powell Industries, Inc. (Electrical Equipment) | 447 | 13,182 | ||||||
Preferred Bank (Banks) | 688 | 34,723 | ||||||
PriceSmart, Inc. (Food & Staples Retailing) | 663 | 60,392 | ||||||
ProAssurance Corp. (Insurance) | 2,734 | 48,638 | ||||||
Progress Software Corp. (Software) | 802 | 36,242 | ||||||
ProPetro Holding Corp.* (Energy Equipment & Services) | 4,096 | 30,269 | ||||||
Provident Financial Services, Inc. (Thrifts & Mortgage Finance) | 3,700 | 66,452 | ||||||
QEP Resources, Inc. (Oil, Gas & Consumable Fuels) | 12,289 | 29,371 | ||||||
Quanex Building Products Corp. (Building Products) | 1,665 | 36,913 | ||||||
RadNet, Inc.* (Health Care Providers & Services) | 1,109 | 21,703 | ||||||
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | 3,354 | 58,561 | ||||||
Range Resources Corp.* (Oil, Gas & Consumable Fuels) | 5,593 | 37,473 | ||||||
Raven Industries, Inc. (Industrial Conglomerates) | 1,056 | 34,943 | ||||||
Rayonier Advanced Materials, Inc.* (Chemicals) | 3,214 | 20,955 | ||||||
Ready Capital Corp. (Mortgage Real Estate Investment Trusts) | 2,073 | 25,809 | ||||||
Realogy Holdings Corp.* (Real Estate Management & Development) | 5,858 | 76,857 | ||||||
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure) | 788 | 15,153 | ||||||
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts) | 3,578 | 31,415 | ||||||
Regis Corp.* (Diversified Consumer Services) | 801 | 7,361 | ||||||
Renasant Corp. (Banks) | 2,851 | 96,022 | ||||||
Resideo Technologies, Inc.* (Building Products) | 7,129 | 151,563 | ||||||
Resources Connection, Inc. (Professional Services) | 1,546 | 19,433 | ||||||
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts) | 5,988 | 80,179 | ||||||
Retail Properties of America, Inc. (Equity Real Estate Investment Trusts) | 10,871 | 93,056 | ||||||
REX American Resources Corp.* (Oil, Gas & Consumable Fuels) | 267 | 19,616 | ||||||
Rogers Corp.* (Electronic Equipment, Instruments & Components) | 445 | 69,104 | ||||||
RPC, Inc.* (Energy Equipment & Services) | 2,945 | 9,277 | ||||||
RPT Realty (Equity Real Estate Investment Trusts) | 4,108 | 35,534 | ||||||
Ruth’s Hospitality Group, Inc. (Hotels, Restaurants & Leisure) | 1,018 | 18,049 | ||||||
S&T Bancorp, Inc. (Banks) | 1,995 | 49,556 | ||||||
Safety Insurance Group, Inc. (Insurance) | 718 | 55,932 | ||||||
Sally Beauty Holdings, Inc.* (Specialty Retail) | 5,724 | 74,641 | ||||||
Sanmina Corp.* (Electronic Equipment, Instruments & Components) | 3,302 | 105,301 | ||||||
Saul Centers, Inc. (Equity Real Estate Investment Trusts) | 386 | 12,228 | ||||||
ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | 1,287 | 33,951 | ||||||
Scholastic Corp. (Media) | 1,520 | 38,000 | ||||||
Schweitzer-Mauduit International, Inc. (Paper & Forest Products) | 1,589 | 63,894 | ||||||
Seacoast Banking Corp.* (Banks) | 2,800 | 82,460 | ||||||
SEACOR Holdings, Inc.* (Energy Equipment & Services) | 972 | 40,289 | ||||||
Select Medical Holdings Corp.* (Health Care Providers & Services) | 2,681 | 74,156 | ||||||
Seneca Foods Corp.*—Class A (Food Products) | 339 | 13,526 | ||||||
Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | 886 | 38,319 | ||||||
Shoe Carnival, Inc. (Specialty Retail) | 437 | 17,122 | ||||||
Signet Jewelers, Ltd. (Specialty Retail) | 2,656 | 72,429 | ||||||
Simmons First National Corp.—Class A (Banks) | 5,523 | 119,242 | ||||||
SITE Centers Corp. (Equity Real Estate Investment Trusts) | 7,647 | 77,388 | ||||||
SkyWest, Inc. (Airlines) | 2,544 | 102,548 | ||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 5,406 | 33,085 | ||||||
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 706 | 26,567 | ||||||
Sonic Automotive, Inc.—Class A (Specialty Retail) | 1,203 | 46,400 | ||||||
South Jersey Industries, Inc. (Gas Utilities) | 5,105 | 110,013 | ||||||
Southside Bancshares, Inc. (Banks) | 1,594 | 49,462 | ||||||
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | 14,090 | 41,988 | ||||||
SpartanNash Co. (Food & Staples Retailing) | 1,820 | 31,686 | ||||||
Spectrum Pharmaceuticals, Inc.* (Biotechnology) | 3,331 | 11,359 | ||||||
Spok Holdings, Inc. (Wireless Telecommunication Services) | 891 | 9,917 | ||||||
SPX Corp.* (Machinery) | 954 | 52,031 | ||||||
SPX FLOW, Inc.* (Machinery) | 1,328 | 76,971 | ||||||
Standard Motor Products, Inc. (Auto Components) | 1,025 | 41,472 | ||||||
Standex International Corp. (Machinery) | 629 | 48,760 | ||||||
Stepan Co. (Chemicals) | 498 | 59,421 | ||||||
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | 2,395 | 84,591 | ||||||
Stewart Information Services Corp. (Insurance) | 1,356 | 65,576 |
See accompanying notes to financial statements.
280 :: ProFund VP Small-Cap Value :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Sturm Ruger & Co., Inc. (Leisure Products) | 338 | $ | 21,994 | |||||
Summit Hotel Properties, Inc. (Equity Real Estate Investment Trusts) | 5,363 | 48,321 | ||||||
SunCoke Energy, Inc. (Metals & Mining) | 4,198 | 18,261 | ||||||
Surmodics, Inc.* (Health Care Equipment & Supplies) | 250 | 10,880 | ||||||
Sykes Enterprises, Inc.* (IT Services) | 2,007 | 75,603 | ||||||
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels) | 1,186 | 9,773 | ||||||
Tanger Factory Outlet Centers, Inc.(a) (Equity Real Estate Investment Trusts) | 3,082 | 30,697 | ||||||
Team, Inc.* (Commercial Services & Supplies) | 1,554 | 16,939 | ||||||
Tennant Co. (Machinery) | 506 | 35,506 | ||||||
The Andersons, Inc. (Food & Staples Retailing) | 1,556 | 38,138 | ||||||
The Buckle, Inc. (Specialty Retail) | 858 | 25,054 | ||||||
The Cato Corp.—Class A (Specialty Retail) | 999 | 9,580 | ||||||
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | 1,382 | 51,217 | ||||||
The Children’s Place, Inc.* (Specialty Retail) | 740 | 37,074 | ||||||
The E.W. Scripps Co.—Class A (Media) | 2,898 | 44,310 | ||||||
The GEO Group, Inc. (Equity Real Estate Investment Trusts) | 6,156 | 54,542 | ||||||
The Greenbrier Cos., Inc. (Machinery) | 1,666 | 60,609 | ||||||
The Marcus Corp. (Entertainment) | 1,173 | 15,812 | ||||||
The Michaels Cos., Inc.* (Specialty Retail) | 3,746 | 48,735 | ||||||
The ODP Corp.* (Specialty Retail) | 2,674 | 78,348 | ||||||
The Simply Good Foods Co.* (Food Products) | 2,379 | 74,606 | ||||||
Third Point Reinsurance, Ltd.* (Insurance) | 4,168 | 39,679 | ||||||
TimkenSteel Corp.* (Metals & Mining) | 1,923 | 8,980 | ||||||
Titan International, Inc. (Machinery) | 1,404 | 6,823 | ||||||
Tivity Health, Inc.* (Health Care Providers & Services) | 646 | 12,655 | ||||||
Tompkins Financial Corp. (Banks) | 613 | 43,278 | ||||||
Tredegar Corp. (Chemicals) | 1,309 | 21,860 | ||||||
Trinseo SA (Chemicals) | 1,945 | 99,604 | ||||||
Triumph Group, Inc. (Aerospace & Defense) | 1,718 | 21,578 | ||||||
TrueBlue, Inc.* (Professional Services) | 1,799 | 33,623 | ||||||
TrustCo Bank Corp. (Thrifts & Mortgage Finance) | 4,893 | 32,636 | ||||||
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 5,037 | 69,485 | ||||||
U.S. Concrete, Inc.* (Construction Materials) | 804 | 32,136 | ||||||
U.S. Ecology, Inc. (Commercial Services & Supplies) | 975 | 35,422 | ||||||
U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 293 | 35,233 | ||||||
U.S. Silica Holdings, Inc. (Energy Equipment & Services) | 3,753 | 26,346 | ||||||
UFP Industries, Inc. (Building Products) | 1,522 | 84,547 | ||||||
Unifi, Inc.* (Textiles, Apparel & Luxury Goods) | 758 | 13,447 | ||||||
UniFirst Corp. (Commercial Services & Supplies) | 371 | 78,537 | ||||||
Unisys Corp.* (IT Services) | 1,792 | 35,267 | ||||||
United Community Banks, Inc. (Banks) | 4,396 | 125,022 | ||||||
United Fire Group, Inc. (Insurance) | 1,093 | 27,434 | ||||||
United Insurance Holdings Corp. (Insurance) | 1,049 | 6,000 | ||||||
United Natural Foods, Inc.* (Food & Staples Retailing) | 1,336 | 21,336 | ||||||
Uniti Group, Inc. (Equity Real Estate Investment Trusts) | 4,252 | 49,876 | ||||||
Universal Corp. (Tobacco) | 1,244 | 60,471 | ||||||
Universal Electronics, Inc.* (Household Durables) | 412 | 21,614 | ||||||
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts) | 350 | 22,495 | ||||||
Universal Insurance Holdings, Inc. (Insurance) | 1,447 | 21,864 | ||||||
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts) | 1,523 | 21,520 | ||||||
USANA Health Sciences, Inc.* (Personal Products) | 219 | 16,885 | ||||||
Vanda Pharmaceuticals, Inc.* (Biotechnology) | 1,360 | 17,870 | ||||||
Varex Imaging Corp.* (Health Care Equipment & Supplies) | 1,990 | 33,193 | ||||||
Vector Group, Ltd. (Tobacco) | 3,228 | 37,606 | ||||||
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | 1,133 | 19,669 | ||||||
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods) | 1,119 | 8,907 | ||||||
Veritex Holdings, Inc. (Banks) | 2,520 | 64,663 | ||||||
Veritiv Corp.* (Trading Companies & Distributors) | 629 | 13,077 | ||||||
Viad Corp. (Commercial Services & Supplies) | 611 | 22,100 | ||||||
Wabash National Corp. (Machinery) | 2,686 | 46,280 | ||||||
Waddell & Reed Financial, Inc.—Class A (Capital Markets) | 3,171 | 80,765 | ||||||
Warrior Met Coal, Inc. (Metals & Mining) | 2,597 | 55,368 | ||||||
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts) | 4,180 | 90,413 | ||||||
Watts Water Technologies, Inc.—Class A (Machinery) | 487 | 59,268 | ||||||
Westamerica Bancorp (Banks) | 736 | 40,693 | ||||||
Whitestone REIT (Equity Real Estate Investment Trusts) | 2,020 | 16,099 | ||||||
Winnebago Industries, Inc. (Automobiles) | 840 | 50,350 | ||||||
WisdomTree Investments, Inc. (Capital Markets) | 3,283 | 17,564 | ||||||
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | 2,581 | 80,656 | ||||||
World Acceptance Corp.* (Consumer Finance) | 65 | 6,644 | ||||||
Xenia Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 5,771 | 87,719 | ||||||
Xperi Holding Corp. (Software) | 1,984 | 41,466 | ||||||
Zumiez, Inc.* (Specialty Retail) | 466 | 17,139 | ||||||
TOTAL COMMON STOCKS (Cost $17,137,530) | 21,807,941 |
Repurchase Agreements(b) (0.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $36,000 | $ | 36,000 | $ | 36,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $36,000) | 36,000 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 281
Collateral for Securities Loaned (0.7%)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(c) | 146,652 | $ | 146,652 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(c) | 615 | 615 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(c) | 2,676 | 2,676 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $149,943) | 149,943 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $17,323,473)—100.9% | 21,993,884 | |||||||
Net other assets (liabilities)—(0.9)% | (204,747 | ) | ||||||
NET ASSETS—100.0% | $ | 21,789,137 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $142,764. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
ProFund VP Small-Cap Value invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 341,524 | 1.6 | % | ||||
Air Freight & Logistics | 186,972 | 0.9 | % | |||||
Airlines | 214,447 | 1.0 | % | |||||
Auto Components | 278,423 | 1.3 | % | |||||
Automobiles | 50,350 | 0.2 | % | |||||
Banks | 3,262,781 | 14.9 | % | |||||
Beverages | 50,457 | 0.2 | % | |||||
Biotechnology | 144,392 | 0.7 | % | |||||
Building Products | 412,834 | 1.8 | % | |||||
Capital Markets | 164,616 | 0.8 | % | |||||
Chemicals | 545,333 | 2.5 | % | |||||
Commercial Services & Supplies | 555,141 | 2.4 | % | |||||
Communications Equipment | 217,281 | 1.0 | % | |||||
Construction & Engineering | 177,347 | 0.8 | % | |||||
Construction Materials | 32,136 | 0.1 | % | |||||
Consumer Finance | 126,039 | 0.6 | % | |||||
Containers & Packaging | 23,045 | 0.1 | % | |||||
Distributors | 66,934 | 0.3 | % | |||||
Diversified Consumer Services | 42,319 | 0.2 | % | |||||
Diversified Telecommunication Services | 179,852 | 0.8 | % | |||||
Electrical Equipment | 104,256 | 0.5 | % | |||||
Electronic Equipment, Instruments & Components | 1,041,106 | 4.7 | % | |||||
Energy Equipment & Services | 583,765 | 2.7 | % | |||||
Entertainment | 15,812 | 0.1 | % | |||||
Equity Real Estate Investment Trusts | 2,175,242 | 9.9 | % | |||||
Food & Staples Retailing | 193,889 | 0.9 | % | |||||
Food Products | 291,353 | 1.3 | % | |||||
Gas Utilities | 228,306 | 1.1 | % | |||||
Health Care Equipment & Supplies | 535,938 | 2.5 | % | |||||
Health Care Providers & Services | 521,130 | 2.4 | % | |||||
Health Care Technology | 53,686 | 0.2 | % | |||||
Hotels, Restaurants & Leisure | 403,051 | 1.8 | % | |||||
Household Durables | 238,025 | 1.1 | % | |||||
Household Products | 35,462 | 0.2 | % | |||||
Industrial Conglomerates | 34,943 | 0.2 | % | |||||
Insurance | 763,858 | 3.4 | % | |||||
Internet & Direct Marketing Retail | 7,191 | NM | ||||||
IT Services | 251,488 | 1.2 | % | |||||
Leisure Products | 70,182 | 0.3 | % | |||||
Machinery | 1,189,772 | 5.4 | % | |||||
Media | 198,084 | 0.9 | % | |||||
Metals & Mining | 478,939 | 2.2 | % | |||||
Mortgage Real Estate Investment Trusts | 425,458 | 2.0 | % | |||||
Multiline Retail | 177,143 | 0.8 | % | |||||
Multi-Utilities | 140,008 | 0.6 | % | |||||
Oil, Gas & Consumable Fuels | 460,572 | 2.1 | % | |||||
Paper & Forest Products | 295,390 | 1.4 | % | |||||
Personal Products | 47,251 | 0.2 | % | |||||
Pharmaceuticals | 86,133 | 0.4 | % | |||||
Professional Services | 188,464 | 0.9 | % | |||||
Real Estate Management & Development | 121,190 | 0.6 | % | |||||
Road & Rail | 78,097 | 0.4 | % | |||||
Semiconductors & Semiconductor Equipment | 231,257 | 1.1 | % | |||||
Software | 119,742 | 0.5 | % | |||||
Specialty Retail | 1,208,374 | 5.6 | % | |||||
Technology Hardware, Storage & Peripherals | 57,251 | 0.3 | % | |||||
Textiles, Apparel & Luxury Goods | 693,837 | 3.3 | % | |||||
Thrifts & Mortgage Finance | 420,027 | 1.9 | % | |||||
Tobacco | 98,077 | 0.5 | % | |||||
Trading Companies & Distributors | 299,325 | 1.4 | % | |||||
Water Utilities | 124,408 | 0.6 | % | |||||
Wireless Telecommunication Services | 48,236 | 0.2 | % | |||||
Other** | (18,804 | ) | NM | |||||
Total | $ | 21,789,137 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
282 :: ProFund VP Small-Cap Value :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 17,323,473 | ||
Securities, at value(a) | 21,957,884 | |||
Repurchase agreements, at value | 36,000 | |||
Total Investment Securities, at value | 21,993,884 | |||
Cash | 1,056 | |||
Dividends and interest receivable | 30,091 | |||
Receivable for investments sold | 418,757 | |||
Receivable from third party | 17,331 | |||
Prepaid expenses | 1,002 | |||
TOTAL ASSETS | 22,462,121 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 475,105 | |||
Payable for collateral for securities loaned | 149,943 | |||
Advisory fees payable | 12,544 | |||
Management services fees payable | 1,673 | |||
Administration fees payable | 1,412 | |||
Administrative services fees payable | 7,838 | |||
Distribution fees payable | 7,310 | |||
Transfer agency fees payable | 1,185 | |||
Fund accounting fees payable | 937 | |||
Compliance services fees payable | 88 | |||
Other accrued expenses | 14,949 | |||
TOTAL LIABILITIES | 672,984 | |||
NET ASSETS | $ | 21,789,137 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 21,545,345 | ||
Total distributable earnings (loss) | 243,792 | |||
NET ASSETS | $ | 21,789,137 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 513,599 | |||
Net Asset Value (offering and redemption price per share) | $ | 42.42 | ||
(a) Includes securities on loan valued at: | $ | 142,764 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 262,629 | ||
Interest | 43 | |||
Foreign tax withholding | (279 | ) | ||
Income from securities lending | 9,137 | |||
TOTAL INVESTMENT INCOME | 271,530 | |||
EXPENSES: | ||||
Advisory fees | 106,489 | |||
Management services fees | 14,198 | |||
Administration fees | 12,900 | |||
Transfer agency fees | 10,252 | |||
Administrative services fees | 39,724 | |||
Distribution fees | 35,496 | |||
Custody fees | 2,505 | |||
Fund accounting fees | 8,610 | |||
Trustee fees | 305 | |||
Compliance services fees | 152 | |||
Other fees | 21,447 | |||
Total Gross Expenses before reductions | 252,078 | |||
Expenses reduced and reimbursed by the Advisor | (13,543 | ) | ||
TOTAL NET EXPENSES | 238,535 | |||
NET INVESTMENT INCOME (LOSS) | 32,995 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (1,687,326 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | 1,588,065 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (99,261 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (66,266 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 283
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 32,995 | $ | 13,201 | ||||
Net realized gains (losses) on investments | (1,687,326 | ) | 1,511,395 | |||||
Change in net unrealized appreciation/depreciation on investments | 1,588,065 | 1,783,129 | ||||||
Change in net assets resulting from operations | (66,266 | ) | 3,307,725 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (1,810,228 | ) | — | |||||
Change in net assets resulting from distributions | (1,810,228 | ) | — | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 23,838,861 | 22,767,185 | ||||||
Distributions reinvested | 1,810,228 | — | ||||||
Value of shares redeemed | (23,271,785 | ) | (21,132,154 | ) | ||||
Change in net assets resulting from capital transactions | 2,377,304 | 1,635,031 | ||||||
Change in net assets | 500,810 | 4,942,756 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 21,288,327 | 16,345,571 | ||||||
End of period | $ | 21,789,137 | $ | 21,288,327 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 629,684 | 503,696 | ||||||
Reinvested | 52,288 | — | ||||||
Redeemed | (605,754 | ) | (477,889 | ) | ||||
Change in shares | 76,218 | 25,807 |
See accompanying notes to financial statements.
284 :: ProFund VP Small-Cap Value :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 48.67 | $ | 39.71 | $ | 50.27 | $ | 46.23 | $ | 35.90 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.09 | 0.03 | (0.01 | ) | (0.15 | ) | 0.01 | |||||||||||||
Net realized and unrealized gains (losses) on investments | (0.82 | ) | 8.93 | (6.21 | ) | 4.63 | 10.32 | |||||||||||||
Total income (loss) from investment activities | (0.73 | ) | 8.96 | (6.22 | ) | 4.48 | 10.33 | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.01 | ) | — | — | (0.01 | ) | — | |||||||||||||
Net realized gains on investments | (5.51 | ) | — | (4.34 | ) | (0.43 | ) | — | ||||||||||||
Total distributions | (5.52 | ) | — | (4.34 | ) | (0.44 | ) | — | ||||||||||||
Net Asset Value, End of Period | $ | 42.42 | $ | 48.67 | $ | 39.71 | $ | 50.27 | $ | 46.23 | ||||||||||
Total Return | 1.06 | % | 22.56 | % | (14.21 | )% | 9.71 | % | 28.77 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.78 | % | 1.75 | % | 1.75 | % | 1.73 | % | 1.73 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | 0.23 | % | 0.07 | % | (0.01 | )% | (0.32 | )% | 0.02 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 21,789 | $ | 21,288 | $ | 16,346 | $ | 24,856 | $ | 46,346 | ||||||||||
Portfolio turnover rate(b) | 192 | % | 147 | % | 141 | % | 91 | % | 191 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP Technology :: 285
ProFund VP Technology (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. TechnologySM Index (the “Index”). For the year ended December 31, 2020, the Fund had a total return of 44.80%. For the same period, the Index had a total return of 47.32%1 and a volatility of 39.79%. 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 technology sector of the U.S. equity market. Component companies include, among others, those involved in computers and office equipment, software, communications technology, semiconductors, diversified technology services and Internet services.
During the year ended December 31, 2020, 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 Technology from December 31, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Technology | 44.80 | % | 25.55 | % | 17.78 | % | ||||||
Dow Jones U.S. TechnologySM Index | 47.32 | % | 27.62 | % | 19.68 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP Technology | 1.62 | % | 1.62 | % | |||||
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 92 | % | ||
Swap Agreements | 8 | % | ||
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. | 19.0 | % | ||
Microsoft Corp. | 15.1 | % | ||
Alphabet, Inc. | 9.3 | % | ||
Facebook, Inc. | 5.9 | % | ||
NVIDIA Corp. | 2.9 | % |
Dow Jones U.S. TechnologySM Index – Composition
% of Index | ||||
Software & Services | 37 | % | ||
Technology Hardware & Equipment | 25 | % | ||
Media & Entertainment | 18 | % | ||
Semiconductors & Semiconductor Equipment | 18 | % | ||
Retailing | 1 | % | ||
Health Care Equipment & 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 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.
286 :: ProFund VP Technology :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (91.9%)
Shares | Value | |||||||
ACI Worldwide, Inc.* (Software) | 474 | $ | 18,216 | |||||
Adobe, Inc.* (Software) | 1,946 | 973,234 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 4,880 | 447,545 | ||||||
Akamai Technologies, Inc.* (IT Services) | 660 | 69,293 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 1,219 | 2,136,468 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 1,177 | 2,061,963 | ||||||
Alteryx, Inc.* (Software) | 219 | 26,672 | ||||||
Amdocs, Ltd. (IT Services) | 540 | 38,302 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 1,499 | 221,447 | ||||||
Anaplan, Inc.* (Software) | 577 | 41,457 | ||||||
Angi Homeservices, Inc.* (Interactive Media & Services) | 317 | 4,183 | ||||||
ANSYS, Inc.* (Software) | 348 | 126,602 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 64,865 | 8,606,937 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 3,705 | 319,742 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 221 | 64,216 | ||||||
Aspen Technology, Inc.* (Software) | 275 | 35,819 | ||||||
Autodesk, Inc.* (Software) | 891 | 272,058 | ||||||
Avalara, Inc.* (Software) | 343 | 56,557 | ||||||
Bill.com Holdings, Inc.* (Software) | 240 | 32,760 | ||||||
Blackbaud, Inc. (Software) | 202 | 11,627 | ||||||
Booz Allen Hamilton Holding Corp. (IT Services) | 560 | 48,821 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 1,641 | 718,512 | ||||||
CACI International, Inc.*—Class A (IT Services) | 102 | 25,432 | ||||||
Cadence Design Systems, Inc.* (Software) | 1,132 | 154,439 | ||||||
Cargurus, Inc.* (Interactive Media & Services) | 352 | 11,169 | ||||||
CDK Global, Inc. (Software) | 495 | 25,656 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 580 | 76,438 | ||||||
CenturyLink, Inc. (Diversified Telecommunication Services) | 4,006 | 39,059 | ||||||
Ceridian HCM Holding, Inc.* (Software) | 527 | 56,157 | ||||||
Cerner Corp. (Health Care Technology) | 1,245 | 97,708 | ||||||
Chewy, Inc.*—Class A (Internet & Direct Marketing Retail) | 306 | 27,506 | ||||||
Ciena Corp.* (Communications Equipment) | 627 | 33,137 | ||||||
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | 235 | 19,317 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 17,142 | 767,104 | ||||||
Citrix Systems, Inc. (Software) | 500 | 65,050 | ||||||
Cloudflare, Inc.*—Class A (Software) | 713 | 54,181 | ||||||
Cognizant Technology Solutions Corp.—Class A (IT Services) | 2,170 | 177,832 | ||||||
Coupa Software, Inc.* (Software) | 279 | 94,556 | ||||||
Cree, Inc.* (Semiconductors & Semiconductor Equipment) | 448 | 47,443 | ||||||
Crowdstrike Holdings, Inc.*—Class A (Software) | 764 | 161,830 | ||||||
Datadog, Inc.*—Class A (Software) | 785 | 77,275 | ||||||
Dell Technologies, Inc.*—Class C (Technology Hardware, Storage & Peripherals) | 953 | 69,845 | ||||||
DocuSign, Inc.* (Software) | 757 | 168,281 | ||||||
DoorDash, Inc.*—Class A (Internet & Direct Marketing Retail) | 139 | 19,842 | ||||||
Dropbox, Inc.* (Software) | 1,193 | 26,473 | ||||||
DXC Technology Co. (IT Services) | 1,033 | 26,600 | ||||||
Dynatrace, Inc.* (Software) | 745 | 32,236 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 2,657 | 133,515 | ||||||
EchoStar Corp.*—Class A (Communications Equipment) | 206 | 4,365 | ||||||
Elastic NV* (Software) | 247 | 36,094 | ||||||
Enphase Energy, Inc.* (Electrical Equipment) | 512 | 89,841 | ||||||
Entegris, Inc. (Semiconductors & Semiconductor Equipment) | 548 | 52,663 | ||||||
EPAM Systems, Inc.* (IT Services) | 227 | 81,345 | ||||||
Etsy, Inc.* (Internet & Direct Marketing Retail) | 512 | 91,090 | ||||||
F5 Networks, Inc.* (Communications Equipment) | 250 | 43,985 | ||||||
Facebook, Inc.*—Class A (Interactive Media & Services) | 9,752 | 2,663,856 | ||||||
Fair Isaac Corp.* (Software) | 118 | 60,303 | ||||||
Fastly, Inc.*—Class A (IT Services) | 342 | 29,881 | ||||||
FireEye, Inc.* (Software) | 925 | 21,331 | ||||||
Five9, Inc.* (Software) | 267 | 46,565 | ||||||
Fortinet, Inc.* (Software) | 547 | 81,246 | ||||||
Garmin, Ltd. (Household Durables) | 605 | 72,394 | ||||||
Gartner, Inc.* (IT Services) | 362 | 57,989 | ||||||
GoDaddy, Inc.*—Class A (IT Services) | 681 | 56,489 | ||||||
Grubhub, Inc.* (Internet & Direct Marketing Retail) | 377 | 28,000 | ||||||
Guidewire Software, Inc.* (Software) | 340 | 43,768 | ||||||
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | 5,222 | 61,881 | ||||||
HP, Inc. (Technology Hardware, Storage & Peripherals) | 5,572 | 137,015 | ||||||
HubSpot, Inc.* (Software) | 175 | 69,377 | ||||||
IAC/InterActive Corp.* (Interactive Media & Services) | 323 | 61,160 | ||||||
Inphi Corp.* (Semiconductors & Semiconductor Equipment) | 211 | 33,859 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 16,626 | 828,307 | ||||||
International Business Machines Corp. (IT Services) | 3,614 | 454,930 | ||||||
Intuit, Inc. (Software) | 1,066 | 404,920 | ||||||
j2 Global, Inc.* (Software) | 174 | 16,998 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 1,339 | 30,141 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Technology :: 287
Common Stocks, continued | ||||||||
Shares | Value | |||||||
KBR, Inc. (IT Services) | 578 | $ | 17,878 | |||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 626 | 162,078 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 584 | 275,806 | ||||||
Leidos Holdings, Inc. (IT Services) | 543 | 57,080 | ||||||
Liberty Global PLC*—Class A (Media) | 575 | 13,927 | ||||||
Liberty Global PLC*—Class C (Media) | 1,469 | 34,741 | ||||||
Lumentum Holdings, Inc.* (Communications Equipment) | 306 | 29,009 | ||||||
Manhattan Associates, Inc.* (Software) | 258 | 27,136 | ||||||
Marvell Technology Group, Ltd. (Semiconductors & Semiconductor Equipment) | 2,719 | 129,261 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 1,055 | 159,505 | ||||||
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | 1,084 | 96,097 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 1,056 | 145,844 | ||||||
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | 4,517 | 339,588 | ||||||
Microsoft Corp. (Software) | 30,669 | 6,821,399 | ||||||
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 224 | 33,701 | ||||||
MongoDB, Inc.* (IT Services) | 206 | 73,962 | ||||||
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 172 | 62,992 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 687 | 116,831 | ||||||
nCino, Inc.* (Software) | 60 | 4,345 | ||||||
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 906 | 60,013 | ||||||
New Relic, Inc.* (Software) | 214 | 13,996 | ||||||
NortonLifelock, Inc. (Software) | 2,403 | 49,934 | ||||||
Nuance Communications, Inc.* (Software) | 1,149 | 50,659 | ||||||
Nutanix, Inc.* (Software) | 772 | 24,604 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 2,511 | 1,311,244 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 1,135 | 180,476 | ||||||
Okta, Inc.* (IT Services) | 492 | 125,096 | ||||||
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 1,669 | 54,626 | ||||||
Oracle Corp. (Software) | 7,696 | 497,854 | ||||||
Palo Alto Networks, Inc.* (Communications Equipment) | 386 | 137,181 | ||||||
Paycom Software, Inc.* (Software) | 199 | 89,998 | ||||||
Paylocity Holding Corp.* (Software) | 151 | 31,092 | ||||||
Pegasystems, Inc. (Software) | 160 | 21,322 | ||||||
Perspecta, Inc. (IT Services) | 556 | 13,388 | ||||||
Pluralsight, Inc.*—Class A (Software) | 408 | 8,552 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 243 | 19,892 | ||||||
Proofpoint, Inc.* (Software) | 234 | 31,920 | ||||||
PTC, Inc.* (Software) | 426 | 50,954 | ||||||
Pure Storage, Inc.*—Class A (Technology Hardware, Storage & Peripherals) | 980 | 22,158 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 462 | 76,817 | ||||||
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | 4,588 | 698,936 | ||||||
RealPage, Inc.* (Software) | 359 | 31,319 | ||||||
RingCentral, Inc.*—Class A (Software) | 322 | 122,028 | ||||||
Salesforce.com, Inc.* (Software) | 3,713 | 826,254 | ||||||
Science Applications International Corp. (IT Services) | 236 | 22,335 | ||||||
Seagate Technology PLC (Technology Hardware, Storage & Peripherals) | 908 | 56,441 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 264 | 19,032 | ||||||
ServiceNow, Inc.* (Software) | 792 | 435,941 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 177 | 22,539 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 674 | 103,041 | ||||||
Slack Technologies, Inc.*—Class A (Software) | 1,992 | 84,142 | ||||||
Smartsheet, Inc.* (Software) | 461 | 31,943 | ||||||
Snap, Inc.* (Interactive Media & Services) | 3,708 | 185,660 | ||||||
Snowflake, Inc.*—Class A (IT Services) | 132 | 37,145 | ||||||
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 208 | 66,377 | ||||||
SolarWinds Corp.* (Software) | 294 | 4,395 | ||||||
Splunk, Inc.* (Software) | 651 | 110,598 | ||||||
SS&C Technologies Holdings, Inc. (Software) | 903 | 65,693 | ||||||
SYNNEX Corp. (Electronic Equipment, Instruments & Components) | 168 | 13,682 | ||||||
Synopsys, Inc.* (Software) | 619 | 160,470 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 674 | 80,806 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 3,724 | 611,220 | ||||||
Trade Desk, Inc. (The)* (Software) | 170 | 136,170 | ||||||
Twilio, Inc.* (IT Services) | 568 | 192,268 | ||||||
Twitter, Inc.* (Interactive Media & Services) | 3,228 | 174,796 | ||||||
Tyler Technologies, Inc.* (Software) | 163 | 71,153 | ||||||
Ubiquiti, Inc. (Communications Equipment) | 30 | 8,355 | ||||||
Universal Display Corp. (Semiconductors & Semiconductor Equipment) | 174 | 39,985 | ||||||
Veeva Systems, Inc.*—Class A (Health Care Technology) | 551 | 150,009 | ||||||
Verint Systems, Inc.* (Software) | 266 | 17,870 | ||||||
VeriSign, Inc.* (IT Services) | 408 | 88,291 | ||||||
Viavi Solutions, Inc.* (Communications Equipment) | 929 | 13,912 |
See accompanying notes to financial statements.
288 :: ProFund VP Technology :: Financial Statements
Common Stocks, continued | ||||||||
Shares | Value | |||||||
VMware, Inc.*—Class A (Software) | 331 | $ | 46,426 | |||||
Western Digital Corp. (Technology Hardware, Storage & Peripherals) | 1,235 | 68,407 | ||||||
Workday, Inc.*—Class A (Software) | 731 | 175,155 | ||||||
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | 678 | 15,723 | ||||||
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | 994 | 140,919 | ||||||
Zendesk, Inc.* (Software) | 474 | 67,839 | ||||||
Zillow Group, Inc.*—Class A (Interactive Media & Services) | 148 | 20,119 | ||||||
Zillow Group, Inc.*—Class C (Interactive Media & Services) | 599 | 77,750 | ||||||
Zoom Video Communications, Inc.*—Class A (Software) | 806 | 271,880 | ||||||
Zscaler, Inc.* (Software) | 299 | 59,713 | ||||||
TOTAL COMMON STOCKS (Cost $6,628,566) | 41,579,998 |
Repurchase Agreements(a) (0.9%) | ||||||||
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $425,001 | $ | 425,000 | $ | 425,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $425,000) | 425,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $7,053,566)—92.8% | 42,004,998 | |||||||
Net other assets (liabilities)—7.2% | 3,256,381 | |||||||
NET ASSETS—100.0% | $ | 45,261,379 |
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements – Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
Dow Jones U.S. Technology Index | Goldman Sachs International | 1/25/21 | 0.60% | $ | 3,612,736 | $ | 4,987 |
(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, 2020, 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, 2020:
Value | % of Net Assets | |||||||
Communications Equipment | $ | 1,248,236 | 2.8 | % | ||||
Diversified Telecommunication Services | 39,059 | 0.1 | % | |||||
Electrical Equipment | 89,841 | 0.2 | % | |||||
Electronic Equipment, Instruments & Components | 90,120 | 0.2 | % | |||||
Health Care Technology | 247,717 | 0.5 | % | |||||
Household Durables | 72,394 | 0.2 | % | |||||
Interactive Media & Services | 7,556,629 | 16.7 | % | |||||
Internet & Direct Marketing Retail | 299,953 | 0.6 | % | |||||
IT Services | 1,694,357 | 3.7 | % | |||||
Media | 48,668 | 0.1 | % | |||||
Semiconductors & Semiconductor Equipment | 7,360,112 | 16.3 | % | |||||
Software | 13,734,492 | 30.4 | % | |||||
Technology Hardware, Storage & Peripherals | 9,098,420 | 20.1 | % | |||||
Other** | 3,681,381 | 8.1 | % | |||||
Total | $ | 45,261,379 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Technology :: 289
Statement of Assets and Liabilities December 31, 2020
| ||||
ASSETS: | ||||
Total Investment Securities, at cost | $ | 7,053,566 | ||
Securities, at value | 41,579,998 | |||
Repurchase agreements, at value | 425,000 | |||
Total Investment Securities, at value | 42,004,998 | |||
Segregated cash balances for swap agreements with custodian | 200,000 | |||
Dividends and interest receivable | 5,390 | |||
Unrealized appreciation on swap agreements | 4,987 | |||
Receivable for capital shares issued | 9,204 | |||
Receivable for investments sold | 3,245,806 | |||
Prepaid expenses | 201 | |||
TOTAL ASSETS | 45,470,586 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 65,599 | |||
Cash overdraft | 40,759 | |||
Advisory fees payable | 28,784 | |||
Management services fees payable | 3,838 | |||
Administration fees payable | 2,986 | |||
Administrative services fees payable | 14,733 | |||
Distribution fees payable | 22,886 | |||
Transfer agency fees payable | 2,506 | |||
Fund accounting fees payable | 1,745 | |||
Compliance services fees payable | 234 | |||
Other accrued expenses | 25,137 | |||
TOTAL LIABILITIES | 209,207 | |||
NET ASSETS | $ | 45,261,379 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 8,612,684 | ||
Total distributable earnings (loss) | 36,648,695 | |||
NET ASSETS | $ | 45,261,379 | ||
Shares of Beneficial Interest Outstanding(unlimited number of shares authorized, no par value) | 600,700 | |||
Net Asset Value (offering and redemption price per share) | $ | 75.35 |
Statement of Operations For the Year Ended December 31, 2020
| ||||
INVESTMENT INCOME: | ||||
Dividends | $ | 373,148 | ||
Interest | 2,502 | |||
Foreign tax withholding | (74 | ) | ||
Income from securities lending | 501 | |||
TOTAL INVESTMENT INCOME | 376,077 | |||
EXPENSES: | ||||
Advisory fees | 284,204 | |||
Management services fees | 37,893 | |||
Administration fees | 34,323 | |||
Transfer agency fees | 27,775 | |||
Administrative services fees | 73,361 | |||
Distribution fees | 94,735 | |||
Custody fees | 5,209 | |||
Fund accounting fees | 19,642 | |||
Trustee fees | 774 | |||
Compliance services fees | 452 | |||
Other fees | 49,089 | |||
TOTAL NET EXPENSES | 627,457 | |||
NET INVESTMENT INCOME (LOSS) | (251,380 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 3,470,210 | |||
Net realized gains (losses) on swap agreements | 299,637 | |||
Change in net unrealized appreciation/depreciation on investment securities | 10,411,615 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 1,836 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 14,183,298 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 13,931,918 |
See accompanying notes to financial statements.
290 :: ProFund VP Technology :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (251,380 | ) | $ | (122,113 | ) | ||
Net realized gains (losses) on investments | 3,769,847 | 4,456,859 | ||||||
Change in net unrealized appreciation/depreciation on investments | 10,413,451 | 6,407,777 | ||||||
Change in net assets resulting from operations | 13,931,918 | 10,742,523 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (4,191,983 | ) | (686,328 | ) | ||||
Change in net assets resulting from distributions | (4,191,983 | ) | (686,328 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 69,129,678 | 29,754,749 | ||||||
Distributions reinvested | 4,191,983 | 686,328 | ||||||
Value of shares redeemed | (71,750,735 | ) | (32,826,046 | ) | ||||
Change in net assets resulting from capital transactions | 1,570,926 | (2,384,969 | ) | |||||
Change in net assets | 11,310,861 | 7,671,226 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 33,950,518 | 26,279,292 | ||||||
End of period | $ | 45,261,379 | $ | 33,950,518 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 1,111,457 | 591,122 | ||||||
Reinvested | 56,941 | 14,224 | ||||||
Redeemed | (1,164,676 | ) | (663,707 | ) | ||||
Change in shares | 3,722 | (58,361 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Technology :: 291
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 56.87 | $ | 40.10 | $ | 42.06 | $ | 31.12 | $ | 27.71 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.43 | ) | (0.20 | ) | (0.12 | ) | (0.09 | ) | 0.03 | |||||||||||
Net realized and unrealized gains (losses) on investments | 25.75 | 18.09 | (0.66 | ) | 11.05 | 3.38 | ||||||||||||||
Total income (loss) from investment activities | 25.32 | 17.89 | (0.78 | ) | 10.96 | 3.41 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | — | — | — | (0.02 | ) | — | ||||||||||||||
Net realized gains on investments | (6.84 | ) | (1.12 | ) | (1.18 | ) | — | — | ||||||||||||
Total distributions | (6.84 | ) | (1.12 | ) | (1.18 | ) | (0.02 | ) | — | |||||||||||
Net Asset Value, End of Period | $ | 75.35 | $ | 56.87 | $ | 40.10 | $ | 42.06 | $ | 31.12 | ||||||||||
Total Return | 44.80% | 45.11% | (2.25 | )% | 35.18% | 12.34% | ||||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.65% | 1.62% | 1.58% | 1.56% | 1.62% | |||||||||||||||
Net expenses | 1.65% | 1.62% | 1.58% | 1.56% | 1.62% | |||||||||||||||
Net investment income (loss) | (0.66 | )% | (0.41 | )% | (0.27 | )% | (0.25 | )% | 0.09% | |||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000's) | $ | 45,261 | $ | 33,951 | $ | 26,279 | $ | 33,731 | $ | 19,320 | ||||||||||
Portfolio turnover rate(b) | 187% | 75% | 58% | 86% | 93% |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
292 :: ProFund VP Telecommunications :: Management Discussion of Fund Performance
ProFund VP Telecommunications (the "Fund") seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Select TelecommunicationsSM Index (the "Index"). For the year ended December 31, 2020, the Fund had a total return of 3.15%. For the same period, the Index had a total return of 4.33%1 and a volatility of 30.08%. 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 telecommunications sector of the U.S. equity market. Component companies include, among others, regional and long-distance carriers; cellular, satellite and paging service providers; producers of equipment including satellites, mobile telephones, fiber optics, switching devices, teleconferencing equipment and connectivity devices for computers.
During the year ended December 31, 2020, 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 Telecommunications from December 31, 2010, to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20 | ||||||||||||
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Telecommunications | 3.15% | 3.66% | 4.98% | |||||||||
Dow Jones U.S. Select TelecommunicationsSM Index | 4.33% | 3.74% | 5.50% | |||||||||
S&P 500® | 18.40% | 15.22% | 13.88% |
Expense Ratios** | ||||||||
Fund | Gross | Net | ||||||
ProFund VP Telecommunications | 1.76% | 1.68% |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | |||
Verizon Communications, Inc. | 22.2% | |||
AT&T, Inc. | 21.2% | |||
Arista Networks, Inc. | 4.9% | |||
T-Mobile US, Inc. | 4.8% | |||
Garmin, Ltd. | 4.6% |
Dow Jones U.S. Select TelecommunicationsSM Index – Composition | ||||
% of Index | ||||
Diversified Telecommunication Services | 56% | |||
Communications Equipment | 33% | |||
Wireless Telecommunication Services | 6% | |||
Household Durables | 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 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.
Financial Statements :: ProFund VP Telecommunications :: 293
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (98.2%) | ||||||||
Shares | Value | |||||||
Acacia Communications, Inc.* (Communications Equipment) | 834 | $ | 60,849 | |||||
ADTRAN, Inc. (Communications Equipment) | 1,041 | 15,376 | ||||||
Anterix, Inc.* (Diversified Telecommunication Services) | 254 | 9,550 | ||||||
Applied Optoelectronics, Inc.*(a) (Communications Equipment) | 459 | 3,906 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 1,107 | 321,660 | ||||||
AT&T, Inc. (Diversified Telecommunication Services) | 48,842 | 1,404,696 | ||||||
ATN International, Inc. (Diversified Telecommunication Services) | 238 | 9,939 | ||||||
CalAmp Corp.* (Communications Equipment) | 760 | 7,539 | ||||||
CenturyLink, Inc. (Diversified Telecommunication Services) | 21,424 | 208,884 | ||||||
Ciena Corp.* (Communications Equipment) | 3,348 | 176,942 | ||||||
Cincinnati Bell, Inc.* (Diversified Telecommunication Services) | 1,100 | 16,808 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 6,876 | 307,701 | ||||||
CommScope Holding Co., Inc.* (Communications Equipment) | 4,310 | 57,754 | ||||||
Comtech Telecommunications Corp. (Communications Equipment) | 543 | 11,235 | ||||||
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | 1,585 | 7,751 | ||||||
EchoStar Corp.*—Class A (Communications Equipment) | 1,095 | 23,203 | ||||||
Extreme Networks, Inc.* (Communications Equipment) | 2,669 | 18,389 | ||||||
F5 Networks, Inc.* (Communications Equipment) | 1,337 | 235,232 | ||||||
Garmin, Ltd. (Household Durables) | 2,573 | 307,885 | ||||||
Globalstar, Inc.* (Diversified Telecommunication Services) | 13,410 | 4,541 | ||||||
Harmonic, Inc.* (Communications Equipment) | 2,121 | 15,674 | ||||||
Inseego Corp.* (Communications Equipment) | 1,395 | 21,581 | ||||||
Iridium Communications, Inc.* (Diversified Telecommunication Services) | 2,545 | 100,082 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 7,154 | 161,037 | ||||||
Liberty Global PLC*—Class A (Media) | 3,069 | 74,331 | ||||||
Liberty Global PLC*—Class C (Media) | 7,854 | 185,747 | ||||||
Liberty Latin America, Ltd.*—Class A (Media) | 1,063 | 11,831 | ||||||
Liberty Latin America, Ltd.*—Class C (Media) | 3,300 | 36,597 | ||||||
Lumentum Holdings, Inc.* (Communications Equipment) | 1,638 | 155,282 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 1,777 | 302,197 | ||||||
NETGEAR, Inc.* (Communications Equipment) | 657 | 26,694 | ||||||
NetScout Systems, Inc.* (Communications Equipment) | 1,596 | 43,762 | ||||||
ORBCOMM, Inc.* (Diversified Telecommunication Services) | 1,693 | 12,562 | ||||||
Plantronics, Inc. (Communications Equipment) | 814 | 22,002 | ||||||
Ribbon Communications, Inc.* (Communications Equipment) | 2,555 | 16,761 | ||||||
Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | 1,082 | 46,797 | ||||||
Spok Holdings, Inc. (Wireless Telecommunication Services) | 381 | 4,241 | ||||||
Telephone & Data Systems, Inc. (Wireless Telecommunication Services) | 2,160 | 40,111 | ||||||
T-Mobile US, Inc.* (Wireless Telecommunication Services) | 2,344 | 316,088 | ||||||
U.S. Cellular Corp.* (Wireless Telecommunication Services) | 322 | 9,882 | ||||||
Ubiquiti, Inc. (Communications Equipment) | 163 | 45,397 | ||||||
Verizon Communications, Inc. (Diversified Telecommunication Services) | 25,001 | 1,468,809 | ||||||
ViaSat, Inc.* (Communications Equipment) | 1,392 | 45,449 | ||||||
Viavi Solutions, Inc.* (Communications Equipment) | 4,969 | 74,411 | ||||||
Vonage Holdings Corp.* (Diversified Telecommunication Services) | 5,065 | 65,212 | ||||||
TOTAL COMMON STOCKS (Cost $4,868,014) | 6,512,377 |
Repurchase Agreements(b) (1.8%) | ||||||||
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $116,000 | $ | 116,000 | $ | 116,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $116,000) | 116,000 |
Collateral for Securities Loaned(NM) | ||||||||
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(c) | 528 | $ | 528 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(c) | 2 | 2 | ||||||
Invesco Government & Agency Portfolio—Institutional Shares, 0.11%(c) | 10 | 10 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $540) | 540 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $4,984,554)—100.0% | 6,628,917 | |||||||
Net other assets (liabilities)—0.0% | (2,892 | ) | ||||||
NET ASSETS—100.0% | $ | 6,626,025 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $511. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
294 :: ProFund VP Telecommunications :: Financial Statements
Total Return Swap Agreements – Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||||
Dow Jones U.S. Select Telecommunications Index | Goldman Sachs International | 1/25/21 | 0.60% | $ | 119,262 | $ | 23 |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP Telecommunications invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Communications Equipment | $ | 2,170,033 | 32.8 | % | ||||
Diversified Telecommunication Services | 3,308,834 | 49.8 | % | |||||
Household Durables | 307,885 | 4.6 | % | |||||
Media | 308,506 | 4.7 | % | |||||
Wireless Telecommunication Services | 417,119 | 6.3 | % | |||||
Other** | 113,648 | 1.8 | % | |||||
Total | $ | 6,626,025 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Telecommunications :: 295
Statement of Assets and Liabilities December 31, 2020
| ||||
ASSETS: | ||||
Total Investment Securities, at cost | $ | 4,984,554 | ||
Securities, at value | 6,512,917 | |||
Repurchase agreements, at value | 116,000 | |||
Total Investment Securities, at value | 6,628,917 | |||
Dividends and interest receivable | 1,393 | |||
Unrealized appreciation on swap agreements | 23 | |||
Receivable for capital shares issued | 10,254 | |||
Receivable for investments sold | 201,044 | |||
Prepaid expenses | 35 | |||
TOTAL ASSETS | 6,841,666 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 1,322 | |||
Cash overdraft | 198,922 | |||
Payable for collateral for securities loaned | 540 | |||
Advisory fees payable | 4,003 | |||
Management services fees payable | 534 | |||
Administration fees payable | 444 | |||
Administrative services fees payable | 2,841 | |||
Distribution fees payable | 2,630 | |||
Transfer agency fees payable | 373 | |||
Fund accounting fees payable | 266 | |||
Compliance services fees payable | 35 | |||
Other accrued expenses | 3,731 | |||
TOTAL LIABILITIES | 215,641 | |||
NET ASSETS | $ | 6,626,025 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 6,891,474 | ||
Total distributable earnings (loss) | (265,449 | ) | ||
NET ASSETS | $ | 6,626,025 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 205,482 | |||
Net Asset Value (offering and redemption price per share) | $ | 32.25 | ||
(a) Includes securities on loan valued at: | $ | 511 |
Statement of Operations For the Year Ended December 31, 2020 | ||||
INVESTMENT INCOME: | ||||
Dividends | $ | 181,484 | ||
Interest | 259 | |||
Income from securities lending | 448 | |||
TOTAL INVESTMENT INCOME | 182,191 | |||
EXPENSES: | ||||
Advisory fees | 44,902 | |||
Management services fees | 5,987 | |||
Administration fees | 5,468 | |||
Transfer agency fees | 4,387 | |||
Administrative services fees | 17,638 | |||
Distribution fees | 14,967 | |||
Custody fees | 974 | |||
Fund accounting fees | 3,165 | |||
Trustee fees | 122 | |||
Compliance services fees | 69 | |||
Other fees | 8,011 | |||
Total Gross Expenses before reductions | 105,690 | |||
Expenses reduced and reimbursed by the Advisor | (5,110 | ) | ||
TOTAL NET EXPENSES | 100,580 | |||
NET INVESTMENT INCOME (LOSS) | 81,611 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (268,791 | ) | ||
Net realized gains (losses) on swap agreements | (910 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | 308,320 | |||
Change in net unrealized appreciation/depreciation on swap agreements | (7 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 38,612 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 120,223 |
See accompanying notes to financial statements.
296 :: ProFund VP Telecommunications :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 81,611 | $ | 60,620 | ||||
Net realized gains (losses) on investments | (269,701 | ) | (190,539 | ) | ||||
Change in net unrealized appreciation/depreciation on investments | 308,313 | 894,520 | ||||||
Change in net assets resulting from operations | 120,223 | 764,601 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (61,265 | ) | (199,221 | ) | ||||
Change in net assets resulting from distributions | (61,265 | ) | (199,221 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 7,913,416 | 10,994,877 | ||||||
Distributions reinvested | 61,265 | 199,221 | ||||||
Value of shares redeemed | (7,574,704 | ) | (10,863,899 | ) | ||||
Change in net assets resulting from capital transactions | 399,977 | 330,199 | ||||||
Change in net assets | 458,935 | 895,579 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 6,167,090 | 5,271,511 | ||||||
End of period | $ | 6,626,025 | $ | 6,167,090 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 268,260 | 349,266 | ||||||
Reinvested | 1,967 | 6,627 | ||||||
Redeemed | (260,333 | ) | (345,808 | ) | ||||
Change in shares | 9,894 | 10,085 |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Telecommunications :: 297
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016(a) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 31.53 | $ | 28.42 | $ | 35.52 | $ | 40.78 | $ | 34.04 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.41 | 0.28 | 0.94 | 1.29 | 0.99 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.57 | 3.87 | (6.22 | ) | (2.27 | ) | 6.37 | |||||||||||||
Total income (loss) from investment activities | 0.98 | 4.15 | (5.28 | ) | (0.98 | ) | 7.36 | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.26 | ) | (1.04 | ) | (1.82 | ) | (1.92 | ) | (0.62 | ) | ||||||||||
Net realized gains on investments | — | — | — | (2.36 | ) | — | ||||||||||||||
Total distributions | (0.26 | ) | (1.04 | ) | (1.82 | ) | (4.28 | ) | (0.62 | ) | ||||||||||
Net Asset Value, End of Period | $ | 32.25 | $ | 31.53 | $ | 28.42 | $ | 35.52 | $ | 40.78 | ||||||||||
Total Return | 3.15% | 14.77% | (15.10 | )% | (2.12 | )% | 21.65% | |||||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.77% | 1.76% | 1.76% | 1.72% | 1.72% | |||||||||||||||
Net expenses | 1.68% | 1.68% | 1.68% | 1.68% | 1.68% | |||||||||||||||
Net investment income (loss) | 1.36% | 0.89% | 2.96% | 3.43% | 2.55% | |||||||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000's) | $ | 6,626 | $ | 6,167 | $ | 5,272 | $ | 9,372 | $ | 15,962 | ||||||||||
Portfolio turnover rate(c) | 107% | 165% | 328% | 388% | 428% |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 5, 2016. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(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 financial statements.
298 :: 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 Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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, 2020, the Fund had a total return of 19.83%. For the same period, the Index had a total return of 18.40%1 and a volatility of 34.69%. 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, 2020, the Fund invested in swap agreements and futures contracts as a substitute for 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP UltraBull | 19.83 | % | 22.09 | % | 20.94 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP UltraBull | 1.62 | % | 1.62 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 71 | % | ||
Futures Contracts | 8 | % | ||
Swap Agreements | 122 | % | ||
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 or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Apple, Inc. | 4.7 | % | ||
Microsoft Corp. | 3.7 | % | ||
Amazon.com, Inc. | 3.1 | % | ||
Alphabet, Inc. | 2.3 | % | ||
Facebook, Inc. | 1.5 | % |
S&P 500® – Composition
% of Index | ||||
Information Technology | 28 | % | ||
Health Care | 13 | % | ||
Consumer Discretionary | 13 | % | ||
Communication Services | 11 | % | ||
Financials | 10 | % | ||
Industrials | 8 | % | ||
Consumer Staples | 7 | % | ||
Utilities | 3 | % | ||
Materials | 3 | % | ||
Real Estate | 2 | % | ||
Energy | 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.
Financial Statements :: ProFund VP UltraBull :: 299
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (70.5%)
Shares | Value | |||||||
3M Co. (Industrial Conglomerates) | 219 | $ | 38,279 | |||||
A.O. Smith Corp. (Building Products) | 51 | 2,796 | ||||||
Abbott Laboratories (Health Care Equipment & Supplies) | 673 | 73,686 | ||||||
AbbVie, Inc. (Biotechnology) | 671 | 71,897 | ||||||
ABIOMED, Inc.* (Health Care Equipment & Supplies) | 17 | 5,511 | ||||||
Accenture PLC—Class A (IT Services) | 241 | 62,952 | ||||||
Activision Blizzard, Inc. (Entertainment) | 294 | 27,298 | ||||||
Adobe, Inc.* (Software) | 182 | 91,021 | ||||||
Advance Auto Parts, Inc. (Specialty Retail) | 26 | 4,095 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 457 | 41,911 | ||||||
Aflac, Inc. (Insurance) | 248 | 11,029 | ||||||
Agilent Technologies, Inc. (Life Sciences Tools & Services) | 116 | 13,745 | ||||||
Air Products & Chemicals, Inc. (Chemicals) | 84 | 22,950 | ||||||
Akamai Technologies, Inc.* (IT Services) | 62 | 6,509 | ||||||
Alaska Air Group, Inc. (Airlines) | 47 | 2,444 | ||||||
Albemarle Corp. (Chemicals) | 40 | 5,901 | ||||||
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | 47 | 8,376 | ||||||
Alexion Pharmaceuticals, Inc.* (Biotechnology) | 83 | 12,968 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 27 | 14,428 | ||||||
Allegion PLC (Building Products) | 35 | 4,073 | ||||||
Alliant Energy Corp. (Electric Utilities) | 95 | 4,895 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 114 | 199,801 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 110 | 192,707 | ||||||
Altria Group, Inc. (Tobacco) | 706 | 28,946 | ||||||
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | 162 | 527,623 | ||||||
Amcor PLC (Containers & Packaging) | 596 | 7,015 | ||||||
Ameren Corp. (Multi-Utilities) | 94 | 7,338 | ||||||
American Airlines Group, Inc.(a) (Airlines) | 232 | 3,659 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 189 | 15,738 | ||||||
American Express Co. (Consumer Finance) | 248 | 29,986 | ||||||
American International Group, Inc. (Insurance) | 327 | 12,380 | ||||||
American Tower Corp. (Equity Real Estate Investment Trusts) | 169 | 37,935 | ||||||
American Water Works Co., Inc. (Water Utilities) | 69 | 10,589 | ||||||
Ameriprise Financial, Inc. (Capital Markets) | 45 | 8,745 | ||||||
AmerisourceBergen Corp. (Health Care Providers & Services) | 56 | 5,475 | ||||||
AMETEK, Inc. (Electrical Equipment) | 87 | 10,522 | ||||||
Amgen, Inc. (Biotechnology) | 221 | 50,812 | ||||||
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | 114 | 14,908 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 140 | 20,682 | ||||||
ANSYS, Inc.* (Software) | 33 | 12,005 | ||||||
Anthem, Inc. (Health Care Providers & Services) | 94 | 30,182 | ||||||
Aon PLC (Insurance) | 87 | 18,380 | ||||||
Apache Corp. (Oil, Gas & Consumable Fuels) | 143 | 2,029 | ||||||
Apartment Income REIT Corp.* (Equity Real Estate Investment Trusts) | 1 | 20 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 6,072 | 805,693 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 347 | 29,946 | ||||||
Aptiv PLC (Auto Components) | 103 | 13,419 | ||||||
Archer-Daniels-Midland Co. (Food Products) | 211 | 10,637 | ||||||
Arista Networks, Inc.* (Communications Equipment) | 21 | 6,102 | ||||||
Arthur J. Gallagher & Co. (Insurance) | 73 | 9,031 | ||||||
Assurant, Inc. (Insurance) | 23 | 3,133 | ||||||
AT&T, Inc. (Diversified Telecommunication Services) | 2,707 | 77,853 | ||||||
Atmos Energy Corp. (Gas Utilities) | 48 | 4,581 | ||||||
Autodesk, Inc.* (Software) | 84 | 25,649 | ||||||
Automatic Data Processing, Inc. (IT Services) | 163 | 28,721 | ||||||
AutoZone, Inc.* (Specialty Retail) | 9 | 10,669 | ||||||
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | 53 | 8,503 | ||||||
Avery Dennison Corp. (Containers & Packaging) | 32 | 4,964 | ||||||
Baker Hughes Co.—Class A (Energy Equipment & Services) | 261 | 5,442 | ||||||
Ball Corp. (Containers & Packaging) | 124 | 11,553 | ||||||
Bank of America Corp. (Banks) | 2,892 | 87,657 | ||||||
Baxter International, Inc. (Health Care Equipment & Supplies) | 194 | 15,567 | ||||||
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | 110 | 27,524 | ||||||
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | 739 | 171,352 | ||||||
Best Buy Co., Inc. (Specialty Retail) | 88 | 8,782 | ||||||
Biogen, Inc.* (Biotechnology) | 58 | 14,202 | ||||||
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | 8 | 4,664 | ||||||
BlackRock, Inc.—Class A (Capital Markets) | 54 | 38,962 | ||||||
Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | 16 | 35,636 | ||||||
BorgWarner, Inc. (Auto Components) | 93 | 3,594 | ||||||
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | 54 | 5,105 | ||||||
Boston Scientific Corp.* (Health Care Equipment & Supplies) | 544 | 19,557 | ||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 859 | 53,284 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 154 | 67,429 | ||||||
Broadridge Financial Solutions, Inc. (IT Services) | 44 | 6,741 |
See accompanying notes to financial statements.
