N-CSRS 1 tm221323d1_ncsrs.htm N-CSRS

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-21114

 

ProShares Trust

(Exact name of registrant as specified in charter)

 

7272 Wisconsin Avenue, 21st Floor

Bethesda, MD 20814

(Address of principal executive offices) (Zip code)

 

ProShare Advisors LLC

7272 Wisconsin Avenue, 21st Floor

Bethesda, MD 20814

(Name and Address of Agent for Service)

 

Registrant’s telephone number, including area code: (240) 497-6400

 

Date of fiscal year end: May 31

 

Date of reporting period: November 30, 2021

 

 

 

 

 

Item 1. Reports to Stockholders.

 

(a)The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

 

 

 

 

SEMIANNUAL REPORT

NOVEMBER 30, 2021

Big Data Refiners ETF  DAT

Bitcoin Strategy ETF*  BITO

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

Managed Futures Strategy ETF*  FUT

Merger ETF  MRGR

Morningstar Alternatives Solution ETF  ALTS

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

RAFITM Long/Short  RALS

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 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

Short Term USD Emerging Markets Bond ETF  EMSH

Smart Materials ETF  TINT

*  The Bitcoin Strategy ETF, K-1 Free Crude Oil Strategy ETF and Managed Futures Strategy ETF funds are consolidated with Cayman Bitcoin Strategy Portfolio, Cayman Crude Oil Strategy Portfolio and Cayman Portfolio I, respectively. 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.

PROSHARES TRUST  Distributor: SEI Investments Distribution Co.

TABLE OF CONTENTS

 

I

    

Shareholder Letter

  
 

II

    

Allocation of Portfolio Holdings & Index Composition

  
  XXVII    

Expense Examples

  
 

1

    

Schedule of Portfolio Investments

  
 

103

    

Statements of Assets and Liabilities

  
 

111

    

Statements of Operations

  
 

119

    

Statements of Changes in Net Assets

  
 

134

    

Statement of Cash Flow

  
 

136

    

Financial Highlights

  
 

156

    

Notes to Financial Statements

  
 

184

    

Liquidity Risk Management Program

  
 

185

    

Board Approval of Investment Advisory Agreement

  
 

193

    

Miscellaneous Information

  

Receive investor materials electronically:

Shareholders may sign up for electronic delivery of investor materials. By doing so, you will receive the information faster and help us reduce the impact on the environment of providing these materials. To enroll in electronic delivery,

1.  Go to www.icsdelivery.com

2.  Select the first letter of your brokerage firm's name.

3.  From the list that follows, select your brokerage firm. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm.

4.  Complete the information requested, including the e-mail address where you would like to receive notifications for electronic documents.

Your information will be kept confidential and will not be used for any purpose other than electronic delivery. If you change your mind, you can cancel electronic delivery at any time and revert to physical delivery of your materials. Just go to www.icsdelivery.com, perform the first three steps above, and follow the instructions for cancelling electronic delivery. If you have any questions, please contact your brokerage firm.

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 2.6%. 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.

ProShares Launches New Funds, Including 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).

ProShares also expanded its lineup of thematic ETFs during the period, launching six funds to provide investors with access to companies changing how businesses operate, innovate and compete. The funds are the ProShares On-Demand ETF (OND), ProShares Smart Materials ETF (TINT), ProShares Nanotechnology ETF (TINY), ProShares S&P Kensho Smart Factories ETF (MAKX), ProShares Big Data Refiners ETF (DAT), and ProShares S&P Kensho Cleantech ETF (CTEX).

Over the period, ProShares' assets under management rose 24.2%, from $51.6 billion to $64.0 billion. In these continually evolving times, ProShares offers an array of funds designed to suit investors' wide range of investment objectives and goals. We continue to introduce products as needs evolve, and remain the industry leader in strategies such as dividend growth, interest hedged bond, geared investing and thematics. 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 needs.

Sincerely,

Michael L. Sapir
Chairman of the Board of Trustees

PROSHARES.COM :: I

ALLOCATION OF PORTFOLIO HOLDINGS AND
INDEX COMPOSITION

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

ProShares Big Data Refiners ETF (Ticker: DAT)

ProShares 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 provision 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 Intelligence/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 11/30/21

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Datadog, Inc., Class A

    

8.6

%

  

MongoDB, Inc.

    

6.7

%

  

Snowflake, Inc., Class A

    

6.0

%

  

Nice Ltd. (ADR)

    

5.7

%

  

Tyler Technologies, Inc.

    

5.5

%

  

Big Data Refiners Index – Composition

   

% of Index

  

Information Technology

    

97.7

%

  

Consumer Discretionary

    

1.5

%

  

Industrials

    

0.8

%

  

Big Data Refiners Index – Country

   

% of Index

  

United States

    

92.3

%

  

Isreal

    

5.7

%

  

Australia

    

0.7

%

  

Poland

    

0.5

%

  

Japan

    

0.4

%

  

Netherlands

    

0.4

%

  

ProShares Bitcoin Strategy ETF (Ticker: BITO)

ProShares Bitcoin Strategy ETF (the "Fund") seeks capital appreciation. There can be no assurance that the Fund will achieve its investment objective. The Fund does not invest directly in bitcoin. The Fund seeks to provide capital appreciation primarily through managed exposure to bitcoin futures contracts. The Fund expects to gain exposure by investing a portion of its assets in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands and advised by ProShare Advisors. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940. The Fund generally expects to invest approximately 25% of its total assets in this subsidiary. The Fund may, however, exceed this amount from time to time if the Advisor believes doing so is in the best interests of the Fund, such as to help the Fund achieve its investment objective or manage tax efficiency of the Fund.

Allocation of Portfolio Holdings as of 11/30/21

Market Exposure

Investment Type

  

% of Net Assets

  

Futures Contracts

    

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.

Holdings

The ProShares Bitcoin Strategy ETF primarily invests in non-equity securities, which may include: futures contracts, repurchase agreements and reverse repurchase agreements and U.S. Government securities.

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

ProShares Decline of the Retail Store ETF (Ticker: EMTY)

ProShares Decline of the Retail Store ETF (the "Fund") seeks capital appreciation from the decline of bricks and mortar retailers through short exposure (-1x) to the Solactive-ProShares Bricks and Mortar Retail Store 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 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 exposure 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 reconstituted in June each year.

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.

Solactive-ProShares Bricks and Mortar Retail Store
Composite Index – Composition

   

% of Index

  

Consumer Discretionary

    

67.1

%

  

Consumer Staples

    

30.2

%

  

Materials

    

2.7

%

  

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 domiciled globally that qualify as "pure-play" infrastructure companies — companies 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 11/30/21

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

92

%

  

Closed End Funds

    

1

%

  

Master Limited Partnership

    

7

%

  

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.

Largest Equity Holdings

Company

  

% of Net Assets

  

American Tower Corp.

    

8.5

%

  

Enbridge, Inc.

    

6.1

%

  
Crown Castle International
Corp.		    

5.6

%

  

National Grid plc

    

4.1

%

  

Vinci SA

    

3.9

%

  

Dow Jones Brookfield Global Infrastructure Composite
Index – Composition

   

% of Index

  
Oil & Gas Storage &
Transportation		    

34.6

%

  

Communications

    

20.8

%

  
Electricity Transmission &
Distribution		    

15.8

%

  
Master Limited
Partnerships (MLP)		    

7.5

%

  

Diversified

    

6.8

%

  

Water

    

5.9

%

  

Toll Roads

    

4.3

%

  

Airports

    

3.9

%

  

Ports

    

0.4

%

  

Dow Jones Brookfield Global Infrastructure Composite
Index – Country

   

% of Index

  

United States

    

51.0

%

  

Canada

    

14.7

%

  

United Kingdom

    

6.7

%

  

Spain

    

6.5

%

  

France

    

4.8

%

  

Australia

    

4.3

%

  

Italy

    

3.2

%

  

Other

    

2.8

%

  

Hong Kong

    

2.5

%

  

China

    

2.4

%

  

Japan

    

1.1

%

  

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

ProShares Equities for Rising Rates ETF (Ticker: EQRR)

ProShares Equities for Rising Rates ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Nasdaq U.S. Large Cap Equities for Rising Rates Index (the "Index"). The goal of the Index is to provide relative outperformance, as compared to traditional large-cap indexes, during periods of rising U.S. Treasury rates. The Index is constructed and maintained by Nasdaq Inc. (the "Index Provider). The component securities of the Index are selected by the Index Provider from a universe of the 500 largest companies (based on market capitalization) listed on U.S. stock exchanges. The Index consists of 50 companies whose stock prices historically have tended to outperform the Universe during periods of rising interest rates.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Devon Energy Corp.

    

3.1

%

  

Bank of America Corp.

    

3.1

%

  
Raymond James
Financial, Inc.		    

3.1

%

  

Citizens Financial Group, Inc.

    

3.1

%

  

State Street Corp.

    

3.1

%

  

Nasdaq U.S. Large Cap
Equities for Rising Rates
Index – Composition

   

% of Index

  

Financials

    

30.4

%

  

Energy

    

25.9

%

  

Basic Materials

    

20.3

%

  

Industrials

    

14.0

%

  

Telecommunications

    

9.4

%

  

ProShares Global Listed Private Equity ETF (Ticker: PEX)

ProShares Global Listed Private Equity ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the LPX Direct Listed Private Equity Index (the "Index"). The Index, published by LPX AG ("LPX"), consists of up to 30 qualifying listed private equity companies. A listed private equity company is an eligible candidate for the Index if its direct private equity investments, as well as cash and cash equivalent positions and post-initial public offering listed investments, represent more than 80% of the total assets of the company.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

87

%

  

Closed End Funds

    

11

%

  

Master Limited Partnership

    

2

%

  

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.

Largest Equity Holdings

Company

  

% of Net Assets

  
3i Group plc    

10.9

%

  

Kinnevik AB, Class B

    

10.3

%

  

Ares Capital Corp.

    

9.8

%

  

FS KKR Capital Corp.

    

7.7

%

  

Onex Corp.

    

4.6

%

  

LPX Direct Listed Private Equity
Index – Country

   

% of Index

  

United States

    

45.1

%

  

United Kingdom

    

18.4

%

  

Sweden

    

13.9

%

  

France

    

7.7

%

  

Canada

    

4.6

%

  

Guernsey

    

3.1

%

  

Switzerland

    

3.0

%

  

Belgium

    

1.7

%

  

Germany

    

1.3

%

  

Bermuda

    

1.2

%

  

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

ProShares Hedge Replication ETF (Ticker: HDG)

ProShares Hedge Replication ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Merrill Lynch Factor Model® — Exchange Series (the "Benchmark"). The Benchmark, sponsored by Merrill Lynch International, seeks to provide the risk and return characteristics of the hedge fund asset class by targeting a high correlation to the HFRI Fund Weighted Composite Index (the "HFRI"). The HFRI is designed to reflect hedge fund industry performance through an equally weighted composite of over 2000 constituent funds. In seeking to maintain a high correlation with the HFRI, the Benchmark utilizes a synthetic model to establish, each month, weighted long or short (or, in certain cases, long or flat) positions in six underlying factors ("Factors"). The Factors that comprise the Benchmark are (1) the S&P 500 Total Return Index, (2) the MSCI EAFE US Dollar Net Total Return Index, (3) the MSCI Emerging Markets US Dollar Net Total Return Index, (4) the Russell 2000 Total Return Index, (5) three-month U.S. Treasury Bills, and (6) the ProShares UltraShort Euro ETF.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

24

%

  

Swap Agreements (Long)

    

15

%

  

Long Euro Futures Contracts

    

8

%

  

"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		    

0.2

%

  

Avis Budget Group, Inc.

    

0.1

%

  

Lattice Semiconductor Corp.

    

0.1

%

  

Crocs, Inc.

    

0.1

%

  

Tetra Tech, Inc.

    

0.1

%

  

Merrill Lynch Factor Model – Exchange Series – Composition

   

% of Benchmark

  
Three-month U.S. Treasury
Bills		    

64.6

%

  
Russell 2000® Total Return
Index		    

26.7

%

  
MSCI Emerging Markets
Free USD Net Total Return		    

8.0

%

  

S&P 500® Total Return Index

    

3.0

%

  
MSCI EAFE USD Net Total
Return Index		    

1.7

%

  
Proshares Ultrashort
Euro ETF		    

(4.0

%)

  

ProShares High Yield-Interest Rate Hedged (Ticker: HYHG)

ProShares High Yield-Interest Rate Hedged (the "Fund") seeks investment results, before fees and expenses, that track the performance of the FTSE High Yield (Treasury Rate-Hedged) Index (the "Index"). The Index is comprised of (a) long positions in U.S. dollar denominated high yield corporate bonds ("high yield bonds") and (b) short positions in U.S. Treasury notes or bonds, in aggregate, of the approximate equivalent duration to the high yield bonds. Currently, the bonds eligible for inclusion in the Index include high yield bonds that are issued by companies domiciled in the U.S. and Canada, and that: are fixed rate (including callable bonds); have a maximum rating of Ba1/BB+ by both Moody's Investors Service, Inc and Standard and Poor's Financial Services, LLC; and are subject to minimum issue outstanding, minimum time-to-maturity and maximum-time from issuance criteria. The Index is constructed and maintained by FTSE International Limited.

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

Market Exposure

Investment Type

  

% of Net Assets

  

High Yield Bonds

    

96

%

  
U.S. Treasury Notes
Futures Contracts		    

(99

%)

  

"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 Long-Term Fixed-Income Holdings

   

% of Net Assets

  
TransDigm, Inc., 6.25%,
due 03/15/26		    

1.6

%

  
American Airlines, Inc.,
5.50%, due 04/20/26		    

1.4

%

  
Square, Inc., 2.75%,
due 06/01/26		    

1.1

%

  
BlackRock Liquidity
FedFund, Institutional
Class, 0.03%, due		    

1.1

%

  
CCO Holdings LLC, 5.13%,
due 05/01/27		    

1.1

%

  

FTSE High Yield (Treasury Rate-Hedged)
Index – Composition

    % of High Yield
Bonds		  

Industrials

    

82.4

%

  

Utilities

    

9.1

%

  

Financials

    

8.5

%

  

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

ProShares Inflation Expectations ETF (Ticker: RINF)

ProShares Inflation Expectations ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index (the "Index"). The Index tracks the performance of (i) long positions in the most recently issued 30-year Treasury Inflation-Protected Securities ("TIPS"); (ii) duration-adjusted short positions in U.S. Treasury bonds of, in aggregate, approximate equivalent duration dollars to the TIPS; and (iii) a cash equivalent security that represents the repo rate earned on the short position. The Index is designed to measure the performance of the Break Even Rate of Inflation (BEI). The Index is constructed and maintained by FTSE International Limited.

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

Market Exposure

Investment Type

  

% of Net Assets

  

U.S. Treasury Obligations

    

77

%

  

Swap Agreements (Long)

    

23

%

  

Swap Agreements (Long exposure to inverse index)

    

156

%

  

"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 30-Year TIPS (Treasury Rate-Hedged)
Index – Composition

   

% of Index

  

30-Year Treasury Inflation-Protected Securities (TIPS) Bond

    

100

%

  

30-Year U.S. Treasury Bond

    

(155

%)

  

ProShares Investment Grade-Interest Rate Hedged (Ticker: IGHG)

ProShares Investment Grade-Interest Rate Hedged (the "Fund") seeks investment results, before fees and expenses, that track the performance of the FTSE Corporate Investment Grade (Treasury Rate-Hedged) Index (the "Index"). The Index is comprised of (a) long positions in USD-denominated investment grade corporate bonds issued by both U.S. and foreign domiciled companies; and (b) short positions in U.S. Treasury notes or bonds, in aggregate, of the approximate equivalent duration to the investment grade bonds. Currently, the bonds eligible for inclusion in the Index include all investment grade bonds that are issued by U.S. and internationally domiciled companies that: are fixed rate; have a minimum rating of Baa3/BBB- by both Moody's Investors Service, Inc. and Standard and Poor's Financial Services, LLC; have a minimum face amount outstanding of $1 billion; and have at least five and a half (5.5) years until maturity. The Index is constructed and maintained by FTSE International Limited.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Corporate Bonds

    

95

%

  
U.S. Treasury Notes/Bonds
Futures Contracts		    

(97

%)

  

"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 Long-Term Fixed-Income Holdings

   

% of Net Assets

  
GE Capital International
Funding Co. Unlimited Co.,
4.42%, due 11/15/35		    

1.5

%

  
Goldman Sachs Group, Inc.
(The), 6.75%, due 10/01/37		    

1.5

%

  
Pfizer, Inc., 7.20%,
due 03/15/39		    

1.0

%

  
GlaxoSmithKline Capital,
Inc., 6.38%, due 05/15/38		    

0.9

%

  
International Business
Machines Corp., 3.50%,
due 05/15/29		    

0.9

%

  

FTSE Corporate Investment Grade (Treasury Rate-Hedged)
Index – Composition

    % of High Yield
Bond		  

Industrials

    

49.4

%

  

Financials

    

40.2

%

  

Utilities

    

10.4

%

  

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

ProShares K-1 Free Crude Oil Strategy ETF (Ticker: OILK)

ProShares K-1 Free Crude Oil Strategy ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM (the "Index")**. The Fund generally will not invest directly in WTI crude oil futures. The Fund expects to gain exposure to these investments by investing a portion of its assets in the ProShares Cayman Crude Oil Strategy Portfolio, a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). The Subsidiary is advised by the Fund's Advisor and invests directly in WTI crude oil futures. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940. The Fund's investment in the Subsidiary is intended to provide the Fund with exposure to commodity markets in accordance with applicable rules and regulations. The Fund will generally limit investments in the Subsidiary to 25% but it may exceed that amount if the Advisor believes doing so is in the best interest of the Fund, such as to help achieve the Fund's investment objective or increase the tax efficiency of the Fund.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Commodity Futures Contracts (Long)

    

100

%

  

Total Exposure

    

100

%

  

Bloomberg Commodity Balanced WTI Crude Oil
IndexSM – Composition

   

% of Index

  

WTI Crude Oil

    

100

%

  

ProShares Large Cap Core Plus (Ticker: CSM)

ProShares Large Cap Core Plus (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Credit Suisse 130/30 Large Cap Index (the "Index"). The Index is designed to replicate an investment strategy that establishes either long or short positions in the stocks of 500 leading large-cap U.S. companies by applying a rules-based ranking and weighting methodology. The Index intends to provide a representation of a quantitatively constructed 130/30 U.S. large cap equity strategy. This results in the Index having total long exposure of 130% and total short exposure of 30% at each monthly reconstitution date.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

94

%

  

Swap Agreements (Long)

    

35

%

  

Swap Agreements (Short)

    

(29

%)

  

Net 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.

Largest Equity Holdings

Company

  

% of Net Assets

  

Apple, Inc.

    

4.6

%

  

Microsoft Corp.

    

4.4

%

  

Amazon.com, Inc.

    

2.6

%

  

Meta Platforms, Inc., Class A

    

1.4

%

  

Tesla, Inc.

    

1.3

%

  

Credit Suisse 130/30 Large Cap
Index – Composition

   

% of Index

  

Information Technology

    

27.0

%

  

Health Care

    

16.7

%

  

Consumer Discretionary

    

13.8

%

  

Communication Services

    

11.3

%

  

Financials

    

9.3

%

  

Consumer Staples

    

6.6

%

  

Industrials

    

5.3

%

  

Energy

    

4.2

%

  

Real Estate

    

3.6

%

  

Materials

    

1.7

%

  

Utilities

    

0.5

%

  

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

ProShares Long Online/Short Stores ETF (Ticker: CLIX)

ProShares Long Online/Short Stores ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the ProShares Long Online/Short Stores Index (the "Index"). The Index is constructed and maintained by SolactiveAG. The Index consists of long positions in the online retailers included in the ProShares Online Retail Index and short positions in the "bricks and mortar" retailers included in the Solactive-ProShares Bricks and Mortar Retail Store Index.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

89

%

  

Swap Agreements (Long)

    

11

%

  

Swap Agreements (Short)

    

(50

%)

  

Total Exposure

    

50

%

  

"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.

    

21.8

%

  
Alibaba Group Holding
Ltd. (ADR)		    

9.3

%

  

eBay, Inc.

    

4.1

%

  

Sea Ltd. (ADR)

    

3.5

%

  

JD.com, Inc. (ADR)

    

2.9

%

  

ProShares Long Online/Short Stores
Index – Composition

   

% of Index

  

Consumer Discretionary

    

60.9

%

  

Communication Services

    

3.2

%

  

Health Care

    

2.1

%

  

Materials

    

(1.3

%)

  

Consumer Staples

    

(14.9

%)

  

ProShares Managed Futures Strategy ETF (Ticker: FUT)

ProShares Managed Futures Strategy ETF (the "Fund") seeks to provide positive returns that are not directly correlated to broad equity or fixed income markets. This actively managed Fund uses the S&P® Strategic Futures Index as a performance benchmark (the "Benchmark"). The Benchmark seeks to capture the economic benefit from trends (in either direction) in the physical commodities, interest rates and currencies markets by taking long or short positions in related futures contracts. The Fund will not invest directly in Commodity Futures Contracts. The Fund expects to gain exposure to these investments by investing a portion of its assets in the ProShares Cayman Portfolio I, a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). The Subsidiary is advised by the Fund's Advisor. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended. The Fund's investment in the Subsidiary is intended to provide the Fund with exposure to commodity markets in accordance with applicable rules and regulations. The Subsidiary has the same investment objective as the Fund. The Fund will generally limit investments in the Subsidiary to 25% but it may exceed that amount if the Advisor believes doing so is in the best interest of the Fund, such as to help achieve the Fund's investment objective or increase the tax efficiency of the Fund.

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

Market Exposure

Investment Type

  

% of Net Assets

  
Commodity Futures
Contracts (Long)		    

22

%

  
Commodity Futures
Contracts (Short)		    

(10

%)

  
Currency Futures
Contracts (Long)		    

20

%

  
Currency Futures
Contracts (Short)		    

(16

%)

  
U.S. Treasury Notes
Futures Contracts (Short)		    

(17

%)

  
U.S. Treasury Bonds
Futures Contracts (Long)		    

13

%

  

Total Exposure

    

12

%

  

"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 Strategic Futures
Index – Composition

Commodities
Holdings		   % of
Benchmark		  

Gold

    

2.8

%

  

Cocoa

    

2.7

%

  

Cotton

    

2.1

%

  

Sugar

    

2.0

%

  

Coffee

    

1.8

%

  

Copper

    

1.7

%

  

Wheat

    

1.7

%

  

Natural Gas

    

1.5

%

  

Corn

    

1.5

%

  

Heating Oil

    

1.4

%

  

Unleaded Gas

    

1.4

%

  

Silver

    

1.3

%

  

Crude Oil

    

1.2

%

  

Soybeans

    

(1.9

%)

  

Lean Hogs

    

(2.8

%)

  

Live Cattle

    

(6.5

%)

  

Currency Exposure

   % of
Benchmark		  

Swiss Franc

    

6.3

%

  

British Pound

    

5.6

%

  

Canadian Dollar

    

5.2

%

  

Australian Dollar

    

3.3

%

  

Euro

    

(6.7

%)

  

Japanese Yen

    

(9.5

%)

  
Fixed Income
Holdings		   % of
Benchmark		  
30 Year Bond    

12.8

%

  
10 Year Note    

(16.8

%)

  

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

ProShares Merger ETF (Ticker: MRGR)

ProShares Merger ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P® Merger Arbitrage Index (the "Index"). The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index seeks to produce consistent, positive returns in virtually all market environments, although there are no assurances it will achieve this result. The Index, created by Standard & Poor's®, is comprised of a maximum of 80 companies, including up to 40 companies that are currently targets in merger deals, which are represented by long positions in the Index, and up to 40 companies that are acquirers for the same stock merger deals, which are represented by short positions in the Index. The Index includes a cash component, which earns the three-month U.S. Treasury Bill rate. The Index also includes a Treasury bill component which constitutes the remainder of the Index when net exposure from included Deals is less than 100%.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

86

%

  

Swap Agreements (Long)

    

21

%

  

Swap Agreements (Short)

    

(28

%)

  

Forward Currency Contracts

    

(21

%)

  

"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

  

Athene Holding Ltd., Class A

    

3.8

%

  

IHS Markit Ltd.

    

2.9

%

  

Veoneer, Inc.

    

2.7

%

  

Great Western Bancorp, Inc.

    

2.6

%

  
Shaw Communications, Inc.,
Class B		    

2.5

%

  

S&P Merger Arbitrage
Index – Composition

   

% of Index

  

Industrials

    

18.7

%

  

Real Estate

    

14.8

%

  

Health Care

    

14.8

%

  

Information Technology

    

14.6

%

  

Utilities

    

10.4

%

  

Consumer Discretionary

    

7.5

%

  

Materials

    

7.3

%

  

Financials

    

4.8

%

  

Communication Services

    

3.8

%

  

Consumer Staples

    

3.5

%

  

Energy

    

(0.2

%)

  

Regional Exposure

   

% of Index

  

United States

    

77.4

%

  

Australia

    

8.2

%

  

France

    

5.6

%

  

Canada

    

3.1

%

  

Italy

    

2.9

%

  

United Kingdom

    

2.8

%

  

ProShares Morningstar Alternatives Solution ETF (Ticker: ALTS)

ProShares Morningstar Alternatives Solution ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Morningstar® Diversified AlternativesSM Index (the "Index"). The Index seeks to provide diversified exposure to alternative asset classes. The Index consists of a comprehensive set of exchange-traded funds in the ProShares lineup that employ alternative and non-traditional strategies such as long/short, market neutral, managed futures, hedge-fund replication, private equity, infrastructure- or inflation-related investments.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Exchange Traded Funds

    

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.

Largest Equity Holdings

Company

  

% of Net Assets

  
ProShares DJ Brookfield
Global Infrastructure ETF		    

20.9

%

  

ProShares Merger ETF

    

19.3

%

  
ProShares Hedge
Replication ETF		    

19.0

%

  
ProShares Global Listed
Private Equity ETF		    

13.4

%

  
ProShares Inflation
Expectations ETF		    

10.4

%

  

Morningstar Diversified
Alternatives Index – Composition

Strategy

  

% of Index

  

Infrastructure

    

20.9

%

  

Merger

    

19.4

%

  

Hedge Fund Replication

    

19.0

%

  

Private Equity

    

13.4

%

  

Inflation

    

10.4

%

  

Long/Short

    

9.0

%

  

Managed Futures

    

7.9

%

  

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

ProShares MSCI EAFE Dividend Growers ETF (Ticker: EFAD)

ProShares MSCI EAFE Dividend Growers ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the MSCI EAFE Dividend Masters Index (the "Index"). The Index, constructed and maintained by MSCI, targets companies that are currently members of the MSCI EAFE Index and have increased dividend payments each year for at least 10 years. The Index contains a minimum of 40 stocks, which are equally weighted. Generally, no single sector is allowed to comprise more than 30% of the Index's weight, and no single country is allowed to comprise more than 50% of the Index's weight.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

99

%

  

Total Exposure

    

99

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Sofina SA

    

1.6

%

  

Unicharm Corp.

    

1.6

%

  

TIS, Inc.

    

1.6

%

  

APA Group

    

1.5

%

  

DiaSorin SpA

    

1.5

%

  

MSCI EAFE Dividend Masters
Index – Composition

   

% of Index

  

Industrials

    

20.0

%

  

Health Care

    

15.0

%

  

Consumer Staples

    

12.4

%

  

Information Technology

    

10.3

%

  

Materials

    

8.7

%

  

Real Estate

    

8.5

%

  

Consumer Discretionary

    

8.4

%

  

Financials

    

7.7

%

  

Utilities

    

7.5

%

  

Energy

    

1.5

%

  

MSCI EAFE Dividend Masters
Index – Country

   

% of Index

  

Japan

    

23.5

%

  

United kingdom

    

17.0

%

  

Switzerland

    

10.4

%

  

Germany

    

9.5

%

  

Others

    

8.3

%

  

Hong Kong

    

7.3

%

  

Denmark

    

7.1

%

  

Netherlands

    

4.7

%

  

Belgium

    

4.6

%

  

France

    

4.5

%

  

Spain

    

3.1

%

  

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

ProShares MSCI Emerging Markets Dividend Growers ETF (Ticker: EMDV)

ProShares MSCI Emerging Markets Dividend Growers ETF (the "Fund) seeks investment results, before fees and expenses, that track the performance of the MSCI Emerging Markets Dividend Masters Index (the "Index"). The Index, constructed and maintained by MSCI, targets companies that are currently members of the MSCI Emerging Markets Index and have increased dividend payments each year for at least 7 years. The Index contains a minimum of 40 stocks, which are equally weighted. Generally, no single sector is allowed to comprise more than 30% of the Index's weight, and no single country is allowed to comprise more than 50% of the Index's weight.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

94

%

  

Total Exposure

    

94

%

  

"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

  

Hartalega Holdings Bhd.

    

2.2

%

  
Kweichow Moutai Co. Ltd.,
Class A		    

2.1

%

  
Power Grid Corp. of India
Ltd.		    

2.0

%

  
Sinoma Science &
Technology Co. Ltd.,
Class A		    

1.9

%

  
Shanghai Pharmaceuticals
Holding Co. Ltd., Class A		    

1.9

%

  

MSCI Emerging Markets Dividend
Masters Index – Composition

   

% of Index

  

Financials

    

25.2

%

  

Real Estate

    

18.7

%

  

Health Care

    

10.7

%

  

Consumer Staples

    

9.7

%

  

Materials

    

9.4

%

  

Consumer Discretionary

    

6.9

%

  

Information Technology

    

5.9

%

  

Industrials

    

5.8

%

  

Utilities

    

4.5

%

  

Energy

    

3.2

%

  

MSCI Emerging Markets Dividend
Masters Index – Country

   

% of Index

  

China

    

38.8

%

  

India

    

21.2

%

  

Others

    

7.3

%

  

Indonesia

    

6.3

%

  

Russia

    

5.0

%

  

Taiwan

    

4.2

%

  

Philippines

    

4.1

%

  

Kuwait

    

4.0

%

  

Thailand

    

3.7

%

  

South Africa

    

3.5

%

  

Colombia

    

1.9

%

  

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

ProShares MSCI Europe Dividend Growers ETF (Ticker: EUDV)

ProShares MSCI Europe Dividend Growers ETF (the "Fund) seeks investment results, before fees and expenses, that track the performance of the MSCI Europe Dividend Masters Index (the "Index"). The Index, constructed and maintained by MSCI, targets companies that are currently members of the MSCI Europe Index and have increased dividend payments each year for at least 10 years. The Index contains a minimum of 25 stocks, which are equally weighted. Generally, no single sector is allowed to comprise more than 30% of the Index's weight, and no single country is allowed to comprise more than 50% of the Index's weight.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

99

%

  

Total Exposure

    

99

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Sofina SA

    

2.8

%

  

DiaSorin SpA

    

2.8

%

  

Croda International plc

    

2.7

%

  

Enagas SA

    

2.7

%

  

United Utilities Group plc

    

2.7

%

  

MSCI Europe Dividend Masters
Index – Composition

   

% of Index

  

Industrials

    

21.2

%

  

Health Care

    

21.1

%

  

Information Technology

    

13.8

%

  

Materials

    

13.5

%

  

Consumer Staples

    

11.9

%

  

Financials

    

9.7

%

  

Utilities

    

4.7

%

  

Real Estate

    

2.1

%

  

Telecommunication Services

    

2.0

%

  

MSCI Europe Dividend Masters
Index – Country

   

% of Index

  

United Kingdom

    

26.2

%

  

Switzerland

    

16.0

%

  

Germany

    

14.6

%

  

Denmark

    

10.9

%

  

Netherlands

    

7.2

%

  

Belgium

    

7.0

%

  

France

    

6.9

%

  

Spain

    

4.8

%

  

Italy

    

2.4

%

  

Ireland

    

2.0

%

  

Norway

    

2.0

%

  

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

ProShares MSCI Transformational Changes ETF (Ticker: ANEW)

ProShares MSCI Transformational Changes ETF (the "Fund) seeks investment results, before fees and expenses, that track the performance of the MSCI Global Transformational Changes Index (the "Index"). The Index, constructed and maintained by MSCI (the "Index Provider"), selects companies which may benefit from transformational changes in how people work, take care of their health, and consume and connect — changes accelerated by COVID-19. The Index includes U.S., non-U.S. developed, and emerging market companies providing products or services associated with one or more of four Transformational Changes, as determined by the MSCI, Inc.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Moderna, Inc.

    

2.9

%

  

Apple, Inc.

    

2.2

%

  

NVIDIA Corp.

    

2.2

%

  

Danaher Corp.

    

2.1

%

  

Adobe, Inc.

    

2.1

%

  

MSCI Global Transformational Changes
Index – Composition

   

% of Index

  

Information Technology

    

30.4

%

  

Health Care

    

29.1

%

  

Communication Services

    

12.6

%

  

Consumer Discretionary

    

11.5

%

  

Materials

    

9.3

%

  

Consumer Staples

    

4.0

%

  

Industrials

    

2.7

%

  

Real Estate

    

0.4

%

  

MSCI Global Transformational Changes
Index – Country

   

% of Index

  

United States

    

77.9

%

  

China

    

6.6

%

  

Switzerland

    

4.3

%

  

Ireland

    

4.1

%

  

Germany

    

3.4

%

  

Taiwan

    

1.2

%

  

Others

    

0.8

%

  

Korea

    

0.5

%

  

Singapore

    

0.5

%

  

Netherlands

    

0.4

%

  

Canada

    

0.3

%

  

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

ProShares Nanotechnology ETF (Ticker: TINY)

ProShares Nanotechnology ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Solactive Nanotechnology Index (the "Index").The Index is constructed and maintained by Solactive AG (the "Index Provider"). The Index consists of companies that are listed on a stock exchange and meet certain market capitalization and liquidity requirements. The Index consists of companies focused on making or applying nanotechnology innovations that allow for improved products, processes, or techniques through control or measurement of material at nanoscale. The index includes companies exposed to nanotechnology through involvement in one or more of the following product or service areas; (i) Production of nanotechnology, which can be defined as the use of matter on an atomic and molecular level; (ii) Active in the fields of nanomedicine, nanomaterials, nanoelectronics, nanometrology or molecular nanotechnology; and (iii) Technologies that promote advances in or research related to nanotechnologies.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Novavax, Inc.

    

5.9

%

  
Advanced Micro Devices,
Inc.		    

5.5

%

  

Lam Research Corp.

    

5.1

%

  

Onto Innovation, Inc.

    

5.0

%

  

Tower Semiconductor Ltd.

    

4.7

%

  

Solactive Nanotechnology
Index – Composition

   

% of Index

  

Information Technology

    

72.4

%

  

Health Care

    

19.9

%

  

Materials

    

5.3

%

  

Industrials

    

2.4

%

  

Solactive Nanotechnology
Index – Country

   

% of Index

  

United States

    

65.6

%

  

Japan

    

7.0

%

  

Israel

    

6.9

%

  

Taiwan

    

4.3

%

  

Netherlands

    

4.1

%

  

Singapore

    

3.5

%

  

Korea

    

3.2

%

  

United Kingdom

    

3.2

%

  

China

    

1.4

%

  

Germany

    

0.8

%

  

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

ProShares Nasdaq-100 Dorsey Wright Momentum ETF (Ticker: QQQA)

ProShares Nasdaq-100 Dorsey Wright Momentum ETF (the "Fund) seeks investment results, before fees and expenses, that track the performance of the Nasdaq-100 Dorsey Wright Momentum Index (the "Index"). The Index, which is constructed and maintained by Dorsey, Wright & Associates, LLC ("Dorsey Wright"), consists of 21 securities from the Nasdaq-100 Index with the highest price momentum as determined by Dorsey Wright. The Nasdaq-100 includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. Dorsey Wright ranks each stock in the Nasdaq-100 based on relative performance using its proprietary "Relative Strength" momentum measure. The 21 stocks ranked the highest at each reconstitution (January, April, July and October) are included in the Index and assigned equal weights. The weightings of each security in the Index may fluctuate between reconstitution dates.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

NVIDIA Corp.

    

7.1

%

  

Tesla, Inc.

    

6.6

%

  

Intuit, Inc.

    

5.6

%

  

Broadcom, Inc.

    

5.1

%

  

Marvell Technology, Inc.

    

5.0

%

  

Nasdaq-100 Dorsey Wright Momentum
Index – Composition

   

% of Index

  

Information Technology

    

41.4

%

  

Health Care

    

22.7

%

  

Consumer Discretionary

    

18.2

%

  

Communication Services

    

12.9

%

  

Industrials

    

4.8

%

  

Nasdaq-100 Dorsey Wright Momentum
Index – Country

   

% of Index

  

United States

    

87.5

%

  

Netherlands

    

4.9

%

  

Australia

    

4.4

%

  

China

    

3.2

%

  

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

ProShares On-Demand ETF (Ticker: OND)

ProShares On-Demand ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the FactSet On-Demand Index (the "Index"). The Index is owned and administered by FactSet Research Systems, Inc. (the "Index Provider"). The Index consists of companies which provide on-demand platforms and services to consumers. The Index includes companies whose principal business is the provision of platforms and services for on-demand access to lifestyle needs including digital media, egaming, fitness, food delivery, ridesharing, or virtual reality experiences, as determined by the Index methodology. In order to be included in the Index, a company must be included in at least one of 15 FactSet® Revere Business Industry Classification System Sub-Industries ("RBICS Sub-Industries") that the Index Provider has identified as on-demand related. The 15 eligible RBICS Sub-Industries are Console Games Software, Fitness and Exercise Equipment, Food Delivery Services, General Entertainment Content Providers and Sites, Handheld and Smart Phone Games Software, Home and Office Virtual Reality Software, Media Download and Streaming Digital Content Sites, Mobile Platform Applications Software, Multi-Type Passenger Transportation (e.g., ride-sharing platforms), Online Game Websites and Software, Other Games Software, Other Media Equipment Manufacturing, Video Multimedia Semiconductors, Virtual Reality Design and Engineering Software and Virtual Reality Equipment.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Netflix, Inc.

