ProShares Ultra BloombergBOIL

Business Snapshot

• BOIL is an exchange-traded vehicle (ETV) issued by ProShares Trust II, designed to provide 2x leveraged daily exposure to the Bloomberg Natural Gas Subindex (i.e., natural gas futures).
• As a leveraged ETF, BOIL does not operate a business, generate revenue from operations, or have traditional company fundamentals. Its performance is tied entirely to the daily price movement of natural gas futures, compounded by leverage and the costs of rolling futures contracts (contango/backwardation).
• The asset type (ETV) means this is not a common stock; it is a derivative-based product that resets leverage daily. Long-term holding is generally not recommended due to volatility decay.
• The SEC-matched entity is ProShares Trust II (CIK 1415311), a trust that issues multiple leveraged and inverse funds.

Financial Trends

• Revenue: BOIL reported revenue of $44,607,770 for the quarter ending 2026-03-31. No revenue was reported in prior periods (2025-12-31, 2025-09-30, 2025-06-30) because this is not an operating company — revenue here likely reflects income from securities lending or other fund activities. This is a one-time data point; no trend can be established.
• Operating Expenses: Expenses have been increasing: $10,451,534 (2025-06-30) → $12,093,236 (2025-09-30) → $46,715,652 (2025-12-31) → $18,068,346 (2026-03-31). The spike in Q4 2025 (Dec) was significant (+286% vs prior quarter), then dropped in Q1 2026. No clear trajectory.
• Net Income: Highly volatile: $171,169,244 (2025-06-30) → $76,112,451 (2025-09-30, -55.5%) → $1,711,915,524 (2025-12-31, +2,149%) → $478,011,148 (2026-03-31, -72.1%). This is driven by changes in the value of natural gas futures held by the fund, not operational earnings.
• Net Margin: Reported at 1,071.59% for 2026-03-31 — this is not a standard operating margin; it reflects the fund’s structure where net income far exceeds "revenue" due to unrealized gains on futures positions. Not comparable to a normal company.
• Cash from Operations: Deeply negative in most periods: $776,752,221 (2025-06-30) → -$1,270,861,493 (2025-09-30) → -$246,299,551 (2025-12-31) → -$1,243,252,622 (2026-03-31). This reflects the cost of rolling futures and management fees, not operational cash burn.
• Cash from Financing: Positive in 2025-12-31 ($919,604,486) and 2025-09-30 ($854,120,278), but negative in 2025-06-30 (-$20,322,897). This is driven by creation/redemption of ETF shares — not debt or equity issuance.
• Free Cash Flow: Not calculated (N/A) — standard for an ETF.
• Balance Sheet: Total assets have grown steadily: $3.81B (2025-06-30) → $4.62B (2025-09-30) → $6.06B (2025-12-31) → $6.54B (2026-03-31). This is a 71.7% increase over four quarters, driven by inflows and asset appreciation. Liabilities also grew, but equity grew faster. Shares outstanding surged from 125.9M to 234.7M over the period — massive dilution from creation activity, likely due to increased demand for natural gas exposure.

Financial Health

• BOIL is not a company — its "financial health" is not measured by traditional metrics. The balance sheet shows a trust that holds assets (likely cash, Treasuries, and futures margin) against liabilities (redemption obligations). The equity/share count growth indicates strong investor demand for leveraged natural gas exposure.
• The negative cash from operations in three of the last four periods is typical for a leveraged commodity ETF, as futures rolling costs eat into cash. The $1.24B operating cash outflow in Q1 2026 is the largest yet, suggesting elevated contango costs or high management fees.
• The trust has no debt (Debt/Equity not reported, likely zero). The current ratio and working capital are not applicable — the trust is designed to track an index, not maintain liquidity for operations.
• The net margin above 1,000% is an artifact of accounting for derivative gains; it is not a sign of profitability. The fund’s performance is entirely driven by natural gas price moves and leverage decay.

Insider Activity

• No insider transaction data was provided for BOIL. As an ETV issued by a trust, there are no traditional insiders (executives, board members) to report trades. Insider sentiment is not applicable.