300 :: ProFund VP UltraBull :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Brown-Forman Corp.—Class B (Beverages) | 69 | $ | 5,481 | |||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 52 | 4,881 | ||||||
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | 151 | 2,458 | ||||||
Cadence Design Systems, Inc.* (Software) | 106 | 14,462 | ||||||
Campbell Soup Co. (Food Products) | 77 | 3,723 | ||||||
Capital One Financial Corp. (Consumer Finance) | 174 | 17,200 | ||||||
Cardinal Health, Inc. (Health Care Providers & Services) | 111 | 5,945 | ||||||
CarMax, Inc.* (Specialty Retail) | 62 | 5,857 | ||||||
Carnival Corp.—Class A (Hotels, Restaurants & Leisure) | 283 | 6,130 | ||||||
Carrier Global Corp. (Building Products) | 310 | 11,693 | ||||||
Catalent, Inc.* (Pharmaceuticals) | 63 | 6,556 | ||||||
Caterpillar, Inc. (Machinery) | 206 | 37,495 | ||||||
Cboe Global Markets, Inc. (Capital Markets) | 41 | 3,818 | ||||||
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | 127 | 7,965 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 54 | 7,117 | ||||||
Celanese Corp.—Series A (Chemicals) | 44 | 5,717 | ||||||
Centene Corp.* (Health Care Providers & Services) | 220 | 13,207 | ||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 207 | 4,479 | ||||||
CenturyLink, Inc. (Diversified Telecommunication Services) | 375 | 3,656 | ||||||
Cerner Corp. (Health Care Technology) | 116 | 9,104 | ||||||
CF Industries Holdings, Inc. (Chemicals) | 81 | 3,136 | ||||||
Charter Communications, Inc.*—Class A (Media) | 55 | 36,385 | ||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 732 | 61,818 | ||||||
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | 11 | 15,254 | ||||||
Chubb, Ltd. (Insurance) | 171 | 26,321 | ||||||
Church & Dwight Co., Inc. (Household Products) | 94 | 8,200 | ||||||
Cigna Corp. (Health Care Providers & Services) | 137 | 28,521 | ||||||
Cincinnati Financial Corp. (Insurance) | 57 | 4,980 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 33 | 11,664 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 1,605 | 71,823 | ||||||
Citigroup, Inc. (Banks) | 791 | 48,773 | ||||||
Citizens Financial Group, Inc. (Banks) | 162 | 5,793 | ||||||
Citrix Systems, Inc. (Software) | 47 | 6,115 | ||||||
CME Group, Inc. (Capital Markets) | 136 | 24,759 | ||||||
CMS Energy Corp. (Multi-Utilities) | 109 | 6,650 | ||||||
Cognizant Technology Solutions Corp.—Class A (IT Services) | 203 | 16,636 | ||||||
Colgate-Palmolive Co. (Household Products) | 326 | 27,876 | ||||||
Comcast Corp.—Class A (Media) | 1,735 | 90,915 | ||||||
Comerica, Inc. (Banks) | 53 | 2,961 | ||||||
Conagra Brands, Inc. (Food Products) | 186 | 6,744 | ||||||
Concho Resources, Inc. (Oil, Gas & Consumable Fuels) | 75 | 4,376 | ||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 406 | 16,236 | ||||||
Consolidated Edison, Inc. (Multi-Utilities) | 130 | 9,395 | ||||||
Constellation Brands, Inc.—Class A (Beverages) | 64 | 14,019 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 79 | 10,053 | ||||||
Corning, Inc. (Electronic Equipment, Instruments & Components) | 290 | 10,440 | ||||||
Corteva, Inc. (Chemicals) | 283 | 10,958 | ||||||
Costco Wholesale Corp. (Food & Staples Retailing) | 168 | 63,299 | ||||||
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | 164 | 26,107 | ||||||
CSX Corp. (Road & Rail) | 291 | 26,408 | ||||||
Cummins, Inc. (Machinery) | 56 | 12,718 | ||||||
CVS Health Corp. (Health Care Providers & Services) | 497 | 33,945 | ||||||
Danaher Corp. (Health Care Equipment & Supplies) | 240 | 53,314 | ||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 49 | 5,837 | ||||||
DaVita, Inc.* (Health Care Providers & Services) | 28 | 3,287 | ||||||
Deere & Co. (Machinery) | 119 | 32,017 | ||||||
Delta Air Lines, Inc. (Airlines) | 242 | 9,731 | ||||||
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | 83 | 4,346 | ||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 145 | 2,292 | ||||||
DexCom, Inc.* (Health Care Equipment & Supplies) | 36 | 13,310 | ||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 60 | 2,904 | ||||||
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 106 | 14,788 | ||||||
Discover Financial Services (Consumer Finance) | 116 | 10,501 | ||||||
Discovery, Inc.* (Media) | 61 | 1,835 | ||||||
Discovery, Inc.*—Class C (Media) | 112 | 2,933 | ||||||
DISH Network Corp.*—Class A (Media) | 94 | 3,040 | ||||||
Dollar General Corp. (Multiline Retail) | 93 | 19,558 | ||||||
Dollar Tree, Inc.* (Multiline Retail) | 89 | 9,616 | ||||||
Dominion Energy, Inc. (Multi-Utilities) | 310 | 23,312 | ||||||
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | 15 | 5,752 | ||||||
Dover Corp. (Machinery) | 55 | 6,944 | ||||||
Dow, Inc. (Chemicals) | 282 | 15,651 | ||||||
DR Horton, Inc. (Household Durables) | 126 | 8,683 | ||||||
DTE Energy Co. (Multi-Utilities) | 74 | 8,984 | ||||||
Duke Energy Corp. (Electric Utilities) | 280 | 25,637 | ||||||
Duke Realty Corp. (Equity Real Estate Investment Trusts) | 141 | 5,636 | ||||||
DuPont de Nemours, Inc.(a) (Chemicals) | 279 | 19,840 | ||||||
DXC Technology Co. (IT Services) | 97 | 2,498 | ||||||
Eastman Chemical Co. (Chemicals) | 51 | 5,114 | ||||||
Eaton Corp. PLC (Electrical Equipment) | 151 | 18,141 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 249 | 12,512 | ||||||
Ecolab, Inc. (Chemicals) | 94 | 20,338 | ||||||
Edison International (Electric Utilities) | 144 | 9,046 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 301
Common Stocks, continued
Shares | Value | |||||||
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | 237 | $ | 21,622 | |||||
Electronic Arts, Inc. (Entertainment) | 110 | 15,796 | ||||||
Eli Lilly & Co. (Pharmaceuticals) | 302 | 50,990 | ||||||
Emerson Electric Co. (Electrical Equipment) | 227 | 18,244 | ||||||
Entergy Corp. (Electric Utilities) | 76 | 7,588 | ||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 222 | 11,071 | ||||||
Equifax, Inc. (Professional Services) | 46 | 8,871 | ||||||
Equinix, Inc. (Equity Real Estate Investment Trusts) | 34 | 24,282 | ||||||
Equity Residential (Equity Real Estate Investment Trusts) | 130 | 7,706 | ||||||
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | 25 | 5,936 | ||||||
Etsy, Inc.* (Internet & Direct Marketing Retail) | 48 | 8,540 | ||||||
Everest Re Group, Ltd. (Insurance) | 15 | 3,511 | ||||||
Evergy, Inc. (Electric Utilities) | 86 | 4,774 | ||||||
Eversource Energy (Electric Utilities) | 130 | 11,246 | ||||||
Exelon Corp. (Electric Utilities) | 371 | 15,664 | ||||||
Expedia Group, Inc. (Internet & Direct Marketing Retail) | 52 | 6,885 | ||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 64 | 6,087 | ||||||
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | 49 | 5,677 | ||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 1,606 | 66,200 | ||||||
F5 Networks, Inc.* (Communications Equipment) | 23 | 4,047 | ||||||
Facebook, Inc.*—Class A (Interactive Media & Services) | 913 | 249,395 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 218 | 10,644 | ||||||
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | 26 | 2,213 | ||||||
FedEx Corp. (Air Freight & Logistics) | 92 | 23,885 | ||||||
Fidelity National Information Services, Inc. (IT Services) | 236 | 33,385 | ||||||
Fifth Third Bancorp (Banks) | 271 | 7,471 | ||||||
First Horizon Corp. (Banks) | — | (b) | 4 | |||||
First Republic Bank (Banks) | 66 | 9,697 | ||||||
FirstEnergy Corp. (Electric Utilities) | 206 | 6,306 | ||||||
Fiserv, Inc.* (IT Services) | 211 | 24,024 | ||||||
FleetCor Technologies, Inc.* (IT Services) | 32 | 8,731 | ||||||
FLIR Systems, Inc. (Electronic Equipment, Instruments & Components) | 50 | 2,192 | ||||||
Flowserve Corp. (Machinery) | 49 | 1,806 | ||||||
FMC Corp. (Chemicals) | 49 | 5,632 | ||||||
Ford Motor Co. (Automobiles) | 1,485 | 13,053 | ||||||
Fortinet, Inc.* (Software) | 51 | 7,575 | ||||||
Fortive Corp. (Machinery) | 128 | 9,065 | ||||||
Fortune Brands Home & Security, Inc. (Building Products) | 53 | 4,543 | ||||||
Fox Corp.—Class A (Media) | 128 | 3,727 | ||||||
Fox Corp.—Class B (Media) | 59 | 1,704 | ||||||
Franklin Resources, Inc. (Capital Markets) | 104 | 2,599 | ||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 552 | 14,363 | ||||||
Garmin, Ltd. (Household Durables) | 57 | 6,821 | ||||||
Gartner, Inc.* (IT Services) | 34 | 5,446 | ||||||
General Dynamics Corp. (Aerospace & Defense) | 88 | 13,096 | ||||||
General Electric Co. (Industrial Conglomerates) | 3,328 | 35,942 | ||||||
General Mills, Inc. (Food Products) | 232 | 13,643 | ||||||
General Motors Co. (Automobiles) | 479 | 19,946 | ||||||
Genuine Parts Co. (Distributors) | 55 | 5,524 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 476 | 27,732 | ||||||
Global Payments, Inc. (IT Services) | 114 | 24,558 | ||||||
Globe Life, Inc. (Insurance) | 37 | 3,514 | ||||||
Halliburton Co. (Energy Equipment & Services) | 336 | 6,350 | ||||||
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | 132 | 1,925 | ||||||
Hartford Financial Services Group, Inc. (Insurance) | 136 | 6,661 | ||||||
Hasbro, Inc. (Leisure Products) | 48 | 4,490 | ||||||
HCA Healthcare, Inc. (Health Care Providers & Services) | 100 | 16,446 | ||||||
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | 205 | 6,197 | ||||||
Henry Schein, Inc.* (Health Care Providers & Services) | 54 | 3,610 | ||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 104 | 5,490 | ||||||
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | 489 | 5,795 | ||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 105 | 11,682 | ||||||
HollyFrontier Corp. (Oil, Gas & Consumable Fuels) | 57 | 1,473 | ||||||
Hologic, Inc.* (Health Care Equipment & Supplies) | 98 | 7,137 | ||||||
Honeywell International, Inc. (Industrial Conglomerates) | 267 | 56,791 | ||||||
Hormel Foods Corp. (Food Products) | 107 | 4,987 | ||||||
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 268 | 3,921 | ||||||
Howmet Aerospace, Inc.* (Aerospace & Defense) | 148 | 4,224 | ||||||
HP, Inc. (Technology Hardware, Storage & Peripherals) | 522 | 12,836 | ||||||
Humana, Inc. (Health Care Providers & Services) | 50 | 20,514 | ||||||
Huntington Bancshares, Inc. (Banks) | 387 | 4,888 | ||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 15 | 2,557 | ||||||
IDEX Corp. (Machinery) | 29 | 5,777 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 32 | 15,996 | ||||||
IHS Markit, Ltd. (Professional Services) | 142 | 12,756 | ||||||
Illinois Tool Works, Inc. (Machinery) | 109 | 22,223 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 55 | 20,350 | ||||||
Incyte Corp.* (Biotechnology) | 71 | 6,176 | ||||||
Ingersoll Rand, Inc.* (Machinery) | 141 | 6,424 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 1,557 | 77,570 | ||||||
Intercontinental Exchange, Inc. (Capital Markets) | 213 | 24,557 |
See accompanying notes to financial statements.
302 :: ProFund VP UltraBull :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
International Business Machines Corp. (IT Services) | 339 | $ | 42,673 | |||||
International Flavors & Fragrances, Inc.(a) (Chemicals) | 41 | 4,462 | ||||||
International Paper Co. (Containers & Packaging) | 149 | 7,408 | ||||||
Intuit, Inc. (Software) | 100 | 37,985 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 45 | 36,815 | ||||||
Invesco, Ltd. (Capital Markets) | 143 | 2,492 | ||||||
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | 14 | 3,133 | ||||||
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | 73 | 13,079 | ||||||
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | 109 | 3,213 | ||||||
J.B. Hunt Transport Services, Inc. (Road & Rail) | 32 | 4,373 | ||||||
Jack Henry & Associates, Inc. (IT Services) | 29 | 4,698 | ||||||
Jacobs Engineering Group, Inc. (Construction & Engineering) | 49 | 5,339 | ||||||
Johnson & Johnson (Pharmaceuticals) | 1,000 | 157,379 | ||||||
Johnson Controls International PLC (Building Products) | 275 | 12,812 | ||||||
JPMorgan Chase & Co. (Banks) | 1,158 | 147,147 | ||||||
Juniper Networks, Inc. (Communications Equipment) | 125 | 2,814 | ||||||
Kansas City Southern (Road & Rail) | 36 | 7,349 | ||||||
Kellogg Co. (Food Products) | 97 | 6,036 | ||||||
KeyCorp (Banks) | 371 | 6,088 | ||||||
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 70 | 9,246 | ||||||
Kimberly-Clark Corp. (Household Products) | 129 | 17,393 | ||||||
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | 164 | 2,462 | ||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 740 | 10,116 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 59 | 15,276 | ||||||
L Brands, Inc. (Specialty Retail) | 89 | 3,310 | ||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 80 | 15,122 | ||||||
Laboratory Corp. of America Holdings* (Health Care Providers & Services) | 37 | 7,531 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 55 | 25,975 | ||||||
Lamb Weston Holding, Inc. (Food Products) | 56 | 4,409 | ||||||
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure) | 125 | 7,450 | ||||||
Leggett & Platt, Inc. (Household Durables) | 50 | 2,215 | ||||||
Leidos Holdings, Inc. (IT Services) | 51 | 5,361 | ||||||
Lennar Corp.—Class A (Household Durables) | 105 | 8,004 | ||||||
Lincoln National Corp. (Insurance) | 69 | 3,471 | ||||||
Linde PLC (Chemicals) | 199 | 52,439 | ||||||
Live Nation Entertainment, Inc.* (Entertainment) | 54 | 3,968 | ||||||
LKQ Corp.* (Distributors) | 106 | 3,735 | ||||||
Lockheed Martin Corp. (Aerospace & Defense) | 94 | 33,368 | ||||||
Loews Corp. (Insurance) | 89 | 4,007 | ||||||
Lowe's Cos., Inc. (Specialty Retail) | 278 | 44,622 | ||||||
LyondellBasell Industries N.V.—Class A (Chemicals) | 98 | 8,983 | ||||||
M&T Bank Corp. (Banks) | 49 | 6,238 | ||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 300 | 2,001 | ||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 247 | 10,216 | ||||||
MarketAxess Holdings, Inc. (Capital Markets) | 14 | 7,988 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 101 | 13,358 | ||||||
Marsh & McLennan Cos., Inc. (Insurance) | 193 | 22,582 | ||||||
Martin Marietta Materials, Inc. (Construction Materials) | 24 | 6,815 | ||||||
Masco Corp. (Building Products) | 99 | 5,438 | ||||||
Mastercard, Inc.—Class A (IT Services) | 334 | 119,218 | ||||||
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | 102 | 9,042 | ||||||
McCormick & Co., Inc. (Food Products) | 94 | 8,986 | ||||||
McDonald's Corp. (Hotels, Restaurants & Leisure) | 283 | 60,725 | ||||||
McKesson Corp. (Health Care Providers & Services) | 61 | 10,609 | ||||||
Medtronic PLC (Health Care Equipment & Supplies) | 511 | 59,859 | ||||||
Merck & Co., Inc. (Pharmaceuticals) | 961 | 78,610 | ||||||
MetLife, Inc. (Insurance) | 291 | 13,662 | ||||||
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | 9 | 10,257 | ||||||
MGM Resorts International (Hotels, Restaurants & Leisure) | 156 | 4,916 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 99 | 13,673 | ||||||
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | 423 | 31,801 | ||||||
Microsoft Corp. (Software) | 2,872 | 638,789 | ||||||
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | 43 | 5,448 | ||||||
Mohawk Industries, Inc.* (Household Durables) | 23 | 3,242 | ||||||
Molson Coors Beverage Co.—Class B (Beverages) | 71 | 3,208 | ||||||
Mondelez International, Inc.—Class A (Food Products) | 543 | 31,750 | ||||||
Monster Beverage Corp.* (Beverages) | 140 | 12,947 | ||||||
Moody's Corp. (Capital Markets) | 61 | 17,705 | ||||||
Morgan Stanley (Capital Markets) | 544 | 37,280 | ||||||
Motorola Solutions, Inc. (Communications Equipment) | 64 | 10,884 | ||||||
MSCI, Inc.—Class A (Capital Markets) | 31 | 13,842 | ||||||
Nasdaq, Inc. (Capital Markets) | 44 | 5,841 | ||||||
National Oilwell Varco, Inc. (Energy Equipment & Services) | 148 | 2,032 | ||||||
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | 85 | 5,630 | ||||||
Netflix, Inc.* (Entertainment) | 168 | 90,843 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 303
Common Stocks, continued
Shares | Value | |||||||
Newell Brands, Inc. (Household Durables) | 143 | $ | 3,036 | |||||
Newmont Corp. (Metals & Mining) | 305 | 18,266 | ||||||
News Corp.—Class A (Media) | 149 | 2,678 | ||||||
News Corp.—Class B (Media) | 46 | 817 | ||||||
NextEra Energy, Inc. (Electric Utilities) | 744 | 57,400 | ||||||
Nielsen Holdings PLC (Professional Services) | 136 | 2,838 | ||||||
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | 477 | 67,482 | ||||||
NiSource, Inc. (Multi-Utilities) | 146 | 3,349 | ||||||
Norfolk Southern Corp. (Road & Rail) | 96 | 22,811 | ||||||
Northern Trust Corp. (Capital Markets) | 79 | 7,358 | ||||||
Northrop Grumman Corp. (Aerospace & Defense) | 59 | 17,978 | ||||||
NortonLifelock, Inc. (Software) | 225 | 4,676 | ||||||
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | 120 | 3,052 | ||||||
NRG Energy, Inc. (Independent Power and Renewable Electricity Producers) | 93 | 3,492 | ||||||
Nucor Corp. (Metals & Mining) | 115 | 6,117 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 235 | 122,718 | ||||||
NVR, Inc.* (Household Durables) | 1 | 4,080 | ||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 318 | 5,505 | ||||||
Old Dominion Freight Line, Inc. (Road & Rail) | 37 | 7,222 | ||||||
Omnicom Group, Inc. (Media) | 82 | 5,114 | ||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 169 | 6,486 | ||||||
Oracle Corp. (Software) | 721 | 46,641 | ||||||
O'Reilly Automotive, Inc.* (Specialty Retail) | 28 | 12,672 | ||||||
Otis Worldwide Corp. (Machinery) | 155 | 10,470 | ||||||
PACCAR, Inc. (Machinery) | 132 | 11,389 | ||||||
Packaging Corp. of America (Containers & Packaging) | 36 | 4,965 | ||||||
Parker-Hannifin Corp. (Machinery) | 49 | 13,348 | ||||||
Paychex, Inc. (IT Services) | 122 | 11,368 | ||||||
Paycom Software, Inc.* (Software) | 19 | 8,593 | ||||||
PayPal Holdings, Inc.* (IT Services) | 445 | 104,219 | ||||||
Pentair PLC (Machinery) | 63 | 3,345 | ||||||
People's United Financial, Inc. (Banks) | 161 | 2,082 | ||||||
PepsiCo, Inc. (Beverages) | 525 | 77,858 | ||||||
PerkinElmer, Inc. (Life Sciences Tools & Services) | 43 | 6,171 | ||||||
Perrigo Co. PLC (Pharmaceuticals) | 52 | 2,325 | ||||||
Pfizer, Inc. (Pharmaceuticals) | 2,112 | 77,743 | ||||||
Philip Morris International, Inc. (Tobacco) | 592 | 49,012 | ||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 166 | 11,610 | ||||||
Pinnacle West Capital Corp. (Electric Utilities) | 43 | 3,438 | ||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 62 | 7,061 | ||||||
Pool Corp. (Distributors) | 15 | 5,588 | ||||||
PPG Industries, Inc. (Chemicals) | 90 | 12,980 | ||||||
PPL Corp. (Electric Utilities) | 292 | 8,234 | ||||||
Principal Financial Group, Inc. (Insurance) | 97 | 4,812 | ||||||
Prologis, Inc. (Equity Real Estate Investment Trusts) | 281 | 28,004 | ||||||
Prudential Financial, Inc. (Insurance) | 150 | 11,711 | ||||||
Public Service Enterprise Group, Inc. (Multi-Utilities) | 192 | 11,194 | ||||||
Public Storage (Equity Real Estate Investment Trusts) | 58 | 13,394 | ||||||
PulteGroup, Inc. (Household Durables) | 102 | 4,398 | ||||||
PVH Corp. (Textiles, Apparel & Luxury Goods) | 27 | 2,535 | ||||||
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | 43 | 7,150 | ||||||
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | 430 | 65,506 | ||||||
Quanta Services, Inc. (Construction & Engineering) | 53 | 3,817 | ||||||
Quest Diagnostics, Inc. (Health Care Providers & Services) | 51 | 6,078 | ||||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 18 | 1,867 | ||||||
Raymond James Financial, Inc. (Capital Markets) | 46 | 4,401 | ||||||
Raytheon Technologies Corp. (Aerospace & Defense) | 577 | 41,261 | ||||||
Realty Income Corp. (Equity Real Estate Investment Trusts) | 133 | 8,269 | ||||||
Regency Centers Corp. (Equity Real Estate Investment Trusts) | 60 | 2,735 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 40 | 19,324 | ||||||
Regions Financial Corp. (Banks) | 365 | 5,884 | ||||||
Republic Services, Inc.—Class A (Commercial Services & Supplies) | 80 | 7,704 | ||||||
ResMed, Inc. (Health Care Equipment & Supplies) | 55 | 11,691 | ||||||
Robert Half International, Inc. (Professional Services) | 43 | 2,687 | ||||||
Rockwell Automation, Inc. (Electrical Equipment) | 44 | 11,036 | ||||||
Rollins, Inc. (Commercial Services & Supplies) | 84 | 3,282 | ||||||
Roper Technologies, Inc. (Industrial Conglomerates) | 40 | 17,244 | ||||||
Ross Stores, Inc. (Specialty Retail) | 135 | 16,579 | ||||||
Royal Caribbean Cruises, Ltd. (Hotels, Restaurants & Leisure) | 71 | 5,303 | ||||||
S&P Global, Inc. (Capital Markets) | 91 | 29,914 | ||||||
Salesforce.com, Inc.* (Software) | 348 | 77,440 | ||||||
SBA Communications Corp. (Equity Real Estate Investment Trusts) | 42 | 11,849 | ||||||
Schlumberger, Ltd. (Energy Equipment & Services) | 529 | 11,549 | ||||||
Seagate Technology PLC (Technology Hardware, Storage & Peripherals) | 85 | 5,284 | ||||||
Sealed Air Corp. (Containers & Packaging) | 59 | 2,702 | ||||||
Sempra Energy (Multi-Utilities) | 110 | 14,015 | ||||||
ServiceNow, Inc.* (Software) | 74 | 40,732 | ||||||
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | 125 | 10,660 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 63 | 9,631 |
See accompanying notes to financial statements.
304 :: ProFund VP UltraBull :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
SL Green Realty Corp. (Equity Real Estate Investment Trusts) | 28 | $ | 1,668 | |||||
Snap-on, Inc. (Machinery) | 21 | 3,594 | ||||||
Southwest Airlines Co. (Airlines) | 224 | 10,440 | ||||||
Stanley Black & Decker, Inc. (Machinery) | 61 | 10,892 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 446 | 47,713 | ||||||
State Street Corp. (Capital Markets) | 134 | 9,753 | ||||||
STERIS PLC (Health Care Equipment & Supplies) | 32 | 6,065 | ||||||
Stryker Corp. (Health Care Equipment & Supplies) | 124 | 30,385 | ||||||
SVB Financial Group* (Banks) | 20 | 7,757 | ||||||
Synchrony Financial (Consumer Finance) | 206 | 7,150 | ||||||
Synopsys, Inc.* (Software) | 58 | 15,036 | ||||||
Sysco Corp. (Food & Staples Retailing) | 194 | 14,406 | ||||||
T. Rowe Price Group, Inc. (Capital Markets) | 86 | 13,020 | ||||||
Take-Two Interactive Software, Inc.* (Entertainment) | 44 | 9,143 | ||||||
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 105 | 3,263 | ||||||
Target Corp. (Multiline Retail) | 190 | 33,540 | ||||||
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | 126 | 15,254 | ||||||
TechnipFMC PLC (Energy Equipment & Services) | 161 | 1,513 | ||||||
Teledyne Technologies, Inc.* (Aerospace & Defense) | 14 | 5,488 | ||||||
Teleflex, Inc. (Health Care Equipment & Supplies) | 18 | 7,408 | ||||||
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | 63 | 7,553 | ||||||
Tesla, Inc.* (Automobiles) | 288 | 203,233 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 349 | 57,281 | ||||||
Textron, Inc. (Aerospace & Defense) | 87 | 4,205 | ||||||
The AES Corp. (Independent Power and Renewable Electricity Producers) | 253 | 5,946 | ||||||
The Allstate Corp. (Insurance) | 116 | 12,752 | ||||||
The Bank of New York Mellon Corp. (Capital Markets) | 310 | 13,156 | ||||||
The Boeing Co. (Aerospace & Defense) | 202 | 43,240 | ||||||
The Charles Schwab Corp. (Capital Markets) | 567 | 30,074 | ||||||
The Clorox Co. (Household Products) | 48 | 9,692 | ||||||
The Coca-Cola Co. (Beverages) | 1,469 | 80,560 | ||||||
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | 19 | 6,903 | ||||||
The Estee Lauder Co., Inc. (Personal Products) | 86 | 22,892 | ||||||
The Gap, Inc. (Specialty Retail) | 78 | 1,575 | ||||||
The Goldman Sachs Group, Inc. (Capital Markets) | 131 | 34,546 | ||||||
The Hershey Co. (Food Products) | 56 | 8,530 | ||||||
The Home Depot, Inc. (Specialty Retail) | 409 | 108,638 | ||||||
The Interpublic Group of Cos., Inc. (Media) | 148 | 3,481 | ||||||
The JM Smucker Co.—Class A (Food Products) | 43 | 4,971 | ||||||
The Kraft Heinz Co. (Food Products) | 246 | 8,526 | ||||||
The Kroger Co. (Food & Staples Retailing) | 294 | 9,337 | ||||||
The Mosaic Co. (Chemicals) | 131 | 3,014 | ||||||
The PNC Financial Services Group, Inc. (Banks) | 161 | 23,989 | ||||||
The Procter & Gamble Co. (Household Products) | 942 | 131,070 | ||||||
The Progressive Corp. (Insurance) | 222 | 21,951 | ||||||
The Sherwin-Williams Co. (Chemicals) | 31 | 22,782 | ||||||
The Southern Co. (Electric Utilities) | 401 | 24,633 | ||||||
The TJX Cos., Inc. (Specialty Retail) | 456 | 31,140 | ||||||
The Travelers Cos., Inc. (Insurance) | 96 | 13,476 | ||||||
The Walt Disney Co.* (Entertainment) | 688 | 124,651 | ||||||
The Western Union Co. (IT Services) | 156 | 3,423 | ||||||
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 461 | 9,243 | ||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 151 | 70,332 | ||||||
Tiffany & Co. (Specialty Retail) | 41 | 5,389 | ||||||
T-Mobile US, Inc.* (Wireless Telecommunication Services) | 222 | 29,937 | ||||||
Tractor Supply Co. (Specialty Retail) | 44 | 6,186 | ||||||
Trane Technologies PLC (Building Products) | 91 | 13,210 | ||||||
TransDigm Group, Inc.* (Aerospace & Defense) | 21 | 12,996 | ||||||
Truist Financial Corp. (Banks) | 512 | 24,540 | ||||||
Twitter, Inc.* (Interactive Media & Services) | 302 | 16,353 | ||||||
Tyler Technologies, Inc.* (Software) | 15 | 6,548 | ||||||
Tyson Foods, Inc.—Class A (Food Products) | 112 | 7,217 | ||||||
U.S. Bancorp (Banks) | 521 | 24,273 | ||||||
UDR, Inc. (Equity Real Estate Investment Trusts) | 112 | 4,304 | ||||||
Ulta Beauty, Inc.* (Specialty Retail) | 21 | 6,030 | ||||||
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 72 | 1,236 | ||||||
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | 74 | 1,101 | ||||||
Union Pacific Corp. (Road & Rail) | 256 | 53,303 | ||||||
United Airlines Holdings , Inc.* (Airlines) | 111 | 4,801 | ||||||
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | 272 | 45,805 | ||||||
United Rentals, Inc.* (Trading Companies & Distributors) | 27 | 6,262 | ||||||
UnitedHealth Group, Inc. (Health Care Providers & Services) | 360 | 126,245 | ||||||
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | 30 | 4,125 | ||||||
Unum Group (Insurance) | 77 | 1,766 | ||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 155 | 8,768 | ||||||
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies) | 35 | 6,125 | ||||||
Ventas, Inc. (Equity Real Estate Investment Trusts) | 142 | 6,964 | ||||||
VeriSign, Inc.* (IT Services) | 38 | 8,223 | ||||||
Verisk Analytics, Inc.—Class A (Professional Services) | 62 | 12,870 | ||||||
Verizon Communications, Inc. (Diversified Telecommunication Services) | 1,572 | 92,356 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 99 | 23,398 | ||||||
VF Corp. (Textiles, Apparel & Luxury Goods) | 122 | 10,420 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 305
Common Stocks, continued
Shares | Value | |||||||
ViacomCBS, Inc.—Class B (Media) | 215 | $ | 8,011 | |||||
Viatris, Inc.* (Pharmaceuticals) | 458 | 8,583 | ||||||
Visa, Inc.—Class A (IT Services) | 644 | 140,861 | ||||||
Vontier Corp.* (Electronic Equipment, Instruments & Components) | 51 | 1,703 | ||||||
Vornado Realty Trust (Equity Real Estate Investment Trusts) | 60 | 2,240 | ||||||
Vulcan Materials Co. (Construction Materials) | 50 | 7,416 | ||||||
W.R. Berkley Corp. (Insurance) | 53 | 3,520 | ||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 17 | 6,942 | ||||||
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | 273 | 10,887 | ||||||
Walmart, Inc. (Food & Staples Retailing) | 527 | 75,968 | ||||||
Waste Management, Inc. (Commercial Services & Supplies) | 148 | 17,453 | ||||||
Waters Corp.* (Life Sciences Tools & Services) | 24 | 5,938 | ||||||
WEC Energy Group, Inc. (Multi-Utilities) | 120 | 11,044 | ||||||
Wells Fargo & Co. (Banks) | 1,571 | 47,413 | ||||||
Welltower, Inc. (Equity Real Estate Investment Trusts) | 159 | 10,275 | ||||||
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | 28 | 7,933 | ||||||
Western Digital Corp. (Technology Hardware, Storage & Peripherals) | 116 | 6,425 | ||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 68 | 4,978 | ||||||
WestRock Co. (Containers & Packaging) | 100 | 4,353 | ||||||
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | 284 | 9,523 | ||||||
Whirlpool Corp. (Household Durables) | 24 | 4,332 | ||||||
Willis Towers Watson PLC (Insurance) | 49 | 10,323 | ||||||
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure) | 37 | 4,175 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 200 | 13,334 | ||||||
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | 63 | 1,461 | ||||||
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | 93 | 13,185 | ||||||
Xylem, Inc. (Machinery) | 68 | 6,922 | ||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 115 | 12,484 | ||||||
Zebra Technologies Corp.*—Class A (Electronic Equipment, Instruments & Components) | 20 | 7,687 | ||||||
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | 79 | 12,173 | ||||||
Zions Bancorp (Banks) | 62 | 2,693 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 181 | 29,956 | ||||||
TOTAL COMMON STOCKS (Cost $4,896,716) | 12,026,235 |
Repurchase Agreements(c)(d) (28.4%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $4,853,010 | $ | 4,853,000 | $ | 4,853,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $4,853,000) | 4,853,000 |
Collateral for Securities Loaned (0.1%)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(e) | 21,093 | $ | 21,093 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(e) | 88 | 88 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(e) | 385 | 385 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $21,566) | 21,566 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $9,771,282)—99.0% | 16,900,801 | |||||||
Net other assets (liabilities)—1.0% | 171,444 | |||||||
NET ASSETS—100.0% | $ | 17,072,245 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $21,204. |
(b) | Number of shares is less than 0.50 |
(c) | 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, 2020, the aggregate amount held in a segregated account was $2,745,000. |
(d) | 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. |
(e) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||
E-Mini S&P 500 Futures Contracts | 7 | 3/22/21 | $ | 1,312,080 | $ | 29,597 |
See accompanying notes to financial statements.
306 :: ProFund VP UltraBull :: Financial Statements
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 | 1/27/21 | 0.65 | % | $ | 5,818,471 | $ | 32,858 | |||||||||
SPDR S&P 500 ETF | Goldman Sachs International | 1/27/21 | 0.55 | % | 3,344,077 | 15,138 | |||||||||||
$ | 9,162,548 | $ | 47,996 | ||||||||||||||
S&P 500 | UBS AG | 1/27/21 | 0.60 | % | $ | 8,717,838 | $ | 50,030 | |||||||||
SPDR S&P 500 ETF | UBS AG | 1/27/21 | 0.20 | % | 2,982,291 | 13,587 | |||||||||||
$ | 11,700,129 | $ | 63,617 | ||||||||||||||
$ | 20,862,677 | $ | 111,613 |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP UltraBull invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 193,535 | 1.1 | % | ||||
Air Freight & Logistics | 80,658 | 0.5 | % | |||||
Airlines | 31,075 | 0.2 | % | |||||
Auto Components | 17,013 | 0.1 | % | |||||
Automobiles | 236,232 | 1.4 | % | |||||
Banks | 465,348 | 2.8 | % | |||||
Beverages | 194,073 | 1.1 | % | |||||
Biotechnology | 226,509 | 1.3 | % | |||||
Building Products | 54,565 | 0.3 | % | |||||
Capital Markets | 330,810 | 1.9 | % | |||||
Chemicals | 219,897 | 1.2 | % | |||||
Commercial Services & Supplies | 50,156 | 0.3 | % | |||||
Communications Equipment | 95,670 | 0.6 | % | |||||
Construction & Engineering | 9,156 | 0.1 | % | |||||
Construction Materials | 14,231 | 0.1 | % | |||||
Consumer Finance | 64,837 | 0.4 | % | |||||
Containers & Packaging | 42,960 | 0.3 | % | |||||
Distributors | 14,847 | 0.1 | % | |||||
Diversified Financial Services | 171,352 | 1.0 | % | |||||
Diversified Telecommunication Services | 173,865 | 1.0 | % | |||||
Electric Utilities | 207,933 | 1.1 | % | |||||
Electrical Equipment | 57,943 | 0.3 | % | |||||
Electronic Equipment, Instruments & Components | 71,680 | 0.4 | % | |||||
Energy Equipment & Services | 26,886 | 0.2 | % | |||||
Entertainment | 271,699 | 1.6 | % | |||||
Equity Real Estate Investment Trusts | 283,410 | 1.7 | % | |||||
Food & Staples Retailing | 173,897 | 1.0 | % | |||||
Food Products | 120,159 | 0.7 | % | |||||
Gas Utilities | 4,581 | NM | ||||||
Health Care Equipment & Supplies | 457,355 | 2.7 | % | |||||
Health Care Providers & Services | 315,720 | 1.8 | % | |||||
Health Care Technology | 9,104 | 0.1 | % | |||||
Hotels, Restaurants & Leisure | 203,831 | 1.2 | % | |||||
Household Durables | 44,811 | 0.3 | % | |||||
Household Products | 194,231 | 1.2 | % | |||||
Independent Power and Renewable Electricity Producers | 9,438 | 0.1 | % | |||||
Industrial Conglomerates | 148,256 | 0.9 | % | |||||
Insurance | 222,973 | 1.3 | % | |||||
Interactive Media & Services | 658,256 | 3.9 | % | |||||
Internet & Direct Marketing Retail | 591,196 | 3.4 | % | |||||
IT Services | 660,245 | 3.9 | % | |||||
Leisure Products | 4,490 | NM | ||||||
Life Sciences Tools & Services | 144,536 | 0.8 | % | |||||
Machinery | 199,407 | 1.2 | % | |||||
Media | 160,640 | 0.9 | % | |||||
Metals & Mining | 38,746 | 0.2 | % | |||||
Multiline Retail | 62,714 | 0.4 | % | |||||
Multi-Utilities | 99,760 | 0.6 | % | |||||
Oil, Gas & Consumable Fuels | 247,353 | 1.4 | % | |||||
Personal Products | 22,892 | 0.1 | % | |||||
Pharmaceuticals | 465,426 | 2.8 | % | |||||
Professional Services | 40,022 | 0.2 | % | |||||
Real Estate Management & Development | 7,965 | NM | ||||||
Road & Rail | 121,466 | 0.7 | % | |||||
Semiconductors & Semiconductor Equipment | 616,329 | 3.6 | % | |||||
Software | 1,033,267 | 6.1 | % | |||||
Specialty Retail | 265,544 | 1.6 | % | |||||
Technology Hardware, Storage & Peripherals | 843,124 | 4.9 | % | |||||
Textiles, Apparel & Luxury Goods | 89,829 | 0.5 | % | |||||
Tobacco | 77,958 | 0.5 | % | |||||
Trading Companies & Distributors | 23,848 | 0.1 | % | |||||
Water Utilities | 10,589 | 0.1 | % | |||||
Wireless Telecommunication Services | 29,937 | 0.2 | % | |||||
Other** | 5,046,010 | 29.5 | % | |||||
Total | $ | 17,072,245 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 307
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 9,771,282 | ||
Securities, at value(a) | 12,047,801 | |||
Repurchase agreements, at value | 4,853,000 | |||
Total Investment Securities, at value | 16,900,801 | |||
Cash | 2,079 | |||
Segregated cash balances for futures contracts with brokers | 84,700 | |||
Segregated cash balances for swap agreements with custodian | 1,000 | |||
Dividends and interest receivable | 8,894 | |||
Unrealized appreciation on swap agreements | 111,613 | |||
Receivable for capital shares issued | 316,068 | |||
Variation margin on futures contracts | 8,610 | |||
Prepaid expenses | 1,135 | |||
TOTAL ASSETS | 17,434,900 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 304,525 | |||
Payable for collateral for securities loaned | 21,566 | |||
Advisory fees payable | 10,489 | |||
Management services fees payable | 1,399 | |||
Administration fees payable | 1,089 | |||
Administrative services fees payable | 5,410 | |||
Distribution fees payable | 6,261 | |||
Transfer agency fees payable | 914 | |||
Fund accounting fees payable | 770 | |||
Compliance services fees payable | 82 | |||
Other accrued expenses | 10,150 | |||
TOTAL LIABILITIES | 362,655 | |||
NET ASSETS | $ | 17,072,245 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 27,481,052 | ||
Total distributable earnings (loss) | (10,408,807 | ) | ||
NET ASSETS | $ | 17,072,245 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 581,458 | |||
Net Asset Value (offering and redemption price per share) | $ | 29.36 | ||
(a) Includes securities on loan valued at: | $ | 21,204 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 232,084 | ||
Interest | 29,561 | |||
Income from securities lending | 149 | |||
TOTAL INVESTMENT INCOME | 261,794 | |||
EXPENSES: | ||||
Advisory fees | 128,615 | |||
Management services fees | 17,149 | |||
Administration fees | 15,071 | |||
Transfer agency fees | 12,127 | |||
Administrative services fees | 36,267 | |||
Distribution fees | 42,872 | |||
Custody fees | 2,936 | |||
Fund accounting fees | 10,096 | |||
Trustee fees | 343 | |||
Compliance services fees | 129 | |||
Other fees | 24,235 | |||
TOTAL NET EXPENSES | 289,840 | |||
NET INVESTMENT INCOME (LOSS) | (28,046 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (4,365,411 | ) | ||
Net realized gains (losses) on futures contracts | (585,587 | ) | ||
Net realized gains (losses) on swap agreements | (3,971,302 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | 1,602,220 | |||
Change in net unrealized appreciation/depreciation on futures contracts | 29,597 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 195,460 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (7,095,023 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (7,123,069 | ) |
See accompanying notes to financial statements.
308 :: ProFund VP UltraBull :: Financial Statements
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (28,046 | ) | $ | 109,996 | |||
Net realized gains (losses) on investments | (8,922,300 | ) | 10,965,173 | |||||
Change in net unrealized appreciation/depreciation on investments | 1,827,277 | 1,919,926 | ||||||
Change in net assets resulting from operations | (7,123,069 | ) | 12,995,095 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (9,919,111 | ) | (111,007 | ) | ||||
Change in net assets resulting from distributions | (9,919,111 | ) | (111,007 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 336,763,515 | 1,022,129,393 | ||||||
Distributions reinvested | 9,919,111 | 39,713 | ||||||
Value of shares redeemed | (342,855,065 | ) | (1,028,231,682 | ) | ||||
Change in net assets resulting from capital transactions | 3,827,561 | (6,062,576 | ) | |||||
Change in net assets | (13,214,619 | ) | 6,821,512 | |||||
NET ASSETS: | ||||||||
Beginning of period | 30,286,864 | 23,465,352 | ||||||
End of period | $ | 17,072,245 | $ | 30,286,864 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 6,053,018 | (a) | 18,996,731 | (a) | ||||
Reinvested | 369,015 | (a) | 761 | (a) | ||||
Redeemed | (6,307,705 | )(a) | (19,108,320 | )(a) | ||||
Change in shares | 114,328 | (110,828 | ) |
(a) | 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 financial statements.
Financial Highlights :: ProFund VP UltraBull :: 309
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020(a) | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a) | Year Ended Dec. 31, 2016(a) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 64.84 | $ | 40.60 | $ | 59.07 | $ | 53.91 | $ | 55.84 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(b) | (0.07 | ) | 0.20 | 0.20 | (0.08 | ) | (0.12 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 8.84 | (c) | 24.20 | (7.07 | ) | 20.72 | 9.95 | |||||||||||||
Total income (loss) from investment activities | 8.77 | 24.40 | (6.87 | ) | 20.64 | 9.83 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.49 | ) | (0.16 | ) | — | — | — | |||||||||||||
Net realized gains on investments | (43.76 | ) | — | (11.60 | ) | (15.48 | ) | (11.76 | ) | |||||||||||
Total distributions | (44.25 | ) | (0.16 | ) | (11.60 | ) | (15.48 | ) | (11.76 | ) | ||||||||||
Net Asset Value, End of Period | $ | 29.36 | $ | 64.84 | $ | 40.60 | $ | 59.07 | $ | 53.91 | ||||||||||
Total Return | 19.83 | % | 60.17 | % | (15.50 | )% | 41.02 | % | 18.60 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.69 | % | 1.62 | % | 1.53 | % | 1.60 | % | 1.68 | % | ||||||||||
Net expenses | 1.69 | %(d) | 1.62 | % | 1.53 | % | 1.60 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (0.16 | )% | 0.41 | % | 0.37 | % | (0.12 | )% | (0.20 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000's) | $ | 17,072 | $ | 30,287 | $ | 23,465 | $ | 34,995 | $ | 53,752 | ||||||||||
Portfolio turnover rate(e) | 1,415 | % | 2,393 | % | 3,297 | % | 2,993 | % | 2,888 | % |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
(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 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) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
310 :: ProFund VP UltraMid-Cap :: Management Discussion of Fund Performance
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 Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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, 2020, the Fund had a total return of 5.22%. For the same period, the Index had a total return of 13.66%1 and a volatility of 41.07%. 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 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, 2020, the Fund invested in swap agreements and futures contracts as a substitute for 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP UltraMid-Cap | 5.22 | % | 15.14 | % | 15.26 | % | ||||||
S&P MidCap 400® | 13.66 | % | 12.35 | % | 11.51 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP UltraMid-Cap | 1.71 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 64 | % | ||
Swap Agreements | 137 | % | ||
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 or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Enphase Energy, Inc. | 0.7 | % | ||
Trimble, Inc. | 0.5 | % | ||
SolarEdge Technologies, Inc. | 0.5 | % | ||
Monolithic Power Systems, Inc. | 0.5 | % | ||
Caesars Entertainment, Inc. | 0.5 | % |
S&P MidCap 400® – Composition
% of Index | ||||
Industrials | 18 | % | ||
Information Technology | 17 | % | ||
Financials | 15 | % | ||
Consumer Discretionary | 14 | % | ||
Health Care | 11 | % | ||
Real Estate | 9 | % | ||
Materials | 6 | % | ||
Consumer Staples | 4 | % | ||
Utilities | 3 | % | ||
Communication Services | 2 | % | ||
Energy | 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.
Financial Statements :: ProFund VP UltraMid-Cap :: 311
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (64.0%)
Shares | Value | |||||||
Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | 353 | $ | 17,742 | |||||
ACI Worldwide, Inc.* (Software) | 463 | 17,793 | ||||||
Acuity Brands, Inc. (Electrical Equipment) | 146 | 17,679 | ||||||
Adient PLC* (Auto Components) | 372 | 12,934 | ||||||
Adtalem Global Education, Inc.* (Diversified Consumer Services) | 206 | 6,994 | ||||||
AECOM* (Construction & Engineering) | 597 | 29,719 | ||||||
Affiliated Managers Group, Inc. (Capital Markets) | 180 | 18,306 | ||||||
AGCO Corp. (Machinery) | 243 | 25,051 | ||||||
Alleghany Corp. (Insurance) | 57 | 34,410 | ||||||
ALLETE, Inc. (Electric Utilities) | 206 | 12,760 | ||||||
Alliance Data Systems Corp. (IT Services) | 189 | 14,005 | ||||||
Amedisys, Inc.* (Health Care Providers & Services) | 130 | 38,133 | ||||||
American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | 545 | 23,310 | ||||||
American Eagle Outfitters, Inc. (Specialty Retail) | 592 | 11,881 | ||||||
American Financial Group, Inc. (Insurance) | 279 | 24,446 | ||||||
Antero Midstream Corp. (Oil, Gas & Consumable Fuels) | 1,133 | 8,735 | ||||||
Apartment Income REIT Corp.* (Equity Real Estate Investment Trusts) | 590 | 22,662 | ||||||
AptarGroup, Inc. (Containers & Packaging) | 256 | 35,043 | ||||||
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components) | 299 | 29,093 | ||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 407 | 31,229 | ||||||
ASGN, Inc.* (Professional Services) | 210 | 17,541 | ||||||
Ashland Global Holdings, Inc. (Chemicals) | 216 | 17,107 | ||||||
Associated Banc-Corp. (Banks) | 608 | 10,366 | ||||||
AutoNation, Inc.* (Specialty Retail) | 233 | 16,261 | ||||||
Avanos Medical, Inc.*—Class I (Health Care Equipment & Supplies) | 189 | 8,671 | ||||||
Avient Corp. (Chemicals) | 362 | 14,581 | ||||||
Avis Budget Group, Inc.* (Road & Rail) | 204 | 7,609 | ||||||
Avnet, Inc. (Electronic Equipment, Instruments & Components) | 391 | 13,728 | ||||||
Axon Enterprise, Inc.* (Aerospace & Defense) | 252 | 30,878 | ||||||
BancorpSouth Bank (Banks) | 382 | 10,482 | ||||||
Bank of Hawaii Corp. (Banks) | 159 | 12,183 | ||||||
Bank OZK (Banks) | 479 | 14,978 | ||||||
Belden, Inc. (Electronic Equipment, Instruments & Components) | 177 | 7,416 | ||||||
Bio-Techne Corp. (Life Sciences Tools & Services) | 153 | 48,585 | ||||||
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing) | 544 | 20,280 | ||||||
Black Hills Corp. (Multi-Utilities) | 249 | 15,301 | ||||||
Blackbaud, Inc. (Software) | 196 | 11,282 | ||||||
Boyd Gaming Corp.* (Hotels, Restaurants & Leisure) | 318 | 13,649 | ||||||
Brighthouse Financial, Inc.* (Insurance) | 355 | 12,853 | ||||||
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | 1,174 | 19,430 | ||||||
Brown & Brown, Inc. (Insurance) | 934 | 44,281 | ||||||
Brunswick Corp. (Leisure Products) | 310 | 23,634 | ||||||
Builders FirstSource, Inc.* (Building Products) | 813 | 33,179 | ||||||
Cable One, Inc. (Media) | 21 | 46,781 | ||||||
Cabot Corp. (Chemicals) | 224 | 10,053 | ||||||
CACI International, Inc.*—Class A (IT Services) | 100 | 24,933 | ||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 825 | 61,274 | ||||||
Camden Property Trust (Equity Real Estate Investment Trusts) | 386 | 38,569 | ||||||
Cantel Medical Corp. (Health Care Equipment & Supplies) | 149 | 11,750 | ||||||
Carlisle Cos., Inc. (Industrial Conglomerates) | 211 | 32,954 | ||||||
Carter's, Inc. (Textiles, Apparel & Luxury Goods) | 173 | 16,274 | ||||||
Casey's General Stores, Inc. (Food & Staples Retailing) | 146 | 26,078 | ||||||
Cathay General Bancorp (Banks) | 297 | 9,560 | ||||||
CDK Global, Inc. (Software) | 482 | 24,982 | ||||||
Ceridian HCM Holding, Inc.* (Software) | 515 | 54,878 | ||||||
ChampionX Corp.* (Energy Equipment & Services) | 736 | 11,261 | ||||||
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | 197 | 49,222 | ||||||
Chemed Corp. (Health Care Providers & Services) | 63 | 33,554 | ||||||
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | 114 | 12,167 | ||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | 141 | 27,466 | ||||||
Ciena Corp.* (Communications Equipment) | 611 | 32,292 | ||||||
Cimarex Energy Co. (Oil, Gas & Consumable Fuels) | 404 | 15,155 | ||||||
Cinemark Holdings, Inc. (Entertainment) | 426 | 7,417 | ||||||
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | 230 | 18,906 | ||||||
CIT Group, Inc. (Banks) | 390 | 14,001 | ||||||
Clean Harbors, Inc.* (Commercial Services & Supplies) | 201 | 15,296 | ||||||
CMC Materials, Inc. (Semiconductors & Semiconductor Equipment) | 115 | 17,400 | ||||||
CNO Financial Group, Inc. (Insurance) | 551 | 12,249 | ||||||
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | 889 | 9,601 | ||||||
Cognex Corp. (Electronic Equipment, Instruments & Components) | 692 | 55,557 | ||||||
Coherent, Inc.* (Electronic Equipment, Instruments & Components) | 97 | 14,552 | ||||||
Colfax Corp.* (Machinery) | 399 | 15,258 | ||||||
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | 121 | 10,573 |
See accompanying notes to financial statements.
312 :: ProFund VP UltraMid-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Commerce Bancshares, Inc. (Banks) | 418 | $ | 27,463 | |||||
Commercial Metals Co. (Metals & Mining) | 476 | 9,777 | ||||||
CommVault Systems, Inc.* (Software) | 187 | 10,354 | ||||||
Compass Minerals International, Inc. (Metals & Mining) | 135 | 8,332 | ||||||
Concentrix Corp.* (IT Services) | 163 | 16,088 | ||||||
CoreLogic, Inc. (IT Services) | 308 | 23,815 | ||||||
CoreSite Realty Corp. (Equity Real Estate Investment Trusts) | 169 | 21,172 | ||||||
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | 444 | 11,580 | ||||||
Coty, Inc.—Class A (Personal Products) | 1,123 | 7,883 | ||||||
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | 588 | 19,698 | ||||||
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | 94 | 12,400 | ||||||
Crane Co. (Machinery) | 196 | 15,221 | ||||||
Cree, Inc.* (Semiconductors & Semiconductor Equipment) | 437 | 46,278 | ||||||
Cullen/Frost Bankers, Inc. (Banks) | 222 | 19,365 | ||||||
Curtiss-Wright Corp. (Aerospace & Defense) | 164 | 19,081 | ||||||
CyrusOne, Inc. (Equity Real Estate Investment Trusts) | 477 | 34,893 | ||||||
Dana, Inc. (Auto Components) | 572 | 11,165 | ||||||
Darling Ingredients, Inc.* (Food Products) | 642 | 37,031 | ||||||
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | 111 | 31,832 | ||||||
Dick's Sporting Goods, Inc. (Specialty Retail) | 260 | 14,615 | ||||||
Domtar Corp. (Paper & Forest Products) | 219 | 6,931 | ||||||
Donaldson Co., Inc. (Machinery) | 500 | 27,940 | ||||||
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | 653 | 19,055 | ||||||
Dycom Industries, Inc.* (Construction & Engineering) | 126 | 9,516 | ||||||
Eagle Materials, Inc. (Construction Materials) | 166 | 16,824 | ||||||
East West Bancorp, Inc. (Banks) | 561 | 28,448 | ||||||
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | 157 | 21,675 | ||||||
Eaton Vance Corp. (Capital Markets) | 452 | 30,704 | ||||||
Edgewell Personal Care Co. (Personal Products) | 215 | 7,435 | ||||||
EMCOR Group, Inc. (Construction & Engineering) | 218 | 19,938 | ||||||
Emergent BioSolutions, Inc.* (Biotechnology) | 178 | 15,949 | ||||||
Encompass Health Corp. (Health Care Providers & Services) | 394 | 32,580 | ||||||
Energizer Holdings, Inc. (Household Products) | 231 | 9,744 | ||||||
EnerSys (Electrical Equipment) | 169 | 14,037 | ||||||
Enphase Energy, Inc.* (Electrical Equipment) | 500 | 87,736 | ||||||
EPR Properties (Equity Real Estate Investment Trusts) | 296 | 9,620 | ||||||
EQT Corp.* (Oil, Gas & Consumable Fuels) | 1,092 | 13,880 | ||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 1,610 | 12,944 | ||||||
Essent Group, Ltd. (Thrifts & Mortgage Finance) | 445 | 19,224 | ||||||
Essential Utilities, Inc. (Water Utilities) | 884 | 41,804 | ||||||
Evercore Partners, Inc.—Class A (Capital Markets) | 161 | 17,652 | ||||||
Exelixis, Inc.* (Biotechnology) | 1,229 | 24,666 | ||||||
F.N.B. Corp. (Banks) | 1,278 | 12,141 | ||||||
FactSet Research Systems, Inc. (Capital Markets) | 150 | 49,876 | ||||||
Fair Isaac Corp.* (Software) | 115 | 58,770 | ||||||
Federated Hermes, Inc.—Class B (Capital Markets) | 374 | 10,805 | ||||||
First American Financial Corp. (Insurance) | 442 | 22,820 | ||||||
First Financial Bankshares, Inc. (Banks) | 563 | 20,367 | ||||||
First Horizon Corp. (Banks) | 2,198 | 28,046 | ||||||
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 511 | 21,528 | ||||||
First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | 336 | 33,237 | ||||||
FirstCash, Inc. (Consumer Finance) | 164 | 11,487 | ||||||
Five Below, Inc.* (Specialty Retail) | 221 | 38,671 | ||||||
Flowers Foods, Inc. (Food Products) | 780 | 17,651 | ||||||
Fluor Corp. (Construction & Engineering) | 496 | 7,921 | ||||||
Foot Locker, Inc. (Specialty Retail) | 414 | 16,742 | ||||||
Fox Factory Holding Corp.* (Auto Components) | 165 | 17,442 | ||||||
FTI Consulting, Inc.* (Professional Services) | 141 | 15,753 | ||||||
Fulton Financial Corp. (Banks) | 643 | 8,179 | ||||||
GATX Corp. (Trading Companies & Distributors) | 139 | 11,562 | ||||||
Generac Holdings, Inc.* (Electrical Equipment) | 249 | 56,625 | ||||||
Gentex Corp. (Auto Components) | 971 | 32,947 | ||||||
Genworth Financial, Inc.*—Class A (Insurance) | 2,004 | 7,575 | ||||||
Glacier Bancorp, Inc. (Banks) | 378 | 17,392 | ||||||
Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies) | 302 | 19,696 | ||||||
Graco, Inc. (Machinery) | 664 | 48,041 | ||||||
Graham Holdings Co.—Class B (Diversified Consumer Services) | 16 | 8,534 | ||||||
Grand Canyon Education, Inc.* (Diversified Consumer Services) | 186 | 17,318 | ||||||
Greif, Inc.—Class A (Containers & Packaging) | 105 | 4,922 | ||||||
Grocery Outlet Holding Corp.* (Food & Staples Retailing) | 339 | 13,306 | ||||||
Grubhub, Inc.* (Internet & Direct Marketing Retail) | 367 | 27,257 | ||||||
H&R Block, Inc. (Diversified Consumer Services) | 727 | 11,530 | ||||||
Haemonetics Corp.* (Health Care Equipment & Supplies) | 201 | 23,869 | ||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 503 | 21,483 | ||||||
Hancock Whitney Corp. (Banks) | 342 | 11,635 | ||||||
Harley-Davidson, Inc. (Automobiles) | 607 | 22,277 | ||||||
Hawaiian Electric Industries, Inc. (Electric Utilities) | 432 | 15,288 | ||||||
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 539 | 15,954 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 313
Common Stocks, continued
Shares | Value | |||||||
Healthcare Services Group, Inc. (Commercial Services & Supplies) | 295 | $ | 8,290 | |||||
HealthEquity, Inc.* (Health Care Providers & Services) | 304 | 21,192 | ||||||
Helen of Troy, Ltd.* (Household Durables) | 100 | 22,219 | ||||||
Herman Miller, Inc. (Commercial Services & Supplies) | 233 | 7,875 | ||||||
Hexcel Corp. (Aerospace & Defense) | 331 | 16,050 | ||||||
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | 412 | 16,328 | ||||||
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies) | 265 | 25,962 | ||||||
HNI Corp. (Commercial Services & Supplies) | 169 | 5,824 | ||||||
Home BancShares, Inc. (Banks) | 602 | 11,727 | ||||||
Hubbell, Inc. (Electrical Equipment) | 215 | 33,710 | ||||||
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts) | 603 | 14,484 | ||||||
IAA, Inc.* (Commercial Services & Supplies) | 533 | 34,634 | ||||||
ICU Medical, Inc.* (Health Care Equipment & Supplies) | 77 | 16,516 | ||||||
IDACORP, Inc. (Electric Utilities) | 200 | 19,206 | ||||||
II-VI, Inc.* (Electronic Equipment, Instruments & Components) | 411 | 31,220 | ||||||
Ingevity Corp.* (Chemicals) | 164 | 12,420 | ||||||
Ingredion, Inc. (Food Products) | 265 | 20,848 | ||||||
Insperity, Inc. (Professional Services) | 141 | 11,480 | ||||||
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | 280 | 18,178 | ||||||
Interactive Brokers Group, Inc.—Class A (Capital Markets) | 320 | 19,494 | ||||||
InterDigital, Inc. (Communications Equipment) | 122 | 7,403 | ||||||
International Bancshares Corp. (Banks) | 221 | 8,274 | ||||||
ITT, Inc. (Machinery) | 342 | 26,341 | ||||||
j2 Global, Inc.* (Software) | 170 | 16,607 | ||||||
Jabil, Inc. (Electronic Equipment, Instruments & Components) | 533 | 22,668 | ||||||
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | 90 | 8,352 | ||||||
Janus Henderson Group PLC (Capital Markets) | 589 | 19,148 | ||||||
Jazz Pharmaceuticals PLC* (Pharmaceuticals) | 221 | 36,476 | ||||||
JBG Smith Properties (Equity Real Estate Investment Trusts) | 441 | 13,790 | ||||||
Jefferies Financial Group, Inc. (Diversified Financial Services) | 820 | 20,172 | ||||||
JetBlue Airways Corp.* (Airlines) | 1,246 | 18,117 | ||||||
John Wiley & Sons, Inc.—Class A (Media) | 173 | 7,899 | ||||||
Jones Lang LaSalle, Inc.*(a) (Real Estate Management & Development) | 203 | 30,119 | ||||||
KAR Auction Services, Inc. (Commercial Services & Supplies) | 512 | 9,528 | ||||||
KB Home (Household Durables) | 349 | 11,698 | ||||||
KBR, Inc. (IT Services) | 565 | 17,475 | ||||||
Kemper Corp. (Insurance) | 244 | 18,747 | ||||||
Kennametal, Inc. (Machinery) | 330 | 11,959 | ||||||
Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | 415 | 23,821 | ||||||
Kinsale Capital Group, Inc. (Insurance) | 84 | 16,811 | ||||||
Kirby Corp.* (Marine) | 238 | 12,336 | ||||||
Knight-Swift Transportation Holdings, Inc. (Road & Rail) | 498 | 20,826 | ||||||
Kohl's Corp. (Multiline Retail) | 624 | 25,390 | ||||||
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | 342 | 28,461 | ||||||
Lancaster Colony Corp. (Food Products) | 77 | 14,147 | ||||||
Landstar System, Inc. (Road & Rail) | 152 | 20,468 | ||||||
Lear Corp. (Auto Components) | 216 | 34,351 | ||||||
LendingTree, Inc.* (Thrifts & Mortgage Finance) | 43 | 11,773 | ||||||
Lennox International, Inc. (Building Products) | 138 | 37,808 | ||||||
LHC Group, Inc.* (Health Care Providers & Services) | 125 | 26,665 | ||||||
Life Storage, Inc. (Equity Real Estate Investment Trusts) | 193 | 23,042 | ||||||
Ligand Pharmaceuticals, Inc.*(a)—Class B (Biotechnology) | 64 | 6,365 | ||||||
Lincoln Electric Holdings, Inc. (Machinery) | 236 | 27,435 | ||||||
Lithia Motors, Inc.—Class A (Specialty Retail) | 103 | 30,145 | ||||||
Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | 97 | 24,702 | ||||||
LivaNova PLC* (Health Care Equipment & Supplies) | 192 | 12,712 | ||||||
LiveRamp Holdings, Inc.* (IT Services) | 263 | 19,249 | ||||||
Louisiana-Pacific Corp. (Paper & Forest Products) | 433 | 16,095 | ||||||
Lumentum Holdings, Inc.* (Communications Equipment) | 299 | 28,345 | ||||||
Manhattan Associates, Inc.* (Software) | 252 | 26,505 | ||||||
ManpowerGroup, Inc. (Professional Services) | 228 | 20,561 | ||||||
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | 163 | 22,367 | ||||||
Masimo Corp.* (Health Care Equipment & Supplies) | 201 | 53,945 | ||||||
MasTec, Inc.* (Construction & Engineering) | 222 | 15,136 | ||||||
Mattel, Inc.* (Leisure Products) | 1,379 | 24,064 | ||||||
MAXIMUS, Inc. (IT Services) | 243 | 17,785 | ||||||
MDU Resources Group, Inc. (Multi-Utilities) | 794 | 20,914 | ||||||
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | 2,123 | 46,260 | ||||||
Medpace Holdings, Inc.* (Life Sciences Tools & Services) | 109 | 15,173 | ||||||
Mercury General Corp. (Insurance) | 105 | 5,482 | ||||||
Mercury Systems, Inc.* (Aerospace & Defense) | 222 | 19,549 | ||||||
MGIC Investment Corp. (Thrifts & Mortgage Finance) | 1,341 | 16,830 | ||||||
Minerals Technologies, Inc. (Chemicals) | 135 | 8,386 | ||||||
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 218 | 32,798 | ||||||
Molina Healthcare, Inc.* (Health Care Providers & Services) | 235 | 49,979 | ||||||
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 168 | 61,527 |
See accompanying notes to financial statements.
