SEMIANNUAL REPORT

NOVEMBER 30, 2021

Geared

Short 7-10 Year Treasury  TBX

Short 20+ Year Treasury  TBF

Short Basic Materials  SBM

Short Dow30SM  DOG

Short Financials  SEF

Short FTSE China 50  YXI

Short High Yield  SJB

Short MidCap400  MYY

Short MSCI EAFE  EFZ

Short MSCI Emerging Markets  EUM

Short Oil & Gas  DDG

Short QQQ  PSQ

Short Real Estate  REK

Short Russell2000  RWM

Short S&P500®  SH

Short SmallCap600  SBB

Ultra 7-10 Year Treasury  UST

Ultra 20+ Year Treasury  UBT

Ultra Basic Materials  UYM

Ultra Consumer Goods  UGE

Ultra Consumer Services  UCC

Ultra Dow30SM  DDM

Ultra Financials  UYG

Ultra FTSE China 50  XPP

Ultra FTSE Europe  UPV

Ultra Health Care  RXL

Ultra High Yield  UJB

Ultra Industrials  UXI

Ultra MidCap400  MVV

Ultra MSCI Brazil Capped  UBR

Ultra MSCI EAFE  EFO

Ultra MSCI Emerging Markets  EET

Ultra MSCI Japan  EZJ

Ultra Nasdaq Biotechnology  BIB

Ultra Nasdaq Cloud Computing  SKYU

Ultra Nasdaq Cybersecurity  UCYB

Ultra Oil & Gas  DIG

Ultra QQQ  QLD

Ultra Real Estate  URE

Ultra Russell2000  UWM

Ultra S&P500®  SSO

Ultra Semiconductors  USD

Ultra SmallCap600  SAA

Ultra Technology  ROM

Ultra Telecommunications  LTL

Ultra Utilities  UPW

UltraPro Dow30SM  UDOW

UltraPro MidCap400  UMDD

UltraPro QQQ  TQQQ

UltraPro Russell2000  URTY

UltraPro S&P500®  UPRO

UltraPro Short 20+ Year Treasury  TTT

UltraPro Short Dow30SM  SDOW

UltraPro Short MidCap400  SMDD

UltraPro Short QQQ  SQQQ

UltraPro Short Russell2000  SRTY

UltraPro Short S&P500®  SPXU

UltraShort 7-10 Year Treasury  PST

UltraShort 20+ Year Treasury  TBT

UltraShort Basic Materials  SMN

UltraShort Consumer Goods  SZK

UltraShort Consumer Services  SCC

UltraShort Dow30SM  DXD

UltraShort Financials  SKF

UltraShort FTSE China 50  FXP

UltraShort FTSE Europe  EPV

UltraShort Health Care  RXD

UltraShort Industrials  SIJ

UltraShort MidCap400  MZZ

UltraShort MSCI Brazil Capped  BZQ

UltraShort MSCI EAFE  EFU

UltraShort MSCI Emerging Markets  EEV

UltraShort MSCI Japan  EWV

UltraShort Nasdaq Biotechnology  BIS

UltraShort Oil & Gas  DUG

UltraShort QQQ  QID

UltraShort Real Estate  SRS

UltraShort Russell2000  TWM

UltraShort S&P500®  SDS

UltraShort Semiconductors  SSG

UltraShort SmallCap600  SDD

UltraShort Technology  REW

UltraShort Utilities  SDP

PROSHARES TRUST  Distributor: SEI Investments Distribution Co.


TABLE OF CONTENTS

 

I

   

Shareholder Letter

 
 

II

   

Allocation of Portfolio Holdings & Index Composition

 
 

XLV

   

Expense Examples

 
 

1

   

Schedule of Portfolio Investments

 
 

174

   

Statements of Assets and Liabilities

 
 

189

   

Statements of Operations

 
 

204

   

Statements of Changes in Net Assets

 
 

233

   

Financial Highlights

 
 

277

   

Notes to Financial Statements

 
 

312

   

Liquidity Risk Management Program

 
 

313

   

Board Approval of Investment Advisory Agreement

 
 

317

   

Miscellaneous Information

 

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DEAR SHAREHOLDER:

As communities and economies around the world address the continually evolving impacts of the pandemic, I want to reaffirm ProShares' commitment to providing you, our investors, with products and services to help you meet your investment objectives. ProShares remains focused on ensuring the effective management of our funds.

Following is the ProShares Semiannual Report for the six months ended November 30, 2021.

U.S. Stocks Rose Despite Continued Worries

U.S. equities posted positive results during the reporting period, as measured by the S&P 500® and the Dow Jones Industrial Average® . Drivers of stock performance included a resilient economic recovery boosted by widespread vaccination, ongoing stimulus from the Federal Reserve and robust corporate earnings. Stocks closed at record highs on multiple days during the six-month period. However, volatility increased later in the period as investors began to worry about inflation, a surge in interest rates and ongoing supply chain challenges.

Inflation climbed to a 6.2% annual rate in October, according to the Bureau of Labor Statistics. The core inflation rate, which many economists prefer because it excludes volatile food and energy prices, climbed 4.6%. Investors were also concerned about the possibility of stocks retreating after the Fed announced plans to begin tapering its $120 billion monthly stimulus. Fed Chairman Powell stated that higher inflation was not "transitory," which many investors interpreted as a signal that the Fed's stimulus may end sooner than expected and interest rates could be hiked early in 2022. Equities managed to record positive returns for the period, despite the S&P 500 retreating 4.8% in September, rebounding in October, and declining sharply again in late November as word of the new omicron variant broke.

Over the six-month reporting period, the S&P 500 climbed 9.4%, the S&P MidCap 400® declined 0.1%, and the small-cap Russell 2000 Index® retreated 2.60%. The tech-heavy Nasdaq-100 Index® rose 18.3%, while the Dow eked out 0.7%. Eight of 11 Dow Jones U.S. Industry Indexes advanced, including technology (23.2%), consumer goods (11.5%) and oil & gas (8.7%). Telecom declined 15.1% and basic materials fell 4.1%.

International Equities Declined

Developed markets outside North America retreated 4.1% during the period, as measured by the MSCI EAFE Index® , and the MSCI Europe Index® fell 3.9%. European stocks declined largely as a result of rising COVID-19 numbers and new government measures to stop the spread before the onset of winter. The emergence and spread of omicron also led to an extensive equity selloff toward the end of November.

The MSCI Japan Index® fell 2.4%, while the broad MSCI Emerging Markets Index® retreated 9.8%. The FTSE China 50 Index® fell 16.1%, on concerns that the government could enact new lockdown measures because of the new variant.