Multi-Timeframe Technical Context

• 1-Minute: Price closed at $28.70, down 0.14% over 200 bars. RSI (14) at 42.77 is neutral-to-bearish. MACD is slightly negative (-0.0056) and below signal. Price is near the lower Bollinger Band ($28.69), suggesting short-term oversold pressure. Volume is low (201 vs 545 avg), indicating thin liquidity.
• 5-Minute: Despite the 1m weakness, the 5m chart shows a +6% gain over 200 bars (from $29.00 to $30.74), but the current price is $28.70 — indicating a sharp reversal from the session high ($31.50). RSI (14) at 27.09 is deeply oversold. MACD is negative and below signal. Price is below the lower Bollinger Band ($30.84), signaling extreme bearish momentum in this timeframe.
• 15-Minute: Over 200 bars, price is up 2.9% (from $27.89 to $28.70), but the session high was $31.50 — a massive intraday range. RSI (14) at 54.15 is neutral. MACD is slightly negative but converging toward signal. Price is near the middle Bollinger Band ($28.69), suggesting a potential equilibrium.
• 1-Hour: The most telling timeframe — price closed at $28.70, flat over 200 bars, but the session high was $31.93 and low was $24.72 (a $7.21 range). RSI (14) is at 6.77 — deeply oversold, the lowest reading across all timeframes. MACD is sharply negative (-0.3764) and well below signal. Price is below the lower Bollinger Band ($27.64), indicating extreme bearish momentum. Volume is thin (5,018 vs 182,435 avg), suggesting this is a low-liquidity session.
• 1-Day: Massive downtrend over 200 bars — price fell from $55.90 to $28.62 (-48.8%). The high was $93.70, the low $24.14. RSI (14) at 53.14 is neutral, not oversold, despite the large decline. MACD is positive (0.3853) and above signal, indicating a potential bullish crossover on the daily chart. Price is near the middle Bollinger Band ($27.73), with the upper band at $31.11 and lower at $24.35. Volume is slightly below average (3.63M vs 4.38M).

Bull / Bear Cases

Short-Term (Hours to Days)

• Bull Case: The 1-hour RSI at 6.77 is deeply oversold — a mean-reversion bounce is possible, especially if natural gas futures stabilize. The daily MACD is bullish, suggesting underlying trend momentum. A move above $29.00 (1H EMA 12) could trigger a short squeeze, targeting $31.00-$31.93 (session highs).
• Bear Case: The 5-minute and 1-hour charts show extreme bearish momentum with price below all short-term moving averages. The intraday reversal from $31.93 to $28.70 (a 10% drop) suggests aggressive selling. If natural gas futures continue to decline, BOIL could test the daily low of $24.14. The low volume on the 1H chart makes this move unreliable for reversal.

Long-Term (Weeks to Months)

• Bull Case: Natural gas prices may be at a cyclical low, and BOIL offers leveraged upside if a sustained rally occurs. The daily MACD crossover is a positive signal. The trust’s asset growth ($6.5B) indicates strong institutional interest. If natural gas enters a backwardation cycle, rolling costs decrease, benefiting BOIL.
• Bear Case: BOIL suffers from volatility decay — over 200 days, the underlying natural gas index may have moved sideways or down, but BOIL lost 48.8%. Contango in natural gas futures erodes NAV over time. With shares outstanding doubling in a year, dilution from creation/redemption can weigh on performance. The 200-day SMA ($46.39) is far above current price, indicating a long-term downtrend.

Key Levels & Triggers

• Support: $27.64 (1H lower Bollinger Band), $24.35 (1D lower Bollinger Band), $24.14 (200-day low).
• Resistance: $29.00-$29.05 (1H EMA 12/50), $29.70 (1H SMA 20), $31.11 (1D upper Bollinger Band), $31.93 (session high).
• Triggers:
  • Natural gas futures price — any significant move in the underlying index will directly drive BOIL.
  • Volume spike — a sudden increase in trading volume on the 1H or 1D chart could confirm a breakout or breakdown.
  • Daily MACD cross — if the daily MACD line crosses below the signal line, it would turn bearish; currently bullish.
  • Roll cost announcements — ProShares may adjust expense ratios or roll schedules, impacting NAV.
  • Market status — the market is closed; the next session open will set the tone for gap risk.