314 :: ProFund VP UltraMid-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
MSA Safety, Inc. (Commercial Services & Supplies) | 143 | $ | 21,363 | |||||
MSC Industrial Direct Co., Inc.—Class A (Trading Companies & Distributors) | 181 | 15,275 | ||||||
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 572 | 6,921 | ||||||
Murphy USA, Inc. (Specialty Retail) | 105 | 13,741 | ||||||
National Fuel Gas Co. (Gas Utilities) | 360 | 14,807 | ||||||
National Instruments Corp. (Electronic Equipment, Instruments & Components) | 520 | 22,849 | ||||||
National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | 688 | 28,153 | ||||||
Navient Corp. (Consumer Finance) | 738 | 7,247 | ||||||
NCR Corp.* (Technology Hardware, Storage & Peripherals) | 511 | 19,198 | ||||||
Nektar Therapeutics* (Pharmaceuticals) | 711 | 12,087 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 210 | 16,653 | ||||||
NetScout Systems, Inc.* (Communications Equipment) | 291 | 7,979 | ||||||
New Jersey Resources Corp. (Gas Utilities) | 381 | 13,545 | ||||||
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | 1,838 | 19,390 | ||||||
NewMarket Corp. (Chemicals) | 29 | 11,550 | ||||||
Nordson Corp. (Machinery) | 214 | 43,004 | ||||||
Nordstrom, Inc.(a) (Multiline Retail) | 431 | 13,452 | ||||||
NorthWestern Corp. (Multi-Utilities) | 200 | 11,662 | ||||||
Nu Skin Enterprises, Inc.—Class A (Personal Products) | 202 | 11,035 | ||||||
NuVasive, Inc.* (Health Care Equipment & Supplies) | 203 | 11,435 | ||||||
nVent Electric PLC (Electrical Equipment) | 674 | 15,697 | ||||||
OGE Energy Corp. (Electric Utilities) | 792 | 25,234 | ||||||
O-I Glass, Inc. (Containers & Packaging) | 623 | 7,414 | ||||||
Old Republic International Corp. (Insurance) | 1,120 | 22,075 | ||||||
Olin Corp. (Chemicals) | 563 | 13,827 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail) | 225 | 18,398 | ||||||
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | 899 | 32,652 | ||||||
ONE Gas, Inc. (Gas Utilities) | 210 | 16,122 | ||||||
Oshkosh Corp. (Machinery) | 270 | 23,239 | ||||||
Owens Corning (Building Products) | 429 | 32,501 | ||||||
PacWest Bancorp (Banks) | 463 | 11,760 | ||||||
Papa John's International, Inc. (Hotels, Restaurants & Leisure) | 131 | 11,115 | ||||||
Park Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 933 | 16,001 | ||||||
Patterson Cos., Inc. (Health Care Providers & Services) | 344 | 10,193 | ||||||
Paylocity Holding Corp.* (Software) | 148 | 30,475 | ||||||
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | 519 | 9,757 | ||||||
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | 585 | 50,527 | ||||||
Penumbra, Inc.* (Health Care Equipment & Supplies) | 134 | 23,450 | ||||||
Perspecta, Inc. (IT Services) | 542 | 13,051 | ||||||
Physicians Realty Trust (Equity Real Estate Investment Trusts) | 825 | 14,685 | ||||||
Pilgrim's Pride Corp.* (Food Products) | 193 | 3,785 | ||||||
Pinnacle Financial Partners, Inc. (Banks) | 300 | 19,320 | ||||||
PNM Resources, Inc. (Electric Utilities) | 316 | 15,335 | ||||||
Polaris, Inc. (Leisure Products) | 230 | 21,914 | ||||||
Post Holdings, Inc.* (Food Products) | 243 | 24,545 | ||||||
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | 265 | 13,255 | ||||||
PRA Health Sciences, Inc.* (Life Sciences Tools & Services) | 254 | 31,862 | ||||||
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 198 | 6,904 | ||||||
Primerica, Inc. (Insurance) | 156 | 20,893 | ||||||
PROG Holdings, Inc. (Consumer Finance) | 268 | 14,437 | ||||||
Prosperity Bancshares, Inc. (Banks) | 367 | 25,455 | ||||||
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | 79 | 10,497 | ||||||
PTC, Inc.* (Software) | 416 | 49,758 | ||||||
Qualys, Inc.* (Software) | 133 | 16,209 | ||||||
Quidel Corp.* (Health Care Equipment & Supplies) | 152 | 27,307 | ||||||
Rayonier, Inc. (Equity Real Estate Investment Trusts) | 541 | 15,895 | ||||||
Regal Beloit Corp. (Electrical Equipment) | 161 | 19,772 | ||||||
Reinsurance Group of America, Inc. (Insurance) | 269 | 31,177 | ||||||
Reliance Steel & Aluminum Co. (Metals & Mining) | 253 | 30,297 | ||||||
RenaissanceRe Holdings, Ltd. (Insurance) | 201 | 33,330 | ||||||
Repligen Corp.* (Biotechnology) | 199 | 38,134 | ||||||
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | 517 | 25,390 | ||||||
RH* (Specialty Retail) | 62 | 27,746 | ||||||
RLI Corp. (Insurance) | 157 | 16,352 | ||||||
Royal Gold, Inc. (Metals & Mining) | 260 | 27,654 | ||||||
RPM International, Inc. (Chemicals) | 515 | 46,753 | ||||||
Ryder System, Inc. (Road & Rail) | 213 | 13,155 | ||||||
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | 820 | 14,243 | ||||||
Sabre Corp. (IT Services) | 1,257 | 15,109 | ||||||
Sailpoint Technologies Holding, Inc.* (Software) | 360 | 19,166 | ||||||
Sanderson Farms, Inc. (Food Products) | 78 | 10,312 | ||||||
Science Applications International Corp. (IT Services) | 231 | 21,862 | ||||||
Scientific Games Corp.*—Class A (Hotels, Restaurants & Leisure) | 222 | 9,211 | ||||||
SEI Investments Co. (Capital Markets) | 475 | 27,298 | ||||||
Selective Insurance Group, Inc. (Insurance) | 237 | 15,874 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 257 | 18,527 | ||||||
Sensient Technologies Corp. (Chemicals) | 168 | 12,393 | ||||||
Service Corp. International (Diversified Consumer Services) | 684 | 33,585 | ||||||
Service Properties Trust (Equity Real Estate Investment Trusts) | 653 | 7,503 | ||||||
Signature Bank(a) (Banks) | 212 | 28,682 | ||||||
Silgan Holdings, Inc. (Containers & Packaging) | 311 | 11,532 | ||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 174 | 22,157 | ||||||
Simpson Manufacturing Co., Inc. (Building Products) | 172 | 16,073 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 315
Common Stocks, continued
Shares | Value | |||||||
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure) | 300 | $ | 10,230 | |||||
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | 537 | 19,300 | ||||||
SLM Corp. (Consumer Finance) | 1,486 | 18,411 | ||||||
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 203 | 64,781 | ||||||
Sonoco Products Co. (Containers & Packaging) | 398 | 23,582 | ||||||
Southwest Gas Holdings, Inc. (Gas Utilities) | 225 | 13,669 | ||||||
Spire, Inc. (Gas Utilities) | 204 | 13,064 | ||||||
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts) | 453 | 18,197 | ||||||
Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | 467 | 9,387 | ||||||
Steel Dynamics, Inc. (Metals & Mining) | 792 | 29,201 | ||||||
Stericycle, Inc.* (Commercial Services & Supplies) | 363 | 25,167 | ||||||
Sterling Bancorp (Banks) | 770 | 13,845 | ||||||
Stifel Financial Corp. (Capital Markets) | 409 | 20,613 | ||||||
STORE Capital Corp. (Equity Real Estate Investment Trusts) | 936 | 31,805 | ||||||
Strategic Education, Inc. (Diversified Consumer Services) | 97 | 9,247 | ||||||
Sunrun, Inc.* (Electrical Equipment) | 618 | 42,877 | ||||||
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | 137 | 13,207 | ||||||
Syneos Health, Inc.* (Life Sciences Tools & Services) | 301 | 20,507 | ||||||
SYNNEX Corp. (Electronic Equipment, Instruments & Components) | 163 | 13,275 | ||||||
Synovus Financial Corp. (Banks) | 585 | 18,936 | ||||||
Taylor Morrison Home Corp.* (Household Durables) | 515 | 13,210 | ||||||
TCF Financial Corp. (Banks) | 604 | 22,360 | ||||||
TEGNA, Inc. (Media) | 868 | 12,109 | ||||||
Telephone & Data Systems, Inc. (Wireless Telecommunication Services) | 394 | 7,317 | ||||||
Tempur Sealy International, Inc.* (Household Durables) | 760 | 20,520 | ||||||
Tenet Healthcare Corp.* (Health Care Providers & Services) | 418 | 16,691 | ||||||
Teradata Corp.* (IT Services) | 433 | 9,730 | ||||||
Terex Corp. (Machinery) | 275 | 9,595 | ||||||
Tetra Tech, Inc. (Commercial Services & Supplies) | 213 | 24,661 | ||||||
Texas Capital Bancshares, Inc.* (Banks) | 200 | 11,900 | ||||||
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | 259 | 20,243 | ||||||
The Boston Beer Co., Inc.*—Class A (Beverages) | 36 | 35,794 | ||||||
The Brink's Co. (Commercial Services & Supplies) | 196 | 14,112 | ||||||
The Chemours Co. (Chemicals) | 652 | 16,163 | ||||||
The Goodyear Tire & Rubber Co. (Auto Components) | 923 | 10,070 | ||||||
The Hain Celestial Group, Inc.* (Food Products) | 327 | 13,129 | ||||||
The Hanover Insurance Group, Inc. (Insurance) | 148 | 17,304 | ||||||
The Macerich Co.(a) (Equity Real Estate Investment Trusts) | 444 | 4,737 | ||||||
The Middleby Corp.* (Machinery) | 220 | 28,362 | ||||||
The New York Times Co.—Class A (Media) | 574 | 29,716 | ||||||
The Scotts Miracle-Gro Co.—Class A (Chemicals) | 161 | 32,062 | ||||||
The Timken Co. (Machinery) | 269 | 20,810 | ||||||
The Toro Co. (Machinery) | 425 | 40,307 | ||||||
The Wendy's Co. (Hotels, Restaurants & Leisure) | 710 | 15,563 | ||||||
Thor Industries, Inc. (Automobiles) | 219 | 20,365 | ||||||
Toll Brothers, Inc. (Household Durables) | 455 | 19,779 | ||||||
Tootsie Roll Industries, Inc. (Food Products) | 69 | 2,049 | ||||||
TopBuild Corp.* (Household Durables) | 131 | 24,114 | ||||||
TreeHouse Foods, Inc.* (Food Products) | 224 | 9,518 | ||||||
Trex Co., Inc.* (Building Products) | 459 | 38,427 | ||||||
TRI Pointe Group, Inc.* (Household Durables) | 502 | 8,660 | ||||||
Trimble, Inc.* (Electronic Equipment, Instruments & Components) | 991 | 66,169 | ||||||
Trinity Industries, Inc. (Machinery) | 335 | 8,841 | ||||||
TripAdvisor, Inc.* (Interactive Media & Services) | 381 | 10,965 | ||||||
Trustmark Corp. (Banks) | 251 | 6,855 | ||||||
UGI Corp. (Gas Utilities) | 826 | 28,876 | ||||||
UMB Financial Corp. (Banks) | 171 | 11,797 | ||||||
Umpqua Holdings Corp. (Banks) | 872 | 13,202 | ||||||
United Bankshares, Inc. (Banks) | 514 | 16,654 | ||||||
United States Steel Corp. (Metals & Mining) | 873 | 14,640 | ||||||
United Therapeutics Corp.* (Biotechnology) | 176 | 26,715 | ||||||
Univar Solutions, Inc.* (Trading Companies & Distributors) | 670 | 12,737 | ||||||
Universal Display Corp. (Semiconductors & Semiconductor Equipment) | 170 | 39,066 | ||||||
Urban Edge Properties (Equity Real Estate Investment Trusts) | 435 | 5,629 | ||||||
Urban Outfitters, Inc.* (Specialty Retail) | 271 | 6,938 | ||||||
Valley National Bancorp (Banks) | 1,600 | 15,600 | ||||||
Valmont Industries, Inc. (Construction & Engineering) | 84 | 14,694 | ||||||
Valvoline, Inc. (Chemicals) | 734 | 16,985 | ||||||
ViaSat, Inc.* (Communications Equipment) | 254 | 8,293 | ||||||
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | 525 | 10,873 | ||||||
Visteon Corp.* (Auto Components) | 110 | 13,807 | ||||||
Washington Federal, Inc. (Thrifts & Mortgage Finance) | 300 | 7,722 | ||||||
Watsco, Inc. (Trading Companies & Distributors) | 130 | 29,451 | ||||||
Webster Financial Corp. (Banks) | 357 | 15,048 | ||||||
Weingarten Realty Investors (Equity Real Estate Investment Trusts) | 477 | 10,337 | ||||||
Werner Enterprises, Inc. (Road & Rail) | 230 | 9,021 |
See accompanying notes to financial statements.
316 :: ProFund VP UltraMid-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
WEX, Inc.* (IT Services) | 175 | $ | 35,618 | |||||
Williams-Sonoma, Inc. (Specialty Retail) | 303 | 30,858 | ||||||
Wingstop, Inc. (Hotels, Restaurants & Leisure) | 118 | 15,641 | ||||||
Wintrust Financial Corp. (Banks) | 228 | 13,929 | ||||||
Woodward, Inc. (Machinery) | 231 | 28,073 | ||||||
World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | 252 | 7,852 | ||||||
World Wrestling Entertainment, Inc.—Class A (Entertainment) | 185 | 8,889 | ||||||
Worthington Industries, Inc. (Metals & Mining) | 142 | 7,290 | ||||||
WPX Energy, Inc.* (Oil, Gas & Consumable Fuels) | 1,600 | 13,040 | ||||||
WW International, Inc.* (Diversified Consumer Services) | 186 | 4,538 | ||||||
Wyndham Destinations, Inc. (Hotels, Restaurants & Leisure) | 340 | 15,252 | ||||||
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 369 | 21,933 | ||||||
XPO Logistics, Inc.* (Air Freight & Logistics) | 362 | 43,150 | ||||||
Yelp, Inc.* (Interactive Media & Services) | 276 | 9,017 | ||||||
TOTAL COMMON STOCKS (Cost $4,680,833) | 8,146,693 |
Repurchase Agreements(b)(c) (43.2%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $5,494,012 | $ | 5,494,000 | $ | 5,494,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $5,494,000) | 5,494,000 |
Collateral for Securities Loaned (0.4%)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(d) | 51,193 | $ | 51,193 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(d) | 215 | 215 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(d) | 934 | 934 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $52,342) | 52,342 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $10,227,175)—107.6% | 13,693,035 | |||||||
Net other assets (liabilities)—(7.6)% | (971,116 | ) | ||||||
NET ASSETS—100.0% | $ | 12,721,919 |
* | Non-income producing security. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $51,074. |
(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, 2020, the aggregate amount held in a segregated account was $2,403,000. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
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 | 1/27/21 | 0.55 | % | $ | 7,466,274 | $ | (8,230 | ) | ||||||||
SPDR S&P MidCap 400 ETF | Goldman Sachs International | 1/27/21 | 0.30 | % | 3,804,276 | (3,626 | ) | ||||||||||
$ | 11,270,550 | $ | (11,856 | ) | |||||||||||||
S&P MidCap 400 | UBS AG | 1/27/21 | 0.45 | % | $ | 3,748,258 | $ | (6,907 | ) | ||||||||
SPDR S&P MidCap 400 ETF | UBS AG | 1/27/21 | 0.40 | % | 2,384,447 | (2,292 | ) | ||||||||||
$ | 6,132,705 | $ | (9,199 | ) | |||||||||||||
$ | 17,403,255 | $ | (21,055 | ) |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 317
ProFund VP UltraMid-Cap invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 85,558 | 0.7 | % | ||||
Air Freight & Logistics | 43,150 | 0.3 | % | |||||
Airlines | 18,117 | 0.1 | % | |||||
Auto Components | 132,716 | 1.1 | % | |||||
Automobiles | 42,642 | 0.3 | % | |||||
Banks | 509,950 | 3.9 | % | |||||
Beverages | 35,794 | 0.3 | % | |||||
Biotechnology | 164,541 | 1.3 | % | |||||
Building Products | 157,988 | 1.2 | % | |||||
Capital Markets | 213,896 | 1.7 | % | |||||
Chemicals | 212,280 | 1.7 | % | |||||
Commercial Services & Supplies | 166,750 | 1.3 | % | |||||
Communications Equipment | 84,312 | 0.7 | % | |||||
Construction & Engineering | 96,924 | �� | 0.8 | % | ||||
Construction Materials | 16,824 | 0.1 | % | |||||
Consumer Finance | 51,582 | 0.4 | % | |||||
Containers & Packaging | 82,493 | 0.6 | % | |||||
Diversified Consumer Services | 91,746 | 0.7 | % | |||||
Diversified Financial Services | 20,172 | 0.2 | % | |||||
Electric Utilities | 87,823 | 0.7 | % | |||||
Electrical Equipment | 288,133 | 2.3 | % | |||||
Electronic Equipment, Instruments & Components | 312,102 | 2.5 | % | |||||
Energy Equipment & Services | 11,261 | 0.1 | % | |||||
Entertainment | 16,306 | 0.1 | % | |||||
Equity Real Estate Investment Trusts | 704,068 | 5.6 | % | |||||
Food & Staples Retailing | 69,051 | 0.5 | % | |||||
Food Products | 153,015 | 1.2 | % | |||||
Gas Utilities | 100,083 | 0.8 | % | |||||
Health Care Equipment & Supplies | 270,144 | 2.2 | % | |||||
Health Care Providers & Services | 246,729 | 1.9 | % | |||||
Hotels, Restaurants & Leisure | 327,390 | 2.7 | % | |||||
Household Durables | 120,200 | 0.9 | % | |||||
Household Products | 9,744 | 0.1 | % | |||||
Industrial Conglomerates | 32,954 | 0.3 | % | |||||
Insurance | 356,679 | 2.8 | % | |||||
Interactive Media & Services | 19,982 | 0.2 | % | |||||
Internet & Direct Marketing Retail | 27,257 | 0.2 | % | |||||
IT Services | 228,720 | 1.8 | % | |||||
Leisure Products | 69,612 | 0.5 | % | |||||
Life Sciences Tools & Services | 165,349 | 1.3 | % | |||||
Machinery | 399,477 | 3.1 | % | |||||
Marine | 12,336 | 0.1 | % | |||||
Media | 96,505 | 0.7 | % | |||||
Metals & Mining | 127,191 | 1.0 | % | |||||
Multiline Retail | 57,240 | 0.4 | % | |||||
Multi-Utilities | 47,877 | 0.4 | % | |||||
Oil, Gas & Consumable Fuels | 88,128 | 0.7 | % | |||||
Paper & Forest Products | 23,026 | 0.2 | % | |||||
Personal Products | 26,353 | 0.2 | % | |||||
Pharmaceuticals | 55,467 | 0.4 | % | |||||
Professional Services | 65,335 | 0.5 | % | |||||
Real Estate Management & Development | 30,119 | 0.2 | % | |||||
Road & Rail | 71,079 | 0.6 | % | |||||
Semiconductors & Semiconductor Equipment | 367,884 | 2.8 | % | |||||
Software | 336,779 | 2.6 | % | |||||
Specialty Retail | 207,598 | 1.7 | % | |||||
Technology Hardware, Storage & Peripherals | 19,198 | 0.2 | % | |||||
Textiles, Apparel & Luxury Goods | 77,979 | 0.6 | % | |||||
Thrifts & Mortgage Finance | 74,939 | 0.6 | % | |||||
Trading Companies & Distributors | 69,025 | 0.5 | % | |||||
Water Utilities | 41,804 | 0.3 | % | |||||
Wireless Telecommunication Services | 7,317 | 0.1 | % | |||||
Other** | 4,575,226 | 36.0 | % | |||||
Total | $ | 12,721,919 | 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.
318 :: ProFund VP UltraMid-Cap :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 10,227,175 | ||
Securities, at value(a) | 8,199,035 | |||
Repurchase agreements, at value | 5,494,000 | |||
Total Investment Securities, at value | 13,693,035 | |||
Cash | 974 | |||
Dividends and interest receivable | 7,775 | |||
Prepaid expenses | 694 | |||
TOTAL ASSETS | 13,702,478 | |||
LIABILITIES: | ||||
Payable for investments purchased | 14,285 | |||
Payable for capital shares redeemed | 865,823 | |||
Payable for collateral for securities loaned | 52,342 | |||
Unrealized depreciation on swap agreements | 21,055 | |||
Advisory fees payable | 7,213 | |||
Management services fees payable | 962 | |||
Administration fees payable | 841 | |||
Administrative services fees payable | 4,738 | |||
Distribution fees payable | 3,301 | |||
Transfer agency fees payable | 706 | |||
Fund accounting fees payable | 597 | |||
Compliance services fees payable | 57 | |||
Other accrued expenses | 8,639 | |||
TOTAL LIABILITIES | 980,559 | |||
NET ASSETS | $ | 12,721,919 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 10,660,666 | ||
Total distributable earnings (loss) | 2,061,253 | |||
NET ASSETS | $ | 12,721,919 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 252,320 | |||
Net Asset Value (offering and redemption price per share) | $ | 50.42 | ||
(a) Includes securities on loan valued at: | $ | 51,074 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 107,850 | ||
Interest | 14,931 | |||
Foreign tax withholding | (9 | ) | ||
Income from securities lending | 339 | |||
TOTAL INVESTMENT INCOME | 123,111 | |||
EXPENSES: | ||||
Advisory fees | 77,107 | |||
Management services fees | 10,281 | |||
Administration fees | 9,376 | |||
Transfer agency fees | 7,325 | |||
Administrative services fees | 29,826 | |||
Distribution fees | 25,702 | |||
Custody fees | 1,506 | |||
Fund accounting fees | 6,418 | |||
Trustee fees | 227 | |||
Compliance services fees | 99 | |||
Other fees | 16,424 | |||
Total Gross Expenses before reductions | 184,291 | |||
Expenses reduced and reimbursed by the Advisor | (11,570 | ) | ||
TOTAL NET EXPENSES | 172,721 | |||
NET INVESTMENT INCOME (LOSS) | (49,610 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 889,076 | |||
Net realized gains (losses) on futures contracts | 92,529 | |||
Net realized gains (losses) on swap agreements | (1,051,329 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (1,154,072 | ) | ||
Change in net unrealized appreciation/depreciation on futures contracts | (7,060 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (25,044 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (1,255,900 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,305,510 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 319
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (49,610 | ) | $ | 20,991 | |||
Net realized gains (losses) on investments | (69,724 | ) | 6,289,635 | |||||
Change in net unrealized appreciation/depreciation on investments | (1,186,176 | ) | 1,197,705 | |||||
Change in net assets resulting from operations | (1,305,510 | ) | 7,508,331 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (2,119,595 | ) | — | |||||
Change in net assets resulting from distributions | (2,119,595 | ) | — | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 81,827,082 | 292,907,167 | ||||||
Distributions reinvested | 2,119,595 | — | ||||||
Value of shares redeemed | (82,675,100 | ) | (300,215,784 | ) | ||||
Change in net assets resulting from capital transactions | 1,271,577 | (7,308,617 | ) | |||||
Change in net assets | (2,153,528 | ) | 199,714 | |||||
NET ASSETS: | ||||||||
Beginning of period | 14,875,447 | 14,675,733 | ||||||
End of period | $ | 12,721,919 | $ | 14,875,447 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 1,577,682 | 5,451,741 | ||||||
Reinvested | 57,147 | — | ||||||
Redeemed | (1,624,356 | ) | (5,562,515 | ) | ||||
Change in shares | 10,473 | (110,774 | ) |
See accompanying notes to financial statements.
320 :: ProFund VP UltraMid-Cap :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 61.51 | $ | 41.62 | $ | 79.70 | $ | 68.60 | $ | 49.75 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.21 | ) | 0.06 | (0.06 | ) | (0.32 | ) | (0.28 | ) | |||||||||||
Net realized and unrealized gains (losses) on investments | (0.36 | ) | 19.83 | (13.41 | ) | 19.39 | 19.13 | |||||||||||||
Total income (loss) from investment activities | (0.57 | ) | 19.89 | (13.47 | ) | 19.07 | 18.85 | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.12 | ) | — | — | — | — | ||||||||||||||
Net realized gains on investments | (10.40 | ) | — | (24.61 | ) | (7.97 | ) | — | ||||||||||||
Total distributions | (10.52 | ) | — | (24.61 | ) | (7.97 | ) | — | ||||||||||||
Net Asset Value, End of Period | $ | 50.42 | $ | 61.51 | $ | 41.62 | $ | 79.70 | $ | 68.60 | ||||||||||
Total Return | 5.22 | % | 47.79 | % | (26.77 | )% | 28.86 | % | 37.91 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.79 | % | 1.71 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (0.48 | )% | 0.11 | % | (0.10 | )% | (0.43 | )% | (0.50 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000's) | $ | 12,722 | $ | 14,875 | $ | 14,676 | $ | 25,815 | $ | 37,569 | ||||||||||
Portfolio turnover rate(b) | 488 | % | 603 | % | 617 | % | 594 | % | 547 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP UltraNasdaq-100 :: 321
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, not for longer periods. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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, 2020, the Fund had a total return of 86.30%. For the same period, the Index had a total return of 48.88%1 and a volatility of 36.59%. 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, 2020, the Fund invested in swap agreements and futures contracts as a substitute for 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP UltraNasdaq-100 | 86.30 | % | 40.78 | % | 35.06 | % | ||||||
Nasdaq-100® Index | 48.88 | % | 24.27 | % | 20.63 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP UltraNasdaq-100 | 1.76 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 48 | % | ||
Futures Contracts | 3 | % | ||
Swap Agreements | 149 | % | ||
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. | 5.9 | % | ||
Microsoft Corp. | 4.4 | % | ||
Amazon.com, Inc. | 4.3 | % | ||
Alphabet, Inc. | 2.9 | % | ||
Tesla, Inc. | 2.2 | % |
Nasdaq-100® Index – Composition
% of Index | ||||
Information Technology | 49 | % | ||
Consumer Discretionary | 19 | % | ||
Communication Services | 18 | % | ||
Health Care | 6 | % | ||
Consumer Staples | 5 | % | ||
Industrials | 2 | % | ||
Utilities | 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.
322 :: ProFund VP UltraNasdaq-100 :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (48.2%)
Shares | Value | |||||||
Activision Blizzard, Inc. (Entertainment) | 6,370 | $ | 591,455 | |||||
Adobe, Inc.* (Software) | 3,954 | 1,977,474 | ||||||
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | 9,913 | 909,121 | ||||||
Alexion Pharmaceuticals, Inc.* (Biotechnology) | 1,804 | 281,857 | ||||||
Align Technology, Inc.* (Health Care Equipment & Supplies) | 650 | 347,347 | ||||||
Alphabet, Inc.*—Class A (Interactive Media & Services) | 1,628 | 2,853,298 | ||||||
Alphabet, Inc.*—Class C (Interactive Media & Services) | 1,787 | 3,130,610 | ||||||
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | 2,718 | 8,852,335 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 4,091 | 340,657 | ||||||
Amgen, Inc. (Biotechnology) | 4,798 | 1,103,157 | ||||||
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | 3,045 | 449,838 | ||||||
ANSYS, Inc.* (Software) | 708 | 257,570 | ||||||
Apple, Inc. (Technology Hardware, Storage & Peripherals) | 92,079 | 12,217,963 | ||||||
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | 7,526 | 649,494 | ||||||
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | 624 | 304,337 | ||||||
Atlassian Corp. PLC*—Class A (Software) | 1,089 | 254,684 | ||||||
Autodesk, Inc.* (Software) | 1,807 | 551,749 | ||||||
Automatic Data Processing, Inc. (IT Services) | 3,534 | 622,691 | ||||||
Baidu, Inc.*ADR (Interactive Media & Services) | 2,277 | 492,378 | ||||||
Biogen, Inc.* (Biotechnology) | 1,268 | 310,482 | ||||||
Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | 338 | 752,816 | ||||||
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 3,334 | 1,459,792 | ||||||
Cadence Design Systems, Inc.* (Software) | 2,299 | 313,653 | ||||||
CDW Corp. (Electronic Equipment, Instruments & Components) | 1,179 | 155,380 | ||||||
Cerner Corp. (Health Care Technology) | 2,527 | 198,319 | ||||||
Charter Communications, Inc.*—Class A (Media) | 1,647 | 1,089,573 | ||||||
Check Point Software Technologies, Ltd.* (Software) | 1,156 | 153,644 | ||||||
Cintas Corp. (Commercial Services & Supplies) | 862 | 304,682 | ||||||
Cisco Systems, Inc. (Communications Equipment) | 34,828 | 1,558,553 | ||||||
Cognizant Technology Solutions Corp.—Class A (IT Services) | 4,407 | 361,154 | ||||||
Comcast Corp.—Class A (Media) | 37,634 | 1,972,021 | ||||||
Copart, Inc.* (Commercial Services & Supplies) | 1,946 | 247,629 | ||||||
Costco Wholesale Corp. (Food & Staples Retailing) | 3,637 | 1,370,348 | ||||||
CSX Corp. (Road & Rail) | 6,304 | 572,088 | ||||||
DexCom, Inc.* (Health Care Equipment & Supplies) | 791 | 292,449 | ||||||
DocuSign, Inc.* (Software) | 1,526 | 339,230 | ||||||
Dollar Tree, Inc.* (Multiline Retail) | 1,939 | 209,490 | ||||||
eBay, Inc. (Internet & Direct Marketing Retail) | 5,682 | 285,521 | ||||||
Electronic Arts, Inc. (Entertainment) | 2,389 | 343,060 | ||||||
Exelon Corp. (Electric Utilities) | 8,041 | 339,491 | ||||||
Facebook, Inc.*—Class A (Interactive Media & Services) | 13,021 | 3,556,817 | ||||||
Fastenal Co. (Trading Companies & Distributors) | 4,732 | 231,064 | ||||||
Fiserv, Inc.* (IT Services) | 5,526 | 629,190 | ||||||
Fox Corp.—Class A (Media) | 2,782 | 81,012 | ||||||
Fox Corp.—Class B (Media) | 2,125 | 61,370 | ||||||
Gilead Sciences, Inc. (Biotechnology) | 10,332 | 601,942 | ||||||
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | 703 | 351,409 | ||||||
Illumina, Inc.* (Life Sciences Tools & Services) | 1,204 | 445,480 | ||||||
Incyte Corp.* (Biotechnology) | 1,805 | 156,999 | ||||||
Intel Corp. (Semiconductors & Semiconductor Equipment) | 33,777 | 1,682,770 | ||||||
Intuit, Inc. (Software) | 2,166 | 822,755 | ||||||
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | 969 | 792,738 | ||||||
JD.com, Inc.*ADR (Internet & Direct Marketing Retail) | 7,183 | 631,386 | ||||||
Keurig Dr Pepper, Inc. (Beverages) | 11,599 | 371,168 | ||||||
KLA Corp. (Semiconductors & Semiconductor Equipment) | 1,273 | 329,592 | ||||||
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | 1,187 | 560,584 | ||||||
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | 1,030 | 358,471 | ||||||
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | 2,673 | 352,622 | ||||||
Marvell Technology Group, Ltd. (Semiconductors & Semiconductor Equipment) | 5,524 | 262,611 | ||||||
Match Group, Inc.* (Interactive Media & Services) | 2,192 | 331,408 | ||||||
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | 2,203 | 195,296 | ||||||
Mercadolibre, Inc.* (Internet & Direct Marketing Retail) | 410 | 686,840 | ||||||
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | 2,146 | 296,384 | ||||||
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | 9,176 | 689,852 | ||||||
Microsoft Corp. (Software) | 40,949 | 9,107,877 | ||||||
Moderna, Inc.* (Biotechnology) | 3,262 | 340,781 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraNasdaq-100 :: 323
Common Stocks, continued
Shares | Value | |||||||
Mondelez International, Inc.—Class A (Food Products) | 11,788 | $ | 689,244 | |||||
Monster Beverage Corp.* (Beverages) | 4,351 | 402,380 | ||||||
NetEase, Inc.ADR (Entertainment) | 2,698 | 258,387 | ||||||
Netflix, Inc.* (Entertainment) | 3,641 | 1,968,798 | ||||||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 5,100 | 2,663,221 | ||||||
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | 2,306 | 366,677 | ||||||
Okta, Inc.* (IT Services) | 989 | 251,463 | ||||||
O'Reilly Automotive, Inc.* (Specialty Retail) | 597 | 270,184 | ||||||
PACCAR, Inc. (Machinery) | 2,855 | 246,329 | ||||||
Paychex, Inc. (IT Services) | 2,963 | 276,092 | ||||||
PayPal Holdings, Inc.* (IT Services) | 9,658 | 2,261,904 | ||||||
Peloton Interactive, Inc.*—Class A (Leisure Products) | 2,106 | 319,522 | ||||||
PepsiCo, Inc. (Beverages) | 11,391 | 1,689,286 | ||||||
Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail) | 2,459 | 436,891 | ||||||
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | 9,322 | 1,420,113 | ||||||
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | 864 | 417,407 | ||||||
Ross Stores, Inc. (Specialty Retail) | 2,934 | 360,325 | ||||||
Seagen, Inc.* (Biotechnology) | 1,486 | 260,258 | ||||||
Sirius XM Holdings, Inc. (Media) | 35,026 | 223,116 | ||||||
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | 1,369 | 209,293 | ||||||
Splunk, Inc.* (Software) | 1,322 | 224,595 | ||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 9,674 | 1,034,925 | ||||||
Synopsys, Inc.* (Software) | 1,251 | 324,309 | ||||||
Tesla, Inc.* (Automobiles) | 6,354 | 4,483,827 | ||||||
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 7,566 | 1,241,808 | ||||||
The Kraft Heinz Co. (Food Products) | 10,077 | 349,269 | ||||||
T-Mobile US, Inc.* (Wireless Telecommunication Services) | 10,230 | 1,379,516 | ||||||
Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail) | 4,311 | 145,410 | ||||||
VeriSign, Inc.* (IT Services) | 941 | 203,632 | ||||||
Verisk Analytics, Inc.—Class A (Professional Services) | 1,340 | 278,171 | ||||||
Vertex Pharmaceuticals, Inc.* (Biotechnology) | 2,143 | 506,477 | ||||||
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | 7,137 | 284,624 | ||||||
Workday, Inc.*—Class A (Software) | 1,484 | 355,581 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 4,331 | 288,748 | ||||||
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | 2,020 | 286,375 | ||||||
Zoom Video Communications, Inc.*—Class A (Software) | 1,605 | 541,399 | ||||||
TOTAL COMMON STOCKS (Cost $33,302,333) | 99,665,364 |
Repurchase Agreements(a)(b) (52.5%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $108,434,228 | $ | 108,434,000 | $ | 108,434,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $108,434,000) | 108,434,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $141,736,333)—100.7% | 208,099,364 | |||||||
Net other assets (liabilities)—(0.7)% | (1,519,286 | ) | ||||||
NET ASSETS—100.0% | $ | 206,580,078 | ||||||
* | Non-income producing security. |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2020, the aggregate amount held in a segregated account was $44,478,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
ADR | American Depositary Receipt |
NYS | New York Shares |
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||
E-Mini Nasdaq 100 Futures Contracts | 26 | 3/22/21 | $ | 6,700,460 | $ | 270,203 | ||||||||
See accompanying notes to financial statements.
324 :: ProFund VP UltraNasdaq-100 :: Financial Statements
Total Return Swap Agreements – Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
Invesco QQQ Trust, Series 1 ETF | Goldman Sachs International | 1/27/21 | 0.45 | % | $ | 49,448,697 | $ | 165,217 | |||||||||
Nasdaq-100 Index | Goldman Sachs International | 1/27/21 | 0.65 | % | 59,174,627 | 222,587 | |||||||||||
$ | 108,623,324 | $ | 387,804 | ||||||||||||||
Invesco QQQ Trust, Series 1 ETF | UBS AG | 1/27/21 | 0.50 | % | $ | 60,737,129 | $ | 202,681 | |||||||||
Nasdaq-100 Index | UBS AG | 1/27/21 | 0.90 | % | 137,466,395 | 537,938 | |||||||||||
$ | 198,203,524 | $ | 740,619 | ||||||||||||||
$ | 306,826,848 | $ | 1,128,423 |
(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, 2020, 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, 2020:
Value | % of Net Assets | |||||||
Automobiles | $ | 4,483,827 | 2.2 | % | ||||
Beverages | 2,462,834 | 1.2 | % | |||||
Biotechnology | 3,979,360 | 1.9 | % | |||||
Commercial Services & Supplies | 552,311 | 0.3 | % | |||||
Communications Equipment | 1,558,553 | 0.8 | % | |||||
Electric Utilities | 968,896 | 0.5 | % | |||||
Electronic Equipment, Instruments & Components | 155,380 | 0.1 | % | |||||
Entertainment | 3,161,700 | 1.5 | % | |||||
Food & Staples Retailing | 1,654,972 | 0.8 | % | |||||
Food Products | 1,038,513 | 0.5 | % | |||||
Health Care Equipment & Supplies | 1,783,943 | 0.9 | % | |||||
Health Care Technology | 198,319 | 0.1 | % | |||||
Hotels, Restaurants & Leisure | 1,387,547 | 0.7 | % | |||||
Interactive Media & Services | 10,364,511 | 5.0 | % | |||||
Internet & Direct Marketing Retail | 11,791,199 | 5.6 | % | |||||
IT Services | 4,606,126 | 2.2 | % | |||||
Leisure Products | 319,522 | 0.2 | % | |||||
Life Sciences Tools & Services | 445,480 | 0.2 | % | |||||
Machinery | 246,329 | 0.1 | % | |||||
Media | 3,427,092 | 1.7 | % | |||||
Multiline Retail | 209,490 | 0.1 | % | |||||
Professional Services | 278,171 | 0.1 | % | |||||
Road & Rail | 572,088 | 0.3 | % | |||||
Semiconductors & Semiconductor Equipment | 13,977,158 | 6.7 | % | |||||
Software | 15,224,520 | 7.3 | % | |||||
Specialty Retail | 630,509 | 0.3 | % | |||||
Technology Hardware, Storage & Peripherals | 12,217,963 | 5.9 | % | |||||
Textiles, Apparel & Luxury Goods | 358,471 | 0.2 | % | |||||
Trading Companies & Distributors | 231,064 | 0.1 | % | |||||
Wireless Telecommunication Services | 1,379,516 | 0.7 | % | |||||
Other** | 106,914,714 | 51.8 | % | |||||
Total | $ | 206,580,078 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraNasdaq-100 :: 325
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 141,736,333 | ||
Securities, at value | 99,665,364 | |||
Repurchase agreements, at value | 108,434,000 | |||
Total Investment Securities, at value | 208,099,364 | |||
Cash | 285 | |||
Segregated cash balances for futures contracts with brokers | 457,600 | |||
Segregated cash balances for swap agreements with custodian | 2,902 | |||
Dividends and interest receivable | 24,457 | |||
Unrealized appreciation on swap agreements | 1,128,423 | |||
Receivable for capital shares issued | 792,665 | |||
Variation margin on futures contracts | 22,880 | |||
Prepaid expenses | 615 | |||
TOTAL ASSETS | 210,529,191 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 3,514,989 | |||
Advisory fees payable | 116,366 | |||
Management services fees payable | 15,515 | |||
Administration fees payable | 12,957 | |||
Administrative services fees payable | 84,294 | |||
Distribution fees payable | 85,533 | |||
Transfer agency fees payable | 10,874 | |||
Fund accounting fees payable | 7,401 | |||
Compliance services fees payable | 934 | |||
Other accrued expenses | 100,250 | |||
TOTAL LIABILITIES | 3,949,113 | |||
NET ASSETS | $ | 206,580,078 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 85,057,240 | ||
Total distributable earnings (loss) | 121,522,838 | |||
NET ASSETS | $ | 206,580,078 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 2,224,468 | |||
Net Asset Value (offering and redemption price per share) | $ | 92.87 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 694,578 | ||
Interest | 151,569 | |||
Foreign tax withholding | (469 | ) | ||
Income from securities lending | 420 | |||
TOTAL INVESTMENT INCOME | 846,098 | |||
EXPENSES: | ||||
Advisory fees | 1,010,141 | |||
Management services fees | 134,683 | |||
Administration fees | 118,356 | |||
Transfer agency fees | 96,964 | |||
Administrative services fees | 360,360 | |||
Distribution fees | 336,714 | |||
Custody fees | 19,981 | |||
Fund accounting fees | 66,942 | |||
Trustee fees | 2,632 | |||
Compliance services fees | 1,573 | |||
Other fees | 197,811 | |||
Total Gross Expenses before reductions | 2,346,157 | |||
Expenses reduced and reimbursed by the Advisor | (83,445 | ) | ||
TOTAL NET EXPENSES | 2,262,712 | |||
NET INVESTMENT INCOME (LOSS) | (1,416,614 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 3,124,640 | |||
Net realized gains (losses) on futures contracts | 366,407 | |||
Net realized gains (losses) on swap agreements | 54,213,585 | |||
Change in net unrealized appreciation/depreciation on investment securities | 18,653,681 | |||
Change in net unrealized appreciation/depreciation on futures contracts | (458,823 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | 1,634,014 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 77,533,504 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 76,116,890 |
See accompanying notes to financial statements.
326 :: ProFund VP UltraNasdaq-100 :: Financial Statements
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (1,416,614 | ) | $ | (273,786 | ) | ||
Net realized gains (losses) on investments | 57,704,632 | 42,415,963 | ||||||
Change in net unrealized appreciation/depreciation on investments | 19,828,872 | 16,631,601 | ||||||
Change in net assets resulting from operations | 76,116,890 | 58,773,778 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (33,497,262 | ) | — | |||||
Change in net assets resulting from distributions | (33,497,262 | ) | — | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 830,545,450 | 925,862,831 | ||||||
Distributions reinvested | 33,497,262 | — | ||||||
Value of shares redeemed | (819,603,334 | ) | (947,569,321 | ) | ||||
Change in net assets resulting from capital transactions | 44,439,378 | (21,706,490 | ) | |||||
Change in net assets | 87,059,006 | 37,067,288 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 119,521,072 | 82,453,784 | ||||||
End of period | $ | 206,580,078 | $ | 119,521,072 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 12,101,786 | (a) | 19,236,712 | (a) | ||||
Reinvested | 376,649 | (a) | — | |||||
Redeemed | (12,210,243 | )(a) | (19,705,242 | )(a) | ||||
Change in shares | 268,192 | (468,530 | ) |
(a) | As described in Note 8, share amounts have been adjusted for 2:1 share split that occurred on December 11, 2020. |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP UltraNasdaq-100 :: 327
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020(a) | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a) | Year Ended Dec. 31, 2016(a) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 61.10 | $ | 34.00 | $ | 56.77 | $ | 34.50 | $ | 34.84 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(b) | (0.76 | ) | (0.12 | ) | (0.21 | ) | (0.33 | ) | (0.25 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments | 52.59 | 27.22 | 1.11 | (b) | 23.75 | 3.25 | ||||||||||||||
Total income (loss) from investment activities | 51.83 | 27.10 | 0.90 | 23.42 | 3.00 | |||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net realized gains on investments | (20.06 | ) | — | (23.67 | ) | (1.15 | ) | (3.34 | ) | |||||||||||
Net Asset Value, End of Period | $ | 92.87 | $ | 61.10 | $ | 34.00 | $ | 56.77 | $ | 34.50 | ||||||||||
Total Return | 86.30 | % | 79.66 | % | (9.63 | )% | 68.33 | % | 8.62 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.74 | % | 1.76 | % | 1.74 | % | 1.69 | % | 1.71 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.05 | )% | (0.25 | )% | (0.40 | )% | (0.68 | )% | (0.75 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 206,580 | $ | 119,521 | $ | 82,454 | $ | 131,438 | $ | 93,226 | ||||||||||
Portfolio turnover rate(c) | 55 | % | 44 | % | 29 | % | 4 | % | 33 | % |
(a) | As described in Note 8, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
328 :: ProFund VP UltraShort Dow 30 :: Management Discussion of Fund Performance
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 Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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, 2020, the Fund had a total return of -45.44%. For the same period, the Index had a total return of 9.72%1 and a volatility of 37.05%. 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, 2020, the Fund invested in swap agreements and futures contracts 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP UltraShort Dow 30 | -45.44 | % | -32.28 | % | -29.63 | % | ||||||
Dow Jones Industrial Average® | 9.72 | % | 14.65 | % | 12.97 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP UltraShort Dow 30 | 1.48 | % | 1.48 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 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 | ||||
Information Technology | 22 | % | ||
Health Care | 18 | % | ||
Industrials | 17 | % | ||
Financials | 14 | % | ||
Consumer Discretionary | 13 | % | ||
Consumer Staples | 8 | % | ||
Communication Services | 5 | % | ||
Energy | 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.
Financial Statements :: ProFund VP UltraShort Dow 30 :: 329
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a) (92.8%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $6,000 | $ | 6,000 | $ | 6,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $6,000) | 6,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $6,000)—92.8% | 6,000 | |||||||
Net other assets (liabilities)—7.2% | 464 | |||||||
NET ASSETS—100.0% | $ | 6,464 |
(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 | 1/27/21 | (0.30 | )% | $ | (12,737 | ) | $ | (85 | ) | |||||||
Dow Jones Industrial Average | UBS AG | 1/27/21 | (0.30 | )% | (276 | ) | (3 | ) | |||||||||
$ | (13,013 | ) | $ | (88 | ) |
(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, 2020, 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.
330 :: ProFund VP UltraShort Dow 30 :: Financial Statements
Statement of Assets and Liabilities
| ||||
ASSETS: | ||||
Total Investment Securities, at cost | $ | 6,000 | ||
Repurchase agreements, at value | 6,000 | |||
Total Investment Securities, at value | 6,000 | |||
Cash | 599 | |||
TOTAL ASSETS | 6,599 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 30 | |||
Unrealized depreciation on swap agreements | 88 | |||
Advisory fees payable | 4 | |||
Management services fees payable | 1 | |||
Distribution fees payable | 6 | |||
Other accrued expenses | 6 | |||
TOTAL LIABILITIES | 135 | |||
NET ASSETS | $ | 6,464 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 852,319 | ||
Total distributable earnings (loss) | (845,855 | ) | ||
NET ASSETS | $ | 6,464 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 88 | |||
Net Asset Value (offering and redemption price per share) | $ | 73.45 |
Statement of Operations
| ||||
INVESTMENT INCOME: | ||||
Interest | $ | 33 | ||
EXPENSES: | ||||
Advisory fees | 137 | |||
Management services fees | 19 | |||
Administration fees | 15 | |||
Transfer agency fees | 13 | |||
Administrative services fees | 4 | |||
Distribution fees | 46 | |||
Custody fees | 7 | |||
Fund accounting fees | 9 | |||
Trustee fees | — | (a) | ||
Compliance services fees | — | (a) | ||
Other fees | 21 | |||
TOTAL NET EXPENSES | 271 | |||
NET INVESTMENT INCOME (LOSS) | (238 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on swap agreements | 111,234 | |||
Change in net unrealized appreciation/depreciation on swap agreements | (114 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 111,120 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 110,882 |
(a) | Amount is less than $0.50. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraShort Dow 30 :: 331
Statements of Changes in Net Assets
| ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (238 | ) | $ | 185 | |||
Net realized gains (losses) on investments | 111,234 | (10,669 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | (114 | ) | 104 | |||||
Change in net assets resulting from operations | 110,882 | (10,380 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (185 | ) | (323 | ) | ||||
Change in net assets resulting from distributions | (185 | ) | (323 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 4,315,564 | 2,202,171 | ||||||
Distributions reinvested | 185 | 323 | ||||||
Value of shares redeemed | (4,423,377 | ) | (2,194,081 | ) | ||||
Change in net assets resulting from capital transactions | (107,628 | ) | 8,413 | |||||
Change in net assets | 3,069 | (2,290 | ) | |||||
NET ASSETS: | ||||||||
Beginning of period | 3,395 | 5,685 | ||||||
End of period | $ | 6,464 | $ | 3,395 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 39,938 | (a) | 11,147 | (a)(b) | ||||
Reinvested | 2 | (a) | 2 | (a)(b) | ||||
Redeemed | (39,875 | )(a) | (11,148 | )(a)(b) | ||||
Change in shares | 65 | 1 |
(a) | As described in Note 8, share amounts have been adjusted for 1:5 reverse share split that occurred on December 14, 2020. |
(b) | As described in Note 8, share amounts have been adjusted for 1:8 reverse share split that occurred on November 18, 2019. |
See accompanying notes to financial statements.
332 :: ProFund VP UltraShort Dow 30 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020(a) | Year Ended Dec. 31, 2019(a)(b) | Year Ended Dec. 31, 2018(a)(b) | Year Ended Dec. 31, 2017(a)(b) | Year Ended Dec. 31, 2016(a)(b) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 147.61 | $ | 256.37 | $ | 250.06 | $ | 415.83 | $ | 609.78 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(c) | (1.40 | ) | 1.60 | 1.34 | (3.45 | ) | (7.60 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (64.52 | )(d) | (95.56 | ) | 4.97 | (162.32 | ) | (186.35 | ) | |||||||||||
Total income (loss) from investment activities | (65.92 | ) | (93.96 | ) | 6.31 | (165.77 | ) | (193.95 | ) | |||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (8.24 | ) | (6.30 | ) | — | — | — | |||||||||||||
Net realized gains on investments | — | (8.50 | ) | — | — | — | ||||||||||||||
Total distributions | (8.24 | ) | (14.80 | ) | — | — | — | |||||||||||||
Net Asset Value, End of Period | $ | 73.45 | $ | 147.61 | $ | 256.37 | $ | 250.06 | $ | 415.83 | ||||||||||
Total Return | (45.44 | )% | (37.95 | )% | 2.56 | % | (39.90 | )% | (31.76 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.46 | % | 1.48 | % | 1.61 | % | 1.68 | % | 1.68 | % | ||||||||||
Net expenses | 1.46 | % | 1.45 | % | 1.26 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.28 | )% | 0.83 | % | 0.59 | % | (0.99 | )% | (1.43 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 6 | $ | 3 | $ | 6 | $ | 8 | $ | 18 | ||||||||||
Portfolio turnover rate(e) | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:5 reverse share split that occurred on December 14, 2020. |
(b) | As described in Note 8, share amounts have been adjusted for 1:8 reverse share split that occurred on November 18, 2019. |
(c) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(d) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP UltraShort Nasdaq-100 :: 333
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 Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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, 2020, the Fund had a total return of -71.46%. For the same period, the Index had a total return of 48.88%1 and a volatility of 36.59%. 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, 2020, the Fund invested in swap agreements and futures contracts 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP UltraShort Nasdaq-100 | -71.46 | % | -44.04 | % | -39.35 | % | ||||||
Nasdaq-100® Index | 48.88 | % | 24.27 | % | 20.63 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP UltraShort Nasdaq-100 | 1.68 | % | 1.68 | % | |||||
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | 49 | % | ||
Consumer Discretionary | 19 | % | ||
Communication Services | 18 | % | ||
Health Care | 6 | % | ||
Consumer Staples | 5 | % | ||
Industrials | 2 | % | ||
Utilities | 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.
334 :: ProFund VP UltraShort Nasdaq-100 :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Repurchase Agreements(a)(b) (86.5%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $205,000 | $ | 205,000 | $ | 205,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $205,000) | 205,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $205,000)—86.5% | 205,000 | |||||||
Net other assets (liabilities)—13.5% | 31,871 | |||||||
NET ASSETS—100.0% | $ | 236,871 |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At December 31, 2020, the aggregate amount held in a segregated account was $84,000. |
(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 | 1/27/21 | (0.40 | )% | $ | (153,928 | ) | $ | (628 | ) | |||||||
Nasdaq-100 Index | UBS AG | 1/27/21 | (0.25 | )% | (321,419 | ) | (953 | ) | |||||||||
$ | (475,347 | ) | $ | (1,581 | ) |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraShort Nasdaq-100 :: 335
Statement of Assets and Liabilities
| ||||
ASSETS: | ||||
Total Investment Securities, at cost | $ | 205,000 | ||
Repurchase agreements, at value | 205,000 | |||
Total Investment Securities, at value | 205,000 | |||
Cash | 416 | |||
Receivable for capital shares issued | 38,720 | |||
Prepaid expenses | 23 | |||
TOTAL ASSETS | 244,159 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 24 | |||
Unrealized depreciation on swap agreements | 1,581 | |||
Advisory fees payable | 2,293 | |||
Management services fees payable | 306 | |||
Administration fees payable | 131 | |||
Administrative services fees payable | 590 | |||
Distribution fees payable | 749 | |||
Transfer agency fees payable | 110 | |||
Fund accounting fees payable | 74 | |||
Compliance services fees payable | 12 | |||
Other accrued expenses | 1,418 | |||
TOTAL LIABILITIES | 7,288 | |||
NET ASSETS | $ | 236,871 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 2,839,208 | ||
Total distributable earnings (loss) | (2,602,337 | ) | ||
NET ASSETS | $ | 236,871 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 11,054 | |||
Net Asset Value (offering and redemption price per share) | $ | 21.43 |
Statement of Operations
| ||||
INVESTMENT INCOME: | ||||
Interest | $ | 3,623 | ||
EXPENSES: | ||||
Advisory fees | 14,011 | |||
Management services fees | 1,868 | |||
Administration fees | 1,735 | |||
Transfer agency fees | 1,445 | |||
Administrative services fees | 3,674 | |||
Distribution fees | 4,670 | |||
Custody fees | 1,391 | |||
Fund accounting fees | 997 | |||
Trustee fees | 32 | |||
Compliance services fees | 28 | |||
Other fees | 3,422 | |||
Total Gross Expenses before reductions | 33,273 | |||
Expenses reduced and reimbursed by the Advisor | (1,889 | ) | ||
TOTAL NET EXPENSES | 31,384 | |||
NET INVESTMENT INCOME (LOSS) | (27,761 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on futures contracts | 2,859 | |||
Net realized gains (losses) on swap agreements | 3,205,481 | |||
Change in net unrealized appreciation/depreciation on swap agreements | (10,802 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 3,197,538 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,169,777 |
See accompanying notes to financial statements.
336 :: ProFund VP UltraShort Nasdaq-100 :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (27,761 | ) | $ | 6,414 | |||
Net realized gains (losses) on investments | 3,208,340 | 273,198 | ||||||
Change in net unrealized appreciation/depreciation on investments | (10,802 | ) | 17,706 | |||||
Change in net assets resulting from operations | 3,169,777 | 297,318 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (6,414 | ) | (2,753 | ) | ||||
Change in net assets resulting from distributions | (6,414 | ) | (2,753 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 271,425,451 | 121,272,277 | ||||||
Distributions reinvested | 6,414 | 2,753 | ||||||
Value of shares redeemed | (275,384,534 | ) | (121,209,822 | ) | ||||
Change in net assets resulting from capital transactions | (3,952,669 | ) | 65,208 | |||||
Change in net assets | (789,306 | ) | 359,773 | |||||
NET ASSETS: | ||||||||
Beginning of period | 1,026,177 | 666,404 | ||||||
End of period | $ | 236,871 | $ | 1,026,177 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 6,970,122 | (a) | 1,143,578 | (a) | ||||
Reinvested | 256 | (a) | 27 | (a) | ||||
Redeemed | (6,972,814 | )(a) | (1,134,414 | )(a) | ||||
Change in shares | (2,436 | ) | 9,191 |
(a) | 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 financial statements.
Financial Highlights :: ProFund VP UltraShort Nasdaq-100 :: 337
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020(a) | Year Ended Dec. 31, 2019(a) | Year Ended Dec. 31, 2018(a) | Year Ended Dec. 31, 2017(a)(b) | Year Ended Dec. 31, 2016(a)(b) | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 76.07 | $ | 155.01 | $ | 175.32 | $ | 318.37 | $ | 398.74 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(c) | (0.59 | ) | 0.52 | 0.52 | (1.96 | ) | (5.42 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (53.72 | )(d) | (78.58 | )(d) | (20.83 | ) | (141.09 | ) | (74.95 | ) | ||||||||||
Total income (loss) from investment activities | (54.31 | ) | (78.06 | ) | (20.31 | ) | (143.05 | ) | (80.37 | ) | ||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.33 | ) | (0.88 | ) | — | — | — | |||||||||||||
Net Asset Value, End of Period | $ | 21.43 | $ | 76.07 | $ | 155.01 | $ | 175.32 | $ | 318.37 | ||||||||||
Total Return | (71.46 | )% | (50.50 | )% | (11.59 | )% | (44.94 | )% | (20.21 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.78 | % | 1.68 | % | 1.66 | % | 1.68 | % | 1.68 | % | ||||||||||
Net expenses | 1.68 | % | 1.67 | % | 1.66 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (1.49 | )% | 0.50 | % | 0.40 | % | (0.88 | )% | (1.42 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 237 | $ | 1,026 | $ | 666 | $ | 324 | $ | 909 | ||||||||||
Portfolio turnover rate(e) | — | — | — | — | — |
(a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020. |
(b) | As described in Note 8, share amounts have been adjusted for 1:8 reverse share split that occurred on December 11, 2017. |
(c) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(d) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
338 :: ProFund VP UltraSmall-Cap :: Management Discussion of Fund Performance
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 Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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, 2020, the Fund had a total return of 16.39%. For the same period, the Index had a total return of 19.96%1 and a volatility of 43.13%. 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 8% of the total market capitalization of the Russell 3000® Index, which in turn represents approximately 98% of the investable U.S. equity market.
During the year ended December 31, 2020, the Fund invested in swap agreements and futures contracts as a substitute for 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP UltraSmall-Cap | 16.39 | % | 16.96 | % | 14.69 | % | ||||||
Russell 2000® Index | 19.96 | % | 13.26 | % | 11.20 | % |
Expense Ratios**
Fund | Gross | Net | |||||||
ProFund VP UltraSmall-Cap | 1.76 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings & Index Composition
Market Exposure
Investment Type | % of Net Assets | |||
Equity Securities | 40 | % | ||
Futures Contracts | 4 | % | ||
Swap Agreements | 157 | % | ||
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 or collateral for securities loaned.
Largest Equity Holdings
Company | % of Net Assets | |||
Penn National Gaming, Inc. | 0.2 | % | ||
Caesars Entertainment, Inc. | 0.2 | % | ||
Plug Power, Inc. | 0.2 | % | ||
Sunrun, Inc. | 0.2 | % | ||
Mirati Therapeutics, Inc. | 0.2 | % |
Russell 2000® Index – Composition
% of Index | ||||
Health Care | 22 | % | ||
Industrials | 16 | % | ||
Financials | 15 | % | ||
Information Technology | 14 | % | ||
Consumer Discretionary | 13 | % | ||
Real Estate | 6 | % | ||
Materials | 4 | % | ||
Consumer Staples | 3 | % | ||
Utilities | 3 | % | ||
Communication Services | 2 | % | ||
Energy | 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.
Financial Statements :: ProFund VP UltraSmall-Cap :: 339
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (39.7%)
Shares | Value | |||||||
1-800-Flowers.com, Inc.*—Class A (Internet & Direct Marketing Retail) | 85 | $ | 2,210 | |||||
1Life Healthcare, Inc.* (Health Care Providers & Services) | 266 | 11,611 | ||||||
1st Constitution Bancorp (Banks) | 31 | 492 | ||||||
1st Source Corp. (Banks) | 55 | 2,217 | ||||||
3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | 409 | 4,286 | ||||||
89bio, Inc.* (Biotechnology) | 28 | 682 | ||||||
8x8, Inc.* (Software) | 357 | 12,306 | ||||||
A10 Networks, Inc.* (Software) | 203 | 2,002 | ||||||
AAON, Inc. (Building Products) | 139 | 9,262 | ||||||
AAR Corp. (Aerospace & Defense) | 113 | 4,093 | ||||||
Aaron’s Co., Inc. (The)* (Specialty Retail) | 114 | 2,161 | ||||||
Abeona Therapeutics, Inc.* (Biotechnology) | 204 | 320 | ||||||
Abercrombie & Fitch Co.—Class A (Specialty Retail) | 211 | 4,296 | ||||||
ABM Industries, Inc. (Commercial Services & Supplies) | 227 | 8,590 | ||||||
Acacia Communications, Inc.* (Communications Equipment) | 131 | 9,558 | ||||||
Acacia Research Corp.* (Professional Services) | 161 | 634 | ||||||
Academy Sports & Outdoors, Inc.* (Leisure Products) | 60 | 1,244 | ||||||
Acadia Realty Trust (Equity Real Estate Investment Trusts) | 287 | 4,073 | ||||||
Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 170 | 1,717 | ||||||
Accelerate Diagnostics, Inc.* (Life Sciences Tools & Services) | 106 | 803 | ||||||
ACCO Brands Corp. (Commercial Services & Supplies) | 312 | 2,636 | ||||||
Accolade, Inc.*(a) (Health Care Technology) | 44 | 1,914 | ||||||
Accuray, Inc.* (Health Care Equipment & Supplies) | 303 | 1,264 | ||||||
AcelRx Pharmaceuticals, Inc.* (Pharmaceuticals) | 271 | 336 | ||||||
ACI Worldwide, Inc.* (Software) | 387 | 14,872 | ||||||
ACNB Corp. (Banks) | 29 | 725 | ||||||
Acushnet Holdings Corp. (Leisure Products) | 116 | 4,703 | ||||||
Acutus Medical, Inc.* (Health Care Equipment & Supplies) | 34 | 980 | ||||||
Adams Resources & Energy, Inc. (Oil, Gas & Consumable Fuels) | 7 | 169 | ||||||
AdaptHealth Corp.* (Health Care Providers & Services) | 85 | 3,193 | ||||||
Addus Homecare Corp.* (Health Care Providers & Services) | 50 | 5,855 | ||||||
Adient PLC* (Auto Components) | 297 | 10,327 | ||||||
ADMA Biologics, Inc.* (Biotechnology) | 223 | 435 | ||||||
Adtalem Global Education, Inc.* (Diversified Consumer Services) | 176 | 5,975 | ||||||
ADTRAN, Inc. (Communications Equipment) | 162 | 2,393 | ||||||
Advanced Drainage Systems, Inc. (Building Products) | 191 | 15,964 | ||||||
Advanced Emissions Solutions, Inc. (Chemicals) | 54 | 297 | ||||||
Advanced Energy Industries, Inc.* (Semiconductors & Semiconductor Equipment) | 128 | 12,412 | ||||||
AdvanSix, Inc.* (Chemicals) | 93 | 1,859 | ||||||
Adverum Biotechnologies, Inc.* (Biotechnology) | 301 | 3,263 | ||||||
Aegion Corp.* (Construction & Engineering) | 103 | 1,956 | ||||||
Aeglea BioTherapeutics, Inc.* (Biotechnology) | 153 | 1,204 | ||||||
Aerie Pharmaceuticals, Inc.* (Pharmaceuticals) | 124 | 1,675 | ||||||
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense) | 244 | 12,896 | ||||||
AeroVironment, Inc.* (Aerospace & Defense) | 73 | 6,344 | ||||||
Affimed NV* (Biotechnology) | 288 | 1,676 | ||||||
Agenus, Inc.* (Biotechnology) | 532 | 1,692 | ||||||
Agile Therapeutics, Inc.* (Pharmaceuticals) | 230 | 660 | ||||||
Agilysys, Inc.* (Software) | 64 | 2,456 | ||||||
Agree Realty Corp. (Equity Real Estate Investment Trusts) | 185 | 12,317 | ||||||
AgroFresh Solutions, Inc.* (Chemicals) | 104 | 236 | ||||||
Air Transport Services Group, Inc.* (Air Freight & Logistics) | 199 | 6,237 | ||||||
Akebia Therapeutics, Inc.* (Biotechnology) | 484 | 1,355 | ||||||
Akerna Corp.* (Professional Services) | 59 | 191 | ||||||
Akero Therapeutics, Inc.* (Biotechnology) | 46 | 1,187 | ||||||
Akouos, Inc.* (Biotechnology) | 49 | 972 | ||||||
Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 111 | 1,358 | ||||||
Alamo Group, Inc. (Machinery) | 33 | 4,552 | ||||||
Alarm.com Holdings, Inc.* (Software) | 161 | 16,655 | ||||||
Alaska Communications Systems Group, Inc. (Diversified Telecommunication Services) | 175 | 646 | ||||||
Albany International Corp.—Class A (Machinery) | 104 | 7,636 | ||||||
Albireo Pharma, Inc.* (Biotechnology) | 57 | 2,138 | ||||||
Alcoa Corp.* (Metals & Mining) | 634 | 14,614 | ||||||
Alector, Inc.* (Biotechnology) | 157 | 2,375 | ||||||
Alerus Financial Corp. (Diversified Financial Services) | 50 | 1,369 | ||||||
Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts) | 245 | 4,209 | ||||||
Alexander’s, Inc. (Equity Real Estate Investment Trusts) | 7 | 1,941 | ||||||
Alico, Inc. (Food Products) | 18 | 558 | ||||||
Aligos Therapeutics, Inc.* (Biotechnology) | 34 | 940 | ||||||
Allakos, Inc.* (Biotechnology) | 89 | 12,460 | ||||||
Allegheny Technologies, Inc.* (Metals & Mining) | 429 | 7,194 | ||||||
Allegiance Bancshares, Inc. (Banks) | 64 | 2,184 | ||||||
Allegiant Travel Co. (Airlines) | 44 | 8,327 | ||||||
ALLETE, Inc. (Electric Utilities) | 176 | 10,901 | ||||||
Allied Motion Technologies, Inc. (Electrical Equipment) | 25 | 1,278 | ||||||
Allogene Therapeutics, Inc.* (Biotechnology) | 182 | 4,594 | ||||||
Allovir, Inc.* (Biotechnology) | 61 | 2,345 | ||||||
Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | 531 | 7,668 | ||||||
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment) | 71 | 1,678 |
See accompanying notes to financial statements.