U.S. Treasury Results Mixed; Investment Grade Outperformed High Yield

Bonds returned 1.0% overall during the reporting period, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. Treasury results were mixed, with the Ryan Labs Treasury 10 Year Index and the Ryan Labs Treasury 30 Year Index climbing 1.5% and 10%, respectively, and the Ryan Labs Treasury 5 Year Index falling by 1.1%. The high yield corporate bond market returned 0.4% based on the Markit iBoxx $ Liquid High Yield Index, but it was outperformed by its investment-grade counterpart, up 2.1%, as measured by the Markit iBoxx $ Liquid Investment Grade Index. The U.S. dollar rose 6.2%, as measured by the Bloomberg Dollar Index Spot.

Geared (Leveraged and Inverse) Strategies Provided Opportunities

Positive large-cap equity performance led to significant opportunities across our leveraged S&P 500 and Dow product suites, and investors in the tech-heavy Nasdaq-100 saw a solid potential for gains, too. Volatility in the oil and gas markets also created the potential for geared fund returns, as did mixed results in international equities.

ProShares Launches the Industry's First U.S. Bitcoin-Linked ETF

Interest in the cryptocurrency market has been growing for years, and investors have especially awaited the launch of a bitcoin-linked ETF, as it would provide them a way to gain bitcoin futures exposure that they could buy and sell in their brokerage accounts. Building on our legacy of providing investors convenient, liquid access to asset classes, ProShares introduced the first bitcoin-linked ETF in the United States on October 19, 2021 — the ProShares Bitcoin Strategy ETF (BITO).

Over the period, ProShares' assets under management rose 24.2%, from $51.6 billion to $64.0 billion. In these rapidly evolving times, many investors have turned to ProShares Geared ETFs to tailor their portfolios to meet their goals. We thank you for the trust and confidence you have placed in us by choosing ProShares, and we appreciate the opportunity to continue serving your investing needs.

Sincerely,

Michael L. Sapir

Chairman of the Board of Trustees

PROSHARES.COM :: I


ALLOCATION OF PORTFOLIO HOLDINGS &
INDEX COMPOSITION

II :: NOVEMBER 30, 2021 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST


ProShares Short 7-10 Year Treasury (Ticker: TBX)

ProShares Short 7-10 Year Treasury (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the ICE U.S. Treasury 7-10 Year Bond Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by ICE Data Indices, LLC. The Index includes publicly-issued U.S. Treasury securities that have a remaining maturity of greater than or equal to seven years and less than or equal to ten years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. In addition, the securities in the Underlying Index must be fixed-rate and denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills, cash management bills, any government agency debt issued with or without a government guarantee and zero-coupon issues that have been stripped from coupon-paying bonds. The Underlying Index is weighted by market capitalization, and the securities in the Underlying Index are updated on the last business day of each month.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Swap Agreements

   

(99

%)

 

Futures Contracts

   

(1

%)

 

Total Exposure

   

(100

%)

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

ICE U.S. Treasury 7-10 Year Bond Index – Composition

   

% of Index

 

7-10 Year U.S. Treasury

   

100

%

 

ProShares Short 20+ Year Treasury (Ticker: TBF)

ProShares Short 20+ Year Treasury (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by ICE Data Indices, LLC. The Index includes publicly-issued U.S. Treasury securities that have a remaining maturity of greater than or equal to twenty years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. In addition, the securities in the Underlying Index must be fixed-rate and denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills, cash management bills, any government agency debt issued with or without a government guarantee and zero-coupon issues that have been stripped from coupon-paying bonds. The Underlying Index is weighted by market capitalization, and the securities in the Underlying Index are updated on the last business day of each month.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Swap Agreements

   

(99

%)

 

Futures Contracts

   

(3

%)

 

Total Exposure

   

(102

%)

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

ICE U.S. Treasury 20+ Year Bond Index – Composition

   

% of Index

 

20+ Year U.S. Treasury

   

100

%

 

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2021 (UNAUDITED) :: III


ProShares Short Basic Materials (Ticker: SBM)

ProShares Short Basic Materials (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones U.S. Basic MaterialsSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure stock performance of U.S. companies in the basic materials industry. 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. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

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 short-term investments and cash equivalents.

Dow Jones U.S. Basic Materials Index – Composition

   

% of Index

 

Chemicals

   

64.2

%

 

Metals & Mining

   

16.3

%

 

Containers & Packaging

   

14.0

%

 

Construction Materials

   

4.9

%

 

Paper & Forest Products

   

0.6

%

 

ProShares Short Dow30SM (Ticker: DOG)

ProShares Short Dow30SM (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones Industrial AverageSM (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a price-weighted index and includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Swap Agreements

   

(89

%)

 

Futures Contracts

   

(11

%)

 

Total Exposure

   

(100

%)

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Dow Jones Industrial Average – Composition

   

% of Index

 

Information Technology

   

22.9

%

 

Health Care

   

16.7

%

 

Financials

   

16.0

%

 

Consumer Discretionary

   

15.6

%

 

Industrials

   

14.6

%

 

Consumer Staples

   

7.3

%

 

Telecommunication Services

   

3.7

%

 

Energy

   

2.2

%

 

Materials

   

1.0

%

 

IV :: NOVEMBER 30, 2021 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST


ProShares Short Financials (Ticker: SEF)

ProShares Short Financials (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones U.S. FinancialsSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the financials industry. 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 credit card issuers, check cashing companies, mortgage lenders and investment advisors; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

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 short-term investments and cash equivalents.

Dow Jones U.S. Financials Index – Composition

   

% of Index

 

Diversified Financials

   

32.8

%

 

Banks

   

25.6

%

 

Real Estate

   

20.3

%

 

Insurance

   

12.3

%

 

Software & Services

   

8.6

%

 

Commercial & Professional Services

   

0.4

%

 

ProShares Short FTSE China 50 (Ticker: YXI)

ProShares Short FTSE China 50 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the FTSE China 50 Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained FTSE International Limited. The Index consists of 50 of the largest and most liquid Chinese stocks listed and traded on the Stock Exchange of Hong Kong.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

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 short-term investments and cash equivalents.

FTSE China 50 Index – Composition

   

% of Index

 

Consumer Discretionary

   

33.1

%

 

Financials

   

26.3

%

 

Communication Services

   

19.0

%

 

Information Technology

   

5.3

%

 

Health Care

   

5.2

%

 

Real Estate

   

3.2

%

 

Energy

   

2.8

%

 

Consumer Staples

   

2.4

%

 

Materials

   

1.7

%

 

Industrials

   

1.0

%

 

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2021 (UNAUDITED) :: V


ProShares Short High Yield (Ticker: SJB)

ProShares Short High Yield (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Markit iBoxx® $ Liquid High Yield Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next not for any other period. IHS Markit Benchmark Administration Limited (IMBA) is the Index Administrator of the Index. The Index is a market-value weighted index designed to provide a balanced representation of U.S. dollar denominated high yield corporate bonds for sale within the United States by means of including the most liquid high yield corporate bonds available as determined by a set of transparent and objective Index rules. Currently, the bonds eligible for inclusion in the Index include U.S. dollar denominated, corporate bonds for sale in the United States that are issued by companies domiciled in developed countries; are rated sub-investment grade using an average of Moody's Investor Service, Fitch Ratings or S&P Global Ratings; are from issuers with at least $1 billion par outstanding; have at least $400 million of outstanding face value; and have at issuance an expected remaining life of 15 years of less, and at rebalancing minimum one year to expected maturity with new insertions minimum of at least one year and 6 months to maturity. There is no limit to the number of issues in the Index.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

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 short-term investments and cash equivalents.