    

7.3

%

  

ROBLOX Corp., Class A

    

7.1

%

  

DoorDash, Inc., Class A

    

7.0

%

  

Spotify Technology SA

    

5.7

%

  

Delivery Hero SE

    

5.5

%

  

On-Demand Index – Composition

   

% of Index

  

Communication Services

    

65.2

%

  

Consumer Discretionary

    

23.5

%

  

Industrials

    

8.8

%

  

Information Technology

    

2.5

%

  

On-Demand Index – Country

   

% of Index

  

United States

    

55.6

%

  

China

    

15.2

%

  

Sweden

    

7.9

%

  

Germany

    

5.5

%

  

Japan

    

4.5

%

  

Korea

    

3.9

%

  

Netherlands

    

2.8

%

  

Singapore

    

1.9

%

  

France

    

1.7

%

  

Poland

    

1.0

%

  

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

ProShares Online Retail ETF (Ticker: ONLN)

ProShares Online Retail ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the ProShares Online Retail Index (the "Index"). The Index is constructed and maintained by Solactive AG. The Index is designed to measure the performance of publicly traded companies that principally sell online or through other non-store sales channels, such as through mobile or app purchases, rather than through "brick and mortar" store locations ("Online Retailers"). The Index includes U.S. and non-U.S. companies. To be included in the Index, an online retailer's securities must be listed on a U.S. stock exchange, must have a minimum market capitalization of $500 million and must meet certain liquidity requirements. Non-U.S. companies may not make up more than 25% of the Index. Companies are weighted in the Index using a modified market capitalization approach.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Amazon.com, Inc.

    

24.6

%

  
Alibaba Group Holding
Ltd. (ADR)		    

10.4

%

  

eBay, Inc.

    

4.6

%

  

Sea Ltd. (ADR)

    

3.9

%

  

JD.com, Inc. (ADR)

    

3.3

%

  

ProShares Online Retail Index – Composition

   

% of Index

  

Consumer Discretionary

    

94.5

%

  

Communication Services

    

3.2

%

  

Health Care

    

2.1

%

  

Consumer Staples

    

0.2

%

  

ProShares Pet Care ETF (Ticker: PAWZ)

ProShares Pet Care ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the FactSet Pet Care Index (the "Index"). The Index consists of U.S. and international companies that potentially stand to benefit from interest in, and resources spent on, pet ownership. The Fund intends to hold each security in approximately the same proportion as its weighting in the Index. The Index consists primarily of companies whose principal business is pet-care related (i.e., they derive significant revenue from pet care-related products or services), as determined in accordance with the Index methodology. The Index is owned and administered by FactSet Research Systems, Inc.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Zoetis, Inc.

    

11.0

%

  

IDEXX Laboratories, Inc.

    

10.4

%

  

Dechra Pharmaceuticals plc

    

9.1

%

  

Chewy, Inc., Class A

    

7.7

%

  

Freshpet, Inc.

    

5.8

%

  

FactSet Pet Care Index – Composition

   

% of Index

  

Health Care

    

50.8

%

  

Consumer Discretionary

    

24.5

%

  

Consumer Staples

    

19.4

%

  

Financials

    

5.3

%

  

FactSet Pet Care Index – Country

   

% of Index

  

United States

    

66.9

%

  

United Kingdom

    

15.7

%

  

Switzerland

    

4.6

%

  

Germany

    

4.3

%

  

Sweden

    

2.9

%

  

France

    

2.5

%

  

Finland

    

1.3

%

  

Brazil

    

1.1

%

  

Japan

    

0.7

%

  

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

ProShares RAFITM Long/Short (Ticker: RALS)

ProShares RAFITM Long/Short (the "Fund") seeks investment results, before fees and expenses, that track the performance of the FTSE RAFITM US 1000 Long/Short Total Return Index (the "Index"). The Index is constructed and maintained by FTSE International Limited. The Index allocates an equal dollar amount to both long and short equity positions each time that the Index rebalances. The long position of the index consists of the equity securities in the FTSE RAFI US 1000 Total Return Index (the "Long Index"), and the short position of the Index consists of short-positions in the securities included in the Russell 1000 Total Return Index. The Long Index is a "fundamental" index which uses non-price measures of company size (such as sales, dividends, cash flow or book value) to select and weight the securities in the Long Index. The Short Index is a capitalization weighted index. Capitalization-weighted indexes weight securities based on the price of the securities in the index and not fundamental factors. The Index leverages a theory that index weighting based on market capitalization (i.e., price) results in overweighting of overpriced securities and underweighting of underpriced securities.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

91

%

  

Swap Agreements (Long)

    

6

%

  

Swap Agreements (Short)

    

(97

%)

  

"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.

    

2.4

%

  

Microsoft Corp.

    

1.9

%

  

JPMorgan Chase & Co.

    

1.7

%

  

Exxon Mobil Corp.

    

1.6

%

  

Wells Fargo & Co.

    

1.5

%

  

FTSE RAFI US 1000 Long/Short
Total Return Index – Composition

   

% of Index

  

Financials

    

19.4

%

  

Information Technology

    

14.0

%

  

Health Care

    

11.8

%

  

Consumer Discretionary

    

10.2

%

  

Industrials

    

10.0

%

  

Consumer Staples

    

8.0

%

  

Communication Services

    

7.7

%

  

Energy

    

7.1

%

  

Utilities

    

4.4

%

  

Real Estate

    

3.9

%

  

Materials

    

3.5

%

  

ProShares Russell 2000 Dividend Growers ETF (Ticker: SMDV)

ProShares Russell 2000 Dividend Growers ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Russell 2000® Dividend Growth Index (the "Index"). The Index, constructed and maintained by FTSE International Limited, targets companies that are currently members of the Russell 2000 Index, have increased dividend payments each year for at least 10 consecutive years and meet certain market capitalization and liquidity requirements. The Index contains a minimum of 40 stocks, which are equally weighted. No single sector is allowed to comprise more than 30% of the Index's weight.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  
Federal Agricultural
Mortgage Corp., Class C		    

1.4

%

  

Materion Corp.

    

1.3

%

  

BancFirst Corp.

    

1.3

%

  

Andersons, Inc. (The)

    

1.3

%

  

SpartanNash Co.

    

1.3

%

  

Russell 2000 Dividend Growth
Index – Composition

   

% of Index

  

Financials

    

31.8

%

  

Industrials

    

19.1

%

  

Utilities

    

17.0

%

  

Materials

    

11.4

%

  

Consumer Staples

    

9.8

%

  

Real Estate

    

3.6

%

  

Health Care

    

3.1

%

  

Communication Services

    

2.0

%

  

Consumer Discretionary

    

1.1

%

  

Information Technology

    

1.1

%

  

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

ProShares Russell U.S. Dividend Growers ETF (Ticker: TMDV)

ProShares Russell U.S. Dividend Growers ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Russell 3000® Dividend Elite Index (the "Index"). The Index, constructed and maintained by FTSE International Limited, targets companies that are currently members of the Russell 3000 Index, which represents approximately 98% of the investable U.S. equity market, have increased dividend payments each year for at least 35 years and meet certain liquidity requirements. The Index contains a minimum of 40 stocks, which are equally weighted. No single sector is allowed to comprise more than 30% of the Index's weight.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Lowe's Cos., Inc.

    

1.9

%

  
Automatic Data Processing,
Inc.		    

1.8

%

  

RPM International, Inc.

    

1.8

%

  

WW Grainger, Inc.

    

1.8

%

  

National Fuel Gas Co.

    

1.8

%

  

Russell 3000 Dividend Elite
Index – Composition

   

% of Index

  

Consumer Staples

    

22.7

%

  

Industrials

    

18.5

%

  

Utilities

    

13.6

%

  

Materials

    

12.8

%

  

Financials

    

12.5

%

  

Consumer Discretionary

    

8.1

%

  

Health Care

    

5.7

%

  

Communication Services

    

2.7

%

  

Information Technology

    

1.8

%

  

Real Estate

    

1.6

%

  

ProShares S&P 500® Bond ETF (Ticker: SPXB)

ProShares S&P 500® Bond ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P 500®/MarketAxess® Investment Grade Corporate Bond Index (the "Index"). The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index consists exclusively of investment grade bonds issued by companies in the S&P 500, the most widely used U.S. equity benchmark.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Corporate Bonds

    

99

%

  

Total Exposure

    

99

%

  

"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 Long-Term Fixed-Income Holdings

   

% of Net Assets

  
General Electric Co., 4.35%,
due 05/01/50		    

1.4

%

  
Broadcom, Inc., 4.30%,
due 11/15/32		    

1.2

%

  
Goldman Sachs Group,
Inc. (The), 3.85%,
due 01/26/27		    

1.0

%

  
Home Depot, Inc. (The),
5.88%, due 12/16/36		    

1.0

%

  
Wells Fargo & Co., 3.30%,
due 09/09/24		    

0.9

%

  

S&P 500®/MarketAxess® Investment Grade Corporate Bond
Index – Composition

   

% of Index

  

Industrials

    

66.2

%

  

Financials

    

22.1

%

  

Utilities

    

11.7

%

  

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

ProShares S&P 500® Dividend Aristocrats ETF (Ticker: NOBL)

ProShares S&P 500® Dividend Aristocrats ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P 500® Dividend Aristocrats® Index (the "Index"). The Index, constructed and maintained by S&P Dow Jones Indices LLC, targets companies that are currently members of the S&P 500®, have increased dividend payments each year for at least 25 years, and meet certain market capitalization and liquidity requirements. The Index contains a minimum of 40 stocks, which are equally weighted, and no single sector is allowed to comprise more than 30% of the Index's weight.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

A O Smith Corp.

    

1.8

%

  

Albemarle Corp.

    

1.8

%

  

WW Grainger, Inc.

    

1.7

%

  

Sherwin-Williams Co. (The)

    

1.7

%

  

Lowe's Cos., Inc.

    

1.7

%

  

S&P 500 Dividend Aristocrats
Index – Composition

   

% of Index

  

Industrials

    

20.0

%

  

Consumer Staples

    

19.9

%

  

Materials

    

12.7

%

  

Financials

    

10.6

%

  

Health Care

    

10.6

%

  

Consumer Discretionary

    

9.2

%

  

Utilities

    

4.7

%

  

Real Estate

    

4.7

%

  

Information Technology

    

3.2

%

  

Energy

    

3.0

%

  

Telecommunication Services

    

1.4

%

  

ProShares S&P 500® Ex-Energy ETF (Ticker: SPXE)

ProShares S&P 500® Ex-Energy ETF (the "Fund) seeks investment results, before fees and expenses, that track the performance of the S&P 500® Ex-Energy Index (the "Index"). The Index seeks to provide exposure to the companies of the S&P 500® Index (the "S&P 500®") with the exception of those companies included in the Energy Sector. The S&P 500® is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization and financial viability. The Index is constructed and maintained by S&P Dow Jones LLC.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Apple, Inc.

    

6.9

%

  

Microsoft Corp.

    

6.6

%

  

Amazon.com, Inc.

    

4.1

%

  

Tesla, Inc.

    

2.5

%

  

Alphabet, Inc., Class A

    

2.3

%

  

S&P 500 Ex-Energy Index – Composition

   

% of Index

  

Information Technology

    

30.2

%

  

Consumer Discretionary

    

13.5

%

  

Health Care

    

13.1

%

  

Financials

    

11.1

%

  

Telecommunication Services

    

10.7

%

  

Industrials

    

8.0

%

  

Consumer Staples

    

5.7

%

  

Real Estate

    

2.7

%

  

Materials

    

2.6

%

  

Utilities

    

2.4

%

  

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

ProShares S&P 500® Ex-Financials ETF (Ticker: SPXN)

ProShares S&P 500® Ex-Financials ETF (the "Fund) seeks investment results, before fees and expenses, that track the performance of the S&P 500® Ex-Financials and Real Estate Index (the "Index"). The Index seeks to provide exposure to the companies of the S&P 500® Index (the "S&P 500®") with the exception of those companies included in the Financials and Real Estate Sectors. The S&P 500® is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization and financial viability. The Index is constructed and maintained by S&P Dow Jones LLC.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Apple, Inc.

    

7.7

%

  

Microsoft Corp.

    

7.4

%

  

Amazon.com, Inc.

    

4.6

%

  

Tesla, Inc.

    

2.8

%

  

Alphabet, Inc., Class A

    

2.6

%

  

S&P 500 Ex-Financials and Real Estate
Index – Composition

   

% of Index

  

Information Technology

    

33.9

%

  

Consumer Discretionary

    

15.2

%

  

Health Care

    

14.7

%

  

Telecommunication Services

    

12.0

%

  

Industrials

    

9.0

%

  

Consumer Staples

    

6.5

%

  

Energy

    

3.1

%

  

Materials

    

2.9

%

  

Utilities

    

2.7

%

  

ProShares S&P 500® Ex-Health Care ETF (Ticker: SPXV)

ProShares S&P 500® Ex-Health Care ETF (the "Fund) seeks investment results, before fees and expenses, that track the performance of the S&P 500® Ex-Health Care Index (the "Index"). The Index seeks to provide exposure to the companies of the S&P 500® Index (the "S&P 500®") with the exception of those companies included in the Health Care Sector. The S&P 500® is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization and financial viability. The Index is constructed and maintained by S&P Dow Jones LLC.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Apple, Inc.

    

7.6

%

  

Microsoft Corp.

    

7.3

%

  

Amazon.com, Inc.

    

4.5

%

  

Tesla, Inc.

    

2.7

%

  

Alphabet, Inc., Class A

    

2.5

%

  

S&P 500 Ex-Health Care
Index – Composition

   

% of Index

  

Information Technology

    

33.6

%

  

Consumer Discretionary

    

15.1

%

  

Financials

    

12.4

%

  

Telecommunication Services

    

11.9

%

  

Industrials

    

8.9

%

  

Consumer Staples

    

6.4

%

  

Energy

    

3.1

%

  

Real Estate

    

3.0

%

  

Materials

    

2.9

%

  

Utilities

    

2.7

%

  

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

ProShares S&P 500® Ex-Technology ETF (Ticker: SPXT)

ProShares S&P 500® Ex-Technology ETF (the "Fund) seeks investment results, before fees and expenses, that track the performance of the S&P 500® Ex-Information Technology Index (the "Index"). The Index seeks to provide exposure to the companies of the S&P 500® Index (the "S&P 500®") with the exception of those companies included in the Information Technology Sector. The S&P 500® is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization and financial viability. The Index is constructed and maintained by S&P Dow Jones LLC.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Amazon.com, Inc.

    

5.6

%

  

Tesla, Inc.

    

3.4

%

  

Alphabet, Inc., Class A

    

3.1

%

  

Alphabet, Inc., Class C

    

3.0

%

  

Meta Platforms, Inc., Class A

    

2.8

%

  

S&P 500 Ex-Information Technology
Index – Composition

   

% of Index

  

Consumer Discretionary

    

18.6

%

  

Health Care

    

18.0

%

  

Financials

    

15.4

%

  

Telecommunication Services

    

14.7

%

  

Industrials

    

11.0

%

  

Consumer Staples

    

7.9

%

  

Energy

    

3.8

%

  

Real Estate

    

3.7

%

  

Materials

    

3.5

%

  

Utilities

    

3.4

%

  

ProShares S&P Kensho Cleantech ETF (Ticker: CTEX)

ProShares S&P Kensho Cleantech ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P Kensho Cleantech Index (the "Index"). The Index selects companies focused on building the technologies or products that enable the generation of clean energy, such as solar, wind, geothermal, hydrogen, and hydroelectric. The Index is constructed and maintained by S&P Dow Jones Indices LLC.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

101

%

  

Total Exposure

    

101

%

  

"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

  
Ocean Power Technologies,
Inc.		    

4.0

%

  

Tesla, Inc.

    

3.8

%

  
Maxeon Solar Technologies
Ltd.		    

3.8

%

  

Eos Energy Enterprises, Inc.

    

3.6

%

  

First Solar, Inc.

    

3.6

%

  

S&P Kensho Cleantech
Index – Composition

   

% of Index

  

Industrials

    

42.3

%

  

Information Technology

    

38.0

%

  

Utilities

    

10.4

%

  

Consumer Discretionary

    

6.6

%

  

Materials

    

2.7

%

  

S&P Kensho Cleantech
Index – Country

   

% of Index

  

United States

    

76.8

%

  

China

    

10.6

%

  

Canada

    

6.5

%

  

Singapore

    

3.6

%

  

India

    

2.5

%

  

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

ProShares S&P Kensho Smart Factories ETF (Ticker: MAKX)

ProShares S&P Kensho Smart Factories ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P Kensho Smart Factories Index (the "Index"). The Index selects companies focused on building the technology empowering the digitalization of manufacturing activities. The Index is constructed and maintained by S&P Dow Jones Indices LLC.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Rockwell Automation, Inc.

    

6.2

%

  

Aspen Technology, Inc.

    

5.7

%

  

PTC, Inc.

    

5.7

%

  

Emerson Electric Co.

    

5.7

%

  

ABB Ltd. (ADR)

    

5.6

%

  

S&P Kensho Cleantech
Index – Composition

   

% of Index

  

Information Technology

    

74.7

%

  

Industrials

    

25.3

%

  

S&P Kensho Cleantech
Index – Country

   

% of Index

  

United States

    

79.9

%

  

Israel

    

7.0

%

  

Switzerland

    

5.6

%

  

China

    

4.0

%

  

Germany

    

3.5

%

  

ProShares S&P MidCap 400® Dividend Aristocrats ETF (Ticker: REGL)

ProShares S&P MidCap 400® Dividend Aristocrats ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P MidCap 400® Dividend Aristocrats Index (the "Index"). The Index, constructed and maintained by S&P Dow Jones Indices LLC, targets companies that are currently members of the S&P MidCap 400® Index, and have increased dividend payments each year for at least 15 years. The Index contains a minimum of 40 stocks which are equally weighted. No single sector is allowed to comprise more than 30% of the Index weight.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  
FactSet Research Systems,
Inc.		    

2.1

%

  
Nu Skin Enterprises, Inc.,
Class A		    

2.1

%

  

Regal Rexnord Corp.

    

2.0

%

  

RenaissanceRe Holdings Ltd.

    

2.0

%

  

Silgan Holdings, Inc.

    

2.0

%

  

S&P MidCap 400 Dividend Aristocrats
Index – Composition

   

% of Index

  

Financials

    

26.3

%

  

Industrials

    

20.9

%

  

Utilities

    

20.5

%

  

Materials

    

11.7

%

  

Consumer Staples

    

9.6

%

  

Consumer Discretionary

    

3.7

%

  

Real Estate

    

3.7

%

  

Telecommunication Services

    

3.6

%

  

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

ProShares S&P Technology Dividend Aristocrats ETF (Ticker: TDV)

ProShares S&P Technology Dividend Aristocrats ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P® Technology Dividend Aristocrats® Index (the "Index"). The Index, constructed and maintained by S&P Dow Jones Indices LLC, targets companies from the U.S. technology sector and select U.S. technology-related companies from the communication services and consumer discretionary sectors. To be included in the Index, a company must have increased dividend payments each year for at least 7 years, its shares must be listed on a U.S. national securities exchange, and it must meet certain minimum liquidity requirements.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

QUALCOMM, Inc.

    

3.7

%

  

HP, Inc.

    

3.4

%

  

KLA Corp.

    

3.4

%

  

Intuit, Inc.

    

3.1

%

  

Microchip Technology, Inc.

    

3.1

%

  

S&P Technology Dividend Aristocrats
Index – Composition

   

% of Index

  

Information Technology

    

95.2

%

  

Consumer Discretionary

    

2.8

%

  

Telecommunication Services

    

2.0

%

  

ProShares Short Term USD Emerging Markets Bond ETF (Ticker: EMSH)

ProShares Short Term USD Emerging Markets Bond ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the DBIQ Short Duration Emerging Market BondSM Index. (the "Index"). The Index is comprised of a diversified portfolio of USD-denominated Emerging Market bonds that have less than or equal to five years remaining to maturity that are issued by Emerging Market sovereign governments, non-sovereign government agencies and entities, and corporations with significant government ownership. The Index is constructed and maintained by Deutsche Bank AG.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Fixed Income Securities

    

98

%

  

Total Exposure

    

98

%

  

"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 Long-Term Fixed-Income Holdings

   

% of Net Assets

  
Republic of South Africa,
5.88%, due 09/16/25		    

4.1

%

  
Kingdom of Saudi Arabia,
4.00%, due 04/17/25		    

4.0

%

  
Republic of Turkey, 7.25%,
due 12/23/23		    

3.9

%

  
Federative Republic of Brazil,
8.88%, due 04/15/24		    

3.0

%

  
Sinopec Group Overseas
Development 2015 Ltd.,
3.25%, due 04/28/25		    

2.9

%

  

DBIQ Short Duration Emerging
Market Bond Index – Country

   

% of Index

  

Others

    

38.6

%

  

China

    

10.3

%

  

Indonesia

    

8.8

%

  

Turkey

    

8.3

%

  

Brazil

    

7.4

%

  

Russian Federation

    

5.6

%

  

Mexico

    

5.5

%

  

Qatar

    

5.0

%

  

United Arab Emirates

    

4.1

%

  

Egypt

    

3.2

%

  

Saudi Arabia

    

3.2

%

  

DBIQ Short Duration Emerging
Market Bond Index – Composition

   

% of Index

  

Sovereign

    

68.2

%

  

Quasi-Sovereign

    

20.8

%

  

Semi-Sovereign

    

11.0

%

  

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

ProShares Smart Materials ETF (Ticker: TINT)

ProShares Smart Materials ETF (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Solactive Smart Materials Index (the "Index"). The Index selects companies focused on making or applying industrial innovations which allow for improved products, processes, or techniques through advanced, responsive, or intelligent materials. The Index is constructed and maintained by Solactive AG.

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

Market Exposure

Investment Type

  

% of Net Assets

  

Equity Securities

    

100

%

  

Total Exposure

    

100

%

  

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

Largest Equity Holdings

Company

  

% of Net Assets

  

Sika AG (Registered)

    

5.3

%

  

Applied Materials, Inc.

    

4.9

%

  

Chemours Co. (The)

    

4.9

%

  

Sherwin-Williams Co. (The)

    

4.8

%

  

RPM International, Inc.

    

4.8

%

  

Smart Materials Index – Composition

   

% of Index

  

Materials

    

66.9

%

  

Information Technology

    

20.7

%

  

Industrials

    

10.5

%

  

Health Care

    

1.9

%

  

Smart Materials Index – Country

   

% of Index

  

United States

    

52.7

%

  

Korea

    

16.8

%

  

France

    

8.5

%

  

Japan

    

5.4

%

  

Switzerland

    

5.3

%

  

Belgium

    

4.3

%

  

Netherlands

    

4.2

%

  

Canada

    

2.8

%

  

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

EXPENSE EXAMPLES

PROSHARES TRUST EXPENSE EXAMPLES (UNAUDITED) :: XXVII

As a shareholder, you incur two types of costs: (1) transaction costs for purchasing and selling shares and (2) ongoing costs, including advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses

The actual expense examples are based on an investment of $1,000 invested at the beginning of a six-month period and held through the period ended, November 30, 2021.

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 =8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended, November 30, 2021.

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as brokerage charges. Therefore, the second line for each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher.

    Beginning
Account
Value
6/1/2021		   Ending
Account
Value
11/30/21		   Expenses Paid
During the
Period*		   Annualized
Expense Ratio
During Period		  

Big Data Refiners ETF (a)

  

Actual

  

$

1,000.00

    

$

1,002.20

    

$

0.99

      

0.58

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.16

    

$

2.94

      

0.58

%

  

Bitcoin Strategy ETF (b)

  

Actual

  

$

1,000.00

    

$

915.90

    

$

1.07

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Decline of the Retail Store ETF

  

Actual

  

$

1,000.00

    

$

891.30

    

$

3.08

      

0.65

%

  

Hypothetical

  

$

1,000.00

    

$

1,021.81

    

$

3.29

      

0.65

%

  

DJ Brookfield Global Infrastructure ETF

  

Actual

  

$

1,000.00

    

$

990.70

    

$

2.25

      

0.45

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.81

    

$

2.28

      

0.45

%

  

Equities for Rising Rates ETF

  

Actual

  

$

1,000.00

    

$

989.10

    

$

1.75

      

0.35

%

  

Hypothetical

  

$

1,000.00

    

$

1,023.31

    

$

1.78

      

0.35

%

  

Global Listed Private Equity ETF

  

Actual

  

$

1,000.00

    

$

1,010.50

    

$

3.02

      

0.60

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.06

    

$

3.04

      

0.60

%

  

Hedge Replication ETF

  

Actual

  

$

1,000.00

    

$

979.00

    

$

4.71

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

High Yield-Interest Rate Hedged

  

Actual

  

$

1,000.00

    

$

1,006.50

    

$

2.51

      

0.50

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.56

    

$

2.54

      

0.50

%

  

XXVIII :: EXPENSE EXAMPLES (UNAUDITED) PROSHARES TRUST

    Beginning
Account
Value
6/1/2021		   Ending
Account
Value
11/30/21		   Expenses Paid
During the
Period*		   Annualized
Expense Ratio
During Period		  

Inflation Expectations ETF

  

Actual

  

$

1,000.00

    

$

1,025.30

    

$

1.52

      

0.30

%

  

Hypothetical

  

$

1,000.00

    

$

1,023.56

    

$

1.52

      

0.30

%

  

Investment Grade-Interest Rate Hedged

  

Actual

  

$

1,000.00

    

$

985.40

    

$

1.49

      

0.30

%

  

Hypothetical

  

$

1,000.00

    

$

1,023.56

    

$

1.52

      

0.30

%

  

K-1 Free Crude Oil Strategy ETF

  

Actual

  

$

1,000.00

    

$

1,046.40

    

$

3.49

      

0.68

%

  

Hypothetical

  

$

1,000.00

    

$

1,021.66

    

$

3.45

      

0.68

%

  

Large Cap Core Plus

  

Actual

  

$

1,000.00

    

$

1,096.70

    

$

2.37

      

0.45

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.81

    

$

2.28

      

0.45

%

  

Long Online/Short Stores ETF

  

Actual

  

$

1,000.00

    

$

798.00

    

$

2.93

      

0.65

%

  

Hypothetical

  

$

1,000.00

    

$

1,021.81

    

$

3.29

      

0.65

%

  

Managed Futures Strategy ETF

  

Actual

  

$

1,000.00

    

$

976.20

    

$

3.72

      

0.75

%

  

Hypothetical

  

$

1,000.00

    

$

1,021.31

    

$

3.80

      

0.75

%

  

Merger ETF

  

Actual

  

$

1,000.00

    

$

1,011.10

    

$

3.78

      

0.75

%

  

Hypothetical

  

$

1,000.00

    

$

1,021.31

    

$

3.80

      

0.75

%

  

Morningstar Alternatives Solution ETF (c)

  

Actual

  

$

1,000.00

    

$

987.10

    

$

1.20

      

0.24

%

  

Hypothetical

  

$

1,000.00

    

$

1,023.87

    

$

1.22

      

0.24

%

  

MSCI EAFE Dividend Growers ETF

  

Actual

  

$

1,000.00

    

$

994.40

    

$

2.50

      

0.50

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.56

    

$

2.54

      

0.50

%

  

MSCI Emerging Markets Dividend Growers ETF

  

Actual

  

$

1,000.00

    

$

907.40

    

$

2.87

      

0.60

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.06

    

$

3.04

      

0.60

%

  

MSCI Europe Dividend Growers ETF

  

Actual

  

$

1,000.00

    

$

1,022.10

    

$

2.79

      

0.55

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.31

    

$

2.79

      

0.55

%

  

MSCI Transformational Changes ETF

  

Actual

  

$

1,000.00

    

$

1,035.30

    

$

2.30

      

0.45

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.81

    

$

2.28

      

0.45

%

  

Nanotechnology ETF (d)

  

Actual

  

$

1,000.00

    

$

1,081.50

    

$

0.58

      

0.58

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.16

    

$

2.94

      

0.58

%

  

Nasdaq-100 Dorsey Wright Momentum ETF

  

Actual

  

$

1,000.00

    

$

1,048.80

    

$

2.98

      

0.58

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.16

    

$

2.94

      

0.58

%

  

PROSHARES TRUST EXPENSE EXAMPLES (UNAUDITED) :: XXIX

    Beginning
Account
Value
6/1/2021		   Ending
Account
Value
11/30/21		   Expenses Paid
During the
Period*		   Annualized
Expense Ratio
During Period		  

On-Demand ETF (d)

  

Actual

  

$

1,000.00

    

$

896.70

    

$

0.55

      

0.60

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.06

    

$

3.04

      

0.60

%

  

Online Retail ETF

  

Actual

  

$

1,000.00

    

$

836.90

    

$

2.67

      

0.58

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.16

    

$

2.94

      

0.58

%

  

Pet Care ETF

  

Actual

  

$

1,000.00

    

$

980.30

    

$

2.48

      

0.50

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.56

    

$

2.54

      

0.50

%

  

RAFITM Long/Short

  

Actual

  

$

1,000.00

    

$

931.10

    

$

4.60

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Russell 2000 Dividend Growers ETF

  

Actual

  

$

1,000.00

    

$

947.20

    

$

1.95

      

0.40

%

  

Hypothetical

  

$

1,000.00

    

$

1,023.06

    

$

2.03

      

0.40

%

  

Russell U.S. Dividend Growers ETF

  

Actual

  

$

1,000.00

    

$

979.90

    

$

1.74

      

0.35

%

  

Hypothetical

  

$

1,000.00

    

$

1,023.31

    

$

1.78

      

0.35

%

  

S&P 500® Bond ETF

  

Actual

  

$

1,000.00

    

$

1,023.80

    

$

0.76

      

0.15

%

  

Hypothetical

  

$

1,000.00

    

$

1,024.32

    

$

0.76

      

0.15

%

  

S&P 500® Dividend Aristocrats ETF

  

Actual

  

$

1,000.00

    

$

1,008.70

    

$

1.76

      

0.35

%

  

Hypothetical

  

$

1,000.00

    

$

1,023.31

    

$

1.78

      

0.35

%

  

S&P 500® Ex-Energy ETF

  

Actual

  

$

1,000.00

    

$

1,092.70

    

$

1.42

      

0.27

%

  

Hypothetical

  

$

1,000.00

    

$

1,023.71

    

$

1.37

      

0.27

%

  

S&P 500® Ex-Financials ETF

  

Actual

  

$

1,000.00

    

$

1,103.40

    

$

1.42

      

0.27

%

  

Hypothetical

  

$

1,000.00

    

$

1,023.71

    

$

1.37

      

0.27

%

  

S&P 500® Ex-Health Care ETF

  

Actual

  

$

1,000.00

    

$

1,097.50

    

$

1.42

      

0.27

%

  

Hypothetical

  

$

1,000.00

    

$

1,023.71

    

$

1.37

      

0.27

%

  

S&P 500® Ex-Technology ETF

  

Actual

  

$

1,000.00

    

$

1,046.20

    

$

1.38

      

0.27

%

  

Hypothetical

  

$

1,000.00

    

$

1,023.71

    

$

1.37

      

0.27

%

  

S&P Kensho Cleantech ETF (a)

  

Actual

  

$

1,000.00

    

$

1,112.60

    

$

1.04

      

0.58

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.16

    

$

2.94

      

0.58

%

  

S&P Kensho Smart Factories ETF (a)

  

Actual

  

$

1,000.00

    

$

1,001.60

    

$

0.99

      

0.58

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.16

    

$

2.94

      

0.58

%

  

XXX :: EXPENSE EXAMPLES (UNAUDITED) PROSHARES TRUST

    Beginning
Account
Value
6/1/2021		   Ending
Account
Value
11/30/21		   Expenses Paid
During the
Period*		   Annualized
Expense Ratio
During Period		  

S&P MidCap 400® Dividend Aristocrats ETF

  

Actual

  

$

1,000.00

    

$

962.60

    

$

1.97

      

0.40

%

  

Hypothetical

  

$

1,000.00

    

$

1,023.06

    

$

2.03

      

0.40

%

  

S&P Technology Dividend Aristocrats ETF

  

Actual

  

$

1,000.00

    

$

1,092.60

    

$

2.36

      

0.45

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.81

    

$

2.28

      

0.45

%

  

Short Term USD Emerging Markets Bond ETF

  

Actual

  

$

1,000.00

    

$

986.70

    

$

2.49

      

0.50

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.56

    

$

2.54

      

0.50

%

  

Smart Materials ETF (d)

  

Actual

  

$

1,000.00

    

$

980.40

    

$

0.55

      

0.58

%

  

Hypothetical

  

$

1,000.00

    

$

1,022.16

    

$

2.94

      

0.58

%

  

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 183/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

(a)  The Fund commenced operations on September 29, 2021. Actual Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 62 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

(b)  The Fund commenced operations on October 18, 2021. Actual Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 43 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

(c)  In addition to the fees and expenses which the Morningstar Alternatives Solution ETF bears directly, the Fund indirectly bears a pro-rata share of the fees and expenses of the underlying ProShares ETFs in which the Fund invests. The Fund's Annualized Expense Ratio During the Period disclosed in the table above reflects only the direct expenses of the Fund. If the Fund's Annualized Expense Ratio During the Period included such indirect expenses, known as Acquired Fund Fees and Expenses, it would have been 0.95% for both the Actual and Hypothetical Expense Examples.

(d)  The Fund commenced operations on October 26, 2021. Actual Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 35 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

PROSHARES TRUST EXPENSE EXAMPLES (UNAUDITED) :: XXXI

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SCHEDULE OF PORTFOLIO INVESTMENTS

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 1

Investments

  

Shares

  

Value

  

Common Stocks — 99.9%

  

Commercial Services & Supplies — 0.4%

  

Sato Holdings Corp.

    

688

    

$

12,940

    

Communications Equipment — 1.9%

  

NetScout Systems, Inc.*

    

1,908

      

57,049

    

Diversified Consumer Services — 1.5%

  

2U, Inc.*

    

1,927

      

45,843

    

Electronic Equipment, Instruments & Components — 4.8%

  

Zebra Technologies Corp., Class A*

    

248

      

146,018

    

IT Services — 13.4%

  

Appen Ltd.

    

2,997

      

20,488

    

MongoDB, Inc.*

    

405

      

201,731

    

Snowflake, Inc., Class A*

    

528

      

179,599

    
     

401,818

    

Professional Services — 0.4%

  

Meltwater Holding BV*

    

4,092

      

11,763

    

Software — 77.5%

  

Alteryx, Inc., Class A*

    

1,558

      

103,560

    

CommVault Systems, Inc.*

    

1,192

      

74,953

    

Datadog, Inc., Class A*

    

1,446

      

257,807

    

Datto Holding Corp.*

    

704

      

16,516

    

Domo, Inc., Class B*

    

747

      

54,046

    

Dynatrace, Inc.*

    

2,510

      

157,754

    

Elastic NV*

    

977

      

151,884

    

Five9, Inc.*

    

820

      

116,711

    

InterDigital, Inc.

    

812

      

55,143

    

LiveChat Software SA

    

456

      

13,700

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

LivePerson, Inc.*

    

1,705

    

$

65,915

    

MicroStrategy, Inc., Class A*

    

209

      

150,779

    

New Relic, Inc.*

    

1,483

      

164,361

    

Nice Ltd., ADR*

    

592

      

172,852

    

Nutanix, Inc., Class A*

    

3,819

      

126,867

    

Palantir Technologies, Inc., Class A*

    

5,320

      

109,858

    

Splunk, Inc.*

    

1,137

      

137,577

    

Sumo Logic, Inc.*

    

1,581

      

22,355

    

Teradata Corp.*

    

2,624

      

113,934

    

Tyler Technologies, Inc.*

    

317

      

164,517

    

Zendesk, Inc.*

    

963

      

98,332

    
     

2,329,421

    
Total Common Stocks
(Cost $2,999,147)		        

3,004,852

    
Total Investments — 99.9%
(Cost $2,999,147)		        

3,004,852

    

Other assets less liabilities — 0.1%

        

1,804

    

Net Assets — 100.0%

      

$

3,006,656

    

*  Non-income producing security.

Abbreviations

ADR  American Depositary Receipt

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

245,313

    

Aggregate gross unrealized depreciation

    

(239,608

)

  

Net unrealized appreciation

  

$

5,705

    

Federal income tax cost

  

$

2,999,147

    

Big Data Refiners ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

United States

    

92.2

%

  

Israel

    

5.7

%

  

Australia

    

0.7

%

  

Poland

    

0.5

%

  

Japan

    

0.4

%

  

Netherlands

    

0.4

%

  

Othera

    

0.1

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

2 :: DAT BIG DATA REFINERS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 92.0%

  

U.S. Treasury Obligations — 92.0%

  

U.S. Treasury Bills

  

0.05%, 1/27/2022 (a)

  

$

19,000,000

    

$

18,998,721

    

0.05%, 5/19/2022 (a)(b)

    

1,000,000,000

      

999,608,800

    

0.07%, 7/14/2022 (a)(b)

    

300,000,000

      

299,793,283

    
Total U.S. Treasury Obligations
(Cost $1,318,625,814)		        

1,318,400,804

    
Total Investments — 92.0%
(Cost $1,318,625,814)		        

1,318,400,804

    

Reverse Repurchase Agreements (c) — (87.0%)

        

(1,246,931,639

)

  

Other assets less liabilities — 95.0%

        

1,362,147,517

    

Net Assets — 100.0%

      

$

1,433,616,682

    

(a)  The rate shown was the current yield as of November 30, 2021.

(b)  The security or a portion of this security has been pledged as collateral for reverse repurchase agreements at November 30, 2021. The total value of securities pledged as collateral is $1,246,931,639.