340 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Alpha Pro Tech, Ltd.* (Building Products) | 41 | $ | 457 | |||||
Alphatec Holdings, Inc.* (Health Care Equipment & Supplies) | 186 | 2,701 | ||||||
Alpine Income Property Trust, Inc. (Equity Real Estate Investment Trusts) | 23 | 345 | ||||||
Alta Equipment Group, Inc.* (Trading Companies & Distributors) | 59 | 583 | ||||||
Altabancorp (Banks) | 54 | 1,508 | ||||||
Altair Engineering, Inc.*—Class A (Software) | 147 | 8,552 | ||||||
Altisource Portfolio Solutions S.A.* (Real Estate Management & Development) | 15 | 193 | ||||||
Altra Industrial Motion Corp. (Machinery) | 218 | 12,084 | ||||||
ALX Oncology Holdings, Inc.* (Biotechnology) | 33 | 2,845 | ||||||
Amalgamated Bank—Class A (Banks) | 45 | 618 | ||||||
A-Mark Precious Metals, Inc. (Diversified Financial Services) | 17 | 436 | ||||||
Ambac Financial Group, Inc.* (Insurance) | 153 | 2,353 | ||||||
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment) | 112 | 10,284 | ||||||
AMC Entertainment Holdings, Inc.—Class A (Entertainment) | 261 | 553 | ||||||
AMC Networks, Inc.*(a)—Class A (Media) | 96 | 3,434 | ||||||
Amerant Bancorp, Inc.* (Banks) | 77 | 1,170 | ||||||
Ameresco, Inc.*—Class A (Construction & Engineering) | 83 | 4,336 | ||||||
American Assets Trust, Inc. (Equity Real Estate Investment Trusts) | 170 | 4,910 | ||||||
American Axle & Manufacturing Holdings, Inc.* (Auto Components) | 380 | 3,169 | ||||||
American Eagle Outfitters, Inc. (Specialty Retail) | 510 | 10,236 | ||||||
American Equity Investment Life Holding Co. (Insurance) | 307 | 8,492 | ||||||
American Finance Trust, Inc. (Equity Real Estate Investment Trusts) | 369 | 2,742 | ||||||
American National Bankshares, Inc. (Banks) | 36 | 944 | ||||||
American Outdoor Brands, Inc.* (Leisure Products) | 47 | 800 | ||||||
American Public Education, Inc.* (Diversified Consumer Services) | 49 | 1,494 | ||||||
American Realty Investors, Inc.* (Real Estate Management & Development) | 4 | 44 | ||||||
American Renal Associates Holdings, Inc.* (Health Care Providers & Services) | 49 | 561 | ||||||
American Software, Inc.—Class A (Software) | 101 | 1,734 | ||||||
American States Water Co. (Water Utilities) | 125 | 9,940 | ||||||
American Superconductor Corp.* (Electrical Equipment) | 91 | 2,131 | ||||||
American Vanguard Corp. (Chemicals) | 98 | 1,521 | ||||||
American Woodmark Corp.* (Building Products) | 57 | 5,349 | ||||||
America’s Car-Mart, Inc.* (Specialty Retail) | 21 | 2,307 | ||||||
Ameris Bancorp (Banks) | 224 | 8,528 | ||||||
AMERISAFE, Inc. (Insurance) | 65 | 3,733 | ||||||
Ames National Corp. (Banks) | 30 | 721 | ||||||
Amicus Therapeutics, Inc.* (Biotechnology) | 870 | 20,088 | ||||||
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | 338 | 5,097 | ||||||
AMN Healthcare Services, Inc.* (Health Care Providers & Services) | 158 | 10,784 | ||||||
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | 335 | 1,531 | ||||||
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | 123 | 2,474 | ||||||
Amyris, Inc.* (Oil, Gas & Consumable Fuels) | 361 | 2,229 | ||||||
AnaptysBio, Inc.* (Biotechnology) | 72 | 1,548 | ||||||
Anavex Life Sciences Corp.* (Biotechnology) | 178 | 961 | ||||||
AngioDynamics, Inc.* (Health Care Equipment & Supplies) | 124 | 1,901 | ||||||
ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | 32 | 929 | ||||||
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies) | 47 | 2,127 | ||||||
Annexon, Inc.* (Biotechnology) | 53 | 1,327 | ||||||
Antares Pharma, Inc.* (Health Care Equipment & Supplies) | 556 | 2,218 | ||||||
Anterix, Inc.* (Diversified Telecommunication Services) | 37 | 1,391 | ||||||
Antero Resources Corp.* (Oil, Gas & Consumable Fuels) | 821 | 4,474 | ||||||
Anworth Mortgage Asset Corp. (Mortgage Real Estate Investment Trusts) | 332 | 900 | ||||||
Apellis Pharmaceuticals, Inc.* (Biotechnology) | 203 | 11,612 | ||||||
API Group Corp.* (Construction & Engineering) | 474 | 8,603 | ||||||
Apogee Enterprises, Inc. (Building Products) | 87 | 2,756 | ||||||
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | 477 | 5,328 | ||||||
Apollo Medical Holdings, Inc.* (Health Care Providers & Services) | 68 | 1,242 | ||||||
Appfolio, Inc.* (Software) | 55 | 9,902 | ||||||
Appian Corp.* (Software) | 120 | 19,450 | ||||||
Applied Genetic Technologies Corp.* (Biotechnology) | 88 | 360 | ||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 131 | 10,217 | ||||||
Applied Molecular Transport, Inc.* (Biotechnology) | 42 | 1,292 | ||||||
Applied Optoelectronics, Inc.* (Communications Equipment) | 73 | 621 | ||||||
Applied Therapeutics, Inc.* (Biotechnology) | 46 | 1,012 | ||||||
Aprea Therapeutics, Inc.* (Biotechnology) | 24 | 118 | ||||||
Aptinyx, Inc.* (Biotechnology) | 115 | 398 | ||||||
Apyx Medical Corp.* (Health Care Equipment & Supplies) | 113 | 814 | ||||||
Aquestive Therapeutics, Inc.* (Pharmaceuticals) | 67 | 358 | ||||||
Aravive, Inc.* (Biotechnology) | 41 | 231 | ||||||
Arbor Realty Trust, Inc. (Mortgage Real Estate Investment Trusts) | 390 | 5,530 | ||||||
ArcBest Corp. (Road & Rail) | 85 | 3,627 | ||||||
Arch Resources, Inc. (Oil, Gas & Consumable Fuels) | 51 | 2,232 | ||||||
Archrock, Inc. (Energy Equipment & Services) | 439 | 3,802 | ||||||
Arconic Corp.* (Metals & Mining) | 337 | 10,043 | ||||||
Arcosa, Inc. (Construction & Engineering) | 164 | 9,009 | ||||||
Arcturus Therapeutics Holdings, Inc.* (Biotechnology) | 74 | 3,210 | ||||||
Arcus Biosciences, Inc.* (Biotechnology) | 143 | 3,712 | ||||||
Arcutis Biotherapeutics, Inc.* (Biotechnology) | 70 | 1,969 | ||||||
Ardelyx, Inc.* (Biotechnology) | 250 | 1,618 | ||||||
Ardmore Shipping Corp. (Oil, Gas & Consumable Fuels) | 113 | 370 | ||||||
Arena Pharmaceuticals, Inc.* (Biotechnology) | 197 | 15,136 | ||||||
Ares Commercial Real Estate Corp. (Mortgage Real Estate Investment Trusts) | 104 | 1,239 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 341
Common Stocks, continued
Shares | Value | |||||||
Argan, Inc. (Construction & Engineering) | 50 | $ | 2,225 | |||||
Argo Group International Holdings, Ltd. (Insurance) | 110 | 4,807 | ||||||
Arlington Asset Investment Corp.*—Class A (Capital Markets) | 112 | 423 | ||||||
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 268 | 2,088 | ||||||
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts) | 195 | 2,188 | ||||||
ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts) | 216 | 2,331 | ||||||
Arrow Financial Corp. (Banks) | 45 | 1,346 | ||||||
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | 339 | 26,010 | ||||||
Artesian Resources Corp.—Class A (Water Utilities) | 27 | 1,001 | ||||||
Artisan Partners Asset Management, Inc. (Capital Markets) | 186 | 9,363 | ||||||
Arvinas, Inc.* (Pharmaceuticals) | 117 | 9,937 | ||||||
Asbury Automotive Group, Inc.* (Specialty Retail) | 65 | 9,473 | ||||||
ASGN, Inc.* (Professional Services) | 172 | 14,367 | ||||||
Aspen Aerogels, Inc.* (Energy Equipment & Services) | 70 | 1,168 | ||||||
Aspen Group, Inc.* (Diversified Consumer Services) | 75 | 835 | ||||||
Aspira Women’s Health, Inc.* (Health Care Equipment & Supplies) | 268 | 1,798 | ||||||
Assembly Biosciences, Inc.* (Pharmaceuticals) | 104 | 629 | ||||||
Assetmark Financial Holdings, Inc.* (Capital Markets) | 55 | 1,331 | ||||||
Associated Capital Group, Inc.—Class A (Capital Markets) | 6 | 211 | ||||||
Astec Industries, Inc. (Machinery) | 76 | 4,399 | ||||||
Astronics Corp.* (Aerospace & Defense) | 80 | 1,058 | ||||||
Asure Software, Inc.* (Software) | 46 | 327 | ||||||
At Home Group, Inc.* (Specialty Retail) | 182 | 2,814 | ||||||
Atara Biotherapeutics, Inc.* (Biotechnology) | 256 | 5,025 | ||||||
Atea Pharmaceuticals, Inc.* (Biotechnology) | 49 | 2,047 | ||||||
Athenex, Inc.* (Biotechnology) | 240 | 2,654 | ||||||
Athersys, Inc.* (Biotechnology) | 587 | 1,027 | ||||||
Athira Pharma, Inc.* (Pharmaceuticals) | 43 | 1,473 | ||||||
Atkore International Group, Inc.* (Electrical Equipment) | 160 | 6,578 | ||||||
Atlantic Capital Bancshares, Inc.* (Banks) | 68 | 1,083 | ||||||
Atlantic Power Corp.* (Independent Power and Renewable Electricity Producers) | 294 | 617 | ||||||
Atlantic Union Bankshares (Banks) | 264 | 8,696 | ||||||
Atlanticus Holdings Corp.* (Consumer Finance) | 17 | 419 | ||||||
Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics) | 87 | 4,745 | ||||||
ATN International, Inc. (Diversified Telecommunication Services) | 38 | 1,587 | ||||||
Atomera, Inc.* (Semiconductors & Semiconductor Equipment) | 59 | 949 | ||||||
Atreca, Inc.*—Class A (Biotechnology) | 97 | 1,567 | ||||||
AtriCure, Inc.* (Health Care Equipment & Supplies) | 148 | 8,239 | ||||||
Atrion Corp. (Health Care Equipment & Supplies) | 5 | 3,211 | ||||||
Auburn National BanCorp, Inc. (Banks) | 8 | 334 | ||||||
Avalon GloboCare Corp.* (Health Care Providers & Services) | 68 | 76 | ||||||
Avanos Medical, Inc.*—Class I (Health Care Equipment & Supplies) | 161 | 7,387 | ||||||
Avaya Holdings Corp.*—Class C (Software) | 280 | 5,362 | ||||||
Avenue Therapeutics, Inc.* (Pharmaceuticals) | 23 | 137 | ||||||
AVEO Pharmaceuticals, Inc.* (Biotechnology) | 74 | 427 | ||||||
Avid Bioservices, Inc.* (Biotechnology) | 191 | 2,204 | ||||||
Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals) | 107 | 1,698 | ||||||
Avidity Biosciences, Inc.* (Biotechnology) | 57 | 1,455 | ||||||
Avient Corp. (Chemicals) | 309 | 12,446 | ||||||
Avis Budget Group, Inc.* (Road & Rail) | 178 | 6,639 | ||||||
Avista Corp. (Multi-Utilities) | 233 | 9,353 | ||||||
Avrobio, Inc.* (Biotechnology) | 106 | 1,478 | ||||||
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | 113 | 3,291 | ||||||
Axcella Health, Inc.* (Biotechnology) | 52 | 270 | ||||||
AxoGen, Inc.* (Health Care Equipment & Supplies) | 123 | 2,202 | ||||||
Axonics Modulation Technologies, Inc.* (Health Care Equipment & Supplies) | 102 | 5,092 | ||||||
Axos Financial, Inc.*—Class I (Thrifts & Mortgage Finance) | 194 | 7,281 | ||||||
Axsome Therapeutics, Inc.* (Pharmaceuticals) | 94 | 7,658 | ||||||
AXT, Inc.* (Semiconductors & Semiconductor Equipment) | 134 | 1,282 | ||||||
Aytu BioScience, Inc.* (Pharmaceuticals) | 9 | 54 | ||||||
Aziyo Biologics, Inc.*—Class A (Biotechnology) | 8 | 109 | ||||||
AZZ, Inc. (Electrical Equipment) | 88 | 4,175 | ||||||
B Riley Financial, Inc. (Capital Markets) | 64 | 2,830 | ||||||
B&G Foods, Inc.(a)—Class A (Food Products) | 216 | 5,990 | ||||||
Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | 99 | 9,312 | ||||||
Balchem Corp. (Chemicals) | 109 | 12,558 | ||||||
Bally’s Corp. (Hotels, Restaurants & Leisure) | 61 | 3,064 | ||||||
Banc of California, Inc. (Banks) | 151 | 2,221 | ||||||
BancFirst Corp. (Banks) | 63 | 3,698 | ||||||
Banco Latinoamericano de Comercio Exterior S.A.—Class E (Diversified Financial Services) | 105 | 1,662 | ||||||
BancorpSouth Bank (Banks) | 335 | 9,192 | ||||||
Bandwidth, Inc.* (Diversified Telecommunication Services) | 65 | 9,989 | ||||||
Bank First Corp. (Banks) | 21 | 1,361 | ||||||
Bank of Commerce Holdings (Banks) | 54 | 535 | ||||||
Bank of Marin Bancorp (Banks) | 45 | 1,545 | ||||||
Bank7 Corp. (Thrifts & Mortgage Finance) | 10 | 142 | ||||||
BankFinancial Corp. (Thrifts & Mortgage Finance) | 45 | 395 | ||||||
BankUnited, Inc. (Banks) | 310 | 10,782 | ||||||
Bankwell Financial Group, Inc. (Banks) | 22 | 430 | ||||||
Banner Corp. (Banks) | 118 | 5,498 | ||||||
Bar Harbor Bankshares (Banks) | 50 | 1,130 | ||||||
Barnes Group, Inc. (Machinery) | 159 | 8,060 | ||||||
Barrett Business Services, Inc. (Professional Services) | 26 | 1,773 | ||||||
BayCom Corp.* (Banks) | 38 | 576 | ||||||
BCB Bancorp, Inc. (Banks) | 49 | 542 | ||||||
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors) | 185 | 7,435 |
See accompanying notes to financial statements.
342 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Beam Therapeutics, Inc.* (Biotechnology) | 135 | $ | 11,021 | |||||
Beazer Homes USA, Inc.* (Household Durables) | 96 | 1,454 | ||||||
Bed Bath & Beyond, Inc. (Specialty Retail) | 429 | 7,619 | ||||||
Bel Fuse, Inc.—Class B (Electronic Equipment, Instruments & Components) | 34 | 511 | ||||||
Belden, Inc. (Electronic Equipment, Instruments & Components) | 149 | 6,243 | ||||||
Bellerophon Therapeutics, Inc.* (Health Care Equipment & Supplies) | 15 | 100 | ||||||
BellRing Brands, Inc.*—Class A (Personal Products) | 135 | 3,282 | ||||||
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | 123 | 3,322 | ||||||
Benefitfocus, Inc.* (Software) | 98 | 1,419 | ||||||
Berkshire Hills Bancorp, Inc. (Banks) | 153 | 2,619 | ||||||
Berry Corp. (Oil, Gas & Consumable Fuels) | 229 | 843 | ||||||
Beyond Air, Inc.* (Health Care Equipment & Supplies) | 48 | 253 | ||||||
Beyondspring, Inc.* (Biotechnology) | 50 | 610 | ||||||
BG Staffing, Inc. (Professional Services) | 33 | 445 | ||||||
BGC Partners, Inc.—Class A (Capital Markets) | 1,048 | 4,192 | ||||||
Big Lots, Inc. (Multiline Retail) | 133 | 5,710 | ||||||
Biglari Holdings, Inc.*—Class B (Hotels, Restaurants & Leisure) | 3 | 334 | ||||||
BioCryst Pharmaceuticals, Inc.* (Biotechnology) | 597 | 4,448 | ||||||
BioDelivery Sciences International, Inc.* (Pharmaceuticals) | 303 | 1,273 | ||||||
Biodesix, Inc.* (Health Care Providers & Services) | 10 | 202 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology) | 163 | 13,971 | ||||||
Biolife Solutions, Inc.* (Health Care Equipment & Supplies) | 48 | 1,915 | ||||||
BioSig Technologies, Inc.* (Health Care Equipment & Supplies) | 83 | 324 | ||||||
BioTelemetry, Inc.* (Health Care Providers & Services) | 114 | 8,217 | ||||||
Bioxcel Therapeutics, Inc.* (Biotechnology) | 43 | 1,987 | ||||||
BJ's Restaurants, Inc. (Hotels, Restaurants & Leisure) | 75 | 2,887 | ||||||
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing) | 463 | 17,261 | ||||||
Black Diamond Therapeutics, Inc.* (Biotechnology) | 61 | 1,955 | ||||||
Black Hills Corp. (Multi-Utilities) | 213 | 13,088 | ||||||
Blackbaud, Inc. (Software) | 167 | 9,613 | ||||||
Blackline, Inc.* (Software) | 172 | 22,940 | ||||||
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | 466 | 12,828 | ||||||
Bloom Energy Corp.* (Electrical Equipment) | 300 | 8,598 | ||||||
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure) | 296 | 5,748 | ||||||
Blucora, Inc.* (Capital Markets) | 163 | 2,593 | ||||||
Blue Bird Corp.* (Machinery) | 52 | 950 | ||||||
Bluegreen Vacations Corp. (Hotels, Restaurants & Leisure) | 17 | 135 | ||||||
Bluegreen Vacations Holding Corp.* (Hotels, Restaurants & Leisure) | 42 | 568 | ||||||
Blueprint Medicines Corp.* (Biotechnology) | 187 | 20,971 | ||||||
Bluerock Residential Growth REIT, Inc. (Equity Real Estate Investment Trusts) | 81 | 1,026 | ||||||
Bogota Financial Corp.* (Thrifts & Mortgage Finance) | 20 | 178 | ||||||
Boingo Wireless, Inc.* (Wireless Telecommunication Services) | 148 | 1,883 | ||||||
Boise Cascade Co. (Paper & Forest Products) | 132 | 6,310 | ||||||
Bonanza Creek Energy, Inc.* (Oil, Gas & Consumable Fuels) | 64 | 1,237 | ||||||
Boot Barn Holdings, Inc.* (Specialty Retail) | 97 | 4,206 | ||||||
Boston Omaha Corp.*—Class A (Media) | 44 | 1,217 | ||||||
Boston Private Financial Holdings, Inc. (Banks) | 277 | 2,341 | ||||||
Bottomline Technologies, Inc.* (Software) | 150 | 7,911 | ||||||
Box, Inc.*—Class A (Software) | 479 | 8,646 | ||||||
Boyd Gaming Corp.* (Hotels, Restaurants & Leisure) | 275 | 11,803 | ||||||
Brady Corp.—Class A (Commercial Services & Supplies) | 159 | 8,398 | ||||||
BrainStorm Cell Therapeutics, Inc.* (Biotechnology) | 91 | 412 | ||||||
Bridge Bancorp, Inc. (Banks) | 56 | 1,354 | ||||||
Bridgebio Pharma, Inc.* (Biotechnology) | 246 | 17,493 | ||||||
Bridgewater Bancshares, Inc.* (Thrifts & Mortgage Finance) | 73 | 912 | ||||||
Bridgford Foods Corp.* (Food Products) | 6 | 109 | ||||||
Brigham Minerals, Inc. (Oil, Gas & Consumable Fuels) | 143 | 1,572 | ||||||
Brightcove, Inc.* (IT Services) | 133 | 2,447 | ||||||
Brightsphere Investment Group, Inc. (Capital Markets) | 208 | 4,010 | ||||||
BrightView Holdings, Inc.* (Commercial Services & Supplies) | 138 | 2,087 | ||||||
Brinker International, Inc. (Hotels, Restaurants & Leisure) | 152 | 8,599 | ||||||
Bristow Group, Inc.* (Energy Equipment & Services) | 22 | 579 | ||||||
Broadmark Realty Capital, Inc. (Mortgage Real Estate Investment Trusts) | 435 | 4,437 | ||||||
Broadstone Net Lease, Inc.—Class A (Equity Real Estate Investment Trusts) | 120 | 2,350 | ||||||
Brookdale Senior Living, Inc.* (Health Care Providers & Services) | 621 | 2,751 | ||||||
Brookfield Infrastructure Corp.—Class A (Gas Utilities) | 107 | 7,736 | ||||||
Brookfield Renewable Corp.—Class A (Equity Real Estate Investment Trusts) | 347 | 20,219 | ||||||
Brookline Bancorp, Inc. (Banks) | 262 | 3,154 | ||||||
Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment) | 246 | 16,691 | ||||||
BRP Group, Inc.*—Class A (Insurance) | 144 | 4,316 | ||||||
BRT Apartments Corp. (Equity Real Estate Investment Trusts) | 36 | 547 | ||||||
Bryn Mawr Bank Corp. (Banks) | 67 | 2,050 | ||||||
Builders FirstSource, Inc.* (Building Products) | 692 | 28,240 | ||||||
Business First Bancshares, Inc. (Banks) | 65 | 1,323 | ||||||
Byline Bancorp, Inc. (Banks) | 82 | 1,267 | ||||||
C&F Financial Corp. (Banks) | 12 | 445 | ||||||
C4 Therapeutics, Inc.* (Biotechnology) | 36 | 1,193 | ||||||
Cabaletta Bio, Inc.* (Biotechnology) | 44 | 549 | ||||||
Cactus, Inc.—Class A (Energy Equipment & Services) | 161 | 4,197 | ||||||
Cadence Bancorp (Banks) | 417 | 6,847 | ||||||
Cadiz, Inc.* (Water Utilities) | 69 | 735 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 343
Common Stocks, continued
Shares | Value | |||||||
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 609 | $ | 45,230 | |||||
Caesarstone, Ltd. (Building Products) | 75 | 967 | ||||||
CAI International, Inc. (Trading Companies & Distributors) | 56 | 1,749 | ||||||
CalAmp Corp.* (Communications Equipment) | 116 | 1,151 | ||||||
Calavo Growers, Inc. (Food Products) | 56 | 3,888 | ||||||
Caledonia Mining Corp. PLC (Metals & Mining) | 40 | 635 | ||||||
Caleres, Inc. (Specialty Retail) | 122 | 1,909 | ||||||
California Bancorp, Inc.* (Banks) | 26 | 405 | ||||||
California Water Service Group (Water Utilities) | 167 | 9,023 | ||||||
Calithera Biosciences, Inc.* (Biotechnology) | 222 | 1,090 | ||||||
Calix, Inc.* (Communications Equipment) | 178 | 5,297 | ||||||
Callaway Golf Co. (Leisure Products) | 316 | 7,587 | ||||||
Cal-Maine Foods, Inc.* (Food Products) | 125 | 4,693 | ||||||
Calyxt, Inc.* (Biotechnology) | 35 | 148 | ||||||
Cambium Networks Corp.* (Communications Equipment) | 19 | 477 | ||||||
Cambridge Bancorp (Banks) | 22 | 1,535 | ||||||
Camden National Corp. (Banks) | 50 | 1,789 | ||||||
Camping World Holdings, Inc.—Class A (Specialty Retail) | 111 | 2,892 | ||||||
Cannae Holdings, Inc.* (Diversified Financial Services) | 292 | 12,926 | ||||||
Cantel Medical Corp. (Health Care Equipment & Supplies) | 128 | 10,094 | ||||||
Capital Bancorp, Inc.* (Banks) | 27 | 376 | ||||||
Capital City Bank Group, Inc. (Banks) | 45 | 1,106 | ||||||
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance) | 441 | 5,513 | ||||||
Capstar Financial Holdings, Inc. (Banks) | 54 | 797 | ||||||
Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts) | 322 | 1,871 | ||||||
Cara Therapeutics, Inc.* (Biotechnology) | 139 | 2,103 | ||||||
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies) | 133 | 5,820 | ||||||
Cardlytics, Inc.*(a) (Media) | 89 | 12,706 | ||||||
Cardtronics PLC*—Class A (IT Services) | 122 | 4,307 | ||||||
CareDx, Inc.* (Biotechnology) | 162 | 11,737 | ||||||
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | 323 | 7,164 | ||||||
Cargurus, Inc.* (Interactive Media & Services) | 297 | 9,423 | ||||||
CarParts.com, Inc.* (Internet & Direct Marketing Retail) | 116 | 1,437 | ||||||
Carpenter Technology Corp. (Metals & Mining) | 161 | 4,688 | ||||||
Carriage Services, Inc. (Diversified Consumer Services) | 56 | 1,754 | ||||||
Carrols Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | 118 | 741 | ||||||
Cars.com, Inc.* (Interactive Media & Services) | 228 | 2,576 | ||||||
Carter Bankshares, Inc. (Banks) | 77 | 825 | ||||||
Casa Systems, Inc.* (Communications Equipment) | 107 | 660 | ||||||
Casella Waste Systems, Inc.*—Class A (Commercial Services & Supplies) | 165 | 10,222 | ||||||
CASI Pharmaceuticals, Inc.* (Biotechnology) | 224 | 661 | ||||||
Casper Sleep, Inc.* (Household Durables) | 86 | 529 | ||||||
Cass Information Systems, Inc. (IT Services) | 48 | 1,868 | ||||||
Cassava Sciences, Inc.* (Pharmaceuticals) | 111 | 757 | ||||||
Castle Biosciences, Inc.* (Biotechnology) | 40 | 2,686 | ||||||
Catabasis Pharmaceuticals, Inc.* (Biotechnology) | 68 | 146 | ||||||
Catalyst Biosciences, Inc.* (Biotechnology) | 75 | 473 | ||||||
Catalyst Pharmaceuticals, Inc.* (Biotechnology) | 328 | 1,096 | ||||||
CatchMark Timber Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | 165 | 1,544 | ||||||
Cathay General Bancorp (Banks) | 257 | 8,273 | ||||||
Cavco Industries, Inc.* (Household Durables) | 31 | 5,439 | ||||||
CB Financial Services, Inc. (Banks) | 17 | 340 | ||||||
CBIZ, Inc.* (Professional Services) | 172 | 4,577 | ||||||
CBTX, Inc. (Banks) | 60 | 1,531 | ||||||
CECO Environmental Corp.* (Commercial Services & Supplies) | 105 | 731 | ||||||
Cellular Biomedicine Group, Inc.* (Biotechnology) | 42 | 772 | ||||||
CEL-SCI Corp.* (Biotechnology) | 114 | 1,329 | ||||||
Celsius Holdings, Inc.* (Beverages) | 120 | 6,037 | ||||||
Centerspace (Equity Real Estate Investment Trusts) | 44 | 3,108 | ||||||
Centogene NV* (Biotechnology) | 29 | 313 | ||||||
Central Garden & Pet Co.* (Household Products) | 33 | 1,274 | ||||||
Central Garden & Pet Co.*—Class A (Household Products) | 134 | 4,868 | ||||||
Central Pacific Financial Corp. (Banks) | 93 | 1,768 | ||||||
Central Valley Community Bancorp (Banks) | 36 | 536 | ||||||
Century Aluminum Co.* (Metals & Mining) | 171 | 1,886 | ||||||
Century Bancorp, Inc.—Class A (Banks) | 9 | 696 | ||||||
Century Casinos, Inc.* (Hotels, Restaurants & Leisure) | 92 | 588 | ||||||
Century Communities, Inc.* (Household Durables) | 99 | 4,334 | ||||||
Cerecor, Inc.* (Pharmaceuticals) | 123 | 325 | ||||||
Cerence, Inc.* (Software) | 124 | 12,460 | ||||||
Cerus Corp.* (Health Care Equipment & Supplies) | 555 | 3,841 | ||||||
CEVA, Inc.* (Semiconductors & Semiconductor Equipment) | 74 | 3,367 | ||||||
Champions Oncology, Inc.* (Life Sciences Tools & Services) | 22 | 237 | ||||||
ChampionX Corp.* (Energy Equipment & Services) | 628 | 9,607 | ||||||
ChannelAdvisor Corp.* (Software) | 94 | 1,502 | ||||||
Chart Industries, Inc.* (Machinery) | 122 | 14,370 | ||||||
Chase Corp. (Chemicals) | 25 | 2,525 | ||||||
Chatham Lodging Trust (Equity Real Estate Investment Trusts) | 157 | 1,696 | ||||||
Checkmate Pharmaceuticals, Inc.* (Biotechnology) | 17 | 248 | ||||||
Checkpoint Therapeutics, Inc.* (Biotechnology) | 175 | 464 | ||||||
Chefs' Warehouse, Inc.* (Food & Staples Retailing) | 102 | 2,620 | ||||||
Chembio Diagnostics, Inc.* (Health Care Equipment & Supplies) | 67 | 318 | ||||||
ChemoCentryx, Inc.* (Biotechnology) | 168 | 10,403 | ||||||
Chemung Financial Corp. (Banks) | 12 | 407 | ||||||
Cherry Hill Mortgage Investment Corp. (Mortgage Real Estate Investment Trusts) | 51 | 466 | ||||||
Chesapeake Utilities Corp. (Gas Utilities) | 58 | 6,276 | ||||||
Chiasma, Inc.* (Pharmaceuticals) | 169 | 735 | ||||||
Chico's FAS, Inc. (Specialty Retail) | 402 | 639 |
See accompanying notes to financial statements.
344 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Chimera Investment Corp. (Mortgage Real Estate Investment Trusts) | 649 | $ | 6,652 | |||||
Chimerix, Inc.* (Biotechnology) | 166 | 802 | ||||||
Chinook Therapeutics, Inc.* (Biotechnology) | 45 | 714 | ||||||
ChoiceOne Financial Services, Inc. (Banks) | 25 | 770 | ||||||
ChromaDex Corp.* (Life Sciences Tools & Services) | 139 | 667 | ||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | 129 | 25,128 | ||||||
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure) | 66 | 1,748 | ||||||
Cidara Therapeutics, Inc.* (Biotechnology) | 122 | 244 | ||||||
CIM Commercial Trust Corp. (Equity Real Estate Investment Trusts) | 38 | 541 | ||||||
Cimpress PLC* (Commercial Services & Supplies) | 60 | 5,264 | ||||||
Cincinnati Bell, Inc.* (Diversified Telecommunication Services) | 170 | 2,598 | ||||||
Cinemark Holdings, Inc. (Entertainment) | 362 | 6,303 | ||||||
CIRCOR International, Inc.* (Machinery) | 67 | 2,575 | ||||||
CIT Group, Inc. (Banks) | 334 | 11,991 | ||||||
Citi Trends, Inc. (Specialty Retail) | 34 | 1,689 | ||||||
Citizens & Northern Corp. (Banks) | 45 | 893 | ||||||
Citizens Holding Co. (Banks) | 16 | 335 | ||||||
Citizens, Inc.* (Insurance) | 168 | 963 | ||||||
City Holding Co. (Banks) | 52 | 3,617 | ||||||
City Office REIT, Inc. (Equity Real Estate Investment Trusts) | 145 | 1,417 | ||||||
Civista Bancshares, Inc. (Banks) | 53 | 929 | ||||||
Clarus Corp. (Leisure Products) | 82 | 1,263 | ||||||
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels) | 440 | 3,458 | ||||||
Clearfield, Inc.* (Communications Equipment) | 38 | 939 | ||||||
Clearwater Paper Corp.* (Paper & Forest Products) | 54 | 2,039 | ||||||
Clearway Energy, Inc.—Class A (Independent Power and Renewable Electricity Producers) | 118 | 3,487 | ||||||
Clearway Energy, Inc.—Class C (Independent Power and Renewable Electricity Producers) | 277 | 8,845 | ||||||
Cleveland-Cliffs, Inc. (Metals & Mining) | 1,336 | 19,451 | ||||||
Clipper Realty, Inc. (Equity Real Estate Investment Trusts) | 50 | 353 | ||||||
Cloudera, Inc.* (Software) | 693 | 9,640 | ||||||
Clovis Oncology, Inc.*(a) (Biotechnology) | 280 | 1,344 | ||||||
CMC Materials, Inc. (Semiconductors & Semiconductor Equipment) | 98 | 14,827 | ||||||
CNB Financial Corp. (Banks) | 50 | 1,065 | ||||||
CNO Financial Group, Inc. (Insurance) | 469 | 10,426 | ||||||
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | 753 | 8,132 | ||||||
Co.-Diagnostics, Inc.* (Health Care Equipment & Supplies) | 90 | 837 | ||||||
Coastal Financial Corp.* (Banks) | 31 | 651 | ||||||
Coca-Cola Consolidated, Inc. (Beverages) | 16 | 4,260 | ||||||
Codexis, Inc.* (Life Sciences Tools & Services) | 181 | 3,951 | ||||||
Codiak Biosciences, Inc.* (Biotechnology) | 19 | 614 | ||||||
Codorus Valley Bancorp, Inc. (Banks) | 32 | 543 | ||||||
Coeur Mining, Inc.* (Metals & Mining) | 819 | 8,477 | ||||||
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | 144 | 8,621 | ||||||
Cohbar, Inc.* (Biotechnology) | 111 | 149 | ||||||
Cohen & Steers, Inc. (Capital Markets) | 83 | 6,167 | ||||||
Coherus Biosciences, Inc.* (Biotechnology) | 199 | 3,459 | ||||||
Cohu, Inc. (Semiconductors & Semiconductor Equipment) | 139 | 5,307 | ||||||
Collectors Universe, Inc. (Diversified Consumer Services) | 31 | 2,337 | ||||||
Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | 116 | 2,323 | ||||||
Colony Bankcorp, Inc. (Banks) | 26 | 381 | ||||||
Colony Capital, Inc. (Equity Real Estate Investment Trusts) | 1,625 | 7,816 | ||||||
Colony Credit Real Estate, Inc. (Mortgage Real Estate Investment Trusts) | 284 | 2,130 | ||||||
Columbia Banking System, Inc. (Banks) | 243 | 8,724 | ||||||
Columbia Financial, Inc.* (Thrifts & Mortgage Finance) | 162 | 2,521 | ||||||
Columbia Property Trust, Inc. (Equity Real Estate Investment Trusts) | 387 | 5,550 | ||||||
Columbus McKinnon Corp. (Machinery) | 78 | 2,998 | ||||||
Comfort Systems USA, Inc. (Construction & Engineering) | 122 | 6,425 | ||||||
Commercial Metals Co. (Metals & Mining) | 402 | 8,257 | ||||||
Community Bank System, Inc. (Banks) | 179 | 11,153 | ||||||
Community Bankers Trust Corp. (Banks) | 74 | 500 | ||||||
Community Health Systems, Inc.* (Health Care Providers & Services) | 288 | 2,140 | ||||||
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts) | 75 | 3,533 | ||||||
Community Trust Bancorp, Inc. (Banks) | 52 | 1,927 | ||||||
CommVault Systems, Inc.* (Software) | 143 | 7,918 | ||||||
Compass Minerals International, Inc. (Metals & Mining) | 116 | 7,160 | ||||||
Computer Programs & Systems, Inc. (Health Care Technology) | 43 | 1,154 | ||||||
CompX International, Inc. (Commercial Services & Supplies) | 6 | 85 | ||||||
comScore, Inc.* (Media) | 205 | 510 | ||||||
Comstock Resources, Inc.* (Oil, Gas & Consumable Fuels) | 83 | 363 | ||||||
Comtech Telecommunications Corp. (Communications Equipment) | 83 | 1,717 | ||||||
Concert Pharmaceuticals, Inc.* (Biotechnology) | 100 | 1,264 | ||||||
Concrete Pumping Holdings, Inc.* (Construction & Engineering) | 88 | 337 | ||||||
Conduent, Inc.* (IT Services) | 558 | 2,678 | ||||||
CONMED Corp. (Health Care Equipment & Supplies) | 92 | 10,304 | ||||||
ConnectOne Bancorp, Inc. (Banks) | 125 | 2,474 | ||||||
Conn's, Inc.* (Specialty Retail) | 59 | 690 | ||||||
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels) | 88 | 634 | ||||||
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | 246 | 1,203 | ||||||
Consolidated Water Co., Ltd. (Water Utilities) | 49 | 590 | ||||||
Constellation Pharmaceuticals, Inc.* (Biotechnology) | 104 | 2,995 | ||||||
Construction Partners, Inc.*—Class A (Construction & Engineering) | 89 | 2,591 | ||||||
Contango Oil & Gas Co.* (Oil, Gas & Consumable Fuels) | 310 | 710 | ||||||
ContraFect Corp.* (Biotechnology) | 83 | 419 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 345
Common Stocks, continued
Shares | Value | |||||||
Cooper Tire & Rubber Co. (Auto Components) | 170 | $ | 6,885 | |||||
Cooper-Standard Holding, Inc.* (Auto Components) | 57 | 1,976 | ||||||
Corbus Pharmaceuticals Holdings, Inc.*(a) (Biotechnology) | 260 | 325 | ||||||
Corcept Therapeutics, Inc.* (Pharmaceuticals) | 329 | 8,607 | ||||||
CoreCivic, Inc. (Equity Real Estate Investment Trusts) | 405 | 2,653 | ||||||
Core-Mark Holding Co., Inc. (Distributors) | 151 | 4,434 | ||||||
CorEnergy Infrastructure Trust, Inc. (Equity Real Estate Investment Trusts) | 46 | 315 | ||||||
CorePoint Lodging, Inc. (Equity Real Estate Investment Trusts) | 133 | 915 | ||||||
CorMedix, Inc.* (Pharmaceuticals) | 107 | 795 | ||||||
Cornerstone Building Brands, Inc.* (Building Products) | 148 | 1,373 | ||||||
Cornerstone OnDemand, Inc.* (Software) | 208 | 9,160 | ||||||
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals) | 52 | 1,883 | ||||||
Cortexyme, Inc.* (Biotechnology) | 53 | 1,472 | ||||||
CorVel Corp.* (Health Care Providers & Services) | 30 | 3,180 | ||||||
Costamare, Inc. (Marine) | 171 | 1,415 | ||||||
County Bancorp, Inc. (Banks) | 17 | 375 | ||||||
Covanta Holding Corp. (Commercial Services & Supplies) | 401 | 5,265 | ||||||
Covenant Logistics Group, Inc.*—Class A (Road & Rail) | 39 | 578 | ||||||
Covetrus, Inc.* (Health Care Providers & Services) | 393 | 11,295 | ||||||
Cowen, Inc.—Class A (Capital Markets) | 87 | 2,261 | ||||||
CRA International, Inc. (Professional Services) | 25 | 1,273 | ||||||
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | 80 | 10,554 | ||||||
Crawford & Co.—Class A (Insurance) | 55 | 406 | ||||||
Crinetics Pharmaceuticals, Inc.* (Biotechnology) | 92 | 1,298 | ||||||
Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | 226 | 14,161 | ||||||
Cross Country Healthcare, Inc.* (Health Care Providers & Services) | 121 | 1,073 | ||||||
CrossFirst Bankshares, Inc.* (Banks) | 162 | 1,742 | ||||||
CryoLife, Inc.* (Health Care Equipment & Supplies) | 128 | 3,022 | ||||||
CryoPort, Inc.* (Health Care Equipment & Supplies) | 118 | 5,178 | ||||||
CSG Systems International, Inc. (IT Services) | 111 | 5,003 | ||||||
CSW Industrials, Inc. (Building Products) | 46 | 5,148 | ||||||
CTO Realty Growth, Inc. (Real Estate Management & Development) | 20 | 843 | ||||||
CTS Corp. (Electronic Equipment, Instruments & Components) | 108 | 3,708 | ||||||
Cubic Corp. (Aerospace & Defense) | 106 | 6,576 | ||||||
Cue BioPharma, Inc.* (Biotechnology) | 100 | 1,251 | ||||||
Curo Group Holdings Corp. (Consumer Finance) | 62 | 888 | ||||||
Cushman & Wakefield PLC* (Real Estate Management & Development) | 374 | 5,546 | ||||||
Customers Bancorp, Inc.* (Banks) | 97 | 1,763 | ||||||
Cutera, Inc.* (Health Care Equipment & Supplies) | 58 | 1,398 | ||||||
CVB Financial Corp. (Banks) | 437 | 8,522 | ||||||
CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | 100 | 1,490 | ||||||
CyberOptics Corp.* (Semiconductors & Semiconductor Equipment) | 24 | 545 | ||||||
Cyclerion Therapeutics, Inc.* (Biotechnology) | 75 | 230 | ||||||
Cymabay Therapeutics, Inc.* (Pharmaceuticals) | 234 | 1,343 | ||||||
Cytokinetics, Inc.* (Biotechnology) | 224 | 4,655 | ||||||
CytomX Therapeutics, Inc.* (Biotechnology) | 153 | 1,002 | ||||||
CytoSorbents Corp.* (Health Care Equipment & Supplies) | 139 | 1,108 | ||||||
Daily Journal Corp.* (Media) | 4 | 1,616 | ||||||
Daktronics, Inc. (Electronic Equipment, Instruments & Components) | 124 | 580 | ||||||
Dana, Inc. (Auto Components) | 489 | 9,545 | ||||||
Darling Ingredients, Inc.* (Food Products) | 544 | 31,377 | ||||||
Daseke, Inc.* (Road & Rail) | 154 | 895 | ||||||
Dave & Buster's Entertainment, Inc. (Hotels, Restaurants & Leisure) | 149 | 4,473 | ||||||
Deciphera Pharmaceuticals, Inc.* (Biotechnology) | 129 | 7,362 | ||||||
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | 95 | 27,244 | ||||||
Del Taco Restaurants, Inc.* (Hotels, Restaurants & Leisure) | 101 | 915 | ||||||
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels) | 211 | 3,391 | ||||||
Deluxe Corp. (Commercial Services & Supplies) | 141 | 4,117 | ||||||
Denali Therapeutics, Inc.* (Biotechnology) | 213 | 17,841 | ||||||
Denny's Corp.* (Hotels, Restaurants & Leisure) | 210 | 3,083 | ||||||
DermTech, Inc.* (Biotechnology) | 28 | 908 | ||||||
Designer Brands, Inc. (Specialty Retail) | 209 | 1,599 | ||||||
DHI Group, Inc.* (Interactive Media & Services) | 162 | 360 | ||||||
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels) | 377 | 1,972 | ||||||
Diamond Hill Investment Group, Inc. (Capital Markets) | 10 | 1,493 | ||||||
Diamond S Shipping, Inc.* (Oil, Gas & Consumable Fuels) | 93 | 619 | ||||||
DiamondRock Hospitality Co.* (Equity Real Estate Investment Trusts) | 676 | 5,577 | ||||||
Dicerna Pharmaceuticals, Inc.* (Biotechnology) | 223 | 4,913 | ||||||
Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals) | 237 | 2,526 | ||||||
Digi International, Inc.* (Communications Equipment) | 97 | 1,833 | ||||||
Digimarc Corp.* (Software) | 40 | 1,890 | ||||||
Digital Turbine, Inc.* (Software) | 285 | 16,120 | ||||||
Dillard's, Inc.(a)—Class A (Multiline Retail) | 24 | 1,513 | ||||||
Dime Community Bancshares, Inc. (Thrifts & Mortgage Finance) | 97 | 1,530 | ||||||
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | 53 | 3,074 | ||||||
Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | 145 | 10,223 | ||||||
Diversified Healthcare Trust (Equity Real Estate Investment Trusts) | 802 | 3,304 | ||||||
DMC Global, Inc. (Machinery) | 49 | 2,119 | ||||||
Domo, Inc.* (Software) | 88 | 5,612 | ||||||
Domtar Corp. (Paper & Forest Products) | 186 | 5,887 | ||||||
Donegal Group, Inc.—Class A (Insurance) | 38 | 535 | ||||||
Donnelley Financial Solutions, Inc.* (Capital Markets) | 100 | 1,697 | ||||||
Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels) | 128 | 1,560 | ||||||
Dorman Products, Inc.* (Auto Components) | 90 | 7,814 | ||||||
Douglas Dynamics, Inc. (Machinery) | 76 | 3,251 |
See accompanying notes to financial statements.
346 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Dril-Quip, Inc.* (Energy Equipment & Services) | 118 | $ | 3,495 | |||||
DSP Group, Inc.* (Semiconductors & Semiconductor Equipment) | 75 | 1,244 | ||||||
Ducommun, Inc.* (Aerospace & Defense) | 36 | 1,933 | ||||||
Duluth Holdings, Inc.*—Class B (Internet & Direct Marketing Retail) | 37 | 391 | ||||||
Durect Corp.* (Pharmaceuticals) | 694 | 1,437 | ||||||
DXP Enterprises, Inc.* (Trading Companies & Distributors) | 55 | 1,223 | ||||||
Dyadic International, Inc.* (Biotechnology) | 65 | 350 | ||||||
Dycom Industries, Inc.* (Construction & Engineering) | 104 | 7,854 | ||||||
Dynavax Technologies Corp.* (Biotechnology) | 359 | 1,598 | ||||||
Dyne Therapeutics, Inc.* (Biotechnology) | 48 | 1,008 | ||||||
Dynex Capital, Inc. (Mortgage Real Estate Investment Trusts) | 75 | 1,335 | ||||||
DZS, Inc.* (Communications Equipment) | 41 | 634 | ||||||
Eagle Bancorp Montana, Inc. (Banks) | 21 | 446 | ||||||
Eagle Bancorp, Inc. (Banks) | 108 | 4,460 | ||||||
Eagle Bulk Shipping, Inc.* (Marine) | 22 | 418 | ||||||
Eagle Pharmaceuticals, Inc.* (Biotechnology) | 35 | 1,630 | ||||||
Eargo, Inc.* (Health Care Equipment & Supplies) | 27 | 1,210 | ||||||
Earthstone Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | 80 | 426 | ||||||
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts) | 276 | 6,251 | ||||||
Eastern Bankshares, Inc.* (Banks) | 561 | 9,150 | ||||||
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | 132 | 18,224 | ||||||
Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals) | 53 | 431 | ||||||
Ebix, Inc. (Software) | 91 | 3,455 | ||||||
Echo Global Logistics, Inc.* (Air Freight & Logistics) | 89 | 2,387 | ||||||
Edgewell Personal Care Co. (Personal Products) | 184 | 6,363 | ||||||
Editas Medicine, Inc.* (Biotechnology) | 212 | 14,863 | ||||||
eGain Corp.* (Software) | 70 | 827 | ||||||
eHealth, Inc.* (Insurance) | 87 | 6,143 | ||||||
Eidos Therapeutics, Inc.* (Biotechnology) | 37 | 4,868 | ||||||
Eiger Biopharmaceuticals, Inc.* (Biotechnology) | 103 | 1,266 | ||||||
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure) | 63 | 1,140 | ||||||
Electromed, Inc.* (Health Care Equipment & Supplies) | 24 | 235 | ||||||
elf Beauty, Inc.* (Personal Products) | 153 | 3,854 | ||||||
Ellington Financial, Inc. (Mortgage Real Estate Investment Trusts) | 140 | 2,078 | ||||||
Ellington Residential Mortgage REIT (Mortgage Real Estate Investment Trusts) | 30 | 391 | ||||||
Eloxx Pharmaceuticals, Inc.* (Pharmaceuticals) | 90 | 358 | ||||||
EMCOR Group, Inc. (Construction & Engineering) | 184 | 16,828 | ||||||
Emerald Holding, Inc. (Media) | 83 | 450 | ||||||
Emergent BioSolutions, Inc.* (Biotechnology) | 153 | 13,709 | ||||||
Employers Holdings, Inc. (Insurance) | 97 | 3,122 | ||||||
Enanta Pharmaceuticals, Inc.* (Biotechnology) | 64 | 2,694 | ||||||
Encore Capital Group, Inc.* (Consumer Finance) | 106 | 4,129 | ||||||
Encore Wire Corp. (Electrical Equipment) | 69 | 4,179 | ||||||
Endo International PLC* (Pharmaceuticals) | 765 | 5,493 | ||||||
Endurance International Group Holdings, Inc.* (IT Services) | 224 | 2,117 | ||||||
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels) | 440 | 1,874 | ||||||
Energy Recovery, Inc.* (Machinery) | 136 | 1,855 | ||||||
Enerpac Tool Group Corp. (Machinery) | 183 | 4,138 | ||||||
EnerSys (Electrical Equipment) | 144 | 11,961 | ||||||
Ennis, Inc. (Commercial Services & Supplies) | 87 | 1,553 | ||||||
Enochian Biosciences, Inc.* (Biotechnology) | 47 | 139 | ||||||
Enova International, Inc.* (Consumer Finance) | 117 | 2,898 | ||||||
EnPro Industries, Inc. (Machinery) | 70 | 5,286 | ||||||
Enstar Group, Ltd.* (Insurance) | 41 | 8,400 | ||||||
Entercom Communications Corp.—Class A (Media) | 397 | 981 | ||||||
Enterprise Bancorp, Inc. (Banks) | 30 | 767 | ||||||
Enterprise Financial Services Corp. (Banks) | 81 | 2,831 | ||||||
Entravision Communications Corp.—Class A (Media) | 199 | 547 | ||||||
Envela Corp.* (Specialty Retail) | 26 | 135 | ||||||
Envestnet, Inc.* (Software) | 180 | 14,812 | ||||||
Enzo Biochem, Inc.* (Life Sciences Tools & Services) | 150 | 378 | ||||||
Epizyme, Inc.* (Biotechnology) | 302 | 3,280 | ||||||
ePlus, Inc.* (Electronic Equipment, Instruments & Components) | 45 | 3,958 | ||||||
Equity Bancshares, Inc.*—Class A (Banks) | 48 | 1,036 | ||||||
Eros STX Global Corp.* (Entertainment) | 549 | 999 | ||||||
Escalade, Inc. (Leisure Products) | 35 | 741 | ||||||
ESCO Technologies, Inc. (Machinery) | 87 | 8,980 | ||||||
Esperion Therapeutics, Inc.* (Biotechnology) | 88 | 2,288 | ||||||
Esquire Financial Holdings, Inc.* (Banks) | 23 | 441 | ||||||
ESSA Bancorp, Inc. (Thrifts & Mortgage Finance) | 31 | 465 | ||||||
Essent Group, Ltd. (Thrifts & Mortgage Finance) | 373 | 16,113 | ||||||
Essential Properties Realty Trust, Inc. (Real Estate Management & Development) | 352 | 7,462 | ||||||
Ethan Allen Interiors, Inc. (Household Durables) | 77 | 1,556 | ||||||
Eton Pharmaceuticals, Inc.* (Pharmaceuticals) | 58 | 472 | ||||||
Evans Bancorp, Inc. (Banks) | 16 | 441 | ||||||
Evelo Biosciences, Inc.* (Biotechnology) | 68 | 822 | ||||||
Eventbrite, Inc.* (Interactive Media & Services) | 217 | 3,928 | ||||||
Everi Holdings, Inc.* (IT Services) | 278 | 3,839 | ||||||
EverQuote, Inc.*—Class A (Interactive Media & Services) | 47 | 1,755 | ||||||
EVERTEC, Inc. (IT Services) | 204 | 8,021 | ||||||
EVI Industries, Inc.* (Trading Companies & Distributors) | 17 | 509 | ||||||
Evo Payments, Inc.* (IT Services) | 140 | 3,781 | ||||||
Evofem Biosciences, Inc.* (Pharmaceuticals) | 259 | 624 | ||||||
Evolent Health, Inc.* (Health Care Technology) | 255 | 4,088 | ||||||
Evolus, Inc.* (Pharmaceuticals) | 74 | 249 | ||||||
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels) | 103 | 294 | ||||||
Evoqua Water Technologies Corp.* (Machinery) | 309 | 8,337 | ||||||
Exagen, Inc.* (Health Care Providers & Services) | 16 | 211 | ||||||
Exicure, Inc.* (Biotechnology) | 201 | 356 | ||||||
ExlService Holdings, Inc.* (IT Services) | 112 | 9,535 | ||||||
eXp World Holdings, Inc.* (Real Estate Management & Development) | 84 | 5,302 | ||||||
Exponent, Inc. (Professional Services) | 174 | 15,666 | ||||||
Express, Inc.* (Specialty Retail) | 215 | 196 | ||||||
Exterran Corp.* (Energy Equipment & Services) | 88 | 389 | ||||||
Extreme Networks, Inc.* (Communications Equipment) | 409 | 2,818 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 347
Common Stocks, continued
Shares | Value | |||||||
EZCORP, Inc.*—Class A (Consumer Finance) | 162 | $ | 776 | |||||
Fabrinet* (Electronic Equipment, Instruments & Components) | 124 | 9,621 | ||||||
Falcon Minerals Corp. (Oil, Gas & Consumable Fuels) | 129 | 406 | ||||||
Farmer Bros Co.* (Food Products) | 55 | 257 | ||||||
Farmers & Merchants Bancorp, Inc./Archbold Ohio (Banks) | 34 | 782 | ||||||
Farmers National Bancorp (Banks) | 88 | 1,168 | ||||||
Farmland Partners, Inc. (Equity Real Estate Investment Trusts) | 87 | 757 | ||||||
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 60 | 4,238 | ||||||
Fate Therapeutics, Inc.* (Biotechnology) | 242 | 22,004 | ||||||
Fathom Holdings, Inc.* (Real Estate Management & Development) | 16 | 577 | ||||||
FB Financial Corp. (Banks) | 107 | 3,716 | ||||||
FBL Financial Group, Inc.—Class A (Insurance) | 32 | 1,680 | ||||||
Federal Agricultural Mortgage Corp. (Thrifts & Mortgage Finance) | 31 | 2,302 | ||||||
Federal Signal Corp. (Machinery) | 202 | 6,700 | ||||||
Federated Hermes, Inc.—Class B (Capital Markets) | 322 | 9,303 | ||||||
FedNat Holding Co. (Insurance) | 42 | 249 | ||||||
Fennec Pharmaceuticals, Inc.* (Biotechnology) | 74 | 551 | ||||||
Ferro Corp.* (Chemicals) | 277 | 4,053 | ||||||
FibroGen, Inc.* (Biotechnology) | 285 | 10,571 | ||||||
Fidelity D&D Bancorp, Inc. (Banks) | 13 | 837 | ||||||
Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | 61 | 695 | ||||||
Financial Institutions, Inc. (Banks) | 54 | 1,215 | ||||||
First Bancorp (Banks) | 96 | 3,248 | ||||||
First Bancorp (Banks) | 728 | 6,712 | ||||||
First Bancshares, Inc. (Banks) | 70 | 2,162 | ||||||
First Bank/Hamilton NJ (Banks) | 54 | 507 | ||||||
First Busey Corp. (Banks) | 170 | 3,664 | ||||||
First Business Financial Services, Inc. (Banks) | 28 | 515 | ||||||
First Capital, Inc. (Thrifts & Mortgage Finance) | 11 | 666 | ||||||
First Choice Bancorp (Banks) | 35 | 647 | ||||||
First Commonwealth Financial Corp. (Banks) | 323 | 3,534 | ||||||
First Community Bancshares, Inc. (Banks) | 59 | 1,273 | ||||||
First Community Corp. (Banks) | 24 | 408 | ||||||
First Financial Bancorp (Banks) | 328 | 5,750 | ||||||
First Financial Bankshares, Inc. (Banks) | 437 | 15,809 | ||||||
First Financial Corp. (Banks) | 45 | 1,748 | ||||||
First Foundation, Inc. (Banks) | 133 | 2,660 | ||||||
First Guaranty Bancshares, Inc. (Banks) | 12 | 213 | ||||||
First Internet Bancorp (Banks) | 32 | 920 | ||||||
First Interstate BancSystem—Class A (Banks) | 137 | 5,585 | ||||||
First Merchants Corp. (Banks) | 183 | 6,846 | ||||||
First Mid Bancshares, Inc. (Banks) | 49 | 1,649 | ||||||
First Midwest Bancorp, Inc. (Banks) | 386 | 6,145 | ||||||
First Northwest Bancorp (Banks) | 29 | 452 | ||||||
First of Long Island Corp. (Banks) | 77 | 1,374 | ||||||
First Savings Financial Group, Inc. (Banks) | 6 | 390 | ||||||
First United Corp. (Banks) | 23 | 357 | ||||||
First Western Financial, Inc.* (Banks) | 21 | 411 | ||||||
FirstCash, Inc. (Consumer Finance) | 138 | 9,666 | ||||||
Fitbit, Inc.*—Class A (Electronic Equipment, Instruments & Components) | 832 | 5,658 | ||||||
Five Prime Therapeutics, Inc.* (Biotechnology) | 106 | 1,803 | ||||||
Five Star Senior Living* (Health Care Providers & Services) | 64 | 442 | ||||||
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance) | 163 | 6,644 | ||||||
Flexion Therapeutics, Inc.* (Biotechnology) | 148 | 1,708 | ||||||
Fluent, Inc.* (Media) | 141 | 749 | ||||||
Fluidigm Corp.* (Life Sciences Tools & Services) | 250 | 1,500 | ||||||
Fluor Corp. (Construction & Engineering) | 477 | 7,618 | ||||||
Flushing Financial Corp. (Banks) | 99 | 1,647 | ||||||
FNCB Bancorp, Inc. (Banks) | 58 | 371 | ||||||
Focus Financial Partners, Inc.* (Capital Markets) | 106 | 4,611 | ||||||
Foghorn Therapeutics, Inc.* (Pharmaceuticals) | 24 | 486 | ||||||
FONAR Corp.* (Health Care Equipment & Supplies) | 21 | 365 | ||||||
Forestar Group, Inc.* (Real Estate Management & Development) | 56 | 1,130 | ||||||
Forma Therapeutics Holdings, Inc.* (Biotechnology) | 58 | 2,024 | ||||||
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | 261 | 11,228 | ||||||
Forrester Research, Inc.* (Professional Services) | 37 | 1,550 | ||||||
Forterra, Inc.* (Construction Materials) | 98 | 1,685 | ||||||
Fortress Biotech, Inc.* (Biotechnology) | 226 | 716 | ||||||
Forward Air Corp. (Air Freight & Logistics) | 93 | 7,145 | ||||||
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | 159 | 1,379 | ||||||
Foundation Building Materials, Inc.* (Trading Companies & Distributors) | 69 | 1,325 | ||||||
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | 249 | 7,413 | ||||||
Fox Factory Holding Corp.* (Auto Components) | 140 | 14,799 | ||||||
Franchise Group, Inc. (Diversified Consumer Services) | 74 | 2,253 | ||||||
Franklin Covey Co.* (Professional Services) | 42 | 935 | ||||||
Franklin Electric Co., Inc. (Machinery) | 156 | 10,797 | ||||||
Franklin Financial Services Corp. (Banks) | 14 | 378 | ||||||
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts) | 351 | 1,534 | ||||||
Frank's International N.V.* (Energy Equipment & Services) | 524 | 1,436 | ||||||
Frequency Therapeutics, Inc.*(a) (Biotechnology) | 85 | 2,997 | ||||||
Fresh Del Monte Produce, Inc. (Food Products) | 105 | 2,527 | ||||||
Freshpet, Inc.* (Food Products) | 131 | 18,600 | ||||||
Front Yard Residential Corp. (Equity Real Estate Investment Trusts) | 169 | 2,738 | ||||||
Frontline, Ltd.(a) (Oil, Gas & Consumable Fuels) | 399 | 2,482 | ||||||
FRP Holdings, Inc.* (Real Estate Management & Development) | 22 | 1,002 | ||||||
FS Bancorp, Inc. (Thrifts & Mortgage Finance) | 13 | 712 | ||||||
FuelCell Energy, Inc.* (Electrical Equipment) | 973 | 10,868 | ||||||
Fulcrum Therapeutics, Inc.* (Pharmaceuticals) | 48 | 562 | ||||||
Fulgent Genetics, Inc.*(a) (Health Care Providers & Services) | 46 | 2,397 | ||||||
Fulton Financial Corp. (Banks) | 537 | 6,831 | ||||||
Funko, Inc.* (Distributors) | 82 | 851 | ||||||
FutureFuel Corp. (Chemicals) | 87 | 1,105 | ||||||
FVCBankcorp, Inc.* (Banks) | 40 | 588 | ||||||
G1 Therapeutics, Inc.* (Biotechnology) | 115 | 2,069 | ||||||
Gaia, Inc.* (Internet & Direct Marketing Retail) | 41 | 405 | ||||||
Galectin Therapeutics, Inc.* (Biotechnology) | 126 | 282 | ||||||
Galera Therapeutics, Inc.* (Biotechnology) | 30 | 307 |
See accompanying notes to financial statements.
348 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | ||||||||
GAMCO Investors, Inc.—Class A (Capital Markets) | 18 | $ | 319 | ||||||
GameStop Corp.*(a)—Class A (Specialty Retail) | 193 | 3,636 | |||||||
GAN, Ltd.* (Hotels, Restaurants & Leisure) | 81 | 1,643 | |||||||
Gannett Co., Inc.* (Media) | 450 | 1,512 | |||||||
Gatos Silver, Inc.* (Metals & Mining) | 80 | 1,042 | |||||||
GATX Corp. (Trading Companies & Distributors) | 118 | 9,815 | |||||||
GCP Applied Technologies, Inc.* (Chemicals) | 165 | 3,902 | |||||||
Genasys, Inc.* (Communications Equipment) | 113 | 737 | |||||||
Genco Shipping & Trading, Ltd. (Marine) | 58 | 427 | |||||||
Gencor Industries, Inc.* (Machinery) | 31 | 381 | |||||||
General Finance Corp.* (Trading Companies & Distributors) | 35 | 298 | |||||||
Generation Bio Co.* (Biotechnology) | 42 | 1,191 | |||||||
Genesco, Inc.* (Specialty Retail) | 49 | 1,474 | |||||||
Genie Energy, Ltd.—Class B (Electric Utilities) | 45 | 324 | |||||||
GenMark Diagnostics, Inc.* (Health Care Equipment & Supplies) | 236 | 3,446 | |||||||
Genprex, Inc.* (Biotechnology) | 98 | 407 | |||||||
Gentherm, Inc.* (Auto Components) | 111 | 7,239 | |||||||
Genworth Financial, Inc.*—Class A (Insurance) | 1,706 | 6,449 | |||||||
German American Bancorp, Inc. (Banks) | 83 | 2,746 | |||||||
Geron Corp.* (Biotechnology) | 972 | 1,545 | |||||||
Getty Realty Corp. (Equity Real Estate Investment Trusts) | 118 | 3,250 | |||||||
Gibraltar Industries, Inc.* (Building Products) | 110 | 7,913 | |||||||
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | 149 | 3,537 | |||||||
Glacier Bancorp, Inc. (Banks) | 324 | 14,907 | |||||||
Gladstone Commercial Corp. (Equity Real Estate Investment Trusts) | 114 | 2,052 | |||||||
Gladstone Land Corp. (Equity Real Estate Investment Trusts) | 72 | 1,054 | |||||||
Glatfelter Corp. (Paper & Forest Products) | 148 | 2,424 | |||||||
Glaukos Corp.* (Health Care Equipment & Supplies) | 144 | 10,837 | |||||||
Global Medical REIT, Inc. (Equity Real Estate Investment Trusts) | 149 | 1,946 | |||||||
Global Net Lease, Inc. (Equity Real Estate Investment Trusts) | 305 | 5,228 | |||||||
Global Water Resources, Inc. (Water Utilities) | 43 | 620 | |||||||
Glu Mobile, Inc.* (Entertainment) | 494 | 4,452 | |||||||
GlycoMimetics, Inc.* (Biotechnology) | 125 | 470 | |||||||
GMS, Inc.* (Trading Companies & Distributors) | 141 | 4,298 | |||||||
Gogo, Inc.*(a) (Wireless Telecommunication Services) | 187 | 1,801 | |||||||
Golar LNG, Ltd.* (Oil, Gas & Consumable Fuels) | 308 | 2,969 | |||||||
Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 57 | 1,134 | |||||||
Goodrich Petroleum Corp.* (Oil, Gas & Consumable Fuels) | 31 | 313 | |||||||
Goosehead Insurance, Inc. (Insurance) | 45 | 5,614 | |||||||
GoPro, Inc.*—Class A (Household Durables) | 414 | 3,428 | |||||||
Gorman-Rupp Co. (Machinery) | 60 | 1,947 | |||||||
Gossamer Bio, Inc.* (Biotechnology) | 192 | 1,857 | |||||||
GP Strategies Corp.* (Professional Services) | 44 | 522 | |||||||
Graham Corp. (Machinery) | 33 | 501 | |||||||
Granite Construction, Inc. (Construction & Engineering) | 158 | 4,220 | |||||||
Granite Point Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | 185 | 1,848 | |||||||
Gray Television, Inc.* (Media) | 294 | 5,260 | |||||||
Graybug Vision, Inc.*—Class I (Pharmaceuticals) | 22 | 638 | |||||||
Great Ajax Corp. (Mortgage Real Estate Investment Trusts) | 70 | 732 | |||||||
Great Lakes Dredge & Dock Corp.* (Construction & Engineering) | 215 | 2,832 | |||||||
Great Southern Bancorp, Inc. (Banks) | 37 | 1,809 | |||||||
Great Western Bancorp, Inc. (Banks) | 187 | 3,908 | |||||||
Green Brick Partners, Inc.* (Household Durables) | 80 | 1,837 | |||||||
Green Dot Corp.*—Class A (Consumer Finance) | 174 | 9,709 | |||||||
Green Plains, Inc.* (Oil, Gas & Consumable Fuels) | 116 | 1,528 | |||||||
Greene County Bancorp, Inc. (Thrifts & Mortgage Finance) | 10 | 255 | |||||||
Greenhill & Co., Inc. (Capital Markets) | 48 | 583 | |||||||
Greenlane Holdings, Inc.*—Class A (Distributors) | 35 | 139 | |||||||
Greenlight Capital Re, Ltd.*—Class A (Insurance) | 92 | 673 | |||||||
GreenSky, Inc.*—Class A (IT Services) | 214 | 991 | |||||||
Greif, Inc.—Class A (Containers & Packaging) | 87 | 4,079 | |||||||
Greif, Inc.—Class B (Containers & Packaging) | 20 | 968 | |||||||
Grid Dynamics Holdings, Inc.* (IT Services) | 92 | 1,159 | |||||||
Griffin Industrial Realty, Inc.* (Real Estate Management & Development) | 11 | 688 | |||||||
Griffon Corp. (Building Products) | 147 | 2,996 | |||||||
Gritstone Oncology, Inc.* (Biotechnology) | 102 | 402 | |||||||
Group 1 Automotive, Inc. (Specialty Retail) | 59 | 7,737 | |||||||
Groupon, Inc.* (Internet & Direct Marketing Retail) | 79 | 3,002 | |||||||
GrowGeneration Corp.* (Specialty Retail) | 124 | 4,987 | |||||||
GSI Technology, Inc.* (Semiconductors & Semiconductor Equipment) | 56 | 414 | |||||||
GTT Communications, Inc.* (IT Services) | 108 | 386 | |||||||
GTY Technology Holdings, Inc.* (Software) | 150 | 777 | |||||||
Guaranty Bancshares, Inc. (Banks) | 24 | 719 | |||||||
Guess?, Inc. (Specialty Retail) | 134 | 3,031 | |||||||
GWG Holdings, Inc.* (Diversified Financial Services) | 11 | 77 | |||||||
H&E Equipment Services, Inc. (Trading Companies & Distributors) | 108 | 3,219 | |||||||
H.B. Fuller Co. (Chemicals) | 174 | 9,027 | |||||||
Halozyme Therapeutics, Inc.* (Biotechnology) | 450 | 19,220 | |||||||
Hamilton Beach Brands Holding Co.—Class A (Household Durables) | 23 | 403 | |||||||
Hamilton Lane, Inc. (Capital Markets) | 109 | 8,507 | |||||||
Hancock Whitney Corp. (Banks) | 292 | 9,934 | |||||||
Hanger, Inc.* (Health Care Providers & Services) | 125 | 2,749 | |||||||
Hanmi Financial Corp. (Banks) | 103 | 1,168 | |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.—Class I (Mortgage Real Estate Investment Trusts) | 248 | 15,730 | |||||||
HarborOne Bancorp, Inc. (Banks) | 179 | 1,944 | |||||||
Harmonic, Inc.* (Communications Equipment) | 324 | 2,394 | |||||||
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals) | 21 | 759 | |||||||
Harpoon Therapeutics, Inc.* (Biotechnology) | 36 | 598 | |||||||
Harrow Health, Inc.* (Pharmaceuticals) | 76 | 521 | |||||||
Harsco Corp.* (Machinery) | 264 | 4,747 | |||||||
Harvard Bioscience, Inc.* (Life Sciences Tools & Services) | 129 | 553 | |||||||
Haverty Furniture Cos., Inc. (Specialty Retail) | 55 | 1,522 | |||||||
Hawaiian Holdings, Inc. (Airlines) | 154 | 2,726 | |||||||
Hawkins, Inc. (Chemicals) | 33 | 1,726 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 349
Common Stocks, continued
Shares | Value | |||||||
Hawthorn Bancshares, Inc. (Banks) | 20 | $ | 438 | |||||
Haynes International, Inc. (Metals & Mining) | 42 | 1,001 | ||||||
HBT Financial, Inc. (Banks) | 33 | 500 | ||||||
HC2 Holdings, Inc.* (Construction & Engineering) | 189 | 616 | ||||||
HCI Group, Inc. (Insurance) | 21 | 1,098 | ||||||
Health Catalyst, Inc.* (Health Care Technology) | 114 | 4,962 | ||||||
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 457 | 13,527 | ||||||
Healthcare Services Group, Inc. (Commercial Services & Supplies) | 253 | 7,109 | ||||||
HealthEquity, Inc.* (Health Care Providers & Services) | 255 | 17,775 | ||||||
HealthStream, Inc.* (Health Care Technology) | 87 | 1,900 | ||||||
Heartland Express, Inc. (Road & Rail) | 165 | 2,987 | ||||||
Heartland Financial USA, Inc. (Banks) | 117 | 4,723 | ||||||
Hecla Mining Co. (Metals & Mining) | 1,765 | 11,437 | ||||||
Heidrick & Struggles International, Inc. (Professional Services) | 65 | 1,910 | ||||||
Helen of Troy, Ltd.* (Household Durables) | 86 | 19,108 | ||||||
Helios Technologies, Inc. (Machinery) | 105 | 5,595 | ||||||
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | 483 | 2,029 | ||||||
Hemisphere Media Group, Inc.* (Media) | 55 | 570 | ||||||
Herc Holdings, Inc.* (Trading Companies & Distributors) | 82 | 5,446 | ||||||
Heritage Commerce Corp. (Banks) | 197 | 1,747 | ||||||
Heritage Financial Corp. (Banks) | 122 | 2,854 | ||||||
Heritage Insurance Holdings, Inc. (Insurance) | 85 | 861 | ||||||
Heritage-Crystal Clean, Inc.* (Commercial Services & Supplies) | 53 | 1,117 | ||||||
Herman Miller, Inc. (Commercial Services & Supplies) | 200 | 6,760 | ||||||
Heron Therapeutics, Inc.* (Biotechnology) | 296 | 6,265 | ||||||
Hersha Hospitality Trust (Equity Real Estate Investment Trusts) | 115 | 907 | ||||||
Heska Corp.* (Health Care Equipment & Supplies) | 24 | 3,496 | ||||||
HF Foods Group, Inc.* (Food & Staples Retailing) | 120 | 902 | ||||||
Hibbett Sports, Inc.* (Specialty Retail) | 56 | 2,586 | ||||||
Hillenbrand, Inc. (Machinery) | 251 | 9,990 | ||||||
Hilltop Holdings, Inc. (Banks) | 244 | 6,712 | ||||||
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure) | 288 | 9,029 | ||||||
Hingham Institution For Savings The (Thrifts & Mortgage Finance) | 5 | 1,080 | ||||||
HMS Holdings Corp.* (Health Care Technology) | 298 | 10,952 | ||||||
HNI Corp. (Commercial Services & Supplies) | 144 | 4,962 | ||||||
Home Bancorp, Inc. (Thrifts & Mortgage Finance) | 25 | 700 | ||||||
Home BancShares, Inc. (Banks) | 517 | 10,071 | ||||||
HomeStreet, Inc. (Thrifts & Mortgage Finance) | 72 | 2,430 | ||||||
HomeTrust Bancshares, Inc. (Banks) | 53 | 1,023 | ||||||
Homology Medicines, Inc.* (Biotechnology) | 115 | 1,298 | ||||||
Hooker Furniture Corp. (Household Durables) | 39 | 1,258 | ||||||
Hookipa Pharma, Inc.* (Biotechnology) | 42 | 466 | ||||||
Hope Bancorp, Inc. (Banks) | 397 | 4,331 | ||||||
Horace Mann Educators Corp. (Insurance) | 140 | 5,886 | ||||||
Horizon Bancorp, Inc. (Banks) | 145 | 2,300 | ||||||
Hostess Brands, Inc.* (Food Products) | 424 | 6,207 | ||||||
Houghton Mifflin Harcourt Co.* (Diversified Consumer Services) | 357 | 1,189 | ||||||
Houlihan Lokey, Inc. (Capital Markets) | 175 | 11,765 | ||||||
Howard Bancorp, Inc.* (Banks) | 45 | 531 | ||||||
Hub Group, Inc.*—Class A (Air Freight & Logistics) | 111 | 6,327 | ||||||
Hurco Cos., Inc. (Machinery) | 21 | 630 | ||||||
Huron Consulting Group, Inc.* (Professional Services) | 77 | 4,539 | ||||||
Hyster-Yale Materials Handling, Inc. (Machinery) | 34 | 2,025 | ||||||
I3 Verticals, Inc.*—Class A (IT Services) | 63 | 2,092 | ||||||
IBEX, Ltd.* (Commercial Services & Supplies) | 17 | 318 | ||||||
iBio, Inc.* (Biotechnology) | 609 | 639 | ||||||
iCAD, Inc.* (Health Care Technology) | 68 | 898 | ||||||
ICF International, Inc. (Professional Services) | 62 | 4,608 | ||||||
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | 76 | 2,291 | ||||||
Ideaya Biosciences, Inc.* (Biotechnology) | 54 | 756 | ||||||
IDT Corp.*—Class B (Diversified Telecommunication Services) | 67 | 828 | ||||||
IES Holdings, Inc.* (Construction & Engineering) | 28 | 1,289 | ||||||
IGM Biosciences, Inc.* (Biotechnology) | 24 | 2,119 | ||||||
iHeartMedia, Inc.*—Class A (Media) | 207 | 2,687 | ||||||
II-VI, Inc.* (Electronic Equipment, Instruments & Components) | 347 | 26,357 | ||||||
IMARA, Inc.* (Pharmaceuticals) | 26 | 573 | ||||||
IMAX Corp.* (Entertainment) | 167 | 3,009 | ||||||
Immersion Corp.* (Technology Hardware, Storage & Peripherals) | 58 | 655 | ||||||
Immunic, Inc.* (Biotechnology) | 19 | 291 | ||||||
ImmunoGen, Inc.* (Biotechnology) | 625 | 4,031 | ||||||
Immunome, Inc.* (Biotechnology) | 7 | 68 | ||||||
Immunovant, Inc.* (Biotechnology) | 127 | 5,866 | ||||||
Impinj, Inc.* (Semiconductors & Semiconductor Equipment) | 58 | 2,428 | ||||||
Inari Medical, Inc.* (Health Care Equipment & Supplies) | 26 | 2,270 | ||||||
Independence Holding Co. (Insurance) | 16 | 656 | ||||||
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | 321 | 4,311 | ||||||
Independent Bank Corp. (Banks) | 111 | 8,107 | ||||||
Independent Bank Corp. (Banks) | 71 | 1,311 | ||||||
Independent Bank Group, Inc. (Banks) | 125 | 7,815 | ||||||
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts) | 220 | 5,124 | ||||||
Infinera Corp.* (Communications Equipment) | 555 | 5,816 | ||||||
Information Services Group, Inc.* (IT Services) | 122 | 400 | ||||||
InfuSystem Holdings, Inc.* (Health Care Providers & Services) | 49 | 920 | ||||||
Ingevity Corp.* (Chemicals) | 140 | 10,602 | ||||||
Ingles Markets, Inc. (Food & Staples Retailing) | 48 | 2,048 | ||||||
Inhibrx, Inc.* (Biotechnology) | 27 | 890 | ||||||
Innospec, Inc. (Chemicals) | 83 | 7,531 | ||||||
Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts) | 73 | 13,368 | ||||||
Innoviva, Inc.* (Pharmaceuticals) | 215 | 2,664 | ||||||
Inogen, Inc.* (Health Care Equipment & Supplies) | 62 | 2,770 | ||||||
Inovalon Holdings, Inc.* (Health Care Technology) | 253 | 4,597 | ||||||
Inovio Pharmaceuticals, Inc.*(a) (Biotechnology) | 536 | 4,744 | ||||||
Inozyme Pharma, Inc.* (Biotechnology) | 27 | 557 | ||||||
Inseego Corp.* (Communications Equipment) | 237 | 3,666 | ||||||
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | 117 | 8,903 | ||||||
Insmed, Inc.* (Biotechnology) | 342 | 11,385 |
See accompanying notes to financial statements.
