Proshares
Trust
Distributor:
SEI
Investments
Distribution
Co.
SEMIANNUAL
REPORT
NOVEMBER
30,
2023
Big
Data
Refiners
ETF
DAT
Decline
of
the
Retail
Store
ETF
EMTY
DJ
Brookfield
Global
Infrastructure
ETF
TOLZ
Equities
for
Rising
Rates
ETF
EQRR
Global
Listed
Private
Equity
ETF
PEX
Hedge
Replication
ETF
HDG
High
Yield–Interest
Rate
Hedged
HYHG
Inflation
Expectations
ETF
RINF
Investment
Grade–Interest
Rate
Hedged
IGHG
K-1
Free
Crude
Oil
Strategy
ETF*
OILK
Large
Cap
Core
Plus
CSM
Long
Online/Short
Stores
ETF
CLIX
Merger
ETF
MRGR
Metaverse
ETF
VERS
MSCI
EAFE
Dividend
Growers
ETF
EFAD
MSCI
Emerging
Markets
Dividend
Growers
ETF
EMDV
MSCI
Europe
Dividend
Growers
ETF
EUDV
MSCI
Transformational
Changes
ETF
ANEW
Nanotechnology
ETF
TINY
Nasdaq-100
Dorsey
Wright
Momentum
ETF
QQQA
On-Demand
ETF
OND
Online
Retail
ETF
ONLN
Pet
Care
ETF
PAWZ
Russell
2000
Dividend
Growers
ETF
SMDV
Russell
U.S.
Dividend
Growers
ETF
TMDV
S&P
500
®
Bond
ETF
SPXB
S&P
500
®
Dividend
Aristocrats
ETF
NOBL
S&P
500
®
Ex-Energy
ETF
SPXE
S&P
500
®
Ex-Financials
ETF
SPXN
S&P
500
®
Ex-Health
Care
ETF
SPXV
S&P
500
®
Ex-Technology
ETF
SPXT
S&P
Global
Core
Battery
Metals
ETF
ION
S&P
Kensho
Cleantech
ETF
CTEX
S&P
Kensho
Smart
Factories
ETF
MAKX
S&P
MidCap
400
®
Dividend
Aristocrats
ETF
REGL
S&P
Technology
Dividend
Aristocrats
ETF
TDV
Smart
Materials
ETF
TINT
Supply
Chain
Logistics
ETF
SUPL
*
The
K-1
Free
Crude
Oil
Strategy
ETF
fund
is
consolidated
with
Cayman
Crude
Oil
Strategy
Portfolio.
A
claim
of
exemption
pursuant
to
the
Commodity
Futures
Trading
Commission
(“CFTC”)
Rule
4.7
has
been
made
by
the
Investment
Adviser
with
respect
to
these
funds.
The
exemption
relieves
these
funds
of
certain
disclosure
and
reporting
obligations
under
the
commodity
pool
rules
of
the
CFTC.
TABLE
OF
CONTENTS
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Table
of
Contents
I
Shareholder
Letter
III
Allocation
of
Portfolio
Holdings
&
Index
Composition
XXX
Expense
Examples
1
Schedule
of
Portfolio
Investments
94
Statements
of
Assets
and
Liabilities
103
Statements
of
Operations
112
Statements
of
Changes
in
Net
Assets
126
Financial
Highlights
147
Notes
to
Financial
Statements
172
Liquidity
Risk
Management
Program
173
Board
Approval
of
Investment
Advisory
Agreement
177
Miscellaneous
Information
PROSHARES.COM
::
I
DEAR
SHAREHOLDER:
Sentiments
seem
to
have
become
more
positive
over
the
re-
porting
period,
though
some
concerns
about
inflation,
the
po-
tential
for
recession,
and
other
market
headwinds
continue
to
linger.
ProShares
is
committed
to
helping
you,
our
investors,
meet
these
challenging
times
by
providing
an
innovative
array
of
products
and
services
designed
to
help
you
meet
your
objec-
tives
under
a
range
of
conditions.
Following
is
the
ProShares
Trust
Semiannual
Report
for
the
six
months
ended
November
30,
2023.
Interest
Rates
Remain
High
Amid
Moderating
Inflation
Moderating
but
still
elevated
inflation
and
the
possibility
of
recession
continued
to
dominate
economic
policymaking
over
the
past
six
months.