(c)  The fund invests in Reverse Repurchase Agreements. See "Reverse Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

93

    

Aggregate gross unrealized depreciation

    

(24,235,651

)

  

Net unrealized depreciation

  

$

(24,235,558

)

  

Federal income tax cost

  

$

1,318,625,814

    

Futures Contracts Purchased

Bitcoin Strategy ETF had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

CME Bitcoin Futures

    

3,803

    

12/31/2021

  

USD

      

$

1,098,686,700

    

$

(22,959,632

)

  

CME Bitcoin Futures

    

1,147

    

1/28/2022

  

USD

        

333,547,600

      

(1,050,916

)

  
   

$

(24,010,548

)

  

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: BITCOIN STRATEGY ETF BITO :: 3

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 74.4%

  

Repurchase Agreements (a) — 74.4%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $4,378,171
(Cost $4,378,168)		  

$

4,378,168

    

$

4,378,168

    
Total Investments — 74.4%
(Cost $4,378,168)		        

4,378,168

    

Other assets less liabilities — 25.6%

        

1,503,713

    

Net Assets — 100.0%

      

$

5,881,881

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

147,281

    

Aggregate gross unrealized depreciation

    

(13,455

)

  

Net unrealized appreciation

  

$

133,826

    

Federal income tax cost

  

$

4,378,168

    

Swap Agreementsa

Decline of the Retail Store ETF had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

(3,652,105

)

  



3/7/2023		  


Goldman Sachs
International		    

0.93

%

   Solactive-
ProShares
Bricks and
Mortar Retail
Store Index		    

86,404

      

—

      

—

      

86,404

    
 

(2,007,702

)

  



3/7/2023		  



Societe Generale		    

0.68

%

   Solactive-
ProShares
Bricks and
Mortar Retail
Store Index		    

60,877

      

—

      

—

      

60,877

    
 

(213,807

)

  



11/7/2022		  



UBS AG		    

0.18

%

   Solactive-
ProShares
Bricks and
Mortar Retail
Store Index		    

(13,455

)

    

—

    



13,455		    

—

    
 

(5,873,614

)

                                    

133,826

                            
                                Total Unrealized
Appreciation		    

147,281

                            
                                Total Unrealized
Depreciation		    

(13,455

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

4 :: EMTY DECLINE OF THE RETAIL STORE ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks — 91.8%

  

Construction & Engineering — 5.1%

  

Ferrovial SA

    

54,600

    

$

1,520,801

    

Vinci SA

    

56,531

      

5,363,594

    
     

6,884,395

    

Diversified Telecommunication Services — 3.5%

  

Cellnex Telecom SA (a)

    

62,042

      

3,661,630

    

China Tower Corp. Ltd., Class H (a)

    

4,718,327

      

599,018

    

Helios Towers plc*

    

44,304

      

96,750

    

Infrastrutture Wireless Italiane SpA (a)

    

38,601

      

443,684

    
     

4,801,082

    

Electric Utilities — 9.5%

  

AusNet Services Ltd.

    

208,008

      

376,627

    

Edison International

    

36,825

      

2,403,936

    

Elia Group SA/NV (b)

    

3,589

      

447,324

    

Eversource Energy

    

33,327

      

2,741,812

    

Fjordkraft Holding ASA (a)

    

10,329

      

49,244

    

Fortis, Inc. (b)

    

51,231

      

2,216,153

    

Hydro One Ltd. (a)

    

32,875

      

803,700

    

PG&E Corp.*

    

146,329

      

1,738,389

    

Red Electrica Corp. SA

    

46,633

      

990,828

    

Terna — Rete Elettrica Nazionale

    

152,974

      

1,140,856

    
     

12,908,869

    

Equity Real Estate Investment Trusts (REITs) — 16.8%

  

American Tower Corp.

    

44,141

      

11,586,130

    

Crown Castle International Corp.

    

41,916

      

7,614,041

    

SBA Communications Corp.

    

10,625

      

3,652,875

    
     

22,853,046

    

Gas Utilities — 10.0%

  

APA Group

    

128,157

      

870,629

    

Atmos Energy Corp.

    

12,684

      

1,145,619

    

Beijing Enterprises Holdings Ltd.

    

50,729

      

171,417

    
Brookfield Infrastructure Corp.,
Class A		    

3,798

      

224,804

    

Chesapeake Utilities Corp.

    

1,789

      

227,847

    

China Gas Holdings Ltd.

    

265,881

      

478,027

    

China Resources Gas Group Ltd.

    

98,119

      

507,707

    

Enagas SA

    

27,043

      

616,150

    

ENN Energy Holdings Ltd.

    

81,930

      

1,538,157

    

Hong Kong & China Gas Co. Ltd.

    

1,171,333

      

1,748,438

    

Italgas SpA

    

51,864

      

327,504

    

Kunlun Energy Co. Ltd.

    

421,303

      

396,559

    

National Fuel Gas Co.

    

8,858

      

512,081

    

Naturgy Energy Group SA

    

35,843

      

987,784

    

New Jersey Resources Corp.

    

9,358

      

344,187

    

Northwest Natural Holding Co.

    

2,999

      

129,317

    

ONE Gas, Inc.

    

5,167

      

335,028

    

Snam SpA

    

222,897

      

1,257,365

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Southwest Gas Holdings, Inc.

    

5,676

    

$

373,537

    

Spire, Inc.

    

5,011

      

299,908

    

Toho Gas Co. Ltd.

    

10,592

      

300,326

    

Tokyo Gas Co. Ltd.

    

44,547

      

766,523

    

Towngas China Co. Ltd.*

    

99,774

      

67,685

    
     

13,626,599

    

Media — 0.4%

  

Eutelsat Communications SA

    

17,724

      

224,626

    

RAI Way SpA (a)

    

10,025

      

57,415

    

SES SA, Receipts

    

41,109

      

321,317

    
     

603,358

    

Multi-Utilities — 10.9%

  

ACEA SpA

    

4,458

      

90,398

    

CenterPoint Energy, Inc.

    

57,500

      

1,489,825

    

Consolidated Edison, Inc.

    

34,272

      

2,660,878

    

National Grid plc

    

421,444

      

5,641,987

    

NiSource, Inc.

    

38,029

      

932,091

    

NorthWestern Corp.

    

4,912

      

271,634

    

Sempra Energy

    

30,969

      

3,712,254

    

Unitil Corp.

    

1,545

      

64,025

    
     

14,863,092

    

Oil, Gas & Consumable Fuels — 21.3%

  

Antero Midstream Corp.

    

31,455

      

305,428

    

Cheniere Energy, Inc.

    

22,874

      

2,397,424

    

Enbridge, Inc.

    

220,245

      

8,263,606

    

EnLink Midstream LLC*

    

26,222

      

170,705

    

Gibson Energy, Inc.

    

15,907

      

287,769

    

Keyera Corp. (b)

    

23,807

      

522,936

    

Kinder Morgan, Inc.

    

189,040

      

2,922,558

    

Koninklijke Vopak NV

    

6,920

      

263,378

    

ONEOK, Inc.

    

43,222

      

2,586,404

    

Pembina Pipeline Corp.

    

59,802

      

1,769,553

    

Plains GP Holdings LP, Class A*

    

18,776

      

187,760

    

Targa Resources Corp.

    

22,176

      

1,144,947

    

TC Energy Corp.

    

106,462

      

4,993,701

    

Williams Cos., Inc. (The)

    

117,830

      

3,156,666

    
     

28,972,835

    

Transportation Infrastructure — 8.5%

  

Aena SME SA*(a)

    

7,991

      

1,173,606

    

Aeroports de Paris*

    

2,759

      

322,598

    

Atlantia SpA*

    

54,707

      

1,000,757

    

Atlas Arteria Ltd.

    

104,180

      

481,978

    

Auckland International Airport Ltd.*(b)

    

131,166

      

707,214

    
Beijing Capital International Airport
Co. Ltd., Class H*(b)		    

187,070

      

108,912

    

China Merchants Port Holdings Co. Ltd.

    

140,006

      

215,808

    

COSCO SHIPPING Ports Ltd.

    

169,309

      

133,094

    

Flughafen Zurich AG (Registered)*(b)

    

2,059

      

343,372

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: DJ BROOKFIELD GLOBAL INFRASTRUCTURE ETF TOLZ :: 5

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  
Fraport AG Frankfurt Airport Services
Worldwide*(b)		    

3,873

    

$

242,107

    

Getlink SE

    

47,202

      

698,590

    
Grupo Aeroportuario del Centro
Norte SAB de CV, ADR*		    

3,689

      

167,075

    
Grupo Aeroportuario del Pacifico
SAB de CV, ADR*		    

3,839

      

443,405

    
Grupo Aeroportuario del Sureste
SAB de CV, ADR		    

2,127

      

388,709

    
Hainan Meilan International
Airport Co. Ltd.*(b)		    

13,356

      

43,589

    

Hamburger Hafen und Logistik AG

    

2,180

      

48,136

    

Hutchison Port Holdings Trust

    

531,215

      

119,523

    

Japan Airport Terminal Co. Ltd.*

    

10,114

      

447,384

    
Jiangsu Expressway Co. Ltd.,
Class H		    

122,377

      

118,956

    
Shenzhen Expressway Co. Ltd.,
Class H		    

69,608

      

64,984

    

Sydney Airport*

    

143,638

      

849,857

    

Transurban Group

    

330,775

      

3,220,932

    

Westshore Terminals Investment Corp.

    

4,283

      

87,642

    

Yuexiu Transport Infrastructure Ltd.

    

93,832

      

58,239

    
Zhejiang Expressway Co. Ltd.,
Class H (b)		    

143,690

      

135,435

    
     

11,621,902

    

Water Utilities — 5.8%

  

American States Water Co.

    

3,590

      

338,106

    

American Water Works Co., Inc.

    

17,602

      

2,967,169

    
Beijing Enterprises Water
Group Ltd. (b)		    

509,534

      

190,144

    

California Water Service Group

    

5,084

      

320,343

    

China Water Affairs Group Ltd.

    

84,257

      

96,812

    
Cia de Saneamento Basico do
Estado de Sao Paulo, ADR*		    

36,824

      

221,681

    

Essential Utilities, Inc.

    

21,668

      

1,024,246

    

Pennon Group plc

    

30,295

      

493,563

    

Severn Trent plc

    

27,512

      

1,055,975

    

SJW Group

    

2,693

      

181,374

    

United Utilities Group plc

    

74,071

      

1,068,349

    
     

7,957,762

    
Total Common Stocks
(Cost $123,331,802)		        

125,092,940

    

Master Limited Partnerships — 7.3%

  

Multi-Utilities — 0.6%

  

Brookfield Infrastructure Partners LP

    

15,606

      

886,733

    

Oil, Gas & Consumable Fuels — 6.7%

  

BP Midstream Partners LP

    

4,473

      

57,567

    

Cheniere Energy Partners LP

    

4,681

      

197,585

    

Investments

  

Shares

  

Value

  

Master Limited Partnerships (continued)

  

Crestwood Equity Partners LP

    

5,599

    

$

143,110

    

DCP Midstream LP

    

8,902

      

234,390

    

Energy Transfer LP

    

225,600

      

1,899,552

    

Enterprise Products Partners LP

    

144,109

      

3,082,491

    

Genesis Energy LP

    

11,017

      

111,162

    

Holly Energy Partners LP

    

4,651

      

77,951

    

Magellan Midstream Partners LP

    

21,636

      

1,003,478

    
MPLX LP    

36,778

      

1,077,963

    

NuStar Energy LP

    

10,048

      

140,672

    

Phillips 66 Partners LP

    

5,784

      

199,201

    

Plains All American Pipeline LP

    

44,240

      

411,432

    

Shell Midstream Partners LP

    

11,911

      

135,785

    

Western Midstream Partners LP

    

19,212

      

369,447

    
     

9,141,786

    
Total Master Limited Partnerships
(Cost $13,273,062)		        

10,028,519

    

Closed End Funds — 0.6%

  

Capital Markets — 0.6%

  

3i Infrastructure plc

    

65,562

      

298,204

    

Hicl Infrastructure plc

    

210,384

      

470,624

    
Total Closed End Funds
(Cost $720,338)		        

768,828

    

Securities Lending Reinvestments (c) — 0.4%

  

Investment Companies — 0.4%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $549,875)		    

549,875

      

549,875

    
    Principal
Amount		      

Short-Term Investments — 0.2%

  

Repurchase Agreements (d) — 0.2%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $232,202
(Cost $232,202)		  

$

232,202

      

232,202

    
Total Investments — 100.3%
(Cost $138,107,279)		        

136,672,364

    

Liabilities in excess of other assets — (0.3%)

        

(385,144

)

  

Net Assets — 100.0%

      

$

136,287,220

    

*  Non-income producing security.

(a)  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

See accompanying notes to the financial statements.

6 :: TOLZ DJ BROOKFIELD GLOBAL INFRASTRUCTURE ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $1,190,962, collateralized in the form of cash with a value of $549,875 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $772,617 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.25%, and maturity dates ranging from December 9, 2021 - February 15, 2051. The total value of collateral is $1,322,492.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $549,875.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Abbreviations

ADR  American Depositary Receipt

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

8,668,724

    

Aggregate gross unrealized depreciation

    

(10,366,270

)

  

Net unrealized depreciation

  

$

(1,697,546

)

  

Federal income tax cost

  

$

138,369,910

    

DJ Brookfield Global Infrastructure ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

United States

    

50.8

%

  

Canada

    

14.7

%

  

United Kingdom

    

6.7

%

  

Spain

    

6.6

%

  

France

    

4.8

%

  

Australia

    

4.3

%

  

Hong Kong

    

3.5

%

  

Italy

    

3.2

%

  

China

    

1.4

%

  

Japan

    

1.1

%

  

Mexico

    

0.6

%

  

New Zealand

    

0.5

%

  

Belgium

    

0.3

%

  

Switzerland

    

0.3

%

  

Luxembourg

    

0.2

%

  

Germany

    

0.2

%

  

Netherlands

    

0.2

%

  

Brazil

    

0.2

%

  

Singapore

    

0.1

%

  

Norway

    

0.0

%*

  

Othera

    

0.3

%

  
     

100.0

%

  

*  Amount represents less than 0.05%.

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: DJ BROOKFIELD GLOBAL INFRASTRUCTURE ETF TOLZ :: 7

Investments

  

Shares

  

Value

  

Common Stocks — 99.6%

  

Aerospace & Defense — 1.5%

  

Textron, Inc.

    

2,144

    

$

151,795

    

Banks — 21.1%

  

Bank of America Corp.

    

7,233

      

321,652

    

Citizens Financial Group, Inc.

    

6,724

      

317,844

    

Huntington Bancshares, Inc.

    

20,073

      

297,883

    

JPMorgan Chase & Co.

    

1,868

      

296,694

    

M&T Bank Corp.

    

2,128

      

311,986

    

PNC Financial Services Group, Inc. (The)

    

1,568

      

308,896

    

Truist Financial Corp.

    

5,256

      

311,733

    
     

2,166,688

    

Capital Markets — 9.2%

  

Charles Schwab Corp. (The)

    

4,033

      

312,114

    

Raymond James Financial, Inc.

    

3,271

      

321,507

    

State Street Corp.

    

3,558

      

316,555

    
     

950,176

    

Chemicals — 11.8%

  

Albemarle Corp.

    

896

      

238,775

    

Celanese Corp.

    

1,331

      

201,460

    

Eastman Chemical Co.

    

1,989

      

207,433

    

International Flavors & Fragrances, Inc.

    

1,531

      

217,663

    

LyondellBasell Industries NV, Class A

    

2,184

      

190,292

    

PPG Industries, Inc.

    

1,025

      

158,024

    
     

1,213,647

    

Communications Equipment — 4.3%

  

Arista Networks, Inc.*

    

1,121

      

139,071

    

Cisco Systems, Inc.

    

1,794

      

98,383

    

Motorola Solutions, Inc.

    

422

      

106,842

    

Ubiquiti, Inc.

    

335

      

100,262

    
     

444,558

    

Consumer Finance — 3.9%

  

American Express Co.

    

867

      

132,044

    

Capital One Financial Corp.

    

916

      

128,726

    

Synchrony Financial

    

3,034

      

135,893

    
     

396,663

    

Containers & Packaging — 3.4%

  

Avery Dennison Corp.

    

937

      

192,151

    

International Paper Co.

    

3,564

      

162,233

    
     

354,384

    

Diversified Telecommunication Services — 1.7%

  

AT&T, Inc.

    

3,747

      

85,544

    

Verizon Communications, Inc.

    

1,869

      

93,955

    
     

179,499

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Electrical Equipment — 1.5%

  

Eaton Corp. plc

    

978

    

$

158,495

    

Energy Equipment & Services — 2.4%

  

Schlumberger NV

    

8,755

      

251,093

    

Entertainment — 0.7%

  

Roku, Inc.*

    

317

      

72,152

    

IT Services — 1.2%

  

FleetCor Technologies, Inc.*

    

571

      

118,271

    

Machinery — 3.0%

  

Parker-Hannifin Corp.

    

529

      

159,790

    
Westinghouse Air Brake
Technologies Corp.		    

1,704

      

151,264

    
     

311,054

    

Media — 1.7%

  

Comcast Corp., Class A

    

1,807

      

90,314

    

Liberty Broadband Corp., Class C*

    

577

      

89,348

    
     

179,662

    

Metals & Mining — 4.4%

  

Freeport-McMoRan, Inc.

    

6,305

      

233,790

    

Nucor Corp.

    

2,013

      

213,901

    
     

447,691

    

Oil, Gas & Consumable Fuels — 23.4%

  

Devon Energy Corp.

    

7,678

      

322,937

    

Exxon Mobil Corp.

    

4,411

      

263,954

    

Hess Corp.

    

3,371

      

251,207

    

Marathon Petroleum Corp.

    

4,104

      

249,728

    

Occidental Petroleum Corp.

    

9,044

      

268,154

    

ONEOK, Inc.

    

4,421

      

264,553

    

Phillips 66

    

3,732

      

258,142

    

Pioneer Natural Resources Co.

    

1,568

      

279,606

    

Valero Energy Corp.

    

3,756

      

251,427

    
     

2,409,708

    

Trading Companies & Distributors — 3.6%

  

Fastenal Co. (a)

    

3,755

      

222,183

    

United Rentals, Inc.*

    

427

      

144,642

    
     

366,825

    

Wireless Telecommunication Services — 0.8%

  

T-Mobile US, Inc.*

    

785

      

85,416

    
Total Common Stocks
(Cost $9,714,746)		        

10,257,777

    

See accompanying notes to the financial statements.

8 :: EQRR EQUITIES FOR RISING RATES ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 0.1%

  

Repurchase Agreements (b) — 0.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $6,233
(Cost $6,233)		  

$

6,233

    

$

6,233

    
Total Investments — 99.7%
(Cost $9,720,979)		        

10,264,010

    

Other assets less liabilities — 0.3%

        

27,825

    

Net Assets — 100.0%

      

$

10,291,835

    

*  Non-income producing security.

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $168,635, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% - 6.88%, and maturity dates ranging from December 31, 2021 - May 15, 2051. The total value of collateral is $180,357.

(b)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

814,191

    

Aggregate gross unrealized depreciation

    

(277,157

)

  

Net unrealized appreciation

  

$

537,034

    

Federal income tax cost

  

$

9,726,976

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: EQUITIES FOR RISING RATES ETF EQRR :: 9

Investments

  

Shares

  

Value

  

Common Stocks — 87.0%

  

Capital Markets — 68.9%

  
3i Group plc    

144,219

    

$

2,660,322

    

Apollo Investment Corp.

    

22,387

      

293,941

    

Ares Capital Corp.

    

118,378

      

2,398,338

    
AURELIUS Equity Opportunities
SE & Co. KGaA		    

10,274

      

306,208

    

BlackRock TCP Capital Corp.

    

19,853

      

265,038

    

FS KKR Capital Corp.

    

90,071

      

1,884,285

    

Gimv NV

    

6,861

      

413,174

    

Goldman Sachs BDC, Inc.

    

32,893

      

619,375

    

Golub Capital BDC, Inc.

    

54,412

      

825,430

    

Hercules Capital, Inc.

    

38,385

      

631,050

    

IP Group plc

    

359,520

      

551,778

    

Main Street Capital Corp.

    

22,366

      

993,945

    

Molten Ventures plc*

    

44,803

      

551,168

    

New Mountain Finance Corp.

    

30,078

      

405,752

    

Oaktree Specialty Lending Corp.

    

53,305

      

392,325

    

Onex Corp.

    

15,475

      

1,124,420

    

Prospect Capital Corp.

    

97,237

      

830,404

    

Ratos AB, Class B

    

71,725

      

420,461

    

Sixth Street Specialty Lending, Inc.

    

25,101

      

598,659

    

SLR Investment Corp.

    

13,636

      

259,766

    

VNV Global AB*

    

36,495

      

447,307

    
     

16,873,146

    

Diversified Financial Services — 18.1%

  

Eurazeo SE

    

11,707

      

960,584

    

Kinnevik AB, Class B*(a)

    

70,637

      

2,527,983

    

Wendel SE

    

8,141

      

933,427

    
     

4,421,994

    
Total Common Stocks
(Cost $19,556,488)		        

21,295,140

    

Closed End Funds — 10.3%

  

Capital Markets — 10.3%

  

Apax Global Alpha Ltd. (b)

    

143,810

      

406,428

    
HBM Healthcare Investments AG
Class A		    

1,997

      

748,290

    

HgCapital Trust plc

    

133,224

      

738,846

    

Oakley Capital Investments Ltd.

    

58,357

      

292,209

    

Princess Private Equity Holding Ltd.

    

22,478

      

341,597

    
Total Closed End Funds
(Cost $1,499,276)		        

2,527,370

    

Master Limited Partnerships — 2.3%

  

Diversified Financial Services — 2.3%

  
Compass Diversified Holdings
(Cost $350,366)		    

18,924

      

545,200

    

Investments

  

Shares

  

Value

  

Securities Lending Reinvestments (c) — 5.2%

  

Investment Companies — 5.2%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $1,271,126)		    

1,271,126

    

$

1,271,126

    
    Principal
Amount		      

Short-Term Investments — 0.3%

  

Repurchase Agreements (d) — 0.3%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $78,967
(Cost $78,967)		  

$

78,967

      

78,967

    
Total Investments — 105.1%
(Cost $22,756,223)		        

25,717,803

    

Liabilities in excess of other assets — (5.1%)

        

(1,239,764

)

  

Net Assets — 100.0%

      

$

24,478,039

    

*  Non-income producing security.

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $1,197,443, collateralized in the form of cash with a value of $1,271,126 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(b)  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $1,271,126.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

3,959,199

    

Aggregate gross unrealized depreciation

    

(1,044,973

)

  

Net unrealized appreciation

  

$

2,914,226

    

Federal income tax cost

  

$

22,803,577

    

See accompanying notes to the financial statements.

10 :: PEX GLOBAL LISTED PRIVATE EQUITY ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Global Listed Private Equity ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

United States

    

44.7

%

  

United Kingdom

    

22.6

%

  

Sweden

    

13.9

%

  

France

    

7.7

%

  

Canada

    

4.6

%

  

Switzerland

    

3.1

%

  

Belgium

    

1.7

%

  

Germany

    

1.3

%

  

Othera

    

0.4

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: GLOBAL LISTED PRIVATE EQUITY ETF PEX :: 11

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks — 23.8%

  
Ambarella, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.0

%

    

124

    

$

22,260

    
AMC Entertainment
Holdings, Inc., Class A*(a)
(Entertainment)		    

0.2

%

    

1,878

      

63,739

    
AMN Healthcare
Services, Inc.*
(Health Care Providers &
Services)		    

0.0

%

    

180

      

20,522

    
Arrowhead
Pharmaceuticals, Inc.*
(Biotechnology)		    

0.1

%

    

374

      

26,199

    
Asana, Inc., Class A*
(Software)		    

0.1

%

    

268

      

27,859

    
ASGN, Inc.*
(Professional Services)		    

0.0

%

    

183

      

22,267

    
Avis Budget Group, Inc.*
(Road & Rail)		    

0.1

%

    

171

      

46,955

    
Biohaven Pharmaceutical
Holding Co. Ltd.*
(Biotechnology)		    

0.0

%

    

201

      

22,560

    
BJ's Wholesale Club
Holdings, Inc.* (Food &
Staples Retailing)		    

0.1

%

    

502

      

33,207

    

Blackline, Inc.* (Software)

    

0.0

%

    

192

      

21,130

    
Blueprint Medicines Corp.*
(Biotechnology)		    

0.0

%

    

214

      

20,587

    
Chart Industries, Inc.*
(Machinery)		    

0.0

%

    

130

      

22,691

    
Chesapeake Energy Corp.
(Oil, Gas & Consumable
Fuels)		    

0.1

%

    

383

      

22,804

    
Crocs, Inc.* (Textiles,
Apparel & Luxury Goods)		    

0.1

%

    

229

      

37,561

    
EastGroup Properties, Inc.
(Equity Real Estate
Investment Trusts (REITs))		    

0.1

%

    

146

      

29,740

    
EMCOR Group, Inc.
(Construction &
Engineering)		    

0.1

%

    

191

      

22,794

    
Exponent, Inc.
(Professional Services)		    

0.0

%

    

183

      

21,320

    
First Financial
Bankshares, Inc. (Banks)		    

0.1

%

    

470

      

23,462

    
Fox Factory Holding Corp.*
(Auto Components)		    

0.1

%

    

157

      

27,596

    
Glacier Bancorp, Inc.
(Banks)		    

0.0

%

    

398

      

21,611

    
Helen of Troy Ltd.*
(Household Durables)		    

0.0

%

    

92

      

22,126

    
II-VI, Inc.* (Electronic
Equipment, Instruments &
Components)		    

0.1

%

    

389

      

24,324

    
Innovative Industrial
Properties, Inc. (Equity
Real Estate Investment
Trusts (REITs))		    

0.1

%

    

90

      

23,115

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (continued)

  
Inspire Medical
Systems, Inc.*
(Health Care Technology)		    

0.1

%

    

105

    

$

23,443

    
Intellia Therapeutics, Inc.*
(Biotechnology)		    

0.1

%

    

247

      

28,407

    
KBR, Inc. (Professional
Services)		    

0.1

%

    

522

      

22,968

    
Lattice Semiconductor
Corp.* (Semiconductors &
Semiconductor Equipment)		    

0.1

%

    

496

      

37,661

    
Macy's, Inc. (Multiline
Retail)		    

0.1

%

    

1,135

      

32,348

    
Medpace Holdings, Inc.*
(Life Sciences Tools &
Services)		    

0.0

%

    

97

      

20,119

    
MicroStrategy, Inc.,
Class A* (Software)		    

0.1

%

    

36

      

25,972

    
Novanta, Inc.* (Electronic
Equipment, Instruments &
Components)		    

0.0

%

    

126

      

20,343

    
Omnicell, Inc.* (Health
Care Technology)		    

0.1

%

    

161

      

28,497

    
Ovintiv, Inc. (Oil, Gas &
Consumable Fuels)		    

0.1

%

    

951

      

33,057

    
Performance Food Group
Co.* (Food & Staples
Retailing)		    

0.0

%

    

551

      

22,211

    
Power Integrations, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.0

%

    

221

      

22,107

    

Rapid7, Inc.*(a) (Software)

    

0.1

%

    

200

      

24,812

    
RBC Bearings, Inc.*
(Machinery)		    

0.0

%

    

109

      

21,548

    

Saia, Inc.* (Road & Rail)

    

0.1

%

    

104

      

34,443

    
Scientific Games Corp.*
(Hotels, Restaurants &
Leisure)		    

0.0

%

    

351

      

22,436

    
Semtech Corp.*
(Semiconductors &
Semiconductor Equipment)		    

0.0

%

    

243

      

20,818

    
Shockwave Medical, Inc.*
(Health Care Equipment &
Supplies)		    

0.0

%

    

119

      

21,449

    
Silicon Laboratories, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.1

%

    

166

      

32,581

    
STAG Industrial, Inc.
(Equity Real Estate
Investment Trusts (REITs))		    

0.1

%

    

587

      

25,581

    
Synaptics, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.1

%

    

126

      

35,562

    
Tenet Healthcare Corp.*
(Health Care Providers &
Services)		    

0.1

%

    

379

      

27,618

    
Tetra Tech, Inc. (Commercial
Services & Supplies)		    

0.1

%

    

193

      

35,643

    

See accompanying notes to the financial statements.

12 :: HDG HEDGE REPLICATION ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (continued)

  
Texas Roadhouse, Inc.
(Hotels, Restaurants &
Leisure)		    

0.0

%

    

250

    

$

20,735

    
WESCO International, Inc.*
(Trading Companies &
Distributors)		    

0.0

%

    

167

      

20,730

    
WillScot Mobile Mini
Holdings Corp.*
(Construction &
Engineering)		    

0.1

%

    

762

      

29,025

    

Workiva, Inc.* (Software)

    

0.0

%

    

160

      

22,315

    

Other Common Stocks (a)

    

20.8

%

    

391,679

      

9,190,626

    
Total Common Stocks
(Cost $9,845,271)		            

10,529,484

    
        No. of
Rights		      

Rights — 0.0%

  
Contra Aduro Biotech I,
CVR*(b)(c)		    

0.0

%

    

39

      

—

    
Tobira Therapeutics, Inc.,
CVR*(b)(c)		    

0.0

%

    

10

      

—

    

Total Rights (Cost $117)

            

—

    
       

Shares

      

Securities Lending Reinvestments (d) — 0.1%

  

Investment Companies — 0.1%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $31,495)		    

0.1

%

    

31,495

      

31,495

    
        Principal
Amount		      

Short-Term Investments — 76.2%

  

Repurchase Agreements (e) — 11.5%

  

 

Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $5,097,315
(Cost $5,097,312)		  

$

5,097,312

      

5,097,312

    

U.S. Treasury Obligations — 64.7%

  
U.S. Treasury Bills
0.04%, 2/3/2022 (f)
(Cost $28,567,725)		    

28,570,000

      

28,567,786

    
Total Short-Term Investments
(Cost $33,665,037)		        

33,665,098

    
Total Investments — 100.1%
(Cost $43,541,920)		        

44,226,077

    

Liabilities in excess of other assets — (0.1%)

        

(54,552

)

  

Net Assets — 100.0%

      

$

44,171,525

    

*  Non-income producing security.

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $118,010, collateralized in the form of cash with a value of $31,495 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $95,747 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.88%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $127,242.

(b)  Illiquid security.

(c)  Security fair valued as of November 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2021 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

(d)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $31,495.

(e)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(f)  The rate shown was the current yield as of November 30, 2021.

Abbreviations

CVR  Contingent Value Rights — No defined expiration

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

1,327,505

    

Aggregate gross unrealized depreciation

    

(1,305,268

)

  

Net unrealized appreciation

  

$

22,237

    

Federal income tax cost

  

$

43,716,758

    

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: HEDGE REPLICATION ETF HDG :: 13

Futures Contracts Purchased

Hedge Replication ETF had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

E-Mini Euro

    

50

    

12/13/2021

  

USD

      

$

3,544,688

    

$

(101,037

)

  

Swap Agreementsa

Hedge Replication ETF had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

68,166

    
4/10/2023		   Credit Suisse
International		    

0.52

%

   Russell 2000®
Total Return Index		    

(7,518

)

                          
 

675,916

    
4/10/2023		   Credit Suisse
International		    

0.67

%

   S&P 500®
Total Return Index		    

(16,167

)

                          
 

937,624

    

4/10/2023		  
Credit Suisse
International		    

0.37

%

   iShares®
MSCI Emerging
Markets ETFf		    

(49,189

)

                          
 

1,681,706

                                      

(72,874

)

    

—

      

72,874

      

—

    
 

288,316

    

4/10/2023		   Morgan
Stanley & Co.
International plc		    

0.32

%

   iShares®
MSCI Emerging
Markets ETFf		    

(12,698

)

    

—

      

12,698

      

—

    

492,556		  
3/7/2023		  
Societe Generale		    

0.42

%

   Russell 2000®
Total Return Index		    

(54,289

)

                          
 

511,082

    
3/7/2023		  
Societe Generale		    

0.57

%

   iShares®
MSCI EAFE ETFf		    

(33,317

)

                          
 

662,215

    
3/7/2023		  
Societe Generale		    

0.47

%

   S&P 500®
Total Return Index		    

(18,945

)

                          
 

1,408,223

    

3/7/2023		  

Societe Generale		    

(0.18

)%

   iShares®
MSCI Emerging
Markets ETFf		    

(73,378

)

                          
 

3,074,076

                                      

(179,929

)

    

—

      

40,000

      

(139,929

)

  
 

212,599

    
1/8/2024		  
UBS AG		    

0.27

%

   iShares®
MSCI EAFE ETFf		    

(11,836

)

                          
 

646,480

    
3/7/2023		  
UBS AG		    

0.07

%

   Russell 2000®
Total Return Index		    

(71,101

)

                          
 

885,203

    

11/6/2023		  

UBS AG		    

(0.13

)%

   iShares®
MSCI Emerging
Markets ETFf		    

(37,607

)

                          
 

1,744,282

                                      

(120,544

)

    

—

      

120,544

      

—

    
 

6,788,380

                                      

(386,045

)

                          
                                Total Unrealized
Depreciation		    

(386,045

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

See accompanying notes to the financial statements.

14 :: HDG HEDGE REPLICATION ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

Abbreviations

USD  U.S. Dollar

Hedge Replication ETF invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

0.1

%

  

Air Freight & Logistics

    

0.1

%

  

Airlines

    

0.1

%

  

Auto Components

    

0.3

%

  

Automobiles

    

0.1

%

  

Banks

    

2.0

%

  

Beverages

    

0.1

%

  

Biotechnology

    

2.1

%

  

Building Products

    

0.3

%

  

Capital Markets

    

0.4

%

  

Chemicals

    

0.5

%

  

Commercial Services & Supplies

    

0.4

%

  

Communications Equipment

    

0.2

%

  

Construction & Engineering

    

0.4

%

  

Construction Materials

    

0.0

%*

  

Consumer Finance

    

0.2

%

  

Containers & Packaging

    

0.1

%

  

Distributors

    

0.0

%*

  

Diversified Consumer Services

    

0.1

%

  

Diversified Financial Services

    

0.0

%*

  

Diversified Telecommunication Services

    

0.1

%

  

Electric Utilities

    

0.1

%

  

Electrical Equipment

    

0.3

%

  

Electronic Equipment, Instruments & Components

    

0.5

%

  

Energy Equipment & Services

    

0.2

%

  

Entertainment

    

0.2

%

  

Equity Real Estate Investment Trusts (REITs)

    

1.5

%

  

Food & Staples Retailing

    

0.2

%

  

Food Products

    

0.2

%

  

Gas Utilities

    

0.2

%

  

Health Care Equipment & Supplies

    

0.8

%

  

Health Care Providers & Services

    

0.7

%

  

Health Care Technology

    

0.3

%

  

Hotels, Restaurants & Leisure

    

0.5

%

  

Household Durables

    

0.5

%

  

Household Products

    

0.1

%

  

Independent Power and Renewable Electricity Producers

    

0.1

%

  

Insurance

    

0.5

%

  

Interactive Media & Services

    

0.1

%

  

Internet & Direct Marketing Retail

    

0.1

%

  

IT Services

    

0.4

%

  

Leisure Products

    

0.1

%

  

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: HEDGE REPLICATION ETF HDG :: 15

Life Sciences Tools & Services

    

0.2

%

  

Machinery

    

0.9

%

  

Marine

    

0.0

%*

  

Media

    

0.3

%

  

Metals & Mining

    

0.3

%

  

Mortgage Real Estate Investment Trusts (REITs)

    

0.3

%

  

Multiline Retail

    

0.1

%

  

Multi-Utilities

    

0.1

%

  

Oil, Gas & Consumable Fuels

    

0.9

%

  

Paper & Forest Products

    

0.0

%*

  

Personal Products

    

0.1

%

  

Pharmaceuticals

    

0.3

%

  

Professional Services

    

0.4

%

  

Real Estate Management & Development

    

0.2

%

  

Road & Rail

    

0.3

%

  

Semiconductors & Semiconductor Equipment

    

0.9

%

  

Software

    

1.5

%

  

Specialty Retail

    

0.6

%

  

Technology Hardware, Storage & Peripherals

    

0.1

%

  

Textiles, Apparel & Luxury Goods

    

0.2

%

  

Thrifts & Mortgage Finance

    

0.4

%

  

Tobacco

    

0.0

%*

  

Trading Companies & Distributors

    

0.4

%

  

Water Utilities

    

0.1

%

  

Wireless Telecommunication Services

    

0.0

%*

  

Othera

    

76.2

%

  
     

100.0

%

  

*  Amount represents less than 0.05%.

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

16 :: HDG HEDGE REPLICATION ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Corporate Bonds — 95.5%

  

Aerospace & Defense — 3.2%

  

Bombardier, Inc.

  

7.88%, 4/15/2027 (a)(b)

  

$

1,331,000

    

$

1,369,625

    

Spirit AeroSystems, Inc.

  

7.50%, 4/15/2025 (b)

    

380,000

      

397,575

    

TransDigm, Inc.

  

6.25%, 3/15/2026 (b)

    

2,185,000

      

2,266,937

    

5.50%, 11/15/2027

    

542,000

      

547,024

    
     

4,581,161

    

Airlines — 3.8%

  

American Airlines, Inc.

  

5.50%, 4/20/2026 (b)

    

1,962,000

      

2,003,692

    

5.75%, 4/20/2029 (b)

    

1,091,000

      

1,137,788

    

Hawaiian Brand Intellectual Property Ltd.

  

5.75%, 1/20/2026 (b)

    

1,097,000

      

1,124,425

    

United Airlines, Inc.

  

4.63%, 4/15/2029 (b)

    

1,277,000

      

1,269,542

    
     

5,535,447

    

Auto Components — 1.3%

  

Allison Transmission, Inc.

  

3.75%, 1/30/2031 (b)

    

597,000

      

570,881

    

Clarios Global LP

  

8.50%, 5/15/2027 (b)

    

726,000

      

764,115

    

Icahn Enterprises LP

  

6.25%, 5/15/2026

    

537,000

      

551,768

    
     

1,886,764

    

Automobiles — 0.4%

  

Ford Motor Co.