Markit iBoxx $ Liquid High Yield Index – Composition

   

% of Index

 

High Yield

   

100

%

 

ProShares Short MidCap400 (Ticker: MYY)

ProShares Short MidCap400 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P MidCap 400® (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. 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, financial viability, and public float.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Swap Agreements

   

(95

%)

 

Futures Contracts

   

(5

%)

 

Total Exposure

   

(100

%)

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

S&P MidCap 400 – Composition

   

% of Index

 

Industrials

   

19.1

%

 

Consumer Discretionary

   

15.2

%

 

Financials

   

15.0

%

 

Information Technology

   

14.3

%

 

Real Estate

   

10.2

%

 

Health Care

   

9.8

%

 

Materials

   

6.0

%

 

Consumer Staples

   

3.4

%

 

Utilities

   

3.1

%

 

Energy

   

2.1

%

 

Telecommunication Services

   

1.8

%

 

VI :: NOVEMBER 30, 2021 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST


ProShares Short MSCI EAFE (Ticker: EFZ)

ProShares Short MSCI EAFE (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the MSCI EAFE Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index includes 85% of the free float-adjusted, market capitalization in each industry group in developed market countries, excluding the U.S. and Canada.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

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 short-term investments and cash equivalents.

MSCI EAFE Index – Country

   

% of Index

 

Japan

   

23.5

%

 

United Kingdom

   

12.5

%

 

France

   

11.1

%

 

Others

   

10.9

%

 

Switzerland

   

10.8

%

 

Germany

   

8.8

%

 

Australia

   

7.0

%

 

Netherlands

   

6.3

%

 

Sweden

   

3.5

%

 

Hong Kong

   

2.9

%

 

Denmark

   

2.7

%

 

MSCI EAFE Index – Composition

   

% of Index

 

Financials

   

16.8

%

 

Industrials

   

15.7

%

 

Consumer Discretionary

   

12.8

%

 

Health Care

   

12.7

%

 

Consumer Staples

   

10.4

%

 

Information Technology

   

9.9

%

 

Materials

   

7.4

%

 

Communication Services

   

4.7

%

 

Utilities

   

3.4

%

 

Energy

   

3.3

%

 

Real Estate

   

2.9

%

 

ProShares Short MSCI Emerging Markets (Ticker: EUM)

ProShares Short MSCI Emerging Markets (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the MSCI Emerging Markets Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index includes 85% of the free float-adjusted, market capitalization in emerging market countries.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

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 short-term investments and cash equivalents.

MSCI Emerging Markets Index – Country

   

% of Index

 

China

   

32.0

%

 

Taiwan

   

15.5

%

 

Korea

   

12.2

%

 

India

   

12.1

%

 

Others

   

10.3

%

 

Brazil

   

4.1

%

 

Russia

   

3.6

%

 

Saudi Arabia

   

3.3

%

 

South Africa

   

3.0

%

 

Hong Kong

   

2.1

%

 

Mexico

   

1.8

%

 

MSCI Emerging Markets Index – Composition

   

% of Index

 

Information Technology

   

21.8

%

 

Financials

   

19.4

%

 

Consumer Discretionary

   

14.6

%

 

Communication Services

   

10.8

%

 

Materials

   

8.4

%

 

Consumer Staples

   

5.7

%

 

Energy

   

5.6

%

 

Industrials

   

4.9

%

 

Health Care

   

4.6

%

 

Utilities

   

2.2

%

 

Real Estate

   

2.0

%

 

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2021 (UNAUDITED) :: VII


ProShares Short Oil & Gas (Ticker: DDG)

ProShares Short Oil & Gas (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones U.S. Oil & GasSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the oil and gas sector. Component companies typically are engaged in the following activities related to the oil and gas sector, among others, exploration and production, integrated oil and gas, oil equipment and services, pipelines, renewable energy equipment companies and alternative fuel producers. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

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 short-term investments and cash equivalents.

Dow Jones U.S. Oil & Gas Index – Composition

   

% of Index

 

Oil, Gas & Consumable Fuels

   

89.5

%

 

Energy Equipment & Services

   

7.3

%

 

Electrical Equipment

   

1.7

%

 

Semiconductors & Semiconductor Equipment

   

0.9

%

 

Electric Utilities

   

0.6

%

 

ProShares Short QQQ (Ticker: PSQ)

ProShares Short QQQ (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the NASDAQ-100® Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, measured as the time the Fund calculates its net asset value ("NAV") to the next time the Fund calculates its NAV, and not for any other period. The Index is constructed and maintained by Nasdaq Inc. The Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Swap Agreements

   

(94

%)

 

Futures Contracts

   

(6

%)

 

Total Exposure

   

(100

%)

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

NASDAQ-100 Index – Composition

   

% of Index

 

Information Technology

   

50.8

%

 

Consumer Discretionary

   

18.0

%

 

Communication Services

   

17.4

%

 

Health Care

   

5.8

%

 

Consumer Staples

   

4.6

%

 

Industrials

   

2.6

%

 

Utilities

   

0.8

%

 

VIII :: NOVEMBER 30, 2021 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST


ProShares Short Real Estate (Ticker: REK)

ProShares Short Real Estate (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones U.S. Real EstateSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, measured as the time the Fund calculates its net asset value ("NAV") to the next time the Fund calculates its NAV, and not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to track the performance of real estate investment trusts ("REITs") and other companies that invest directly or indirectly in real estate through development management or ownership, including of the property agencies. Component companies include, among others, real estate holding and development and real estate services companies and REITs. REITs are passive investment vehicles that invest primarily in income producing real estate or real estate related loans or interests. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

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 short-term investments and cash equivalents.