In
the
United
States,
the
Federal
Reserve
continued
to
tighten
monetary
policy
at
the
beginning
of
the
period,
raising
its
short-term
rate
to
a
target
range
of
between
5.25%
and
5.5%
at
its
July
meeting.
Since
then,
however,
the
Fed
has
left
rates
unchanged,
communicating
that
it
will
“let
the
data
reveal
the
appropriate
path”
before
it
decides
whether
to
begin
lowering
rates.
The
picture
was
similar
outside
the
United
States.
The
Euro-
pean
Central
Bank
(ECB)
and
Bank
of
England
raised
interest
rates
through
the
summer
but
have
since
left
them
on
hold.
ECB
President
Christine
Lagarde
has
commented
that
rates
will
stay
high
for
“as
long
as
necessary”
to
beat
back
inflation.
The
Bank
of
Japan,
which
continued
to
hold
its
short-term
rate
at
-0.1%,
remains
the
lone
exception
in
the
developed
world.
A
Tale
of
Two
Markets:
Volatility,
Then
Recovery
In
terms
of
market
performance,
the
period
can
be
roughly
divided
into
two
segments.
Through
the
end
of
the
summer,
most
asset
classes
and
financial
markets
experienced
volatil-
ity
as
investors
tried
to
navigate
elevated
interest
rates,
high
bond
yields,
and
a
resilient
U.S.
labor
market.
Since
then,
many
markets
have
rallied,
netting
positive
returns
for
the
period.
In
the
United
States,
the
large-cap
S&P
500
®
rose
10.2%,
and
the
Dow
Jones
Industrial
Average
®
climbed
10.5%.
The
technology-
and
growth-stock-heavy
Nasdaq-100
Index
also
posted
strong
returns,
gaining
12.4%.
Midsize
and
smaller
company
stocks
posted
weaker
but
still-positive
results
for
the
period:
The
S&P
MidCap
400
®
climbed
7.4%,
and
the
small-cap
Russell
2000
®
Index
rose
4.2%.
Nine
of
the
S&P
Sectors
and
Industry
Indi-
ces
posted
gains,
with
the
strongest
performers
being
finan-
cials
(14.1%),
technology
(13.3%),
and
communication
services
(12.6%).
Utilities
(-1.7%)
and
consumer
staples
(-1.3%)
declined
for
the
period.
Most
international
equity
markets
also
posted
positive
results
for
the
period,
though
not
as
strong
as
U.S.
domestic
markets.
The
MSCI
EAFE
Index
®
,
which
tracks
developed
markets
out-
side
North
America,
rose
5.1%,
while
the
MSCI
Emerging
Mar-
kets
Index
®
gained
4.6%.
The
MSCI
Europe
Index
®
climbed
5.3%,
and
the
MSCI
Japan
Index
®
rose
6.2%.
The
notable
excep-
tion
to
this
positive
performance
was
China,
as
the
FTSE
China
50
®
declined
2.2%.
Bonds
generated
mixed
performance
over
the
period.
The
Bloomberg
U.S.
Aggregate
Bond
Index
was
roughly
flat,
losing
0.8%.
Longer
duration
meant
weaker
returns:
The
Ryan
Labs
Treasury
5-Year
Index
gained
2.3%,
but
the
10-
and
30-Year
In-
dexes
lost
3.5%
and
9.4%,
respectively.
High-yield
corporate
bonds,
as
measured
by
the
Markit
iBoxx
$
Liquid
High
Yield
Index,
gained
5.4%,
while
their
investment-grade
peers
gained
1.0%.
U.S.
Economy
Shows
Continued
Resilience
Fears
of
recession
remained
unrealized
during
the
period,
and
the
potential
for
a
soft
landing
seemed
to
grow.
While
U.S.
real
GDP
growth
slowed
slightly
in
the
second
quarter
of
2023,
third-quarter
growth
came
in
strong
at
5.2%.
The
U.S.
unem-
ployment
rate
ticked
up
slightly
through
the
fall,
but
it
remains
low
at
3.7%.
The
Bloomberg
Dollar
Spot
Index
was
roughly
flat
for
the
period,
declining
0.6%.
Investors
Find
Opportunities
Amid
Complex
Markets
As
markets
responded
to
an
array
of
challenges
over
the
past
six
months—including
uncertainty
around
the
forward
path
of
interest
rates
and
new
outbreaks
of
geopolitical
conflict—Pro-
Shares
investors
found
potential
opportunities
across
a
range
of
strategies.