  

3.25%, 2/12/2032

    

600,000

      

601,020

    

Building Products — 1.3%

  

Builders FirstSource, Inc.

  

4.25%, 2/1/2032 (b)

    

441,000

      

442,918

    

SRM Escrow Issuer LLC

  

6.00%, 11/1/2028 (b)

    

524,000

      

542,246

    

Standard Industries, Inc.

  

4.38%, 7/15/2030 (b)

    

361,000

      

355,134

    

3.38%, 1/15/2031 (b)

    

554,000

      

510,505

    
     

1,850,803

    

Capital Markets — 2.3%

  

Coinbase Global, Inc.

  

3.63%, 10/1/2031 (b)

    

752,000

      

695,600

    

Compass Group Diversified Holdings LLC

  

5.25%, 4/15/2029 (b)

    

668,000

      

687,352

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

MSCI, Inc.

  

4.00%, 11/15/2029 (b)

  

$

1,048,000

    

$

1,084,680

    

3.88%, 2/15/2031 (b)

    

848,000

      

872,448

    
     

3,340,080

    

Chemicals — 1.4%

  

NOVA Chemicals Corp.

  

4.88%, 6/1/2024 (b)

    

505,000

      

523,306

    

5.25%, 6/1/2027 (b)

    

332,000

      

347,179

    

SCIH Salt Holdings, Inc.

  

4.88%, 5/1/2028 (b)

    

287,000

      

272,056

    

Tronox, Inc.

  

4.63%, 3/15/2029 (b)

    

502,000

      

485,730

    

WR Grace Holdings LLC

  

5.63%, 8/15/2029 (b)

    

345,000

      

346,908

    
     

1,975,179

    

Commercial Services & Supplies — 2.7%

  

Allied Universal Holdco LLC

  

6.63%, 7/15/2026 (b)

    

1,110,000

      

1,143,300

    

Aramark Services, Inc.

  

6.38%, 5/1/2025 (b)

    

110,000

      

114,730

    

5.00%, 2/1/2028 (a)(b)

    

1,180,000

      

1,185,900

    

Madison IAQ LLC

  

5.88%, 6/30/2029 (b)

    

510,000

      

490,645

    

Nielsen Finance LLC

  

5.63%, 10/1/2028 (b)

    

150,000

      

153,117

    

Prime Security Services Borrower LLC

  

5.75%, 4/15/2026 (b)

    

564,000

      

596,430

    

6.25%, 1/15/2028 (a)(b)

    

200,000

      

203,216

    
     

3,887,338

    

Communications Equipment — 0.8%

  

Avaya, Inc.

  

6.13%, 9/15/2028 (b)

    

650,000

      

672,705

    

CommScope, Inc.

  

6.00%, 3/1/2026 (b)

    

483,000

      

494,080

    
     

1,166,785

    

Construction & Engineering — 0.3%

  

Brand Industrial Services, Inc.

  

8.50%, 7/15/2025 (a)(b)

    

418,000

      

411,730

    

Consumer Finance — 1.7%

  

Ford Motor Credit Co. LLC

  

3.38%, 11/13/2025

    

600,000

      

612,750

    

OneMain Finance Corp.

  

6.13%, 3/15/2024

    

843,000

      

885,150

    

7.13%, 3/15/2026

    

886,000

      

996,221

    
     

2,494,121

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: HIGH YIELD—INTEREST RATE HEDGED HYHG :: 17

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Containers & Packaging — 2.1%

  
Ardagh Metal Packaging Finance
USA LLC		  

4.00%, 9/1/2029 (b)

  

$

350,000

    

$

340,204

    

Ball Corp.

  

2.88%, 8/15/2030

    

346,000

      

328,683

    
Mauser Packaging Solutions
Holding Co.		  

5.50%, 4/15/2024 (b)

    

1,113,000

      

1,114,013

    

7.25%, 4/15/2025 (a)(b)

    

459,000

      

449,820

    

Pactiv Evergreen Group Issuer, Inc.

  

4.00%, 10/15/2027 (a)(b)

    

390,000

      

374,400

    

Trivium Packaging Finance BV

  

5.50%, 8/15/2026 (b)(c)

    

366,000

      

377,829

    
     

2,984,949

    

Diversified Financial Services — 1.1%

  

Midcap Financial Issuer Trust

  

6.50%, 5/1/2028 (b)

    

479,000

      

488,580

    

MPH Acquisition Holdings LLC

  

5.75%, 11/1/2028 (a)(b)

    

680,000

      

604,037

    

Verscend Escrow Corp.

  

9.75%, 8/15/2026 (b)

    

414,000

      

434,781

    
     

1,527,398

    

Diversified Telecommunication Services — 5.7%

  

Altice France SA

  

5.13%, 7/15/2029 (b)

    

937,000

      

890,506

    

5.50%, 10/15/2029 (b)

    

500,000

      

482,500

    

CCO Holdings LLC

  

5.13%, 5/1/2027 (b)

    

1,575,000

      

1,620,942

    

4.75%, 3/1/2030 (b)

    

976,000

      

995,520

    

Frontier Communications Holdings LLC

  

5.88%, 10/15/2027 (b)

    

446,000

      

460,573

    

5.00%, 5/1/2028 (b)

    

1,074,000

      

1,077,018

    

Level 3 Financing, Inc.

  

4.25%, 7/1/2028 (b)

    

150,000

      

145,956

    

Lumen Technologies, Inc.

  

5.13%, 12/15/2026 (b)

    

637,000

      

638,115

    

Windstream Escrow LLC

  

7.75%, 8/15/2028 (b)

    

497,000

      

517,909

    

Zayo Group Holdings, Inc.

  

4.00%, 3/1/2027 (b)

    

1,330,000

      

1,267,630

    

6.13%, 3/1/2028 (b)

    

150,000

      

141,187

    
     

8,237,856

    

Electric Utilities — 2.5%

  

FirstEnergy Corp.

  

Series C, 5.35%, 7/15/2047 (c)

    

1,219,000

      

1,453,447

    

NRG Energy, Inc.

  

3.88%, 2/15/2032 (b)

    

417,000

      

400,258

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

PG&E Corp.

  

5.25%, 7/1/2030

  

$

806,000

    

$

826,150

    

Vistra Operations Co. LLC

  

5.63%, 2/15/2027 (b)

    

473,000

      

485,721

    

5.00%, 7/31/2027 (b)

    

400,000

      

404,224

    
     

3,569,800

    

Electrical Equipment — 0.4%

  

Sensata Technologies BV

  

4.00%, 4/15/2029 (b)

    

609,000

      

617,526

    

Entertainment — 0.6%

  

Lions Gate Capital Holdings LLC

  

5.50%, 4/15/2029 (b)

    

330,000

      

334,538

    

Live Nation Entertainment, Inc.

  

6.50%, 5/15/2027 (b)

    

540,000

      

583,988

    
     

918,526

    

Equity Real Estate Investment Trusts (REITs) — 3.6%

  

Diversified Healthcare Trust

  

9.75%, 6/15/2025

    

163,000

      

176,040

    

HAT Holdings I LLC

  

3.38%, 6/15/2026 (b)

    

427,000

      

420,061

    

Iron Mountain, Inc.

  

4.50%, 2/15/2031 (b)

    

948,000

      

930,889

    

SBA Communications Corp.

  

3.88%, 2/15/2027

    

430,000

      

440,138

    

3.13%, 2/1/2029 (b)

    

753,000

      

715,350

    

Uniti Group LP

  

7.88%, 2/15/2025 (b)

    

336,000

      

351,328

    

6.50%, 2/15/2029 (b)

    

600,000

      

579,000

    

VICI Properties LP

  

4.25%, 12/1/2026 (b)

    

785,000

      

809,555

    

4.13%, 8/15/2030 (b)

    

685,000

      

715,825

    
     

5,138,186

    

Food & Staples Retailing — 1.7%

  

Albertsons Cos., Inc.

  

4.63%, 1/15/2027 (b)

    

649,000

      

672,786

    

3.50%, 3/15/2029 (b)

    

350,000

      

346,867

    

Performance Food Group, Inc.

  

5.50%, 10/15/2027 (b)

    

759,000

      

781,770

    

US Foods, Inc.

  

6.25%, 4/15/2025 (b)

    

687,000

      

714,961

    
     

2,516,384

    

Food Products — 1.4%

  

NBM US Holdings, Inc.

  

7.00%, 5/14/2026 (b)

    

207,000

      

216,992

    

Pilgrim's Pride Corp.

  

4.25%, 4/15/2031 (b)

    

412,000

      

431,570

    

See accompanying notes to the financial statements.

18 :: HYHG HIGH YIELD—INTEREST RATE HEDGED :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Post Holdings, Inc.

  

4.63%, 4/15/2030 (b)

  

$

748,000

    

$

738,650

    

4.50%, 9/15/2031 (b)

    

610,000

      

587,125

    
     

1,974,337

    

Health Care Equipment & Supplies — 1.9%

  

Avantor Funding, Inc.

  

4.63%, 7/15/2028 (b)

    

788,000

      

813,768

    

Mozart Debt Merger Sub, Inc.

  

3.88%, 4/1/2029 (b)

    

600,000

      

592,500

    

5.25%, 10/1/2029 (b)

    

1,304,000

      

1,304,000

    
     

2,710,268

    

Health Care Providers & Services — 4.2%

  

Community Health Systems, Inc.

  

8.00%, 3/15/2026 (b)

    

736,000

      

769,120

    

5.63%, 3/15/2027 (b)

    

794,000

      

813,850

    

DaVita, Inc.

  

4.63%, 6/1/2030 (b)

    

700,000

      

689,622

    

3.75%, 2/15/2031 (b)

    

860,000

      

796,747

    

Envision Healthcare Corp.

  

8.75%, 10/15/2026 (b)

    

507,000

      

308,003

    

MEDNAX, Inc.

  

6.25%, 1/15/2027 (b)

    

355,000

      

370,514

    
RegionalCare Hospital Partners
Holdings, Inc.		  

9.75%, 12/1/2026 (b)

    

548,000

      

574,715

    

Select Medical Corp.

  

6.25%, 8/15/2026 (b)

    

323,000

      

339,121

    

Tenet Healthcare Corp.

  

4.88%, 1/1/2026 (b)

    

450,000

      

460,125

    

6.13%, 10/1/2028 (b)

    

1,002,000

      

1,028,252

    
     

6,150,069

    

Health Care Technology — 0.1%

  

IQVIA, Inc.

  

5.00%, 5/15/2027 (b)

    

190,000

      

195,700

    

Hotels, Restaurants & Leisure — 9.0%

  
1011778 BC ULC  

4.00%, 10/15/2030 (b)

    

1,130,000

      

1,077,670

    

Caesars Entertainment, Inc.

  

6.25%, 7/1/2025 (b)

    

866,000

      

900,449

    

8.13%, 7/1/2027 (b)

    

1,370,000

      

1,503,096

    

Carnival Corp.

  

5.75%, 3/1/2027 (b)

    

1,286,000

      

1,251,471

    

4.00%, 8/1/2028 (b)

    

1,060,000

      

1,027,702

    

Cedar Fair LP

  

5.50%, 5/1/2025 (b)

    

350,000

      

361,473

    

Golden Nugget, Inc.

  

6.75%, 10/15/2024 (a)(b)

    

480,000

      

480,000

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Hilton Domestic Operating Co., Inc.

  

4.00%, 5/1/2031 (b)

  

$

597,000

    

$

598,198

    

3.63%, 2/15/2032 (b)

    

1,549,000

      

1,503,568

    

Mohegan Gaming & Entertainment

  

8.00%, 2/1/2026 (b)

    

607,000

      

621,726

    

NCL Corp. Ltd.

  

5.88%, 3/15/2026 (b)

    

668,000

      

651,046

    

Royal Caribbean Cruises Ltd.

  

11.50%, 6/1/2025 (b)

    

227,000

      

254,149

    

5.50%, 4/1/2028 (b)

    

696,000

      

676,860

    

Scientific Games International, Inc.

  

5.00%, 10/15/2025 (b)

    

1,355,000

      

1,390,569

    

8.25%, 3/15/2026 (b)

    

194,000

      

204,210

    

Yum! Brands, Inc.

  

3.63%, 3/15/2031

    

578,000

      

560,469

    
     

13,062,656

    
Independent Power and Renewable
Electricity Producers — 0.9%		  

Calpine Corp.

  

4.50%, 2/15/2028 (b)

    

796,000

      

792,020

    

5.13%, 3/15/2028 (b)

    

511,000

      

505,870

    
     

1,297,890

    

Insurance — 1.3%

  

Alliant Holdings Intermediate LLC

  

6.75%, 10/15/2027 (b)

    

548,000

      

553,694

    

HUB International Ltd.

  

7.00%, 5/1/2026 (b)

    

729,000

      

744,491

    

NFP Corp.

  

6.88%, 8/15/2028 (b)

    

631,000

      

625,138

    
     

1,923,323

    

IT Services — 1.4%

  

Black Knight InfoServ LLC

  

3.63%, 9/1/2028 (b)

    

340,000

      

330,990

    

Square, Inc.

  

2.75%, 6/1/2026 (b)

    

1,669,000

      

1,660,889

    
     

1,991,879

    

Machinery — 0.3%

  

TK Elevator US Newco, Inc.

  

5.25%, 7/15/2027 (b)

    

449,000

      

456,602

    

Media — 8.5%

  

AMC Networks, Inc.

  

4.25%, 2/15/2029

    

296,000

      

288,212

    

Clear Channel Outdoor Holdings, Inc.

  

7.50%, 6/1/2029 (b)

    

150,000

      

154,125

    

Clear Channel Worldwide Holdings, Inc.

  

5.13%, 8/15/2027 (b)

    

775,000

      

782,750

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: HIGH YIELD—INTEREST RATE HEDGED HYHG :: 19

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

CSC Holdings LLC

  

5.75%, 1/15/2030 (b)

  

$

740,000

    

$

724,741

    

4.63%, 12/1/2030 (b)

    

1,118,000

      

1,039,740

    

Diamond Sports Group LLC

  

5.38%, 8/15/2026 (b)

    

1,592,000

      

704,460

    

6.63%, 8/15/2027 (b)

    

1,689,000

      

353,905

    

iHeartCommunications, Inc.

  

8.38%, 5/1/2027

    

400,000

      

420,860

    

Meredith Corp.

  

6.88%, 2/1/2026

    

433,000

      

447,887

    

Midas OpCo Holdings LLC

  

5.63%, 8/15/2029 (b)

    

233,000

      

234,748

    

News Corp.

  

3.88%, 5/15/2029 (b)

    

463,000

      

455,016

    

Nexstar Media, Inc.

  

5.63%, 7/15/2027 (b)

    

744,000

      

771,900

    

4.75%, 11/1/2028 (b)

    

444,000

      

444,000

    

Radiate Holdco LLC

  

6.50%, 9/15/2028 (b)

    

349,000

      

338,425

    

Sirius XM Radio, Inc.

  

4.00%, 7/15/2028 (b)

    

1,316,000

      

1,301,195

    

3.88%, 9/1/2031 (b)

    

266,000

      

252,035

    

TEGNA, Inc.

  

4.63%, 3/15/2028

    

625,000

      

622,531

    

5.00%, 9/15/2029

    

906,000

      

908,890

    

Terrier Media Buyer, Inc.

  

8.88%, 12/15/2027 (b)

    

340,000

      

360,298

    

Univision Communications, Inc.

  

6.63%, 6/1/2027 (b)

    

226,000

      

241,752

    

4.50%, 5/1/2029 (b)

    

704,000

      

703,514

    

UPC Broadband Finco BV

  

4.88%, 7/15/2031 (b)

    

678,000

      

684,780

    
     

12,235,764

    

Metals & Mining — 1.7%

  

First Quantum Minerals Ltd.

  

7.25%, 4/1/2023 (b)

    

258,000

      

262,850

    

6.88%, 10/15/2027 (b)

    

1,413,000

      

1,493,541

    

Novelis Corp.

  

4.75%, 1/30/2030 (b)

    

680,000

      

686,583

    
     

2,442,974

    

Multiline Retail — 0.2%

  

NMG Holding Co., Inc.

  

7.13%, 4/1/2026 (b)

    

304,000

      

317,802

    

Oil, Gas & Consumable Fuels — 10.0%

  

Cheniere Energy Partners LP

  

4.00%, 3/1/2031 (b)

    

1,232,000

      

1,256,640

    

CITGO Petroleum Corp.

  

7.00%, 6/15/2025 (b)

    

831,000

      

837,847

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Comstock Resources, Inc.

  

6.75%, 3/1/2029 (a)(b)

  

$

962,000

    

$

1,000,480

    

CrownRock LP

  

5.63%, 10/15/2025 (b)

    

523,000

      

526,923

    

DT Midstream, Inc.

  

4.38%, 6/15/2031 (b)

    

1,307,000

      

1,297,198

    

Endeavor Energy Resources LP

  

5.75%, 1/30/2028 (b)

    

354,000

      

368,160

    

EQM Midstream Partners LP

  

4.75%, 1/15/2031 (b)

    

182,000

      

183,820

    

EQT Corp.

  

6.63%, 2/1/2025 (c)

    

769,000

      

855,428

    

3.90%, 10/1/2027

    

400,000

      

417,016

    

ITT Holdings LLC

  

6.50%, 8/1/2029 (b)

    

446,000

      

433,236

    

Matador Resources Co.

  

5.88%, 9/15/2026

    

1,282,000

      

1,302,512

    

MEG Energy Corp.

  

7.13%, 2/1/2027 (b)

    

532,000

      

547,960

    

New Fortress Energy, Inc.

  

6.75%, 9/15/2025 (b)

    

437,000

      

419,629

    

NGL Energy Operating LLC

  

7.50%, 2/1/2026 (b)

    

918,000

      

917,082

    

Occidental Petroleum Corp.

  

6.45%, 9/15/2036

    

1,103,000

      

1,369,639

    

Targa Resources Partners LP

  

4.00%, 1/15/2032 (b)

    

1,551,000

      

1,602,214

    

Venture Global Calcasieu Pass LLC

  

3.88%, 8/15/2029 (b)

    

509,000

      

510,995

    

4.13%, 8/15/2031 (b)

    

682,000

      

697,529

    
     

14,544,308

    

Pharmaceuticals — 3.7%

  

Bausch Health Americas, Inc.

  

8.50%, 1/31/2027 (b)

    

1,079,000

      

1,109,622

    

Bausch Health Cos., Inc.

  

5.50%, 11/1/2025 (b)

    

349,000

      

352,734

    

Endo Dac

  

6.00%, 6/30/2028 (b)

    

720,000

      

550,800

    

Organon & Co.

  

4.13%, 4/30/2028 (b)

    

365,000

      

364,139

    

5.13%, 4/30/2031 (b)

    

1,570,000

      

1,601,400

    

Par Pharmaceutical, Inc.

  

7.50%, 4/1/2027 (b)

    

1,310,000

      

1,323,100

    
     

5,301,795

    

Road & Rail — 1.3%

  

Hertz Corp. (The)

  

5.00%, 12/1/2029 (b)

    

430,000

      

421,671

    

Uber Technologies, Inc.

  

8.00%, 11/1/2026 (b)

    

815,000

      

868,162

    

See accompanying notes to the financial statements.

20 :: HYHG HIGH YIELD—INTEREST RATE HEDGED :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

XPO Logistics, Inc.

  

6.25%, 5/1/2025 (b)

  

$

590,000

    

$

613,718

    
     

1,903,551

    

Software — 2.5%

  

Change Healthcare Holdings LLC

  

5.75%, 3/1/2025 (b)

    

1,104,000

      

1,103,680

    

NCR Corp.

  

5.13%, 4/15/2029 (b)

    

236,000

      

239,540

    

NortonLifeLock, Inc.

  

5.00%, 4/15/2025 (b)

    

1,233,000

      

1,245,330

    

SS&C Technologies, Inc.

  

5.50%, 9/30/2027 (a)(b)

    

632,000

      

656,885

    

Veritas US, Inc.

  

7.50%, 9/1/2025 (b)

    

363,000

      

373,890

    
     

3,619,325

    

Specialty Retail — 2.7%

  

Bath & Body Works, Inc.

  

6.63%, 10/1/2030 (b)

    

850,000

      

941,375

    

Michaels Cos., Inc. (The)

  

7.88%, 5/1/2029 (b)

    

601,000

      

596,492

    

PetSmart, Inc.

  

7.75%, 2/15/2029 (b)

    

728,000

      

778,050

    

Staples, Inc.

  

7.50%, 4/15/2026 (b)

    

1,337,000

      

1,327,514

    

10.75%, 4/15/2027 (b)

    

260,000

      

237,271

    
     

3,880,702

    

Technology Hardware, Storage & Peripherals — 0.7%

  

Xerox Corp.

  

4.38%, 3/15/2023 (c)

    

1,010,000

      

1,033,987

    

Thrifts & Mortgage Finance — 0.5%

  

Rocket Mortgage LLC

  

3.88%, 3/1/2031 (b)

    

805,000

      

794,603

    

Trading Companies & Distributors — 3.2%

  

Fortress Transportation and Infrastructure Investors LLC

  

5.50%, 5/1/2028 (b)

    

150,000

      

147,000

    

H&E Equipment Services, Inc.

  

3.88%, 12/15/2028 (b)

    

1,120,000

      

1,092,851

    

Herc Holdings, Inc.

  

5.50%, 7/15/2027 (b)

    

398,000

      

411,799

    

Imola Merger Corp.

  

4.75%, 5/15/2029 (b)

    

453,000

      

456,397

    

United Rentals North America, Inc.

  

4.88%, 1/15/2028

    

1,376,000

      

1,441,360

    

WESCO Distribution, Inc.

  

7.13%, 6/15/2025 (b)

    

962,000

      

1,016,180

    
     

4,565,587

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Wireless Telecommunication Services — 3.1%

  

Sprint Corp.

  

7.63%, 3/1/2026

  

$

559,000

    

$

660,319

    

T-Mobile USA, Inc.

  

4.75%, 2/1/2028

    

994,000

      

1,038,412

    

3.50%, 4/15/2031

    

1,001,000

      

1,018,217

    

Vmed O2 UK Financing I plc

  

4.25%, 1/31/2031 (b)

    

1,312,000

      

1,255,230

    

4.75%, 7/15/2031 (b)

    

566,000

      

557,510

    
     

4,529,688

    
Total Corporate Bonds
(Cost $140,913,311)		        

138,173,863

    
   

Shares

      

Securities Lending Reinvestments (d) — 1.1%

  

Investment Companies — 1.1%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $1,649,813)		    

1,649,813

      

1,649,813

    
    Principal
Amount		      

Short-Term Investments — 1.8%

  

Repurchase Agreements (e) — 1.8%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $2,596,057
(Cost $2,596,056)		  

$

2,596,056

      

2,596,056

    
Total Investments — 98.4%
(Cost $145,159,180)		        

142,419,732

    

Other assets less liabilities — 1.6%

        

2,296,878

    

Net Assets — 100.0%

      

$

144,716,610

    

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $4,554,848, collateralized in the form of cash with a value of $1,649,813 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $3,099,184 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 3.88%, and maturity dates ranging from December 30, 2021 - February 15, 2050. The total value of collateral is $4,748,997.

(b)  Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: HIGH YIELD—INTEREST RATE HEDGED HYHG :: 21

(c)  Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of November 30, 2021.

(d)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $1,649,813.

(e)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

980,972

    

Aggregate gross unrealized depreciation

    

(3,960,985

)

  

Net unrealized depreciation

  

$

(2,980,013

)

  

Federal income tax cost

  

$

145,160,808

    

Futures Contracts Sold

High Yield-Interest Rate Hedged had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation/
(Depreciation)		  

U.S. Treasury 10 Year Note

    

456

    

3/22/2022

  

USD

      

$

59,650,500

    

$

(196,971

)

  

U.S. Treasury 2 Year Note

    

147

    

3/31/2022

  

USD

        

32,153,953

      

8,145

    

U.S. Treasury 5 Year Note

    

418

    

3/31/2022

  

USD

        

50,744,547

      

(50,111

)

  
   

$

(238,937

)

  

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

22 :: HYHG HIGH YIELD—INTEREST RATE HEDGED :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

U.S. Treasury Obligations — 77.2%

  
U.S. Treasury Inflation Linked Bonds
0.13%, 2/15/2051
(Cost $28,734,665)		  

$

27,307,238

    

$

32,819,491

    

Short-Term Investments — 22.6%

  

Repurchase Agreements (a) — 22.6%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $9,627,353
(Cost $9,627,346)		    

9,627,346

      

9,627,346

    
Total Investments — 99.8%
(Cost $38,362,011)		        

42,446,837

    

Other assets less liabilities — 0.2%

        

84,775

    

Net Assets — 100.0%

      

$

42,531,612

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

5,029,961

    

Aggregate gross unrealized depreciation

    

(2,029,589

)

  

Net unrealized appreciation

  

$

3,000,372

    

Federal income tax cost

  

$

38,362,011

    

Swap Agreementsa

Inflation Expectations ETF had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

7,097,374

    








8/8/2022		  








Citibank NA		    

(0.19

)%

   FTSE 30-Year
TIPS (Treasury
Rate-Hedged)
Index (long
exposure to
30-year Treasury
Inflation-
Protected
Securities
(TIPS) bond)f		    

928,653

                            
 

59,234,948

    






8/8/2022		  






Citibank NA		    

(0.28

)%

   FTSE 30-Year
TIPS (Treasury
Rate-Hedged)
Index (long
exposure to
30-year Treasury
Bond inverse
index)g		    

(1,918,419

)

                          
 

66,332,322

                                      

(989,766

)

    

—

      

816,600

      

(173,166

)

  
 

2,628,885

    








11/6/2023		  








Societe Generale		    

0.16

%

   FTSE 30-Year
TIPS (Treasury
Rate-Hedged)
Index (long
exposure to
30-year Treasury
Inflation-
Protected
Securities
(TIPS) bond)f		    

16,482

                            

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: INFLATION EXPECTATIONS ETF RINF :: 23

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

7,238,714

    






11/6/2023		  






Societe Generale		    

(0.39

)%

   FTSE 30-Year
TIPS (Treasury
Rate-Hedged)
Index (long
exposure to
30-year Treasury
Bond inverse
index)g		    

(111,170

)

                          
 

9,867,599

                                      

(94,688

)

    

—

      

94,688

      

—

    
 

76,199,921

                                      

(1,084,454

)

                          
                                Total Unrealized
Appreciation		    

945,135

                            
                                Total Unrealized
Depreciation		    

(2,029,589

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  See the U.S. Treasury Obligations section of the preceding Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings.

g  Certain underlying component disclosures related to this index may be found on the website at www.proshares.com/media/FTSE30-Year_TIPS_November.pdf

See accompanying notes to the financial statements.

24 :: RINF INFLATION EXPECTATIONS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Corporate Bonds — 95.2%

  

Aerospace & Defense — 0.8%

  

Lockheed Martin Corp.

  

4.07%, 12/15/2042

  

$

4,170,000

    

$

4,982,290

    

Raytheon Technologies Corp.

  

4.50%, 6/1/2042

    

3,139,000

      

3,864,979

    
     

8,847,269

    

Air Freight & Logistics — 0.4%

  

United Parcel Service, Inc.

  

6.20%, 1/15/2038

    

3,182,000

      

4,659,762

    

Automobiles — 1.3%

  

Daimler Finance North America LLC

  

8.50%, 1/18/2031

    

3,531,000

      

5,286,816

    

General Motors Co.

  

6.25%, 10/2/2043

    

2,499,000

      

3,404,348

    

5.20%, 4/1/2045

    

4,001,000

      

4,954,817

    
     

13,645,981

    

Banks — 26.5%

  

Banco Santander SA

  

3.80%, 2/23/2028

    

1,088,000

      

1,185,251

    

4.38%, 4/12/2028

    

2,402,000

      

2,696,941

    

3.31%, 6/27/2029

    

4,864,000

      

5,209,767

    

3.49%, 5/28/2030

    

2,353,000

      

2,486,730

    

2.75%, 12/3/2030

    

2,390,000

      

2,337,741

    

Bank of America Corp.

  

6.11%, 1/29/2037

    

4,390,000

      

5,905,708

    

7.75%, 5/14/2038

    

4,127,000

      

6,469,213

    

5.88%, 2/7/2042

    

6,556,000

      

9,343,611

    

5.00%, 1/21/2044

    

1,354,000

      

1,774,385

    

Bank of America NA

  

6.00%, 10/15/2036

    

3,362,000

      

4,613,287

    

Barclays plc

  

5.25%, 8/17/2045

    

3,043,000

      

4,097,276

    

4.95%, 1/10/2047

    

3,589,000

      

4,661,153

    

Citigroup, Inc.

  

4.45%, 9/29/2027

    

7,402,000

      

8,233,144

    

4.13%, 7/25/2028

    

6,384,000

      

7,014,158

    

6.63%, 6/15/2032

    

1,290,000

      

1,729,460

    

8.13%, 7/15/2039 (a)

    

2,153,000

      

3,681,969

    

5.88%, 1/30/2042

    

1,306,000

      

1,859,061

    

6.68%, 9/13/2043

    

1,652,000

      

2,516,959

    

4.65%, 7/30/2045

    

2,437,000

      

3,123,848

    

4.75%, 5/18/2046

    

2,529,000

      

3,166,628

    

Cooperatieve Rabobank UA

  

5.25%, 5/24/2041

    

4,945,000

      

6,906,778

    

5.75%, 12/1/2043 (a)

    

1,570,000

      

2,218,322

    

5.25%, 8/4/2045

    

3,759,000

      

5,118,985

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Fifth Third Bancorp

  

8.25%, 3/1/2038

  

$

2,660,000

    

$

4,425,995

    

HSBC Holdings plc

  

4.95%, 3/31/2030

    

2,777,000

      

3,265,231

    

6.50%, 5/2/2036

    

5,385,000

      

7,326,674

    

6.50%, 9/15/2037

    

4,007,000

      

5,551,682

    

6.80%, 6/1/2038

    

3,020,000

      

4,320,243

    

5.25%, 3/14/2044

    

6,998,000

      

9,076,489

    

ING Groep NV

  

4.55%, 10/2/2028

    

2,791,000

      

3,219,778

    

4.05%, 4/9/2029

    

4,255,000

      

4,785,757

    

JPMorgan Chase & Co.

  

4.25%, 10/1/2027

    

2,594,000

      

2,898,534

    

6.40%, 5/15/2038

    

2,693,000

      

3,919,404

    

5.50%, 10/15/2040

    

3,374,000

      

4,613,382

    

5.60%, 7/15/2041

    

4,576,000

      

6,414,243

    

5.40%, 1/6/2042

    

3,256,000

      

4,497,425

    

5.63%, 8/16/2043

    

4,323,000

      

6,064,181

    

4.85%, 2/1/2044

    

812,000

      

1,067,219

    

4.95%, 6/1/2045

    

1,952,000

      

2,590,142

    

Lloyds Banking Group plc

  

4.38%, 3/22/2028

    

3,365,000

      

3,778,044

    

4.55%, 8/16/2028

    

2,814,000

      

3,223,929

    

4.34%, 1/9/2048 (a)

    

3,459,000

      

4,136,968

    

Mitsubishi UFJ Financial Group, Inc.

  

3.29%, 7/25/2027

    

1,821,000

      

1,952,060

    

3.96%, 3/2/2028

    

1,582,000

      

1,759,745

    

4.05%, 9/11/2028

    

5,196,000

      

5,850,492

    

3.74%, 3/7/2029

    

2,765,000

      

3,036,318

    

3.20%, 7/18/2029

    

1,900,000

      

2,017,386

    

2.56%, 2/25/2030

    

4,881,000

      

4,979,388

    

2.05%, 7/17/2030

    

3,497,000

      

3,412,063

    

3.75%, 7/18/2039

    

2,379,000

      

2,700,364

    

Mizuho Financial Group, Inc.

  

3.17%, 9/11/2027

    

3,163,000

      

3,353,941

    

4.02%, 3/5/2028

    

2,375,000

      

2,647,920

    

2.56%, 9/13/2031

    

2,220,000

      

2,187,617

    
PNC Bank NA  

4.05%, 7/26/2028

    

3,059,000

      

3,457,117

    

Sumitomo Mitsui Financial Group, Inc.

  

3.36%, 7/12/2027

    

2,172,000

      

2,347,333

    

1.90%, 9/17/2028

    

2,500,000

      

2,446,008

    

3.04%, 7/16/2029

    

5,805,000

      

6,090,709

    

2.75%, 1/15/2030

    

3,681,000

      

3,798,815

    

2.13%, 7/8/2030

    

6,646,000

      

6,531,087

    

2.22%, 9/17/2031

    

2,200,000

      

2,158,337

    

Wells Fargo & Co.

  

4.30%, 7/22/2027

    

3,656,000

      

4,058,804

    

5.38%, 11/2/2043

    

6,229,000

      

8,243,276

    

5.61%, 1/15/2044

    

2,351,000

      

3,172,677

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: INVESTMENT GRADE—INTEREST RATE HEDGED IGHG :: 25

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

4.65%, 11/4/2044

  

$

1,265,000

    

$

1,547,568

    

3.90%, 5/1/2045

    

4,076,000

      

4,763,712

    

4.90%, 11/17/2045

    

953,000

      

1,215,306

    

4.40%, 6/14/2046

    

2,437,000

      

2,921,600

    

4.75%, 12/7/2046

    

2,736,000

      

3,464,576

    

Wells Fargo Bank NA

  

6.60%, 1/15/2038

    

1,788,000

      

2,618,629

    

Westpac Banking Corp.

  

3.40%, 1/25/2028

    

3,451,000

      

3,772,922

    

1.95%, 11/20/2028

    

1,000,000

      

996,180

    

2.15%, 6/3/2031

    

1,136,000

      

1,137,473

    

4.42%, 7/24/2039

    

3,030,000

      

3,594,378

    

2.96%, 11/16/2040

    

3,970,000

      

3,934,527

    

3.13%, 11/18/2041

    

372,000

      

368,893

    
     

288,062,916

    

Beverages — 3.7%

  

Anheuser-Busch InBev Worldwide, Inc.

  

4.95%, 1/15/2042

    

3,146,000

      

3,940,505

    

3.75%, 7/15/2042

    

2,555,000

      

2,794,505

    

Coca-Cola Co. (The)

  

1.45%, 6/1/2027

    

4,506,000

      

4,467,217

    

1.00%, 3/15/2028

    

2,666,000

      

2,542,631

    

2.13%, 9/6/2029

    

3,377,000

      

3,435,917

    

3.45%, 3/25/2030

    

5,485,000

      

6,108,230

    

1.65%, 6/1/2030

    

1,879,000

      

1,814,715

    

1.38%, 3/15/2031

    

552,000

      

519,288

    

2.50%, 6/1/2040

    

3,472,000

      

3,445,717

    

2.60%, 6/1/2050

    

2,053,000

      

2,057,074

    

3.00%, 3/5/2051

    

3,882,000

      

4,144,716

    

2.50%, 3/15/2051

    

2,171,000

      

2,120,675

    

Molson Coors Beverage Co.

  

5.00%, 5/1/2042

    

2,765,000

      

3,342,495

    
     

40,733,685

    

Biotechnology — 0.6%

  

AbbVie, Inc.

  

4.40%, 11/6/2042

    

5,062,000

      

6,067,269

    

Capital Markets — 6.4%

  

Credit Suisse Group AG

  

4.88%, 5/15/2045

    

4,383,000

      

5,590,360

    

Goldman Sachs Group, Inc. (The)

  

6.13%, 2/15/2033

    

3,047,000

      

4,023,606

    

6.75%, 10/1/2037

    

11,615,000

      

16,364,290

    

6.25%, 2/1/2041

    

4,432,000

      

6,442,223

    

5.15%, 5/22/2045

    

3,264,000

      

4,277,210

    

Jefferies Group LLC

  

4.15%, 1/23/2030

    

2,942,000

      

3,272,126

    

Morgan Stanley

  

6.38%, 7/24/2042

    

4,236,000

      

6,458,833

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

4.30%, 1/27/2045

  

$

4,243,000

    

$

5,251,511

    

4.38%, 1/22/2047

    

6,705,000

      

8,543,251

    

Nomura Holdings, Inc.

  

2.17%, 7/14/2028

    

1,988,000

      

1,951,457

    

3.10%, 1/16/2030

    

4,271,000

      

4,418,913

    

2.68%, 7/16/2030

    

2,598,000

      

2,617,200

    

2.61%, 7/14/2031

    

747,000

      

736,274

    
     

69,947,254

    

Communications Equipment — 1.3%

  

Cisco Systems, Inc.

  

5.90%, 2/15/2039

    

6,618,000

      

9,590,008

    

5.50%, 1/15/2040

    

3,289,000

      

4,642,399

    
     

14,232,407

    

Consumer Finance — 1.1%

  

Ally Financial, Inc.

  

8.00%, 11/1/2031

    

4,720,000

      

6,677,063

    

American Express Co.

  

4.05%, 12/3/2042

    

2,227,000

      

2,682,990

    

Toyota Motor Credit Corp.

  

3.38%, 4/1/2030

    

2,612,000

      

2,875,436

    
     

12,235,489

    

Diversified Financial Services — 3.2%

  

Berkshire Hathaway, Inc.

  

4.50%, 2/11/2043

    

2,558,000

      

3,202,392

    

Shell International Finance BV

  

4.13%, 5/11/2035

    

2,721,000

      

3,185,229

    

6.38%, 12/15/2038

    

2,270,000

      

3,347,374

    

5.50%, 3/25/2040

    

3,800,000

      

5,224,592

    

4.55%, 8/12/2043

    

1,436,000

      

1,808,470

    

4.38%, 5/11/2045

    

4,604,000

      

5,683,192

    

4.00%, 5/10/2046

    

4,610,000

      

5,467,524

    

3.75%, 9/12/2046

    

6,043,000

      

6,862,660

    
     

34,781,433

    

Diversified Telecommunication Services — 4.0%

  

AT&T, Inc.