350 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | ||||||||
Insperity, Inc. (Professional Services) | 121 | $ | 9,852 | ||||||
Inspire Medical Systems, Inc.* (Health Care Technology) | 89 | 16,740 | |||||||
Installed Building Products, Inc.* (Household Durables) | 77 | 7,849 | |||||||
Insteel Industries, Inc. (Building Products) | 63 | 1,403 | |||||||
Integer Holdings Corp.* (Health Care Equipment & Supplies) | 111 | 9,012 | |||||||
Intellia Therapeutics, Inc.* (Biotechnology) | 169 | 9,194 | |||||||
Intellicheck, Inc.* (Electronic Equipment, Instruments & Components) | 61 | 696 | |||||||
Intelligent Systems Corp.* (Software) | 25 | 1,003 | |||||||
Inter Parfums, Inc. (Personal Products) | 60 | 3,629 | |||||||
Intercept Pharmaceuticals, Inc.* (Biotechnology) | 88 | 2,174 | |||||||
InterDigital, Inc. (Communications Equipment) | 104 | 6,311 | |||||||
Interface, Inc. (Commercial Services & Supplies) | 197 | 2,069 | |||||||
International Bancshares Corp. (Banks) | 181 | 6,777 | |||||||
International Game Technology PLC (Hotels, Restaurants & Leisure) | 336 | 5,692 | |||||||
International Money Express, Inc.* (IT Services) | 97 | 1,505 | |||||||
International Seaways, Inc. (Oil, Gas & Consumable Fuels) | 81 | 1,323 | |||||||
Intersect ENT, Inc.* (Pharmaceuticals) | 110 | 2,519 | |||||||
Intevac, Inc.* (Technology Hardware, Storage & Peripherals) | 80 | 577 | |||||||
Intra-Cellular Therapies, Inc.* (Pharmaceuticals) | 224 | 7,123 | |||||||
Intrepid Potash, Inc.* (Chemicals) | 33 | 797 | |||||||
IntriCon Corp.* (Health Care Equipment & Supplies) | 29 | 525 | |||||||
Invacare Corp. (Health Care Equipment & Supplies) | 114 | 1,020 | |||||||
Invesco Mortgage Capital, Inc.(a) (Mortgage Real Estate Investment Trusts) | 618 | 2,089 | |||||||
Investar Holding Corp. (Banks) | 33 | 546 | |||||||
Investors Bancorp, Inc. (Banks) | 780 | 8,237 | |||||||
Investors Title Co. (Insurance) | 4 | 612 | |||||||
Invitae Corp.* (Biotechnology) | 390 | 16,306 | |||||||
iRadimed Corp.* (Health Care Equipment & Supplies) | 20 | 456 | |||||||
iRhythm Technologies, Inc.* (Health Care Equipment & Supplies) | 98 | 23,246 | |||||||
Iridium Communications, Inc.* (Diversified Telecommunication Services) | 397 | 15,612 | |||||||
iRobot Corp.* (Household Durables) | 93 | 7,467 | |||||||
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | 540 | 6,151 | |||||||
iStar, Inc. (Equity Real Estate Investment Trusts) | 243 | 3,609 | |||||||
iTeos Therapeutics, Inc.* (Biotechnology) | 38 | 1,285 | |||||||
Iteris, Inc.* (Electronic Equipment, Instruments & Components) | 138 | 780 | |||||||
Itron, Inc.* (Electronic Equipment, Instruments & Components) | 136 | 13,042 | |||||||
IVERIC bio, Inc.* (Biotechnology) | 272 | 1,880 | |||||||
J & J Snack Foods Corp. (Food Products) | 51 | 7,924 | |||||||
j2 Global, Inc.* (Software) | 147 | 14,360 | |||||||
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | 77 | 7,146 | |||||||
James River Group Holdings, Ltd. (Insurance) | 101 | 4,964 | |||||||
JELD-WEN Holding, Inc.* (Building Products) | 230 | 5,833 | |||||||
John B Sanfilippo & Son, Inc. (Food Products) | 29 | 2,287 | |||||||
John Bean Technologies Corp. (Machinery) | 106 | 12,070 | |||||||
Johnson Outdoors, Inc.—Class A (Leisure Products) | 18 | 2,027 | |||||||
Jounce Therapeutics, Inc.* (Biotechnology) | 58 | 406 | |||||||
Kadant, Inc. (Machinery) | 39 | 5,498 | |||||||
Kadmon Holdings, Inc.* (Biotechnology) | 583 | 2,419 | |||||||
Kaiser Aluminum Corp. (Metals & Mining) | 53 | 5,242 | |||||||
Kala Pharmaceuticals, Inc.* (Pharmaceuticals) | 134 | 909 | |||||||
Kaleido Biosciences, Inc.* (Pharmaceuticals) | 40 | 364 | |||||||
KalVista Pharmaceuticals, Inc.* (Biotechnology) | 49 | 931 | |||||||
Kaman Corp.—Class A (Trading Companies & Distributors) | 93 | 5,313 | |||||||
KAR Auction Services, Inc. (Commercial Services & Supplies) | 437 | 8,133 | |||||||
Karuna Therapeutics, Inc.* (Biotechnology) | 53 | 5,384 | |||||||
Karyopharm Therapeutics, Inc.* (Biotechnology) | 237 | 3,669 | |||||||
KB Home (Household Durables) | 298 | 9,989 | |||||||
KBR, Inc. (IT Services) | 482 | 14,908 | |||||||
Kearny Financial Corp. (Thrifts & Mortgage Finance) | 271 | 2,862 | |||||||
Kelly Services, Inc.—Class A (Professional Services) | 114 | 2,345 | |||||||
Kennametal, Inc. (Machinery) | 281 | 10,183 | |||||||
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development) | 408 | 7,299 | |||||||
Keros Therapeutics, Inc.* (Biotechnology) | 44 | 3,104 | |||||||
Kezar Life Sciences, Inc.* (Biotechnology) | 106 | 553 | |||||||
Kforce, Inc. (Professional Services) | 67 | 2,820 | |||||||
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components) | 81 | 1,295 | |||||||
Kimball International, Inc.—Class B (Commercial Services & Supplies) | 122 | 1,458 | |||||||
Kindred Biosciences, Inc.* (Biotechnology) | 126 | 543 | |||||||
Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology) | 90 | 1,590 | |||||||
Kinsale Capital Group, Inc. (Insurance) | 72 | 14,409 | |||||||
Kite Realty Group Trust (Equity Real Estate Investment Trusts) | 281 | 4,204 | |||||||
KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts) | 97 | 1,738 | |||||||
Knoll, Inc. (Commercial Services & Supplies) | 169 | 2,481 | |||||||
Knowles Corp.* (Electronic Equipment, Instruments & Components) | 300 | 5,529 | |||||||
Kodiak Sciences, Inc.* (Biotechnology) | 109 | 16,013 | |||||||
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | 174 | 7,057 | |||||||
Koppers Holdings, Inc.* (Chemicals) | 70 | 2,181 | |||||||
Korn Ferry (Professional Services) | 185 | 8,048 | |||||||
Kosmos Energy, Ltd. (Oil, Gas & Consumable Fuels) | 1,364 | 3,205 | |||||||
Kraton Corp.* (Chemicals) | 106 | 2,946 | |||||||
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense) | 411 | 11,275 | |||||||
Kronos Bio, Inc.* (Chemicals) | 49 | 1,464 | |||||||
Kronos Worldwide, Inc. (Chemicals) | 76 | 1,133 | |||||||
Krystal Biotech, Inc.* (Biotechnology) | 46 | 2,760 | |||||||
Kura Oncology, Inc.* (Biotechnology) | 208 | 6,793 | |||||||
Kura Sushi USA, Inc.*—Class A (Hotels, Restaurants & Leisure) | 11 | 215 | |||||||
KVH Industries, Inc.* (Communications Equipment) | 56 | 636 | |||||||
Kymera Therapeutics, Inc.* (Biotechnology) | 34 | 2,108 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 351
Common Stocks, continued
Shares | Value | |||||||
L B Foster Co.*—Class A (Machinery) | 34 | $ | 512 | |||||
La Jolla Pharmaceutical Co.* (Biotechnology) | 61 | 237 | ||||||
Ladder Capital Corp. (Mortgage Real Estate Investment Trusts) | 358 | 3,501 | ||||||
Laird Superfood, Inc.* (Food Products) | 11 | 521 | ||||||
Lakeland Bancorp, Inc. (Banks) | 165 | 2,096 | ||||||
Lakeland Financial Corp. (Banks) | 84 | 4,501 | ||||||
Lakeland Industries, Inc.* (Textiles, Apparel & Luxury Goods) | 26 | 709 | ||||||
Lancaster Colony Corp. (Food Products) | 64 | 11,759 | ||||||
Landec Corp.* (Food Products) | 88 | 955 | ||||||
Landmark Bancorp, Inc. (Banks) | 13 | 297 | ||||||
Lands' End, Inc.* (Internet & Direct Marketing Retail) | 39 | 841 | ||||||
Lannett Co., Inc.* (Pharmaceuticals) | 111 | 724 | ||||||
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | 224 | 3,022 | ||||||
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | 460 | 21,078 | ||||||
Laureate Education, Inc.*—Class A (Diversified Consumer Services) | 364 | 5,300 | ||||||
Lawson Products, Inc.* (Trading Companies & Distributors) | 15 | 764 | ||||||
La-Z-Boy, Inc. (Household Durables) | 151 | 6,016 | ||||||
LCI Industries (Auto Components) | 83 | 10,763 | ||||||
LCNB Corp. (Banks) | 41 | 602 | ||||||
Legacy Housing Corp.* (Household Durables) | 27 | 408 | ||||||
Lemaitre Vascular, Inc. (Health Care Equipment & Supplies) | 56 | 2,268 | ||||||
LendingClub Corp.* (Consumer Finance) | 239 | 2,524 | ||||||
LENSAR, Inc.* (Health Care Equipment & Supplies) | 25 | 181 | ||||||
Level One Bancorp, Inc. (Banks) | 17 | 344 | ||||||
Lexicon Pharmaceuticals, Inc.*(a) (Biotechnology) | 140 | 479 | ||||||
Lexington Realty Trust (Equity Real Estate Investment Trusts) | 925 | 9,824 | ||||||
LGI Homes, Inc.* (Household Durables) | 75 | 7,939 | ||||||
LHC Group, Inc.* (Health Care Providers & Services) | 103 | 21,971 | ||||||
Liberty Latin America, Ltd.*—Class A (Media) | 156 | 1,736 | ||||||
Liberty Latin America, Ltd.*—Class C (Media) | 525 | 5,821 | ||||||
Liberty Media Corp-Liberty Braves*—Class A (Entertainment) | 34 | 846 | ||||||
Liberty Media Corp-Liberty Braves*—Class C (Entertainment) | 123 | 3,060 | ||||||
Liberty Oilfield Services, Inc. (Energy Equipment & Services) | 250 | 2,578 | ||||||
Liberty TripAdvisor Holdings, Inc.*—Class A (Interactive Media & Services) | 246 | 1,068 | ||||||
Lifetime Brands, Inc. (Household Durables) | 41 | 623 | ||||||
Lifevantage Corp.* (Personal Products) | 46 | 429 | ||||||
Ligand Pharmaceuticals, Inc.*(a)—Class B (Biotechnology) | 49 | 4,873 | ||||||
Limelight Networks, Inc.* (IT Services) | 400 | 1,596 | ||||||
Limestone Bancorp, Inc.* (Banks) | 18 | 226 | ||||||
Limoneira Co. (Food Products) | 55 | 916 | ||||||
Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure) | 87 | 1,489 | ||||||
Lindsay Corp. (Machinery) | 37 | 4,753 | ||||||
Liquidia Technologies, Inc.* (Pharmaceuticals) | 92 | 271 | ||||||
Liquidity Services, Inc.* (Internet & Direct Marketing Retail) | 94 | 1,496 | ||||||
Lithia Motors, Inc.—Class A (Specialty Retail) | 88 | 25,754 | ||||||
LivaNova PLC* (Health Care Equipment & Supplies) | 165 | 10,925 | ||||||
Live Oak Bancshares, Inc. (Banks) | 96 | 4,556 | ||||||
Livent Corp.* (Chemicals) | 496 | 9,345 | ||||||
LivePerson, Inc.* (Software) | 211 | 13,131 | ||||||
LiveRamp Holdings, Inc.* (IT Services) | 217 | 15,883 | ||||||
LiveXLive Media, Inc.* (Entertainment) | 161 | 528 | ||||||
LogicBio Therapeutics, Inc.* (Biotechnology) | 55 | 420 | ||||||
Loral Space & Communications, Inc. (Media) | 43 | 903 | ||||||
Louisiana-Pacific Corp. (Paper & Forest Products) | 372 | 13,827 | ||||||
LSI Industries, Inc. (Electrical Equipment) | 87 | 745 | ||||||
LTC Properties, Inc. (Equity Real Estate Investment Trusts) | 132 | 5,136 | ||||||
Lumber Liquidators Holdings, Inc.* (Specialty Retail) | 97 | 2,982 | ||||||
Luminex Corp. (Life Sciences Tools & Services) | 145 | 3,352 | ||||||
Luna Innovations, Inc.* (Electronic Equipment, Instruments & Components) | 99 | 978 | ||||||
Luther Burbank Corp. (Thrifts & Mortgage Finance) | 62 | 608 | ||||||
Luxfer Holdings PLC (Machinery) | 93 | 1,527 | ||||||
Lydall, Inc.* (Machinery) | 58 | 1,742 | ||||||
Lyra Therapeutics, Inc.* (Pharmaceuticals) | 23 | 262 | ||||||
M.D.C Holdings, Inc. (Household Durables) | 177 | 8,602 | ||||||
M/I Homes, Inc.* (Household Durables) | 94 | 4,163 | ||||||
Macatawa Bank Corp. (Banks) | 89 | 745 | ||||||
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts) | 294 | 3,663 | ||||||
Mackinac Financial Corp. (Banks) | 30 | 383 | ||||||
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 159 | 8,751 | ||||||
MacroGenics, Inc.* (Biotechnology) | 185 | 4,229 | ||||||
Macy's, Inc. (Multiline Retail) | 1,056 | 11,880 | ||||||
Madrigal Pharmaceuticals, Inc.* (Biotechnology) | 30 | 3,335 | ||||||
Magellan Health, Inc.* (Health Care Providers & Services) | 81 | 6,710 | ||||||
Magenta Therapeutics, Inc.* (Biotechnology) | 70 | 549 | ||||||
Magnite, Inc.* (Internet & Direct Marketing Retail) | 364 | 11,178 | ||||||
Magnolia Oil & Gas Corp.* (Oil, Gas & Consumable Fuels) | 419 | 2,958 | ||||||
MainStreet Bancshares, Inc.* (Banks) | 22 | 372 | ||||||
Malibu Boats, Inc.* (Leisure Products) | 69 | 4,308 | ||||||
MannKind Corp.* (Biotechnology) | 756 | 2,366 | ||||||
ManTech International Corp.—Class A (IT Services) | 92 | 8,182 | ||||||
Marcus & Millichap, Inc.* (Real Estate Management & Development) | 79 | 2,941 | ||||||
Marine Products Corp. (Leisure Products) | 24 | 349 | ||||||
MarineMax, Inc.* (Specialty Retail) | 70 | 2,452 | ||||||
Marinus Pharmaceuticals, Inc.* (Pharmaceuticals) | 85 | 1,037 | ||||||
Marker Therapeutics, Inc.* (Biotechnology) | 103 | 149 | ||||||
Marlin Business Services Corp. (Diversified Financial Services) | 28 | 343 | ||||||
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | 137 | 18,799 | ||||||
Marrone Bio Innovations, Inc.* (Chemicals) | 235 | 294 | ||||||
Marten Transport, Ltd. (Road & Rail) | 200 | 3,446 | ||||||
Masonite International Corp.* (Building Products) | 82 | 8,064 |
See accompanying notes to financial statements.
352 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
MasTec, Inc.* (Construction & Engineering) | 192 | $ | 13,090 | |||||
Mastech Digital, Inc.* (Professional Services) | 13 | 207 | ||||||
MasterCraft Boat Holdings, Inc.* (Leisure Products) | 63 | 1,565 | ||||||
Matador Resources Co.* (Oil, Gas & Consumable Fuels) | 373 | 4,498 | ||||||
Materion Corp. (Metals & Mining) | 69 | 4,397 | ||||||
Matrix Service Co.* (Energy Equipment & Services) | 89 | 981 | ||||||
Matson, Inc. (Marine) | 145 | 8,260 | ||||||
Matthews International Corp.—Class A (Commercial Services & Supplies) | 103 | 3,028 | ||||||
Maui Land & Pineapple Co., Inc.* (Real Estate Management & Development) | 23 | 265 | ||||||
MAX Holdings, Inc. (Real Estate Management & Development) | 62 | 2,252 | ||||||
Maxar Technologies, Inc. (Aerospace & Defense) | 207 | 7,988 | ||||||
Maxeon Solar Technologies, Ltd.* (Semiconductors & Semiconductor Equipment) | 32 | 908 | ||||||
MAXIMUS, Inc. (IT Services) | 207 | 15,150 | ||||||
MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | 232 | 8,860 | ||||||
Mayville Engineering Co., Inc.* (Metals & Mining) | 25 | 336 | ||||||
MBIA, Inc.* (Insurance) | 168 | 1,105 | ||||||
McGrath RentCorp (Commercial Services & Supplies) | 82 | 5,502 | ||||||
MediaAlpha, Inc.*—Class A (Interactive Media & Services) | 36 | 1,407 | ||||||
MediciNova, Inc.* (Biotechnology) | 145 | 763 | ||||||
Medifast, Inc. (Personal Products) | 38 | 7,460 | ||||||
MEDNAX, Inc.* (Health Care Providers & Services) | 252 | 6,184 | ||||||
Medpace Holdings, Inc.* (Life Sciences Tools & Services) | 93 | 12,946 | ||||||
MEI Pharma, Inc.* (Biotechnology) | 371 | 979 | ||||||
MeiraGTx Holdings PLC* (Biotechnology) | 71 | 1,075 | ||||||
Mercantile Bank Corp. (Banks) | 53 | 1,440 | ||||||
Merchants Bancorp (Thrifts & Mortgage Finance) | 30 | 829 | ||||||
Meredith Corp. (Media) | 134 | 2,573 | ||||||
Meridian Bancorp, Inc. (Thrifts & Mortgage Finance) | 158 | 2,356 | ||||||
Meridian Bioscience, Inc.* (Health Care Equipment & Supplies) | 143 | 2,673 | ||||||
Meridian Corp. (Banks) | 18 | 374 | ||||||
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | 183 | 10,158 | ||||||
Meritage Homes Corp.* (Household Durables) | 126 | 10,435 | ||||||
Meritor, Inc.* (Machinery) | 235 | 6,559 | ||||||
Mersana Therapeutics, Inc.* (Biotechnology) | 180 | 4,790 | ||||||
Mesa Air Group, Inc.* (Airlines) | 100 | 669 | ||||||
Mesa Laboratories, Inc. (Electronic Equipment, Instruments & Components) | 16 | 4,586 | ||||||
Meta Financial Group, Inc. (Thrifts & Mortgage Finance) | 113 | 4,131 | ||||||
Metacrine, Inc.* (Biotechnology) | 22 | 173 | ||||||
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | 124 | 4,747 | ||||||
Metrocity Bankshares, Inc. (Banks) | 59 | 851 | ||||||
Metropolitan Bank Holding Corp.* (Banks) | 24 | 870 | ||||||
MFA Financial, Inc. (Mortgage Real Estate Investment Trusts) | 1,531 | 5,956 | ||||||
MGE Energy, Inc. (Electric Utilities) | 123 | 8,614 | ||||||
MGP Ingredients, Inc. (Beverages) | 44 | 2,071 | ||||||
MicroStrategy, Inc.*—Class A (Software) | 25 | 9,714 | ||||||
Mid Penn Bancorp, Inc. (Banks) | 23 | 504 | ||||||
Middlefield Banc Corp. (Banks) | 20 | 450 | ||||||
Middlesex Water Co. (Water Utilities) | 58 | 4,203 | ||||||
Midland States Bancorp, Inc. (Banks) | 72 | 1,287 | ||||||
MidwestOne Financial Group, Inc. (Banks) | 50 | 1,225 | ||||||
Milestone Scientific, Inc.* (Health Care Equipment & Supplies) | 156 | 331 | ||||||
Miller Industries, Inc. (Machinery) | 38 | 1,445 | ||||||
Mimecast, Ltd.* (Software) | 193 | 10,970 | ||||||
Minerals Technologies, Inc. (Chemicals) | 115 | 7,144 | ||||||
Minerva Neurosciences, Inc.* (Biotechnology) | 120 | 281 | ||||||
Mirati Therapeutics, Inc.* (Biotechnology) | 145 | 31,847 | ||||||
Mirum Pharmaceuticals, Inc.* (Biotechnology) | 18 | 314 | ||||||
Misonix, Inc.* (Health Care Equipment & Supplies) | 41 | 513 | ||||||
Mission Produce, Inc.* (Food Products) | 25 | 376 | ||||||
Mistras Group, Inc.* (Professional Services) | 61 | 473 | ||||||
Mitek System, Inc.* (Software) | 137 | 2,436 | ||||||
MMA Capital Holdings, Inc.* (Thrifts & Mortgage Finance) | 16 | 394 | ||||||
Model N, Inc.* (Software) | 115 | 4,103 | ||||||
Modine Manufacturing Co.* (Auto Components) | 168 | 2,110 | ||||||
Moelis & Co. (Capital Markets) | 179 | 8,370 | ||||||
Molecular Templates, Inc.* (Biotechnology) | 90 | 845 | ||||||
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure) | 43 | 2,632 | ||||||
MoneyGram International, Inc.* (IT Services) | 210 | 1,148 | ||||||
Monmouth Real Estate Investment Corp.—Class A (Equity Real Estate Investment Trusts) | 321 | 5,560 | ||||||
Monro, Inc. (Specialty Retail) | 112 | 5,970 | ||||||
Montrose Environmental Group, Inc.* (Commercial Services & Supplies) | 38 | 1,176 | ||||||
Moog, Inc.—Class A (Aerospace & Defense) | 101 | 8,009 | ||||||
Morphic Holding, Inc.* (Biotechnology) | 47 | 1,577 | ||||||
Motorcar Parts of America, Inc.* (Auto Components) | 64 | 1,256 | ||||||
Movado Group, Inc.* (Textiles, Apparel & Luxury Goods) | 53 | 881 | ||||||
Mr. Cooper Group, Inc.* (Thrifts & Mortgage Finance) | 256 | 7,943 | ||||||
MRC Global, Inc.* (Trading Companies & Distributors) | 266 | 1,764 | ||||||
MSG Networks, Inc.*—Class A (Media) | 102 | 1,503 | ||||||
MTS Systems Corp. (Electronic Equipment, Instruments & Components) | 65 | 3,780 | ||||||
Mueller Industries, Inc. (Machinery) | 189 | 6,636 | ||||||
Mueller Water Products, Inc.—Class A (Machinery) | 530 | 6,561 | ||||||
Murphy USA, Inc. (Specialty Retail) | 91 | 11,909 | ||||||
Mustang Bio, Inc.* (Biotechnology) | 170 | 643 | ||||||
MVB Financial Corp. (Banks) | 33 | 748 | ||||||
Myers Industries, Inc. (Containers & Packaging) | 121 | 2,514 | ||||||
MYR Group, Inc.* (Construction & Engineering) | 55 | 3,306 | ||||||
Myriad Genetics, Inc.* (Biotechnology) | 241 | 4,766 | ||||||
Nabors Industries, Ltd.*(a) (Energy Equipment & Services) | 24 | 1,398 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 353
Common Stocks, continued
Shares | Value | |||||||
NACCO Industries, Inc.—Class A (Oil, Gas & Consumable Fuels) | 13 | $ | 342 | |||||
NanoString Technologies, Inc.* (Life Sciences Tools & Services) | 149 | 9,965 | ||||||
Nanthealth, Inc.* (Health Care Technology) | 91 | 294 | ||||||
Nantkwest, Inc.*(a) (Biotechnology) | 107 | 1,426 | ||||||
Napco Security Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 39 | 1,023 | ||||||
Natera, Inc.* (Biotechnology) | 256 | 25,476 | ||||||
Nathan's Famous, Inc. (Hotels, Restaurants & Leisure) | 10 | 552 | ||||||
National Bank Holdings Corp. (Banks) | 100 | 3,276 | ||||||
National Bankshares, Inc. (Banks) | 22 | 689 | ||||||
National Beverage Corp.(a) (Beverages) | 40 | 3,396 | ||||||
National CineMedia, Inc. (Media) | 211 | 785 | ||||||
National Energy Services Reunited Corp.* (Energy Equipment & Services) | 70 | 695 | ||||||
National Health Investors, Inc. (Equity Real Estate Investment Trusts) | 145 | 10,030 | ||||||
National Healthcare Corp. (Health Care Providers & Services) | 42 | 2,789 | ||||||
National Presto Industries, Inc. (Aerospace & Defense) | 17 | 1,503 | ||||||
National Research Corp. (Health Care Providers & Services) | 46 | 1,967 | ||||||
National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | 212 | 7,638 | ||||||
National Vision Holdings, Inc.* (Specialty Retail) | 272 | 12,318 | ||||||
National Western Life Group, Inc.—Class A (Insurance) | 9 | 1,858 | ||||||
Natural Grocers by Vitamin Cottage, Inc. (Food & Staples Retailing) | 31 | 426 | ||||||
Nature's Sunshine Products, Inc.* (Personal Products) | 30 | 449 | ||||||
Natus Medical, Inc.* (Health Care Equipment & Supplies) | 114 | 2,285 | ||||||
Nautilus, Inc.* (Leisure Products) | 102 | 1,850 | ||||||
Navient Corp. (Consumer Finance) | 622 | 6,108 | ||||||
Navistar International Corp.* (Machinery) | 169 | 7,429 | ||||||
NBT Bancorp, Inc. (Banks) | 144 | 4,622 | ||||||
Neenah, Inc. (Paper & Forest Products) | 57 | 3,153 | ||||||
Nelnet, Inc.—Class A (Consumer Finance) | 58 | 4,132 | ||||||
Nemaura Medical, Inc.* (Health Care Equipment & Supplies) | 25 | 94 | ||||||
Neogen Corp.* (Health Care Equipment & Supplies) | 178 | 14,114 | ||||||
NeoGenomics, Inc.* (Life Sciences Tools & Services) | 355 | 19,114 | ||||||
Neoleukin Therapeutics, Inc.* (Biotechnology) | 109 | 1,537 | ||||||
NeoPhotonics Corp.* (Semiconductors & Semiconductor Equipment) | 168 | 1,527 | ||||||
Nesco Holdings, Inc.* (Trading Companies & Distributors) | 45 | 332 | ||||||
NETGEAR, Inc.* (Communications Equipment) | 101 | 4,104 | ||||||
NetScout Systems, Inc.* (Communications Equipment) | 239 | 6,553 | ||||||
NETSTREIT Corp. (Equity Real Estate Investment Trusts) | 45 | 877 | ||||||
Neubase Therapeutics, Inc.* (Biotechnology) | 57 | 398 | ||||||
NeuroBo Pharmaceuticals, Inc.* (Biotechnology) | 14 | 74 | ||||||
Nevro Corp.* (Health Care Equipment & Supplies) | 115 | 19,906 | ||||||
New Jersey Resources Corp. (Gas Utilities) | 322 | 11,447 | ||||||
New Senior Investment Group, Inc. (Equity Real Estate Investment Trusts) | 277 | 1,435 | ||||||
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | 1,281 | 4,727 | ||||||
NewAge, Inc.* (Beverages) | 320 | 842 | ||||||
Newmark Group, Inc. (Real Estate Management & Development) | 489 | 3,565 | ||||||
Newpark Resources, Inc.* (Energy Equipment & Services) | 304 | 584 | ||||||
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts) | 74 | 3,131 | ||||||
NextCure, Inc.* (Biotechnology) | 56 | 610 | ||||||
NextDecade Corp.* (Oil, Gas & Consumable Fuels) | 71 | 148 | ||||||
NextGen Healthcare, Inc.* (Health Care Technology) | 189 | 3,447 | ||||||
NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services) | 547 | 1,882 | ||||||
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals) | 81 | 2,454 | ||||||
NI Holdings, Inc.* (Insurance) | 31 | 509 | ||||||
NIC, Inc. (IT Services) | 223 | 5,760 | ||||||
Nicolet Bankshares, Inc.* (Banks) | 31 | 2,057 | ||||||
Nkarta, Inc.* (Biotechnology) | 55 | 3,381 | ||||||
NL Industries, Inc. (Commercial Services & Supplies) | 28 | 134 | ||||||
nLight, Inc.* (Electronic Equipment, Instruments & Components) | 119 | 3,885 | ||||||
NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance) | 278 | 6,297 | ||||||
NN, Inc.* (Machinery) | 142 | 933 | ||||||
Noodles & Co.* (Hotels, Restaurants & Leisure) | 106 | 837 | ||||||
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels) | 498 | 1,469 | ||||||
Northeast Bank (Banks) | 25 | 563 | ||||||
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance) | 161 | 1,985 | ||||||
Northrim Bancorp, Inc. (Banks) | 21 | 713 | ||||||
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance) | 396 | 5,045 | ||||||
Northwest Natural Holding Co. (Gas Utilities) | 103 | 4,737 | ||||||
Northwest Pipe Co.* (Construction & Engineering) | 33 | 934 | ||||||
NorthWestern Corp. (Multi-Utilities) | 172 | 10,029 | ||||||
Norwood Financial Corp. (Banks) | 20 | 523 | ||||||
Novagold Resources, Inc.* (Metals & Mining) | 804 | 7,775 | ||||||
Novanta, Inc.* (Electronic Equipment, Instruments & Components) | 116 | 13,713 | ||||||
Novavax, Inc.* (Biotechnology) | 208 | 23,193 | ||||||
NOW, Inc.* (Trading Companies & Distributors) | 371 | 2,664 | ||||||
Nurix Therapeutics, Inc.* (Biotechnology) | 39 | 1,282 | ||||||
NuVasive, Inc.* (Health Care Equipment & Supplies) | 174 | 9,801 | ||||||
NV5 Global, Inc.* (Construction & Engineering) | 37 | 2,915 | ||||||
NVE Corp. (Semiconductors & Semiconductor Equipment) | 16 | 899 | ||||||
Nymox Pharmaceutical Corp.* (Biotechnology) | 143 | 355 | ||||||
Oak Valley Bancorp (Banks) | 23 | 382 |
See accompanying notes to financial statements.
354 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Oceaneering International, Inc.* (Energy Equipment & Services) | 336 | $ | 2,671 | |||||
Oceanfirst Financial Corp. (Thrifts & Mortgage Finance) | 201 | 3,745 | ||||||
Oconee Federal Financial Corp. (Thrifts & Mortgage Finance) | 3 | 76 | ||||||
Ocular Therapeutix, Inc.* (Pharmaceuticals) | 232 | 4,802 | ||||||
Odonate Therapeutics, Inc.* (Pharmaceuticals) | 53 | 1,018 | ||||||
Office Properties Income Trust (Equity Real Estate Investment Trusts) | 162 | 3,681 | ||||||
OFG Bancorp (Banks) | 171 | 3,170 | ||||||
Ohio Valley Banc Corp. (Banks) | 15 | 354 | ||||||
O-I Glass, Inc. (Containers & Packaging) | 530 | 6,306 | ||||||
Oil States International, Inc.* (Energy Equipment & Services) | 204 | 1,024 | ||||||
Oil-Dri Corp. of America (Household Products) | 17 | 579 | ||||||
Old National Bancorp (Banks) | 555 | 9,191 | ||||||
Old Second Bancorp, Inc. (Banks) | 96 | 970 | ||||||
Olympic Steel, Inc. (Metals & Mining) | 31 | 413 | ||||||
Omega Flex, Inc. (Machinery) | 10 | 1,460 | ||||||
Omeros Corp.*(a) (Pharmaceuticals) | 200 | 2,857 | ||||||
Omnicell, Inc.* (Health Care Technology) | 144 | 17,283 | ||||||
Oncocyte Corp.* (Biotechnology) | 213 | 509 | ||||||
Oncorus, Inc.* (Biotechnology) | 22 | 711 | ||||||
ONE Gas, Inc. (Gas Utilities) | 177 | 13,588 | ||||||
One Liberty Properties, Inc. (Equity Real Estate Investment Trusts) | 54 | 1,084 | ||||||
OneSpan, Inc.* (Software) | 113 | 2,337 | ||||||
OneSpaWorld Holdings, Ltd. (Diversified Consumer Services) | 153 | 1,551 | ||||||
Onewater Marine, Inc.* (Specialty Retail) | 29 | 844 | ||||||
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment) | 160 | 7,608 | ||||||
Ontrak, Inc.*(a) (Health Care Providers & Services) | 27 | 1,668 | ||||||
Ooma, Inc.* (Diversified Telecommunication Services) | 71 | 1,022 | ||||||
OP Bancorp (Thrifts & Mortgage Finance) | 41 | 316 | ||||||
OPKO Health, Inc.* (Biotechnology) | 1,345 | 5,313 | ||||||
Oportun Financial Corp.* (Consumer Finance) | 67 | 1,298 | ||||||
Oppenheimer Holdings, Inc.—Class A (Capital Markets) | 31 | 974 | ||||||
OptimizeRx Corp.* (Health Care Technology) | 50 | 1,558 | ||||||
Optinose, Inc.* (Pharmaceuticals) | 118 | 489 | ||||||
Option Care Health, Inc.* (Health Care Providers & Services) | 149 | 2,330 | ||||||
OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | 240 | 2,540 | ||||||
ORBCOMM, Inc.* (Diversified Telecommunication Services) | 250 | 1,855 | ||||||
Orchid Island Capital, Inc. (Mortgage Real Estate Investment Trusts) | 235 | 1,227 | ||||||
Organogenesis Holdings, Inc.* (Biotechnology) | 81 | 610 | ||||||
Orgenesis, Inc.* (Biotechnology) | 64 | 288 | ||||||
ORIC Pharmaceuticals, Inc.* (Biotechnology) | 76 | 2,573 | ||||||
Origin Bancorp, Inc. (Banks) | 74 | 2,055 | ||||||
Orion Energy Systems, Inc.* (Electrical Equipment) | 91 | 898 | ||||||
Orion Engineered Carbons SA (Chemicals) | 204 | 3,497 | ||||||
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers) | 135 | 12,188 | ||||||
Orrstown Financial Services, Inc. (Banks) | 37 | 612 | ||||||
Orthofix Medical, Inc.* (Health Care Equipment & Supplies) | 63 | 2,708 | ||||||
OrthoPediatrics Corp.* (Health Care Equipment & Supplies) | 44 | 1,815 | ||||||
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | 57 | 5,314 | ||||||
Osmotica Pharmaceuticals PLC* (Pharmaceuticals) | 43 | 177 | ||||||
Otter Tail Corp. (Electric Utilities) | 137 | 5,838 | ||||||
Outset Medical, Inc.*—Class I (Health Care Equipment & Supplies) | 34 | 1,933 | ||||||
Overseas Shipholding Group, Inc.*—Class A (Oil, Gas & Consumable Fuels) | 223 | 477 | ||||||
Overstock.com, Inc.* (Internet & Direct Marketing Retail) | 144 | 6,908 | ||||||
Ovid Therapeutics, Inc.* (Biotechnology) | 161 | 372 | ||||||
Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 886 | 12,724 | ||||||
Owens & Minor, Inc. (Health Care Providers & Services) | 246 | 6,654 | ||||||
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 55 | 3,603 | ||||||
Oyster Point Pharma, Inc.* (Biotechnology) | 20 | 376 | ||||||
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services) | 598 | 15,513 | ||||||
Pacific Premier Bancorp, Inc. (Banks) | 270 | 8,459 | ||||||
Pacira BioSciences, Inc.* (Pharmaceuticals) | 144 | 8,617 | ||||||
Pactiv Evergreen, Inc.* (Containers & Packaging) | 134 | 2,431 | ||||||
PAE, Inc.* (Aerospace & Defense) | 200 | 1,836 | ||||||
Palomar Holdings, Inc.* (Insurance) | 69 | 6,130 | ||||||
PAM Transportation Services, Inc.* (Road & Rail) | 6 | 294 | ||||||
Pandion Therapeutics, Inc.* (Biotechnology) | 25 | 371 | ||||||
Pangaea Logistics Solutions, Ltd.* (Marine) | 36 | 100 | ||||||
Papa John's International, Inc. (Hotels, Restaurants & Leisure) | 111 | 9,418 | ||||||
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | 135 | 1,887 | ||||||
PAR Technology Corp.* (Electronic Equipment, Instruments & Components) | 64 | 4,019 | ||||||
Paratek Pharmaceuticals, Inc.* (Pharmaceuticals) | 148 | 926 | ||||||
Park Aerospace Corp. (Aerospace & Defense) | 67 | 898 | ||||||
Park City Group, Inc.* (Software) | 42 | 201 | ||||||
Park National Corp. (Banks) | 48 | 5,040 | ||||||
Parke BanCorp, Inc. (Banks) | 36 | 562 | ||||||
Park-Ohio Holdings Corp. (Machinery) | 30 | 927 | ||||||
Parsons Corp.* (Aerospace & Defense) | 76 | 2,767 | ||||||
Partners Bancorp (Banks) | 33 | 215 | ||||||
Passage Bio, Inc.* (Biotechnology) | 84 | 2,148 | ||||||
Patrick Industries, Inc. (Building Products) | 76 | 5,195 | ||||||
Patterson Cos., Inc. (Health Care Providers & Services) | 287 | 8,504 | ||||||
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | 619 | 3,256 | ||||||
PAVmed, Inc.* (Health Care Equipment & Supplies) | 129 | 273 | ||||||
Paysign, Inc.* (IT Services) | 106 | 492 | ||||||
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | 326 | 2,315 | ||||||
PC Connection, Inc. (Electronic Equipment, Instruments & Components) | 37 | 1,750 | ||||||
PCB BanCorp (Banks) | 42 | 425 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 355
Common Stocks, continued
Shares | Value | |||||||
PCSB Financial Corp. (Thrifts & Mortgage Finance) | 49 | $ | 781 | |||||
PCTEL, Inc. (Communications Equipment) | 60 | 394 | ||||||
PDC Energy, Inc.* (Oil, Gas & Consumable Fuels) | 338 | 6,939 | ||||||
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | 98 | 2,117 | ||||||
PDL Community Bancorp* (Thrifts & Mortgage Finance) | 25 | 263 | ||||||
Peabody Energy Corp.* (Oil, Gas & Consumable Fuels) | 212 | 511 | ||||||
Peapack Gladstone Financial Corp. (Banks) | 62 | 1,411 | ||||||
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | 440 | 8,272 | ||||||
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | 527 | 45,517 | ||||||
Penn Virginia Corp.* (Oil, Gas & Consumable Fuels) | 46 | 467 | ||||||
Penns Woods Bancorp, Inc. (Banks) | 23 | 598 | ||||||
Pennymac Financial Services, Inc. (Thrifts & Mortgage Finance) | 144 | 9,448 | ||||||
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts) | 332 | 5,840 | ||||||
Peoples Bancorp of North Carolina, Inc. (Banks) | 15 | 345 | ||||||
Peoples Bancorp, Inc. (Banks) | 61 | 1,652 | ||||||
Peoples Financial Services Corp. (Banks) | 23 | 845 | ||||||
Perdoceo Education Corp.* (Diversified Consumer Services) | 234 | 2,955 | ||||||
Perficient, Inc.* (IT Services) | 110 | 5,242 | ||||||
Performance Food Group Co.* (Food & Staples Retailing) | 443 | 21,091 | ||||||
Personalis, Inc.* (Life Sciences Tools & Services) | 81 | 2,965 | ||||||
Perspecta, Inc. (IT Services) | 471 | 11,342 | ||||||
Petiq, Inc.* (Health Care Providers & Services) | 72 | 2,768 | ||||||
PetMed Express, Inc.(a) (Internet & Direct Marketing Retail) | 66 | 2,116 | ||||||
PFSweb, Inc.* (IT Services) | 54 | 363 | ||||||
PGT Innovations, Inc.* (Building Products) | 193 | 3,926 | ||||||
PhaseBio Pharmaceuticals, Inc.* (Biotechnology) | 52 | 175 | ||||||
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals) | 36 | 1,196 | ||||||
Phibro Animal Health Corp.—Class A (Pharmaceuticals) | 69 | 1,340 | ||||||
Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | 214 | 2,388 | ||||||
Phreesia, Inc.* (Health Care Technology) | 112 | 6,077 | ||||||
Physicians Realty Trust (Equity Real Estate Investment Trusts) | 706 | 12,567 | ||||||
PICO Holdings, Inc.* (Commercial Services & Supplies) | 56 | 524 | ||||||
Piedmont Office Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | 427 | 6,930 | ||||||
Pieris Pharmaceuticals, Inc.* (Biotechnology) | 179 | 448 | ||||||
Ping Identity Holding Corp.* (Software) | 126 | 3,609 | ||||||
Pioneer Bancorp, Inc.* (Thrifts & Mortgage Finance) | 39 | 412 | ||||||
Piper Sandler Cos. (Capital Markets) | 59 | 5,953 | ||||||
Pitney Bowes, Inc. (Commercial Services & Supplies) | 586 | 3,610 | ||||||
Pixelworks, Inc.* (Semiconductors & Semiconductor Equipment) | 137 | 386 | ||||||
PJT Partners, Inc.—Class A (Capital Markets) | 79 | 5,945 | ||||||
Plantronics, Inc. (Communications Equipment) | 117 | 3,163 | ||||||
PlayAGS, Inc.* (Hotels, Restaurants & Leisure) | 90 | 648 | ||||||
Plexus Corp.* (Electronic Equipment, Instruments & Components) | 97 | 7,586 | ||||||
Pliant Therapeutics, Inc.* (Pharmaceuticals) | 35 | 795 | ||||||
Plug Power, Inc.* (Electrical Equipment) | 1,268 | 42,998 | ||||||
Plumas BanCorp (Banks) | 16 | 376 | ||||||
Plymouth Industrial REIT, Inc. (Equity Real Estate Investment Trusts) | 83 | 1,245 | ||||||
PMV Pharmaceuticals, Inc.* (Pharmaceuticals) | 46 | 2,829 | ||||||
PNM Resources, Inc. (Electric Utilities) | 269 | 13,055 | ||||||
Portland General Electric Co. (Electric Utilities) | 304 | 13,002 | ||||||
Poseida Therapeutics, Inc.* (Biotechnology) | 45 | 494 | ||||||
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | 222 | 11,104 | ||||||
Powell Industries, Inc. (Electrical Equipment) | 30 | 885 | ||||||
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | 199 | 16,290 | ||||||
Powerfleet, Inc.* (Electronic Equipment, Instruments & Components) | 96 | 713 | ||||||
PQ Group Holdings, Inc. (Chemicals) | 130 | 1,854 | ||||||
PRA Group, Inc.* (Consumer Finance) | 152 | 6,028 | ||||||
Praxis Precision Medicines, Inc.* (Biotechnology) | 37 | 2,036 | ||||||
Precigen, Inc.* (Biotechnology) | 224 | 2,285 | ||||||
Precision BioSciences, Inc.* (Biotechnology) | 157 | 1,309 | ||||||
Preferred Apartment Communities, Inc.—Class A (Equity Real Estate Investment Trusts) | 161 | 1,191 | ||||||
Preferred Bank (Banks) | 47 | 2,372 | ||||||
Preformed Line Products Co. (Electrical Equipment) | 10 | 684 | ||||||
Prelude Therapeutics, Inc.* (Biotechnology) | 31 | 2,218 | ||||||
Premier Financial Bancorp, Inc. (Banks) | 44 | 585 | ||||||
Premier Financial Corp. (Thrifts & Mortgage Finance) | 125 | 2,875 | ||||||
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | 170 | 5,928 | ||||||
Prevail Therapeutics, Inc.* (Biotechnology) | 48 | 1,107 | ||||||
PriceSmart, Inc. (Food & Staples Retailing) | 77 | 7,014 | ||||||
PrimeEnergy Resources Corp.* (Oil, Gas & Consumable Fuels) | 2 | 86 | ||||||
Primo Water Corp. (Beverages) | 528 | 8,279 | ||||||
Primoris Services Corp. (Construction & Engineering) | 162 | 4,473 | ||||||
Priority Technology Holdings, Inc.* (IT Services) | 26 | 183 | ||||||
ProAssurance Corp. (Insurance) | 181 | 3,220 | ||||||
Professional Holding Corp.*—Class A (Banks) | 37 | 571 | ||||||
PROG Holdings, Inc. (Consumer Finance) | 228 | 12,282 | ||||||
Progenity, Inc.* (Health Care Providers & Services) | 12 | 64 | ||||||
Progress Software Corp. (Software) | 152 | 6,869 | ||||||
Progyny, Inc.* (Health Care Providers & Services) | 90 | 3,815 | ||||||
ProPetro Holding Corp.* (Energy Equipment & Services) | 271 | 2,003 | ||||||
PROS Holdings, Inc.* (Software) | 133 | 6,752 | ||||||
ProSight Global, Inc.* (Insurance) | 32 | 411 | ||||||
Protagonist Therapeutics, Inc.* (Biotechnology) | 106 | 2,137 | ||||||
Protara Therapeutics, Inc.* (Biotechnology) | 13 | 315 | ||||||
Protective Insurance Corp.—Class B (Insurance) | 30 | 411 | ||||||
Prothena Corp. PLC* (Biotechnology) | 104 | 1,249 |
See accompanying notes to financial statements.
356 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Proto Labs, Inc.* (Machinery) | 90 | $ | 13,806 | |||||
Provention Bio, Inc.* (Pharmaceuticals) | 161 | 2,727 | ||||||
Provident BanCorp, Inc. (Thrifts & Mortgage Finance) | 57 | 684 | ||||||
Provident Financial Holdings, Inc. (Thrifts & Mortgage Finance) | 20 | 314 | ||||||
Provident Financial Services, Inc. (Thrifts & Mortgage Finance) | 243 | 4,364 | ||||||
Prudential Bancorp, Inc. (Thrifts & Mortgage Finance) | 27 | 374 | ||||||
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | 68 | 9,035 | ||||||
PTC Therapeutics, Inc.* (Biotechnology) | 209 | 12,755 | ||||||
Pulmonx Corp.* (Health Care Equipment & Supplies) | 39 | 2,692 | ||||||
Pulse Biosciences, Inc.* (Health Care Equipment & Supplies) | 46 | 1,098 | ||||||
Puma Biotechnology, Inc.* (Biotechnology) | 104 | 1,067 | ||||||
Pure Cycle Corp.* (Water Utilities) | 66 | 741 | ||||||
Purple Innovation, Inc.* (Household Durables) | 56 | 1,845 | ||||||
Pzena Investment Management, Inc.—Class A (Capital Markets) | 57 | 416 | ||||||
Q2 Holdings, Inc.* (Software) | 170 | 21,509 | ||||||
QAD, Inc. (Software) | 40 | 2,527 | ||||||
QCR Holdings, Inc. (Banks) | 50 | 1,980 | ||||||
QTS Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | 217 | 13,428 | ||||||
Quad/Graphics, Inc. (Commercial Services & Supplies) | 112 | 428 | ||||||
Quaker Chemical Corp. (Chemicals) | 45 | 11,402 | ||||||
Qualys, Inc.* (Software) | 115 | 14,015 | ||||||
Quanex Building Products Corp. (Building Products) | 111 | 2,461 | ||||||
Quanterix Corp.* (Life Sciences Tools & Services) | 71 | 3,302 | ||||||
Quantum Corp.* (Technology Hardware, Storage & Peripherals) | 101 | 618 | ||||||
QuinStreet, Inc.* (Interactive Media & Services) | 163 | 3,495 | ||||||
Quotient Technology, Inc.* (Internet & Direct Marketing Retail) | 294 | 2,769 | ||||||
Quotient, Ltd.* (Health Care Equipment & Supplies) | 245 | 1,276 | ||||||
R1 RCM, Inc.* (Health Care Providers & Services) | 367 | 8,815 | ||||||
Rackspace Technology, Inc.* (IT Services) | 114 | 2,173 | ||||||
Radian Group, Inc. (Thrifts & Mortgage Finance) | 648 | 13,121 | ||||||
Radiant Logistics, Inc.* (Air Freight & Logistics) | 132 | 766 | ||||||
Radius Health, Inc.* (Biotechnology) | 154 | 2,750 | ||||||
RadNet, Inc.* (Health Care Providers & Services) | 147 | 2,877 | ||||||
Rafael Holdings, Inc.*—Class B (Real Estate Management & Development) | 31 | 723 | ||||||
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | 384 | 6,705 | ||||||
Range Resources Corp.* (Oil, Gas & Consumable Fuels) | 724 | 4,851 | ||||||
Ranpak Holdings Corp.* (Containers & Packaging) | 98 | 1,317 | ||||||
Rapid7, Inc.* (Software) | 175 | 15,778 | ||||||
RAPT Therapeutics, Inc.* (Biotechnology) | 37 | 731 | ||||||
Raven Industries, Inc. (Industrial Conglomerates) | 121 | 4,004 | ||||||
Rayonier Advanced Materials, Inc.* (Chemicals) | 210 | 1,369 | ||||||
RBB Bancorp (Banks) | 56 | 861 | ||||||
RBC Bearings, Inc.* (Machinery) | 83 | 14,861 | ||||||
RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure) | 29 | 1,144 | ||||||
Ready Capital Corp. (Mortgage Real Estate Investment Trusts) | 142 | 1,768 | ||||||
Realogy Holdings Corp.* (Real Estate Management & Development) | 388 | 5,091 | ||||||
Recro Pharma, Inc.* (Biotechnology) | 66 | 188 | ||||||
Red River Bancshares, Inc. (Banks) | 17 | 842 | ||||||
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure) | 52 | 1,000 | ||||||
Red Rock Resorts, Inc.—Class A (Hotels, Restaurants & Leisure) | 223 | 5,584 | ||||||
Red Violet, Inc.* (Professional Services) | 23 | 601 | ||||||
Redfin Corp.* (Real Estate Management & Development) | 337 | 23,128 | ||||||
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts) | 379 | 3,328 | ||||||
REGENXBIO, Inc.* (Biotechnology) | 115 | 5,216 | ||||||
Regional Management Corp. (Consumer Finance) | 29 | 866 | ||||||
Regis Corp.* (Diversified Consumer Services) | 80 | 735 | ||||||
Relay Therapeutics, Inc.* (Biotechnology) | 109 | 4,530 | ||||||
Reliant Bancorp, Inc. (Banks) | 51 | 950 | ||||||
Relmada Therapeutics, Inc.* (Pharmaceuticals) | 50 | 1,604 | ||||||
Renasant Corp. (Banks) | 184 | 6,197 | ||||||
Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels) | 129 | 9,137 | ||||||
Rent-A-Center, Inc. (Specialty Retail) | 164 | 6,280 | ||||||
Repay Holdings Corp.* (IT Services) | 207 | 5,641 | ||||||
Replimune Group, Inc.* (Biotechnology) | 80 | 3,052 | ||||||
Repro-Med Systems, Inc.* (Health Care Equipment & Supplies) | 91 | 548 | ||||||
Republic Bancorp, Inc.—Class A (Banks) | 33 | 1,190 | ||||||
Republic First Bancorp, Inc.* (Banks) | 154 | 439 | ||||||
Research Frontiers, Inc.* (Electronic Equipment, Instruments & Components) | 90 | 253 | ||||||
Resideo Technologies, Inc.* (Building Products) | 477 | 10,141 | ||||||
Resonant, Inc.* (Communications Equipment) | 172 | 456 | ||||||
Resources Connection, Inc. (Professional Services) | 103 | 1,295 | ||||||
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts) | 391 | 5,235 | ||||||
Retail Properties of America, Inc. (Equity Real Estate Investment Trusts) | 725 | 6,206 | ||||||
Retail Value, Inc. (Equity Real Estate Investment Trusts) | 56 | 833 | ||||||
Retractable Technologies, Inc.* (Health Care Equipment & Supplies) | 45 | 483 | ||||||
REV Group, Inc. (Machinery) | 93 | 819 | ||||||
Revance Therapeutics, Inc.* (Pharmaceuticals) | 213 | 6,036 | ||||||
Revlon, Inc.*—Class A (Personal Products) | 23 | 273 | ||||||
REVOLUTION Medicines, Inc.* (Biotechnology) | 130 | 5,147 | ||||||
REX American Resources Corp.* (Oil, Gas & Consumable Fuels) | 19 | 1,396 | ||||||
Rexnord Corp. (Machinery) | 407 | 16,073 | ||||||
RGC Resources, Inc. (Gas Utilities) | 26 | 618 | ||||||
RH* (Specialty Retail) | 53 | 23,718 | ||||||
Rhythm Pharmaceuticals, Inc.* (Biotechnology) | 114 | 3,389 | ||||||
Ribbon Communications, Inc.* (Communications Equipment) | 231 | 1,515 | ||||||
Richmond Mutual Bancorp, Inc. (Banks) | 41 | 560 | ||||||
Rigel Pharmaceuticals, Inc.* (Biotechnology) | 575 | 2,013 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 357
Common Stocks, continued
Shares | Value | |||||||
Rimini Street, Inc.* (Software) | 78 | $ | 346 | |||||
Rite Aid Corp.* (Food & Staples Retailing) | 185 | 2,929 | ||||||
Riverview Bancorp, Inc. (Thrifts & Mortgage Finance) | 71 | 373 | ||||||
RLI Corp. (Insurance) | 134 | 13,956 | ||||||
RLJ Lodging Trust (Equity Real Estate Investment Trusts) | 555 | 7,853 | ||||||
Rocket Pharmaceuticals, Inc.* (Biotechnology) | 115 | 6,307 | ||||||
Rockwell Medical, Inc.* (Health Care Equipment & Supplies) | 236 | 238 | ||||||
Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods) | 23 | 646 | ||||||
Rogers Corp.* (Electronic Equipment, Instruments & Components) | 63 | 9,783 | ||||||
RPC, Inc.* (Energy Equipment & Services) | 194 | 611 | ||||||
RPT Realty (Equity Real Estate Investment Trusts) | 273 | 2,361 | ||||||
Rubius Therapeutics, Inc.* (Biotechnology) | 121 | 918 | ||||||
Rush Enterprises, Inc.—Class A (Trading Companies & Distributors) | 138 | 5,716 | ||||||
Rush Enterprises, Inc.—Class B (Trading Companies & Distributors) | 22 | 834 | ||||||
Ruth's Hospitality Group, Inc. (Hotels, Restaurants & Leisure) | 110 | 1,950 | ||||||
Ryerson Holding Corp.* (Metals & Mining) | 54 | 737 | ||||||
Ryman Hospitality Properties, Inc.—Class I (Equity Real Estate Investment Trusts) | 171 | 11,587 | ||||||
S&T Bancorp, Inc. (Banks) | 131 | 3,254 | ||||||
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | 695 | 12,072 | ||||||
Safe Bulkers, Inc.* (Marine) | 175 | 228 | ||||||
Safeguard Scientifics, Inc.* (Capital Markets) | 67 | 427 | ||||||
Safehold, Inc. (Equity Real Estate Investment Trusts) | 61 | 4,422 | ||||||
Safety Insurance Group, Inc. (Insurance) | 48 | 3,739 | ||||||
Saga Communications, Inc.—Class A (Media) | 13 | 312 | ||||||
Saia, Inc.* (Road & Rail) | 89 | 16,091 | ||||||
Sailpoint Technologies Holding, Inc.* (Software) | 298 | 15,866 | ||||||
Salisbury Bancorp, Inc. (Banks) | 9 | 335 | ||||||
Sally Beauty Holdings, Inc.* (Specialty Retail) | 382 | 4,981 | ||||||
Sanderson Farms, Inc. (Food Products) | 68 | 8,990 | ||||||
Sandy Spring Bancorp, Inc. (Banks) | 156 | 5,022 | ||||||
Sangamo Therapeutics, Inc.* (Biotechnology) | 389 | 6,070 | ||||||
Sanmina Corp.* (Electronic Equipment, Instruments & Components) | 217 | 6,920 | ||||||
Sapiens International Corp. N.V. (Software) | 93 | 2,847 | ||||||
Satsuma Pharmaceuticals, Inc.* (Pharmaceuticals) | 31 | 143 | ||||||
Saul Centers, Inc. (Equity Real Estate Investment Trusts) | 40 | 1,267 | ||||||
Savara, Inc.* (Biotechnology) | 163 | 187 | ||||||
SB Financial Group, Inc. (Banks) | 24 | 439 | ||||||
ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | 86 | 2,269 | ||||||
Schnitzer Steel Industries, Inc.—Class A (Metals & Mining) | 87 | 2,776 | ||||||
Scholar Rock Holding Corp.* (Biotechnology) | 87 | 4,222 | ||||||
Scholastic Corp. (Media) | 98 | 2,450 | ||||||
Schrodinger, Inc.* (Health Care Technology) | 102 | 8,076 | ||||||
Schweitzer-Mauduit International, Inc. (Paper & Forest Products) | 105 | 4,222 | ||||||
Scientific Games Corp.*—Class A (Hotels, Restaurants & Leisure) | 193 | 8,008 | ||||||
Scorpio Bulkers, Inc. (Marine) | 31 | 525 | ||||||
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels) | 171 | 1,913 | ||||||
scPharmaceuticals, Inc.* (Pharmaceuticals) | 24 | 127 | ||||||
Sculptor Capital Management, Inc. (Capital Markets) | 63 | 958 | ||||||
SeaChange International, Inc.* (Software) | 102 | 143 | ||||||
Seacoast Banking Corp.* (Banks) | 175 | 5,154 | ||||||
SEACOR Holdings, Inc.* (Energy Equipment & Services) | 65 | 2,694 | ||||||
SeaSpine Holdings Corp.* (Health Care Equipment & Supplies) | 89 | 1,553 | ||||||
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure) | 172 | 5,433 | ||||||
SecureWorks Corp.*—Class A (Software) | 30 | 427 | ||||||
Security National Financial Corp.*—Class A (Thrifts & Mortgage Finance) | 32 | 267 | ||||||
Select Bancorp, Inc.* (Banks) | 53 | 502 | ||||||
Select Energy Services, Inc.* (Energy Equipment & Services) | 199 | 816 | ||||||
Select Medical Holdings Corp.* (Health Care Providers & Services) | 367 | 10,151 | ||||||
Selecta Biosciences, Inc.* (Biotechnology) | 229 | 694 | ||||||
Selective Insurance Group, Inc. (Insurance) | 200 | 13,396 | ||||||
Selectquote, Inc.* (Insurance) | 105 | 2,179 | ||||||
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | 218 | 15,716 | ||||||
Seneca Foods Corp.*—Class A (Food Products) | 22 | 878 | ||||||
Sensient Technologies Corp. (Chemicals) | 143 | 10,549 | ||||||
Seres Therapeutics, Inc.* (Biotechnology) | 187 | 4,582 | ||||||
Seritage Growth Properties*(a)—Class A (Equity Real Estate Investment Trusts) | 115 | 1,688 | ||||||
Service Properties Trust (Equity Real Estate Investment Trusts) | 555 | 6,377 | ||||||
ServiceSource International, Inc.* (IT Services) | 298 | 524 | ||||||
ServisFirst Bancshares, Inc. (Banks) | 165 | 6,648 | ||||||
SFL Corp., Ltd. (Oil, Gas & Consumable Fuels) | 320 | 2,010 | ||||||
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | 119 | 10,089 | ||||||
Sharps Compliance Corp.* (Health Care Providers & Services) | 48 | 454 | ||||||
Shattuck Labs, Inc.* (Biotechnology) | 44 | 2,306 | ||||||
Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | 163 | 7,049 | ||||||
Shockwave Medical, Inc.* (Health Care Equipment & Supplies) | 96 | 9,957 | ||||||
Shoe Carnival, Inc. (Specialty Retail) | 31 | 1,215 | ||||||
Shore Bancshares, Inc. (Banks) | 40 | 584 | ||||||
ShotSpotter, Inc.* (Software) | 27 | 1,018 | ||||||
Shutterstock, Inc. (Internet & Direct Marketing Retail) | 74 | 5,306 | ||||||
SI-BONE, Inc.* (Health Care Equipment & Supplies) | 98 | 2,930 | ||||||
Siebert Financial Corp.* (Capital Markets) | 38 | 160 | ||||||
Sientra, Inc.* (Health Care Equipment & Supplies) | 157 | 611 | ||||||
Sierra Bancorp (Banks) | 48 | 1,148 | ||||||
SIGA Technologies, Inc.* (Pharmaceuticals) | 176 | 1,280 | ||||||
Signet Jewelers, Ltd. (Specialty Retail) | 176 | 4,800 |
See accompanying notes to financial statements.