Dow Jones U.S. Real Estate Index – Composition

   

% of Index

 

Equity Real Estate Investment Trusts (REITs)

   

90.8

%

 

Real Estate Management & Development

   

4.6

%

 

Mortgage Real Estate Investment Trusts (REITs)

   

2.5

%

 

Professional Services

   

2.1

%

 

ProShares Short Russell2000 (Ticker: RWM)

ProShares Short Russell2000 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Russell 2000® Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, measured as the time the Fund calculates its net asset value ("NAV") to the next time the Fund calculates its NAV, and not for any other period. The Index is constructed and maintained by FTSE Russell. The Index is a measure of smallcap U.S. stock market performance. It is a float adjusted, market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000® Index or approximately 10% of the total market capitalization of the Russell 3000® Index, which in turn represents approximately 98% of the U.S. equity market and includes approximately 3,000 of the largest companies in the U.S. The Russell 3000® Index includes large-, mid-, and small-capitalization companies.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Swap Agreements

   

(92

%)

 

Futures Contracts

   

(8

%)

 

Total Exposure

   

(100

%)

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Russell 2000 Index – Composition

   

% of Index

 

Health Care

   

18.3

%

 

Financials

   

15.8

%

 

Industrials

   

15.3

%

 

Information Technology

   

14.5

%

 

Consumer Discretionary

   

11.6

%

 

Real Estate

   

7.1

%

 

Energy

   

4.4

%

 

Materials

   

3.7

%

 

Communication Services

   

3.4

%

 

Consumer Staples

   

3.3

%

 

Utilities

   

2.6

%

 

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2021 (UNAUDITED) :: IX


ProShares Short S&P500® (Ticker: SH)

ProShares Short S&P500® (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P 500® (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, measured as the time the Fund calculates its net asset value ("NAV") to the next time the Fund calculates its NAV, and not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. 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, financial viability and public float.

Allocation of Portfolio Holdings & Index Composition as of 11/31/21

Market Exposure

Investment Type

 

% of Net Assets

 

Swap Agreements

   

(94

%)

 

Futures Contracts

   

(6

%)

 

Total Exposure

   

(100

%)

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

S&P 500 – Composition

   

% of Index

 

Information Technology

   

29.3

%

 

Consumer Discretionary

   

13.2

%

 

Health Care

   

12.7

%

 

Financials

   

10.8

%

 

Telecommunication Services

   

10.4

%

 

Industrials

   

7.8

%

 

Consumer Staples

   

5.6

%

 

Energy

   

2.7

%

 

Real Estate

   

2.6

%

 

Materials

   

2.5

%

 

Utilities

   

2.4

%

 

ProShares Short SmallCap600 (Ticker: SBB)

ProShares Short SmallCap600 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P SmallCap 600® (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, measured as the time the Fund calculates its net asset value ("NAV") to the next time the Fund calculates its NAV, and not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of small-cap company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 600 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

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 short-term investments and cash equivalents.

S&P SmallCap 600 – Composition

   

% of Index

 

Financials

   

18.6

%

 

Industrials

   

17.1

%

 

Information Technology

   

14.0

%

 

Consumer Discretionary

   

13.1

%

 

Health Care

   

12.1

%

 

Real Estate

   

7.7

%

 

Materials

   

4.9

%

 

Energy

   

4.7

%

 

Consumer Staples

   

4.3

%

 

Telecommunication Services

   

1.8

%

 

Utilities

   

1.7

%

 

X :: NOVEMBER 30, 2021 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST


ProShares Ultra 7-10 Year Treasury (Ticker: UST)

ProShares Ultra 7-10 Year Treasury (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the ICE U.S. Treasury 7-10 Year Bond Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by ICE Data Indices, LLC. The Index is part of a series of indices designed to measure the performance of the U.S. Treasury market. The Index includes publicly-issued U.S. Treasury securities that have a remaining maturity greater than or equal to seven years and less than or equal to ten years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve System (the "Fed"). In addition, the securities in the Underlying Index must be fixed-rate and denominated in U.S. dollars. Excluded from the Underlying Index are inflation linked securities, Treasury bills, cash management bills, any government agency debt issued with or without a government guarantee and zero-coupon issues that have been stripped from coupon-paying bonds. The Underlying Index is weighted by market capitalization, and the securities in the Underlying Index are updated on the last business day of each month.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Long-Term U.S. Treasury Obligations

   

79

%

 

Swap Agreements

   

120

%

 

Futures Contracts

   

1

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

ICE U.S. Treasury 7-10 Year Bond Index – Composition

   

% of Index

 

7-10 Year U.S. Treasury

   

100

%

 

ProShares Ultra 20+ Year Treasury (Ticker: UBT)

ProShares Ultra 20+ Year Treasury (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the ICE U.S. Treasury 20+ Year Bond Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by ICE Data Indices, LLC. The Index is part of a series of indices designed to measure the performance of the U.S. Treasury market. The Index includes publicly-issued U.S. Treasury securities that have a remaining maturity greater than or equal to twenty years and has $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. In addition, the securities in the Underlying Index must be fixed-rate and denominated in U.S. dollars. Excluded from the Underlying Index are inflation linked securities, Treasury bills, cash management bills, any government agency debt issued with or without a government guarantee and zero-coupon issues that have been stripped from coupon-paying bonds. The Underlying Index is weighted by market capitalization, and the securities in the Underlying Index are updated on the last business day of each month.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Long-Term U.S. Treasury Obligations

   

41

%

 

Swap Agreements

   

156

%

 

Futures Contracts

   

4

%

 

Total Exposure

   

201

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

ICE U.S. Treasury 20+ Year Bond Index – Composition

   

% of Index

 

20+ Year U.S. Treasury

   

100

%

 

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2021 (UNAUDITED) :: XI


ProShares Ultra Basic Materials (Ticker: UYM)

ProShares Ultra Basic Materials (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Basic MaterialsSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index designed to measure the stock performance of U.S. companies in the basic materials industry. 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. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

86

%

 

Swap Agreements

   

114

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

Linde plc

   

16.6

%

 
Air Products and
Chemicals, Inc.
   

6.4

%

 

Ecolab, Inc.

   

5.6

%

 

Freeport-McMoRan, Inc.

   

5.5

%

 

Newmont Corp.

   

4.4

%

 

Dow Jones U.S. Basic Materials Index – Composition

   

% of Index

 

Chemicals

   

64.2

%

 

Metals & Mining

   

16.3

%

 

Containers & Packaging

   

14.0

%

 

Construction Materials

   

4.9

%

 

Paper & Forest Products

   

0.6

%

 

ProShares Ultra Consumer Goods (Ticker: UGE)

ProShares Ultra Consumer Goods (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Consumer GoodsSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the consumer goods industry. 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. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

76

%

 

Swap Agreements

   

124

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

Tesla, Inc.

   

18.8

%

 

Procter & Gamble Co. (The)

   

7.1

%

 

PepsiCo, Inc.

   

4.5

%

 

NIKE, Inc., Class B

   

4.4

%

 

Coca-Cola Co. (The)

   

4.1

%

 

Dow Jones U.S. Consumer Goods Index – Composition

   

% of Index

 

Automobiles & Components

   

32.5

%

 

Food, Beverage & Tobacco

   

30.5

%

 
Consumer Durables &
Apparel
   

16.0

%

 
Household & Personal
Products
   

15.8

%

 

Media & Entertainment

   

3.0

%

 

Retailing

   

1.1

%

 

Capital Goods

   

0.8

%

 

Food & Staples Retailing

   

0.3

%

 

XII :: NOVEMBER 30, 2021 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST


ProShares Ultra Consumer Services (Ticker: UCC)

ProShares Ultra Consumer Services (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Consumer ServicesSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the consumer services industry. 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. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

81

%

 

Swap Agreements

   

119

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

Amazon.com, Inc.