  

5.35%, 9/1/2040

    

2,658,000

      

3,348,928

    

Telefonica Emisiones SA

  

7.05%, 6/20/2036

    

3,010,000

      

4,319,306

    

5.21%, 3/8/2047

    

6,456,000

      

8,141,240

    

4.90%, 3/6/2048

    

4,388,000

      

5,322,901

    

Verizon Communications, Inc.

  

4.33%, 9/21/2028

    

2,362,000

      

2,691,064

    

4.50%, 8/10/2033

    

3,026,000

      

3,569,953

    

4.27%, 1/15/2036

    

2,881,000

      

3,394,987

    

5.25%, 3/16/2037

    

3,485,000

      

4,576,604

    

4.81%, 3/15/2039

    

192,000

      

241,207

    

4.13%, 8/15/2046

    

629,000

      

740,130

    

See accompanying notes to the financial statements.

26 :: IGHG INVESTMENT GRADE—INTEREST RATE HEDGED :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

4.86%, 8/21/2046

  

$

2,587,000

    

$

3,407,454

    

4.52%, 9/15/2048 (a)

    

3,143,000

      

4,002,063

    
     

43,755,837

    

Electric Utilities — 0.7%

  

Duke Energy Florida LLC

  

6.40%, 6/15/2038

    

3,122,000

      

4,458,155

    

Georgia Power Co.

  

4.30%, 3/15/2042

    

2,429,000

      

2,796,885

    
     

7,255,040

    

Electrical Equipment — 0.3%

  

Eaton Corp.

  

4.15%, 11/2/2042

    

2,399,000

      

2,859,823

    

Energy Equipment & Services — 0.6%

  

Baker Hughes Holdings LLC

  

5.13%, 9/15/2040

    

2,787,000

      

3,495,221

    

Halliburton Co.

  

7.45%, 9/15/2039

    

2,306,000

      

3,402,219

    
     

6,897,440

    

Entertainment — 2.2%

  

Netflix, Inc.

  

4.88%, 4/15/2028

    

1,000,000

      

1,131,950

    

5.88%, 11/15/2028

    

1,000,000

      

1,197,500

    

TWDC Enterprises 18 Corp.

  

2.95%, 6/15/2027 (a)

    

4,642,000

      

4,966,095

    

4.13%, 6/1/2044

    

3,494,000

      

4,179,355

    

Walt Disney Co. (The)

  

2.20%, 1/13/2028

    

2,924,000

      

2,967,322

    

3.80%, 3/22/2030

    

2,465,000

      

2,766,541

    

2.65%, 1/13/2031

    

2,376,000

      

2,466,472

    

6.65%, 11/15/2037

    

3,064,000

      

4,583,429

    
     

24,258,664

    

Equity Real Estate Investment Trusts (REITs) — 0.4%

  

Weyerhaeuser Co.

  

7.38%, 3/15/2032

    

2,844,000

      

4,061,973

    

Food & Staples Retailing — 0.9%

  

Walmart, Inc.

  

5.25%, 9/1/2035

    

3,464,000

      

4,721,676

    

6.50%, 8/15/2037

    

3,376,000

      

5,196,454

    
     

9,918,130

    

Food Products — 0.7%

  

Kraft Heinz Foods Co.

  

5.00%, 6/4/2042

    

3,458,000

      

4,224,959

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Unilever Capital Corp.

  

5.90%, 11/15/2032

  

$

2,632,000

    

$

3,538,424

    
     

7,763,383

    

Health Care Equipment & Supplies — 0.9%

  

Medtronic, Inc.

  

4.38%, 3/15/2035

    

4,865,000

      

5,984,211

    

4.63%, 3/15/2045

    

3,040,000

      

4,053,091

    
     

10,037,302

    

Health Care Providers & Services — 2.4%

  

Anthem, Inc.

  

4.65%, 1/15/2043

    

2,056,000

      

2,570,596

    

Ascension Health

  

3.95%, 11/15/2046 (a)

    

2,744,000

      

3,471,900

    

UnitedHealth Group, Inc.

  

3.85%, 6/15/2028

    

3,072,000

      

3,444,148

    

2.88%, 8/15/2029

    

1,857,000

      

1,966,403

    

2.00%, 5/15/2030

    

3,060,000

      

3,038,587

    

4.63%, 7/15/2035

    

3,197,000

      

3,980,417

    

6.88%, 2/15/2038

    

1,642,000

      

2,542,128

    

4.75%, 7/15/2045

    

3,538,000

      

4,664,584

    
     

25,678,763

    

Household Products — 0.8%

  

Procter & Gamble Co. (The)

  

3.00%, 3/25/2030

    

4,045,000

      

4,402,513

    

1.20%, 10/29/2030

    

2,908,000

      

2,756,699

    

1.95%, 4/23/2031

    

1,084,000

      

1,099,130

    
     

8,258,342

    

Industrial Conglomerates — 2.8%

  
GE Capital International Funding Co.
Unlimited Co.		  

4.42%, 11/15/2035

    

13,607,000

      

16,445,853

    

General Electric Co.

  

6.75%, 3/15/2032

    

4,500,000

      

6,230,255

    

5.88%, 1/14/2038

    

1,406,000

      

2,007,273

    

6.88%, 1/10/2039

    

3,384,000

      

5,335,260

    
     

30,018,641

    

Insurance — 1.3%

  

AXA SA

  

8.60%, 12/15/2030

    

2,585,000

      

3,747,141

    

MetLife, Inc.

  

5.70%, 6/15/2035

    

2,514,000

      

3,386,136

    

4.88%, 11/13/2043

    

1,596,000

      

2,107,354

    

4.05%, 3/1/2045

    

2,802,000

      

3,363,622

    

Prudential plc

  

3.13%, 4/14/2030

    

1,744,000

      

1,871,791

    
     

14,476,044

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: INVESTMENT GRADE—INTEREST RATE HEDGED IGHG :: 27

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

IT Services — 2.3%

  

International Business Machines Corp.

  

3.50%, 5/15/2029

  

$

8,891,000

    

$

9,661,993

    

4.15%, 5/15/2039

    

5,649,000

      

6,596,792

    

4.00%, 6/20/2042

    

3,049,000

      

3,504,293

    

4.25%, 5/15/2049

    

3,967,000

      

4,899,076

    
     

24,662,154

    

Machinery — 0.4%

  

Caterpillar, Inc.

  

3.80%, 8/15/2042

    

3,840,000

      

4,528,672

    

Media — 2.8%

  

Comcast Corp.

  

4.25%, 1/15/2033

    

4,275,000

      

4,993,993

    

Time Warner Cable LLC

  

6.55%, 5/1/2037

    

3,997,000

      

5,354,016

    

7.30%, 7/1/2038

    

3,823,000

      

5,496,707

    

6.75%, 6/15/2039

    

2,965,000

      

4,071,140

    

Time Warner Entertainment Co. LP

  

8.38%, 7/15/2033

    

1,920,000

      

2,830,659

    

ViacomCBS, Inc.

  

6.88%, 4/30/2036

    

1,990,000

      

2,861,873

    

4.38%, 3/15/2043

    

3,944,000

      

4,444,846

    
     

30,053,234

    

Metals & Mining — 3.0%

  

BHP Billiton Finance USA Ltd.

  

4.13%, 2/24/2042 (a)

    

3,605,000

      

4,288,602

    

5.00%, 9/30/2043

    

4,359,000

      

5,804,598

    

Rio Tinto Finance USA Ltd.

  

5.20%, 11/2/2040

    

2,368,000

      

3,173,345

    

Southern Copper Corp.

  

6.75%, 4/16/2040

    

2,744,000

      

3,779,860

    

5.25%, 11/8/2042

    

1,774,000

      

2,179,802

    

5.88%, 4/23/2045 (a)

    

3,200,000

      

4,327,936

    

Vale Overseas Ltd.

  

6.88%, 11/21/2036

    

4,027,000

      

5,216,979

    

6.88%, 11/10/2039

    

2,619,000

      

3,443,985

    
     

32,215,107

    

Multiline Retail — 0.3%

  

Target Corp.

  

4.00%, 7/1/2042

    

2,359,000

      

2,915,802

    

Multi-Utilities — 0.3%

  

Berkshire Hathaway Energy Co.

  

6.13%, 4/1/2036

    

2,485,000

      

3,402,138

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Oil, Gas & Consumable Fuels — 6.7%

  

Canadian Natural Resources Ltd.

  

6.25%, 3/15/2038

  

$

2,691,000

    

$

3,560,279

    

Cenovus Energy, Inc.

  

6.75%, 11/15/2039

    

3,187,000

      

4,291,761

    

CNOOC Finance 2015 USA LLC

  

4.38%, 5/2/2028

    

4,403,000

      

4,942,430

    

CNOOC Petroleum North America ULC

  

6.40%, 5/15/2037

    

2,897,000

      

3,840,812

    

ConocoPhillips

  

6.50%, 2/1/2039

    

6,148,000

      

8,981,636

    

ConocoPhillips Co.

  

6.95%, 4/15/2029

    

3,337,000

      

4,390,871

    

Ecopetrol SA

  

5.88%, 5/28/2045

    

4,714,000

      

4,395,805

    

Hess Corp.

  

5.60%, 2/15/2041

    

2,886,000

      

3,583,774

    

Kinder Morgan Energy Partners LP

  

6.95%, 1/15/2038

    

2,527,000

      

3,514,797

    

Kinder Morgan, Inc.

  

7.75%, 1/15/2032

    

2,721,000

      

3,841,001

    

Phillips 66

  

5.88%, 5/1/2042

    

3,467,000

      

4,733,422

    

Suncor Energy, Inc.

  

6.50%, 6/15/2038

    

2,570,000

      

3,548,981

    

TotalEnergies Capital SA

  

3.88%, 10/11/2028

    

2,441,000

      

2,730,867

    

TransCanada PipeLines Ltd.

  

6.20%, 10/15/2037

    

2,712,000

      

3,706,146

    

7.63%, 1/15/2039

    

2,226,000

      

3,464,754

    

Valero Energy Corp.

  

6.63%, 6/15/2037

    

3,210,000

      

4,394,533

    

Williams Cos., Inc. (The)

  

6.30%, 4/15/2040

    

3,404,000

      

4,608,991

    
     

72,530,860

    

Pharmaceuticals — 5.9%

  

AstraZeneca plc

  

6.45%, 9/15/2037

    

5,764,000

      

8,498,000

    

4.00%, 9/18/2042

    

2,989,000

      

3,588,709

    

4.38%, 11/16/2045

    

2,091,000

      

2,701,952

    

GlaxoSmithKline Capital, Inc.

  

3.88%, 5/15/2028

    

3,220,000

      

3,615,983

    

6.38%, 5/15/2038

    

6,905,000

      

10,249,509

    

Johnson & Johnson

  

5.95%, 8/15/2037

    

2,049,000

      

2,963,341

    

Merck & Co., Inc.

  

4.15%, 5/18/2043

    

2,387,000

      

2,903,784

    

Novartis Capital Corp.

  

4.40%, 5/6/2044

    

3,893,000

      

5,003,152

    

See accompanying notes to the financial statements.

28 :: IGHG INVESTMENT GRADE—INTEREST RATE HEDGED :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Pfizer, Inc.

  

4.00%, 12/15/2036

  

$

1,850,000

    

$

2,195,832

    

7.20%, 3/15/2039

    

6,671,000

      

10,808,087

    

4.40%, 5/15/2044

    

1,666,000

      

2,108,913

    

4.13%, 12/15/2046

    

2,572,000

      

3,201,670

    

Wyeth LLC

  

5.95%, 4/1/2037

    

4,581,000

      

6,515,636

    
     

64,354,568

    

Software — 1.2%

  

Oracle Corp.

  

6.50%, 4/15/2038

    

4,539,000

      

6,379,554

    

6.13%, 7/8/2039

    

2,042,000

      

2,776,367

    

5.38%, 7/15/2040

    

3,314,000

      

4,162,126

    
     

13,318,047

    

Specialty Retail — 0.9%

  

Home Depot, Inc. (The)

  

5.88%, 12/16/2036

    

6,806,000

      

9,656,929

    

Technology Hardware, Storage & Peripherals — 2.5%

  

Apple, Inc.

  

3.85%, 5/4/2043

    

5,647,000

      

6,701,317

    

4.45%, 5/6/2044

    

2,746,000

      

3,548,003

    

3.45%, 2/9/2045

    

3,762,000

      

4,219,233

    

4.38%, 5/13/2045

    

6,897,000

      

8,844,655

    

HP, Inc.

  

6.00%, 9/15/2041

    

2,782,000

      

3,677,971

    
     

26,991,179

    

Tobacco — 1.3%

  

Altria Group, Inc.

  

5.38%, 1/31/2044

    

5,043,000

      

5,886,233

    

Philip Morris International, Inc.

  

6.38%, 5/16/2038

    

4,371,000

      

6,158,863

    

4.25%, 11/10/2044

    

1,546,000

      

1,774,153

    
     

13,819,249

    

Wireless Telecommunication Services — 4.3%

  

America Movil SAB de CV

  

6.38%, 3/1/2035

    

1,197,000

      

1,664,155

    

6.13%, 3/30/2040

    

5,252,000

      

7,389,569

    

4.38%, 7/16/2042

    

2,045,000

      

2,448,258

    

Telefonica Europe BV

  

8.25%, 9/15/2030

    

2,530,000

      

3,604,280

    

Vodafone Group plc

  

4.38%, 5/30/2028

    

6,523,000

      

7,367,979

    

6.15%, 2/27/2037

    

1,443,000

      

1,960,485

    

5.00%, 5/30/2038

    

4,191,000

      

5,218,892

    

5.25%, 5/30/2048

    

5,340,000

      

6,971,901

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

4.88%, 6/19/2049

  

$

4,101,000

    

$

5,140,167

    

4.25%, 9/17/2050 (a)

    

3,910,000

      

4,507,252

    
     

46,272,938

    
Total Corporate Bonds
(Cost $1,019,757,203)		        

1,033,173,724

    
   

Shares

      

Securities Lending Reinvestments (b) — 0.7%

  

Investment Companies — 0.7%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $7,057,615)		    

7,057,615

      

7,057,615

    
    Principal
Amount		      

Short-Term Investments — 2.0%

  

Repurchase Agreements (c) — 2.0%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $22,220,568
(Cost $22,220,551)		  

$

22,220,551

      

22,220,551

    
Total Investments — 97.9%
(Cost $1,049,035,369)		        

1,062,451,890

    

Other assets less liabilities — 2.1%

        

23,088,296

    

Net Assets — 100.0%

      

$

1,085,540,186

    

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $13,533,826, collateralized in the form of cash with a value of $7,057,615 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $7,095,980 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 30, 2021 - November 15, 2050. The total value of collateral is $14,153,595.

(b)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $7,057,615.

(c)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

18,181,814

    

Aggregate gross unrealized depreciation

    

(14,106,304

)

  

Net unrealized appreciation

  

$

4,075,510

    

Federal income tax cost

  

$

1,049,154,009

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: INVESTMENT GRADE—INTEREST RATE HEDGED IGHG :: 29

Futures Contracts Sold

Investment Grade-Interest Rate Hedged had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

U.S. Treasury 10 Year Note

    

2,048

    

3/22/2022

  

USD

      

$

267,904,000

    

$

(966,381

)

  

U.S. Treasury Long Bond

    

3,796

    

3/22/2022

  

USD

        

615,426,500

      

(5,605,105

)

  

U.S. Treasury Ultra Bond

    

849

    

3/22/2022

  

USD

        

170,277,563

      

(2,650,885

)

  
   

$

(9,222,371

)

  

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

30 :: IGHG INVESTMENT GRADE—INTEREST RATE HEDGED :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

505,703

    

Aggregate gross unrealized depreciation

    

(4,994,827

)

  

Net unrealized depreciation

  

$

(4,489,124

)

  

Federal income tax cost

  

$

—

    

 

Futures Contracts Purchased

K-1 Free Crude Oil Strategy ETF had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation/
(Depreciation)		  

WTI Crude Oil

    

312

    

1/20/2022

  

USD

      

$

20,545,200

    

$

(4,146,077

)

  

WTI Crude Oil

    

322

    

5/20/2022

  

USD

        

20,759,340

      

505,703

    

WTI Crude Oil

    

334

    

11/21/2022

  

USD

        

20,875,000

      

(848,750

)

  
   

$

(4,489,124

)

  

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: K-1 FREE CRUDE OIL STRATEGY ETF OILK :: 31

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) — 93.5%

  
3M Co. (Industrial
Conglomerates)		    

0.4

%

    

12,871

    

$

2,188,585

    
Abbott Laboratories (Health
Care Equipment & Supplies)		    

0.5

%

    

21,865

      

2,749,961

    

AbbVie, Inc. (Biotechnology)

    

0.5

%

    

23,608

      

2,721,530

    

Adobe, Inc.* (Software)

    

0.9

%

    

6,780

      

4,541,583

    
Advanced Micro Devices,
Inc.* (Semiconductors &
Semiconductor Equipment)		    

0.7

%

    

22,614

      

3,581,379

    
Alphabet, Inc., Class A*
(Interactive Media &
Services)		    

1.3

%

    

2,357

      

6,689,048

    
Alphabet, Inc., Class C*
(Interactive Media &
Services)		    

1.2

%

    

2,157

      

6,145,380

    
Amazon.com, Inc.*
(Internet & Direct
Marketing Retail)		    

2.6

%

    

3,744

      

13,130,470

    
Apple, Inc. (Technology
Hardware, Storage &
Peripherals)		    

4.6

%

    

138,972

      

22,972,072

    
Applied Materials, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.5

%

    

15,884

      

2,337,966

    
Berkshire Hathaway, Inc.,
Class B* (Diversified
Financial Services)		    

0.7

%

    

12,117

      

3,352,653

    
Cadence Design Systems,
Inc.* (Software)		    

0.4

%

    

10,990

      

1,950,285

    
Charter Communications, Inc.,
Class A* (Media)		    

0.4

%

    

3,036

      

1,962,106

    
Chevron Corp. (Oil, Gas &
Consumable Fuels)		    

0.4

%

    

17,997

      

2,031,321

    

Citigroup, Inc. (Banks)

    

0.5

%

    

40,534

      

2,582,016

    
CVS Health Corp. (Health
Care Providers & Services)		    

0.5

%

    

26,483

      

2,358,576

    
Danaher Corp. (Life Sciences
Tools & Services)		    

0.6

%

    

10,124

      

3,256,283

    
Digital Realty Trust, Inc.
(Equity Real Estate
Investment Trusts (REITs))		    

0.4

%

    

11,306

      

1,896,468

    
EOG Resources, Inc. (Oil,
Gas & Consumable Fuels)		    

0.4

%

    

21,318

      

1,854,666

    
Exxon Mobil Corp. (Oil,
Gas & Consumable Fuels)		    

0.6

%

    

50,662

      

3,031,614

    
General Electric Co.
(Industrial Conglomerates)		    

0.5

%

    

24,029

      

2,282,515

    
Gilead Sciences, Inc.
(Biotechnology)		    

0.4

%

    

29,470

      

2,031,367

    
Goldman Sachs Group, Inc.
(The) (Capital Markets)		    

0.4

%

    

5,423

      

2,066,109

    
Home Depot, Inc. (The)
(Specialty Retail)		    

0.5

%

    

5,929

      

2,375,217

    
HP, Inc. (Technology
Hardware, Storage &
Peripherals)		    

0.4

%

    

58,284

      

2,056,259

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) (continued)

  
Intel Corp.
(Semiconductors &
Semiconductor Equipment)		    

0.5

%

    

46,301

    

$

2,278,009

    
IQVIA Holdings, Inc.*
(Life Sciences Tools &
Services)		    

0.4

%

    

7,651

      

1,982,604

    
Johnson & Johnson
(Pharmaceuticals)		    

0.7

%

    

22,147

      

3,453,382

    
JPMorgan Chase & Co.
(Banks)		    

0.6

%

    

19,858

      

3,154,046

    
Keysight Technologies, Inc.*
(Electronic Equipment,
Instruments & Components)		    

0.4

%

    

9,803

      

1,906,488

    
Lockheed Martin Corp.
(Aerospace & Defense)		    

0.4

%

    

5,754

      

1,917,923

    
Meta Platforms, Inc.,
Class A* (Interactive
Media & Services)		    

1.4

%

    

20,844

      

6,763,044

    
Micron Technology, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.5

%

    

27,302

      

2,293,368

    

Microsoft Corp. (Software)

    

4.4

%

    

66,543

      

21,998,450

    
Morgan Stanley (Capital
Markets)		    

0.5

%

    

29,014

      

2,751,107

    
NIKE, Inc., Class B (Textiles,
Apparel & Luxury Goods)		    

0.4

%

    

13,003

      

2,200,628

    
Norfolk Southern Corp.
(Road & Rail)		    

0.4

%

    

7,582

      

2,011,277

    
NVIDIA Corp.
(Semiconductors &
Semiconductor Equipment)		    

1.2

%

    

19,109

      

6,244,057

    

Pfizer, Inc. (Pharmaceuticals)

    

0.5

%

    

51,530

      

2,768,707

    
Procter & Gamble Co. (The)
(Household Products)		    

0.5

%

    

17,344

      

2,507,596

    
QUALCOMM, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.5

%

    

14,591

      

2,634,551

    
Regeneron Pharmaceuticals,
Inc.* (Biotechnology)		    

0.4

%

    

3,357

      

2,136,831

    
salesforce.com, Inc.*
(Software)		    

0.5

%

    

8,860

      

2,524,746

    

Tesla, Inc.* (Automobiles)

    

1.3

%

    

5,845

      

6,691,122

    
Thermo Fisher Scientific, Inc.
(Life Sciences Tools &
Services)		    

0.4

%

    

3,289

      

2,081,378

    
TJX Cos., Inc. (The)
(Specialty Retail)		    

0.5

%

    

32,834

      

2,278,679

    
UnitedHealth Group, Inc.
(Health Care Providers &
Services)		    

0.5

%

    

5,632

      

2,501,847

    

Visa, Inc., Class A (IT Services)

    

0.4

%

    

9,978

      

1,933,437

    
Walmart, Inc. (Food & Staples
Retailing)		    

0.5

%

    

16,515

      

2,322,504

    

Zoetis, Inc. (Pharmaceuticals)

    

0.5

%

    

10,583

      

2,349,849

    

Other Common Stocks (b)

    

54.9

%

    

4,083,532

      

275,529,662

    
Total Common Stocks
(Cost $359,184,108)		            

469,360,721

    

See accompanying notes to the financial statements.

32 :: CSM LARGE CAP CORE PLUS :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

    Percentage of
Net Assets		  

Shares

  

Value

  

Securities Lending Reinvestments (c) — 0.0% (d)

  

Investment Companies — 0.0% (d)

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $116,188)		    

0.0

%

    

116,188

    

$

116,188

    

 

    Principal
Amount		  
 

Short-Term Investments — 6.1%

  

Repurchase Agreements (e) — 6.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $30,511,016
(Cost $30,510,992)		  

$

30,510,992

      

30,510,992

    
Total Investments — 99.6%
(Cost $389,811,288)		        

499,987,901

    

Other assets less liabilities — 0.4%

        

2,205,426

    

Net Assets — 100.0%

      

$

502,193,327

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $45,791,616.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at

November 30, 2021 was $811,269, collateralized in the form of cash with a value of $116,188 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $764,438 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 30, 2021 - May 15, 2051. The total value of collateral is $880,626.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $116,188.

(d)  Represents less than 0.05% of net assets.

(e)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

126,282,080

    

Aggregate gross unrealized depreciation

    

(15,688,292

)

  

Net unrealized appreciation

  

$

110,593,788

    

Federal income tax cost

  

$

390,620,205

    

Swap Agreementsa

Large Cap Core Plus had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

(58,148,206

)

  

3/7/2023		  
Goldman Sachs
International		    

(0.17

)%

   Credit Suisse 130/30
Large Cap Index
(short portion)f		    

3,574,202

      

(1,959,745

)

    

—

      

1,614,457

    
 

(28,459,985

)

  

3/7/2023		  

Societe Generale		    

0.08

%

   Credit Suisse 130/30
Large Cap Index
(short portion)f		    

1,757,908

                            
 

120,267,650

    

3/7/2023		  

Societe Generale		    

0.82

%

   Credit Suisse 130/30
Large Cap Index
(long portion)g		    

(4,139,102

)

                          
 

91,807,665

                                      

(2,381,194

)

    

2,280,492

      

100,702

      

—

    
 

(58,939,137

)

  

11/6/2023		  

UBS AG		    

(0.17

)%

   Credit Suisse 130/30
Large Cap Index
(short portion)f		    

2,018,507

                            

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: LARGE CAP CORE PLUS CSM :: 33

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

57,910,493

    

3/7/2023		  

UBS AG		    

0.62

%

   Credit Suisse 130/30
Large Cap Index
(long portion)g		    

(1,985,423

)

                          
 

(1,028,644

)

                                    

33,084

      

—

      

—

      

33,084

    
 

32,630,815

                                      

1,226,092

                            
                                Total Unrealized
Appreciation		    

7,350,617

                            
                                Total Unrealized
Depreciation		    

(6,124,525

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  Certain underlying short component disclosures related to this index may be found on the website at www.proshares.com/media/Large_Cap_Short_November.pdf.

g  See the Common Stocks section of the preceding Summary Schedule of Portfolio Investments for the representative long components of the underlying reference instrument and their relative weightings.

Large Cap Core Plus invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

1.6

%

  

Air Freight & Logistics

    

0.7

%

  

Airlines

    

0.6

%

  

Auto Components

    

0.4

%

  

Automobiles

    

1.9

%

  

Banks

    

2.7

%

  

Beverages

    

0.9

%

  

Biotechnology

    

2.4

%

  

Building Products

    

0.1

%

  

Capital Markets

    

2.3

%

  

Chemicals

    

1.7

%

  

Commercial Services & Supplies

    

0.2

%

  

Communications Equipment

    

0.6

%

  

Consumer Finance

    

0.7

%

  

Containers & Packaging

    

0.7

%

  

Distributors

    

0.5

%

  

Diversified Financial Services

    

0.7

%

  

Diversified Telecommunication Services

    

0.8

%

  

Electric Utilities

    

1.3

%

  

Electrical Equipment

    

0.5

%

  

Electronic Equipment, Instruments & Components

    

1.2

%

  

Energy Equipment & Services

    

0.0

%*

  

Entertainment

    

0.8

%

  

See accompanying notes to the financial statements.

34 :: CSM LARGE CAP CORE PLUS :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Equity Real Estate Investment Trusts (REITs)

    

4.1

%

  

Food & Staples Retailing

    

1.3

%

  

Food Products

    

1.9

%

  

Health Care Equipment & Supplies

    

2.9

%

  

Health Care Providers & Services

    

2.7

%

  

Health Care Technology

    

0.3

%

  

Hotels, Restaurants & Leisure

    

3.2

%

  

Household Durables

    

0.8

%

  

Household Products

    

1.0

%

  

Independent Power and Renewable Electricity Producers

    

0.3

%

  

Industrial Conglomerates

    

0.9

%

  

Insurance

    

3.6

%

  

Interactive Media & Services

    

4.1

%

  

Internet & Direct Marketing Retail

    

2.9

%

  

IT Services

    

2.5

%

  

Leisure Products

    

0.1

%

  

Life Sciences Tools & Services

    

3.0

%

  

Machinery

    

2.1

%

  

Media

    

2.1

%

  

Metals & Mining

    

0.4

%

  

Multiline Retail

    

0.3

%

  

Multi-Utilities

    

0.7

%

  

Oil, Gas & Consumable Fuels

    

3.6

%

  

Pharmaceuticals

    

2.0

%

  

Professional Services

    

0.5

%

  

Real Estate Management & Development

    

0.0

%*

  

Road & Rail

    

0.9

%

  

Semiconductors & Semiconductor Equipment

    

4.7

%

  

Software

    

8.2

%

  

Specialty Retail

    

1.6

%

  

Technology Hardware, Storage & Peripherals

    

5.1

%

  

Textiles, Apparel & Luxury Goods

    

1.6

%

  

Tobacco

    

0.4

%

  

Wireless Telecommunication Services

    

0.4

%

  

Othera

    

6.5

%

  
     

100.0

%

  

*  Amount represents less than 0.05%.

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: LARGE CAP CORE PLUS CSM :: 35

Investments

  

Shares

  

Value

  

Common Stocks (a) — 88.7%

  

Entertainment — 3.5%

  

Sea Ltd., ADR*

    

6,648

    

$

1,915,089

    

Health Care Equipment & Supplies — 1.9%

  

Figs, Inc., Class A*(b)

    

31,485

      

1,046,561

    

Internet & Direct Marketing Retail — 83.1%

  

1-800-Flowers.com, Inc., Class A*

    

31,536

      

939,142

    

Alibaba Group Holding Ltd., ADR*

    

39,959

      

5,095,971

    

Amazon.com, Inc.*

    

3,427

      

12,018,729

    

BARK, Inc.*(b)

    

180,702

      

968,563

    

Betterware de Mexico SAB de CV

    

41,402

      

1,079,350

    

Cango, Inc., ADR (b)

    

28,017

      

88,254

    

CarParts.com, Inc.*

    

75,729

      

936,768

    

Chewy, Inc., Class A*(b)

    

19,427

      

1,326,087

    

ContextLogic, Inc., Class A*(b)

    

252,854

      

943,145

    

Coupang, Inc.*

    

21,941

      

581,437

    

Dada Nexus Ltd., ADR*

    

4,333

      

78,297

    

DoorDash, Inc., Class A*

    

8,609

      

1,539,031

    

eBay, Inc.

    

33,483

      

2,258,763

    

Etsy, Inc.*

    

4,771

      

1,310,021

    

Farfetch Ltd., Class A*

    

5,336

      

183,612

    

Fiverr International Ltd.*

    

704

      

99,701

    

Global-e Online Ltd.*

    

2,301

      

152,878

    

Groupon, Inc.*(b)

    

42,173

      

871,294

    

JD.com, Inc., ADR*

    

18,880

      

1,587,997

    

Lands' End, Inc.*

    

38,030

      

875,070

    

Liquidity Services, Inc.*

    

37,448

      

848,946

    

MercadoLibre, Inc.*

    

622

      

739,191

    

Overstock.com, Inc.*

    

11,042

      

985,609

    

Ozon Holdings plc, ADR*

    

3,294

      

132,715

    

PetMed Express, Inc. (b)

    

34,475

      

943,236

    

Pinduoduo, Inc., ADR*

    

15,184

      

1,009,736

    

Poshmark, Inc., Class A*

    

51,828

      

983,695

    

Quotient Technology, Inc.*

    

138,266

      

969,245

    

Qurate Retail, Inc., Series A

    

123,139

      

985,112

    

RealReal, Inc. (The)*

    

60,683

      

944,834

    

Revolve Group, Inc.*

    

12,627

      

961,799

    

Shutterstock, Inc.

    

9,016

      

1,027,914

    

Stitch Fix, Inc., Class A*

    

36,321

      

904,393

    

Uxin Ltd., ADR*

    

43,714

      

96,608

    

Vipshop Holdings Ltd., ADR*

    

11,430

      

111,671

    

Wayfair, Inc., Class A*(b)

    

4,716

      

1,168,814

    
     

45,747,628

    

Personal Products — 0.2%

  

Yatsen Holding Ltd., ADR*

    

33,431

      

87,255

    
Total Common Stocks
(Cost $55,056,059)		        

48,796,533

    

Investments

  

Shares

  

Value

  

Securities Lending Reinvestments (c) — 4.8%

  

Investment Companies — 4.8%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $2,644,236)		    

2,644,236

    

$

2,644,236

    
    Principal
Amount		      

Short-Term Investments — 6.4%

  

Repurchase Agreements (d) — 6.4%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $3,527,995
(Cost $3,527,992)		  

$

3,527,992

      

3,527,992

    
Total Investments — 99.9%
(Cost $61,228,287)		        

54,968,761

    

Other assets less liabilities — 0.1%

        

54,063

    

Net Assets — 100.0%

      

$

55,022,824

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $909,702.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $4,251,211, collateralized in the form of cash with a value of $2,644,236 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $2,193,471 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.88%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $4,837,707.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $2,644,236.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Abbreviations

ADR  American Depositary Receipt

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

8,188,073

    

Aggregate gross unrealized depreciation

    

(14,915,596

)

  

Net unrealized depreciation

  

$

(6,727,523

)

  

Federal income tax cost

  

$

61,793,346

    

See accompanying notes to the financial statements.

36 :: CLIX LONG ONLINE/SHORT STORES ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Swap Agreementsa

Long Online /Short Stores ETF had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

(7,403,292

)

  



3/7/2023		  


Goldman Sachs
International		    

0.93

%

   Solactive-
ProShares
Bricks and
Mortar Retail
Store Index		    

142,818

                      
 
 
 
  		  
 

2,476,797

   

3/7/2023		  
Goldman Sachs
International		    

0.67

%

   ProShares
Online
Retail Index		    

(249,823

)

                    
 
 		  
 

(4,926,495

)

                                    

(107,005

)

    

—

      

107,005

      

—

    
 

(20,101,354

)

  



3/7/2023		  



Societe Generale		    

0.68

%

   Solactive-
ProShares
Bricks and
Mortar Retail
Store Index		    

749,668

                      
 
 
 
 		  
 

3,717,712

    

3/7/2023		  

Societe Generale		    

(0.73

)%

   ProShares
Online
Retail Index		    

(527,764

)

                    
 
 		  
 

(16,383,642

)

                                    

221,904

      

—

      

—

      

221,904

    
 

80,546

    



11/7/2022		  



UBS AG		    

0.42

%

   Solactive-
ProShares
Bricks and
Mortar Retail
Store Index		    

(17,837

)

    

—

      

17,837

    



—		  
 

(21,229,591

)

                                    

97,062

                            
                                Total Unrealized
Appreciation		    

892,486

                            
                                Total Unrealized
Depreciation		    

(795,424

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: LONG ONLINE/SHORT STORES ETF CLIX :: 37

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 94.8%

  

Repurchase Agreements (a) — 94.8%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $5,895,124
(Cost $5,895,121)		  

$

5,895,121

    

$

5,895,121

    
Total Investments — 94.8%
(Cost $5,895,121)		        

5,895,121

    

Other assets less liabilities — 5.2%

        

323,732

    

Net Assets — 100.0%

      

$

6,218,853

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

38,230

    

Aggregate gross unrealized depreciation

    

(147,449

)

  

Net unrealized depreciation

  

$

(109,219

)

  

Federal income tax cost

  

$

5,895,121

    

Managed Futures Strategy ETF had the following open long and short futures contracts as of November 30, 2021:

Futures Contracts Purchased

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation/
(Depreciation)		  

Cocoa

    

7

    

3/16/2022

  

USD

      

$

164,220

    

$

(12,201

)

  

Coffee 'C'

    

1

   

3/21/2022

  

USD

        

87,113

      

7,684

    

Copper

    

1

   

3/29/2022

  

USD

        

107,000

      

(440

)

  

Corn

    

3

   

7/14/2022

  

USD

        

85,613

      

(1,184

)

  

Cotton No. 2

    

2

   

3/9/2022

  

USD

        

106,410

      

(7,541

)

  

E-Mini Crude Oil

    

2

   

12/17/2021

  

USD

        

66,180

      

(13,874

)

  

E-Mini Natural Gas

    

8

   

12/28/2021

  

USD

        

91,340

      

(25,395

)

  

Foreign Exchange AUD/USD

    

3

   

12/13/2021

  

USD

        

213,615

      

(8,382

)

  

Foreign Exchange CAD/USD

    

4

   

12/14/2021

  

USD

        

312,860

      

(8,637

)

  

Foreign Exchange CHF/USD

    

3

   

12/13/2021

  

USD

        

408,338

      

(2,970

)

  

Foreign Exchange GBP/USD

    

4

   

12/13/2021

  

USD

        

332,050

      

(6,475

)

  

Gold

    

3

   

2/24/2022

  

USD

        

171,343

      

(1,547

)

  

NY Harbor ULSD

    

1

   

11/30/2022

  

USD

        

84,239

      

(10,926

)

  

RBOB Gasoline

    

1

    

12/31/2021

  

USD

        

81,484

      

(14,312

)

  

Silver

    

4

   

3/29/2022

  

USD

        

91,260

      

(4,976

)

  

Sugar No. 11

    

6

   

2/28/2022

  

USD

        

124,992

      

(11,407

)

  

U.S. Treasury Long Bond

    

5

   

3/22/2022

  

USD

        

810,625

      

12,805

    

Wheat

    

3

   

12/14/2022

  

USD

        

118,575

      

354

    
   

$

(109,424

)

  

Futures Contracts Sold

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation/
(Depreciation)		  

E-Mini Euro

    

6

   

12/13/2021

  

USD

      

$

424,725

    

$

13,622

    

Foreign Exchange JPY/USD

    

5

   

12/13/2021

  

USD

        

552,625

      

345

    

Lean Hogs

    

5

   

2/14/2022

  

USD

        

159,950

      

(2,915

)

  

Live Cattle

    

7

   

2/28/2022

  

USD

        

386,120

      

(6,630

)

  

Soybean

    

2

   

1/14/2022

  

USD

        

121,725

      

3,420

    

U.S. Treasury 10 Year Note

    

8

   

3/22/2022

  

USD

        

1,046,500

      

(7,637

)

  
   

$

205

    
   

$

(109,219

)

  

See accompanying notes to the financial statements.

38 :: FUT MANAGED FUTURES STRATEGY ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Abbreviations

AUD  Australian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

GBP  British Pound

JPY  Japanese Yen

USD  U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: MANAGED FUTURES STRATEGY ETF FUT :: 39

Investments

  

Shares

  

Value

  

Common Stocks — 86.2%

  

Aerospace & Defense — 2.3%

  

Meggitt plc*

    

131,779

    

$

1,292,714

    

Auto Components — 2.7%

  

Veoneer, Inc.*

    

43,475

      

1,547,710

    

Banks — 5.0%

  

Great Western Bancorp, Inc.

    

43,111

      

1,446,374

    

Investors Bancorp, Inc.