358 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | 147 | $ | 18,720 | |||||
Silk Road Medical, Inc.*(a) (Health Care Equipment & Supplies) | 92 | 5,794 | ||||||
Silvercrest Asset Management Group, Inc.—Class A (Capital Markets) | 32 | 444 | ||||||
Silvergate Capital Corp.*—Class A (Banks) | 53 | 3,938 | ||||||
Simmons First National Corp.—Class A (Banks) | 366 | 7,902 | ||||||
Simpson Manufacturing Co., Inc. (Building Products) | 147 | 13,737 | ||||||
Simulations Plus, Inc. (Health Care Technology) | 47 | 3,380 | ||||||
Sinclair Broadcast Group, Inc.—Class A (Media) | 149 | 4,746 | ||||||
SITE Centers Corp. (Equity Real Estate Investment Trusts) | 518 | 5,242 | ||||||
Siteone Landscape Supply, Inc.* (Trading Companies & Distributors) | 149 | 23,635 | ||||||
SiTime Corp.* (Semiconductors & Semiconductor Equipment) | 31 | 3,470 | ||||||
SJW Corp. (Water Utilities) | 89 | 6,173 | ||||||
Skyline Champion Corp.* (Household Durables) | 178 | 5,507 | ||||||
SkyWest, Inc. (Airlines) | 167 | 6,732 | ||||||
Sleep Number Corp.* (Specialty Retail) | 92 | 7,531 | ||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 386 | 2,362 | ||||||
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 49 | 1,844 | ||||||
SmartFinancial, Inc. (Banks) | 47 | 853 | ||||||
Smith & Wesson Brands, Inc. (Leisure Products) | 187 | 3,319 | ||||||
Smith Micro Software, Inc.* (Software) | 116 | 629 | ||||||
Solaris Oilfield Infrastructure, Inc. (Energy Equipment & Services) | 97 | 790 | ||||||
Soleno Therapeutics, Inc.* (Biotechnology) | 201 | 388 | ||||||
Solid Biosciences, Inc.* (Biotechnology) | 95 | 720 | ||||||
Soliton, Inc.* (Health Care Equipment & Supplies) | 24 | 184 | ||||||
Sonic Automotive, Inc.—Class A (Specialty Retail) | 79 | 3,047 | ||||||
Sonos, Inc.* (Household Durables) | 273 | 6,385 | ||||||
Sorrento Therapeutics, Inc.*(a) (Biotechnology) | 847 | 5,781 | ||||||
South Jersey Industries, Inc. (Gas Utilities) | 341 | 7,349 | ||||||
South Plains Financial, Inc. (Banks) | 36 | 682 | ||||||
South State Corp. (Banks) | 237 | 17,136 | ||||||
Southern First Bancshares, Inc.* (Banks) | 25 | 884 | ||||||
Southern Missouri Bancorp, Inc. (Thrifts & Mortgage Finance) | 26 | 791 | ||||||
Southern National Bancorp of Virginia, Inc. (Banks) | 67 | 811 | ||||||
Southside Bancshares, Inc. (Banks) | 107 | 3,320 | ||||||
Southwest Gas Holdings, Inc. (Gas Utilities) | 189 | 11,482 | ||||||
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | 2,189 | 6,523 | ||||||
SP Plus Corp.* (Commercial Services & Supplies) | 78 | 2,249 | ||||||
Spark Energy, Inc.—Class A (Electric Utilities) | 41 | 392 | ||||||
SpartanNash Co. (Food & Staples Retailing) | 120 | 2,089 | ||||||
Spectrum Pharmaceuticals, Inc.* (Biotechnology) | 488 | 1,664 | ||||||
Spero Therapeutics, Inc.* (Biotechnology) | 69 | 1,338 | ||||||
Spire, Inc. (Gas Utilities) | 170 | 10,887 | ||||||
Spirit Airlines, Inc.* (Airlines) | 332 | 8,117 | ||||||
Spirit of Texas Bancshares, Inc. (Banks) | 44 | 739 | ||||||
Spok Holdings, Inc. (Wireless Telecommunication Services) | 60 | 668 | ||||||
Sportsman's Warehouse Holdings, Inc.* (Specialty Retail) | 145 | 2,545 | ||||||
SpringWorks Therapeutics, Inc.* (Biotechnology) | 81 | 5,874 | ||||||
Sprout Social, Inc.*—Class A (Software) | 94 | 4,269 | ||||||
Spruce Biosciences, Inc.* (Biotechnology) | 24 | 583 | ||||||
SPS Commerce, Inc.* (Software) | 120 | 13,031 | ||||||
SPX Corp.* (Machinery) | 145 | 7,908 | ||||||
SPX FLOW, Inc.* (Machinery) | 144 | 8,346 | ||||||
SQZ Biotechnologies Co.* (Biotechnology) | 15 | 435 | ||||||
STAAR Surgical Co.* (Health Care Equipment & Supplies) | 155 | 12,279 | ||||||
STAG Industrial, Inc. (Equity Real Estate Investment Trusts) | 507 | 15,879 | ||||||
Stamps.com, Inc.* (Internet & Direct Marketing Retail) | 58 | 11,379 | ||||||
Standard AVB Financial Corp. (Thrifts & Mortgage Finance) | 13 | 424 | ||||||
Standard Motor Products, Inc. (Auto Components) | 71 | 2,873 | ||||||
Standex International Corp. (Machinery) | 42 | 3,256 | ||||||
Startek, Inc.* (IT Services) | 59 | 444 | ||||||
State Auto Financial Corp. (Insurance) | 59 | 1,047 | ||||||
Steelcase, Inc.—Class A (Commercial Services & Supplies) | 292 | 3,957 | ||||||
Stepan Co. (Chemicals) | 73 | 8,710 | ||||||
StepStone Group, Inc.*—Class A (Capital Markets) | 66 | 2,627 | ||||||
Stereotaxis, Inc.* (Health Care Equipment & Supplies) | 150 | 764 | ||||||
Sterling Bancorp, Inc. (Thrifts & Mortgage Finance) | 55 | 250 | ||||||
Sterling Construction Co., Inc.* (Construction & Engineering) | 94 | 1,749 | ||||||
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | 279 | 9,854 | ||||||
Stewart Information Services Corp. (Insurance) | 89 | 4,304 | ||||||
Stifel Financial Corp. (Capital Markets) | 339 | 17,081 | ||||||
Stitch Fix, Inc.* (Internet & Direct Marketing Retail) | 204 | 11,979 | ||||||
Stock Yards Bancorp, Inc. (Banks) | 69 | 2,793 | ||||||
Stoke Therapeutics, Inc.* (Biotechnology) | 42 | 2,601 | ||||||
Stoneridge, Inc.* (Auto Components) | 88 | 2,660 | ||||||
StoneX Group, Inc.* (Capital Markets) | 55 | 3,185 | ||||||
Strategic Education, Inc. (Diversified Consumer Services) | 82 | 7,818 | ||||||
Stratus Properties, Inc.* (Real Estate Management & Development) | 20 | 510 | ||||||
Stride, Inc.* (Diversified Consumer Services) | 137 | 2,909 | ||||||
Strongbridge BioPharma PLC* (Pharmaceuticals) | 149 | 362 | ||||||
Sturm Ruger & Co., Inc. (Leisure Products) | 57 | 3,709 | ||||||
Summit Financial Group, Inc. (Banks) | 38 | 839 | ||||||
Summit Hotel Properties, Inc. (Equity Real Estate Investment Trusts) | 350 | 3,154 | ||||||
Summit Materials, Inc.*—Class A (Construction Materials) | 388 | 7,792 | ||||||
Sumo Logic, Inc.* (Software) | 48 | 1,372 | ||||||
SunCoke Energy, Inc. (Metals & Mining) | 281 | 1,222 | ||||||
Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers) | 180 | 8,123 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 359
Common Stocks, continued
Shares | Value | |||||||
SunPower Corp.* (Semiconductors & Semiconductor Equipment) | 259 | $ | 6,641 | |||||
Sunrun, Inc.* (Electrical Equipment) | 509 | 35,314 | ||||||
Sunstone Hotel Investors, Inc. (Equity Real Estate Investment Trusts) | 727 | 8,237 | ||||||
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals) | 150 | 4,750 | ||||||
Superior Group of Cos., Inc. (Textiles, Apparel & Luxury Goods) | 36 | 837 | ||||||
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | 165 | 4,151 | ||||||
Surgalign Holdings, Inc.* (Health Care Equipment & Supplies) | 196 | 429 | ||||||
Surgery Partners, Inc.* (Health Care Providers & Services) | 76 | 2,205 | ||||||
Surmodics, Inc.* (Health Care Equipment & Supplies) | 45 | 1,958 | ||||||
Sutro BioPharma, Inc.* (Biotechnology) | 94 | 2,041 | ||||||
SVMK, Inc.* (Software) | 415 | 10,603 | ||||||
SWK Holdings Corp.* (Diversified Financial Services) | 12 | 173 | ||||||
Sykes Enterprises, Inc.* (IT Services) | 129 | 4,859 | ||||||
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | 117 | 11,279 | ||||||
Synchronoss Technologies, Inc.* (Software) | 134 | 630 | ||||||
Syndax Pharmaceuticals, Inc.* (Biotechnology) | 91 | 2,024 | ||||||
Syros Pharmaceuticals, Inc.* (Biotechnology) | 140 | 1,519 | ||||||
Systemax, Inc. (Trading Companies & Distributors) | 42 | 1,507 | ||||||
Tabula Rasa Healthcare, Inc.* (Health Care Technology) | 72 | 3,084 | ||||||
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies) | 62 | 2,786 | ||||||
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels) | 42 | 346 | ||||||
Tanger Factory Outlet Centers, Inc.(a) (Equity Real Estate Investment Trusts) | 306 | 3,048 | ||||||
Target Hospitality Corp.* (Hotels, Restaurants & Leisure) | 99 | 156 | ||||||
Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals) | 21 | 868 | ||||||
Taylor Morrison Home Corp.* (Household Durables) | 427 | 10,953 | ||||||
Taysha Gene Therapies, Inc.* (Biotechnology) | 29 | 770 | ||||||
TCR2 Therapeutics, Inc.* (Biotechnology) | 86 | 2,660 | ||||||
Team, Inc.* (Commercial Services & Supplies) | 101 | 1,101 | ||||||
TechTarget, Inc.* (Media) | 81 | 4,788 | ||||||
TEGNA, Inc. (Media) | 742 | 10,350 | ||||||
Tejon Ranch Co.* (Real Estate Management & Development) | 71 | 1,026 | ||||||
Tela Bio, Inc.* (Health Care Equipment & Supplies) | 23 | 346 | ||||||
Telenav, Inc.* (Software) | 112 | 526 | ||||||
Tellurian, Inc.* (Oil, Gas & Consumable Fuels) | 567 | 726 | ||||||
Tenable Holdings, Inc.* (Software) | 240 | 12,542 | ||||||
Tenet Healthcare Corp.* (Health Care Providers & Services) | 353 | 14,095 | ||||||
Tennant Co. (Machinery) | 62 | 4,351 | ||||||
Tenneco, Inc.* (Auto Components) | 173 | 1,834 | ||||||
Terex Corp. (Machinery) | 228 | 7,955 | ||||||
Terreno Realty Corp. (Equity Real Estate Investment Trusts) | 226 | 13,223 | ||||||
Territorial Bancorp, Inc. (Thrifts & Mortgage Finance) | 27 | 649 | ||||||
Tetra Tech, Inc. (Commercial Services & Supplies) | 182 | 21,071 | ||||||
Texas Capital Bancshares, Inc.* (Banks) | 171 | 10,175 | ||||||
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | 222 | 17,352 | ||||||
Textainer Group Holdings, Ltd.* (Trading Companies & Distributors) | 167 | 3,203 | ||||||
TG Therapeutics, Inc.* (Biotechnology) | 390 | 20,288 | ||||||
The Andersons, Inc. (Food & Staples Retailing) | 105 | 2,574 | ||||||
The Bancorp, Inc.* (Banks) | 174 | 2,375 | ||||||
The Bank of Nt Butterfield & Son, Ltd. (Banks) | 169 | 5,266 | ||||||
The Bank of Princeton (Banks) | 19 | 445 | ||||||
The Brink's Co. (Commercial Services & Supplies) | 166 | 11,952 | ||||||
The Buckle, Inc. (Specialty Retail) | 98 | 2,862 | ||||||
The Cato Corp.—Class A (Specialty Retail) | 72 | 690 | ||||||
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | 143 | 5,300 | ||||||
The Children's Place, Inc.* (Specialty Retail) | 48 | 2,405 | ||||||
The Community Financial Corp. (Banks) | 18 | 477 | ||||||
The Container Store Group, Inc.* (Specialty Retail) | 66 | 630 | ||||||
The E.W. Scripps Co.—Class A (Media) | 190 | 2,905 | ||||||
The Eastern Co. (Machinery) | 18 | 434 | ||||||
The Ensign Group, Inc. (Health Care Providers & Services) | 175 | 12,761 | ||||||
The ExOne Co.* (Machinery) | 44 | 418 | ||||||
The First Bancorp, Inc. (Banks) | 34 | 864 | ||||||
The GEO Group, Inc. (Equity Real Estate Investment Trusts) | 398 | 3,526 | ||||||
The Goodyear Tire & Rubber Co. (Auto Components) | 782 | 8,532 | ||||||
The Greenbrier Cos., Inc. (Machinery) | 109 | 3,965 | ||||||
The Hackett Group, Inc. (IT Services) | 85 | 1,223 | ||||||
The Joint Corp.* (Health Care Providers & Services) | 45 | 1,182 | ||||||
The Lovesac Co.* (Household Durables) | 33 | 1,422 | ||||||
The Macerich Co.(a) (Equity Real Estate Investment Trusts) | 507 | 5,410 | ||||||
The Manitowoc Co., Inc.* (Machinery) | 115 | 1,531 | ||||||
The Marcus Corp. (Entertainment) | 76 | 1,024 | ||||||
The Michaels Cos., Inc.* (Specialty Retail) | 252 | 3,279 | ||||||
The ODP Corp.* (Specialty Retail) | 177 | 5,186 | ||||||
The Pennant Group, Inc.* (Health Care Providers & Services) | 86 | 4,993 | ||||||
The Providence Service Corp.* (Health Care Providers & Services) | 41 | 5,684 | ||||||
The RealReal, Inc.* (Internet & Direct Marketing Retail) | 215 | 4,201 | ||||||
The RMR Group, Inc.—Class A (Real Estate Management & Development) | 51 | 1,970 | ||||||
The Shyft Group, Inc. (Machinery) | 117 | 3,320 | ||||||
The Simply Good Foods Co.* (Food Products) | 288 | 9,032 | ||||||
The St Joe Co. (Real Estate Management & Development) | 111 | 4,712 | ||||||
TherapeuticsMD, Inc.*(a) (Pharmaceuticals) | 871 | 1,054 | ||||||
Theravance Biopharma, Inc.* (Pharmaceuticals) | 158 | 2,808 | ||||||
Thermon Group Holdings, Inc.* (Electrical Equipment) | 111 | 1,735 | ||||||
Third Point Reinsurance, Ltd.* (Insurance) | 272 | 2,589 |
See accompanying notes to financial statements.
360 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Tidewater, Inc.* (Energy Equipment & Services) | 137 | $ | 1,184 | |||||
Tilly's, Inc.—Class A (Specialty Retail) | 75 | 612 | ||||||
Timberland Bancorp, Inc. (Thrifts & Mortgage Finance) | 25 | 607 | ||||||
TimkenSteel Corp.* (Metals & Mining) | 152 | 710 | ||||||
Tiptree, Inc. (Insurance) | 83 | 417 | ||||||
Titan Machinery, Inc.* (Trading Companies & Distributors) | 64 | 1,251 | ||||||
Tivity Health, Inc.* (Health Care Providers & Services) | 147 | 2,880 | ||||||
Tompkins Financial Corp. (Banks) | 48 | 3,389 | ||||||
Tootsie Roll Industries, Inc. (Food Products) | 54 | 1,604 | ||||||
TopBuild Corp.* (Household Durables) | 112 | 20,616 | ||||||
TowneBank (Banks) | 226 | 5,306 | ||||||
TPG RE Finance Trust, Inc.—Class T (Mortgage Real Estate Investment Trusts) | 203 | 2,156 | ||||||
TPI Composites, Inc.* (Electrical Equipment) | 104 | 5,489 | ||||||
Transcat, Inc.* (Trading Companies & Distributors) | 24 | 832 | ||||||
Transcontinental Realty Investors, Inc.* (Real Estate Management & Development) | 5 | 121 | ||||||
Translate Bio, Inc.* (Biotechnology) | 231 | 4,257 | ||||||
TransMedics Group, Inc.* (Health Care Equipment & Supplies) | 85 | 1,692 | ||||||
Transocean, Ltd.*(a) (Energy Equipment & Services) | 1,978 | 4,568 | ||||||
Travere Therapeutics, Inc.* (Biotechnology) | 165 | 4,497 | ||||||
Trean Insurance Group, Inc.* (Insurance) | 40 | 524 | ||||||
Trecora Resources* (Chemicals) | 82 | 573 | ||||||
Tredegar Corp. (Chemicals) | 88 | 1,470 | ||||||
TRI Pointe Group, Inc.* (Household Durables) | 427 | 7,366 | ||||||
Tribune Publishing Co. (Media) | 53 | 726 | ||||||
Tricida, Inc.* (Pharmaceuticals) | 96 | 677 | ||||||
TriCo Bancshares (Banks) | 89 | 3,140 | ||||||
TriMas Corp.* (Machinery) | 139 | 4,402 | ||||||
TriNet Group, Inc.* (Professional Services) | 139 | 11,203 | ||||||
Trinseo SA (Chemicals) | 129 | 6,606 | ||||||
Triple-S Management Corp.* (Health Care Providers & Services) | 77 | 1,644 | ||||||
TriState Capital Holdings, Inc.* (Banks) | 93 | 1,618 | ||||||
Triton International, Ltd. (Trading Companies & Distributors) | 204 | 9,896 | ||||||
Triumph Bancorp, Inc.* (Banks) | 77 | 3,738 | ||||||
Triumph Group, Inc. (Aerospace & Defense) | 174 | 2,185 | ||||||
Tronox Holdings PLC—Class A (Chemicals) | 303 | 4,430 | ||||||
TrueBlue, Inc.* (Professional Services) | 119 | 2,224 | ||||||
TrueCar, Inc.* (Interactive Media & Services) | 348 | 1,462 | ||||||
Trupanion, Inc.* (Insurance) | 102 | 12,210 | ||||||
TrustCo Bank Corp. (Thrifts & Mortgage Finance) | 320 | 2,134 | ||||||
Trustmark Corp. (Banks) | 213 | 5,817 | ||||||
TTEC Holdings, Inc. (IT Services) | 61 | 4,449 | ||||||
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 338 | 4,663 | ||||||
Tucows, Inc.* (IT Services) | 32 | 2,364 | ||||||
Tupperware Brands Corp.* (Household Durables) | 166 | 5,377 | ||||||
Turning Point Brands, Inc. (Tobacco) | 40 | 1,782 | ||||||
Turning Point Therapeutics, Inc.* (Biotechnology) | 126 | 15,353 | ||||||
Turtle Beach Corp.* (Household Durables) | 47 | 1,013 | ||||||
Tutor Perini Corp.* (Construction & Engineering) | 138 | 1,787 | ||||||
Twist Bioscience Corp.* (Biotechnology) | 111 | 15,683 | ||||||
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts) | 926 | 5,899 | ||||||
Tyme Technologies, Inc.* (Biotechnology) | 235 | 287 | ||||||
U.S. Concrete, Inc.* (Construction Materials) | 54 | 2,158 | ||||||
U.S. Ecology, Inc. (Commercial Services & Supplies) | 107 | 3,887 | ||||||
U.S. Lime & Minerals, Inc. (Construction Materials) | 7 | 798 | ||||||
U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 43 | 5,171 | ||||||
U.S. Silica Holdings, Inc. (Energy Equipment & Services) | 249 | 1,748 | ||||||
UFP Industries, Inc. (Building Products) | 202 | 11,221 | ||||||
UFP Technologies, Inc.* (Containers & Packaging) | 23 | 1,072 | ||||||
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | 136 | 4,236 | ||||||
Ultragenyx Pharmaceutical, Inc.* (Biotechnology) | 212 | 29,346 | ||||||
Ultralife Corp.* (Electrical Equipment) | 31 | 201 | ||||||
UMB Financial Corp. (Banks) | 148 | 10,211 | ||||||
UMH Properties, Inc. (Equity Real Estate Investment Trusts) | 126 | 1,866 | ||||||
Unifi, Inc.* (Textiles, Apparel & Luxury Goods) | 46 | 816 | ||||||
UniFirst Corp. (Commercial Services & Supplies) | 51 | 10,796 | ||||||
Unisys Corp.* (IT Services) | 209 | 4,113 | ||||||
United Bankshares, Inc. (Banks) | 418 | 13,543 | ||||||
United Community Banks, Inc. (Banks) | 264 | 7,508 | ||||||
United Fire Group, Inc. (Insurance) | 71 | 1,782 | ||||||
United Insurance Holdings Corp. (Insurance) | 69 | 395 | ||||||
United Natural Foods, Inc.* (Food & Staples Retailing) | 184 | 2,938 | ||||||
United Security Bancshares/Fresno CA (Banks) | 46 | 324 | ||||||
United States Steel Corp. (Metals & Mining) | 741 | 12,427 | ||||||
Uniti Group, Inc. (Equity Real Estate Investment Trusts) | 654 | 7,671 | ||||||
Unitil Corp. (Multi-Utilities) | 50 | 2,214 | ||||||
Unity BanCorp, Inc. (Banks) | 26 | 456 | ||||||
UNITY Biotechnology, Inc.* (Biotechnology) | 120 | 629 | ||||||
Universal Corp. (Tobacco) | 82 | 3,986 | ||||||
Universal Electronics, Inc.* (Household Durables) | 45 | 2,361 | ||||||
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts) | 43 | 2,764 | ||||||
Universal Insurance Holdings, Inc. (Insurance) | 92 | 1,390 | ||||||
Universal Logistics Holdings, Inc. (Road & Rail) | 26 | 535 | ||||||
Universal Technical Institute, Inc.* (Diversified Consumer Services) | 98 | 633 | ||||||
Univest Financial Corp. (Banks) | 97 | 1,996 | ||||||
Upland Software, Inc.* (Software) | 90 | 4,130 | ||||||
Upwork, Inc.* (Professional Services) | 314 | 10,839 | ||||||
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels) | 659 | 1,160 | ||||||
Urban Edge Properties (Equity Real Estate Investment Trusts) | 393 | 5,085 | ||||||
Urban Outfitters, Inc.* (Specialty Retail) | 233 | 5,965 | ||||||
UroGen Pharma, Ltd.* (Biotechnology) | 66 | 1,189 | ||||||
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts) | 101 | 1,427 | ||||||
US Xpress Enterprises, Inc.*—Class A (Road & Rail) | 75 | 513 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 361
Common Stocks, continued
Shares | Value | |||||||
USANA Health Sciences, Inc.* (Personal Products) | 39 | $ | 3,007 | |||||
Utah Medical Products, Inc. (Health Care Equipment & Supplies) | 12 | 1,012 | ||||||
Valley National Bancorp (Banks) | 1,348 | 13,143 | ||||||
Value Line, Inc. (Capital Markets) | 3 | 99 | ||||||
Vanda Pharmaceuticals, Inc.* (Biotechnology) | 182 | 2,391 | ||||||
Vapotherm, Inc.* (Health Care Equipment & Supplies) | 66 | 1,773 | ||||||
Varex Imaging Corp.* (Health Care Equipment & Supplies) | 129 | 2,152 | ||||||
Varonis Systems, Inc.* (Software) | 105 | 17,178 | ||||||
Vaxart, Inc.* (Biotechnology) | 177 | 1,011 | ||||||
Vaxcyte, Inc.* (Pharmaceuticals) | 62 | 1,647 | ||||||
VBI Vaccines, Inc.*(a) (Biotechnology) | 609 | 1,675 | ||||||
Vector Group, Ltd. (Tobacco) | 472 | 5,499 | ||||||
Vectrus, Inc.* (Aerospace & Defense) | 39 | 1,939 | ||||||
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | 165 | 2,864 | ||||||
Venus Concept, Inc.* (Health Care Equipment & Supplies) | 65 | 112 | ||||||
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods) | 69 | 549 | ||||||
Veracyte, Inc.* (Biotechnology) | 194 | 9,494 | ||||||
Verastem, Inc.* (Biotechnology) | 577 | 1,229 | ||||||
Vericel Corp.* (Biotechnology) | 154 | 4,756 | ||||||
Vericity, Inc.* (Insurance) | 6 | 60 | ||||||
Verint Systems, Inc.* (Software) | 220 | 14,780 | ||||||
Veritex Holdings, Inc. (Banks) | 160 | 4,106 | ||||||
Veritiv Corp.* (Trading Companies & Distributors) | 44 | 915 | ||||||
Veritone, Inc.* (Software) | 79 | 2,248 | ||||||
Verra Mobility Corp.*—Class C (IT Services) | 452 | 6,066 | ||||||
Verrica Pharmaceuticals, Inc.* (Pharmaceuticals) | 42 | 483 | ||||||
Verso Corp.—Class A (Paper & Forest Products) | 106 | 1,274 | ||||||
Veru, Inc.* (Personal Products) | 180 | 1,557 | ||||||
Viad Corp. (Commercial Services & Supplies) | 68 | 2,460 | ||||||
Viavi Solutions, Inc.* (Communications Equipment) | 773 | 11,576 | ||||||
Vicor Corp.* (Electrical Equipment) | 65 | 5,994 | ||||||
Viela Bio, Inc.* (Biotechnology) | 73 | 2,626 | ||||||
Viemed Healthcare, Inc.* (Health Care Providers & Services) | 118 | 916 | ||||||
ViewRay, Inc.* (Health Care Equipment & Supplies) | 377 | 1,440 | ||||||
Viking Therapeutics, Inc.* (Biotechnology) | 222 | 1,250 | ||||||
Village Super Market, Inc.—Class A (Food & Staples Retailing) | 29 | 640 | ||||||
Vir Biotechnology, Inc.* (Biotechnology) | 181 | 4,847 | ||||||
VirnetX Holding Corp. (Software) | 214 | 1,079 | ||||||
Virtus Investment Partners, Inc. (Capital Markets) | 25 | 5,425 | ||||||
Virtusa Corp.* (IT Services) | 99 | 5,062 | ||||||
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | 450 | 9,320 | ||||||
Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components) | 42 | 1,322 | ||||||
Vista Outdoor, Inc.* (Leisure Products) | 197 | 4,681 | ||||||
Visteon Corp.* (Auto Components) | 94 | 11,799 | ||||||
Vital Farms, Inc.* (Food Products) | 35 | 886 | ||||||
Vivint Smart Home, Inc.* (Diversified Consumer Services) | 263 | 5,457 | ||||||
Vocera Communications, Inc.* (Health Care Technology) | 109 | 4,527 | ||||||
VolitionRX, Ltd.* (Health Care Equipment & Supplies) | 92 | 358 | ||||||
Vonage Holdings Corp.* (Diversified Telecommunication Services) | 793 | 10,210 | ||||||
VOXX International Corp.* (Auto Components) | 67 | 855 | ||||||
Voyager Therapeutics, Inc.* (Biotechnology) | 87 | 622 | ||||||
VSE Corp. (Commercial Services & Supplies) | 30 | 1,155 | ||||||
vTv Therapeutics, Inc.*—Class A (Biotechnology) | 37 | 69 | ||||||
VYNE Therapeutics, Inc.* (Pharmaceuticals) | 491 | 776 | ||||||
W&T Offshore, Inc.* (Oil, Gas & Consumable Fuels) | 319 | 692 | ||||||
Wabash National Corp. (Machinery) | 179 | 3,084 | ||||||
Waddell & Reed Financial, Inc.—Class A (Capital Markets) | 208 | 5,298 | ||||||
Waitr Holdings, Inc.* (Internet & Direct Marketing Retail) | 283 | 787 | ||||||
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance) | 96 | 8,833 | ||||||
Warrior Met Coal, Inc. (Metals & Mining) | 174 | 3,710 | ||||||
Washington Federal, Inc. (Thrifts & Mortgage Finance) | 255 | 6,564 | ||||||
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts) | 279 | 6,035 | ||||||
Washington Trust Bancorp, Inc. (Banks) | 58 | 2,598 | ||||||
Waterstone Financial, Inc. (Thrifts & Mortgage Finance) | 74 | 1,393 | ||||||
Watford Holdings, Ltd.* (Insurance) | 58 | 2,007 | ||||||
Watts Water Technologies, Inc.—Class A (Machinery) | 93 | 11,318 | ||||||
WaVe Life Sciences, Ltd.* (Pharmaceuticals) | 111 | 874 | ||||||
WD-40 Co. (Household Products) | 46 | 12,222 | ||||||
Weis Markets, Inc. (Food & Staples Retailing) | 32 | 1,530 | ||||||
Welbilt, Inc.* (Machinery) | 441 | 5,821 | ||||||
Werner Enterprises, Inc. (Road & Rail) | 206 | 8,079 | ||||||
WesBanco, Inc. (Banks) | 220 | 6,591 | ||||||
WESCO International, Inc.* (Trading Companies & Distributors) | 167 | 13,109 | ||||||
West Bancorp, Inc. (Banks) | 54 | 1,042 | ||||||
Westamerica Bancorp (Banks) | 88 | 4,866 | ||||||
Western Asset Mortgage Capital Corp. (Mortgage Real Estate Investment Trusts) | 201 | 655 | ||||||
Western New England Bancorp, Inc. (Thrifts & Mortgage Finance) | 77 | 531 | ||||||
Westwood Holdings Group, Inc. (Capital Markets) | 26 | 377 | ||||||
Weyco Group, Inc. (Distributors) | 20 | 317 | ||||||
Whitestone REIT (Equity Real Estate Investment Trusts) | 135 | 1,076 | ||||||
Whiting Petroleum Corp.* (Oil, Gas & Consumable Fuels) | 4 | 100 | ||||||
WideOpenWest, Inc.* (Media) | 177 | 1,889 | ||||||
Willdan Group, Inc.* (Professional Services) | 35 | 1,460 | ||||||
Willis Lease Finance Corp.* (Trading Companies & Distributors) | 10 | 305 | ||||||
WillScot Mobile Mini Holdings Corp.* (Construction & Engineering) | 542 | 12,557 | ||||||
Wingstop, Inc. (Hotels, Restaurants & Leisure) | 100 | 13,255 | ||||||
Winmark Corp. (Specialty Retail) | 10 | 1,858 |
See accompanying notes to financial statements.
362 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
Shares | Value | |||||||
Winnebago Industries, Inc. (Automobiles) | 105 | $ | 6,294 | |||||
WisdomTree Investments, Inc. (Capital Markets) | 470 | 2,515 | ||||||
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | 273 | 8,531 | ||||||
Workhorse Group, Inc.* (Auto Components) | 319 | 6,310 | ||||||
Workiva, Inc.* (Software) | 134 | 12,277 | ||||||
World Acceptance Corp.* (Consumer Finance) | 15 | 1,533 | ||||||
World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | 211 | 6,575 | ||||||
Worthington Industries, Inc. (Metals & Mining) | 124 | 6,366 | ||||||
Wrap Technologies, Inc.* (Electronic Equipment, Instruments & Components) | 39 | 188 | ||||||
WSFS Financial Corp. (Thrifts & Mortgage Finance) | 170 | 7,630 | ||||||
WW International, Inc.* (Diversified Consumer Services) | 160 | 3,904 | ||||||
X4 Pharmaceuticals, Inc.* (Biotechnology) | 54 | 347 | ||||||
XBiotech, Inc.* (Biotechnology) | 49 | 767 | ||||||
Xencor, Inc.* (Biotechnology) | 188 | 8,202 | ||||||
Xenia Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | 383 | 5,822 | ||||||
Xeris Pharmaceuticals, Inc.* (Pharmaceuticals) | 155 | 763 | ||||||
XOMA Corp.* (Biotechnology) | 21 | 927 | ||||||
XPEL, Inc.* (Auto Components) | 56 | 2,887 | ||||||
Xperi Holding Corp. (Software) | 353 | 7,378 | ||||||
Yelp, Inc.* (Interactive Media & Services) | 244 | 7,971 | ||||||
YETI Holdings, Inc.* (Leisure Products) | 271 | 18,556 | ||||||
Yext, Inc.* (Software) | 349 | 5,486 | ||||||
Y-mAbs Therapeutics, Inc.* (Biotechnology) | 103 | 5,100 | ||||||
York Water Co. (Water Utilities) | 44 | 2,050 | ||||||
Zentalis Pharmaceuticals, Inc.* (Biotechnology) | 97 | 5,038 | ||||||
ZIOPHARM Oncology, Inc.*(a) (Biotechnology) | 721 | 1,817 | ||||||
Zix Corp.* (Software) | 185 | 1,597 | ||||||
Zogenix, Inc.* (Pharmaceuticals) | 188 | 3,758 | ||||||
Zumiez, Inc.* (Specialty Retail) | 71 | 2,611 | ||||||
Zuora, Inc.*—Class A (Software) | 340 | 4,736 | ||||||
Zynex, Inc.*(a) (Health Care Equipment & Supplies) | 63 | 848 | ||||||
TOTAL COMMON STOCKS (Cost $5,045,918) | 8,376,744 |
Trust (0.0%)
Interest Units | Value | |||||||
Ferroglobe Representation and Warranty Insurance*+ (Metals & Mining) | 510 | $ | — | |||||
TOTAL TRUST (Cost $—) | — |
Repurchase Agreements(b)(c) (65.7%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $13,869,029 | $ | 13,869,000 | $ | 13,869,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $13,869,000) | 13,869,000 |
Collateral for Securities Loaned (0.4%)
Shares | Value | |||||||
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.07%(d) | 81,418 | $ | 81,418 | |||||
Fidelity Investments Money Market Government Portfolio—Class I, 0.08%(d) | 341 | 341 | ||||||
Invesco Government & Agency Portfolio— Institutional Shares, 0.11%(d) | 1,486 | 1,486 | ||||||
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $83,245) | 83,245 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $18,998,163)—105.8% | 22,328,989 | |||||||
Net other assets (liabilities)—(5.8)% | (1,220,767 | ) | ||||||
NET ASSETS—100.0% | $ | 21,108,222 |
* | Non-income producing security. |
+ | This security was fair valued based on procedures approved by the Board of Trustees. As of December 31, 2020, this security represented 0.000% of the net assets of the Fund. |
(a) | All or part of this security was on loan as of December 31, 2020. The total value of securities on loan as of December 31, 2020 was $78,977. |
(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, 2020, the aggregate amount held in a segregated account was $5,537,000. |
(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) | Rate periodically changes. Rate disclosed is the daily yield on December 31, 2020. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 363
Futures Contracts Purchased
Number of Contracts | Expiration Date | Notional Amount | Value and Appreciation/ | |||||||||||
E-Mini Russell 2000 Index Futures Contracts | 9 | 3/22/21 | $ | 888,660 | $ | 21,246 |
Total Return Swap Agreements – Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and | ||||||||||||
iShares Russell 2000 ETF | Goldman Sachs International | 1/27/21 | 0.15 | % | $ | 8,815,704 | $ | (85,815 | ) | ||||||||
Russell 2000 Index | Goldman Sachs International | 1/27/21 | 0.35 | % | 1,160,566 | (19,033 | ) | ||||||||||
$ | 9,976,270 | $ | (104,848 | ) | |||||||||||||
iShares Russell 2000 ETF | UBS AG | 1/27/21 | (0.10 | )% | $ | 6,235,374 | $ | (70,221 | ) | ||||||||
Russell 2000 Index | UBS AG | 1/27/21 | 0.10 | % | 16,847,531 | (200,238 | ) | ||||||||||
$ | 23,082,905 | $ | (270,459 | ) | |||||||||||||
$ | 33,059,175 | $ | (375,307 | ) |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP UltraSmall-Cap invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Aerospace & Defense | $ | 71,300 | 0.3 | % | ||||
Air Freight & Logistics | 27,607 | 0.1 | % | |||||
Airlines | 26,571 | 0.1 | % | |||||
Auto Components | 113,633 | 0.5 | % | |||||
Automobiles | 6,294 | NM | ||||||
Banks | 642,957 | 3.1 | % | |||||
Beverages | 24,885 | 0.1 | % | |||||
Biotechnology | 940,804 | 4.4 | % | |||||
Building Products | 142,406 | 0.7 | % | |||||
Capital Markets | 131,913 | 0.6 | % | |||||
Chemicals | 145,152 | 0.6 | % | |||||
Commercial Services & Supplies | 156,385 | 0.7 | % | |||||
Communications Equipment | 75,419 | 0.4 | % | |||||
Construction & Engineering | 117,550 | 0.6 | % | |||||
Construction Materials | 12,433 | 0.1 | % | |||||
Consumer Finance | 63,256 | 0.3 | % | |||||
Containers & Packaging | 18,687 | 0.1 | % | |||||
Distributors | 5,741 | NM | ||||||
Diversified Consumer Services | 47,099 | 0.2 | % | |||||
Diversified Financial Services | 16,986 | 0.1 | % | |||||
Diversified Telecommunication Services | 55,562 | 0.3 | % | |||||
Electric Utilities | 52,126 | 0.2 | % | |||||
Electrical Equipment | 144,711 | 0.7 | % | |||||
Electronic Equipment, Instruments & Components | 194,011 | 0.9 | % | |||||
Energy Equipment & Services | 56,185 | 0.3 | % | |||||
Entertainment | 20,774 | 0.1 | % | |||||
Equity Real Estate Investment Trusts | 463,047 | 2.2 | % | |||||
Food & Staples Retailing | 64,062 | 0.3 | % | |||||
Food Products | 120,334 | 0.6 | % | |||||
Gas Utilities | 74,120 | 0.3 | % | |||||
Health Care Equipment & Supplies | 284,187 | 1.3 | % | |||||
Health Care Providers & Services | 225,926 | 1.1 | % | |||||
Health Care Technology | 102,599 | 0.5 | % | |||||
Hotels, Restaurants & Leisure | 306,246 | 1.5 | % | |||||
Household Durables | 165,682 | 0.8 | % | |||||
Household Products | 18,943 | 0.1 | % | |||||
Independent Power and Renewable Electricity Producers | 33,260 | 0.2 | % | |||||
Industrial Conglomerates | 4,004 | NM | ||||||
Insurance | 170,486 | 0.8 | % | |||||
Interactive Media & Services | 33,445 | 0.2 | % | |||||
Internet & Direct Marketing Retail | 66,405 | 0.3 | % | |||||
IT Services | 167,296 | 0.8 | % | |||||
Leisure Products | 56,702 | 0.3 | % | |||||
Life Sciences Tools & Services | 75,246 | 0.4 | % | |||||
Machinery | 314,806 | 1.5 | % | |||||
Marine | 11,373 | 0.1 | % | |||||
Media | 73,726 | 0.2 | % | |||||
Metals & Mining | 141,996 | 0.7 | % | |||||
Mortgage Real Estate Investment Trusts | 104,710 | 0.5 | % | |||||
Multiline Retail | 19,103 | 0.1 | % | |||||
Multi-Utilities | 34,684 | 0.2 | % | |||||
Oil, Gas & Consumable Fuels | 122,887 | 0.5 | % | |||||
Paper & Forest Products | 39,136 | 0.2 | % | |||||
Personal Products | 30,303 | 0.1 | % | |||||
Pharmaceuticals | 135,620 | 0.6 | % | |||||
Professional Services | 104,357 | 0.5 | % | |||||
Real Estate Management & Development | 76,390 | 0.4 | % | |||||
Road & Rail | 43,684 | 0.2 | % | |||||
Semiconductors & Semiconductor Equipment | 245,845 | 1.2 | % |
See accompanying notes to financial statements.
364 :: ProFund VP UltraSmall-Cap :: Financial Statements
Value | % of Net Assets | |||||||
Software | $ | 492,772 | 2.3 | % | ||||
Specialty Retail | 220,278 | 1.0 | % | |||||
Technology Hardware, Storage & Peripherals | 17,424 | 0.1 | % | |||||
Textiles, Apparel & Luxury Goods | 79,804 | 0.4 | % | |||||
Thrifts & Mortgage Finance | 149,508 | 0.7 | % | |||||
Tobacco | 11,267 | 0.1 | % | |||||
Trading Companies & Distributors | 118,157 | 0.6 | % | |||||
Water Utilities | 35,076 | 0.2 | % | |||||
Wireless Telecommunication Services | 11,401 | 0.1 | % | |||||
Other** | 12,731,478 | 60.3 | % | |||||
Total | $ | 21,108,222 | 100.0 | % |
** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 365
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 18,998,163 | ||
Securities, at value(a) | 8,459,989 | |||
Repurchase agreements, at value | 13,869,000 | |||
Total Investment Securities, at value | 22,328,989 | |||
Cash | 9,766 | |||
Segregated cash balances for futures contracts with brokers | 59,400 | |||
Segregated cash balances for swap agreements with custodian | 740 | |||
Dividends and interest receivable | 7,605 | |||
Receivable for capital shares issued | 118,534 | |||
Receivable for investments sold | 20,078 | |||
Prepaid expenses | 73 | |||
TOTAL ASSETS | 22,545,185 | |||
LIABILITIES: | ||||
Payable for investments purchased | 12,285 | |||
Payable for capital shares redeemed | 920,075 | |||
Payable for collateral for securities loaned | 83,245 | |||
Unrealized depreciation on swap agreements | 375,307 | |||
Variation margin on futures contracts | 765 | |||
Advisory fees payable | 10,636 | |||
Management services fees payable | 1,418 | |||
Administration fees payable | 1,416 | |||
Administrative services fees payable | 9,149 | |||
Distribution fees payable | 8,797 | |||
Transfer agency fees payable | 1,188 | |||
Fund accounting fees payable | 1,400 | |||
Compliance services fees payable | 90 | |||
Other accrued expenses | 11,192 | |||
TOTAL LIABILITIES | 1,436,963 | |||
NET ASSETS | $ | 21,108,222 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 16,036,691 | ||
Total distributable earnings (loss) | 5,071,531 | |||
NET ASSETS | $ | 21,108,222 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 909,469 | |||
Net Asset Value (offering and redemption price per share) | $ | 23.21 | ||
(a) Includes securities on loan valued at: | $ | 78,977 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 81,250 | ||
Interest | 26,727 | |||
Foreign tax withholding | (91 | ) | ||
Income from securities lending | 2,711 | |||
TOTAL INVESTMENT INCOME | 110,597 | |||
EXPENSES: | ||||
Advisory fees | 107,050 | |||
Management services fees | 14,273 | |||
Administration fees | 12,712 | |||
Transfer agency fees | 10,068 | |||
Administrative services fees | 38,406 | |||
Distribution fees | 35,683 | |||
Custody fees | 2,551 | |||
Fund accounting fees | 12,287 | |||
Trustee fees | 300 | |||
Compliance services fees | 150 | |||
Licensing fees | 15,962 | |||
Other fees | 16,323 | |||
Total Gross Expenses before reductions | 265,765 | |||
Expenses reduced and reimbursed by the Advisor | (25,974 | ) | ||
TOTAL NET EXPENSES | 239,791 | |||
NET INVESTMENT INCOME (LOSS) | (129,194 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (189,872 | ) | ||
Net realized gains (losses) on futures contracts | (232,358 | ) | ||
Net realized gains (losses) on swap agreements | 2,912,616 | |||
Change in net unrealized appreciation/depreciation on investment securities | 100,337 | |||
Change in net unrealized appreciation/depreciation on futures contracts | 4,214 | |||
Change in net unrealized appreciation/depreciation on swap agreements | (360,607 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 2,234,330 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,105,136 |
See accompanying notes to financial statements.
366 :: ProFund VP UltraSmall-Cap :: Financial Statements
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (129,194 | ) | $ | 15,428 | |||
Net realized gains (losses) on investments | 2,490,386 | 7,235,210 | ||||||
Change in net unrealized appreciation/depreciation on investments | (256,056 | ) | 1,761,595 | |||||
Change in net assets resulting from operations | 2,105,136 | 9,012,233 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (2,142,018 | ) | — | |||||
Change in net assets resulting from distributions | (2,142,018 | ) | — | |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 84,978,342 | 294,926,860 | ||||||
Distributions reinvested | 2,142,018 | — | ||||||
Value of shares redeemed | (86,084,727 | ) | (300,565,877 | ) | ||||
Change in net assets resulting from capital transactions | 1,035,633 | (5,639,017 | ) | |||||
Change in net assets | 998,751 | 3,373,216 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 20,109,471 | 16,736,255 | ||||||
End of period | $ | 21,108,222 | $ | 20,109,471 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 5,043,750 | 14,324,843 | ||||||
Reinvested | 139,545 | — | ||||||
Redeemed | (5,121,528 | ) | (14,516,368 | ) | ||||
Change in shares | 61,767 | (191,525 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP UltraSmall-Cap :: 367
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 23.72 | $ | 16.10 | $ | 28.59 | $ | 25.21 | $ | 18.07 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.15 | ) | 0.01 | (0.02 | ) | (0.20 | ) | (0.15 | ) | |||||||||||
Net realized and unrealized gains (losses) on investments | 2.55 | 7.61 | (4.67 | ) | 6.48 | 7.29 | ||||||||||||||
Total income (loss) from investment activities | 2.40 | 7.62 | (4.69 | ) | 6.28 | 7.14 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.03 | ) | — | — | — | — | ||||||||||||||
Net realized gains on investments | (2.88 | ) | — | (7.80 | ) | (2.90 | ) | — | ||||||||||||
Total distributions | (2.91 | ) | — | (7.80 | ) | (2.90 | ) | — | ||||||||||||
Net Asset Value, End of Period | $ | 23.21 | $ | 23.72 | $ | 16.10 | $ | 28.59 | $ | 25.21 | ||||||||||
Total Return | 16.39 | % | 47.33 | % | (26.95 | )% | 25.20 | % | 39.51 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.86 | % | 1.76 | % | 1.74 | % | 1.72 | % | 1.78 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | (0.91 | )% | 0.07 | % | (0.09 | )% | (0.74 | )% | (0.79 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000's) | $ | 21,108 | $ | 20,109 | $ | 16,736 | $ | 31,873 | $ | 26,775 | ||||||||||
Portfolio turnover rate(b) | 34 | % | 66 | % | 18 | % | 27 | % | 32 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
368 :: 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 Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. 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, 2020, the Fund had a total return of 20.69%. For the same period, the Long Bond, as measured by the Ryan Labs Returns Treasury Yield Curve 30 Year Index1, had a total return of 18.99%2 and a volatility of 27.72%. 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.3
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, 2020, the most recent Long Bond carried a maturity date of 11/15/50 and a 1.625% coupon.
During the year ended December 31, 2020, the Fund invested in swap agreements and futures contracts as a substitute for 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, 2010 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP U.S. Government Plus | 20.69 | % | 8.05 | % | 8.31 | % | ||||||
Ryan Labs Returns Treasury Yield Curve 30 Year Index | 18.99 | % | 8.32 | % | 8.18 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP U.S. Government Plus | 1.38 | % | 1.38 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. See Financial Highlights for effective expense ratios. |
Allocation of Portfolio Holdings
Market Exposure
Investment Type | % of Net Assets | |||
U.S. Treasury Obligation | 36 | % | ||
Swap Agreements | 87 | % | ||
Total Exposure | 123 | % |
"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 | The Ryan Labs Returns Treasury Yield Curve 30 Year Index is an index that consists of public obligations of the U.S. Treasury consisting of a single security, the latest issued on-the-run 30 Year 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. |
2 | 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. |
3 | 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.
Financial Statements :: ProFund VP U.S. Government Plus :: 369
Schedule of Portfolio Investments :: December 31, 2020
U.S. Treasury Obligation (35.8%)
Principal Amount | Value | |||||||
U.S. Treasury Bond, 1.625%, 11/15/50 | $ | 8,040,000 | $ | 8,008,594 | ||||
TOTAL U.S. TREASURY OBLIGATION (Cost $7,968,624) | 8,008,594 | |||||||
Repurchase Agreements(a)(b) (63.0%) | ||||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $14,112,030 | 14,112,000 | 14,112,000 | ||||||
TOTAL REPURCHASE AGREEMENTS (Cost $14,112,000) | 14,112,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $22,080,624)—98.8% | 22,120,594 | |||||||
Net other assets (liabilities)—1.2% | 274,820 | |||||||
NET ASSETS—100.0% | $ | 22,395,414 |
(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, 2020, the aggregate amount held in a segregated account was $224,000. |
(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, 1.625% due on 11/15/50 | Citibank North America | 1/15/21 | 0.20% | $ | 12,311,719 | $ | 36,685 | |||||||||
30-Year U.S. Treasury Bond, 1.625% due on 11/15/50 | Societe' Generale | 1/15/21 | 0.31% | 7,371,094 | 22,075 | |||||||||||
$ | 19,682,813 | $ | 58,760 |
(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, 2020, 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.
370 :: ProFund VP U.S. Government Plus :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 22,080,624 | ||
Securities, at value | 8,008,594 | |||
Repurchase agreements, at value | 14,112,000 | |||
Total Investment Securities, at value | 22,120,594 | |||
Cash | 829 | |||
Segregated cash balances for swap agreements with custodian | 1,000 | |||
Dividends and interest receivable | 16,970 | |||
Unrealized appreciation on swap agreements | 58,760 | |||
Receivable for capital shares issued | 253,903 | |||
Prepaid expenses | 209 | |||
TOTAL ASSETS | 22,452,265 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 1,379 | |||
Advisory fees payable | 9,326 | |||
Management services fees payable | 1,865 | |||
Administration fees payable | 1,512 | |||
Administrative service fees payable | 10,812 | |||
Distribution fees payable | 12,065 | |||
Transfer agency fees payable | 1,269 | |||
Fund accounting fees payable | 861 | |||
Compliance services fees payable | 138 | |||
Other accrued expenses | 17,624 | |||
TOTAL LIABILITIES | 56,851 | |||
NET ASSETS | $ | 22,395,414 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 19,445,598 | ||
Total distributable earnings (loss) | 2,949,816 | |||
NET ASSETS | $ | 22,395,414 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 732,980 | |||
Net Asset Value (offering and redemption price per share) | $ | 30.55 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Interest | $ | 177,861 | ||
EXPENSES: | ||||
Advisory fees | 141,977 | |||
Management services fees | 28,395 | |||
Administration fees | 26,789 | |||
Transfer agency fees | 21,393 | |||
Administrative services fees | 74,811 | |||
Distribution fees | 70,989 | |||
Custody fees | 4,540 | |||
Fund accounting fees | 14,769 | |||
Trustee fees | 580 | |||
Compliance services fees | 302 | |||
Other fees | 36,285 | |||
Total Gross Expenses before reductions | 420,830 | |||
Expenses reduced and reimbursed by the Advisor | (28,973 | ) | ||
TOTAL NET EXPENSES | 391,857 | |||
NET INVESTMENT INCOME (LOSS) | (213,996 | ) | ||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | 1,019,174 | |||
Net realized gains (losses) on futures contracts | (39,293 | ) | ||
Net realized gains (losses) on swap agreements | 2,095,799 | |||
Change in net unrealized appreciation/depreciation on investment securities | 140,141 | |||
Change in net unrealized appreciation/depreciation on futures contracts | 11 | |||
Change in net unrealized appreciation/depreciation on swap agreements | 333,644 | |||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | 3,549,476 | |||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,335,480 |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP U.S. Government Plus :: 371
Statements of Changes in Net Assets | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (213,996 | ) | $ | 175,989 | |||
Net realized gains (losses) on investments | 3,075,680 | 3,861,629 | ||||||
Change in net unrealized appreciation/depreciation on investments | 473,796 | (926,058 | ) | |||||
Change in net assets resulting from operations | 3,335,480 | 3,111,560 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (1,890,196 | ) | (175,989 | ) | ||||
Change in net assets resulting from distributions | (1,890,196 | ) | (175,989 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 121,388,592 | 168,736,250 | ||||||
Distributions reinvested | 1,890,196 | 175,989 | ||||||
Value of shares redeemed | (121,724,663 | ) | (168,304,461 | ) | ||||
Change in net assets resulting from capital transactions | 1,554,125 | 607,778 | ||||||
Change in net assets | 2,999,409 | 3,543,349 | ||||||
NET ASSETS: | ||||||||
Beginning of period | 19,396,005 | 15,852,656 | ||||||
End of period | $ | 22,395,414 | $ | 19,396,005 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 3,561,171 | 6,529,272 | ||||||
Reinvested | 56,986 | 6,867 | ||||||
Redeemed | (3,599,595 | ) | (6,506,242 | ) | ||||
Change in shares | 18,562 | 29,897 |
See accompanying notes to financial statements.
372 :: ProFund VP U.S. Government Plus :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 27.15 | $ | 23.16 | $ | 24.73 | $ | 22.68 | $ | 22.75 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.25 | ) | 0.22 | 0.21 | 0.10 | (0.11 | ) | |||||||||||||
Net realized and unrealized gains (losses) on investments | 6.06 | 3.99 | (1.57 | ) | 2.06 | 0.04 | ||||||||||||||
Total income (loss) from investment activities | 5.81 | 4.21 | (1.36 | ) | 2.16 | (0.07 | ) | |||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.02 | ) | (0.22 | ) | (0.21 | ) | (0.11 | ) | — | |||||||||||
Net realized gains on investments | (2.39 | ) | — | — | — | — | ||||||||||||||
Total distributions | (2.41 | ) | (0.22 | ) | (0.21 | ) | (0.11 | ) | — | |||||||||||
Net Asset Value, End of Period | $ | 30.55 | $ | 27.15 | $ | 23.16 | $ | 24.73 | $ | 22.68 | ||||||||||
Total Return | 20.69 | % | 18.22 | % | (5.42 | )% | 9.49 | % | (0.31 | )% | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.48 | % | 1.44 | % | 1.45 | % | 1.43 | % | 1.42 | % | ||||||||||
Net expenses | 1.38 | % | 1.38 | % | 1.38 | % | 1.38 | % | 1.38 | % | ||||||||||
Net investment income (loss) | (0.75 | )% | 0.84 | % | 0.92 | % | 0.43 | % | (0.42 | )% | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 22,395 | $ | 19,396 | $ | 15,853 | $ | 19,008 | $ | 26,162 | ||||||||||
Portfolio turnover rate(b) | 398 | % | 402 | % | 437 | % | 397 | % | 400 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Management Discussion of Fund Performance :: ProFund VP Utilities :: 373
ProFund VP Utilities (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. UtilitiesSM Index (the “Index”). For the year ended December 31, 2020, the Fund had a total return of -2.40%. For the same period, the Index had a return of -0.61%1 and a volatility of 38.97%. 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 utilities sector of the U.S. equity market. Component companies include, among others, electric utilities, gas utilities, and water utilities.
During the year ended December 31, 2020, 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 Utilities from December 31, 2020 to December 31, 2020, assuming the reinvestment of distributions. |
Average Annual Total Return as of 12/31/20
Fund | One Year | Five Year | Ten Year | |||||||||
ProFund VP Utilities | -2.40 | % | 9.45 | % | 9.45 | % | ||||||
Dow Jones U.S. UtilitiesSM Index | -0.61 | % | 11.27 | % | 11.28 | % | ||||||
S&P 500® | 18.40 | % | 15.22 | % | 13.88 | % |
Expense Ratios**
Fund | Gross | Net | ||||||
ProFund VP Utilities | 1.74 | % | 1.68 | % |
** | Reflects the expense ratio as reported in the Prospectus dated May 1, 2020. Contractual fee waivers are in effect through April 30, 2021. 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 | |||
NextEra Energy, Inc. | 15.3 | % | ||
Duke Energy Corp. | 6.8 | % | ||
The Southern Co. | 6.6 | % | ||
Dominion Energy, Inc. | 6.2 | % | ||
American Electric Power Co., Inc. | 4.2 | % |
Dow Jones U.S. UtilitiesSM Index – Composition
% of Index | ||||
Electric Utilities | 61 | % | ||
Multi-Utilities | 28 | % | ||
Water Utilities | 4 | % | ||
Gas Utilities | 4 | % | ||
Independent Power and Renewable Electricity Producers | 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 | 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.
374 :: ProFund VP Utilities :: Financial Statements
Schedule of Portfolio Investments :: December 31, 2020
Common Stocks (99.0%)
Shares | Value | |||||||
ALLETE, Inc. (Electric Utilities) | 1,717 | $ | 106,351 | |||||
Alliant Energy Corp. (Electric Utilities) | 8,251 | 425,174 | ||||||
Ameren Corp. (Multi-Utilities) | 8,167 | 637,516 | ||||||
American Electric Power Co., Inc. (Electric Utilities) | 16,398 | 1,365,461 | ||||||
American Water Works Co., Inc. (Water Utilities) | 5,988 | 918,979 | ||||||
Atmos Energy Corp. (Gas Utilities) | 4,159 | 396,892 | ||||||
Avangrid, Inc. (Electric Utilities) | 1,840 | 83,628 | ||||||
Avista Corp. (Multi-Utilities) | 2,271 | 91,158 | ||||||
Black Hills Corp. (Multi-Utilities) | 2,073 | 127,386 | ||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 17,998 | 389,477 | ||||||
CMS Energy Corp. (Multi-Utilities) | 9,459 | 577,094 | ||||||
Consolidated Edison, Inc. (Multi-Utilities) | 11,302 | 816,796 | ||||||
Dominion Energy, Inc. (Multi-Utilities) | 26,951 | 2,026,714 | ||||||
DTE Energy Co. (Multi-Utilities) | 6,394 | 776,296 | ||||||
Duke Energy Corp. (Electric Utilities) | 24,313 | 2,226,098 | ||||||
Edison International (Electric Utilities) | 12,504 | 785,501 | ||||||
Entergy Corp. (Electric Utilities) | 6,615 | 660,442 | ||||||
Essential Utilities, Inc. (Water Utilities) | 7,373 | 348,669 | ||||||
Evergy, Inc. (Electric Utilities) | 7,493 | 415,936 | ||||||
Eversource Energy (Electric Utilities) | 11,325 | 979,726 | ||||||
Exelon Corp. (Electric Utilities) | 32,228 | 1,360,666 | ||||||
FirstEnergy Corp. (Electric Utilities) | 17,925 | 548,684 | ||||||
Hawaiian Electric Industries, Inc. (Electric Utilities) | 3,607 | 127,652 | ||||||
IDACORP, Inc. (Electric Utilities) | 1,667 | 160,082 | ||||||
MDU Resources Group, Inc. (Multi-Utilities) | 6,624 | 174,476 | ||||||
National Fuel Gas Co. (Gas Utilities) | 3,005 | 123,596 | ||||||
New Jersey Resources Corp. (Gas Utilities) | 3,176 | 112,907 | ||||||
NextEra Energy, Inc. (Electric Utilities) | 64,719 | 4,993,071 | ||||||
NiSource, Inc. (Multi-Utilities) | 12,660 | 290,420 | ||||||
NorthWestern Corp. (Multi-Utilities) | 1,671 | 97,436 | ||||||
NRG Energy, Inc. (Independent Power and Renewable Electricity Producers) | 8,068 | 302,953 | ||||||
ONE Gas, Inc. (Gas Utilities) | 1,754 | 134,655 | ||||||
PG&E Corp.* (Electric Utilities) | 49,170 | 612,658 | ||||||
Pinnacle West Capital Corp. (Electric Utilities) | 3,720 | 297,414 | ||||||
PNM Resources, Inc. (Electric Utilities) | 2,631 | 127,682 | ||||||
Portland General Electric Co. (Electric Utilities) | 2,957 | 126,471 | ||||||
PPL Corp. (Electric Utilities) | 25,398 | 716,224 | ||||||
Public Service Enterprise Group, Inc. (Multi-Utilities) | 16,711 | 974,251 | ||||||
Sempra Energy (Multi-Utilities) | 9,530 | 1,214,217 | ||||||
Southwest Gas Holdings, Inc. (Gas Utilities) | 1,877 | 114,028 | ||||||
Spire, Inc. (Gas Utilities) | 1,705 | 109,188 | ||||||
The AES Corp. (Independent Power and Renewable Electricity Producers) | 21,973 | 516,366 | ||||||
The Southern Co. (Electric Utilities) | 34,893 | 2,143,477 | ||||||
UGI Corp. (Gas Utilities) | 6,885 | 240,700 | ||||||
Vistra Corp. (Independent Power and Renewable Electricity Producers) | 16,159 | 317,686 | ||||||
WEC Energy Group, Inc. (Multi-Utilities) | 10,420 | 958,953 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 17,359 | 1,157,325 | ||||||
TOTAL COMMON STOCKS (Cost $15,849,432) | 32,208,532 |
Repurchase Agreements(a) (0.6%)
Principal Amount | Value | |||||||
Repurchase Agreements with various counterparties, rates 0.01%–0.03%, dated 12/31/20, due 1/4/21, total to be received $210,000 | $ | 210,000 | $ | 210,000 | ||||
TOTAL REPURCHASE AGREEMENTS (Cost $210,000) | 210,000 | |||||||
TOTAL INVESTMENT SECURITIES (Cost $16,059,432)—99.6% | 32,418,532 | |||||||
Net other assets (liabilities)—0.4% | 124,192 | |||||||
NET ASSETS—100.0% | $ | 32,542,724 |
* | Non-income producing security. |
(a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements – Long
Underlying Instrument | Counterparty | Termination Date(1) | Rate Paid (Received)(2) | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | |||||||||||||
Dow Jones U.S. Utilities Index | Goldman Sachs International | 1/25/21 | 0.60 | % | $ | 328,964 | $ | 9,893 |
(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, 2020, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Utilities :: 375
ProFund VP Utilities invested in the following industries as of December 31, 2020:
Value | % of Net Assets | |||||||
Electric Utilities | $ | 19,419,723 | 59.7 | % | ||||
Gas Utilities | 1,231,966 | 3.8 | % | |||||
Independent Power and Renewable Electricity Producers | 1,137,005 | 3.5 | % | |||||
Multi-Utilities | 9,152,190 | 28.1 | % | |||||
Water Utilities | 1,267,648 | 3.9 | % | |||||
Other** | 334,192 | 1.0 | % | |||||
Total | $ | 32,542,724 | 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.
376 :: ProFund VP Utilities :: Financial Statements
Statement of Assets and Liabilities
December 31, 2020
ASSETS: | ||||
Total Investment Securities, at cost | $ | 16,059,432 | ||
Securities, at value | 32,208,532 | |||
Repurchase agreements, at value | 210,000 | |||
Total Investment Securities, at value | 32,418,532 | |||
Cash | 529 | |||
Segregated cash balances for swap agreements with custodian | 140,000 | |||
Dividends and interest receivable | 52,704 | |||
Unrealized appreciation on swap agreements | 9,893 | |||
Receivable for capital shares issued | 13,040 | |||
Prepaid expenses | 263 | |||
TOTAL ASSETS | 32,634,961 | |||
LIABILITIES: | ||||
Payable for capital shares redeemed | 13,892 | |||
Advisory fees payable | 19,656 | |||
Management services fees payable | 2,621 | |||
Administration fees payable | 2,138 | |||
Administrative services fees payable | 15,034 | |||
Distribution fees payable | 14,574 | |||
Transfer agency fees payable | 1,795 | |||
Fund accounting fees payable | 1,230 | |||
Compliance services fees payable | 172 | |||
Other accrued expenses | 21,125 | |||
TOTAL LIABILITIES | 92,237 | |||
NET ASSETS | $ | 32,542,724 | ||
NET ASSETS CONSIST OF: | ||||
Capital | $ | 18,709,376 | ||
Total distributable earnings (loss) | 13,833,348 | |||
NET ASSETS | $ | 32,542,724 | ||
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | 870,898 | |||
Net Asset Value (offering and redemption price per share) | $ | 37.37 |
Statement of Operations
For the Year Ended December 31, 2020
INVESTMENT INCOME: | ||||
Dividends | $ | 1,057,177 | ||
Interest | 4,841 | |||
Income from securities lending | 2 | |||
TOTAL INVESTMENT INCOME | 1,062,020 | |||
EXPENSES: | ||||
Advisory fees | 266,607 | |||
Management services fees | 35,547 | |||
Administration fees | 32,518 | |||
Transfer agency fees | 26,044 | |||
Administrative services fees | 102,602 | |||
Distribution fees | 88,869 | |||
Custody fees | 5,124 | |||
Fund accounting fees | 18,171 | |||
Trustee fees | 755 | |||
Compliance services fees | 343 | |||
Other fees | 45,537 | |||
Total Gross Expenses before reductions | 622,117 | |||
Expenses reduced and reimbursed by the Advisor | (24,917 | ) | ||
TOTAL NET EXPENSES | 597,200 | |||
NET INVESTMENT INCOME (LOSS) | 464,820 | |||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | ||||
Net realized gains (losses) on investment securities | (624,968 | ) | ||
Net realized gains (losses) on swap agreements | (173,922 | ) | ||
Change in net unrealized appreciation/depreciation on investment securities | (2,116,751 | ) | ||
Change in net unrealized appreciation/depreciation on swap agreements | (6,199 | ) | ||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | (2,921,840 | ) | ||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,457,020 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Utilities :: 377
Statements of Changes in Net Assets
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
FROM INVESTMENT ACTIVITIES: | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | 464,820 | $ | 564,783 | ||||
Net realized gains (losses) on investments | (798,890 | ) | 7,959,576 | |||||
Change in net unrealized appreciation/depreciation on investments | (2,122,950 | ) | (535,319 | ) | ||||
Change in net assets resulting from operations | (2,457,020 | ) | 7,989,040 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions | (7,985,139 | ) | (2,834,874 | ) | ||||
Change in net assets resulting from distributions | (7,985,139 | ) | (2,834,874 | ) | ||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | 26,708,658 | 41,363,727 | ||||||
Distributions reinvested | 7,985,139 | 2,834,874 | ||||||
Value of shares redeemed | (35,984,865 | ) | (46,028,628 | ) | ||||
Change in net assets resulting from capital transactions | (1,291,068 | ) | (1,830,027 | ) | ||||
Change in net assets | (11,733,227 | ) | 3,324,139 | |||||
NET ASSETS: | ||||||||
Beginning of period | 44,275,951 | 40,951,812 | ||||||
End of period | $ | 32,542,724 | $ | 44,275,951 | ||||
SHARE TRANSACTIONS: | ||||||||
Issued | 599,643 | 845,893 | ||||||
Reinvested | 225,314 | 60,613 | ||||||
Redeemed | (831,816 | ) | (952,580 | ) | ||||
Change in shares | (6,859 | ) | (46,074 | ) |
See accompanying notes to financial statements.