Of
note,
investors
in
the
technology
sector,
par-
II
::
PROSHARES.COM
ticularly
strategies
linked
to
the
technology-
and
growth-stock-
heavy
Nasdaq-100,
saw
potential
for
gains.
ProShares
Trust
continued
to
innovate
during
the
period
by
offering
investors
several
new
strategies
for
participating
in
the
cryptocurrency
markets
and
by
launching
an
S&P
500
ETF
powered
by
a
daily
covered
call
strategy
targeting
both
high
income
and
S&P
500
returns
over
the
long
term.
Investors
turn
to
ProShares
ETFs
for
access
to
a
breadth
of
in-
vestment
choices
across
diverse
market
segments,
enabling
them
to
adapt
their
investments
to
their
latest
market
views.
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
investment
needs.
Sincerely,
Michael
L.
Sapir
Chairman
of
the
Board
of
Trustees
ALLOCATION
OF
PORTFOLIO
HOLDINGS
&
INDEX
COMPOSITION
::
NOVEMBER
30,
2023
(UNAUDITED)
::
III
PROSHARES
TRUST
ALLOCATION
OF
PORTFOLIO
HOLDINGS
AND
INDEX
COMPOSITION
IV
::
NOVEMBER
30,
2023
(UNAUDITED)
::
ALLOCATION
OF
PORTFOLIO
HOLDINGS
&
INDEX
COMPOSITION
PROSHARES
TRUST
ProShares
Big
Data
Refiners
ETF
(Ticker:
DAT) 
ProShares
Big
Data
Refiners
ETF
(the
“Fund”)
seeks
investment
results,
before
fees
and
expenses,
that
track
the
performance
of
the
FactSet
Big
Data
Refiners
Index
(the
“Index”).
The
Index
consists
of
companies
that
provide
analytics
and
infrastructure
for
managing
and
extracting
information
from
large
data
sets.
The
Index
includes
companies
whose
principal
business
is
the
pro-
vision
of
analytics,
software,
hardware
and
other
computing
infrastructure
for
managing
and
extracting
information
from
large
structured
and
unstructured
data
sets,
as
determined
by
the
Index
methodology.
The
Index
is
owned
and
administered
by
FactSet
Research
Systems,
Inc.
(the
“Index
Provider”).
In
order
to
be
included
in
the
Index,
a
company
must
be
included
in
at
least
one
of
nine
FactSet
®
Revere
Business
Industry
Classification
System
Sub-Industries
(“RBICS
Sub-Industries”)
that
the
Index
Provider
has
identified
as
big
data
related.
The
nine
eligible
RBICS
Sub-Industries
are:
Business
Intelligence
Software,
Business
Intelli-
gence/Data
Warehousing
Consulting,
Customer
Service
Software,
Data
Storage
Infrastructure
Software,
Enterprise
Middleware
Software,
Government
and
Public
Service
Industry
Software,
Information
Storage
Systems,
Network
Administration
Software
and
Peripheral
and
Other
Commerce
Equipment
Makers.
The
Index
is
reconstituted
and
rebalanced
semiannually
in
June
and
December. 
Allocation
of
Portfolio
Holdings
&
Index
Composition
as
of
11/30/23
ProShares
Decline
of
the
Retail
Store
ETF
(Ticker:
EMTY) 
ProShares
Decline
of
the
Retail
Store
ETF
(the
“Fund”)
seeks
daily
investment
results,
before
fees
and
expenses,
that
correspond
to
the
inverse
(-1x)
of
the
return
of
the
Solactive-ProShares
Bricks
and
Mortar
Retail
Store
Index
(the
“Index”)
for
a
single
day,
not
for
any
other
period.
The
Index
is
constructed
and
maintained
by
Solactive
AG.
The
Index
seeks
to
measure
the
performance
of
publicly
traded
“bricks
and
mortar”
retail
companies
whose
retail
revenue
is
derived
principally
from
in-store
sales.
Short
ex-
posure
may
be
attractive
to
investors
who
believe
bricks
and
mortar
stores
face
threats
from
ongoing
trends,
such
as
the
growth
of
online
shopping
and
markets
oversaturated
with
stores.