    

93,104

      

1,386,319

    
     

2,832,693

    

Biotechnology — 2.4%

  

Dicerna Pharmaceuticals, Inc.*

    

36,400

      

1,383,564

    

Chemicals — 2.4%

  

Kraton Corp.*

    

29,921

      

1,378,161

    

Construction Materials — 2.3%

  

Forterra, Inc.*

    

55,900

      

1,329,861

    

Electric Utilities — 2.3%

  

AusNet Services Ltd.

    

715,837

      

1,296,122

    

Electronic Equipment, Instruments & Components — 2.5%

  

Rogers Corp.*

    

5,119

      

1,395,542

    

Equity Real Estate Investment Trusts (REITs) — 11.9%

  

Columbia Property Trust, Inc.

    

71,780

      

1,378,176

    

CoreSite Realty Corp.

    

8,029

      

1,373,361

    

CyrusOne, Inc.

    

15,500

      

1,379,810

    
MGM Growth Properties LLC,
Class A		    

33,118

      

1,212,450

    
Monmouth Real Estate Investment
Corp.		    

65,825

      

1,367,185

    
     

6,710,982

    

Food Products — 2.3%

  

Sanderson Farms, Inc.

    

6,899

      

1,295,494

    

Health Care Equipment & Supplies — 2.5%

  

Hill-Rom Holdings, Inc.

    

9,039

      

1,405,565

    

Health Care Providers & Services — 2.3%

  

Magellan Health, Inc.*

    

13,917

      

1,319,192

    

Hotels, Restaurants & Leisure — 1.6%

  

Golden Nugget Online Gaming, Inc.*

    

71,797

      

895,309

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  
Independent Power and Renewable Electricity
Producers — 2.4%		  

Falck Renewables SpA

    

135,728

    

$

1,333,026

    

Insurance — 8.1%

  

American National Group, Inc.

    

7,072

      

1,338,376

    

Athene Holding Ltd., Class A*

    

26,287

      

2,153,431

    

MetroMile, Inc.*

    

429,298

      

1,090,417

    
     

4,582,224

    

IT Services — 2.2%

  

Afterpay Ltd.*

    

15,898

      

1,233,585

    

Life Sciences Tools & Services — 2.4%

  

PPD, Inc.*

    

29,088

      

1,370,045

    

Media — 2.5%

  

Shaw Communications, Inc., Class B

    

48,538

      

1,405,852

    

Multi-Utilities — 2.2%

  

Suez SA

    

55,413

      

1,240,224

    

Oil, Gas & Consumable Fuels — 2.4%

  

Oil Search Ltd.

    

495,039

      

1,344,505

    

Professional Services — 2.9%

  

IHS Markit Ltd.

    

12,867

      

1,644,660

    

Road & Rail — 2.3%

  

Europcar Mobility Group*(a)(b)

    

2,286,067

      

1,322,241

    

Software — 9.5%

  

McAfee Corp., Class A

    

54,312

      

1,403,965

    

Momentive Global, Inc.*

    

60,259

      

1,231,092

    

Nuance Communications, Inc.*

    

25,131

      

1,394,519

    

Vonage Holdings Corp.*

    

66,750

      

1,376,385

    
     

5,405,961

    

Specialty Retail — 2.2%

  
Sportsman's Warehouse
Holdings, Inc.*		    

72,497

      

1,234,624

    

Thrifts & Mortgage Finance — 2.3%

  

Flagstar Bancorp, Inc.

    

27,878

      

1,297,442

    

Transportation Infrastructure — 2.3%

  

Sydney Airport*

    

223,912

      

1,324,810

    
Total Common stocks
(Cost $49,181,042))		        

48,822,108

    

See accompanying notes to the financial statements.

40 :: MRGR MERGER ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Securities Lending Reinvestments (c) — 2.3%

  

Investment Companies — 2.3%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $1,300,000)		    

1,300,000

    

$

1,300,000

    
    Principal
Amount		      

Short-Term Investments — 3.4%

  

Repurchase Agreements (d) — 3.4%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $1,905,476
(Cost $1,905,476)		  

$

1,905,476

      

1,905,476

    
Total Investments — 91.9%
(Cost $52,386,518)		        

52,027,584

    

Other assets less liabilities — 8.1%

        

4,555,279

    

Net Assets — 100.0%

      

$

56,582,863

    

*  Non-income producing security.

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $1,156,782, collateralized in the form of cash with a value of

$1,300,000 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(b)  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $1,300,000.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

3,274,409

    

Aggregate gross unrealized depreciation

    

(2,241,418

)

  

Net unrealized appreciation

  

$

1,032,991

    

Federal income tax cost

  

$

52,472,055

    

Forward Currency Contracts

Merger ETF had the following open forward currency contracts as of November 30, 2021:

Currency

  

Counterparty

  

Delivery Date

   Foreign
Currency to
Receive (Pay)		   U.S. Dollars to
Receive (Pay)		  

Market Value

   Net
Unrealized
Appreciation/
(Depreciation)a		  

U.S. Dollar vs. Euro

  

Goldman Sachs International

  

01/18/22

    

286,000

    

$

(324,019

)

  

$

324,944

    

$

925

    

U.S. Dollar vs. Australian Dollar

  

Goldman Sachs International

  

01/18/22

    

(8,408,350

)

    

6,161,196

      

(5,997,363

)

    

163,833

    

U.S. Dollar vs. Canadian Dollar

  

Goldman Sachs International

  

01/18/22

    

(2,026,450

)

    

1,608,056

      

(1,587,085

)

    

20,971

    

U.S. Dollar vs. Euro

  

Goldman Sachs International

  

01/18/22

    

(3,734,000

)

    

4,329,419

      

(4,242,451

)

    

86,968

    

U.S. Dollar vs. British Pound

  

Goldman Sachs International

  

01/18/22

    

(1,063,400

)

    

1,443,354

      

(1,415,483

)

    

27,871

    

Total Unrealized Appreciation

                      

$

300,568

    

U.S. Dollar vs. Australian Dollar

  

Goldman Sachs International

  

01/18/22

    

697,900

    

$

(509,467

)

  

$

497,786

    

$

(11,681

)

  

U.S. Dollar vs. Canadian Dollar

  

Goldman Sachs International

  

01/18/22

    

239,700

      

(191,550

)

    

187,729

      

(3,821

)

  

U.S. Dollar vs. British Pound

  

Goldman Sachs International

  

01/18/22

    

86,400

      

(116,416

)

    

115,006

      

(1,410

)

  

Total Unrealized Depreciation

                      

$

(16,912

)

  

Total Net Unrealized Appreciation

                      

$

283,656

b

  

a  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on forward currency contracts) at period end as an asset on its Statements of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on forward currency contracts) are disclosed as a liability on its Statements of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statements of Assets and Liabilities.

b  The Net Amount of the Fund's uncollateralized exposure to the counterparty under these contracts is equal to the net unrealized appreciation of $283,656. Neither the Fund nor the counterparty has posted Financial Instruments or cash as collateral pursuant to these contracts.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: MERGER ETF MRGR :: 41

Swap Agreementsa

Merger ETF had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

(8,077

)

  

4/10/2023		  

Citibank NA		    

0.63

%

   S&P Merger Arbitrage
Index (short exposure
to Acquirers)f		    

663

                            
 

8,346

    

4/10/2023		  

Citibank NA		    

0.52

%

   S&P Merger Arbitrage
Index (long exposure
to Targets)g		    

(213

)

                          
 

269

                                      

450

      

—

      

—

      

450

    
 

(15,955,637

)

  

3/7/2023		  

Societe Generale		    

0.58

%

   S&P Merger Arbitrage
Index (short exposure
to Acquirers)f		    

1,508,546

                            
 

11,923,781

    

3/7/2023		  

Societe Generale		    

0.57

%

   S&P Merger Arbitrage
Index (long exposure
to Targets)g		    

(315,190

)

                          
 

(4,031,856

)

                                    

1,193,356

      

(940,191

)

    

—

      

253,165

    
 

(4,031,587

)

                                    

1,193,806

                            
                                Total Unrealized
Appreciation		    

1,509,209

                            
                                Total Unrealized
Depreciation		    

(315,403

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  Certain underlying short component disclosures related to this index may be found on the website at www.proshares.com/media/Merger_Acquirers_November.pdf.

g  See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative long components of the underlying reference instrument and their relative weightings.

Merger ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

United States

    

65.4

%

  

Australia

    

9.2

%

  

France

    

4.5

%

  

Canada

    

2.5

%

  

Italy

    

2.3

%

  

United Kingdom

    

2.3

%

  

Othera

    

13.8

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

42 :: MRGR MERGER ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Exchange Traded Funds — 99.8%

  
ProShares DJ Brookfield Global
Infrastructure ETF (a)		    

44,635

    

$

2,014,154

    
ProShares Global Listed Private
Equity ETF (a)(b)		    

35,570

      

1,286,745

    
ProShares Hedge Replication
ETF*(a)(b)		    

35,691

      

1,827,558

    
ProShares Inflation Expectations
ETF (a)		    

33,215

      

1,003,259

    
ProShares Managed Futures
Strategy ETF*(a)		    

18,839

      

756,103

    

ProShares Merger ETF (a)(b)

    

45,085

      

1,861,110

    

ProShares RAFITM Long/Short (a)

    

28,423

      

866,475

    
Total Exchange Traded Funds
(Cost $8,894,628)		        

9,615,404

    

Securities Lending Reinvestments (c) — 21.0%

  

Investment Companies — 21.0%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $2,017,215)		    

2,017,215

      

2,017,215

    
    Principal
Amount 		     

Short-Term Investments — 0.2%

  

Repurchase Agreements (d) — 0.2%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $21,035
(Cost $21,035)		  

$

21,035

      

21,035

    
Total Investments — 121.0%
(Cost $10,932,878)		        

11,653,654

    

Liabilities in excess of other assets — (21.0%)

        

(2,025,882

)

  

Net Assets — 100.0%

      

$

9,627,772

    

*  Non-income producing security.

(a)  Affiliated company as defined under the Investment Company Act of 1940.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $1,958,673, collateralized in the form of cash with a value of $2,017,215 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $2,017,215.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

711,812

    

Aggregate gross unrealized depreciation

    

(30,437

)

  

Net unrealized appreciation

  

$

681,375

    

Federal income tax cost

  

$

10,972,279

    

Investment in a company which was affiliated for the period ending November 30, 2021, was as follows:

Exchange
Traded Funds		   Value
May 31,
2021		   Purchases at
Cost		   Sales at
Value		   Shares
November 30,
2021		   Value
November 30,
2021		   Change in
Unrealized
Appreciation
(Depreciation)		   Dividend
Income		   Net Realized
Gain/(Loss)		  
ProShares DJ Brookfield
Global Infrastructure
ETF		  

$

1,144,411

    

$

981,054

    

$

37,975

      

44,635

    

$

2,014,154

    

$

(72,990

)

  

$

35,250

    

$

(346

)

  
ProShares Global Listed
Private Equity ETF		    

1,286,882

      

189,886

      

127,669

      

35,570

      

1,286,745

      

(71,163

)

    

84,529

      

8,809

    
ProShares Hedge
Replication ETF		    

2,355,392

      

121,088

      

610,483

      

35,691

      

1,827,558

      

(35,641

)

    

—

      

(2,798

)

  
ProShares Inflation
Expectations ETF		    

1,646,022

      

88,543

      

716,333

      

33,215

      

1,003,259

      

(58,330

)

    

28,321

      

43,357

    
ProShares Managed
Futures Strategy ETF		    

510,401

      

389,443

      

125,880

      

18,839

      

756,103

      

(17,481

)

    

—

      

(380

)

  

ProShares Merger ETF

    

1,338,370

      

940,377

      

430,790

      

45,085

      

1,861,110

      

(31,688

)

    

3,499

      

44,841

    
ProShares RAFITM
Long/Short		    

1,236,105

      

490,026

      

761,513

      

28,423

      

866,475

      

(62,555

)

    

6,268

      

(35,588

)

  
   

$

9,517,583

    

$

3,200,417

    

$

2,810,643

      

241,458

    

$

9,615,404

    

$

(349,848

)

  

$

157,867

    

$

57,895

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: MORNINGSTAR ALTERNATIVES SOLUTION ETF ALTS :: 43

Investments

  

Shares

  

Value

  

Common Stocks — 99.2%

  

Aerospace & Defense — 1.4%

  

BAE Systems plc

    

271,369

    

$

1,968,154

    

Air Freight & Logistics — 1.4%

  

DSV A/S

    

8,802

      

1,902,372

    

Beverages — 1.5%

  

Diageo plc

    

39,483

      

1,984,707

    

Biotechnology — 1.5%

  

CSL Ltd.

    

9,136

      

1,987,349

    

Building Products — 1.5%

  

Geberit AG (Registered)

    

2,625

      

1,996,407

    

Capital Markets — 1.5%

  

Partners Group Holding AG

    

1,179

      

2,025,729

    

Chemicals — 5.9%

  

Croda International plc

    

15,584

      

2,085,473

    
FUCHS PETROLUB SE
(Preference)		    

43,415

      

1,935,170

    

Givaudan SA (Registered)

    

420

      

2,042,360

    

Symrise AG

    

14,045

      

1,968,227

    
     

8,031,230

    

Commercial Services & Supplies — 1.5%

  

Sohgo Security Services Co. Ltd.

    

47,249

      

2,014,049

    

Diversified Financial Services — 3.0%

  

Sofina SA

    

4,630

      

2,130,473

    

Tokyo Century Corp.

    

39,986

      

1,908,707

    
     

4,039,180

    

Diversified Telecommunication Services — 1.4%

  

Telenor ASA (a)

    

134,118

      

1,970,256

    

Electric Utilities — 1.5%

  

CK Infrastructure Holdings Ltd.

    

346,191

      

2,004,980

    

Electronic Equipment, Instruments & Components — 1.4%

  

Halma plc

    

49,195

      

1,953,200

    

Equity Real Estate Investment Trusts (REITs) — 2.9%

  

Japan Metropolitan Fund Invest

    

2,346

      

2,020,686

    

Link REIT

    

225,806

      

1,958,027

    
     

3,978,713

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Food & Staples Retailing — 1.5%

  

Welcia Holdings Co. Ltd.

    

56,496

    

$

2,002,699

    

Food Products — 4.4%

  
Chocoladefabriken Lindt &
Spruengli AG, Class PC		    

169

      

2,065,475

    

Kerry Group plc, Class A

    

16,081

      

1,965,744

    

Nestle SA (Registered)

    

15,577

      

1,986,261

    
     

6,017,480

    

Gas Utilities — 4.6%

  

APA Group

    

311,872

      

2,107,396

    

Enagas SA

    

92,204

      

2,085,037

    

Hong Kong & China Gas Co. Ltd. (a)

    

1,374,148

      

2,051,743

    
     

6,244,176

    

Health Care Equipment & Supplies — 2.9%

  

Coloplast A/S, Class B (a)

    

11,601

      

1,884,001

    

DiaSorin SpA

    

9,893

      

2,101,837

    
     

3,985,838

    

Health Care Providers & Services — 2.8%

  
Fresenius Medical Care AG &
Co. KGaA		    

32,327

      

1,920,520

    

Fresenius SE & Co. KGaA

    

50,204

      

1,892,790

    
     

3,813,310

    

Hotels, Restaurants & Leisure — 1.5%

  

Domino's Pizza Enterprises Ltd.

    

22,675

      

2,085,600

    

Household Durables — 2.8%

  

Rinnai Corp.

    

19,677

      

1,857,743

    

Sekisui Chemical Co. Ltd.

    

124,078

      

2,016,152

    
     

3,873,895

    

Household Products — 1.6%

  

Unicharm Corp.

    

49,471

      

2,129,678

    

Insurance — 4.4%

  

AIA Group Ltd.

    

189,906

      

1,998,729

    

Legal & General Group plc

    

522,743

      

1,949,589

    

Tokio Marine Holdings, Inc.

    

39,912

      

2,006,409

    
     

5,954,727

    

IT Services — 9.1%

  

Bechtle AG

    

28,608

      

2,053,790

    

Itochu Techno-Solutions Corp.

    

63,978

      

2,081,983

    

Obic Co. Ltd.

    

11,219

      

2,073,951

    

See accompanying notes to the financial statements.

44 :: EFAD MSCI EAFE DIVIDEND GROWERS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Otsuka Corp. (a)

    

44,580

    

$

2,037,696

    

SCSK Corp.

    

108,687

      

2,062,799

    

TIS, Inc.

    

68,317

      

2,111,874

    
     

12,422,093

    

Machinery — 4.2%

  

Kurita Water Industries Ltd.

    

40,604

      

1,895,294

    

Spirax-Sarco Engineering plc

    

9,423

      

1,948,534

    

Techtronic Industries Co. Ltd.

    

93,090

      

1,921,302

    
     

5,765,130

    

Multiline Retail — 1.3%

  
Pan Pacific International
Holdings Corp.		    

107,600

      

1,834,635

    

Multi-Utilities — 1.5%

  

National Grid plc

    

155,790

      

2,074,705

    

Oil, Gas & Consumable Fuels — 1.5%

  
Washington H Soul Pattinson &
Co. Ltd. (a)		    

91,316

      

2,012,356

    

Personal Products — 2.9%

  

Kao Corp.

    

37,875

      

1,930,359

    
Kobayashi Pharmaceutical
Co. Ltd. (a)		    

25,426

      

1,997,445

    
     

3,927,804

    

Pharmaceuticals — 8.6%

  

Astellas Pharma, Inc.

    

121,895

      

1,910,363

    

Novartis AG (Registered)

    

25,322

      

2,009,561

    

Novo Nordisk A/S, Class B

    

18,044

      

1,924,522

    

Roche Holding AG

    

5,215

      

2,026,772

    

Sanofi

    

20,677

      

1,951,760

    

UCB SA

    

17,841

      

1,930,667

    
     

11,753,645

    

Professional Services — 4.4%

  

Nihon M&A Center Holdings, Inc.

    

65,033

      

1,910,124

    

RELX plc

    

65,678

      

2,030,666

    

Wolters Kluwer NV

    

18,410

      

2,056,895

    
     

5,997,685

    

Semiconductors & Semiconductor Equipment — 1.4%

  
ASML Holding NV    

2,369

      

1,865,516

    

Software — 2.8%

  

AVEVA Group plc

    

45,056

      

1,911,663

    

SAP SE

    

14,630

      

1,863,795

    
     

3,775,458

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Specialty Retail — 2.7%

  

Hikari Tsushin, Inc.

    

12,761

    

$

1,849,892

    

Nitori Holdings Co. Ltd.

    

11,305

      

1,795,140

    
     

3,645,032

    

Trading Companies & Distributors — 4.4%

  

Ashtead Group plc

    

24,248

      

1,938,922

    

Brenntag SE

    

22,578

      

1,923,824

    

Bunzl plc

    

54,751

      

2,077,452

    
     

5,940,198

    

Water Utilities — 1.5%

  

United Utilities Group plc

    

145,193

      

2,083,220

    
Total Common Stocks
(Cost $117,864,682)		        

135,061,206

    

Securities Lending Reinvestments (b) — 1.9%

  

Investment Companies — 1.9%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $2,582,773)		    

2,582,773

      

2,582,773

    
    Principal
Amount		      

Short-Term Investments — 0.3%

  

Repurchase Agreements (c) — 0.3%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $359,109
(Cost $359,109)		  

$

359,109

      

359,109

    
Total Investments — 101.4%
(Cost $120,806,564)		        

138,003,088

    

Liabilities in excess of other assets — (1.4%)

        

(1,911,860

)

  

Net Assets — 100.0%

      

$

136,091,228

    

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $2,512,977, collateralized in the form of cash with a value of $2,582,773 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $172,304 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% - 5.25%, and maturity dates ranging from February 15, 2022 - February 15, 2051. The total value of collateral is $2,755,077.

(b)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $2,582,773.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: MSCI EAFE DIVIDEND GROWERS ETF EFAD :: 45

(c)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Abbreviations

Preference  A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

21,258,568

    

Aggregate gross unrealized depreciation

    

(4,087,074

)

  

Net unrealized appreciation

  

$

17,171,494

    

Federal income tax cost

  

$

120,831,594

    

MSCI EAFE Dividend Growers ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

Japan

    

30.5

%

  

United Kingdom

    

17.6

%

  

Switzerland

    

10.4

%

  

Germany

    

10.0

%

  

Australia

    

6.0

%

  

Hong Kong

    

5.9

%

  

Denmark

    

4.2

%

  

Belgium

    

3.0

%

  

Netherlands

    

2.9

%

  

Italy

    

1.5

%

  

Spain

    

1.5

%

  

Norway

    

1.5

%

  

Ireland

    

1.4

%

  

China

    

1.4

%

  

France

    

1.4

%

  

Othera

    

0.8

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

46 :: EFAD MSCI EAFE DIVIDEND GROWERS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks — 93.9%

  

Automobiles — 1.6%

  

Ford Otomotiv Sanayi A/S

    

17,317

    

$

311,215

    

Banks — 5.4%

  
China Merchants Bank Co. Ltd.,
Class A		    

43,800

      

340,231

    

Public Bank Bhd.

    

364,225

      

340,744

    
Taiwan Cooperative Financial
Holding Co. Ltd.		    

410,276

      

350,449

    
     

1,031,424

    

Beverages — 3.9%

  

Arca Continental SAB de CV

    

57,653

      

351,605

    

Kweichow Moutai Co. Ltd., Class A

    

1,300

      

393,963

    
     

745,568

    

Chemicals — 7.1%

  

Asian Paints Ltd.

    

8,117

      

339,536

    

Berger Paints India Ltd.

    

33,233

      

332,430

    

Pidilite Industries Ltd.

    

10,736

      

315,119

    
Sinoma Science & Technology Co.
Ltd., Class A		    

64,400

      

368,945

    
     

1,356,030

    

Construction & Engineering — 1.8%

  

China Railway Group Ltd., Class H

    

732,685

      

348,584

    

Construction Materials — 1.7%

  

UltraTech Cement Ltd.

    

3,372

      

333,543

    

Diversified Financial Services — 1.8%

  

Chailease Holding Co. Ltd.

    

38,681

      

343,621

    

Diversified Telecommunication Services — 1.8%

  
Hellenic Telecommunications
Organization SA		    

20,185

      

349,215

    

Electric Utilities — 3.8%

  

Interconexion Electrica SA ESP

    

61,848

      

345,234

    

Power Grid Corp. of India Ltd.

    

136,064

      

374,322

    
     

719,556

    

Electronic Equipment, Instruments & Components — 1.8%

  
Luxshare Precision Industry Co. Ltd.,
Class A		    

55,100

      

342,907

    

Food Products — 1.7%

  

Grupo Bimbo SAB de CV, Series A

    

121,208

      

317,795

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Gas Utilities — 3.3%

  

China Gas Holdings Ltd.

    

153,839

    

$

276,587

    

China Resources Gas Group Ltd.

    

68,689

      

355,424

    
     

632,011

    

Health Care Equipment & Supplies — 4.1%

  

Hartalega Holdings Bhd.

    

276,756

      

426,486

    
Lepu Medical Technology Beijing
Co. Ltd., Class A		    

101,600

      

353,543

    
     

780,029

    

Health Care Providers & Services — 3.6%

  
Shanghai Pharmaceuticals Holding
Co. Ltd., Class A		    

124,200

      

358,692

    

Sinopharm Group Co. Ltd., Class H

    

152,473

      

331,225

    
     

689,917

    

Household Products — 1.8%

  

Hindustan Unilever Ltd.

    

10,916

      

336,627

    

Independent Power and Renewable Electricity Producers — 1.9%

  
China Longyuan Power Group Corp.
Ltd., Class H		    

174,560

      

358,164

    

Insurance — 5.3%

  
New China Life Insurance Co. Ltd.,
Class H		    

126,325

      

337,763

    
People's Insurance Co. Group of
China Ltd. (The), Class H		    

1,154,441

      

337,538

    
Ping An Insurance Group Co. of
China Ltd., Class H		    

47,784

      

331,204

    
     

1,006,505

    

Interactive Media & Services — 3.4%

  

NAVER Corp.

    

1,023

      

328,111

    

Tencent Holdings Ltd.

    

5,531

      

325,845

    
     

653,956

    

IT Services — 1.7%

  

Infosys Ltd., ADR

    

14,700

      

331,926

    

Metals & Mining — 3.3%

  

Polymetal International plc

    

17,813

      

325,032

    

Polyus PJSC, GDR (a)

    

3,251

      

311,121

    
     

636,153

    

Oil, Gas & Consumable Fuels — 1.2%

  

Rosneft Oil Co. PJSC, GDR (a)

    

29,071

      

220,184

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: MSCI EMERGING MARKETS DIVIDEND GROWERS ETF EMDV :: 47

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Personal Products — 1.8%

  

Marico Ltd.

    

48,343

    

$

346,302

    

Pharmaceuticals — 7.2%

  

China Medical System Holdings Ltd.

    

213,652

      

351,794

    

CSPC Pharmaceutical Group Ltd.

    

330,634

      

342,591

    

Yuhan Corp.

    

7,083

      

344,640

    
Yunnan Baiyao Group Co. Ltd.,
Class A		    

25,000

      

346,601

    
     

1,385,626

    

Real Estate Management & Development — 8.9%

  
China Overseas Land &
Investment Ltd.		    

152,473

      

351,169

    

China Vanke Co. Ltd., Class H

    

147,560

      

334,177

    

CIFI Holdings Group Co. Ltd.

    

614,669

      

335,002

    

Longfor Group Holdings Ltd. (a)

    

69,647

      

330,461

    

Powerlong Real Estate Holdings Ltd.

    

584,589

      

352,343

    
     

1,703,152

    

Road & Rail — 1.8%

  

Localiza Rent a Car SA

    

37,150

      

337,742

    

Specialty Retail — 3.4%

  
China Tourism Group Duty Free
Corp. Ltd., Class A		    

10,000

      

322,469

    

JUMBO SA

    

23,285

      

327,189

    
     

649,658

    

Technology Hardware, Storage & Peripherals — 1.8%

  

Wistron Corp.

    

340,472

      

350,213

    

Textiles, Apparel & Luxury Goods — 1.6%

  
Shenzhou International Group
Holdings Ltd.		    

16,423

      

309,590

    

Tobacco — 1.7%

  

ITC Ltd.

    

110,283

      

324,528

    

Water Utilities — 1.9%

  

Guangdong Investment Ltd.

    

265,722

      

353,705

    

Wireless Telecommunication Services — 1.8%

  

America Movil SAB de CV, Series L

    

401,173

      

351,921

    
Total Common Stocks
(Cost $17,874,909)		        

17,957,367

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds — 0.0% (b)

  

Food Products — 0.0% (b)

  
Britannia Industries Ltd.
Series N3, 5.50%, 6/3/2024
(Cost $3,560)		  

INR

259,086

    

$

3,443

    
    Number of
Rights		      

Rights — 0.0% (b)

  

Real Estate Management & Development — 0.0% (b)

  
CIFI HOLDINGS GROUP CO RIGHT,
expiring 12/15/2021*(c)(d)
(Cost $—)		    

29,155

      

935

    
    Principal
Amount		      

Short-Term Investments — 0.1%

  

Repurchase Agreements (e) — 0.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $9,599
(Cost $9,599)		  

$

9,599

      

9,599

    
Total Investments — 94.0%
(Cost $17,888,068)		        

17,971,344

    

Other assets less liabilities — 6.0%

        

1,156,273

    

Net Assets — 100.0%

      

$

19,127,617

    

*  Non-income producing security.

(a)  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(b)  Represents less than 0.05% of net assets.

(c)  Security fair valued as of November 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2021 amounted to $935, which represents approximately 0.00% of net assets of the Fund.

(d)  Illiquid security.

(e)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

See accompanying notes to the financial statements.

48 :: EMDV MSCI EMERGING MARKETS DIVIDEND GROWERS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Abbreviations

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

INR  Indian Rupee

PJSC  Public Joint Stock Company

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

1,539,415

    

Aggregate gross unrealized depreciation

    

(1,483,066

)

  

Net unrealized appreciation

  

$

56,349

    

Federal income tax cost

  

$

17,914,995

    

MSCI Emerging Markets Dividend Growers ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

China

    

46.5

%

  

India

    

15.9

%

  

Taiwan

    

5.5

%

  

Mexico

    

5.3

%

  

Russia

    

4.5

%

  

Malaysia

    

4.0

%

  

Greece

    

3.5

%

  

South Korea

    

3.5

%

  

Colombia

    

1.8

%

  

Brazil

    

1.8

%

  

Turkey

    

1.6

%

  

Othera

    

6.1

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: MSCI EMERGING MARKETS DIVIDEND GROWERS ETF EMDV :: 49

Investments

  

Shares

  

Value

  

Common Stocks — 99.4%

  

Aerospace & Defense — 2.6%

  

BAE Systems plc

    

43,661

    

$

316,660

    

Air Freight & Logistics — 2.5%

  

DSV A/S

    

1,422

      

307,336

    

Beverages — 2.6%

  

Diageo plc

    

6,380

      

320,706

    

Building Products — 2.6%

  

Geberit AG (Registered)

    

424

      

322,467

    

Capital Markets — 2.7%

  

Partners Group Holding AG

    

191

      

328,172

    

Chemicals — 10.6%

  

Croda International plc

    

2,518

      

336,962

    

FUCHS PETROLUB SE (Preference)

    

7,016

      

312,730

    

Givaudan SA (Registered)

    

68

      

330,668

    

Symrise AG

    

2,270

      

318,111

    
     

1,298,471

    

Diversified Financial Services — 2.8%

  

Sofina SA

    

748

      

344,189

    

Diversified Telecommunication Services — 2.6%

  

Telenor ASA (a)

    

21,672

      

318,372

    

Electronic Equipment, Instruments & Components — 2.6%

  

Halma plc

    

7,950

      

315,641

    

Food Products — 7.9%

  
Chocoladefabriken Lindt &
Spruengli AG, Class PC		    

27

      

329,987

    

Kerry Group plc, Class A

    

2,599

      

317,702

    

Nestle SA (Registered)

    

2,517

      

320,949

    
     

968,638

    

Gas Utilities — 2.7%

  

Enagas SA

    

14,899

      

336,916

    

Health Care Equipment & Supplies — 5.3%

  

Coloplast A/S, Class B (a)

    

1,875

      

304,499

    

DiaSorin SpA

    

1,599

      

339,719

    
     

644,218

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Health Care Providers & Services — 5.0%

  
Fresenius Medical Care AG & Co.
KGaA		    

5,224

    

$

310,354

    

Fresenius SE & Co. KGaA

    

8,113

      

305,876

    
     

616,230

    

Insurance — 2.6%

  

Legal & General Group plc

    

84,470

      

315,034

    

IT Services — 2.7%

  

Bechtle AG

    

4,623

      

331,889

    

Machinery — 2.6%

  

Spirax-Sarco Engineering plc

    

1,523

      

314,933

    

Multi-Utilities — 2.7%

  

National Grid plc

    

25,174

      

335,250

    

Pharmaceuticals — 13.0%

  

Novartis AG (Registered)

    

4,092

      

324,742

    

Novo Nordisk A/S, Class B

    

2,916

      

311,012

    

Roche Holding AG

    

841

      

326,849

    

Sanofi

    

3,341

      

315,367

    

UCB SA

    

2,883

      

311,984

    
     

1,589,954

    

Professional Services — 5.4%

  

RELX plc

    

10,613

      

328,138

    

Wolters Kluwer NV

    

2,975

      

332,388

    
     

660,526

    

Semiconductors & Semiconductor Equipment — 2.4%

  
ASML Holding NV    

377

      

296,876

    

Software — 5.0%

  

AVEVA Group plc

    

7,281

      

308,922

    

SAP SE

    

2,364

      

301,163

    
     

610,085

    

Trading Companies & Distributors — 7.8%

  

Ashtead Group plc

    

3,877

      

310,013

    

Brenntag SE

    

3,648

      

310,839

    

Bunzl plc

    

8,847

      

335,687

    
     

956,539

    

Water Utilities — 2.7%

  

United Utilities Group plc

    

23,462

      

336,631

    
Total Common Stocks
(Cost $10,334,690)		        

12,185,733

    

See accompanying notes to the financial statements.

50 :: EUDV MSCI EUROPE DIVIDEND GROWERS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Securities Lending Reinvestments (b) — 2.8%

  

Investment Companies — 2.8%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $344,013)		    

344,013

    

$

344,013

    
    Principal
Amount		      

Short-Term Investments — 0.2%

  

Repurchase Agreements (c) — 0.2%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $26,159
(Cost $26,159)		  

$

26,159

      

26,159

    
Total Investments — 102.4%
(Cost $10,704,862)		        

12,555,905

    

Liabilities in excess of other assets — (2.4%)

        

(298,719

)

  

Net Assets — 100.0%

      

$

12,257,186

    

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $324,700, collateralized in the form of cash with a value of $344,013 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(b)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $344,013.

(c)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Abbreviations

Preference  A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

2,046,968

    

Aggregate gross unrealized depreciation

    

(197,583

)

  

Net unrealized appreciation

  

$

1,849,385

    

Federal income tax cost

  

$

10,706,520

    

MSCI Europe Dividend Growers ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

United Kingdom

    

31.6

%

  

Switzerland

    

18.6

%

  

Germany

    

17.9

%

  

Denmark

    

7.5

%

  

Belgium

    

5.4

%

  

Netherlands

    

5.1

%

  

Italy

    

2.8

%

  

Spain

    

2.7

%

  

Norway

    

2.6

%

  

Ireland

    

2.6

%

  

France

    

2.6

%

  

Othera

    

0.6

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: MSCI EUROPE DIVIDEND GROWERS ETF EUDV :: 51

Investments

  

Shares

  

Value

  

Common Stocks — 99.6%

  

Aerospace & Defense — 0.1%

  

AeroVironment, Inc.*

    

558

    

$

45,064

    

Auto Components — 0.1%

  

Visteon Corp.*

    

405

      

42,898

    

Biotechnology — 6.9%

  

AbbVie, Inc.

    

5,163

      

595,191

    

Alnylam Pharmaceuticals, Inc.*

    

644

      

118,367

    
Beijing Wantai Biological Pharmacy
Enterprise Co. Ltd., Class A		    

1,200

      

47,181

    

Bluebird Bio, Inc.*

    

965

      

9,756

    

CRISPR Therapeutics AG*

    

564

      

45,064

    

Editas Medicine, Inc.*

    

1,175

      

38,375

    

Intellia Therapeutics, Inc.*

    

358

      

41,174

    

Mirati Therapeutics, Inc.*

    

341

      

46,638

    

Moderna, Inc.*

    

3,376

      

1,189,804

    

Myriad Genetics, Inc.*

    

1,652

      

42,721

    

Novavax, Inc.*

    

2,582

      

538,683

    

Twist Bioscience Corp.*

    

416

      

39,728

    

Veracyte, Inc.*

    

1,057

      

43,844

    
     

2,796,526

    

Capital Markets — 0.1%

  

Coinbase Global, Inc., Class A*

    

154

      

48,510

    

Chemicals — 9.6%

  

Corbion NV

    

1,808

      

83,822

    

Corteva, Inc.

    

17,439

      

784,755

    

FMC Corp.

    

5,027

      

503,655

    

Givaudan SA (Registered)

    

172

      

843,091

    
International Flavors &
Fragrances, Inc.		    

5,656

      

804,114

    

Scotts Miracle-Gro Co. (The)

    

1,546

      

224,000

    

Sensient Technologies Corp.

    

1,647

      

160,237

    

Symrise AG

    

3,703

      

522,847

    
     

3,926,521

    

Communications Equipment — 0.9%

  

Cisco Systems, Inc.

    

5,883

      

322,624

    

NetScout Systems, Inc.*

    

1,580

      

47,242

    
     

369,866

    

Diversified Consumer Services — 0.5%

  

Terminix Global Holdings, Inc.*

    

4,870

      

181,748

    

Diversified Telecommunication Services — 0.1%

  

Cogent Communications Holdings, Inc.

    

629

      

47,131

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Electronic Equipment, Instruments & Components — 0.1%

  

Cognex Corp.

    

629

    

$

48,590

    

Entertainment — 4.9%

  

Bilibili, Inc., ADR*

    

1,820

      

120,138

    

Electronic Arts, Inc.

    

2,564

      

318,500

    

Embracer Group AB*

    

12,606

      

136,512

    

Netflix, Inc.*

    

1,244

      

798,523

    

Sea Ltd., ADR*

    

1,323

      

381,117

    

Take-Two Interactive Software, Inc.*

    

700

      

116,116

    

Zynga, Inc., Class A*

    

18,395

      

110,922

    
     

1,981,828

    

Equity Real Estate Investment Trusts (REITs) — 0.4%

  

CoreSite Realty Corp.

    

301

      

51,486

    

Equinix, Inc.

    

125

      

101,525

    
     

153,011

    

Food Products — 4.5%

  

Beyond Meat, Inc.*

    

2,224

      

156,258

    

Kerry Group plc, Class A

    

6,216

      

765,583

    

McCormick & Co., Inc. (Non-Voting)

    

9,734

      

835,372

    

Simply Good Foods Co. (The)*

    

2,216

      

81,925

    
     

1,839,138

    

Health Care Equipment & Supplies — 10.3%

  

Abbott Laboratories

    

6,612

      

831,591

    

ABIOMED, Inc.*

    

246

      

77,436

    

Dexcom, Inc.*

    

524

      

294,797

    

Edwards Lifesciences Corp.*

    

3,377

      

362,386

    

Globus Medical, Inc., Class A*

    

677

      

42,394

    

ICU Medical, Inc.*

    

192

      

43,432

    

Integra LifeSciences Holdings Corp.*

    

689

      

44,061

    

Intuitive Surgical, Inc.*

    

1,934

      

627,274

    

Masimo Corp.*

    

300

      

83,436

    

Medtronic plc

    

5,174

      

552,066

    

Neogen Corp.*

    

4,198

      

168,466

    

Nevro Corp.*

    

530

      

46,152

    

NuVasive, Inc.*

    

824

      

39,601

    

Quidel Corp.*

    

339

      

50,023

    

ResMed, Inc.