   

21.5

%

 

Home Depot, Inc. (The)

   

6.0

%

 

Netflix, Inc.

   

4.0

%

 

Walt Disney Co. (The)

   

3.7

%

 

Costco Wholesale Corp.

   

3.4

%

 

Dow Jones U.S. Consumer Services Index – Composition

   

% of Index

 

Retailing

   

49.7

%

 

Media & Entertainment

   

19.8

%

 

Consumer Services

   

15.7

%

 

Food & Staples Retailing

   

9.7

%

 

Transportation

   

2.9

%

 
Commercial & Professional
Services
   

1.6

%

 
Health Care Equipment &
Services
   

0.5

%

 

Software & Services

   

0.1

%

 

ProShares Ultra Dow30SM (Ticker: DDM)

ProShares Ultra Dow30SM (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones Industrial Average SM (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a price-weighted index and includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

84

%

 

Swap Agreements

   

108

%

 

Futures Contracts

   

8

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

UnitedHealth Group, Inc.

   

7.2

%

 

Home Depot, Inc. (The)

   

6.5

%

 
Goldman Sachs
Group, Inc. (The)
   

6.1

%

 

Microsoft Corp.

   

5.3

%

 

salesforce.com, Inc.

   

4.6

%

 

Dow Jones Industrial Average – Composition

   

% of Index

 

Information Technology

   

22.9

%

 

Health Care

   

16.7

%

 

Financials

   

16.0

%

 

Consumer Discretionary

   

15.6

%

 

Industrials

   

14.6

%

 

Consumer Staples

   

7.3

%

 

Telecommunication Services

   

3.7

%

 

Energy

   

2.2

%

 

Materials

   

1.0

%

 

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2021 (UNAUDITED) :: XIII


ProShares Ultra Financials (Ticker: UYG)

ProShares Ultra Financials (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. FinancialsSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the financials industry. 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 credit card issuers, check cashing companies, mortgage lenders and investment advisors; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

67

%

 

Swap Agreements

   

133

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 
Berkshire Hathaway,
Inc., Class B
   

4.9

%

 

JPMorgan Chase & Co.

   

4.5

%

 

Bank of America Corp.

   

3.3

%

 

Visa, Inc., Class A

   

3.2

%

 

Mastercard, Inc., Class A

   

2.6

%

 

Dow Jones U.S. Financials Index – Composition

   

% of Index

 

Diversified Financials

   

32.8

%

 

Banks

   

25.6

%

 

Real Estate

   

20.3

%

 

Insurance

   

12.3

%

 

Software & Services

   

8.6

%

 
Commercial & Professional
Services
   

0.4

%

 

ProShares Ultra FTSE China 50 (Ticker: XPP)

ProShares Ultra FTSE China 50 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the FTSE China 50 Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by FTSE International Limited. The Index consists of 50 of the largest and most liquid Chinese stocks listed and traded on the Stock Exchange of Hong Kong.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Swap Agreements

   

200

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

FTSE China 50 Index – Composition

   

% of Index

 

Consumer Discretionary

   

33.1

%

 

Financials

   

26.3

%

 

Communication Services

   

19.0

%

 

Information Technology

   

5.3

%

 

Health Care

   

5.2

%

 

Real Estate

   

3.2

%

 

Energy

   

2.8

%

 

Consumer Staples

   

2.4

%

 

Materials

   

1.7

%

 

Industrials

   

1.0

%

 

XIV :: NOVEMBER 30, 2021 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST


ProShares Ultra FTSE Europe (Ticker: UPV)

ProShares Ultra FTSE Europe (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the FTSE Developed Europe All Cap Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by FTSE International Limited. The Index is a free float-adjusted market cap weighted index representing the performance of large-, mid- and small-cap companies in Developed European markets, including the United Kingdom.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Swap Agreements

   

200

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

FTSE Developed Europe All Cap Index – Country

   

% of Index

 

United Kingdom

   

20.0

%

 

Switzerland

   

15.6

%

 

France

   

15.2

%

 

Germany

   

13.1

%

 

Netherlands

   

9.2

%

 

Others

   

7.2

%

 

Sweden

   

6.5

%

 

Denmark

   

4.0

%

 

Spain

   

3.5

%

 

Italy

   

3.5

%

 

Finland

   

2.2

%

 

FTSE Developed Europe All Cap Index – Composition

   

% of Index

 

Industrials

   

16.1

%

 

Financials

   

15.8

%

 

Health Care

   

13.5

%

 

Consumer Staples

   

11.5

%

 

Consumer Discretionary

   

11.5

%

 

Information Technology

   

8.8

%

 

Materials

   

8.0

%

 

Energy

   

4.3

%

 

Utilities

   

4.1

%

 

Communication Services

   

3.8

%

 

Real Estate

   

2.6

%

 

ProShares Ultra Health Care (Ticker: RXL)

ProShares Ultra Health Care (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Health CareSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the healthcare industry. Component companies include, among others, health care providers, biotechnology companies, medical supplies, advanced medical devices and pharmaceuticals. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

83

%

 

Swap Agreements

   

117

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

UnitedHealth Group, Inc.

   

6.4

%

 

Johnson & Johnson

   

6.2

%

 

Pfizer, Inc.

   

4.6

%

 
Thermo Fisher
Scientific, Inc.
   

3.8

%

 

Abbott Laboratories

   

3.4

%

 

Dow Jones U.S. Health Care Index – Composition

   

% of Index

 

Pharmaceuticals

   

25.8

%

 
Health Care Equipment &
Supplies
   

22.3

%

 
Health Care Providers &
Services
   

19.1

%

 

Biotechnology

   

17.0

%

 
Life Sciences Tools &
Services
   

15.4

%

 

Health Care Technology

   

0.4

%

 

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2021 (UNAUDITED) :: XV


ProShares Ultra High Yield (Ticker: UJB)

ProShares Ultra High Yield (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Markit iBoxx® $ Liquid High Yield Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. IHS Markit Benchmark Administration Limited (IMBA) is the Index Administrator of the Index. The Index is a market-value weighted index designed to provide a balanced representation of U.S. dollar denominated high yield corporate bonds for sale within the United States by means of including the most liquid high yield corporate bonds available as determined by a set of transparent and objective Index rules. Currently, the bonds eligible for inclusion in the Index include U.S. dollar denominated, corporate bonds for sale in the United States that are issued by companies domiciled in developed countries; are rated sub-investment grade using an average of Moody's Investor Service, Fitch Ratings or S&P Global Ratings; are from issuers with at least $1 billion par outstanding; have at least $400 million of outstanding face value; and have at issuance an expected remaining life of 15 years or less, and at rebalancing minimum one year to expected maturity with new insertions minimum of at least one year and 6 months to maturity. There is no limit to the number of issues in the Index. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Swap Agreements

   

200

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Markit iBoxx $ Liquid High Yield
Index – Composition

   

% of Index

 

High Yield

   

100.0

%

 

ProShares Ultra Industrials (Ticker: UXI)

ProShares Ultra Industrials (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. IndustrialsSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the industrials industry. 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. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

80

%

 

Swap Agreements

   

120

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

Accenture plc, Class A

   

3.7

%

 

PayPal Holdings, Inc.