378 :: ProFund VP Utilities :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2017 | Year Ended Dec. 31, 2016 | ||||||||||||||||
Net Asset Value, Beginning of Period | $ | 50.44 | $ | 44.33 | $ | 45.65 | $ | 43.68 | $ | 39.63 | ||||||||||
Investment Activities: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.57 | 0.67 | 0.79 | 0.76 | 0.74 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (2.39 | ) | 9.18 | 0.39 | 3.89 | 5.26 | ||||||||||||||
Total income (loss) from investment activities | (1.82 | ) | 9.85 | 1.18 | 4.65 | 6.00 | ||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||
Net investment income | (0.75 | ) | (0.79 | ) | (1.00 | ) | (1.02 | ) | (0.68 | ) | ||||||||||
Net realized gains on investments | (10.50 | ) | (2.95 | ) | (1.50 | ) | (1.66 | ) | (1.27 | ) | ||||||||||
Total distributions | (11.25 | ) | (3.74 | ) | (2.50 | ) | (2.68 | ) | (1.95 | ) | ||||||||||
Net Asset Value, End of Period | $ | 37.37 | $ | 50.44 | $ | 44.33 | $ | 45.65 | $ | 43.68 | ||||||||||
Total Return | (2.40 | )% | 22.88 | % | 2.89 | % | 10.64 | % | 15.07 | % | ||||||||||
Ratios to Average Net Assets: | ||||||||||||||||||||
Gross expenses | 1.75 | % | 1.74 | % | 1.79 | % | 1.72 | % | 1.71 | % | ||||||||||
Net expenses | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | ||||||||||
Net investment income (loss) | 1.31 | % | 1.38 | % | 1.78 | % | 1.62 | % | 1.68 | % | ||||||||||
Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (000’s) | $ | 32,543 | $ | 44,276 | $ | 40,952 | $ | 38,464 | $ | 40,197 | ||||||||||
Portfolio turnover rate(b) | 50 | % | 209 | % | 108 | % | 60 | % | 97 | % |
(a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(b) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Notes to Financial Statements
380 :: Notes to Financial Statements :: December 31, 2020
1. Organization
ProFunds (the “Trust”) consists of 112 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 Basic Materials
ProFund VP Biotechnology
ProFund VP Consumer Goods
ProFund VP Consumer Services
ProFund VP Financials
ProFund VP Health Care
ProFund VP Industrials
ProFund VP Internet
ProFund VP Oil & Gas
ProFund VP Pharmaceuticals
ProFund VP Precious Metals
ProFund VP Real Estate
ProFund VP Semiconductor
ProFund VP Technology
ProFund VP Telecommunications
ProFund VP Utilities
Non-Equity ProFunds VP:
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
The ProFunds VP, excluding ProFund VP Government Money Market, are referred to as the “non-money market ProFunds VP.” Each non-money market ProFund VP, other than ProFund VP Consumer Services, ProFund VP Europe 30, ProFund VP Industrials, ProFund VP Large-Cap Growth, ProFund VP Large-Cap Value, ProFund VP Mid-Cap Growth, ProFund VP Mid-Cap Value, ProFund VP Real Estate, ProFund VP Small-Cap Growth, ProFund VP Small-Cap Value, and ProFund VP Utilities, is classified as non-diversified under the 1940 Act. Each ProFund VP has one class of shares.
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust and ProFunds VP’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the ProFunds VP.
December 31, 2020 :: Notes to Financial Statements :: 381
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by each ProFund VP in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The actual results could differ from those estimates.
Investment Valuation
The ProFunds VP record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 3.
Repurchase Agreements
Each ProFund VP may enter into repurchase agreements with financial institutions in pursuit of its investment objective, as “cover” for the investment techniques it employs, or for liquidity purposes. Repurchase agreements are primarily used by the ProFunds VP as short-term investments for cash positions. Under a repurchase agreement, a ProFund VP purchases a debt security and simultaneously agrees to sell the security back to the seller at a mutually agreed-upon future price and date, normally one business day. The resale price is greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser’s holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year.
The ProFunds VP follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions generally with major, global financial institutions whose creditworthiness is continuously monitored by ProFund Advisors LLC (the “Advisor”). In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. Funds within both the Trust and Access One Trust (an affiliated 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, 2020, the ProFunds VP had undivided interest in joint repurchase agreements with the following counterparties, for the time periods and rates indicated. Amounts shown in the table below represent principal amount, cost and value for each respective repurchase agreement.
Fund Name | Canadian Imperial Bank of Canada 0.01% dated 12/31/20, due 1/4/21(1) | Credit Agricole CIB, 0.03% dated 12/31/20, due 1/4/21(2) | HSBC Securities (USA), Inc., 0.005% dated 12/31/20, due 1/4/21(3) | RBC Capital Markets, LLC, 0.01% dated 12/31/20, due 1/4/21(4) | Societe’ Generale, 0.02% dated 12/31/20, due 1/4/21(5) | UMB Bank N.A., 0.005% dated 12/31/20, due 1/4/21(6) | ||||||||||||||||||
ProFund VP Asia 30 | $ | 1,000 | $ | 8,000 | $ | 4,000 | $ | 2,000 | $ | 7,000 | $ | 3,000 | ||||||||||||
ProFund VP Banks | 2,000 | 16,000 | 8,000 | 3,000 | 13,000 | 4,000 | ||||||||||||||||||
ProFund VP Basic Materials | 8,000 | 57,000 | 28,000 | 13,000 | 46,000 | 9,000 | ||||||||||||||||||
ProFund VP Bear | 116,000 | 837,000 | 412,000 | 191,000 | 670,000 | 109,000 | ||||||||||||||||||
ProFund VP Biotechnology | 65,000 | 469,000 | 231,000 | 108,000 | 375,000 | 59,000 | ||||||||||||||||||
ProFund VP Bull | 1,241,000 | 8,876,000 | 4,367,000 | 2,040,000 | 7,100,000 | 1,080,000 | ||||||||||||||||||
ProFund VP Consumer Goods | 19,000 | 139,000 | 68,000 | 32,000 | 111,000 | 20,000 | ||||||||||||||||||
ProFund VP Consumer Services | 19,000 | 140,000 | 69,000 | 32,000 | 112,000 | 20,000 | ||||||||||||||||||
ProFund VP Dow 30 | 30,000 | 226,000 | 111,000 | 50,000 | 180,000 | 35,000 | ||||||||||||||||||
ProFund VP Emerging Markets | 82,000 | 594,000 | 292,000 | 136,000 | 475,000 | 78,000 |
382 :: Notes to Financial Statements :: December 31, 2020
Fund Name | Canadian Imperial Bank of Canada 0.01% dated 12/31/20, due 1/4/21(1) | Credit Agricole CIB, 0.03% dated 12/31/20, due 1/4/21(2) | HSBC Securities (USA), Inc., 0.005% dated 12/31/20, due 1/4/21(3) | RBC Capital Markets, LLC, 0.01% dated 12/31/20, due 1/4/21(4) | Societe’ Generale, 0.02% dated 12/31/20, due 1/4/21(5) | UMB Bank N.A., 0.005% dated 12/31/20, due 1/4/21(6) | ||||||||||||||||||
ProFund VP Falling U.S. Dollar | $ | 66,000 | $ | 475,000 | $ | 234,000 | $ | 108,000 | $ | 380,000 | $ | 63,000 | ||||||||||||
ProFund VP Financials | 14,000 | 104,000 | 51,000 | 24,000 | 83,000 | 16,000 | ||||||||||||||||||
ProFund VP Government Money Market | 1,883,000 | 13,452,000 | 6,618,000 | 3,094,000 | 10,762,000 | 1,626,000 | ||||||||||||||||||
ProFund VP Health Care | 62,000 | 445,000 | 219,000 | 102,000 | 356,000 | 55,000 | ||||||||||||||||||
ProFund VP Industrials | 23,000 | 167,000 | 82,000 | 38,000 | 133,000 | 23,000 | ||||||||||||||||||
ProFund VP International | 278,000 | 1,994,000 | 980,000 | 457,000 | 1,594,000 | 251,000 | ||||||||||||||||||
ProFund VP Internet | 5,000 | 41,000 | 20,000 | 9,000 | 33,000 | 8,000 | ||||||||||||||||||
ProFund VP Japan | 543,000 | 3,879,000 | 1,908,000 | 892,000 | 3,103,000 | 471,000 | ||||||||||||||||||
ProFund VP Large-Cap Growth | 6,000 | 43,000 | 21,000 | 10,000 | 34,000 | 7,000 | ||||||||||||||||||
ProFund VP Large-Cap Value | 1,000 | 13,000 | 6,000 | 3,000 | 10,000 | 5,000 | ||||||||||||||||||
ProFund VP Mid-Cap | 546,000 | 3,904,000 | 1,920,000 | 896,000 | 3,124,000 | 478,000 | ||||||||||||||||||
ProFund VP Mid-Cap Growth | 1,000 | 11,000 | 5,000 | 2,000 | 8,000 | 4,000 | ||||||||||||||||||
ProFund VP Mid-Cap Value | — | 5,000 | 2,000 | 1,000 | 4,000 | 2,000 | ||||||||||||||||||
ProFund VP Nasdaq-100 | 2,541,000 | 18,161,000 | 8,935,000 | 4,177,000 | 14,528,000 | 2,199,000 | ||||||||||||||||||
ProFund VP Oil & Gas | 12,000 | 92,000 | 45,000 | 21,000 | 74,000 | 14,000 | ||||||||||||||||||
ProFund VP Pharmaceuticals | 9,000 | 70,000 | 34,000 | 16,000 | 56,000 | 10,000 | ||||||||||||||||||
ProFund VP Precious Metals | 1,813,000 | 12,963,000 | 6,377,000 | 2,981,000 | 10,370,000 | 1,572,000 | ||||||||||||||||||
ProFund VP Real Estate | 2,000 | 20,000 | 10,000 | 4,000 | 16,000 | 5,000 | ||||||||||||||||||
ProFund VP Rising Rates Opportunity | 216,000 | 1,555,000 | 764,000 | 357,000 | 1,243,000 | 198,000 | ||||||||||||||||||
ProFund VP Semiconductor | 18,000 | 128,000 | 63,000 | 29,000 | 102,000 | 18,000 | ||||||||||||||||||
ProFund VP Short Dow 30 | — | 4,000 | 1,000 | — | 3,000 | 8,000 | ||||||||||||||||||
ProFund VP Short Emerging Markets | 18,000 | 133,000 | 64,000 | 29,000 | 106,000 | 26,000 | ||||||||||||||||||
ProFund VP Short International | 32,000 | 238,000 | 116,000 | 53,000 | 190,000 | 37,000 | ||||||||||||||||||
ProFund VP Short Mid-Cap | 4,000 | 31,000 | 15,000 | 7,000 | 25,000 | 7,000 | ||||||||||||||||||
ProFund VP Short Nasdaq-100 | 253,000 | 1,812,000 | 890,000 | 414,000 | 1,449,000 | 230,000 | ||||||||||||||||||
ProFund VP Short Small-Cap | 55,000 | 398,000 | 195,000 | 90,000 | 318,000 | 55,000 | ||||||||||||||||||
ProFund VP Small-Cap | 564,000 | 4,038,000 | 1,985,000 | 927,000 | 3,229,000 | 495,000 | ||||||||||||||||||
ProFund VP Small-Cap Value | 1,000 | 12,000 | 6,000 | 2,000 | 10,000 | 5,000 | ||||||||||||||||||
ProFund VP Technology | 21,000 | 152,000 | 75,000 | 35,000 | 122,000 | 20,000 | ||||||||||||||||||
ProFund VP Telecommunications | 5,000 | 41,000 | 20,000 | 9,000 | 33,000 | 8,000 | ||||||||||||||||||
ProFund VP UltraBull | 243,000 | 1,742,000 | 856,000 | 400,000 | 1,394,000 | 218,000 | ||||||||||||||||||
ProFund VP UltraMid-Cap | 275,000 | 1,972,000 | 969,000 | 452,000 | 1,578,000 | 248,000 | ||||||||||||||||||
ProFund VP UltraNasdaq-100 | 5,453,000 | 38,965,000 | 19,170,000 | 8,961,000 | 31,171,000 | 4,714,000 | ||||||||||||||||||
ProFund VP UltraShort Dow 30 | — | 2,000 | 1,000 | — | 1,000 | 2,000 | ||||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | 9,000 | 72,000 | 34,000 | 16,000 | 57,000 | 17,000 | ||||||||||||||||||
ProFund VP UltraSmall-Cap | 696,000 | 4,982,000 | 2,451,000 | 1,144,000 | 3,986,000 | 610,000 | ||||||||||||||||||
ProFund VP U.S. Government Plus | 708,000 | 5,070,000 | 2,494,000 | 1,164,000 | 4,056,000 | 620,000 | ||||||||||||||||||
ProFund VP Utilities | 10,000 | 75,000 | 37,000 | 17,000 | 60,000 | 11,000 | ||||||||||||||||||
$ | 17,969,000 | $ | 128,623,000 | $ | 63,263,000 | $ | 29,548,000 | $ | 102,890,000 | $ | 15,773,000 |
Each repurchase agreement was fully collateralized by U.S. government and/or agency securities as of December 31, 2020 as follows:
(1) | U.S. Treasury Notes, 0.25%, due 5/31/25, total value $18,333,298. |
(2) | U.S. Treasury Notes, 2.625%, due 3/31/25, total value $131,253,476. |
(3) | U.S. Treasury Notes, 2.375% to 7.875%, due 2/15/21 to 5/15/27, which had an aggregate value of $64,533,486. |
(4) | U.S. Treasury Notes, 2.75%, due 2/15/24, total value $30,143,806. |
(5) | U.S. Treasury Notes, 2.00% to 2.75%, due 7/31/22 to 11/15/23, which had an aggregate value of $104,958,286. |
(6) | Federal Farm Credit Banks, 2.37% to 2.875%, due 12/21/23 to 2/27/24, Federal Home Loan Banks, 1.875% to 3.375%, due 12/8/23 to 3/8/24, U.S. Treasury Notes, 2.25%, due 1/31/24, which had an aggregate value of $16,164,184. |
Depositary Receipts
Each ProFund VP, other than the ProFund VP Government Money Market, may invest in American Depositary Receipts (“ADRs”), New York Shares (“NYSs”) and Global Depositary Receipts (“GDRs”). ADRs represent the right to receive securities of foreign issuers deposited in a bank or corresponding bank. ADRs are an alternative to purchasing the underlying securities in their national markets and currencies. For many foreign securities, U.S. dollar-denominated ADRs, which are traded in the United States on exchanges or over-the-counter (“OTC”), are issued by domestic banks. NYSs (or “direct shares”) are foreign stocks denominated in U.S. dollars that trade on American exchanges without being converted to ADRs. GDRs are receipts for shares in a foreign-based corporation traded in capital markets around the world.
December 31, 2020 :: Notes to Financial Statements :: 383
The ProFunds VP may invest in both sponsored and unsponsored depositary receipts. Certain depositary receipts, typically those designated as “unsponsored”, require the holders thereof to bear most of the costs of such facilities, while issuers of “sponsored” facilities normally pay more of the cost thereof. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited securities or to pass through the voting rights to facility holders with respect to the deposited securities, whereas the depository of a sponsored facility typically distributes shareholder communications and passes through the voting rights.
Real Estate Investment Trusts
Each ProFund VP (other than the Non-Equity ProFunds VP and the ProFund VP Government Money Market) 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, 2020, were utilized to gain exposure or inverse exposure to each ProFund VP’s benchmark (e.g., index, etc.) to meet its 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, 2020. With the exception of the ProFunds VP listed below, the notional amount of open derivative positions relative to each ProFund VP’s net assets at year end is generally representative of the notional amount of open positions to net assets throughout the year. The volume associated with derivative positions in the ProFund VP Banks, ProFund VP Semiconductor, and ProFund VP Small Cap was 14%, 11%, and 12%, respectively, based on average monthly notional amounts in comparison to net assets during the year ended December 31, 2020.
In connection with its management of certain series of the Trust included in this report (ProFund VP UltraShort Dow 30 and ProFund VP UltraShort Nasdaq-100 (the “Commodity Pools”)), the Advisor is registered as a commodity pool operator (a “CPO”) and the Commodity Pools are commodity pools under the Commodity Exchange Act (the “CEA”). The Advisor also registered as a commodity trading advisor (a “CTA”) under the CEA as a result of its role as subadvisor to funds outside the Trust. Accordingly, the Advisor is subject to registration and regulation as a CPO and CTA under the CEA, and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission (“CFTC”) and the National Futures Association (“NFA”), including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements. The Advisor is also subject to periodic inspections and audits by the CFTC and NFA. Compliance with these regulatory requirements could adversely affect the Commodity Pools’ total return. In this regard, any further amendment to the CEA or its related regulations that subject the Advisor or the Commodity Pools to additional regulation may have adverse impacts on the Commodity Pools’ operations and expenses.
The following is a description of the derivative instruments utilized by the ProFunds VP, including certain risks related to each instrument type.
Futures Contracts
Each non-money market ProFund VP may purchase or sell futures contracts as a substitute for a comparable market position in the underlying securities or to satisfy regulatory requirements. A cash-settled futures contract obligates the seller to deliver (and the purchaser to accept) an amount of cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the final settlement price of a specific futures contract and the price at which the agreement is made. No physical delivery of the underlying asset is made.
Each ProFund VP generally engages in closing or offsetting transactions before final settlement of a futures contract, wherein a second identical futures contract is sold to offset a long position (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
384 :: Notes to Financial Statements :: December 31, 2020
position (futures contract sold), there will be a gain (loss) if the offsetting buy transaction is carried out at a lower (higher) price, inclusive of commissions.
Whether a ProFund VP realizes a gain or loss from futures activities depends generally upon movements in the underlying currency, commodity, security or index. The extent of a ProFund VP’s loss from an unhedged short position in futures contracts is potentially unlimited and investors may lose the amount that they invest plus any profits recognized on that investment. Each ProFund VP will engage in transactions in futures contracts that are traded on a U.S. exchange or board of trade or that have been approved for sale in the U.S. by the CFTC.
Upon entering into a futures contract, each ProFund VP will be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 5% to 10% of the contract amount for equity index futures and in the range of approximately 1% to 3% of the contract amount for treasury futures (this amount is subject to change by the exchange on which the contract is traded). This amount, known as “initial margin,” is in the nature of a performance bond or good faith deposit on the contract and is returned to the ProFund VP upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as “variation margin,” to and from the broker will be made daily as the price of the asset underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as “marking-to-market.” At any time prior to expiration of a futures contract, a ProFund VP may elect to close its position by taking an opposite position, which will operate to terminate the ProFund VP’s existing position in the contract.
The primary risks associated with the use of futures contracts are imperfect correlation between movements in the price of futures and the market value of the underlying assets, and the possibility of an illiquid market for a futures contract. Although each ProFund VP intends to sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a ProFund VP to substantial losses. If trading is not possible, or if a ProFund VP determines not to close a futures position in anticipation of adverse price movements, the ProFund VP will be required to make daily cash payments of variation margin. The risk that the ProFund VP will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. In addition, although the counterparty to a futures contract is often a clearing organization, backed by a group of financial institutions, there may be instances in which the counterparty could fail to perform its obligations, causing significant losses to a ProFund VP.
Forward Currency Contracts
The ProFund VP Falling U.S. Dollar may invest in forward currency contracts for investment or risk management purposes. A forward currency contract is an obligation to buy or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are entered into on the interbank market conducted directly between currency traders (usually large commercial banks) and their customers.
It is possible that, under certain circumstances, this ProFund VP may have to limit its currency transactions to qualify as a “regulated investment company” (“RIC”) under the Internal Revenue Code. The ProFund VP Falling U.S. Dollar does not intend to enter into a forward currency contract with a term of more than one year, or to engage in position hedging with respect to the currency of a particular country to more than the aggregate market value (at the time the hedging transaction is entered into) of their portfolio securities denominated in (or quoted in or currently convertible into or directly related through the use of forward currency contracts in conjunction with money market instruments to) that particular currency.
At or before the maturity of a forward currency contract, the ProFund VP Falling U.S. Dollar may either sell a portfolio security and make delivery of the currency, or retain the security and terminate its contractual obligation to deliver the currency by buying an “offsetting” contract obligating it to buy, on the same maturity date, the same amount of the currency. If this ProFund VP engages in an offsetting transaction, it may later enter into a new forward currency contract to sell the currency.
If the ProFund VP Falling U.S. Dollar engages in offsetting transactions it will incur a gain or loss, to the extent that there has been movement in forward currency contract prices. If forward prices go down during the period between the date the ProFund VP Falling U.S. Dollar enters into a forward currency contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the ProFund VP will realize a gain to the extent that the price of ProFund VP currency it has agreed to sell exceeds the price of the currency it has agreed to buy. If forward prices go up, the ProFund VP will suffer a loss to the extent the price of the currency it has agreed to buy exceeds the price of the currency it has agreed to sell.
The ProFund VP Falling U.S. Dollar collateralizes forward currency contracts with cash and certain securities as indicated on the Statement of Assets and Liabilities and the Schedule of Portfolio Investments, respectively. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the custodian, to protect the counterparty against non-payment by the respective ProFund VP. Similarly, the ProFund VP Falling U.S. Dollar has sought to mitigate credit risk by generally requiring that the counterparties to the ProFund VP post collateral for the benefit of 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
December 31, 2020 :: Notes to Financial Statements :: 385
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, 2020, there was no collateral posted by counterparties.
Swap Agreements
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
386 :: Notes to Financial Statements :: December 31, 2020
agreements, the ProFund VP will have already collateralized its liability under such agreements, in some cases only in excess of certain threshold amounts. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the custodian, to protect the counterparty against non-payment by the respective ProFund VP. The ProFunds VP seek to mitigate risks by generally requiring that the counterparties for each ProFund VP agree to post collateral for the benefit of the ProFund VP, marked to market daily, in an amount approximately equal to what the counterparty owes the ProFund VP, subject to certain minimum thresholds, although the ProFunds VP may not always be successful. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the ProFunds VP will be exposed to the risks described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. As of December 31, 2020, the collateral posted by counterparties consisted of U.S. Treasury securities and cash.
The use of swaps 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 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, 2020.
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 | ||||||||||||||||||
Equity Risk Exposure: | ||||||||||||||||||||||||
ProFund VP Banks | $ | — | $ | 865 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
ProFund VP Basic Materials | — | 4,977 | — | — | — | — | ||||||||||||||||||
ProFund VP Bear | — | — | — | 12,695 | 10,297 | — | ||||||||||||||||||
ProFund VP Biotechnology | — | — | — | — | 9,169 | — | ||||||||||||||||||
ProFund VP Bull | 224,091 | 86,488 | — | — | — | — | ||||||||||||||||||
ProFund VP Consumer Goods | — | 7,449 | — | — | — | — | ||||||||||||||||||
ProFund VP Consumer Services | — | 8,517 | — | — | — | — | ||||||||||||||||||
ProFund VP Dow 30 | — | 6,386 | — | — | — | — | ||||||||||||||||||
ProFund VP Emerging Markets | — | 9,104 | — | — | — | — | ||||||||||||||||||
ProFund VP Financials | — | 11,754 | — | — | — | — | ||||||||||||||||||
ProFund VP Health Care | — | 25,811 | — | — | — | — | ||||||||||||||||||
ProFund VP Industrials | — | 1,852 | — | — | — | — | ||||||||||||||||||
ProFund VP International | — | — | — | — | 6,819 | — | ||||||||||||||||||
ProFund VP Internet | — | — | — | — | 5,460 | — | ||||||||||||||||||
ProFund VP Japan | 273,101 | 2,094 | — | — | — | — | ||||||||||||||||||
ProFund VP Mid-Cap | 16,956 | — | — | — | 10,792 | — | ||||||||||||||||||
ProFund VP Nasdaq-100 | 207,849 | 172,544 | — | — | — | — | ||||||||||||||||||
ProFund VP Oil & Gas | — | — | — | — | 3,138 | — | ||||||||||||||||||
ProFund VP Pharmaceuticals | — | 8,542 | — | — | — | — | ||||||||||||||||||
ProFund VP Precious Metals | — | 9,544 | — | — | 1,096 | — | ||||||||||||||||||
ProFund VP Real Estate | — | 1,510 | — | — | — | — | ||||||||||||||||||
ProFund VP Semiconductor | — | 8,830 | — | — | — | — | ||||||||||||||||||
ProFund VP Short Dow 30 | — | — | — | — | 107 | — | ||||||||||||||||||
ProFund VP Short Emerging Markets | — | — | — | — | 13,642 | — | ||||||||||||||||||
ProFund VP Short International | — | 826 | — | — | — | — | ||||||||||||||||||
ProFund VP Short Mid-Cap | — | 61 | — | — | 141 | — |
December 31, 2020 :: Notes to Financial Statements :: 387
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 Short Nasdaq-100 | $ | — | $ | — | $ | — | $ | 62,482 | $ | 13,772 | $ | — | ||||||||||||
ProFund VP Short Small-Cap | — | 8,054 | — | 3,664 | 1,958 | — | ||||||||||||||||||
ProFund VP Small-Cap | — | — | — | — | 126,732 | — | ||||||||||||||||||
ProFund VP Technology | — | 4,987 | — | — | — | — | ||||||||||||||||||
ProFund VP Telecommunications | — | 23 | — | — | — | — | ||||||||||||||||||
ProFund VP UltraBull | 29,597 | 111,613 | — | — | — | — | ||||||||||||||||||
ProFund VP UltraMid-Cap | — | — | — | — | 21,055 | — | ||||||||||||||||||
ProFund VP UltraNasdaq-100 | 270,203 | 1,128,423 | — | — | — | — | ||||||||||||||||||
ProFund VP UltraShort Dow 30 | — | — | — | — | 88 | — | ||||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | — | — | — | — | 1,581 | — | ||||||||||||||||||
ProFund VP UltraSmall-Cap | 21,246 | — | — | — | 375,307 | — | ||||||||||||||||||
ProFund VP Utilities | — | 9,893 | — | — | — | — | ||||||||||||||||||
Foreign Exchange Rate Risk Exposure: | ||||||||||||||||||||||||
ProFund VP Falling U.S. Dollar | — | — | 13,769 | — | — | — | ||||||||||||||||||
Interest Rate Risk Exposure: | ||||||||||||||||||||||||
ProFund VP Rising Rates Opportunity | — | — | — | — | 19,774 | — | ||||||||||||||||||
ProFund VP U.S. Government Plus | — | 58,760 | — | — | — | — |
* | Includes cumulative appreciation/depreciation of futures contracts 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, 2020.
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 | ||||||||||||||||||
Equity Risk Exposure: | ||||||||||||||||||||||||
ProFund VP Banks | $ | — | $ | (102,900 | ) | $ | — | $ | — | $ | (423 | ) | $ | — | ||||||||||
ProFund VP Basic Materials | — | (51,293 | ) | — | — | 3,013 | — | |||||||||||||||||
ProFund VP Bear | (121,379 | ) | (1,523,053 | ) | — | 2,038 | (17,347 | ) | — | |||||||||||||||
ProFund VP Biotechnology | — | 29,873 | — | — | 11,323 | — | ||||||||||||||||||
ProFund VP Bull | 1,417,442 | 875,158 | — | 68,489 | 124,196 | — | ||||||||||||||||||
ProFund VP Consumer Goods | — | 130,105 | — | — | 7,228 | — | ||||||||||||||||||
ProFund VP Consumer Services | — | 193,507 | — | — | 2,912 | — | ||||||||||||||||||
ProFund VP Dow 30 | — | 70,081 | — | — | 7,638 | — | ||||||||||||||||||
ProFund VP Emerging Markets | — | 239,246 | — | — | 27,596 | — | ||||||||||||||||||
ProFund VP Financials | — | (22,751 | ) | — | — | 9,030 | — | |||||||||||||||||
ProFund VP Health Care | — | 194,964 | — | — | 32,979 | — | ||||||||||||||||||
ProFund VP Industrials | — | (71,940 | ) | — | — | 4,301 | — | |||||||||||||||||
ProFund VP International | — | 295,215 | — | — | 13,230 | — | ||||||||||||||||||
ProFund VP Internet | — | 184,525 | — | — | (4,709 | ) | — | |||||||||||||||||
ProFund VP Japan | 1,213,763 | 18,938 | — | 259,503 | 2,094 | — | ||||||||||||||||||
ProFund VP Mid-Cap | (488,168 | ) | 1,429,836 | — | (8,931 | ) | (13,030 | ) | — | |||||||||||||||
ProFund VP Nasdaq-100 | 3,130,267 | 13,382,092 | — | (202,870 | ) | 278,035 | — | |||||||||||||||||
ProFund VP Oil & Gas | — | (160,711 | ) | — | — | (1,589 | ) | — | ||||||||||||||||
ProFund VP Pharmaceuticals | — | 18,559 | — | — | 12,575 | — | ||||||||||||||||||
ProFund VP Precious Metals | — | 3,558,430 | — | — | (1,457,345 | ) | — | |||||||||||||||||
ProFund VP Real Estate | — | (84,291 | ) | — | — | (2,250 | ) | — | ||||||||||||||||
ProFund VP Semiconductor | — | 38,749 | — | — | 10,136 | — | ||||||||||||||||||
ProFund VP Short Dow 30 | — | (62,897 | ) | — | — | (152 | ) | — | ||||||||||||||||
ProFund VP Short Emerging Markets | — | (573,184 | ) | — | — | (20,260 | ) | — |
388 :: Notes to Financial Statements :: December 31, 2020
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 International | $ | — | $ | (304,709 | ) | $ | — | $ | — | $ | (1,131 | ) | $ | — | ||||||||||
ProFund VP Short Mid-Cap | — | 123,744 | — | — | (6 | ) | — | |||||||||||||||||
ProFund VP Short Nasdaq-100 | (250,116 | ) | (455,940 | ) | — | (57,344 | ) | (45,883 | ) | — | ||||||||||||||
ProFund VP Short Small-Cap | (26,805 | ) | (225,847 | ) | — | 1,643 | 6,262 | — | ||||||||||||||||
ProFund VP Small-Cap | 8,691 | 558,419 | — | (7,409 | ) | (126,911 | ) | — | ||||||||||||||||
ProFund VP Technology | — | 299,637 | — | — | 1,836 | — | ||||||||||||||||||
ProFund VP Telecommunications | — | (910 | ) | — | — | (7 | ) | — | ||||||||||||||||
ProFund VP UltraBull | (585,587 | ) | (3,971,302 | ) | — | 29,597 | 195,460 | — | ||||||||||||||||
ProFund VP UltraMid-Cap | 92,529 | (1,051,329 | ) | — | (7,060 | ) | (25,044 | ) | — | |||||||||||||||
ProFund VP UltraNasdaq-100 | 366,407 | 54,213,585 | — | (458,823 | ) | 1,634,014 | — | |||||||||||||||||
ProFund VP UltraShort Dow 30 | — | 111,234 | — | — | (114 | ) | — | |||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | 2,859 | 3,205,481 | — | — | (10,802 | ) | — | |||||||||||||||||
ProFund VP UltraSmall-Cap | (232,358 | ) | 2,912,616 | — | 4,214 | (360,607 | ) | — | ||||||||||||||||
ProFund VP Utilities | — | (173,922 | ) | — | — | (6,199 | ) | — | ||||||||||||||||
Foreign Exchange Rate Risk Exposure: | ||||||||||||||||||||||||
ProFund VP Falling U.S. Dollar | — | — | 31,832 | — | — | 10,007 | ||||||||||||||||||
Interest Rate Risk Exposure: | ||||||||||||||||||||||||
ProFund VP Rising Rates Opportunity | 9,489 | (1,450,904 | ) | — | — | (129,318 | ) | — | ||||||||||||||||
ProFund VP U.S. Government Plus | (39,293 | ) | 2,095,799 | — | 11 | 333,644 | — |
Asset (Liability) amounts shown in the table below represent amounts owed to (by) the ProFunds VP for swap agreements and forward currency contracts as of December 31, 2020. 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 | $ | 865 | $ | — | $ | — | $ | 865 | ||||||||
ProFund VP Basic Materials | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 4,977 | — | — | 4,977 | ||||||||||||
ProFund VP Bear | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (9,885 | ) | 9,885 | — | — | |||||||||||
Swap Agreements — UBS AG | (412 | ) | 412 | — | — | |||||||||||
ProFund VP Biotechnology | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (9,169 | ) | — | (9,169 | ) | |||||||||||
ProFund VP Bull | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 73,793 | — | — | 73,793 | ||||||||||||
Swap Agreements — UBS AG | 12,695 | — | — | 12,695 | ||||||||||||
ProFund VP Consumer Goods | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 7,449 | — | — | 7,449 | ||||||||||||
ProFund VP Consumer Services | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 8,517 | — | — | 8,517 | ||||||||||||
ProFund VP Dow 30 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 2,869 | — | — | 2,869 | ||||||||||||
Swap Agreements — UBS AG | 3,517 | — | — | 3,517 |
December 31, 2020 :: Notes to Financial Statements :: 389
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 | $ | 7,452 | $ | — | $ | — | $ | 7,452 | ||||||||
Swap Agreements — UBS AG | 1,652 | — | — | 1,652 | ||||||||||||
ProFund VP Falling U.S. Dollar | ||||||||||||||||
Forward Currency Contracts — Goldman Sachs International | 5,494 | — | — | 5,494 | ||||||||||||
Forward Currency Contracts — UBS AG | 8,275 | — | — | 8,275 | ||||||||||||
ProFund VP Financials | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 11,754 | — | — | 11,754 | ||||||||||||
ProFund VP Health Care | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 25,811 | — | — | 25,811 | ||||||||||||
ProFund VP Industrials | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 1,852 | — | — | 1,852 | ||||||||||||
ProFund VP International | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (3,519 | ) | 3,519 | — | — | |||||||||||
Swap Agreements — UBS AG | (3,300 | ) | 3,300 | — | — | |||||||||||
ProFund VP Internet | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (5,460 | ) | — | (5,460 | ) | |||||||||||
ProFund VP Japan | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 2,094 | — | — | 2,094 | ||||||||||||
ProFund VP Mid-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (719 | ) | 719 | — | — | |||||||||||
Swap Agreements — UBS AG | (10,073 | ) | 10,073 | — | — | |||||||||||
ProFund VP Nasdaq-100 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 40,622 | (2,000 | ) | — | 38,622 | |||||||||||
Swap Agreements — UBS AG | 131,922 | — | (12,000 | ) | 119,922 | |||||||||||
ProFund VP Oil & Gas | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (3,138 | ) | — | — | (3,138 | ) | ||||||||||
ProFund VP Pharmaceuticals | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 8,542 | — | — | 8,542 | ||||||||||||
ProFund VP Precious Metals | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 9,544 | (9,544 | ) | — | — | |||||||||||
Swap Agreements — UBS AG | (1,096 | ) | 1,096 | — | — | |||||||||||
ProFund VP Real Estate | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 1,510 | — | — | 1,510 | ||||||||||||
ProFund VP Rising Rates Opportunity | ||||||||||||||||
Swap Agreements — Citibank North America | (14,953 | ) | 14,953 | — | — | |||||||||||
Swap Agreements — Societe’ Generale | (4,821 | ) | 4,821 | — | — | |||||||||||
ProFund VP Semiconductor | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 8,830 | — | — | 8,830 | ||||||||||||
ProFund VP Short Dow 30 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (21 | ) | 21 | — | — | |||||||||||
Swap Agreements — UBS AG | (86 | ) | 86 | — | — | |||||||||||
ProFund VP Short Emerging Markets | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (4,467 | ) | 4,467 | — | — | |||||||||||
Swap Agreements — UBS AG | (9,175 | ) | 9,175 | — | — | |||||||||||
ProFund VP Short International | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 548 | — | — | 548 | ||||||||||||
Swap Agreements — UBS AG | 278 | — | — | 278 | ||||||||||||
ProFund VP Short Mid-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 61 | — | — | 61 | ||||||||||||
Swap Agreements — UBS AG | (141 | ) | 141 | — | — | |||||||||||
ProFund VP Short Nasdaq-100 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (13,026 | ) | 13,026 | — | — | |||||||||||
Swap Agreements — UBS AG | (746 | ) | 746 | — | — | |||||||||||
ProFund VP Short Small-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (1,958 | ) | 1,958 | — | — | |||||||||||
Swap Agreements — UBS AG | 8,054 | — | — | 8,054 |
390 :: Notes to Financial Statements :: December 31, 2020
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 Small-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | $ | (84,075 | ) | $ | 84,075 | $ | — | $ | — | |||||||
Swap Agreements — UBS AG | (42,657 | ) | 42,657 | — | — | |||||||||||
ProFund VP Technology | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 4,987 | — | — | 4,987 | ||||||||||||
ProFund VP Telecommunications | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 23 | — | — | 23 | ||||||||||||
ProFund VP UltraBull | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 47,996 | — | — | 47,996 | ||||||||||||
Swap Agreements — UBS AG | 63,617 | — | — | 63,617 | ||||||||||||
ProFund VP UltraMid-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (11,856 | ) | 11,856 | — | — | |||||||||||
Swap Agreements — UBS AG | (9,199 | ) | 9,199 | — | — | |||||||||||
ProFund VP UltraNasdaq-100 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 387,804 | (202,700 | ) | — | 185,104 | |||||||||||
Swap Agreements — UBS AG | 740,619 | — | (192,024 | ) | 548,595 | |||||||||||
ProFund VP UltraShort Dow 30 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (85 | ) | — | (85 | ) | |||||||||||
Swap Agreements — UBS AG | (3 | ) | — | (3 | ) | |||||||||||
ProFund VP UltraShort Nasdaq-100 | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (628 | ) | 628 | — | — | |||||||||||
Swap Agreements — UBS AG | (953 | ) | 953 | — | — | |||||||||||
ProFund VP UltraSmall-Cap | ||||||||||||||||
Swap Agreements — Goldman Sachs International | (104,848 | ) | 104,848 | — | — | |||||||||||
Swap Agreements — UBS AG | (270,459 | ) | 270,459 | — | — | |||||||||||
ProFund VP U.S. Government Plus | ||||||||||||||||
Swap Agreements — Citibank North America | 36,685 | — | — | 36,685 | ||||||||||||
Swap Agreements — Societe’ Generale | 22,075 | — | — | 22,075 | ||||||||||||
ProFund VP Utilities | ||||||||||||||||
Swap Agreements — Goldman Sachs International | 9,893 | — | — | 9,893 |
* | The actual financial instruments and cash collateral (received) pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities. |
** | Financial instruments and cash collateral received are not disclosed on the Statement of Assets and Liabilities because the Fund does not have effective control of the collateral. |
Securities Lending:
Each ProFund VP may lend securities to brokers, dealers and financial organizations in exchange for initial collateral in the amount of at least 102% of the value of U.S. dollar-denominated securities loaned or at least 105% of the value of non-U.S. dollar-denominated securities loaned, marked to market daily. Each security loaned will be secured continuously by collateral in the form of cash, money market instruments or U.S. Government securities with a market value of at least 100% of the market value of the loaned securities. When a ProFund VP lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the reinvestment of the cash collateral. Any cash collateral received by the ProFund VP in connection with these loans may be reinvested in a variety of short-term investments. Any non-cash collateral received by the ProFund VP in connection with these loans may not be sold or pledged by the ProFund VP and, accordingly, is not reflected in the ProFund VP’s assets and liabilities. The ProFunds VP may incur fees and expenses in connection with the reinvestment of cash collateral. For security loans collateralized by cash, borrowers may be entitled to receive a fee based on the amount of collateral. The ProFunds VP are typically compensated by the difference between the amount earned on the reinvestment of cash collateral and any fees paid to the borrower. Although voting and other rights attendant to securities loaned pass to the borrower, such loans may be recalled so that the securities may be voted by the ProFund VP if a material event affecting the ProFund VP’s investment in the securities on loan is to occur. Security loans are subject to termination by the ProFund VP or the borrower at any time. No securities loan shall be made on behalf of a ProFund VP if, as a result, the aggregate value of all securities loaned by the particular ProFund VP exceeds one-third of the value of such ProFund VP’s total assets (including the value of the collateral received).
Securities lending involves exposure to certain risks, including “gap” risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and any fees a ProFund VP has agreed to pay a borrower), operational risk (i.e., the risk of losses resulting from problems in the settlement and the accounting process), legal, counterparty and credit risk. If a securities lending
December 31, 2020 :: Notes to Financial Statements :: 391
counterparty were to default, a ProFund VP would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return a ProFund VP’s securities as agreed, the ProFund VP may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for a ProFund VP. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market. A ProFund VP could lose money if its short-term reinvestment of the collateral declines in value over the period of the loan. The market value of the loaned securities is determined at the close of each business day of the ProFund VP and any additional required collateral is delivered to the ProFund VP, or excess collateral returned by the ProFund VP, on the next business day.
The following table is a summary of the ProFunds VP’ securities lending transactions as of December 31, 2020:
Value of Securities on Loan | Value of Cash Collateral Received* | |||||||
ProFund VP Banks | $ | 20,835 | $ | 21,098 | ||||
ProFund VP Basic Materials | 1,217,083 | 1,236,038 | ||||||
ProFund VP Bull | 83,222 | 84,800 | ||||||
ProFund VP Consumer Goods | 4,754 | 4,900 | ||||||
ProFund VP Consumer Services | 34,321 | 35,697 | ||||||
ProFund VP Europe 30 | 237,450 | 242,916 | ||||||
ProFund VP Financials | 69,233 | 71,195 | ||||||
ProFund VP Health Care | 55,475 | 57,377 | ||||||
ProFund VP Industrials | 6,943 | 7,508 | ||||||
ProFund VP Large-Cap Value | 48,859 | 49,737 | ||||||
ProFund VP Mid-Cap Growth | 7,459 | 7,856 | ||||||
ProFund VP Mid-Cap Value | 161,773 | 166,111 | ||||||
ProFund VP Pharmaceuticals | 59,841 | 62,549 | ||||||
ProFund VP Small-Cap | 53,147 | 55,996 | ||||||
ProFund VP Small-Cap Growth | 220,650 | 228,339 | ||||||
ProFund VP Small-Cap Value | 142,764 | 149,943 | ||||||
ProFund VP Telecommunications | 511 | 540 | ||||||
ProFund VP UltraBull | 21,204 | 21,566 | ||||||
ProFund VP UltraMid-Cap | 51,074 | 52,342 | ||||||
ProFund VP UltraSmall-Cap | 78,977 | 83,245 |
* | 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.
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 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 VP Real Estate declares and pays dividends from net investment income quarterly, if any. Net realized capital gains, if any, will be distributed annually.
The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, distribution reclassification, and equalization), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require a reclassification. The ProFunds VP may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction
392 :: Notes to Financial Statements :: December 31, 2020
for income tax purposes. To the extent they exceed net investment income and net realized capital gains for tax purposes, they are reported as distribution of capital.
Federal Income Taxes
Each of the ProFunds VP intends to continue to qualify each year as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended. A RIC generally is not subject to federal income tax on income and gains distributed in a timely manner to its shareholders. The ProFunds VP intend to make timely distributions in order to avoid tax liability. Accordingly, no provision for federal income taxes is required in the financial statements. The ProFunds VP have a calendar tax year end.
Management of the ProFunds VP has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken and the ProFunds VP are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Other
Expense offsets to custody fees that arise from credits on cash balances maintained on deposit are reflected on the Statement of Operations, as applicable, as “Fees paid indirectly.”
Expense Reimbursement from a Third Party
During 2018, certain ProFunds VP received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. The corresponding impacts to the respective ProFund VP’s Total Return and Ratios to Average Net Assets in the Financial Highlights are disclosed in a footnote to that ProFund VP’s Financial Highlights.
3. Investment Valuation Summary
The valuation techniques employed by the ProFunds VP, described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These valuation techniques distinguish between market participant assumptions developed based on market data obtained from sources independent of the ProFunds VP (observable inputs) and the ProFunds VPs’ 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 VPs’ 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 VPs’ 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.
Security prices are generally valued at their fair 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 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 Level 1 in the fair value hierarchy. If there have been no sales for that day on any exchange or system, the security will be valued using fair value procedures in accordance with procedures approved by the Trust’s Board of Trustees as described below.
Securities regularly traded in the OTC markets, including securities listed on an exchange, but that are primarily traded OTC other than those traded on the Nasdaq/NMS, are generally valued on the basis of the mean between the bid and asked quotes furnished by dealers actively trading those instruments. Fixed-income securities are generally valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes for those instruments. Short-term fixed-income securities maturing in sixty days or less, and of sufficient credit quality, may be valued at amortized cost, which approximates fair value. For the ProFund VP Government Money Market, investments are valued at amortized cost, in accordance with Rule 2a-7 of the 1940 Act. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.
Derivatives are generally valued using independent pricing services and/or agreements with counterparties or other procedures approved by the Trust’s Board of Trustees. Futures contracts are generally valued at their last sale price prior to the time at which the net asset value per share of a ProFund VP is determined and are typically categorized as Level 1 in the fair value hierarchy. Swap agreements are generally valued using independent sources and/or agreements with counterparties. Forward currency contracts are valued at their quoted daily prices obtained from an independent pricing service. These valuations are typically categorized as Level 2 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described below may be applied.
When the Advisor determines that the market price of a security is not readily available or deemed unreliable (e.g., an approved
December 31, 2020 :: Notes to Financial Statements :: 393
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 be valued by other methods that the Board of Trustees believes accurately reflects fair value. The use of such a fair valuation method may be appropriate if, for example: (i) market quotations do not accurately reflect fair value of an investment; (ii) an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded; (iii) a trading halt closes an exchange or market early; or (iv) other events result in an exchange or market delaying its normal close. Any such fair valuations will be conducted pursuant to Board-approved fair valuation procedures. Fair value pricing may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a ProFund VP’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Advisor or persons acting at their direction would accurately reflect the price that a ProFund VP could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a ProFund VP may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.
For the year ended December 31, 2020, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.
A summary of the valuations as of December 31, 2020, 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 VP Asia 30 | ||||||||||||||||||||||||
Common Stocks | $ | 29,342,596 | $ | — | $ | — | $ | — | $ | 29,342,596 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 25,000 | — | 25,000 | — | ||||||||||||||||||
Total | $ | 29,342,596 | $ | — | $ | 25,000 | $ | — | $ | 29,367,596 | $ | — | ||||||||||||
ProFund VP Banks | ||||||||||||||||||||||||
Common Stocks | $ | 3,689,940 | $ | — | $ | — | $ | — | $ | 3,689,940 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 46,000 | — | 46,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 21,098 | — | — | — | 21,098 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 865 | — | 865 | ||||||||||||||||||
Total | $ | 3,711,038 | $ | — | $ | 46,000 | $ | 865 | $ | 3,757,038 | $ | 865 | ||||||||||||
ProFund VP Basic Materials | ||||||||||||||||||||||||
Common Stocks | $ | 14,383,572 | $ | — | $ | — | $ | — | $ | 14,383,572 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 161,000 | — | 161,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 1,236,038 | — | — | — | 1,236,038 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 4,977 | — | 4,977 | ||||||||||||||||||
Total | $ | 15,619,610 | $ | — | $ | 161,000 | $ | 4,977 | $ | 15,780,610 | $ | 4,977 | ||||||||||||
ProFund VP Bear | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 2,335,000 | $ | — | $ | 2,335,000 | $ | — | ||||||||||||
Futures Contracts | — | (12,695 | ) | — | — | — | (12,695 | ) | ||||||||||||||||
Swap Agreements | — | — | — | (10,297 | ) | — | (10,297 | ) | ||||||||||||||||
Total | $ | — | $ | (12,695 | ) | $ | 2,335,000 | $ | (10,297 | ) | $ | 2,335,000 | $ | (22,992 | ) | |||||||||
ProFund VP Biotechnology | ||||||||||||||||||||||||
Common Stocks | $ | 59,638,843 | $ | — | $ | — | $ | — | $ | 59,638,843 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 1,307,000 | — | 1,307,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (9,169 | ) | — | (9,169 | ) | ||||||||||||||||
Total | $ | 59,638,843 | $ | — | $ | 1,307,000 | $ | (9,169 | ) | $ | 60,945,843 | $ | (9,169 | ) | ||||||||||
ProFund VP Bull | ||||||||||||||||||||||||
Common Stocks | $ | 41,441,374 | $ | — | $ | — | $ | — | $ | 41,441,374 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 24,704,000 | — | 24,704,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 84,800 | — | — | — | 84,800 | — | ||||||||||||||||||
Futures Contracts | — | 224,091 | — | — | — | 224,091 | ||||||||||||||||||
Swap Agreements | — | — | — | 86,488 | — | 86,488 | ||||||||||||||||||
Total | $ | 41,526,174 | $ | 224,091 | $ | 24,704,000 | $ | 86,488 | $ | 66,230,174 | $ | 310,579 |
394 :: Notes to Financial Statements :: December 31, 2020
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 Goods | ||||||||||||||||||||||||
Common Stocks | $ | 17,987,773 | $ | — | $ | — | $ | — | $ | 17,987,773 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 389,000 | — | 389,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 4,900 | — | — | — | 4,900 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 7,449 | — | 7,449 | ||||||||||||||||||
Total | $ | 17,992,673 | $ | — | $ | 389,000 | $ | 7,449 | $ | 18,381,673 | $ | 7,449 | ||||||||||||
ProFund VP Consumer Services | ||||||||||||||||||||||||
Common Stocks | $ | 28,512,464 | $ | — | $ | — | $ | — | $ | 28,512,464 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 392,000 | — | 392,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 35,697 | — | — | — | 35,697 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 8,517 | — | 8,517 | ||||||||||||||||||
Total | $ | 28,548,161 | $ | — | $ | 392,000 | $ | 8,517 | $ | 28,940,161 | $ | 8,517 | ||||||||||||
ProFund VP Dow 30 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 632,000 | $ | — | $ | 632,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 6,386 | — | 6,386 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 632,000 | $ | 6,386 | $ | 632,000 | $ | 6,386 | ||||||||||||
ProFund VP Emerging Markets | ||||||||||||||||||||||||
Common Stocks | $ | 24,198,960 | $ | — | $ | — | $ | — | $ | 24,198,960 | $ | — | ||||||||||||
Preferred Stocks | 350,458 | — | — | — | 350,458 | — | ||||||||||||||||||
Repurchase Agreements | — | — | 1,657,000 | — | 1,657,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 9,104 | — | 9,104 | ||||||||||||||||||
Total | $ | 24,549,418 | $ | — | $ | 1,657,000 | $ | 9,104 | $ | 26,206,418 | $ | 9,104 | ||||||||||||
ProFund VP Europe 30 | ||||||||||||||||||||||||
Common Stocks | $ | 14,707,216 | $ | — | $ | — | $ | — | $ | 14,707,216 | $ | — | ||||||||||||
Collateral for Securities Loaned | 242,916 | — | — | — | 242,916 | — | ||||||||||||||||||
Total | $ | 14,950,132 | $ | — | $ | — | $ | — | $ | 14,950,132 | $ | — | ||||||||||||
ProFund VP Falling U.S. Dollar | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 1,326,000 | $ | — | $ | 1,326,000 | $ | — | ||||||||||||
Forward Currency Contracts | — | — | — | 13,769 | — | 13,769 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 1,326,000 | $ | 13,769 | $ | 1,326,000 | $ | 13,769 | ||||||||||||
ProFund VP Financials | ||||||||||||||||||||||||
Common Stocks | $ | 26,880,056 | $ | — | $ | — | $ | — | $ | 26,880,056 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 292,000 | — | 292,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 71,195 | — | — | — | 71,195 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 11,754 | — | 11,754 | ||||||||||||||||||
Total | $ | 26,951,251 | $ | — | $ | 292,000 | $ | 11,754 | $ | 27,243,251 | $ | 11,754 | ||||||||||||
ProFund VP Government Money Market | ||||||||||||||||||||||||
U.S. Treasury Obligations | $ | — | $ | — | $ | 9,999,381 | $ | — | $ | 9,999,381 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 37,435,000 | — | 37,435,000 | — | ||||||||||||||||||
Total | $ | — | $ | — | $ | 47,434,381 | $ | — | $ | 47,434,381 | $ | — | ||||||||||||
ProFund VP Health Care | ||||||||||||||||||||||||
Common Stocks | $ | 50,283,049 | $ | — | $ | — | $ | — | $ | 50,283,049 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 1,239,000 | — | 1,239,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 57,377 | — | — | �� | — | 57,377 | — | |||||||||||||||||
Swap Agreements | — | — | — | 25,811 | — | 25,811 | ||||||||||||||||||
Total | $ | 50,340,426 | $ | — | $ | 1,239,000 | $ | 25,811 | $ | 51,579,426 | $ | 25,811 | ||||||||||||
ProFund VP Industrials | ||||||||||||||||||||||||
Common Stocks | $ | 16,449,764 | $ | — | $ | — | $ | — | $ | 16,449,764 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 466,000 | — | 466,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 7,508 | — | — | — | 7,508 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 1,852 | — | 1,852 | ||||||||||||||||||
Total | $ | 16,457,272 | $ | — | $ | 466,000 | $ | 1,852 | $ | 16,923,272 | $ | 1,852 |
December 31, 2020 :: Notes to Financial Statements :: 395
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 International | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 5,554,000 | $ | — | $ | 5,554,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (6,819 | ) | — | (6,819 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 5,554,000 | $ | (6,819 | ) | $ | 5,554,000 | $ | (6,819 | ) | ||||||||||
ProFund VP Internet | ||||||||||||||||||||||||
Common Stocks | $ | 26,323,019 | $ | — | $ | — | $ | — | $ | 26,323,019 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 116,000 | — | 116,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (5,460 | ) | — | (5,460 | ) | ||||||||||||||||
Total | $ | 26,323,019 | $ | — | $ | 116,000 | $ | (5,460 | ) | $ | 26,439,019 | $ | (5,460 | ) | ||||||||||
ProFund VP Japan | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 10,796,000 | $ | — | $ | 10,796,000 | $ | — | ||||||||||||
Futures Contracts | — | 273,101 | — | — | — | 273,101 | ||||||||||||||||||
Swap Agreements | — | — | — | 2,094 | — | 2,094 | ||||||||||||||||||
Total | $ | — | $ | 273,101 | $ | 10,796,000 | $ | 2,094 | $ | 10,796,000 | $ | 275,195 | ||||||||||||
ProFund VP Large-Cap Growth | ||||||||||||||||||||||||
Common Stocks | $ | 29,640,429 | $ | — | $ | — | $ | — | $ | 29,640,429 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 121,000 | — | 121,000 | — | ||||||||||||||||||
Total | $ | 29,640,429 | $ | — | $ | 121,000 | $ | — | $ | 29,761,429 | $ | — | ||||||||||||
ProFund VP Large-Cap Value | ||||||||||||||||||||||||
Common Stocks | $ | 14,566,329 | $ | — | $ | — | $ | — | $ | 14,566,329 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 38,000 | — | 38,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 49,737 | — | — | — | 49,737 | — | ||||||||||||||||||
Total | $ | 14,616,066 | $ | — | $ | 38,000 | $ | — | $ | 14,654,066 | $ | — | ||||||||||||
ProFund VP Mid-Cap | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 10,868,000 | $ | — | $ | 10,868,000 | $ | — | ||||||||||||
Futures Contracts | — | 16,956 | — | — | — | 16,956 | ||||||||||||||||||
Swap Agreements | — | — | — | (10,792 | ) | — | (10,792 | ) | ||||||||||||||||
Total | $ | — | $ | 16,956 | $ | 10,868,000 | $ | (10,792 | ) | $ | 10,868,000 | $ | 6,164 | |||||||||||
ProFund VP Mid-Cap Growth | ||||||||||||||||||||||||
Common Stocks | $ | 21,044,048 | $ | — | $ | — | $ | — | $ | 21,044,048 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 31,000 | — | 31,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 7,856 | — | — | — | 7,856 | — | ||||||||||||||||||
Total | $ | 21,051,904 | $ | — | $ | 31,000 | $ | — | $ | 21,082,904 | $ | — | ||||||||||||
ProFund VP Mid-Cap Value | ||||||||||||||||||||||||
Common Stocks | $ | 12,488,636 | $ | — | $ | — | $ | — | $ | 12,488,636 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 14,000 | — | 14,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 166,111 | — | — | — | 166,111 | — | ||||||||||||||||||
Total | $ | 12,654,747 | $ | — | $ | 14,000 | $ | — | $ | 12,668,747 | $ | — | ||||||||||||
ProFund VP Nasdaq-100 | ||||||||||||||||||||||||
Common Stocks | $ | 99,977,133 | $ | — | $ | — | $ | — | $ | 99,977,133 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 50,541,000 | — | 50,541,000 | — | ||||||||||||||||||
Futures Contracts | — | 207,849 | — | — | — | 207,849 | ||||||||||||||||||
Swap Agreements | — | — | — | 172,544 | — | 172,544 | ||||||||||||||||||
Total | $ | 99,977,133 | $ | 207,849 | $ | 50,541,000 | $ | 172,544 | $ | 150,518,133 | $ | 380,393 | ||||||||||||
ProFund VP Oil & Gas | ||||||||||||||||||||||||
Common Stocks | $ | 18,234,677 | $ | — | $ | — | $ | — | $ | 18,234,677 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 258,000 | — | 258,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (3,138 | ) | — | (3,138 | ) | ||||||||||||||||
Total | $ | 18,234,677 | $ | — | $ | 258,000 | $ | (3,138 | ) | $ | 18,492,677 | $ | (3,138 | ) |
396 :: Notes to Financial Statements :: December 31, 2020
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 Pharmaceuticals | ||||||||||||||||||||||||
Common Stocks | $ | 15,865,044 | $ | — | $ | — | $ | — | $ | 15,865,044 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 195,000 | — | 195,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 62,549 | — | — | — | 62,549 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 8,542 | — | 8,542 | ||||||||||||||||||
Total | $ | 15,927,593 | $ | — | $ | 195,000 | $ | 8,542 | $ | 16,122,593 | $ | 8,542 | ||||||||||||
ProFund VP Precious Metals | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 36,076,000 | $ | — | $ | 36,076,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 8,448 | — | 8,448 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 36,076,000 | $ | 8,448 | $ | 36,076,000 | $ | 8,448 | ||||||||||||
ProFund VP Real Estate | ||||||||||||||||||||||||
Common Stocks | $ | 9,500,108 | $ | — | $ | — | $ | — | $ | 9,500,108 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 57,000 | — | 57,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 1,510 | — | 1,510 | ||||||||||||||||||
Total | $ | 9,500,108 | $ | — | $ | 57,000 | $ | 1,510 | $ | 9,557,108 | $ | 1,510 | ||||||||||||
ProFund VP Rising Rates Opportunity | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 4,333,000 | $ | — | $ | 4,333,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (19,774 | ) | — | (19,774 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 4,333,000 | $ | (19,774 | ) | $ | 4,333,000 | $ | (19,774 | ) | ||||||||||
ProFund VP Semiconductor | ||||||||||||||||||||||||
Common Stocks | $ | 10,334,526 | $ | — | $ | — | $ | — | $ | 10,334,526 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 358,000 | — | 358,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 8,830 | — | 8,830 | ||||||||||||||||||
Total | $ | 10,334,526 | $ | — | $ | 358,000 | $ | 8,830 | $ | 10,692,526 | $ | 8,830 | ||||||||||||
ProFund VP Short Dow 30 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 16,000 | $ | — | $ | 16,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (107 | ) | — | (107 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 16,000 | $ | (107 | ) | $ | 16,000 | $ | (107 | ) | ||||||||||
ProFund VP Short Emerging Markets | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 376,000 | $ | — | $ | 376,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (13,642 | ) | — | (13,642 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 376,000 | $ | (13,642 | ) | $ | 376,000 | $ | (13,642 | ) | ||||||||||
ProFund VP Short International | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 666,000 | $ | — | $ | 666,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | 826 | — | 826 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 666,000 | $ | 826 | $ | 666,000 | $ | 826 | ||||||||||||
ProFund VP Short Mid-Cap | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 89,000 | $ | — | $ | 89,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (80 | ) | — | (80 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 89,000 | $ | (80 | ) | $ | 89,000 | $ | (80 | ) | ||||||||||
ProFund VP Short Nasdaq-100 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 5,048,000 | $ | — | $ | 5,048,000 | $ | — | ||||||||||||
Futures Contracts | — | (62,482 | ) | — | — | — | (62,482 | ) | ||||||||||||||||
Swap Agreements | — | — | — | (13,772 | ) | — | (13,772 | ) | ||||||||||||||||
Total | $ | — | $ | (62,482 | ) | $ | 5,048,000 | $ | (13,772 | ) | $ | 5,048,000 | $ | (76,254 | ) | |||||||||
ProFund VP Short Small-Cap | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 1,111,000 | $ | — | $ | 1,111,000 | $ | — | ||||||||||||
Futures Contracts | — | (3,664 | ) | — | — | — | (3,664 | ) | ||||||||||||||||
Swap Agreements | — | — | — | 6,096 | — | 6,096 | ||||||||||||||||||
Total | $ | — | $ | (3,664 | ) | $ | 1,111,000 | $ | 6,096 | $ | 1,111,000 | $ | 2,432 |
December 31, 2020 :: Notes to Financial Statements :: 397
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 Small-Cap | ||||||||||||||||||||||||
Common Stocks | $ | 7,303,508 | $ | — | $ | — | $ | — | $ | 7,303,508 | $ | — | ||||||||||||
Trust* | — | — | — | — | — | — | ||||||||||||||||||
Repurchase Agreements | — | — | 11,238,000 | — | 11,238,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 55,996 | — | — | — | 55,996 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (126,732 | ) | — | (126,732 | ) | ||||||||||||||||
Total | $ | 7,359,504 | $ | — | $ | 11,238,000 | $ | (126,732 | ) | $ | 18,597,504 | $ | (126,732 | ) | ||||||||||
ProFund VP Small-Cap Growth | ||||||||||||||||||||||||
Common Stocks | $ | 22,616,516 | $ | — | $ | — | $ | — | $ | 22,616,516 | $ | — | ||||||||||||
Collateral for Securities Loaned | 228,339 | — | — | — | 228,339 | — | ||||||||||||||||||
Total | $ | 22,844,855 | $ | — | $ | — | $ | — | $ | 22,844,855 | $ | — | ||||||||||||
ProFund VP Small-Cap Value | ||||||||||||||||||||||||
Common Stocks | $ | 21,807,941 | $ | — | $ | — | $ | — | $ | 21,807,941 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 36,000 | — | 36,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 149,943 | — | — | — | 149,943 | — | ||||||||||||||||||
Total | $ | 21,957,884 | $ | — | $ | 36,000 | $ | — | $ | 21,993,884 | $ | — | ||||||||||||
ProFund VP Technology | ||||||||||||||||||||||||
Common Stocks | $ | 41,579,998 | $ | — | $ | — | $ | — | $ | 41,579,998 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 425,000 | — | 425,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 4,987 | — | 4,987 | ||||||||||||||||||
Total | $ | 41,579,998 | $ | — | $ | 425,000 | $ | 4,987 | $ | 42,004,998 | $ | 4,987 | ||||||||||||
ProFund VP Telecommunications | ||||||||||||||||||||||||
Common Stocks | $ | 6,512,377 | $ | — | $ | — | $ | — | $ | 6,512,377 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 116,000 | — | 116,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 540 | — | — | — | 540 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 23 | — | 23 | ||||||||||||||||||
Total | $ | 6,512,917 | $ | — | $ | 116,000 | $ | 23 | $ | 6,628,917 | $ | 23 | ||||||||||||
ProFund VP UltraBull | ||||||||||||||||||||||||
Common Stocks | $ | 12,026,235 | $ | — | $ | — | $ | — | $ | 12,026,235 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 4,853,000 | — | 4,853,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 21,566 | — | — | — | 21,566 | — | ||||||||||||||||||
Futures Contracts | — | 29,597 | — | — | — | 29,597 | ||||||||||||||||||
Swap Agreements | — | — | — | 111,613 | — | 111,613 | ||||||||||||||||||
Total | $ | 12,047,801 | $ | 29,597 | $ | 4,853,000 | $ | 111,613 | $ | 16,900,801 | $ | 141,210 | ||||||||||||
ProFund VP UltraMid-Cap | ||||||||||||||||||||||||
Common Stocks | $ | 8,146,693 | $ | — | $ | — | $ | — | $ | 8,146,693 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 5,494,000 | — | 5,494,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 52,342 | — | — | — | 52,342 | — | ||||||||||||||||||
Swap Agreements | — | — | — | (21,055 | ) | — | (21,055 | ) | ||||||||||||||||
Total | $ | 8,199,035 | $ | — | $ | 5,494,000 | $ | (21,055 | ) | $ | 13,693,035 | $ | (21,055 | ) | ||||||||||
ProFund VP UltraNasdaq-100 | ||||||||||||||||||||||||
Common Stocks | $ | 99,665,364 | $ | — | $ | — | $ | — | $ | 99,665,364 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 108,434,000 | — | 108,434,000 | — | ||||||||||||||||||
Futures Contracts | — | 270,203 | — | — | — | 270,203 | ||||||||||||||||||
Swap Agreements | — | — | — | 1,128,423 | — | 1,128,423 | ||||||||||||||||||
Total | $ | 99,665,364 | $ | 270,203 | $ | 108,434,000 | $ | 1,128,423 | $ | 208,099,364 | $ | 1,398,626 | ||||||||||||
ProFund VP UltraShort Dow 30 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 6,000 | $ | — | $ | 6,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (88 | ) | — | (88 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 6,000 | $ | (88 | ) | $ | 6,000 | $ | (88 | ) |
398 :: Notes to Financial Statements :: December 31, 2020
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 UltraShort Nasdaq-100 | ||||||||||||||||||||||||
Repurchase Agreements | $ | — | $ | — | $ | 205,000 | $ | — | $ | 205,000 | $ | — | ||||||||||||
Swap Agreements | — | — | — | (1,581 | ) | — | (1,581 | ) | ||||||||||||||||
Total | $ | — | $ | — | $ | 205,000 | $ | (1,581 | ) | $ | 205,000 | $ | (1,581 | ) | ||||||||||
ProFund VP UltraSmall-Cap | ||||||||||||||||||||||||
Common Stocks | $ | 8,376,744 | $ | — | $ | — | $ | — | $ | 8,376,744 | $ | — | ||||||||||||
Trust* | — | — | — | — | — | — | ||||||||||||||||||
Repurchase Agreements | — | — | 13,869,000 | — | 13,869,000 | — | ||||||||||||||||||
Collateral for Securities Loaned | 83,245 | — | — | — | 83,245 | — | ||||||||||||||||||
Futures Contracts | — | 21,246 | — | — | — | 21,246 | ||||||||||||||||||
Swap Agreements | — | — | — | (375,307 | ) | — | (375,307 | ) | ||||||||||||||||
Total | $ | 8,459,989 | $ | 21,246 | $ | 13,869,000 | $ | (375,307 | ) | $ | 22,328,989 | $ | (354,061 | ) | ||||||||||
ProFund VP U.S. Government Plus | ||||||||||||||||||||||||
U.S. Treasury Obligation | $ | — | $ | — | $ | 8,008,594 | $ | — | $ | 8,008,594 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 14,112,000 | — | 14,112,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 58,760 | — | 58,760 | ||||||||||||||||||
Total | $ | — | $ | — | $ | 22,120,594 | $ | 58,760 | $ | 22,120,594 | $ | 58,760 | ||||||||||||
ProFund VP Utilities | ||||||||||||||||||||||||
Common Stocks | $ | 32,208,532 | $ | — | $ | — | $ | — | $ | 32,208,532 | $ | — | ||||||||||||
Repurchase Agreements | — | — | 210,000 | — | 210,000 | — | ||||||||||||||||||
Swap Agreements | — | — | — | 9,893 | — | 9,893 | ||||||||||||||||||
Total | $ | 32,208,532 | $ | — | $ | 210,000 | $ | 9,893 | $ | 32,418,532 | $ | 9,893 |
^ | 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. 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 and Access One Trust, another investment company advised by the Advisor, 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, 2020, 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 pays Citi an annual fee based on the Trust’s and Access One Trust’s aggregate average net assets at a tier rate ranging from 0.00375% to 0.05%, and a base fee for certain filings. Administration fees also include additional fees paid to Citi by the Trust for additional services provided, including support of the Trust’s compliance program.