    

789

      

201,077

    

Shockwave Medical, Inc.*

    

240

      

43,258

    

Stryker Corp.

    

1,858

      

439,658

    

Tandem Diabetes Care, Inc.*

    

342

      

43,954

    

Teleflex, Inc.

    

269

      

80,006

    

Zimmer Biomet Holdings, Inc.

    

1,131

      

135,268

    
     

4,206,336

    

See accompanying notes to the financial statements.

52 :: ANEW MSCI TRANSFORMATIONAL CHANGES ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Health Care Providers & Services — 0.2%

  

Acadia Healthcare Co., Inc.*

    

724

    

$

40,667

    

Premier, Inc., Class A

    

1,120

      

41,519

    
     

82,186

    

Health Care Technology — 0.8%

  

Allscripts Healthcare Solutions, Inc.*

    

2,727

      

45,350

    

Cerner Corp.

    

1,601

      

112,790

    

Phreesia, Inc.*

    

685

      

39,511

    

Teladoc Health, Inc.*

    

789

      

79,886

    

Veeva Systems, Inc., Class A*

    

193

      

54,538

    
     

332,075

    

Hotels, Restaurants & Leisure — 1.8%

  

Booking Holdings, Inc.*

    

357

      

750,360

    

Interactive Media & Services — 7.3%

  

Alphabet, Inc., Class A*

    

283

      

803,140

    

Meta Platforms, Inc., Class A*

    

2,506

      

813,097

    

Pinterest, Inc., Class A*

    

2,655

      

106,359

    

Snap, Inc., Class A*

    

9,555

      

454,914

    

Tencent Holdings Ltd.

    

13,306

      

783,890

    
     

2,961,400

    

Internet & Direct Marketing Retail — 10.1%

  

Alibaba Group Holding Ltd.*

    

42,375

      

691,759

    

Amazon.com, Inc.*

    

230

      

806,626

    

Americanas SA*

    

20,277

      

109,359

    

Delivery Hero SE*(a)

    

5,903

      

787,953

    

DoorDash, Inc., Class A*

    

534

      

95,463

    

eBay, Inc.

    

5,856

      

395,046

    

Just Eat Takeaway.com NV*(a)

    

4,135

      

258,814

    

Meituan*(a)

    

23,162

      

706,919

    

Pinduoduo, Inc., ADR*

    

3,952

      

262,808

    
     

4,114,747

    

IT Services — 5.3%

  

Accenture plc, Class A

    

885

      

316,299

    

Cloudflare, Inc., Class A*

    

331

      

62,308

    

Euronet Worldwide, Inc.*

    

452

      

45,819

    

GDS Holdings Ltd., ADR*

    

865

      

48,475

    

GoDaddy, Inc., Class A*

    

684

      

47,996

    

Kingsoft Cloud Holdings Ltd., ADR*

    

719

      

12,424

    

Mastercard, Inc., Class A

    

1,230

      

387,352

    

Nuvei Corp.*(a)

    

514

      

50,613

    

Okta, Inc.*

    

187

      

40,248

    

PayPal Holdings, Inc.*

    

1,558

      

288,059

    

Perficient, Inc.*

    

1,172

      

160,599

    

Shift4 Payments, Inc., Class A*

    

808

      

42,032

    

Snowflake, Inc., Class A*

    

270

      

91,841

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Square, Inc., Class A*

    

555

    

$

115,623

    

Visa, Inc., Class A

    

2,356

      

456,522

    
     

2,166,210

    

Life Sciences Tools & Services — 6.0%

  

Bio-Techne Corp.

    

212

      

100,070

    

Codexis, Inc.*

    

3,628

      

125,928

    

Danaher Corp.

    

2,715

      

873,253

    

Genscript Biotech Corp.*

    

9,935

      

52,236

    

Illumina, Inc.*

    

795

      

290,437

    
Maravai LifeSciences Holdings, Inc.,
Class A*		    

1,244

      

57,149

    

Medpace Holdings, Inc.*

    

207

      

42,934

    
Pacific Biosciences of
California, Inc.*		    

1,859

      

43,148

    

QIAGEN NV*

    

1,237

      

68,741

    

Thermo Fisher Scientific, Inc.

    

841

      

532,210

    

Wuxi Biologics Cayman, Inc.*(a)

    

19,522

      

265,868

    
     

2,451,974

    

Machinery — 2.6%

  

AGCO Corp.

    

2,308

      

254,365

    

Deere & Co.

    

2,377

      

821,348

    
     

1,075,713

    

Pharmaceuticals — 3.9%

  

Catalent, Inc.*

    

923

      

118,753

    

Johnson & Johnson

    

3,965

      

618,263

    

Roche Holding AG

    

2,132

      

835,220

    
     

1,572,236

    

Professional Services — 0.3%

  

Upwork, Inc.*

    

2,898

      

107,979

    

Semiconductors & Semiconductor Equipment — 5.8%

  

Advanced Micro Devices, Inc.*

    

1,241

      

196,537

    

Ambarella, Inc.*

    

263

      

47,214

    

Broadcom, Inc.

    

289

      

160,013

    

Cirrus Logic, Inc.*

    

617

      

49,471

    

Intel Corp.

    

3,938

      

193,750

    

Lattice Semiconductor Corp.*

    

589

      

44,723

    

MaxLinear, Inc.*

    

696

      

46,862

    

MediaTek, Inc.

    

2,109

      

76,609

    
Montage Technology Co. Ltd.,
Class A		    

4,300

      

55,552

    

NVIDIA Corp.

    

2,680

      

875,717

    

QUALCOMM, Inc.

    

1,519

      

274,271

    

Synaptics, Inc.*

    

182

      

51,368

    
Taiwan Semiconductor
Manufacturing Co. Ltd., ADR		    

2,606

      

305,293

    
     

2,377,380

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: MSCI TRANSFORMATIONAL CHANGES ETF ANEW :: 53

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Software — 13.9%

  

8x8, Inc.*

    

2,413

    

$

52,000

    

Adobe, Inc.*

    

1,265

      

847,360

    

Altair Engineering, Inc., Class A*

    

583

      

43,404

    

ANSYS, Inc.*

    

786

      

307,703

    

Avast plc (a)

    

5,786

      

46,617

    

BlackBerry Ltd.*

    

4,272

      

40,698

    

Blackline, Inc.*

    

416

      

45,781

    

Cerence, Inc.*

    

443

      

33,305

    
Check Point Software
Technologies Ltd.*		    

433

      

48,197

    

Coupa Software, Inc.*

    

227

      

44,642

    

Crowdstrike Holdings, Inc., Class A*

    

286

      

62,102

    

CyberArk Software Ltd.*

    

254

      

43,904

    

DocuSign, Inc.*

    

272

      

67,010

    

Dropbox, Inc., Class A*

    

1,948

      

47,940

    

Fortinet, Inc.*

    

194

      

64,429

    

HubSpot, Inc.*

    

465

      

375,213

    

Lightspeed Commerce, Inc.*

    

794

      

40,165

    

Mandiant Corp.*

    

2,880

      

48,874

    

Marathon Digital Holdings, Inc.*

    

970

      

49,538

    

Microsoft Corp.

    

2,487

      

822,177

    

MicroStrategy, Inc., Class A*

    

69

      

49,779

    

Mimecast Ltd.*

    

597

      

48,357

    

NortonLifeLock, Inc.

    

2,014

      

50,048

    

Nuance Communications, Inc.*

    

1,660

      

92,113

    

Nutanix, Inc., Class A*

    

1,432

      

47,571

    

Oracle Corp.

    

2,753

      

249,807

    

Palo Alto Networks, Inc.*

    

136

      

74,384

    

Paylocity Holding Corp.*

    

189

      

47,692

    

PTC, Inc.*

    

425

      

46,572

    

Qualys, Inc.*

    

373

      

48,598

    

Rapid7, Inc.*

    

378

      

46,895

    

RingCentral, Inc., Class A*

    

205

      

44,276

    

Riot Blockchain, Inc.*

    

1,515

      

56,616

    
Sailpoint Technologies
Holdings, Inc.*		    

867

      

45,596

    

salesforce.com, Inc.*

    

2,801

      

798,173

    

Sangfor Technologies, Inc., Class A

    

1,600

      

49,272

    

SAP SE

    

1,025

      

131,566

    

ServiceNow, Inc.*

    

277

      

179,413

    

Sprout Social, Inc., Class A*

    

919

      

102,634

    

Tenable Holdings, Inc.*

    

916

      

45,250

    

Trade Desk, Inc. (The), Class A*

    

606

      

62,673

    

Varonis Systems, Inc.*

    

854

      

44,246

    

VMware, Inc., Class A

    

415

      

48,447

    

Weimob, Inc.*(a)

    

36,133

      

43,834

    

Workday, Inc., Class A*

    

267

      

73,219

    
     

5,658,090

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Specialty Retail — 0.3%

  

GameStop Corp., Class A*

    

581

    

$

113,998

    

Technology Hardware, Storage & Peripherals — 2.8%

  

Apple, Inc.

    

5,376

      

888,653

    

HTC Corp.*

    

16,115

      

44,918

    

NetApp, Inc.

    

572

      

50,839

    

Samsung Electronics Co. Ltd., GDR (a)

    

94

      

140,812

    
     

1,125,222

    
Total Common Stocks
(Cost $39,452,407)		        

40,576,737

    
    Principal
Amount		      

Short-Term Investments — 0.4%

  

Repurchase Agreements (b) — 0.4%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $161,928
(Cost $161,927)		  

$

161,927

      

161,927

    
Total Investments — 100.0%
(Cost $39,614,334)		        

40,738,664

    

Liabilities in excess of other assets — 0.0% (c)

        

(19,670

)

  

Net Assets — 100.0%

      

$

40,718,994

    

*  Non-income producing security.

(a)  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(b)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(c)  Represents less than 0.05% of net assets.

Abbreviations

ADR  American Depositary Receipt

GDR  Global Depositary Receipt

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

3,819,688

    

Aggregate gross unrealized depreciation

    

(2,775,948

)

  

Net unrealized appreciation

  

$

1,043,740

    

Federal income tax cost

  

$

39,694,924

    

See accompanying notes to the financial statements.

54 :: ANEW MSCI TRANSFORMATIONAL CHANGES ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

MSCI Transformational Changes ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

United States

    

77.8

%

  

China

    

7.7

%

  

Switzerland

    

4.1

%

  

Germany

    

3.7

%

  

Ireland

    

1.9

%

  

Taiwan

    

1.1

%

  

Singapore

    

0.9

%

  

Netherlands

    

0.8

%

  

South Korea

    

0.4

%

  

Sweden

    

0.3

%

  

Canada

    

0.3

%

  

Brazil

    

0.3

%

  

Israel

    

0.2

%

  

United Kingdom

    

0.1

%

  

Othera

    

0.4

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: MSCI TRANSFORMATIONAL CHANGES ETF ANEW :: 55

Investments

  

Shares

  

Value

  

Common Stocks — 99.7%

  

Biotechnology — 11.6%

  

Genetron Holdings Ltd., ADR*

    

6,868

    

$

62,087

    

Moderna, Inc.*

    

525

      

185,026

    

Novavax, Inc.*

    

1,218

      

254,111

    
     

501,224

    

Chemicals — 5.3%

  

Advanced Nano Products Co. Ltd.

    

838

      

47,124

    

Nanocms Co. Ltd.*

    

331

      

27,168

    
Nanofilm Technologies International
Ltd. (a)		    

51,274

      

153,309

    
     

227,601

    

Electrical Equipment — 2.4%

  

Nissin Electric Co. Ltd.

    

8,334

      

104,475

    

Electronic Equipment, Instruments & Components — 6.5%

  

nLight, Inc.*

    

3,339

      

83,108

    

Oxford Instruments plc

    

4,455

      

136,273

    

Park Systems Corp.

    

517

      

62,846

    
     

282,227

    

Life Sciences Tools & Services — 8.2%

  

Agilent Technologies, Inc.

    

1,151

      

173,686

    

Bruker Corp.

    

2,257

      

182,794

    
     

356,480

    

Semiconductors & Semiconductor Equipment — 59.4%

  

Advanced Micro Devices, Inc.*

    

1,508

      

238,822

    

Applied Materials, Inc.

    

1,326

      

195,174

    
ASML Holding NV    

224

      

177,725

    

Axcelis Technologies, Inc.*

    

2,595

      

160,423

    

Entegris, Inc.

    

1,288

      

188,151

    

Intel Corp.

    

3,700

      

182,040

    

KLA Corp.

    

486

      

198,351

    

Lam Research Corp.

    

322

      

218,912

    

NeoPhotonics Corp.*

    

4,033

      

61,987

    

Onto Innovation, Inc.*

    

2,289

      

215,532

    

QD Laser, Inc.*

    

2,692

      

19,005

    

SUESS MicroTec SE*

    

1,478

      

35,033

    
Taiwan Semiconductor
Manufacturing Co. Ltd., ADR		    

1,560

      

182,754

    

Tower Semiconductor Ltd.*

    

5,688

      

201,810

    

Ultra Clean Holdings, Inc.*

    

3,455

      

189,368

    

Veeco Instruments, Inc.*

    

3,891

      

103,423

    
     

2,568,510

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Technology Hardware, Storage & Peripherals — 6.3%

  

Canon, Inc.

    

8,081

    

$

178,728

    

Nano Dimension Ltd., ADR*

    

19,822

      

94,947

    
     

273,675

    
Total Common Stocks
(Cost $4,011,882)		        

4,314,192

    
Total Investments — 99.7%
(Cost $4,011,882)		        

4,314,192

    

Other assets less liabilities — 0.3%

        

11,673

    

Net Assets — 100.0%

      

$

4,325,865

    

*  Non-income producing security.

(a)  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

Abbreviations

ADR  American Depositary Receipt

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

409,851

    

Aggregate gross unrealized depreciation

    

(109,039

)

  

Net unrealized appreciation

  

$

300,812

    

Federal income tax cost

  

$

4,013,380

    

See accompanying notes to the financial statements.

56 :: TINY NANOTECHNOLOGY ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Nanotechnology ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

United States

    

65.4

%

  

Japan

    

7.0

%

  

Israel

    

6.9

%

  

Taiwan

    

4.2

%

  

Netherlands

    

4.1

%

  

Singapore

    

3.5

%

  

South Korea

    

3.2

%

  

United Kingdom

    

3.2

%

  

China

    

1.4

%

  

Germany

    

0.8

%

  

Othera

    

0.3

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: NANOTECHNOLOGY ETF TINY :: 57

Investments

  

Shares

  

Value

  

Common Stocks — 99.9%

  

Automobiles — 6.6%

  

Tesla, Inc.*

    

1,688

    

$

1,932,354

    

Biotechnology — 4.5%

  

Seagen, Inc.*

    

8,189

      

1,310,240

    

Commercial Services & Supplies — 4.8%

  

Cintas Corp.

    

3,291

      

1,389,427

    

Electronic Equipment, Instruments & Components — 4.9%

  

CDW Corp.

    

7,491

      

1,418,496

    

Health Care Equipment & Supplies — 18.2%

  

Align Technology, Inc.*

    

2,059

      

1,259,140

    

Dexcom, Inc.*

    

2,504

      

1,408,726

    

IDEXX Laboratories, Inc.*

    

2,148

      

1,306,134

    

Intuitive Surgical, Inc.*

    

4,034

      

1,308,388

    
     

5,282,388

    

Hotels, Restaurants & Leisure — 4.3%

  

Marriott International, Inc., Class A*

    

8,437

      

1,244,964

    

Interactive Media & Services — 9.1%

  

Alphabet, Inc., Class A*

    

475

      

1,348,026

    

Meta Platforms, Inc., Class A*

    

4,015

      

1,302,707

    
     

2,650,733

    

Internet & Direct Marketing Retail — 7.2%

  

eBay, Inc.

    

17,660

      

1,191,344

    

Pinduoduo, Inc., ADR*

    

13,775

      

916,037

    
     

2,107,381

    

Media — 3.9%

  

Fox Corp., Class A

    

31,371

      

1,120,258

    

Semiconductors & Semiconductor Equipment — 22.2%

  

ASML Holding NV, NYRS

    

1,815

      

1,436,591

    

Broadcom, Inc.

    

2,689

      

1,488,845

    

Marvell Technology, Inc.

    

20,510

      

1,459,697

    

NVIDIA Corp.

    

6,360

      

2,078,193

    
     

6,463,326

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Software — 14.2%

  

Atlassian Corp. plc, Class A*

    

3,391

    

$

1,276,101

    

DocuSign, Inc.*

    

5,035

      

1,240,423

    

Intuit, Inc.

    

2,496

      

1,628,141

    
     

4,144,665

    
Total Common Stocks
(Cost $27,941,465)		        

29,064,232

    
    Principal
Amount		      

Short-Term Investments — 0.1%

  

Repurchase Agreements (a) — 0.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $35,379
(Cost $35,379)		  

$

35,379

      

35,379

    
Total Investments — 100.0%
(Cost $27,976,844)		        

29,099,611

    

Liabilities in excess of other assets — 0.0%

        

(4,524

)

  

Net Assets — 100.0%

      

$

29,095,087

    

*  Non-income producing security.

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Abbreviations

ADR  American Depositary Receipt

NYRS  New York Registry Shares

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

2,268,011

    

Aggregate gross unrealized depreciation

    

(1,146,607

)

  

Net unrealized appreciation

  

$

1,121,404

    

Federal income tax cost

  

$

27,978,207

    

See accompanying notes to the financial statements.

58 :: QQQA NASDAQ-100 DORSEY WRIGHT MOMENTUM ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks — 99.8%

  

Electronic Equipment, Instruments & Components — 0.4%

  

MicroVision, Inc.*

    

2,398

    

$

16,978

    

Entertainment — 55.8%

  

Activision Blizzard, Inc.

    

2,596

      

152,126

    

Bilibili, Inc., Class Z*

    

2,365

      

156,949

    

Capcom Co. Ltd.

    

2,518

      

63,020

    

CD Projekt SA

    

996

      

44,319

    

Electronic Arts, Inc.

    

1,732

      

215,149

    

Embracer Group AB*

    

9,187

      

99,487

    

iQIYI, Inc., ADR*

    

5,823

      

36,336

    

NCSoft Corp.

    

246

      

141,027

    

Netflix, Inc.*

    

508

      

326,085

    

Netmarble Corp. (a)

    

330

      

32,503

    

Nexon Co. Ltd.

    

6,976

      

139,107

    

ROBLOX Corp., Class A*

    

2,525

      

318,402

    

Skillz, Inc.*

    

3,650

      

33,909

    

Spotify Technology SA*

    

1,065

      

254,002

    

Take-Two Interactive Software, Inc.*

    

1,363

      

226,094

    
Tencent Music Entertainment
Group, ADR*		    

12,849

      

92,384

    

Ubisoft Entertainment SA*

    

1,521

      

78,158

    

Zynga, Inc., Class A*

    

15,671

      

94,496

    
     

2,503,553

    

Interactive Media & Services — 9.2%

  

fuboTV, Inc.*

    

1,802

      

35,355

    

Hello Group, Inc., ADR

    

2,553

      

29,538

    

JOYY, Inc., ADR

    

966

      

49,459

    

Kuaishou Technology*(a)

    

9,449

      

102,936

    

Snap, Inc., Class A*

    

4,122

      

196,249

    
     

413,537

    

Internet & Direct Marketing Retail — 21.1%

  

Dada Nexus Ltd., ADR*

    

3,525

      

63,697

    

Delivery Hero SE*(a)

    

1,860

      

248,280

    

DoorDash, Inc., Class A*

    

1,748

      

312,490

    

Just Eat Takeaway.com NV*(a)

    

2,004

      

125,432

    

Meituan*(a)

    

6,454

      

196,980

    
     

946,879

    

Leisure Products — 2.4%

  

Peloton Interactive, Inc., Class A*

    

2,441

      

107,404

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Road & Rail — 8.8%

  

ComfortDelGro Corp. Ltd.

    

32,922

    

$

33,053

    

Lyft, Inc., Class A*

    

4,167

      

169,222

    

Uber Technologies, Inc.*

    

5,011

      

190,418

    
     

392,693

    

Semiconductors & Semiconductor Equipment — 2.1%

  

Ambarella, Inc.*

    

532

      

95,505

    
Total Common Stocks
(Cost $4,980,387)		        

4,476,549

    
Total Investments — 99.8%
(Cost $4,980,387)		        

4,476,549

    

Other assets less liabilities — 0.2%

        

7,029

    

Net Assets — 100.0%

      

$

4,483,578

    

*  Non-income producing security.

(a)  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

158,135

    

Aggregate gross unrealized depreciation

    

(662,028

)

  

Net unrealized depreciation

  

$

(503,893

)

  

Federal income tax cost

  

$

4,980,442

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ON-DEMAND ETF OND :: 59

On-Demand ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

United States

    

55.5

%

  

China

    

15.1

%

  

Luxembourg

    

5.7

%

  

Germany

    

5.5

%

  

Japan

    

4.5

%

  

South Korea

    

3.9

%

  

Netherlands

    

2.8

%

  

Sweden

    

2.2

%

  

Singapore

    

1.8

%

  

France

    

1.8

%

  

Poland

    

1.0

%

  

Othera

    

0.2

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

60 :: OND ON-DEMAND ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks — 99.9%

  

Entertainment — 3.9%

  

Sea Ltd., ADR*

    

100,467

    

$

28,941,529

    

Health Care Equipment & Supplies — 2.2%

  

Figs, Inc., Class A*(a)

    

475,589

      

15,808,579

    

Internet & Direct Marketing Retail — 93.6%

  

1-800-Flowers.com, Inc., Class A*

    

476,364

      

14,186,120

    

Alibaba Group Holding Ltd., ADR*

    

603,781

      

77,000,191

    

Amazon.com, Inc.*

    

51,771

      

181,564,521

    

BARK, Inc.*(a)

    

2,729,536

      

14,630,313

    

Betterware de Mexico SAB de CV (a)

    

627,597

      

16,361,454

    

Cango, Inc., ADR (a)

    

423,200

      

1,333,080

    

CarParts.com, Inc.*

    

1,143,902

      

14,150,068

    

Chewy, Inc., Class A*(a)

    

293,451

      

20,030,965

    

ContextLogic, Inc., Class A*(a)

    

3,819,418

      

14,246,429

    

Coupang, Inc.*

    

331,426

      

8,782,789

    

Dada Nexus Ltd., ADR*

    

65,452

      

1,182,718

    

DoorDash, Inc., Class A*

    

130,034

      

23,246,178

    

eBay, Inc.

    

505,765

      

34,118,907

    

Etsy, Inc.*

    

72,070

      

19,788,981

    

Farfetch Ltd., Class A*

    

80,597

      

2,773,343

    

Fiverr International Ltd.*

    

10,633

      

1,505,845

    

Global-e Online Ltd.*

    

34,741

      

2,308,192

    

Groupon, Inc.*(a)

    

637,039

      

13,161,226

    

JD.com, Inc., ADR*

    

285,218

      

23,989,686

    

Lands' End, Inc.*

    

574,453

      

13,218,164

    

Liquidity Services, Inc.*

    

565,663

      

12,823,580

    

MercadoLibre, Inc.*

    

9,391

      

11,160,358

    

Overstock.com, Inc.*

    

166,790

      

14,887,675

    

Ozon Holdings plc, ADR*

    

49,750

      

2,004,427

    

PetMed Express, Inc. (a)

    

520,751

      

14,247,747

    

Pinduoduo, Inc., ADR*

    

229,352

      

15,251,908

    

Poshmark, Inc., Class A*(a)

    

782,874

      

14,858,948

    

Quotient Technology, Inc.*

    

2,088,537

      

14,640,644

    

Qurate Retail, Inc., Series A

    

1,860,038

      

14,880,304

    

RealReal, Inc. (The)*

    

916,630

      

14,271,929

    

Revolve Group, Inc.*

    

190,733

      

14,528,133

    

Shutterstock, Inc.

    

136,191

      

15,527,136

    

Stitch Fix, Inc., Class A*

    

548,640

      

13,661,136

    

Uxin Ltd., ADR*

    

660,314

      

1,459,294

    

Vipshop Holdings Ltd., ADR*

    

172,645

      

1,686,742

    

Wayfair, Inc., Class A*(a)

    

71,239

      

17,655,874

    
     

691,125,005

    

Personal Products — 0.2%

  

Yatsen Holding Ltd., ADR*(a)

    

504,989

      

1,318,021

    
Total Common Stocks
(Cost $876,756,451)		        

737,193,134

    

Investments

  

Shares

  

Value

  

Securities Lending Reinvestments (b) — 6.5%

  

Investment Companies — 6.5%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $48,134,973)		    

48,134,973

    

$

48,134,973

    
    Principal
Amount		      

Short-Term Investments — 0.2%

  

Repurchase Agreements (c) — 0.2%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $1,587,696
(Cost $1,587,695)		  

$

1,587,695

      

1,587,695

    
Total Investments — 106.6%
(Cost $926,479,119)		        

786,915,802

    

Liabilities in excess of other assets — (6.6%)

        

(48,783,074

)

  

Net Assets — 100.0%

      

$

738,132,728

    

*  Non-income producing security.

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $53,336,941, collateralized in the form of cash with a value of $48,134,973 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $9,357,417 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.88%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $57,492,390.

(b)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $48,134,973.

(c)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Abbreviations

ADR  American Depositary Receipt

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

44,290,206

    

Aggregate gross unrealized depreciation

    

(204,887,283

)

  

Net unrealized depreciation

  

$

(160,597,077

)

  

Federal income tax cost

  

$

947,512,879

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ONLINE RETAIL ETF ONLN :: 61

Investments

  

Shares

  

Value

  

Common Stocks — 99.9%

  

Distributors — 0.0% (a)

  

Arata Corp.

    

2,546

    

$

86,717

    

Diversified Consumer Services — 1.2%

  

Rover Group, Inc.*

    

388,427

      

4,008,566

    

Food Products — 13.4%

  

Freshpet, Inc.*

    

177,746

      

19,200,123

    

General Mills, Inc.

    

118,532

      

7,321,722

    

J M Smucker Co. (The)

    

20,067

      

2,537,873

    

Nestle SA (Registered)

    

119,402

      

15,347,134

    
     

44,406,852

    

Health Care Equipment & Supplies — 14.3%

  

Heska Corp.*

    

44,093

      

7,097,209

    

IDEXX Laboratories, Inc.*

    

56,674

      

34,461,759

    

Vimian Group AB*

    

534,584

      

4,035,100

    

Zomedica Corp.*

    

4,191,945

      

1,658,753

    
     

47,252,821

    

Health Care Providers & Services — 7.0%

  

AmerisourceBergen Corp.

    

29,140

      

3,372,955

    

Covetrus, Inc.*

    

444,212

      

7,986,932

    

CVS Group plc

    

303,636

      

8,863,864

    

Patterson Cos., Inc.

    

16,433

      

517,147

    

PetIQ, Inc.*

    

125,956

      

2,515,341

    
     

23,256,239

    

Household Products — 6.0%

  

Central Garden & Pet Co., Class A*

    

172,560

      

7,480,476

    

Colgate-Palmolive Co.

    

165,134

      

12,388,353

    
     

19,868,829

    

Insurance — 5.3%

  

Anicom Holdings, Inc.

    

310,275

      

2,132,823

    

Trupanion, Inc.*

    

124,183

      

15,314,248

    
     

17,447,071

    

Internet & Direct Marketing Retail — 13.2%

  

BARK, Inc.*

    

313,805

      

1,681,995

    

Chewy, Inc., Class A*

    

373,001

      

25,461,048

    

PetMed Express, Inc.

    

83,575

      

2,286,612

    

zooplus AG*

    

25,745

      

14,096,507

    
     

43,526,162

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Pharmaceuticals — 29.4%

  

Dechra Pharmaceuticals plc

    

448,222

    

$

30,073,894

    

Elanco Animal Health, Inc.*

    

86,491

      

2,485,751

    

Merck & Co., Inc.

    

190,719

      

14,286,760

    

SwedenCare AB

    

355,244

      

5,721,416

    

Virbac SA

    

17,976

      

8,440,045

    

Zoetis, Inc.

    

164,174

      

36,453,196

    
     

97,461,062

    

Specialty Retail — 10.1%

  

Musti Group OYJ*

    

132,633

      

4,470,455

    
Pet Center Comercio e
Participacoes SA		    

1,120,314

      

3,628,862

    

Petco Health & Wellness Co., Inc.*

    

644,573

      

12,356,465

    

Pets at Home Group plc

    

2,087,900

      

12,967,668

    
     

33,423,450

    
Total Common Stocks
(Cost $347,626,907)		        

330,737,769

    
    Principal
Amount		      

Short-Term Investments — 0.1%

  

Repurchase Agreements (b) — 0.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $428,447
(Cost $428,447)		  

$

428,447

      

428,447

    
Total Investments — 100.0%
(Cost $348,055,354)		        

331,166,216

    

Other assets less liabilities — 0.0% (a)

        

156,700

    

Net Assets — 100.0%

      

$

331,322,916

    

*  Non-income producing security.

(a)  Represents less than 0.05% of net assets.

(b)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

13,842,842

    

Aggregate gross unrealized depreciation

    

(32,901,702

)

  

Net unrealized depreciation

  

$

(19,058,860

)

  

Federal income tax cost

  

$

350,225,076

    

See accompanying notes to the financial statements.

62 :: PAWZ PET CARE ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Pet Care ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

United States

    

66.7

%

  

United Kingdom

    

15.7

%

  

Switzerland

    

4.6

%

  

Germany

    

4.3

%

  

Sweden

    

2.9

%

  

France

    

2.5

%

  

Finland

    

1.4

%

  

Brazil

    

1.1

%

  

Japan

    

0.7

%

  

Othera

    

0.1

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: PET CARE ETF PAWZ :: 63

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) — 90.7%

  

AbbVie, Inc. (Biotechnology)

    

0.4

%

    

178

    

$

20,520

    
Alphabet, Inc., Class A*
(Interactive Media &
Services)		    

0.7

%

    

12

      

34,055

    
Alphabet, Inc., Class C*
(Interactive Media & Services)		    

0.7

%

    

12

      

34,189

    

Altria Group, Inc. (Tobacco)

    

0.4

%

    

414

      

17,653

    
Amazon.com, Inc.*
(Internet & Direct Marketing
Retail)		    

0.8

%

    

11

      

38,578

    
Anthem, Inc. (Health Care
Providers & Services)		    

0.4

%

    

52

      

21,124

    
Apple, Inc. (Technology
Hardware, Storage &
Peripherals)		    

2.4

%

    

719

      

118,852

    
AT&T, Inc. (Diversified
Telecommunication Services)		    

1.1

%

    

2,411

      

55,043

    

Bank of America Corp. (Banks)

    

1.4

%

    

1,501

      

66,749

    
Berkshire Hathaway, Inc.,
Class B* (Diversified Financial
Services)		    

1.1

%

    

194

      

53,678

    
Boeing Co. (The)*
(Aerospace & Defense)		    

0.4

%

    

90

      

17,806

    
Capital One Financial Corp.
(Consumer Finance)		    

0.4

%

    

137

      

19,253

    
Chevron Corp. (Oil, Gas &
Consumable Fuels)		    

1.1

%

    

491

      

55,419

    
Cisco Systems, Inc.
(Communications Equipment)		    

0.7

%

    

600

      

32,904

    

Citigroup, Inc. (Banks)

    

1.0

%

    

731

      

46,565

    
Coca-Cola Co. (The)
(Beverages)		    

0.5

%

    

452

      

23,707

    
Comcast Corp., Class A
(Media)		    

0.7

%

    

696

      

34,786

    
ConocoPhillips (Oil, Gas &
Consumable Fuels)		    

0.4

%

    

282

      

19,777

    
Costco Wholesale Corp.
(Food & Staples Retailing)		    

0.6

%

    

55

      

29,666

    
CVS Health Corp. (Health
Care Providers & Services)		    

0.7

%

    

376

      

33,486

    
Exxon Mobil Corp. (Oil, Gas &
Consumable Fuels)		    

1.6

%

    

1,283

      

76,775

    

Ford Motor Co. (Automobiles)

    

1.0

%

    

2,425

      

46,536

    
General Electric Co. (Industrial
Conglomerates)		    

0.5

%

    

262

      

24,887

    
General Motors Co.*
(Automobiles)		    

0.6

%

    

498

      

28,819

    
Gilead Sciences, Inc.
(Biotechnology)		    

0.4

%

    

270

      

18,611

    
Goldman Sachs Group, Inc.
(The) (Capital Markets)		    

0.5

%

    

63

      

24,002

    
Home Depot, Inc. (The)
(Specialty Retail)		    

0.8

%

    

95

      

38,058

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) (continued)

  
Intel Corp. (Semiconductors &
Semiconductor Equipment)		    

0.6

%

    

635

    

$

31,242

    
International Business
Machines Corp. (IT Services)		    

0.6

%

    

246

      

28,807

    
Johnson & Johnson
(Pharmaceuticals)		    

0.9

%

    

286

      

44,596

    
JPMorgan Chase & Co.
(Banks)		    

1.7

%

    

512

      

81,321

    
Kroger Co. (The) (Food &
Staples Retailing)		    

0.3

%

    

412

      

17,110

    

Linde plc (Chemicals)

    

0.3

%

    

53

      

16,861

    
Lowe's Cos., Inc.
(Specialty Retail)		    

0.4

%

    

70

      

17,121

    
McDonald's Corp. (Hotels,
Restaurants & Leisure)		    

0.3

%

    

69

      

16,877

    
Merck & Co., Inc.
(Pharmaceuticals)		    

0.5

%

    

333

      

24,945

    
Meta Platforms, Inc.,
Class A* (Interactive
Media & Services)		    

0.7

%

    

103

      

33,419

    

Microsoft Corp. (Software)

    

1.9

%

    

283

      

93,557

    
Morgan Stanley (Capital
Markets)		    

0.4

%

    

208

      

19,723

    

PepsiCo, Inc. (Beverages)

    

0.6

%

    

180

      

28,761

    

Pfizer, Inc. (Pharmaceuticals)

    

1.2

%

    

1,082

      

58,136

    
Philip Morris International,
Inc. (Tobacco)		    

0.4

%

    

241

      

20,711

    
Procter & Gamble Co. (The)
(Household Products)		    

0.8

%

    

271

      

39,181

    

Target Corp. (Multiline Retail)

    

0.4

%

    

73

      

17,800

    
United Parcel Service, Inc.,
Class B (Air Freight &
Logistics)		    

0.4

%

    

89

      

17,655

    
UnitedHealth Group, Inc.
(Health Care Providers &
Services)		    

1.0

%

    

113

      

50,197

    
Verizon Communications,
Inc. (Diversified
Telecommunication
Services)		    

1.0

%

    

959

      

48,209

    
Walmart, Inc. (Food & Staples
Retailing)		    

0.8

%

    

279

      

39,236

    
Walt Disney Co. (The)*
(Entertainment)		    

0.4

%

    

148

      

21,445

    

Wells Fargo & Co. (Banks)

    

1.5

%

    

1,515

      

72,387

    

Other Common Stocks (b)

    

52.3

%

    

43,626

      

2,553,611

    
Total Common Stocks
(Cost $2,630,428)		            

4,424,406

    

See accompanying notes to the financial statements.

64 :: RALS RAFITM LONG/SHORT :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

    Principal
Amount		  

Value

  

Short-Term Investments — 6.1%

  

Repurchase Agreements (c) — 6.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $298,561
(Cost $298,561)		  

$

298,561

    

$

298,561

    
Total Investments — 96.8%
(Cost $2,928,989)		        

4,722,967

    

Other assets less liabilities — 3.2%

        

155,693

    

Net Assets — 100.0%

      

$

4,878,660

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $75,629.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $1,243, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 4.38%, and maturity dates ranging from December 30, 2021 - August 15, 2050. The total value of collateral is $1,316.

(c)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

2,026,342

    

Aggregate gross unrealized depreciation

    

(91,768

)

  

Net unrealized appreciation

  

$

1,934,574

    

Federal income tax cost

  

$

2,938,922

    

Swap Agreementsa

RAFITM Long/Short had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

(533,980

)

  
3/7/2023		   Goldman Sachs
International		    

(0.32

)%

   Russell 1000 Total
Return Index		    

18,708

                            
 

34,063

    
3/7/2023		   Goldman Sachs
International		    

0.57

%

   FTSE RAFI US 1000
Total Return Index		    

(1,684

)

                          
 

(499,917

)

  

 

  

 

                    

17,024

      

—

      

—

      

17,024

    
 

(4,192,900

)

  
3/7/2023		  
Societe Generale		    

0.18

%

   Russell 1000 Total
Return Index		    

146,542

                            
 

264,567

    
3/7/2023		  
Societe Generale		    

0.32

%

   FTSE RAFI US 1000
Total Return Index		    

(13,037

)

                          
 

(3,928,333

)

                                    

133,505

      

—

      

—

      

133,505

    
 

(4,428,250

)

                                    

150,529

                            
                                Total Unrealized
Appreciation		    

165,250

                           
                                Total Unrealized
Depreciation		    

(14,721

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: RAFITM LONG/SHORT RALS :: 65

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

RAFITM Long/Short invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

1.5

%

  

Air Freight & Logistics

    

0.7

%

  

Airlines

    

0.1

%

  

Auto Components

    

0.4

%

  

Automobiles

    

1.7

%

  

Banks

    

8.0

%

  

Beverages

    

1.3

%

  

Biotechnology

    

1.4

%

  

Building Products

    

0.7

%

  

Capital Markets

    

3.0

%

  

Chemicals

    

1.9

%

  

Commercial Services & Supplies

    

0.4

%

  

Communications Equipment

    

0.9

%

  

Construction & Engineering

    

0.2

%

  

Construction Materials

    

0.1

%

  

Consumer Finance

    

1.2

%

  

Containers & Packaging

    

0.5

%

  

Distributors

    

0.2

%

  

Diversified Consumer Services

    

0.1

%

  

Diversified Financial Services

    

1.2

%

  

Diversified Telecommunication Services

    

2.4

%

  

Electric Utilities

    

2.5

%

  

Electrical Equipment

    

0.6

%

  

Electronic Equipment, Instruments & Components

    

0.8

%

  

Energy Equipment & Services

    

0.6

%

  

Entertainment

    

0.7

%

  

Equity Real Estate Investment Trusts (REITs)

    

3.3

%

  

Food & Staples Retailing

    

2.5

%

  

Food Products

    

1.4

%

  

Gas Utilities

    

0.2

%

  

Health Care Equipment & Supplies

    

1.3

%

  

Health Care Providers & Services

    

3.9

%

  

Health Care Technology

    

0.0

%*

  

Hotels, Restaurants & Leisure

    

1.4

%

  

Household Durables

    

0.6

%

  

Household Products

    

1.2

%

  

Independent Power and Renewable Electricity Producers

    

0.1

%

  

Industrial Conglomerates

    

1.1

%

  

Insurance

    

3.5

%

  

Interactive Media & Services

    

2.1

%

  

Internet & Direct Marketing Retail

    

0.9

%

  

IT Services

    

2.3

%

  

Leisure Products

    

0.1

%

  

Life Sciences Tools & Services

    

0.8

%

  

Machinery

    

1.6

%

  

See accompanying notes to the financial statements.