   

3.5

%

 

Union Pacific Corp.

   

2.5

%

 
United Parcel Service,
Inc., Class B
   

2.3

%

 

Honeywell International, Inc.

   

2.2

%

 

Dow Jones U.S. Industrials Index – Composition

   

% of Index

 

Capital Goods

   

47.9

%

 

Software & Services

   

18.6

%

 

Transportation

   

13.2

%

 
Commercial &
Professional Services
   

7.4

%

 
Technology Hardware &
Equipment
   

6.3

%

 

Materials

   

6.2

%

 
Pharmaceuticals,
Biotechnology & Life Sciences
   

0.4

%

 

XVI :: NOVEMBER 30, 2021 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST


ProShares Ultra MidCap400 (Ticker: MVV)

ProShares Ultra MidCap400 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P MidCap 400® (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. 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, financial viability and public float.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

91

%

 

Swap Agreements

   

104

%

 

Futures Contracts

   

5

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

Signature Bank

   

0.7

%

 
FactSet Research
Systems, Inc.
   

0.7

%

 
SolarEdge Technologies,
Inc.
   

0.7

%

 

Molina Healthcare, Inc.

   

0.6

%

 

Camden Property Trust

   

0.6

%

 

S&P MidCap 400 – Composition

   

% of Index

 

Industrials

   

19.1

%

 

Consumer Discretionary

   

15.2

%

 

Financials

   

15.0

%

 

Information Technology

   

14.3

%

 

Real Estate

   

10.2

%

 

Health Care

   

9.8

%

 

Materials

   

6.0

%

 

Consumer Staples

   

3.4

%

 

Utilities

   

3.1

%

 

Energy

   

2.1

%

 

Telecommunication Services

   

1.8

%

 

ProShares Ultra MSCI Brazil Capped (Ticker: UBR)

ProShares Ultra MSCI Brazil Capped (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the MSCI Brazil 25/50 Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The MSCI Brazil 25/50 Index is designed to measure the performance of the large and mid cap segments of the Brazilian market. It applies certain investment limits that are imposed on regulated investment companies, or RICs, under the current US Internal Revenue Code. The Index covers approximately 85% of the free float-adjusted market capitalization in Brazil.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Swap Agreements

   

200

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

MSCI Brazil 25/50 Index – Composition

   

% of Index

 

Financials

   

23.7

%

 

Materials

   

22.8

%

 

Energy

   

16.3

%

 

Consumer Staples

   

10.6

%

 

Industrials

   

7.8

%

 

Utilities

   

6.2

%

 

Consumer Discretionary

   

5.8

%

 

Health Care

   

3.7

%

 

Communication Services

   

2.4

%

 

Information Technology

   

0.7

%

 

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2021 (UNAUDITED) :: XVII


ProShares Ultra MSCI EAFE (Ticker: EFO)

ProShares Ultra MSCI EAFE (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the MSCI EAFE Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index includes 85% of the free float-adjusted, market capitalization in each industry group in developed market countries, excluding the U.S. and Canada.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Swap Agreements

   

200

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

MSCI EAFE Index – Country

   

% of Index

 

Japan

   

23.5

%

 

United Kingdom

   

12.5

%

 

France

   

11.1

%

 

Others

   

10.9

%

 

Switzerland

   

10.8

%

 

Germany

   

8.8

%

 

Australia

   

7.0

%

 

Netherlands

   

6.3

%

 

Sweden

   

3.5

%

 

Hong Kong

   

2.9

%

 

Denmark

   

2.7

%

 

MSCI EAFE Index – Composition

   

% of Index

 

Financials

   

16.8

%

 

Industrials

   

15.7

%

 

Consumer Discretionary

   

12.8

%

 

Health Care

   

12.7

%

 

Consumer Staples

   

10.4

%

 

Information Technology

   

9.9

%

 

Materials

   

7.4

%

 

Communication Services

   

4.7

%

 

Utilities

   

3.4

%

 

Energy

   

3.3

%

 

Real Estate

   

2.9

%

 

ProShares Ultra MSCI Emerging Markets (Ticker: EET)

ProShares Ultra MSCI Emerging Markets (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the MSCI Emerging Markets Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index includes 85% of the free float-adjusted, market capitalization in emerging market countries.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Swap Agreements

   

200

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

MSCI Emerging Markets Index – Country

   

% of Index

 

China

   

32.0

%

 

Taiwan

   

15.5

%

 

Korea

   

12.2

%

 

India

   

12.1

%

 

Others

   

10.3

%

 

Brazil

   

4.1

%

 

Russia

   

3.6

%

 

Saudi Arabia

   

3.3

%

 

South Africa

   

3.0

%

 

Hong Kong

   

2.1

%

 

Mexico

   

1.8

%

 

MSCI Emerging Markets Index – Composition

   

% of Index

 

Information Technology

   

21.8

%

 

Financials

   

19.4

%

 

Consumer Discretionary

   

14.6

%

 

Communication Services

   

10.8

%

 

Materials

   

8.4

%

 

Consumer Staples

   

5.7

%

 

Energy

   

5.6

%

 

Industrials

   

4.9

%

 

Health Care

   

4.6

%

 

Utilities

   

2.2

%

 

Real Estate

   

2.0

%

 

XVIII :: NOVEMBER 30, 2021 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST


ProShares Ultra MSCI Japan (Ticker: EZJ)

ProShares Ultra MSCI Japan (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the MSCI Japan Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index adjusts the market capitalization of Index constituents for free float and targets for Index inclusion 85% of the free float-adjusted market capitalization in Japan.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

12

%

 

Swap Agreements

   

188

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

MSCI Japan Index – Composition

   

% of Index

 

Industrials

   

22.2

%

 

Consumer Discretionary

   

19.2

%

 

Information Technology

   

15.5

%

 

Health Care

   

9.9

%

 

Financials

   

8.9

%

 

Communication Services

   

7.9

%

 

Consumer Staples

   

6.7

%

 

Materials

   

4.7

%

 

Real Estate

   

3.4

%

 

Utilities

   

0.9

%

 

Energy

   

0.7

%

 

ProShares Ultra Nasdaq Biotechnology (Ticker: BIB)

ProShares Ultra Nasdaq Biotechnology (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the NASDAQ Biotechnology® Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by Nasdaq Inc. (the "Index Provider"). The Index is a modified capitalization-weighted index that includes securities of Nasdaq listed companies that are classified as either biotechnology or pharmaceutical. The securities also meet other eligibility criteria determined by the Index Provider, including minimum market capitalization and liquidity requirements.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

93

%

 

Swap Agreements

   

107

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

Moderna, Inc.