Citi also acts as fund accounting agent for the Trust. For these services, the Trust pays Citi an annual fee based on the Trust’s and Access One 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, 2020 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%
December 31, 2020 :: Notes to Financial Statements :: 399
of its average daily net assets, the Distribution Fees would have been $254,558 for the year ended December 31, 2020. 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, 2020, 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 $94,544 for the year ended December 31, 2020. 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 his services at an annual rate of $185,000. Independent Trustees also receive $10,000 for attending each regularly quarterly in-person meeting, $3,000 for attending each special meeting, and $3,000 for attending each telephonic meeting. During the year ended December 31, 2020, actual Trustee compensation was $684,000 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. These expense limitations remain in effect until at least April 30, 2021.
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, 2020, the recoupments that may potentially be made by the ProFunds VP are as follows:
Expires 4/30/21 | Expires 4/30/22 | Expires 4/30/23 | Expires 4/30/24 | Total | ||||||||||||||||
ProFund VP Asia 30 | $ | — | $ | — | $ | 18,510 | $ | 535 | $ | 19,045 | ||||||||||
ProFund VP Banks | — | 4,733 | 1,693 | 2,161 | 8,587 | |||||||||||||||
ProFund VP Basic Materials | — | — | 3,103 | 4,446 | 7,549 | |||||||||||||||
ProFund VP Bear | — | — | 3,486 | 2,861 | 6,347 | |||||||||||||||
ProFund VP Bull | — | — | — | 17,082 | 17,082 | |||||||||||||||
ProFund VP Consumer Goods | — | 8,850 | 4,224 | 8,884 | 21,958 | |||||||||||||||
ProFund VP Consumer Services | — | — | 7,673 | 14,204 | 21,877 | |||||||||||||||
ProFund VP Emerging Markets | — | — | 15,518 | 7,897 | 23,415 | |||||||||||||||
ProFund VP Europe 30 | — | — | 16,387 | 8,350 | 24,737 | |||||||||||||||
ProFund VP Falling U.S. Dollar | 12,218 | 19,462 | 18,517 | 3,531 | 53,728 | |||||||||||||||
ProFund VP Financials | — | — | 3,681 | 11,668 | 15,349 | |||||||||||||||
ProFund VP Health Care | — | 9,809 | 15,276 | 22,119 | 47,204 | |||||||||||||||
ProFund VP Industrials | — | 4,776 | 3,818 | 7,226 | 15,820 | |||||||||||||||
ProFund VP Internet | — | — | 1,924 | 4,553 | 6,477 | |||||||||||||||
ProFund VP Japan | — | — | 1,507 | 3,988 | 5,495 | |||||||||||||||
ProFund VP Large-Cap Growth | — | 9,112 | 12,749 | 14,563 | 36,424 | |||||||||||||||
ProFund VP Large-Cap Value | — | 5,713 | 11,285 | 10,261 | 27,259 | |||||||||||||||
ProFund VP Mid-Cap Growth | 266 | 12,517 | 10,197 | 12,760 | 35,740 | |||||||||||||||
ProFund VP Mid-Cap Value | 7,624 | 4,250 | 12,202 | 8,838 | 32,914 | |||||||||||||||
ProFund VP Nasdaq-100 | — | — | 28,125 | 51,492 | 79,617 | |||||||||||||||
ProFund VP Oil & Gas | — | — | 2,652 | 10,668 | 13,320 | |||||||||||||||
ProFund VP Pharmaceuticals | — | — | 2,852 | 4,972 | 7,824 | |||||||||||||||
ProFund VP Precious Metals | — | — | 6,776 | 16,829 | 23,605 | |||||||||||||||
ProFund VP Real Estate | — | 2,890 | 5,955 | 6,702 | 15,547 |
400 :: Notes to Financial Statements :: December 31, 2020
Expires 4/30/21 | Expires 4/30/22 | Expires 4/30/23 | Expires 4/30/24 | Total | ||||||||||||||||
ProFund VP Rising Rates Opportunity | $ | — | $ | — | $ | 2,065 | $ | — | $ | 2,065 | ||||||||||
ProFund VP Semiconductor | — | — | — | 1,280 | 1,280 | |||||||||||||||
ProFund VP Short Dow 30 | 122 | — | — | 66 | 188 | |||||||||||||||
ProFund VP Short Emerging Markets | — | — | — | 456 | 456 | |||||||||||||||
ProFund VP Short International | — | — | 268 | — | 268 | |||||||||||||||
ProFund VP Short Mid-Cap | — | — | — | 213 | 213 | |||||||||||||||
ProFund VP Short Nasdaq-100 | — | — | 4,821 | 1,286 | 6,107 | |||||||||||||||
ProFund VP Short Small-Cap | — | — | 917 | 2,120 | 3,037 | |||||||||||||||
ProFund VP Small-Cap | — | — | 4,240 | 12,022 | 16,262 | |||||||||||||||
ProFund VP Small-Cap Growth | — | 4,569 | 9,699 | 8,078 | 22,346 | |||||||||||||||
ProFund VP Small-Cap Value | — | — | 5,909 | 9,935 | 15,844 | |||||||||||||||
ProFund VP Telecommunications | — | — | 2,261 | 3,951 | 6,212 | |||||||||||||||
ProFund VP UltraMid-Cap | — | 2,156 | 8,112 | 7,443 | 17,711 | |||||||||||||||
ProFund VP UltraNasdaq-100 | — | 14,643 | 85,731 | 69,718 | 170,092 | |||||||||||||||
ProFund VP UltraShort Nasdaq-100 | — | — | 626 | 1,388 | 2,014 | |||||||||||||||
ProFund VP UltraSmall-Cap | — | — | 7,809 | 22,086 | 29,895 | |||||||||||||||
ProFund VP U.S. Government Plus | — | — | 8,716 | 24,606 | 33,322 | |||||||||||||||
ProFund VP Utilities | — | — | 13,574 | 18,660 | 32,234 |
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, 2021 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, 2020, the recoupments that may potentially be made by ProFund VP Government Money Market are as follows:
Expires 4/30/23 | Expires 4/30/24 | Total | ||||||||||
ProFund VP Government Money Market | $ | 201,617 | $ | 360,704 | $ | 562,321 |
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, 2020 were as follows:
Purchases | Sales | |||||||
ProFund VP Asia 30 | $ | 31,714,349 | $ | 38,936,015 | ||||
ProFund VP Banks | 20,206,084 | 22,032,776 | ||||||
ProFund VP Basic Materials | 15,792,167 | 14,220,343 | ||||||
ProFund VP Biotechnology | 41,402,175 | 39,027,533 | ||||||
ProFund VP Bull | 1,398,106 | 11,425,957 | ||||||
ProFund VP Consumer Goods | 21,463,308 | 19,122,297 | ||||||
ProFund VP Consumer Services | 28,802,650 | 32,439,371 | ||||||
ProFund VP Emerging Markets | 20,023,526 | 22,944,459 | ||||||
ProFund VP Europe 30 | 9,346,093 | 12,039,777 | ||||||
ProFund VP Financials | 37,191,921 | 44,343,392 | ||||||
ProFund VP Health Care | 26,739,167 | 29,657,414 | ||||||
ProFund VP Industrials | 15,886,156 | 18,049,901 | ||||||
ProFund VP Internet | 25,152,234 | 23,339,987 | ||||||
ProFund VP Large-Cap Growth | 41,215,006 | 47,847,204 | ||||||
ProFund VP Large-Cap Value | 14,023,330 | 19,669,871 | ||||||
ProFund VP Mid-Cap Growth | 31,383,607 | 34,749,998 | ||||||
ProFund VP Mid-Cap Value | 17,459,176 | 22,356,711 | ||||||
ProFund VP Nasdaq-100 | 8,188,405 | 10,638,961 | ||||||
ProFund VP Oil & Gas | 22,992,688 | 22,394,113 | ||||||
ProFund VP Pharmaceuticals | 13,095,858 | 11,837,127 | ||||||
ProFund VP Real Estate | 15,321,272 | 19,371,541 | ||||||
ProFund VP Semiconductor | 29,912,102 | 30,596,840 | ||||||
ProFund VP Small-Cap | 2,168,621 | 1,344,101 | ||||||
ProFund VP Small-Cap Growth | 26,153,939 | 25,135,618 |
December 31, 2020 :: Notes to Financial Statements :: 401
Purchases | Sales | |||||||
ProFund VP Small-Cap Value | $ | 28,305,742 | $ | 27,598,098 | ||||
ProFund VP Technology | 67,027,447 | 70,664,677 | ||||||
ProFund VP Telecommunications | 6,611,585 | 6,217,955 | ||||||
ProFund VP UltraBull | 171,677,186 | 177,352,302 | ||||||
ProFund VP UltraMid-Cap | 33,968,710 | 35,435,244 | ||||||
ProFund VP UltraNasdaq-100 | 47,881,478 | 42,712,802 | ||||||
ProFund VP UltraSmall-Cap | 2,379,929 | 4,570,922 | ||||||
ProFund VP Utilities | 17,023,411 | 24,869,944 |
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, 2020 were as follows:
Purchases | Sales | |||||||
ProFund VP U.S. Government Plus | $ | 32,582,575 | $ | 32,571,406 |
6. Investment Risks
Some risks apply to all ProFunds VP, while others are specific to the investment strategy of certain ProFunds VP. Each ProFund VP may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the ProFunds VP. The risks are presented in an order intended to facilitate readability, and their order does not imply that the realization of one risk is likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk.
Risks Associated with the Use of Derivatives
Certain ProFunds VP may obtain investment exposure through derivatives. Investing in derivatives may be considered aggressive and may expose the ProFund VP to greater risks and may result in larger losses or smaller gains than investing directly in the reference asset(s) underlying those derivatives (e.g., securities in the Index). These risks include counterparty risk, liquidity risk and increased correlation risk. When the ProFund VP uses derivatives, there may be imperfect correlation between the value of the reference asset(s) underlying the derivative (e.g., securities in the Index) and the derivative, which may prevent the ProFund VP from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives also may expose the ProFund VP to losses in excess of those amounts initially invested.
Certain ProFunds VP may use a combination of swaps on the Index and swaps on an ETF that is designed to track the performance of the Index. The performance of an ETF may not track the performance of the Index due to embedded costs and other factors. Thus, to the extent the ProFund VP invests in swaps that use an ETF as the reference asset, the ProFund VP may be subject to greater correlation risk and may not achieve as high a degree of correlation with the Index as it would if the ProFund VP only used swaps on the Index.
Moreover, with respect to the use of swap agreements, if the Index has a dramatic intraday move that causes a material decline in a ProFund VP’s net assets, the terms of a swap agreement between the ProFund VP and its counterparty may permit the counterparty to immediately close out the transaction with the ProFund VP. In that event, the ProFund VP may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the ProFund VP’s investment objective. This, in turn, may prevent the ProFund VP from achieving its investment objective, even if the Index reverses all or a portion of its intraday move by the end of the day. As a result, the value of an investment in the ProFund VP may change quickly and without warning. Any costs associated with using derivatives will also have the effect of lowering the ProFund VP’s return.
Compounding Risk
Certain ProFunds VP are “geared” funds (“Geared Funds”) in the sense that the ProFund VP has an investment objective to match a multiple, the inverse, or an inverse multiple of the performance of a benchmark on a single day, not for any other period. A “single day” is measured from the time a ProFund VP calculates its net asset value (“NAV”) to the time of the ProFund VP’s next NAV calculation. These Geared Funds are subject to all of the correlation risks described below. In addition, because these ProFunds VP have a single day investment objective, for periods greater than one day, the effect of compounding may cause the performance of a ProFund VP to vary from the benchmark performance (or the inverse of the benchmark performance) times the stated multiple in the ProFund VP objective, as applicable, before accounting for fees and ProFund VP expenses. As explained in greater detail in their Prospectuses, as a result of compounding, Geared Funds are unlikely to provide a simple multiple (e.g. -1x, 2x, or -2x) of a benchmark’s return over periods longer than a single day.
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
402 :: Notes to Financial Statements :: December 31, 2020
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.
Concentration Risk
Certain non-money market ProFunds VP may be subject to concentration risk. Concentration risk results from maintaining concentrated exposure to certain types of issuers, industries, market sectors, countries or geographical regions. A ProFund VP that concentrates its investments will be more susceptible to risks associated with that concentration. With respect to the Sector ProFunds VP, a ProFund VP may have significant exposure to an individual industry that constitutes a significant portion of that ProFund VP’s benchmark. Such a ProFund VP will be more susceptible to the risks associated with that specific industry, which may be different from the risks generally associated with other benchmarks. Each ProFund VP will concentrate its investments in a particular industry or group of industries to approximately the same extent as its benchmark, up to the extent permitted by applicable regulatory guidance. Additionally, certain ProFunds VP that focus their investments in particular countries or geographic regions may be particularly susceptible to economic, political or regulatory events affecting those countries or regions. These ProFunds VP may be more volatile than a more geographically diversified ProFund VP. The Schedule of Portfolio Investments includes information on each ProFund VP’s holdings, including industry and/or geographical composition, as relevant.
Correlation Risk
There is no guarantee that a ProFund VP will achieve a high degree of correlation with its benchmark. Failure to achieve a high degree of correlation may prevent a ProFund VP from achieving its investment objective, and the percentage change of the ProFund VP’s NAV each day may differ, perhaps significantly, from the percentage change of the ProFund VP’s benchmark on such day. This may be due, among other reasons, to the impact of a limited trading market in the underlying component securities on the calculation of the benchmark.
In order to achieve a high degree of correlation with the Index, a ProFund VP seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to the Index may prevent the ProFund VP from achieving a high degree of correlation with the Index. Market disruptions or closure, regulatory restrictions, market volatility and other factors will adversely affect the ProFund VP’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the Index’s movements. Because of this, it is unlikely that the ProFund VP will have perfect leveraged exposure at the end of each day and the likelihood of being materially under- or overexposed is higher on days when the Index level is volatile at or near the close of the trading day.
A number of other factors may adversely affect a ProFund VP’s correlation with its benchmark, including material over- or underexposure, fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which a ProFund VP invests. A ProFund VP may not have investment exposure to all securities in its benchmark, or its weighting of investment exposure to stocks or industries may be different from that of the benchmark. In addition, a ProFund VP may invest in securities not included in the benchmark or in financial instruments. Each ProFund VP may take or refrain from taking positions in order to improve tax efficiency or comply with regulatory restrictions, either of which may negatively affect the ProFund VP’s correlation with its benchmark. A ProFund VP may also be subject to large movements of assets into and out of the ProFund VP, potentially resulting in the ProFund VP being over- or underexposed to its benchmark, and may be impacted by index reconstitutions and index rebalancing events. Additionally, a ProFund VP’s underlying holdings or reference assets may trade on markets that may or may not be open on the same day as the ProFund VP. Each ProFund VP (other than the Classic ProFunds VP, the Sector ProFunds VP, ProFund VP Falling U.S. Dollar and ProFund VP Government Money Market) seeks to rebalance its portfolio daily to keep its leveraged, inverse or inverse leveraged exposure to the benchmark consistent with its investment objective. Any of these factors could decrease correlation between the performance of a ProFund VP and may hinder a ProFund VP’s ability to meet its investment objective on or around that day.
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
December 31, 2020 :: Notes to Financial Statements :: 403
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.
Natural Disaster/Epidemic Risk
Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus (COVID-19)), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such as natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Fund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Fund may have difficulty achieving its investment objective which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Fund’s investment advisor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the Fund to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on the Fund’s performance, resulting in losses to your investment.
Risk that Current Assumptions and Expectations Could Become Outdated As a Result of Global Economic Shocks
The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19. These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. Financial markets across the globe are experiencing severe distress at least equal to what was experienced during the global financial crisis in 2008. In March 2020, U.S. equity markets entered a bear market in the fastest such move in the history of U.S. financial markets. Contemporaneous with the onset of the COVID-19 pandemic in the US, oil experienced shocks to supply and demand, impacting the price and volatility of oil. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Fund to become outdated quickly or inaccurate, resulting in significant losses.
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.
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.
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,
404 :: Notes to Financial Statements :: December 31, 2020
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. For an Index with exposure to foreign, and especially emerging markets, there may be heightened risks associated with the adequacy and reliability of the information used to calculate the Index, as some foreign markets may have less information available. ProFund Advisors has no ability to assess a third party provider’s due diligence process over index data prior to its use in index computation, construction and/or rebalancing. 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.
Liquidity Risk
In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a ProFund VP invests, the ProFunds VP might not be able to acquire or dispose of certain holdings quickly or at prices that represent true fair value in the judgment of the Advisor. Markets for the securities or financial instruments in which a ProFund VP invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes inside or outside of the U.S. For example, regulation limiting the ability of certain financial institutions to invest in certain securities would likely reduce the liquidity of those securities. These situations may prevent a ProFund VP from limiting losses, realizing gains, or from achieving a high correlation (or inverse correlation) with its underlying benchmark.
7. Federal Income Tax Information
The tax character of distributions paid to shareholders during the tax years ended, as noted below, were as follows:
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||
Distributions Paid from Ordinary Income | Distributions Paid from Net Long-Term Gains | Tax Return of Capital | Total Distributions Paid | Distributions Paid from Ordinary Income | Distributions Paid from Net Long-Term Gains | Tax Return of Capital | Total Distributions Paid | |||||||||||||||||||||||||
ProFund VP Asia 30 | $ | 627,243 | $ | 1,892,592 | $ | — | $ | 2,519,835 | $ | 54,139 | $ | — | $ | — | $ | 54,139 | ||||||||||||||||
ProFund VP Banks | 92,909 | — | — | 92,909 | 67,297 | — | — | 67,297 | ||||||||||||||||||||||||
ProFund VP Basic Materials | 177,560 | 771,840 | — | 949,400 | 39,914 | 348,798 | — | 388,712 | ||||||||||||||||||||||||
ProFund VP Bear | 18,942 | — | — | 18,942 | 3,463 | — | — | 3,463 | ||||||||||||||||||||||||
ProFund VP Biotechnology | 666,520 | 3,430,329 | — | 4,096,849 | 107,521 | 108,138 | — | 215,659 | ||||||||||||||||||||||||
ProFund VP Bull | 1,255,932 | 1,897,120 | — | 3,153,052 | 160,881 | 1,044,941 | — | 1,205,822 | ||||||||||||||||||||||||
ProFund VP Consumer Goods | 255,626 | 2,182 | — | 257,808 | 159,669 | 1,689,044 | — | 1,848,713 | ||||||||||||||||||||||||
ProFund VP Consumer Services | 13,651 | 9,125,605 | — | 9,139,256 | — | 1,296,563 | — | 1,296,563 | ||||||||||||||||||||||||
ProFund VP Dow 30 | 111,280 | — | — | 111,280 | 837 | — | — | 837 | ||||||||||||||||||||||||
ProFund VP Emerging Markets | 117,347 | — | — | 117,347 | 84,945 | — | — | 84,945 | ||||||||||||||||||||||||
ProFund VP Europe 30 | 395,173 | — | — | 395,173 | 507,890 | — | — | 507,890 | ||||||||||||||||||||||||
ProFund VP Falling U.S. Dollar | 1,949 | — | — | 1,949 | 214 | — | — | 214 | ||||||||||||||||||||||||
ProFund VP Financials | 440,539 | 1,689,299 | — | 2,129,838 | 177,294 | 1,665,605 | — | 1,842,899 | ||||||||||||||||||||||||
ProFund VP Government Money Market | 55,902 | — | — | 55,902 | 1,278,580 | — | — | 1,278,580 | ||||||||||||||||||||||||
ProFund VP Health Care | — | 6,154,240 | — | 6,154,240 | — | 5,775,400 | — | 5,775,400 | ||||||||||||||||||||||||
ProFund VP Industrials | 220,540 | 48,389 | — | 268,929 | — | 2,486,434 | — | 2,486,434 | ||||||||||||||||||||||||
ProFund VP International | 26,163 | — | — | 26,163 | 16,547 | — | — | 16,547 | ||||||||||||||||||||||||
ProFund VP Internet | — | 2,716,437 | — | 2,716,437 | — | 491,896 | — | 491,896 | ||||||||||||||||||||||||
ProFund VP Japan | 18,886 | — | — | 18,886 | 9,941 | — | — | 9,941 | ||||||||||||||||||||||||
ProFund VP Large-Cap Growth | 479,817 | 2,242,710 | — | 2,722,527 | — | 6,298,722 | — | 6,298,722 | ||||||||||||||||||||||||
ProFund VP Large-Cap Value | 1,707,270 | 161,730 | — | 1,869,000 | 148,635 | 1,537,460 | — | 1,686,095 | ||||||||||||||||||||||||
ProFund VP Mid-Cap | 2,072,210 | 183,573 | — | 2,255,783 | 15,907 | — | — | 15,907 | ||||||||||||||||||||||||
ProFund VP Mid-Cap Growth | 97,983 | 1,725,066 | — | 1,823,049 | — | 1,641,985 | — | 1,641,985 | ||||||||||||||||||||||||
ProFund VP Mid-Cap Value | 703,529 | 221,502 | — | 925,031 | 25,745 | 426,732 | — | 452,477 | ||||||||||||||||||||||||
ProFund VP Nasdaq-100 | 5,808,861 | 3,687,764 | — | 9,496,625 | — | 709,177 | — | 709,177 | ||||||||||||||||||||||||
ProFund VP Oil & Gas | 421,336 | 186,316 | — | 607,652 | 348,572 | 826,398 | — | 1,174,970 | ||||||||||||||||||||||||
ProFund VP Pharmaceuticals | 15,201 | — | — | 15,201 | 105,596 | 1,538,932 | — | 1,644,528 | ||||||||||||||||||||||||
ProFund VP Precious Metals | 89,778 | — | — | 89,778 | 8,874 | — | — | 8,874 | ||||||||||||||||||||||||
ProFund VP Real Estate | 404,416 | — | 28,104 | 432,520 | 277,060 | 774,042 | — | 1,051,102 | ||||||||||||||||||||||||
ProFund VP Rising Rates Opportunity | 37,790 | — | — | 37,790 | 336,149 | — | — | 336,149 | ||||||||||||||||||||||||
ProFund VP Semiconductor | 649,890 | 46,276 | — | 696,166 | 21,450 | 624,936 | — | 646,386 | ||||||||||||||||||||||||
ProFund VP Short Dow 30 | 43 | — | — | 43 | 5 | — | — | 5 | ||||||||||||||||||||||||
ProFund VP Short Emerging Markets | 5,130 | — | — | 5,130 | 96,628 | — | — | 96,628 | ||||||||||||||||||||||||
ProFund VP Short International | 3,789 | — | — | 3,789 | 22,231 | — | — | 22,231 |
December 31, 2020 :: Notes to Financial Statements :: 405
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||
Distributions Paid from Ordinary Income | Distributions Paid from Net Long-Term Gains | Tax Return of Capital | Total Distributions Paid | Distributions Paid from Ordinary Income | Distributions Paid from Net Long-Term Gains | Tax Return of Capital | Total Distributions Paid | |||||||||||||||||||||||||
ProFund VP Short Mid-Cap | $ | 1,287 | $ | — | $ | — | $ | 1,287 | $ | 411 | $ | — | $ | — | $ | 411 | ||||||||||||||||
ProFund VP Short Nasdaq-100 | 11,485 | — | — | 11,485 | 2,407 | — | — | 2,407 | ||||||||||||||||||||||||
ProFund VP Short Small-Cap | 9,164 | — | — | 9,164 | 165,393 | 13,490 | — | 178,883 | ||||||||||||||||||||||||
ProFund VP Small-Cap | 288,536 | 88,823 | — | 377,359 | — | — | — | — | ||||||||||||||||||||||||
ProFund VP Small-Cap Growth | 321,868 | 2,098,024 | — | 2,419,892 | — | 2,319,685 | — | 2,319,685 | ||||||||||||||||||||||||
ProFund VP Small-Cap Value | 1,201,769 | 608,459 | — | 1,810,228 | — | — | — | — | ||||||||||||||||||||||||
ProFund VP Technology | 359,646 | 3,832,337 | — | 4,191,983 | — | 686,328 | — | 686,328 | ||||||||||||||||||||||||
ProFund VP Telecommunications | 61,265 | — | — | 61,265 | 199,221 | — | — | 199,221 | ||||||||||||||||||||||||
ProFund VP UltraBull | 9,177,447 | 741,664 | — | 9,919,111 | 111,007 | — | — | 111,007 | ||||||||||||||||||||||||
ProFund VP UltraMid-Cap | 2,119,595 | — | — | 2,119,595 | — | — | — | — | ||||||||||||||||||||||||
ProFund VP UltraNasdaq-100 | 30,350,127 | 3,147,135 | — | 33,497,262 | — | — | — | — | ||||||||||||||||||||||||
ProFund VP UltraShort Dow 30 | 185 | — | — | 185 | 323 | — | — | 323 | ||||||||||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | 6,414 | — | — | 6,414 | 2,753 | — | — | 2,753 | ||||||||||||||||||||||||
ProFund VP UltraSmall-Cap | 2,142,018 | — | — | 2,142,018 | — | — | — | — | ||||||||||||||||||||||||
ProFund VP U.S. Government Plus | 1,890,196 | — | — | 1,890,196 | 175,989 | — | — | 175,989 | ||||||||||||||||||||||||
ProFund VP Utilities | 1,733,161 | 6,251,978 | — | 7,985,139 | 596,222 | 2,238,652 | — | 2,834,874 |
As of the latest tax year ended December 31, 2020, 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 VP Asia 30 | $ | 177,658 | $ | 4,210,724 | $ | — | $ | — | $ | 12,701,829 | $ | 17,090,211 | ||||||||||||
ProFund VP Banks | 82,428 | — | — | (2,586,089 | ) | 270,227 | (2,233,434 | ) | ||||||||||||||||
ProFund VP Basic Materials | 254,692 | 295,399 | — | — | 5,557,108 | 6,107,199 | ||||||||||||||||||
ProFund VP Bear | 20,675 | 1,179 | — | (22,002,974 | ) | (10,297 | ) | (21,991,417 | ) | |||||||||||||||
ProFund VP Biotechnology | 384,376 | — | — | — | 33,027,270 | 33,411,646 | ||||||||||||||||||
ProFund VP Bull | 1,729,175 | 2,972,784 | — | — | 29,022,465 | 33,724,424 | ||||||||||||||||||
ProFund VP Consumer Goods | 297,850 | 765,184 | — | — | 10,152,591 | 11,215,625 | ||||||||||||||||||
ProFund VP Consumer Services | 930,518 | 1,515,070 | — | — | 11,914,326 | 14,359,914 | ||||||||||||||||||
ProFund VP Dow 30 | 55,117 | — | — | (1,631,269 | ) | 6,386 | (1,569,766 | ) | ||||||||||||||||
ProFund VP Emerging Markets | — | — | — | (6,161,193 | ) | 11,299,128 | 5,137,935 | |||||||||||||||||
ProFund VP Europe 30 | 163,002 | — | — | (350,784 | ) | (637,035 | ) | (824,817 | ) | |||||||||||||||
ProFund VP Falling U.S. Dollar | 1,014 | 14,881 | — | (277,517 | ) | — | (261,622 | ) | ||||||||||||||||
ProFund VP Financials | 385,586 | 2,309,072 | — | — | 11,682,218 | 14,376,876 | ||||||||||||||||||
ProFund VP Government Money Market | — | — | — | (54,195 | ) | — | (54,195 | ) | ||||||||||||||||
ProFund VP Health Care | 499,530 | 3,738,460 | — | — | 31,199,917 | 35,437,907 | ||||||||||||||||||
ProFund VP Industrials | 40,951 | 1,131,228 | — | — | 9,080,273 | 10,252,452 | ||||||||||||||||||
ProFund VP International | — | — | — | (1,530,488 | ) | (6,819 | ) | (1,537,307 | ) | |||||||||||||||
ProFund VP Internet | 769,851 | 2,812,110 | — | — | 13,302,997 | 16,884,958 | ||||||||||||||||||
ProFund VP Japan | 387,548 | 718,980 | — | — | 2,094 | 1,108,622 | ||||||||||||||||||
ProFund VP Large-Cap Growth | 670,296 | 3,262,142 | — | — | 16,076,604 | 20,009,042 | ||||||||||||||||||
ProFund VP Large-Cap Value | 149,251 | — | — | (763,765 | ) | 2,082,971 | 1,468,457 | |||||||||||||||||
ProFund VP Mid-Cap | 607,067 | — | — | (416,523 | ) | (10,792 | ) | 179,752 | ||||||||||||||||
ProFund VP Mid-Cap Growth | 272,599 | 1,442,049 | — | — | 5,987,208 | 7,701,856 | ||||||||||||||||||
ProFund VP Mid-Cap Value | 64,783 | — | — | (50,255 | ) | 1,012,369 | 1,026,897 | |||||||||||||||||
ProFund VP Nasdaq-100 | 13,205,052 | 5,754,778 | — | — | 73,574,883 | 92,534,713 | ||||||||||||||||||
ProFund VP Oil & Gas | 534,439 | — | — | (865,020 | ) | 1,582,662 | 1,252,081 | |||||||||||||||||
ProFund VP Pharmaceuticals | 236,560 | — | — | — | 3,872,279 | 4,108,839 | ||||||||||||||||||
ProFund VP Precious Metals | — | — | — | (58,924,381 | ) | 8,448 | (58,915,933 | ) | ||||||||||||||||
ProFund VP Real Estate | — | — | — | (358,469 | ) | 4,358,773 | 4,000,304 | |||||||||||||||||
ProFund VP Rising Rates Opportunity | — | — | — | (28,467,715 | ) | (19,774 | ) | (28,487,489 | ) | |||||||||||||||
ProFund VP Semiconductor | 743,393 | 312,175 | — | — | 6,542,556 | 7,598,124 | ||||||||||||||||||
ProFund VP Short Dow 30 | — | — | — | (117,677 | ) | (107 | ) | (117,784 | ) |
406 :: Notes to Financial Statements :: December 31, 2020
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Distributions Payable | Accumulated Capital and Other Losses | Unrealized Appreciation/ (Depreciation) | Total Accumulated Earnings/ (Deficit) | |||||||||||||||||||
ProFund VP Short Emerging Markets | $ | — | $ | — | $ | — | $ | (2,609,913 | ) | $ | (13,642 | ) | $ | (2,623,555 | ) | |||||||||
ProFund VP Short International | — | — | — | (2,241,687 | ) | 826 | (2,240,861 | ) | ||||||||||||||||
ProFund VP Short Mid-Cap | 139,495 | — | — | (2,506,408 | ) | (80 | ) | (2,366,993 | ) | |||||||||||||||
ProFund VP Short Nasdaq-100 | 148,178 | 76,706 | — | (13,723,571 | ) | (13,772 | ) | (13,512,459 | ) | |||||||||||||||
ProFund VP Short Small-Cap | — | — | — | (5,680,679 | ) | 6,096 | (5,674,583 | ) | ||||||||||||||||
ProFund VP Small-Cap | 496,870 | 274,208 | — | — | 2,318,747 | 3,089,825 | ||||||||||||||||||
ProFund VP Small-Cap Growth | 484,973 | 1,268,843 | — | — | 6,273,635 | 8,027,451 | ||||||||||||||||||
ProFund VP Small-Cap Value | 51,121 | — | — | (322,272 | ) | 514,943 | 243,792 | |||||||||||||||||
ProFund VP Technology | 1,784,843 | 1,809,709 | — | — | 33,054,143 | 36,648,695 | ||||||||||||||||||
ProFund VP Telecommunications | 81,611 | — | — | (982,551 | ) | 635,491 | (265,449 | ) | ||||||||||||||||
ProFund VP UltraBull | — | — | — | (17,087,694 | ) | 6,678,887 | (10,408,807 | ) | ||||||||||||||||
ProFund VP UltraMid-Cap | — | — | — | (884,334 | ) | 2,945,587 | 2,061,253 | |||||||||||||||||
ProFund VP UltraNasdaq-100 | 49,379,390 | 6,317,290 | — | — | 65,826,158 | 121,522,838 | ||||||||||||||||||
ProFund VP UltraShort Dow 30 | 109,160 | — | — | (954,927 | ) | (88 | ) | (845,855 | ) | |||||||||||||||
ProFund VP UltraShort Nasdaq-100 | 2,439,139 | — | — | (5,039,895 | ) | (1,581 | ) | (2,602,337 | ) | |||||||||||||||
ProFund VP UltraSmall-Cap | 2,077,510 | 180,902 | — | — | 2,813,119 | 5,071,531 | ||||||||||||||||||
ProFund VP U.S. Government Plus | 2,851,086 | — | — | — | 98,730 | 2,949,816 | ||||||||||||||||||
ProFund VP Utilities | 497,212 | — | — | (766,372 | ) | 14,102,508 | 13,833,348 |
As of the latest tax year ended December 31, 2020, the following ProFunds VP have net capital loss carryforwards (“CLCFs”) as summarized in the tables below.
No Expiration Date | ||||
ProFund VP Banks | $ | 2,586,089 | ||
ProFund VP Bear | 22,002,974 | * | ||
ProFund VP Dow 30 | 1,631,269 | * | ||
ProFund VP Emerging Markets | 6,161,193 | * | ||
ProFund VP Europe 30 | 350,784 | |||
ProFund VP Falling U.S. Dollar | 277,517 | * | ||
ProFund VP Government Money Market | 54,195 | * | ||
ProFund VP International | 1,530,488 | * | ||
ProFund VP Large-Cap Value | 763,765 | |||
ProFund VP Mid-Cap | 416,523 | * | ||
ProFund VP Mid-Cap Value | 50,255 | |||
ProFund VP Oil & Gas | 865,020 | |||
ProFund VP Precious Metals | 58,924,381 | |||
ProFund VP Real Estate | 358,469 | |||
ProFund VP Rising Rates Opportunity | 28,467,715 | * | ||
ProFund VP Short Dow 30 | 117,677 | * | ||
ProFund VP Short Emerging Markets | 2,609,913 | * | ||
ProFund VP Short International | 2,241,687 | * | ||
ProFund VP Short Mid-Cap | 2,506,408 | * | ||
ProFund VP Short Nasdaq-100 | 13,723,571 | * | ||
ProFund VP Short Small-Cap | 5,680,679 | * | ||
ProFund VP Small-Cap Value | 322,272 | |||
ProFund VP Telecommunications | 982,551 | |||
ProFund VP UltraBull | 17,087,694 | * | ||
ProFund VP UltraMid-Cap | 884,334 | |||
ProFund VP UltraShort Dow 30 | 954,927 | * | ||
ProFund VP UltraShort Nasdaq-100 | 5,039,895 | * | ||
ProFund VP Utilities | 766,372 |
* | 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.
December 31, 2020 :: Notes to Financial Statements :: 407
As of December 31, 2020, the cost, gross unrealized appreciation and gross unrealized depreciation on investment securities, for federal income tax purposes, were as follows:
Fund Name | Tax Cost | Tax Unrealized Appreciation | Tax Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
ProFund VP Asia 30 | $ | 16,665,767 | $ | 13,959,268 | $ | (1,257,439 | ) | $ | 12,701,829 | |||||||
ProFund VP Banks | 3,487,676 | 2,724,429 | (2,454,202 | ) | 270,227 | |||||||||||
ProFund VP Basic Materials | 10,228,479 | 7,660,134 | (2,103,026 | ) | 5,557,108 | |||||||||||
ProFund VP Bear | 2,322,305 | — | (10,297 | ) | (10,297 | ) | ||||||||||
ProFund VP Biotechnology | 27,909,404 | 37,375,464 | (4,348,194 | ) | 33,027,270 | |||||||||||
ProFund VP Bull | 37,518,288 | 32,753,028 | (3,730,563 | ) | 29,022,465 | |||||||||||
ProFund VP Consumer Goods | 8,236,531 | 11,431,649 | (1,279,058 | ) | 10,152,591 | |||||||||||
ProFund VP Consumer Services | 17,034,352 | 13,230,495 | (1,316,169 | ) | 11,914,326 | |||||||||||
ProFund VP Dow 30 | 632,000 | 6,386 | — | 6,386 | ||||||||||||
ProFund VP Emerging Markets | 14,916,394 | 13,108,777 | (1,809,649 | ) | 11,299,128 | |||||||||||
ProFund VP Europe 30 | 15,587,167 | 4,499,582 | (5,136,617 | ) | (637,035 | ) | ||||||||||
ProFund VP Falling U.S. Dollar | 1,339,769 | — | — | — | ||||||||||||
ProFund VP Financials | 15,572,787 | 18,694,488 | (7,012,270 | ) | 11,682,218 | |||||||||||
ProFund VP Government Money Market | 47,434,381 | — | — | — | ||||||||||||
ProFund VP Health Care | 20,405,320 | 34,097,110 | (2,897,193 | ) | 31,199,917 | |||||||||||
ProFund VP Industrials | 7,844,851 | 10,311,283 | (1,231,010 | ) | 9,080,273 | |||||||||||
ProFund VP International | 5,554,000 | — | (6,819 | ) | (6,819 | ) | ||||||||||
ProFund VP Internet | 13,130,562 | 14,559,512 | (1,256,515 | ) | 13,302,997 | |||||||||||
ProFund VP Japan | 11,069,101 | 2,094 | — | 2,094 | ||||||||||||
ProFund VP Large-Cap Growth | 13,684,825 | 16,868,902 | (792,298 | ) | 16,076,604 | |||||||||||
ProFund VP Large-Cap Value | 12,571,095 | 4,623,732 | (2,540,761 | ) | 2,082,971 | |||||||||||
ProFund VP Mid-Cap | 10,884,956 | — | (10,792 | ) | (10,792 | ) | ||||||||||
ProFund VP Mid-Cap Growth | 15,095,696 | 7,321,187 | (1,333,979 | ) | 5,987,208 | |||||||||||
ProFund VP Mid-Cap Value | 11,656,378 | 3,345,834 | (2,333,465 | ) | 1,012,369 | |||||||||||
ProFund VP Nasdaq-100 | 77,323,643 | 75,791,195 | (2,216,312 | ) | 73,574,883 | |||||||||||
ProFund VP Oil & Gas | 16,906,877 | 7,544,273 | (5,961,611 | ) | 1,582,662 | |||||||||||
ProFund VP Pharmaceuticals | 12,258,856 | 5,640,323 | (1,768,044 | ) | 3,872,279 | |||||||||||
ProFund VP Precious Metals | 36,076,000 | 8,448 | — | 8,448 | ||||||||||||
ProFund VP Real Estate | 5,199,845 | 5,434,047 | (1,075,274 | ) | 4,358,773 | |||||||||||
ProFund VP Rising Rates Opportunity | 4,333,000 | — | (19,774 | ) | (19,774 | ) | ||||||||||
ProFund VP Semiconductor | 4,158,800 | 6,937,168 | (394,612 | ) | 6,542,556 | |||||||||||
ProFund VP Short Dow 30 | 16,000 | — | (107 | ) | (107 | ) | ||||||||||
ProFund VP Short Emerging Markets | 376,000 | — | (13,642 | ) | (13,642 | ) | ||||||||||
ProFund VP Short International | 666,000 | 826 | — | 826 | ||||||||||||
ProFund VP Short Mid-Cap | 89,000 | — | (80 | ) | (80 | ) | ||||||||||
ProFund VP Short Nasdaq-100 | 4,985,518 | — | (13,772 | ) | (13,772 | ) | ||||||||||
ProFund VP Short Small-Cap | 1,107,336 | 6,096 | — | 6,096 | ||||||||||||
ProFund VP Small-Cap | 16,152,025 | 2,843,329 | (524,582 | ) | 2,318,747 | |||||||||||
ProFund VP Small-Cap Growth | 16,571,220 | 7,793,799 | (1,520,164 | ) | 6,273,635 | |||||||||||
ProFund VP Small-Cap Value | 21,478,941 | 4,752,700 | (4,237,757 | ) | 514,943 | |||||||||||
ProFund VP Technology | 8,955,842 | 34,998,313 | (1,944,170 | ) | 33,054,143 | |||||||||||
ProFund VP Telecommunications | 5,993,449 | 1,679,728 | (1,044,237 | ) | 635,491 | |||||||||||
ProFund VP UltraBull | 10,363,124 | 7,242,591 | (563,704 | ) | 6,678,887 | |||||||||||
ProFund VP UltraMid-Cap | 10,726,393 | 3,493,766 | (548,179 | ) | 2,945,587 | |||||||||||
ProFund VP UltraNasdaq-100 | 143,671,832 | 67,621,982 | (1,795,824 | ) | 65,826,158 | |||||||||||
ProFund VP UltraShort Dow 30 | 6,000 | — | (88 | ) | (88 | ) | ||||||||||
ProFund VP UltraShort Nasdaq-100 | 205,000 | — | (1,581 | ) | (1,581 | ) | ||||||||||
ProFund VP UltraSmall-Cap | 19,161,809 | 3,617,566 | (804,447 | ) | 2,813,119 | |||||||||||
ProFund VP U.S. Government Plus | 22,080,624 | 98,730 | — | 98,730 | ||||||||||||
ProFund VP Utilities | 18,325,917 | 16,372,010 | (2,269,502 | ) | 14,102,508 |
408 :: Notes to Financial Statements :: December 31, 2020
8. Reverse Share Splits
Effective December 14, 2020, the ProFund VP UltraNasdaq-100 underwent a 2-for-1 share split, the ProFund VP Short Small-Cap, ProFund VP UltraBull, ProFund VP UltraShort Nasdaq-100 each underwent a 1-for-4 reverse share split and the ProFund VP UltraShort Dow 30 underwent a 1-for-5 reverse share split.
Effective November 18, 2019, the ProFund VP Internet underwent a 3-for-1 share split, the ProFund VP Short Dow 30, the ProFund VP Short International, and the ProFund VP Short Nasdaq-100 each underwent a 1-for-4 reverse share split, and the ProFund VP UltraShort Dow 30 underwent a 1-for-8 reverse share split.
Effective December 11, 2017, the ProFund VP Short Emerging Markets underwent a 1-for-5 reverse share split, and the ProFund VP UltraShort Nasdaq-100 underwent a 1-for-8 reverse share split.
Effective December 5, 2016, the ProFund VP Japan and ProFund VP Telecommunications underwent a 1-for-4 reverse share split, the ProFund VP Bear underwent a 1-for-5 reverse share split, the ProFund VP Short Mid-Cap underwent a 1-for-8 reverse share split, and the ProFund VP Rising Rates Opportunity underwent a 1-for-10 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, 2020, 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 28%, 33%, and 85% respectively.
10. Reorganization
On December 10, 2020, the Trust’s Board of Trustees approved an agreement and plan of reorganization and termination pursuant to which the Access VP High Yield Fund will reorganize into a corresponding newly created series within ProFunds VP, named ProFund Access VP High Yield. The transaction is expected to occur in the second calendar quarter of 2021.
11. 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’ financial statements.
Report of Independent Registered Public Accounting Firm :: 409
To the Board of Trustees of ProFunds and Shareholders of each of the fifty funds listed 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 below (fifty of the funds constituting ProFunds, hereafter collectively referred to as the “Funds”) as of December 31, 2020, the related statements of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (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 as of December 31, 2020, 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, 2020 and each of the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
ProFund VP Asia 30
ProFund VP Banks
ProFund VP Basic Materials
ProFund VP Bear
ProFund VP Biotechnology
ProFund VP Bull
ProFund VP Consumer Goods
ProFund VP Consumer Services
ProFund VP Dow 30
ProFund VP Emerging Markets
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 Mid-Cap
ProFund VP Mid-Cap Growth
ProFund VP Mid-Cap Value
ProFund VP Nasdaq-100
ProFund VP Oil & Gas
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 Telecommunications
ProFund VP U.S. Government Plus
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 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, 2020 by correspondence with the custodian 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
Baltimore, Maryland
February 24, 2021
We have served as the auditor of one or more investment companies in ProFunds, Access One Trust and ProShares Trust group since 1997.
410 :: Additional Tax Information (unaudited)
For corporate shareholders, the following percentage of the total ordinary income dividends paid during the fiscal year ended December 31, 2020, qualify for the corporate dividends received deduction for the following ProFunds VP:
Dividend Received Deduction | ||||
ProFund VP Banks | 100.00 | % | ||
ProFund VP Basic Materials | 100.00 | % | ||
ProFund VP Biotechnology | 100.00 | % | ||
ProFund VP Bull | 14.66 | % | ||
ProFund VP Consumer Goods | 100.00 | % | ||
ProFund VP Consumer Services | 100.00 | % | ||
ProFund VP Financials | 100.00 | % | ||
ProFund VP Industrials | 100.00 | % | ||
ProFund VP Large-Cap Growth | 74.34 | % | ||
ProFund VP Large-Cap Value | 23.83 | % | ||
ProFund VP Mid-Cap Growth | 100.00 | % | ||
ProFund VP Mid-Cap Value | 34.39 | % | ||
ProFund VP Nasdaq-100 | 10.33 | % | ||
ProFund VP Oil & Gas | 100.00 | % | ||
ProFund VP Pharmaceuticals | 100.00 | % | ||
ProFund VP Real Estate | 6.09 | % | ||
ProFund VP Semiconductor | 100.00 | % | ||
ProFund VP Small-Cap | 17.34 | % | ||
ProFund VP Small-Cap Growth | 46.13 | % | ||
ProFund VP Small-Cap Value | 21.30 | % | ||
ProFund VP Technology | 94.13 | % | ||
ProFund VP Telecommunications | 100.00 | % | ||
ProFund VP UltraBull | 1.77 | % | ||
ProFund VP UltraMid-Cap | 5.03 | % | ||
ProFund VP UltraNasdaq-100 | 2.32 | % | ||
ProFund VP UltraSmall-Cap | 4.69 | % | ||
ProFund VP Utilities | 68.19 | % |
For the fiscal year ended December 31, 2020, the amount of long-term capital gain designated by the ProFunds VP were as follows:
Long-Term Capital Gain | ||||
ProFund VP Asia 30 | $ | 1,892,592 | ||
ProFund VP Basic Materials | 771,840 | |||
ProFund VP Biotechnology | 3,430,329 | |||
ProFund VP Bull | 1,897,120 | |||
ProFund VP Consumer Goods | 2,182 | |||
ProFund VP Consumer Services | 9,125,605 | |||
ProFund VP Financials | 1,689,299 | |||
ProFund VP Health Care | 6,154,240 | |||
ProFund VP Industrials | 48,389 | |||
ProFund VP Internet | 2,716,437 | |||
ProFund VP Large-Cap Growth | 2,242,710 | |||
ProFund VP Large-Cap Value | 161,730 | |||
ProFund VP Mid-Cap | 183,573 | |||
ProFund VP Mid-Cap Growth | 1,725,066 | |||
ProFund VP Mid-Cap Value | 221,502 | |||
ProFund VP Nasdaq-100 | 3,687,764 | |||
ProFund VP Oil & Gas | 186,316 | |||
ProFund VP Semiconductor | 46,276 | |||
ProFund VP Small-Cap | 88,823 | |||
ProFund VP Small-Cap Growth | 2,098,024 | |||
ProFund VP Small-Cap Value | 608,459 | |||
ProFund VP Technology | 3,832,337 | |||
ProFund VP UltraBull | 741,664 | |||
ProFund VP UltraNasdaq-100 | 3,147,135 | |||
ProFund VP Utilities | 6,251,978 |
Additional Tax Information (unaudited) :: 411
For the fiscal year ended December 31, 2020, the amount of short-term capital gain designated by the ProFunds VP were as follows:
Short-Term Capital Gain | ||||
ProFund VP Asia 30 | $ | 378,145 | ||
ProFund VP Basic Materials | 104,734 | |||
ProFund VP Biotechnology | 655,949 | |||
ProFund VP Bull | 1,199,996 | |||
ProFund VP Consumer Goods | 144,862 | |||
ProFund VP Consumer Services | 13,651 | |||
ProFund VP Dow 30 | 109,117 | |||
ProFund VP Financials | 261,127 | |||
ProFund VP Industrials | 198,255 | |||
ProFund VP Large-Cap Growth | 479,816 | |||
ProFund VP Large-Cap Value | 1,562,852 | |||
ProFund VP Mid-Cap | 2,001,442 | |||
ProFund VP Mid-Cap Growth | 97,983 | |||
ProFund VP Mid-Cap Value | 659,512 | |||
ProFund VP Nasdaq-100 | 5,808,862 | |||
ProFund VP Real Estate | 272,005 | |||
ProFund VP Semiconductor | 615,813 | |||
ProFund VP Small-Cap | 282,633 | |||
ProFund VP Small-Cap Growth | 321,867 | |||
ProFund VP Small-Cap Value | 1,197,861 | |||
ProFund VP Technology | 359,646 | |||
ProFund VP UltraBull | 9,066,347 | |||
ProFund VP UltraMid-Cap | 2,095,915 | |||
ProFund VP UltraNasdaq-100 | 30,350,127 | |||
ProFund VP UltraSmall-Cap | 2,124,114 | |||
ProFund VP U.S. Government Plus | 1,890,196 | |||
ProFund VP Utilities | 1,199,248 |
412 :: Board Approval of Investment Advisory Agreement :: December 31, 2020
At a meeting held on September 14-15, 2020, the Board of Trustees (the “Board”) of ProFunds (the “Trust”) considered the renewal of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust and ProFund Advisors LLC (the “Advisor”) on behalf of each of its operational series (each a “Fund” and collectively the “Funds”). 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 “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:
(i) | information about the advisory services that were being provided by the Advisor with respect to the Funds; |
(ii) | the Advisor’s Form ADV; |
(iii) | biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the Funds; |
(iv) | information regarding each component of the contractual fee rates and actual fee rates for the prior fiscal year; |
(v) | information regarding advisory fees earned versus advisory fees waived for previous periods; |
(vi) | performance information for prior periods; |
(vii) | comparative industry fee data; |
(viii) | information about fees and other amounts that were received by the Advisor and its affiliates for non-advisory services with respect to the Funds; |
(ix) | information regarding the Advisor’s trade allocation and best execution policies and procedures; |
(x) | information about the financial condition of the Advisor; |
(xi) | information regarding how the Advisor monitors each Fund’s compliance with regulatory requirements and Trust procedures; and |
(xii) | 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 (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 their determinations were made separately with respect to each Fund.
In addition to the information provided and discussions that occurred at the meeting, the Board also considered information they received throughout the year as part of their 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 would 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:
(i) | 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; |
(ii) | the unique 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; |
(iii) | 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; |
(iv) | the differences in managing the non-geared Funds, including the unique asset classes and investment strategies for certain Funds, as well as the employment of optimization/sampling techniques necessary to manage certain Funds; |
(v) | 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; |
(vi) | the structure of the portfolio staff compensation program and the incentives it is intended to provide; |
December 31, 2020 :: Board Approval of Investment Advisory Agreement :: 413
(vii) | the collateral, credit and cash management functions at the Advisor and the enhancements made in these areas; |
(viii) | 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; |
(ix) | a significant investment in personnel and state-of-the-art technology that the Advisor has made over the course of several years and, recently, instituting certain technological upgrades that would generally improve capacity and document production capabilities as well as technological upgrades that have contributed to successful remote working conditions during the COVID-19 pandemic; and |
(x) | information regarding allocation of Fund brokerage and the selection of counterparties for Fund portfolio transactions, as well as favorable terms of derivatives transactions the Advisor was able to negotiate 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 both the Geared Funds and the Matching 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 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, fund complexes with 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 the 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. 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 fee. 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 reviewed information prepared by the independent consultant, comparing management and expense information for each Fund to that of its Peer Group. The Board reviewed Peer Group information prepared by the consultant comparing the contractual advisory fee rate to be paid by the Funds to other funds with investment objectives most similar to the Funds. 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, 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, 2020, 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,
414 :: Board Approval of Investment Advisory Agreement :: December 31, 2020
the correlation of such Fund’s performance with the performance of its underlying benchmark (or a relevant inverse or multiple thereof) was a more meaningful factor than the Fund’s total return.
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.
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 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 Advisory an annual investment advisory fee of 0.75% of average daily net assets (other than ProFund Ultra Japan Fund and the ProFund Ultra Short Japan Fund, which pay 0.90%, the ProFund Nasdaq-100 which pays 0.70%, and the ProFund V.P. U.S. Government Plus, which pays 0.50%).
The Board considered that, subject to the condition that the aggregate daily net assets of the Trust combined with the Access One Trust (Access One Trust funds are advised by the Advisor but are not part 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 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 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 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.
Expense Examples
416 :: 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 invest 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, 2020.
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 through the period ended December 31, 2020.
The columns below under the heading entitled “Hypothetical” provide information about hypothetical account values and hypothetical expenses based on each ProFund VP’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each ProFund VP’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your ProFund VP and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Actual | Hypothetical (5% return before expenses) | |||||||||||||||||||||||
Annualized Expense Ratio During Period | Beginning Account Value 7/1/20 | Ending Account Value 12/31/20 | Expenses Paid During Period(1) | Ending Account Value 12/31/20 | Expenses Paid During Period(1) | |||||||||||||||||||
ProFund VP Asia 30 | 1.68 | % | $ | 1,000.00 | $ | 1,355.90 | $ | 9.95 | $ | 1,016.69 | $ | 8.52 | ||||||||||||
ProFund VP Banks | 1.68 | % | 1,000.00 | 1,305.90 | 9.74 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Basic Materials | 1.68 | % | 1,000.00 | 1,273.70 | 9.60 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Bear | 1.68 | % | 1,000.00 | 795.50 | 7.58 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Biotechnology | 1.62 | % | 1,000.00 | 1,027.40 | 8.26 | 1,016.99 | 8.21 | |||||||||||||||||
ProFund VP Bull | 1.68 | % | 1,000.00 | 1,210.40 | 9.33 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Consumer Goods | 1.68 | % | 1,000.00 | 1,362.20 | 9.98 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Consumer Services | 1.68 | % | 1,000.00 | 1,257.20 | 9.53 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Dow 30 | 1.50 | % | 1,000.00 | 1,186.60 | 8.24 | 1,017.60 | 7.61 | |||||||||||||||||
ProFund VP Emerging Markets | 1.68 | % | 1,000.00 | 1,424.40 | 10.24 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Europe 30 | 1.68 | % | 1,000.00 | 1,107.50 | 8.90 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Falling U.S. Dollar | 1.68 | % | 1,000.00 | 1,069.30 | 8.74 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Financials | 1.68 | % | 1,000.00 | 1,217.90 | 9.37 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Government Money Market | 0.06 | % | 1,000.00 | 1,000.10 | 0.30 | 1,024.83 | 0.31 | |||||||||||||||||
ProFund VP Health Care | 1.68 | % | 1,000.00 | 1,141.80 | 9.04 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Industrials | 1.68 | % | 1,000.00 | 1,288.90 | 9.67 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP International | 1.66 | % | 1,000.00 | 1,193.50 | 9.15 | 1,016.79 | 8.42 | |||||||||||||||||
ProFund VP Internet | 1.68 | % | 1,000.00 | 1,238.40 | 9.45 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Japan | 1.68 | % | 1,000.00 | 1,226.40 | 9.40 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Large-Cap Growth | 1.68 | % | 1,000.00 | 1,223.50 | 9.39 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Large-Cap Value | 1.68 | % | 1,000.00 | 1,189.30 | 9.25 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Mid-Cap | 1.62 | % | 1,000.00 | 1,287.60 | 9.32 | 1,016.99 | 8.21 | |||||||||||||||||
ProFund VP Mid-Cap Growth | 1.68 | % | 1,000.00 | 1,284.60 | 9.65 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Mid-Cap Value | 1.68 | % | 1,000.00 | 1,301.90 | 9.72 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Nasdaq-100 | 1.68 | % | 1,000.00 | 1,259.90 | 9.54 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Oil & Gas | 1.68 | % | 1,000.00 | 1,031.10 | 8.58 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Pharmaceuticals | 1.68 | % | 1,000.00 | 1,169.10 | 9.16 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Precious Metals | 1.68 | % | 1,000.00 | 981.70 | 8.37 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Real Estate | 1.68 | % | 1,000.00 | 1,094.10 | 8.84 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Rising Rates Opportunity | 1.68 | % | 1,000.00 | 1,035.80 | 8.60 | 1,016.69 | 8.52 |
Expense Examples (unaudited) :: 417
Actual | Hypothetical (5% return before expenses) | |||||||||||||||||||||||
Annualized Expense Ratio During Period | Beginning Account Value 7/1/20 | Ending Account Value 12/31/20 | Expenses Paid During Period(1) | Ending Account Value 12/31/20 | Expenses Paid During Period(1) | |||||||||||||||||||
ProFund VP Semiconductor | 1.68 | % | $ | 1,000.00 | $ | 1,328.00 | $ | 9.83 | $ | 1,016.69 | $ | 8.52 | ||||||||||||
ProFund VP Short Dow 30 | 1.68 | % | 1,000.00 | 821.10 | 7.69 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Short Emerging Markets | 1.68 | % | 1,000.00 | 670.20 | 7.05 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Short International | 1.68 | % | 1,000.00 | 808.00 | 7.64 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Short Mid-Cap | 1.68 | % | 1,000.00 | 744.80 | 7.37 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Short Nasdaq-100 | 1.68 | % | 1,000.00 | 753.10 | 7.40 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Short Small-Cap | 1.68 | % | 1,000.00 | 699.60 | 7.18 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Small-Cap | 1.68 | % | 1,000.00 | 1,364.90 | 9.99 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Small-Cap Growth | 1.68 | % | 1,000.00 | 1,339.00 | 9.88 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Small-Cap Value | 1.68 | % | 1,000.00 | 1,345.00 | 9.90 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP Technology | 1.60 | % | 1,000.00 | 1,255.10 | 9.07 | 1,017.09 | 8.11 | |||||||||||||||||
ProFund VP Telecommunications | 1.68 | % | 1,000.00 | 1,104.40 | 8.89 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP UltraBull | 1.60 | % | 1,000.00 | 1,457.20 | 9.88 | 1,017.09 | 8.11 | |||||||||||||||||
ProFund VP UltraMid-Cap | 1.68 | % | 1,000.00 | 1,646.40 | 11.18 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP UltraNasdaq-100 | 1.68 | % | 1,000.00 | 1,546.00 | 10.75 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP UltraShort Dow 30 | 1.44 | % | 1,000.00 | 654.40 | 5.99 | 1,017.90 | 7.30 | |||||||||||||||||
ProFund VP UltraShort Nasdaq-100 | 1.68 | % | 1,000.00 | 551.70 | 6.55 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP UltraSmall-Cap | 1.68 | % | 1,000.00 | 1,835.60 | 11.97 | 1,016.69 | 8.52 | |||||||||||||||||
ProFund VP U.S. Government Plus | 1.38 | % | 1,000.00 | 930.50 | 6.70 | 1,018.20 | 7.00 | |||||||||||||||||
ProFund VP Utilities | 1.68 | % | 1,000.00 | 1,121.90 | 8.96 | 1,016.69 | 8.52 |
(1) | Expenses are equal to the average account value, multiplied by the ProFund VP’s annualized expense ratio multiplied by 184/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year). |
418 :: 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 7501 Wisconsin Avenue, East Tower, 10th 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 (112); Access One Trust (3); ProShares Trust (113) | Context Capital | |||||
Russell S. Reynolds, III c/o ProFunds Trust 7501 Wisconsin Avenue, East Tower, 10th Floor Bethesda, MD 20814 Birth Date: 7/57 | Trustee | Indefinite; October 1997 to present | RSR Partners, Inc. and predecessor company (Executive Recruitment and Corporate Governance Consulting): Managing Director (February 1993 to present). | ProFunds (112); Access One Trust (3); ProShares Trust (113) | RSR Partners, Inc. | |||||
Michael C. Wachs c/o ProFunds Trust 7501 Wisconsin Avenue, East Tower, 10th 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 (112); Access One Trust (3); ProShares Trust (113) | NAIOP (the Commercial Real Estate Development Association) | |||||
Interested Trustee | ||||||||||
Michael L. Sapir** 7501 Wisconsin Avenue, East Tower, 10th 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 ProFund Advisors (April 1997 to present); ProShare Advisors (November 2005 to present); and ProShare Capital Management LLC (August 2008 to present). | ProFunds (112); Access One Trust (3); ProShares Trust (113) |
* | The “Fund Complex” consists of all operational registered investment companies under the 1940 Act that are advised by ProFund Advisors and any registered investment companies that have an investment adviser that is an affiliated person of ProFund Advisors. 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 7501 Wisconsin Avenue, East Tower, 10th 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 7501 Wisconsin Avenue, East Tower, 10th 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 (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 7501 Wisconsin Avenue, East Tower, 10th Floor Bethesda, MD 20814 Birth Date: 8/67 | Chief Legal Officer and Secretary | Indefinite; December 2015 to present | General Counsel of 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). | |||
Christopher E. Sabato 4400 Easton Commons, Suite 200 Columbus, OH 43219 Birth Date: 12/68 | Treasurer | Indefinite; September 2009 to present | Senior Vice President, Fund Administration, Citi Fund Services Ohio, Inc. (2007 to present) |
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-Q (and successor Forms). Following the Form N-Q filing for the first quarter of 2019, the ProFund VP Government Money Market will no longer be required to file Form N-Q. Effective March 31, 2019, Form N-PORT replaced Form N-Q for all ProFunds VP (except the ProFund VP Government Money Market), and includes complete Schedules of Portfolio Holdings for the first and third fiscal quarters. Schedules of Portfolio Holdings for the Funds in this report are available without charge on the Commission’s website at sec.gov, or may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.
12/20
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 13 (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: |
2020 $652,608
2019 $658,115
The fees relate to the audit of the registrant’s annual financial statements paid to PricewaterhouseCoopers LLP.
(b) | Audit-Related Fees: |
2020 $0
2019 $0
(c) | Tax Fees: |
2020 $143,000
2019 $176,242
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: |
2020 $0
2019 $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) 2020 $143,000
2019 $176,242
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.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
(a) | Not applicable. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these 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 second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(a)(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/ Christopher E. Sabato | |
Christopher E. Sabato, Treasurer and Principal Financial Officer |
Date | February 26, 2021 |
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 | February 26, 2021 |
By (Signature and Title)* | /s/ Christopher E. Sabato | |
Christopher E. Sabato, Treasurer and Principal Financial Officer |
Date | February 26, 2021 |
* Print the name and title of each signing officer under his or her signature.