Companies
must
derive
more
than
50%
of
their
global
revenues
from
retail
operations
and
more
than
75%
of
their
retail
revenues
from
in-store
sales
to
be
included
in
the
Index.
In
addition,
a
company
must
be
domiciled
in
the
US;
its
securities
must
be
listed
on
a
U.S.
stock
exchange
and
must
meet
certain
liquidity
and
market
capitalization
requirements.
The
Index
includes
only
U.S.
companies.
The
Index
is
rebalanced
monthly
to
equal
weight
and
recon-
stituted
in
June
each
year. 
Allocation
of
Portfolio
Holdings
&
Index
Composition
as
of
11/30/23
Market
Exposure
Investment
Type
A
%
of
Net
Assets
A
Equity
Securities
100%
Total
Exposure
100%
"Market
Exposure"
includes
the
values
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
Splunk,
Inc.
6.4%
MicroStrategy,
Inc.,
Class
A
6.4%
Nutanix,
Inc.,
Class
A
6.1%
Palantir
Technologies,
Inc.,
Class
A
6.0%
Datadog,
Inc.,
Class
A
5.1%
FactSet
Big
Data
Refiners
Index
Composition
%
of
Index
Information
Technology
99.3%
Consumer
Discretionary
0.7%
FactSet
Big
Data
Refiners
Index
Country
%
of
Index
United
States
92.2%
Israel
4.0%
Canada
1.3%
France
1.2%
United
Kingdom
0.7%
Poland
0.6%
Market
Exposure
Investment
Type
A
%
of
Net
Assets
A
Swap
Agreements
(100%)
Total
Exposure
(100%)
"Market
Exposure"
includes
the
values
of
total
investments
(including
the
contract
value
of
any
derivatives)
and
excludes
any
short-term
investments
and
cash
equivalents.
Solactive-ProShares
Bricks
and
Mortar
Retail
Store
Composite
Index
Composition
%
of
Index
Consumer
Discretionary
64.0%
Consumer
Staples
33.1%
Materials
2.9%
ALLOCATION
OF
PORTFOLIO
HOLDINGS
&
INDEX
COMPOSITION
::
NOVEMBER
30,
2023
(UNAUDITED)
::
V
PROSHARES
TRUST
ProShares
DJ
Brookfield
Global
Infrastructure
ETF
(Ticker:
TOLZ) 
ProShares
DJ
Brookfield
Global
Infrastructure
ETF
(the
“Fund”)
seeks
investment
results,
before
fees
and
expenses,
that
track
the
performance
of
the
Dow
Jones
Brookfield
Global
Infrastructure
Composite
Index (the
“Index”).
The
Index,
constructed
and
maintained
by
S&P
Dow
Jones
Indices
LLC,
consists
of
companies
that
qualify
as
“pure-play”
infrastructure
companies
compa-
nies
whose
primary
business
is
the
ownership
and
operation
of
infrastructure
assets,
activities
that
generally
generate
long-term
stable
cash
flows.
Allocation
of
Portfolio
Holdings
&
Index
Composition
as
of
11/30/23
Market
Exposure
Investment
Type
A
%
of
Net
Assets
A
Equity
Securities
91%
Closed
End
Funds
1%
Master
Limited
Partnership
8%
Total
Exposure
100%
"Market
Exposure"
includes
the
values
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
Enbridge,
Inc.
6
.7%
American
Tower
Corp.
6
.1%
Vinci
SA
5
.6%
National
Grid
plc
4
.3%
TC
Energy
Corp.
3
.5%
Dow
Jones
Brookfield
Global
Infrastructure
Composite
Index
Composition
%
of
Index
Oil
&
Gas
Storage
&
Transportation
37.0%
Electricity
Transmission
&
Distribution
18.7%
Diversified
14.1%
Toll
Roads
9.0%
Communications
7.9%
Water
5.1%
Airports
4.3%
Master
Limited
Partnerships
(MLP)
3.5%
Ports
0.4%
Dow
Jones
Brookfield
Global
Infrastructure
Composite
Index
Country
%
of
Index
United
States
50.0%
United
Kingdom
15.9%
Canada
6.8%
Italy
6.7%
France
6.3%
Spain
3.4%
Australia
2.7%
Mexico
2.0%
Hong
Kong
1.4%
New
Zealand
1.2%
Japan
1.2%
Germany
0.6%
Switzerland
0.4%
Luxemburg
0.4%
Norway
0.3%