   

7.9

%

 

Amgen, Inc.

   

7.4

%

 

Gilead Sciences, Inc.

   

7.3

%

 
Regeneron
Pharmaceuticals, Inc.
   

5.7

%

 

Illumina, Inc.

   

4.9

%

 

NASDAQ Biotechnology Index – Composition

   

% of Index

 

Biotechnology

   

82.7

%

 
Life Sciences Tools &
Services
   

8.1

%

 

Pharmaceuticals

   

8.1

%

 
Health Care Providers &
Services
   

1.1

%

 

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2021 (UNAUDITED) :: XIX


ProShares Ultra Nasdaq Cloud Computing (Ticker: SKYU)

ProShares Ultra Nasdaq Cloud Computing (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the ISE CTA Cloud Computing Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by Nasdaq Inc. (the "Index Provider"). The Index is comprised of companies classified as "cloud computing" companies by the Consumer Technology Association ("CTA"). CTA classifies companies as cloud computing if the company is engaged in one or more of the following activities: Infrastructure-as-a-Service, Platform-as-a-Service or Software-as-a-Service. The companies must also meet other eligibility criteria determined by the Index Provider, including minimum market capitalization and liquidity requirements. The Index includes large-, mid-, and small-capitalization companies.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

58

%

 

Swap Agreements

   

142

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

DigitalOcean Holdings, Inc.

   

3.3

%

 

Arista Networks, Inc.

   

2.7

%

 

Pure Storage, Inc., Class A

   

2.4

%

 

Microsoft Corp.

   

2.2

%

 

MongoDB, Inc.

   

2.2

%

 

ISE CTA Cloud Computing Index – Composition

   

% of Index

 

Software & Services

   

71.3

%

 
Technology
Hardware & Equipment
   

14.2

%

 

Retailing

   

6.6

%

 

Media & Entertainment

   

3.6

%

 
Commercial &
Telecommunication Services
   

3.0

%

 
Health Care
Equipment & Services
   

1.3

%

 

ProShares Ultra Nasdaq Cybersecurity (Ticker: UCYB)

ProShares Ultra Nasdaq Cybersecurity (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Nasdaq CTA Cybersecurity IndexSM (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is maintained by Nasdaq Inc. (the "Index Provider"). The Index was jointly constructed by the Index Provider and Consumer Technology Association ("CTA"). The Index is a modified liquidity weighted index comprised of companies classified as "cybersecurity" companies by CTA. CTA classifies companies as cybersecurity if they meet one of three elements: (1) companies focused on developing technologies that are designed and implemented to protect computer and communication networks from attacks and other unauthorized use; (2) companies involved in the development of technologies for cybersecurity industry use including government, private and public corporations, financial institutions and various other industries; or (3) companies focused on the protection of priority data from being accessed and exploited by unauthorized external parties. The companies must also meet other eligibility criteria determined by the Index Provider, including minimum market capitalization and liquidity requirements. The Index includes large-, mid-, and small-capitalization companies.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

3

%

 

Swap Agreements

   

197

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Nasdaq CTA Cybersecurity Index – Composition

   

% of Index

 

Software & Services

   

77.1

%

 

Technology Hardware & Equipment

   

12.8

%

 

Commercial & Professional Services

   

8.5

%

 

Capital Goods

   

1.6

%

 

XX :: NOVEMBER 30, 2021 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST


ProShares Ultra Oil & Gas (Ticker: DIG)

ProShares Ultra Oil & Gas (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Oil & GasSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the oil and gas sector. Component companies typically are engaged in the following activities related to oil and gas sector, among others, exploration and production, integrated oil and gas, oil equipment and services, pipelines, renewable energy equipment companies and alternative fuel producers. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

87

%

 

Swap Agreements

   

113

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

Exxon Mobil Corp.

   

18.9

%

 

Chevron Corp.

   

16.3

%

 

ConocoPhillips

   

7.0

%

 

EOG Resources, Inc.

   

3.8

%

 
Pioneer Natural
Resources Co.
   

3.0

%

 

Dow Jones U.S. Oil & Gas Index – Composition

   

% of Index

 
Oil, Gas & Consumable
Fuels
   

89.5

%

 
Energy Equipment &
Services
   

7.3

%

 

Electrical Equipment

   

1.7

%

 
Semiconductors &
Semiconductor Equipment
   

0.9

%

 

Electric Utilities

   

0.6

%

 

ProShares Ultra QQQ (Ticker: QLD)

ProShares Ultra QQQ (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the NASDAQ-100® Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by Nasdaq Inc. The Index includes 100 of the largest /domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

90

%

 

Swap Agreements

   

98

%

 

Futures Contracts

   

12

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

Apple, Inc.

   

10.6

%

 

Microsoft Corp.

   

9.6

%

 

Amazon.com, Inc.

   

6.9

%

 

Tesla, Inc.

   

5.5

%

 

NVIDIA Corp.

   

4.8

%

 

NASDAQ-100 Index – Composition

   

% of Index

 

Information Technology

   

50.8

%

 

Consumer Discretionary

   

18.0

%

 

Communication Services

   

17.4

%

 

Health Care

   

5.8

%

 

Consumer Staples

   

4.6

%

 

Industrials

   

2.6

%

 

Utilities

   

0.8

%

 

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2021 (UNAUDITED) :: XXI


ProShares Ultra Real Estate (Ticker: URE)

ProShares Ultra Real Estate (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Real EstateSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to track the performance of real estate investment trusts ("REITs") and other companies that invest directly or indirectly in real estate through development, management or ownership including property agencies. Component companies include, among others, real estate holding and development and real estate services companies and REITs. REITs are passive investment vehicles that invest primarily in income producing real estate or real estate related loans or interests. The Index is a market cap weighted index that is updated in March, June, September, and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

80

%

 

Swap Agreements

   

120

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

American Tower Corp.

   

6.4

%

 

Prologis, Inc.

   

6.0

%

 
Crown Castle
International Corp.
   

4.2

%

 

Equinix, Inc.

   

3.9

%

 

Simon Property Group, Inc.

   

2.7

%

 

Dow Jones U.S. Real Estate Index – Composition

   

% of Index

 
Equity Real Estate
Investment Trusts (REITs)
   

90.8

%

 
Real Estate Management &
Development
   

4.6

%

 
Mortgage Real Estate
Investment Trusts (REITs)
   

2.5

%

 

Professional Services

   

2.1

%

 

ProShares Ultra Russell2000 (Ticker: UWM)

ProShares Ultra Russell2000 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Russell 2000® Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by FTSE Russell. The Index is a measure of small-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000® Index or approximately 10% of the total market capitalization of the Russell 3000® Index, which in turn represents approximately 98% of the U.S. equity market and includes approximately 3,000 of the largest companies in the U.S. The Russell 3,000® Index includes large-, mid-, and small-capitalization companies.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

78

%

 

Swap Agreements

   

112

%

 

Futures Contracts

   

10

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 
AMC Entertainment
Holdings, Inc., Class A
   

0.5

%

 

Avis Budget Group, Inc.

   

0.4

%

 
Lattice
Semiconductor Corp.
   

0.3

%

 

Crocs, Inc.

   

0.3

%

 

Synaptics, Inc.

   

0.3

%

 

Russell 2000 Index – Composition

   

% of Index

 

Health Care

   

18.3

%

 

Financials

   

15.8

%

 

Industrials

   

15.3

%

 

Information Technology

   

14.5

%

 

Consumer Discretionary

   

11.6

%

 

Real Estate

   

7.1

%

 

Energy

   

4.4

%

 

Materials

   

3.7

%

 

Communication Services

   

3.4

%

 

Consumer Staples

   

3.3

%

 

Utilities

   

2.6

%

 

XXII :: NOVEMBER 30, 2021 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST


ProShares Ultra S&P500® (Ticker: SSO)

ProShares Ultra S&P500® (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P 500® (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. 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, financial viability and public float.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

84

%

 

Swap Agreements

   

109

%

 

Futures Contracts

   

7

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

Apple, Inc.

   

5.6

%

 

Microsoft Corp.

   

5.4

%

 

Amazon.com, Inc.

   

3.3

%

 

Tesla, Inc.

   

2.0

%

 

Alphabet, Inc., Class A

   

1.9

%

 

S&P 500 – Composition

   

% of Index

 

Information Technology

   

29.3

%

 

Consumer Discretionary

   

13.2

%

 

Health Care

   

12.7

%

 

Financials

   

10.8

%

 
Telecommunication
Services
   

10.4

%

 

Industrials

   

7.8

%

 

Consumer Staples

   

5.6

%

 

Energy

   

2.7

%

 

Real Estate

   

2.6

%

 

Materials

   

2.5

%

 

Utilities

   

2.4

%

 

ProShares Ultra Semiconductors (Ticker: USD)

ProShares Ultra Semiconductors (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. SemiconductorsSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the semiconductors subsector. Component companies are engaged in the production and distribution of semiconductors and other integrated chips, as well as other related products such as semiconductor capital equipment and mother-boards. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

83

%

 

Swap Agreements

   

117

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

NVIDIA Corp.

   

24.4

%

 

Broadcom, Inc.

   

6.8

%

 

QUALCOMM, Inc.

   

6.1

%

 

Intel Corp.

   

6.0

%

 
Advanced Micro
Devices, Inc.
   

5.8

%

 

Dow Jones U.S. Semiconductors Index – Composition

   

% of Index

 

Software & Services

   

37.6

%

 
Technology Hardware &
Equipment
   

22.3

%

 
Semiconductors &
Semiconductor Equipment
   

20.0

%

 

Media & Entertainment

   

18.5

%

 

Retailing

   

0.8

%

 
Health Care Equipment &
Services
   

0.5

%

 
Telecommunication
Services
   

0.2

%

 
Consumer Durables &
Apparel
   

0.1

%

 

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2021 (UNAUDITED) :: XXIII


ProShares Ultra SmallCap600 (Ticker: SAA)

ProShares Ultra SmallCap600 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P SmallCap 600® (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of small-cap company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 600 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

73

%

 

Swap Agreements

   

127

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

Macy's, Inc.

   

0.6

%

 

Omnicell, Inc.

   

0.5

%

 

Chart Industries, Inc.

   

0.4

%

 
Innovative Industrial
Properties, Inc.
   

0.4

%

 

Exponent, Inc.

   

0.4

%

 

S&P SmallCap 600 – Composition

   

% of Index

 

Financials

   

18.6

%

 

Industrials

   

17.1

%

 

Information Technology

   

14.0

%

 

Consumer Discretionary

   

13.1

%

 

Health Care

   

12.1

%

 

Real Estate

   

7.7

%

 

Materials

   

4.9

%

 

Energy

   

4.7

%

 

Consumer Staples

   

4.3

%

 
Telecommunication
Services
   

1.8

%

 

Utilities

   

1.7

%

 

ProShares Ultra Technology (Ticker: ROM)

ProShares Ultra Technology (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. TechnologySM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the technology industry. Component companies include, among others, those involved in computers and office equipment, software, communications technology, semiconductors, diversified technology services and Internet services. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

76

%

 

Swap Agreements

   

124

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

Apple, Inc.

   

14.2

%

 

Microsoft Corp.

   

13.6

%

 

Alphabet, Inc., Class A

   

4.7

%

 

NVIDIA Corp.

   

4.5

%

 

Alphabet, Inc., Class C

   

4.4

%

 

Dow Jones U.S. Technology Index – Composition

   

% of Index

 

Software & Services

   

37.6

%

 
Technology Hardware &
Equipment
   

22.3

%

 
Semiconductors &
Semiconductor Equipment
   

20.0

%

 

Media & Entertainment

   

18.5

%

 

Retailing

   

0.8

%

 
Health Care
Equipment & Services
   

0.5

%

 
Telecommunication
Services
   

0.2

%

 
Consumer
Durables & Apparel
   

0.1

%

 

XXIV :: NOVEMBER 30, 2021 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST


ProShares Ultra Telecommunications (Ticker: LTL)

ProShares Ultra Telecommunications (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Select TelecommunicationsSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the telecommunications sector. Component companies include providers of fixed-line and mobile telephone services. Fixed-line includes regional and long-distance carriers. Mobile includes cellular, satellite and paging services. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

75

%

 

Swap Agreements

   

125

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

Cisco Systems, Inc.

   

16.7

%

 
Verizon
Communications, Inc.
   

16.3

%

 

Arista Networks, Inc.

   

4.9

%

 

Motorola Solutions, Inc.

   

3.7

%

 

F5, Inc.

   

3.4

%

 

Dow Jones U.S. Select Telecommunications Index – Composition

   

% of Index

 
Communications
Equipment
   

53.3

%

 
Diversified
Telecommunication
Services
   

38.0

%

 
Wireless
Telecommunication
Services
   

5.0

%

 

Household Durables

   

3.7

%

 

ProShares Ultra Utilities (Ticker: UPW)

ProShares Ultra Utilities (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. UtilitiesSM Index (the "Index"). The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund seeks investment results for a single day only, as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the utilities industry. Component companies include, among others, electric utilities, gas utilities, multi-utilities and water utilities. The Index is a market cap weighted index that is updated in March, June, September and December.

Allocation of Portfolio Holdings & Index Composition as of 11/30/21

Market Exposure

Investment Type

 

% of Net Assets

 

Equity Securities

   

97

%

 

Swap Agreements

   

103

%

 

Total Exposure

   

200

%

 

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments and cash equivalents.

Largest Equity Holdings

Company

 

% of Net Assets

 

NextEra Energy, Inc.