66 :: RALS RAFITM LONG/SHORT :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Marine

    

0.0

%*

  

Media

    

1.5

%

  

Metals & Mining

    

0.7

%

  

Mortgage Real Estate Investment Trusts (REITs)

    

0.3

%

  

Multiline Retail

    

0.9

%

  

Multi-Utilities

    

1.2

%

  

Oil, Gas & Consumable Fuels

    

5.9

%

  

Paper & Forest Products

    

0.0

%*

  

Personal Products

    

0.1

%

  

Pharmaceuticals

    

3.4

%

  

Professional Services

    

0.5

%

  

Real Estate Management & Development

    

0.2

%

  

Road & Rail

    

1.1

%

  

Semiconductors & Semiconductor Equipment

    

2.8

%

  

Software

    

3.0

%

  

Specialty Retail

    

2.5

%

  

Technology Hardware, Storage & Peripherals

    

3.1

%

  

Textiles, Apparel & Luxury Goods

    

0.5

%

  

Thrifts & Mortgage Finance

    

0.1

%

  

Tobacco

    

0.8

%

  

Trading Companies & Distributors

    

0.5

%

  

Water Utilities

    

0.1

%

  

Wireless Telecommunication Services

    

0.1

%

  

Othera

    

9.3

%

  
     

100.0

%

  

*  Amount represents less than 0.05%.

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: RAFITM LONG/SHORT RALS :: 67

Investments

  

Shares

  

Value

  

Common Stocks — 99.8%

  

Banks — 24.7%

  

Associated Banc-Corp.

    

473,923

    

$

10,378,914

    

Atlantic Union Bankshares Corp.

    

263,800

      

8,576,138

    

BancFirst Corp.

    

171,411

      

10,906,882

    

Bryn Mawr Bank Corp.

    

235,881

      

10,520,293

    

City Holding Co.

    

124,362

      

9,757,442

    

Community Bank System, Inc.

    

131,812

      

9,313,836

    
First Interstate BancSystem, Inc.,
Class A		    

221,777

      

9,048,502

    

First Merchants Corp.

    

235,153

      

9,380,253

    

Fulton Financial Corp.

    

609,793

      

9,628,631

    

Home BancShares, Inc.

    

442,024

      

10,577,634

    

Independent Bank Corp.

    

126,837

      

10,027,733

    

International Bancshares Corp.

    

228,472

      

9,598,109

    

Lakeland Bancorp, Inc.

    

568,574

      

10,171,789

    

Lakeland Financial Corp. (a)

    

142,189

      

10,041,387

    

Sandy Spring Bancorp, Inc.

    

221,424

      

10,391,428

    

Simmons First National Corp., Class A

    

339,778

      

9,890,938

    

Southside Bancshares, Inc.

    

255,103

      

10,395,447

    

Tompkins Financial Corp.

    

120,294

      

9,402,179

    

United Bankshares, Inc.

    

265,851

      

9,498,856

    

Washington Trust Bancorp, Inc.

    

179,182

      

9,639,992

    

WesBanco, Inc.

    

289,558

      

9,425,113

    
     

206,571,496

    

Building Products — 2.3%

  

Apogee Enterprises, Inc.

    

220,102

      

9,090,213

    

Griffon Corp.

    

390,424

      

10,272,055

    
     

19,362,268

    

Capital Markets — 1.2%

  

Cohen & Steers, Inc.

    

108,496

      

9,739,686

    

Chemicals — 7.1%

  

Avient Corp.

    

191,334

      

10,525,283

    

Balchem Corp.

    

67,484

      

10,662,472

    

HB Fuller Co.

    

141,511

      

10,352,945

    

Quaker Chemical Corp. (a)

    

36,677

      

8,356,855

    

Sensient Technologies Corp.

    

108,925

      

10,597,313

    

Stepan Co.

    

80,928

      

9,121,395

    
     

59,616,263

    

Commercial Services & Supplies — 5.2%

  

ABM Industries, Inc.

    

196,272

      

8,832,240

    

Brady Corp., Class A

    

182,910

      

9,191,227

    

Healthcare Services Group, Inc.

    

361,819

      

6,331,833

    

HNI Corp.

    

254,664

      

10,061,775

    

Matthews International Corp., Class A

    

258,260

      

8,953,874

    
     

43,370,949

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Electric Utilities — 3.2%

  

ALLETE, Inc.

    

141,099

    

$

8,272,634

    

PNM Resources, Inc.

    

193,424

      

9,524,198

    

Portland General Electric Co.

    

183,895

      

8,950,170

    
     

26,747,002

    

Electronic Equipment, Instruments & Components — 1.1%

  

Badger Meter, Inc.

    

90,418

      

9,255,186

    

Equity Real Estate Investment Trusts (REITs) — 2.4%

  

STAG Industrial, Inc.

    

222,513

      

9,697,116

    

Terreno Realty Corp.

    

138,986

      

10,583,784

    
     

20,280,900

    

Food & Staples Retailing — 2.6%

  

Andersons, Inc. (The)

    

317,191

      

10,778,150

    

SpartanNash Co.

    

446,979

      

10,696,208

    
     

21,474,358

    

Food Products — 4.0%

  

Calavo Growers, Inc.

    

206,183

      

8,358,659

    

J & J Snack Foods Corp.

    

58,710

      

8,018,612

    

Lancaster Colony Corp.

    

54,248

      

7,931,057

    

Tootsie Roll Industries, Inc.

    

300,876

      

9,462,550

    
     

33,770,878

    

Gas Utilities — 6.3%

  

Chesapeake Utilities Corp.

    

72,543

      

9,239,077

    

New Jersey Resources Corp.

    

250,672

      

9,219,716

    

Northwest Natural Holding Co.

    

185,919

      

8,016,827

    

South Jersey Industries, Inc.

    

381,673

      

8,969,316

    

Southwest Gas Holdings, Inc.

    

133,366

      

8,776,816

    

Spire, Inc.

    

142,440

      

8,525,034

    
     

52,746,786

    

Health Care Equipment & Supplies — 2.1%

  

Atrion Corp.

    

13,609

      

9,662,254

    

LeMaitre Vascular, Inc.

    

163,067

      

7,629,905

    
     

17,292,159

    

Health Care Providers & Services — 1.1%

  

Ensign Group, Inc. (The)

    

115,304

      

8,801,154

    

Household Products — 1.1%

  

WD-40 Co. (a)

    

40,171

      

9,012,364

    

Insurance — 1.0%

  

Horace Mann Educators Corp.

    

233,132

      

8,642,203

    

See accompanying notes to the financial statements.

68 :: SMDV RUSSELL 2000 DIVIDEND GROWERS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Internet & Direct Marketing Retail — 1.1%

  

PetMed Express, Inc. (a)

    

340,656

    

$

9,320,348

    

Machinery — 6.7%

  

Douglas Dynamics, Inc.

    

237,894

      

9,456,287

    

Franklin Electric Co., Inc.

    

111,803

      

9,844,254

    

Hillenbrand, Inc.

    

208,069

      

9,279,877

    

Lindsay Corp.

    

58,172

      

8,465,189

    

Standex International Corp.

    

96,077

      

9,896,892

    

Trinity Industries, Inc.

    

329,165

      

8,722,873

    
     

55,665,372

    

Media — 1.1%

  

John Wiley & Sons, Inc., Class A (a)

    

168,508

      

8,759,046

    

Metals & Mining — 3.1%

  

Kaiser Aluminum Corp.

    

76,813

      

6,854,024

    

Materion Corp.

    

129,828

      

10,991,238

    

Worthington Industries, Inc.

    

173,700

      

8,334,126

    
     

26,179,388

    

Mortgage Real Estate Investment Trusts (REITs) — 1.1%

  

Arbor Realty Trust, Inc.

    

521,901

      

9,159,363

    

Multi-Utilities — 3.0%

  

Avista Corp.

    

225,093

      

8,668,332

    

Black Hills Corp.

    

132,936

      

8,523,856

    

NorthWestern Corp.

    

148,226

      

8,196,898

    
     

25,389,086

    

Paper & Forest Products — 1.1%

  

Neenah, Inc.

    

188,889

      

8,781,450

    

Personal Products — 1.0%

  

Nu Skin Enterprises, Inc., Class A

    

190,806

      

8,372,567

    

Professional Services — 1.2%

  

Insperity, Inc.

    

84,100

      

9,733,734

    

Real Estate Management & Development — 1.1%

  

Kennedy-Wilson Holdings, Inc.

    

432,276

      

9,376,066

    

Thrifts & Mortgage Finance — 3.7%

  
Federal Agricultural Mortgage Corp.,
Class C		    

96,702

      

11,770,568

    

Northwest Bancshares, Inc.

    

744,145

      

9,882,246

    

Premier Financial Corp.

    

318,049

      

9,350,641

    
     

31,003,455

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Tobacco — 1.1%

  

Universal Corp.

    

189,192

    

$

8,810,671

    

Trading Companies & Distributors — 3.7%

  

Applied Industrial Technologies, Inc.

    

108,716

      

10,332,369

    

GATX Corp.

    

105,677

      

10,409,184

    

McGrath RentCorp

    

134,116

      

10,367,167

    
     

31,108,720

    

Water Utilities — 4.4%

  

American States Water Co.

    

101,838

      

9,591,103

    

California Water Service Group

    

147,312

      

9,282,129

    

Middlesex Water Co.

    

84,571

      

8,714,196

    

SJW Group

    

135,576

      

9,131,043

    
     

36,718,471

    

Wireless Telecommunication Services — 1.0%

  

Telephone and Data Systems, Inc.

    

467,226

      

8,260,556

    
Total Common Stocks
(Cost $765,889,891)		        

833,321,945

    

Securities Lending Reinvestments (b) — 0.6%

  

Investment Companies — 0.6%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $5,355,548)		    

5,355,548

      

5,355,548

    
    Principal
Amount 		     

Short-Term Investments — 0.1%

  

Repurchase Agreements (c) — 0.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $633,980
(Cost $633,979)		  

$

633,979

      

633,979

    
Total Investments — 100.5%
(Cost $771,879,418)		        

839,311,472

    

Liabilities in excess of other assets — (0.5%)

        

(3,876,015

)

  

Net Assets — 100.0%

      

$

835,435,457

    

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $6,806,042, collateralized in the form of cash with a value of $5,355,548 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,926,268 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from January 20, 2022 - November 15, 2050. The total value of collateral is $7,281,816.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: RUSSELL 2000 DIVIDEND GROWERS ETF SMDV :: 69

(b)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $5,355,548.

(c)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

110,302,189

    

Aggregate gross unrealized depreciation

    

(45,340,096

)

  

Net unrealized appreciation

  

$

64,962,093

    

Federal income tax cost

  

$

774,349,379

    

See accompanying notes to the financial statements.

70 :: SMDV RUSSELL 2000 DIVIDEND GROWERS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks — 99.8%

  

Banks — 3.1%

  

Commerce Bancshares, Inc.

    

4,451

    

$

310,680

    

United Bankshares, Inc.

    

8,749

      

312,601

    
     

623,281

    

Beverages — 4.7%

  

Brown-Forman Corp., Class B

    

4,451

      

313,172

    

Coca-Cola Co. (The)

    

5,560

      

291,622

    

PepsiCo, Inc.

    

2,011

      

321,318

    
     

926,112

    

Building Products — 1.7%

  

Carlisle Cos., Inc.

    

1,503

      

338,476

    

Capital Markets — 3.2%

  

Franklin Resources, Inc.

    

9,730

      

315,252

    

S&P Global, Inc.

    

701

      

319,467

    
     

634,719

    

Chemicals — 9.9%

  

Air Products and Chemicals, Inc.

    

1,169

      

336,018

    

HB Fuller Co.

    

4,657

      

340,706

    

PPG Industries, Inc.

    

1,990

      

306,798

    

RPM International, Inc.

    

3,829

      

348,592

    

Sherwin-Williams Co. (The)

    

1,022

      

338,527

    

Stepan Co.

    

2,662

      

300,034

    
     

1,970,675

    

Commercial Services & Supplies — 4.4%

  

ABM Industries, Inc.

    

6,458

      

290,610

    

Brady Corp., Class A

    

6,018

      

302,404

    

MSA Safety, Inc.

    

1,953

      

279,904

    
     

872,918

    

Containers & Packaging — 1.4%

  

Sonoco Products Co.

    

4,751

      

276,176

    

Distributors — 1.7%

  

Genuine Parts Co.

    

2,576

      

329,058

    

Diversified Telecommunication Services — 1.3%

  

AT&T, Inc.

    

11,420

      

260,719

    

Electric Utilities — 1.4%

  

MGE Energy, Inc.

    

3,869

      

280,851

    

Electrical Equipment — 1.3%

  

Emerson Electric Co.

    

2,987

      

262,378

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Equity Real Estate Investment Trusts (REITs) — 1.6%

  

Federal Realty Investment Trust

    

2,564

    

$

314,526

    

Food & Staples Retailing — 4.3%

  

Sysco Corp.

    

4,027

      

282,051

    

Walgreens Boots Alliance, Inc.

    

6,094

      

273,011

    

Walmart, Inc.

    

2,125

      

298,839

    
     

853,901

    

Food Products — 6.1%

  

Archer-Daniels-Midland Co.

    

5,238

      

325,856

    

Hormel Foods Corp.

    

7,245

      

299,943

    

Lancaster Colony Corp.

    

1,785

      

260,967

    

Tootsie Roll Industries, Inc. (a)

    

9,902

      

311,418

    
     

1,198,184

    

Gas Utilities — 3.1%

  

National Fuel Gas Co.

    

6,021

      

348,074

    

Northwest Natural Holding Co.

    

6,117

      

263,766

    
     

611,840

    

Health Care Equipment & Supplies — 4.3%

  

Abbott Laboratories

    

2,457

      

309,017

    

Becton Dickinson and Co.

    

1,237

      

293,342

    

Medtronic plc

    

2,344

      

250,105

    
     

852,464

    

Hotels, Restaurants & Leisure — 1.6%

  

McDonald's Corp.

    

1,316

      

321,894

    

Household Durables — 1.3%

  

Leggett & Platt, Inc.

    

6,491

      

262,171

    

Household Products — 6.1%

  

Clorox Co. (The)

    

1,856

      

302,250

    

Colgate-Palmolive Co.

    

4,019

      

301,505

    

Kimberly-Clark Corp.

    

2,246

      

292,676

    

Procter & Gamble Co. (The)

    

2,190

      

316,630

    
     

1,213,061

    

Industrial Conglomerates — 1.4%

  

3M Co.

    

1,617

      

274,955

    

Insurance — 6.1%

  

Aflac, Inc.

    

5,638

      

305,241

    

Cincinnati Financial Corp.

    

2,584

      

294,318

    

Old Republic International Corp.

    

13,072

      

313,205

    

RLI Corp.

    

2,882

      

296,212

    
     

1,208,976

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: RUSSELL U.S. DIVIDEND GROWERS ETF TMDV :: 71

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

IT Services — 1.8%

  

Automatic Data Processing, Inc.

    

1,526

    

$

352,338

    

Machinery — 7.8%

  

Dover Corp.

    

1,794

      

293,947

    

Illinois Tool Works, Inc.

    

1,364

      

316,653

    

Nordson Corp.

    

1,300

      

330,447

    

Stanley Black & Decker, Inc.

    

1,631

      

285,033

    

Tennant Co.

    

4,157

      

326,990

    
     

1,553,070

    

Metals & Mining — 1.5%

  

Nucor Corp.

    

2,736

      

290,727

    

Multiline Retail — 1.6%

  

Target Corp.

    

1,284

      

313,090

    

Multi-Utilities — 3.0%

  

Black Hills Corp.

    

4,375

      

280,525

    

Consolidated Edison, Inc.

    

4,089

      

317,470

    
     

597,995

    

Pharmaceuticals — 1.4%

  

Johnson & Johnson

    

1,802

      

280,986

    

Specialty Retail — 1.9%

  

Lowe's Cos., Inc.

    

1,529

      

373,978

    

Tobacco — 1.5%

  

Universal Corp.

    

6,226

      

289,945

    

Trading Companies & Distributors — 1.8%

  

WW Grainger, Inc.

    

724

      

348,541

    

Water Utilities — 6.1%

  

American States Water Co.

    

3,350

      

315,503

    

California Water Service Group

    

4,847

      

305,409

    

Middlesex Water Co.

    

2,782

      

286,657

    

SJW Group

    

4,462

      

300,516

    
     

1,208,085

    

Wireless Telecommunication Services — 1.4%

  

Telephone and Data Systems, Inc.

    

15,372

      

271,777

    
Total Common Stocks
(Cost $18,215,930)		        

19,767,867

    

Investments

  

Shares

  

Value

  

Securities Lending Reinvestments (b) — 0.0% (c)

  

Investment Companies — 0.0% (c)

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $3,250)		    

3,250

    

$

3,250

    
    Principal
Amount 		     

Short-Term Investments — 0.0% (c)

  

Repurchase Agreements (d) — 0.0% (c)

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $4,451
(Cost $4,451)		  

$

4,451

      

4,451

    
Total Investments — 99.8%
(Cost $18,223,631)		        

19,775,568

    

Other assets less liabilities — 0.2%

        

37,549

    

Net Assets — 100.0%

      

$

19,813,117

    

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $3,145, collateralized in the form of cash with a value of $3,250 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(b)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $3,250.

(c)  Represents less than 0.05% of net assets.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

2,415,965

    

Aggregate gross unrealized depreciation

    

(888,647

)

  

Net unrealized appreciation

  

$

1,527,318

    

Federal income tax cost

  

$

18,248,250

    

See accompanying notes to the financial statements.

72 :: TMDV RUSSELL U.S. DIVIDEND GROWERS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Corporate Bonds — 98.8%

  

Aerospace & Defense — 4.2%

  

Boeing Co. (The)

  

1.43%, 2/4/2024

  

$

318,000

    

$

318,037

    

3.20%, 3/1/2029

    

234,000

      

241,849

    

2.95%, 2/1/2030

    

165,000

      

166,522

    

5.15%, 5/1/2030

    

84,000

      

97,439

    

5.71%, 5/1/2040

    

200,000

      

254,563

    

5.81%, 5/1/2050

    

20,000

      

27,133

    

Lockheed Martin Corp.

  

3.55%, 1/15/2026

    

62,000

      

67,123

    

Northrop Grumman Corp.

  

3.25%, 1/15/2028

    

200,000

      

213,875

    

Raytheon Technologies Corp.

  

4.50%, 6/1/2042

    

128,000

      

157,604

    
     

1,544,145

    

Airlines — 0.8%

  
Southwest Airlines Co.
5.13%, 6/15/2027		    

250,000

      

284,931

    

Automobiles — 1.3%

  

General Motors Co.

  

6.80%, 10/1/2027

    

250,000

      

306,001

    

5.00%, 10/1/2028

    

158,000

      

180,813

    
     

486,814

    

Banks — 9.5%

  

Bank of America Corp.

  

3.30%, 1/11/2023

    

115,000

      

118,464

    

4.20%, 8/26/2024

    

100,000

      

107,521

    

Series L, 3.95%, 4/21/2025

    

150,000

      

161,032

    

3.25%, 10/21/2027

    

100,000

      

106,056

    

Series L, 4.18%, 11/25/2027

    

100,000

      

109,428

    

Citigroup, Inc.

  

4.40%, 6/10/2025

    

86,000

      

93,538

    

3.20%, 10/21/2026

    

100,000

      

106,171

    

4.45%, 9/29/2027

    

100,000

      

111,229

    

4.65%, 7/23/2048

    

130,000

      

172,004

    

JPMorgan Chase & Co.

  

3.20%, 1/25/2023

    

150,000

      

154,525

    

2.70%, 5/18/2023

    

150,000

      

153,808

    

3.90%, 7/15/2025

    

154,000

      

166,434

    

2.95%, 10/1/2026

    

202,000

      

213,064

    

PNC Financial Services Group, Inc. (The)

  

2.55%, 1/22/2030

    

250,000

      

257,641

    

Truist Bank

  

2.25%, 3/11/2030

    

46,000

      

45,741

    

Truist Financial Corp.

  

2.20%, 3/16/2023

    

102,000

      

103,884

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

US Bancorp

  

1.38%, 7/22/2030

  

$

250,000

    

$

235,925

    

Wells Fargo & Co.

  

3.30%, 9/9/2024

    

318,000

      

335,899

    

3.00%, 2/19/2025

    

250,000

      

260,955

    

3.55%, 9/29/2025

    

164,000

      

175,881

    

3.00%, 4/22/2026

    

2,000

      

2,099

    

3.00%, 10/23/2026

    

250,000

      

263,280

    
     

3,454,579

    

Beverages — 1.6%

  

Coca-Cola Co. (The)

  

1.45%, 6/1/2027

    

150,000

      

148,709

    

1.00%, 3/15/2028

    

250,000

      

238,431

    

Molson Coors Beverage Co.

  

4.20%, 7/15/2046

    

32,000

      

35,758

    

PepsiCo, Inc.

  

2.75%, 3/19/2030

    

145,000

      

152,968

    
     

575,866

    

Biotechnology — 4.8%

  

AbbVie, Inc.

  

3.75%, 11/14/2023

    

231,000

      

242,672

    

3.60%, 5/14/2025

    

160,000

      

170,482

    

3.20%, 5/14/2026

    

80,000

      

84,893

    

4.50%, 5/14/2035

    

50,000

      

59,531

    

4.88%, 11/14/2048

    

200,000

      

259,492

    

4.25%, 11/21/2049

    

32,000

      

38,583

    

Amgen, Inc.

  

2.20%, 2/21/2027

    

244,000

      

247,368

    

1.65%, 8/15/2028

    

115,000

      

111,743

    

2.30%, 2/25/2031

    

56,000

      

55,611

    

2.00%, 1/15/2032

    

135,000

      

129,774

    

Gilead Sciences, Inc.

  

3.65%, 3/1/2026

    

20,000

      

21,570

    

1.65%, 10/1/2030

    

165,000

      

157,138

    

4.75%, 3/1/2046

    

150,000

      

190,538

    

2.80%, 10/1/2050

    

3,000

      

2,916

    
     

1,772,311

    

Building Products — 0.4%

  
Carrier Global Corp.
2.70%, 2/15/2031		    

160,000

      

162,808

    

Capital Markets — 5.4%

  

Bank of New York Mellon Corp. (The)

  

2.95%, 1/29/2023

    

150,000

      

153,844

    

Charles Schwab Corp. (The)

  

0.75%, 3/18/2024

    

108,000

      

107,577

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: S&P 500® BOND ETF SPXB :: 73

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Goldman Sachs Group, Inc. (The)

  

3.63%, 1/22/2023

  

$

260,000

    

$

268,568

    

4.00%, 3/3/2024

    

105,000

      

111,548

    

3.85%, 1/26/2027

    

350,000

      

375,786

    

3.80%, 3/15/2030

    

150,000

      

164,450

    

6.75%, 10/1/2037

    

44,000

      

61,991

    

Morgan Stanley

  

3.13%, 1/23/2023

    

200,000

      

205,543

    

Series F, 3.88%, 4/29/2024

    

100,000

      

106,255

    

5.00%, 11/24/2025

    

116,000

      

129,734

    

3.13%, 7/27/2026

    

100,000

      

105,887

    

4.35%, 9/8/2026

    

155,000

      

171,613

    

3.63%, 1/20/2027

    

25,000

      

27,071

    
     

1,989,867

    

Chemicals — 0.7%

  

DuPont de Nemours, Inc.

  

4.21%, 11/15/2023

    

100,000

      

105,795

    

4.49%, 11/15/2025

    

46,000

      

50,901

    

LYB International Finance III LLC

  

4.20%, 5/1/2050

    

100,000

      

115,772

    
     

272,468

    

Consumer Finance — 1.2%

  

American Express Co.

  

3.40%, 2/22/2024

    

157,000

      

164,854

    

1.65%, 11/4/2026

    

154,000

      

153,834

    

Capital One Financial Corp.

  

3.80%, 1/31/2028

    

100,000

      

109,469

    
     

428,157

    

Diversified Financial Services — 0.5%

  
Berkshire Hathaway, Inc.
2.75%, 3/15/2023		    

176,000

      

180,277

    

Diversified Telecommunication Services — 7.6%

  

AT&T, Inc.

  

4.35%, 3/1/2029

    

250,000

      

281,676

    

4.30%, 2/15/2030

    

159,000

      

179,453

    

2.75%, 6/1/2031

    

316,000

      

321,217

    

4.50%, 3/9/2048

    

225,000

      

265,523

    

3.50%, 9/15/2053

    

233,000

      

236,359

    

3.85%, 6/1/2060

    

198,000

      

207,150

    

Verizon Communications, Inc.

  

3.50%, 11/1/2024

    

202,000

      

214,932

    

1.45%, 3/20/2026

    

250,000

      

248,108

    

4.13%, 3/16/2027

    

3,000

      

3,343

    

4.02%, 12/3/2029

    

150,000

      

168,193

    

4.86%, 8/21/2046

    

150,000

      

197,572

    

4.52%, 9/15/2048

    

3,000

      

3,820

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

3.55%, 3/22/2051

  

$

150,000

    

$

164,224

    

3.70%, 3/22/2061

    

250,000

      

276,447

    
     

2,768,017

    

Electric Utilities — 1.3%

  

NextEra Energy Capital Holdings, Inc.

  

2.25%, 6/1/2030

    

145,000

      

144,150

    

Southern Co. (The)

  

2.95%, 7/1/2023

    

150,000

      

154,033

    

Series A, 3.70%, 4/30/2030

    

150,000

      

162,337

    
     

460,520

    

Energy Equipment & Services — 0.8%

  

Halliburton Co.

  

2.92%, 3/1/2030 (a)

    

185,000

      

189,078

    

Schlumberger Investment SA

  

2.65%, 6/26/2030

    

100,000

      

101,879

    
     

290,957

    

Entertainment — 1.2%

  

Walt Disney Co. (The)

  

1.75%, 8/30/2024

    

40,000

      

40,686

    

2.65%, 1/13/2031

    

118,000

      

122,493

    

2.75%, 9/1/2049

    

150,000

      

147,425

    

3.60%, 1/13/2051

    

100,000

      

114,433

    
     

425,037

    

Equity Real Estate Investment Trusts (REITs) — 1.0%

  

American Tower Corp.

  

3.80%, 8/15/2029

    

100,000

      

108,519

    

Equinix, Inc.

  

3.20%, 11/18/2029

    

152,000

      

159,100

    

Simon Property Group LP

  

3.80%, 7/15/2050

    

100,000

      

112,700

    
     

380,319

    

Food & Staples Retailing — 1.5%

  

Costco Wholesale Corp.

  

1.60%, 4/20/2030

    

122,000

      

118,794

    

Sysco Corp.

  

6.60%, 4/1/2050

    

44,000

      

69,168

    

Walmart, Inc.

  

2.50%, 9/22/2041

    

100,000

      

102,443

    

2.65%, 9/22/2051

    

250,000

      

258,775

    
     

549,180

    

Food Products — 0.4%

  

Conagra Brands, Inc.

  

5.40%, 11/1/2048

    

54,000

      

74,123

    

Mondelez International, Inc.

  

2.63%, 9/4/2050

    

92,000

      

87,720

    
     

161,843

    

See accompanying notes to the financial statements.

74 :: SPXB S&P 500® BOND ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Health Care Equipment & Supplies — 1.0%

  

Abbott Laboratories

  

4.90%, 11/30/2046

  

$

179,000

    

$

248,872

    

Becton Dickinson and Co.

  

3.70%, 6/6/2027

    

124,000

      

134,242

    
     

383,114

    

Health Care Providers & Services — 6.8%

  

Anthem, Inc.

  

3.13%, 5/15/2050

    

246,000

      

255,182

    

3.60%, 3/15/2051

    

34,000

      

38,019

    

Cigna Corp.

  

3.75%, 7/15/2023

    

67,000

      

69,937

    

4.13%, 11/15/2025

    

196,000

      

214,062

    

4.38%, 10/15/2028

    

46,000

      

52,190

    

4.90%, 12/15/2048

    

201,000

      

261,664

    

CVS Health Corp.

  

3.70%, 3/9/2023

    

2,000

      

2,069

    

3.75%, 4/1/2030

    

118,000

      

129,399

    

1.88%, 2/28/2031

    

166,000

      

158,673

    

4.78%, 3/25/2038

    

125,000

      

152,811

    

5.13%, 7/20/2045

    

183,000

      

240,638

    

5.05%, 3/25/2048

    

54,000

      

71,474

    

4.25%, 4/1/2050

    

150,000

      

182,867

    

HCA, Inc.

  

5.25%, 6/15/2049

    

250,000

      

324,246

    

UnitedHealth Group, Inc.

  

2.88%, 3/15/2023

    

100,000

      

102,919

    

2.38%, 8/15/2024

    

100,000

      

103,777

    

2.90%, 5/15/2050

    

121,000

      

124,585

    
     

2,484,512

    

Hotels, Restaurants & Leisure — 1.8%

  

Booking Holdings, Inc.

  

4.63%, 4/13/2030

    

38,000

      

44,472

    

Expedia Group, Inc.

  

3.25%, 2/15/2030

    

139,000

      

143,229

    

Las Vegas Sands Corp.

  

3.50%, 8/18/2026

    

158,000

      

160,662

    

McDonald's Corp.

  

3.50%, 7/1/2027

    

150,000

      

162,515

    

Starbucks Corp.

  

2.55%, 11/15/2030

    

159,000

      

162,215

    
     

673,093

    

Industrial Conglomerates — 2.4%

  
GE Capital International Funding Co.
Unlimited Co.		  

3.37%, 11/15/2025

    

2,000

      

2,162

    

4.42%, 11/15/2035

    

200,000

      

241,726

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

General Electric Co.

  

4.35%, 5/1/2050

  

$

380,000

    

$

512,342

    

Honeywell International, Inc.

  

2.80%, 6/1/2050 (a)

    

100,000

      

104,610

    
     

860,840

    

Insurance — 1.2%

  

American International Group, Inc.

  

4.50%, 7/16/2044

    

127,000

      

155,461

    

Berkshire Hathaway Finance Corp.

  

1.45%, 10/15/2030

    

70,000

      

66,843

    

4.25%, 1/15/2049

    

20,000

      

24,872

    

Prudential Financial, Inc.

  

3.70%, 3/13/2051

    

150,000

      

172,887

    
     

420,063

    

Interactive Media & Services — 0.4%

  
Alphabet, Inc.
2.00%, 8/15/2026		    

150,000

      

154,502

    

Internet & Direct Marketing Retail — 2.4%

  

Amazon.com, Inc.

  

1.20%, 6/3/2027

    

144,000

      

141,177

    

1.50%, 6/3/2030

    

150,000

      

144,937

    

3.88%, 8/22/2037

    

2,000

      

2,352

    

2.50%, 6/3/2050

    

76,000

      

73,009

    

4.25%, 8/22/2057

    

250,000

      

325,949

    

2.70%, 6/3/2060

    

176,000

      

172,202

    
     

859,626

    

IT Services — 4.7%

  

Fidelity National Information Services, Inc.

  

0.60%, 3/1/2024

    

131,000

      

129,464

    

Fiserv, Inc.

  

2.65%, 6/1/2030

    

32,000

      

32,362

    

4.40%, 7/1/2049

    

150,000

      

179,086

    

Global Payments, Inc.

  

2.90%, 5/15/2030

    

100,000

      

101,259

    

International Business Machines Corp.

  

3.50%, 5/15/2029

    

250,000

      

271,679

    

1.95%, 5/15/2030

    

250,000

      

243,673

    

4.25%, 5/15/2049

    

51,000

      

62,983

    

Mastercard, Inc.

  

3.85%, 3/26/2050

    

62,000

      

74,928

    

PayPal Holdings, Inc.

  

2.40%, 10/1/2024

    

170,000

      

175,862

    

1.65%, 6/1/2025

    

12,000

      

12,124

    

Visa, Inc.

  

3.15%, 12/14/2025

    

150,000

      

160,561

    

1.90%, 4/15/2027

    

128,000

      

130,122

    

2.70%, 4/15/2040

    

150,000

      

153,290

    
     

1,727,393

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: S&P 500® BOND ETF SPXB :: 75

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Life Sciences Tools & Services — 0.3%

  
Thermo Fisher Scientific, Inc.
2.80%, 10/15/2041		  

$

100,000

    

$

101,247

    

Machinery — 0.7%

  
Caterpillar, Inc.
3.25%, 4/9/2050		    

220,000

      

245,135

    

Media — 3.6%

  

Comcast Corp.

  

3.95%, 10/15/2025

    

118,000

      

128,768

    

3.15%, 3/1/2026

    

250,000

      

266,310

    

2.65%, 2/1/2030

    

32,000

      

33,119

    

4.25%, 10/15/2030

    

28,000

      

32,263

    

4.60%, 10/15/2038

    

194,000

      

236,164

    

3.75%, 4/1/2040

    

150,000

      

169,389

    

4.70%, 10/15/2048

    

44,000

      

57,090

    

Discovery Communications LLC

  

4.65%, 5/15/2050

    

100,000

      

118,653

    

Fox Corp.

  

4.71%, 1/25/2029

    

2,000

      

2,285

    

5.58%, 1/25/2049

    

100,000

      

137,169

    

ViacomCBS, Inc.

  

4.20%, 5/19/2032

    

112,000

      

126,795

    
     

1,308,005

    

Multiline Retail — 1.1%

  

Dollar Tree, Inc.

  

3.70%, 5/15/2023

    

150,000

      

155,866

    

Target Corp.

  

2.35%, 2/15/2030

    

250,000

      

257,023

    
     

412,889

    

Multi-Utilities — 0.2%

  
NiSource, Inc.
0.95%, 8/15/2025		    

58,000

      

56,593

    

Oil, Gas & Consumable Fuels — 4.2%

  

Chevron Corp.

  

2.24%, 5/11/2030

    

274,000

      

277,735

    

Exxon Mobil Corp.

  

3.04%, 3/1/2026

    

92,000

      

97,635

    

4.23%, 3/19/2040

    

240,000

      

286,190

    

4.33%, 3/19/2050

    

62,000

      

77,860

    

Kinder Morgan, Inc.

  

4.30%, 3/1/2028

    

100,000

      

111,017

    
MPLX LP  

1.75%, 3/1/2026

    

193,000

      

191,286

    

2.65%, 8/15/2030

    

150,000

      

148,279

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Pioneer Natural Resources Co.

  

2.15%, 1/15/2031

  

$

48,000

    

$

46,101

    

Valero Energy Corp.

  

2.85%, 4/15/2025

    

98,000

      

101,782

    

Williams Cos., Inc. (The)

  

6.30%, 4/15/2040

    

149,000

      

201,745

    
     

1,539,630

    

Pharmaceuticals — 4.0%

  

Bristol-Myers Squibb Co.

  

0.54%, 11/13/2023

    

250,000

      

249,204

    

3.45%, 11/15/2027

    

100,000

      

108,918

    

3.90%, 2/20/2028

    

122,000

      

136,457

    

3.40%, 7/26/2029

    

56,000

      

61,392

    

Johnson & Johnson

  

3.70%, 3/1/2046

    

114,000

      

136,772

    

2.45%, 9/1/2060

    

18,000

      

17,338

    

Merck & Co., Inc.

  

1.45%, 6/24/2030

    

150,000

      

143,953

    

4.00%, 3/7/2049

    

126,000

      

155,254

    

Pfizer, Inc.

  

1.75%, 8/18/2031

    

100,000

      

97,364

    

7.20%, 3/15/2039

    

147,000

      

238,164

    

Utah Acquisition Sub, Inc.

  

3.95%, 6/15/2026

    

94,000

      

101,117

    
     

1,445,933

    

Road & Rail — 1.4%

  

Burlington Northern Santa Fe LLC

  

4.15%, 4/1/2045

    

105,000

      

127,783

    

4.05%, 6/15/2048

    

150,000

      

182,553

    

Norfolk Southern Corp.

  

3.05%, 5/15/2050

    

28,000

      

28,875

    

Union Pacific Corp.

  

3.80%, 4/6/2071

    

150,000

      

176,930

    
     

516,141

    

Semiconductors & Semiconductor Equipment — 3.1%

  

Broadcom, Inc.

  

4.15%, 11/15/2030

    

3,000

      

3,284

    

4.30%, 11/15/2032

    

406,000

      

452,871

    

Intel Corp.

  

3.90%, 3/25/2030 (a)

    

36,000

      

40,839

    

3.25%, 11/15/2049

    

20,000

      

21,402

    

4.75%, 3/25/2050

    

33,000

      

44,640

    

3.05%, 8/12/2051 (a)

    

196,000

      

203,185

    

NVIDIA Corp.

  

2.85%, 4/1/2030

    

200,000

      

212,541

    

QUALCOMM, Inc.

  

3.25%, 5/20/2027

    

150,000

      

161,803

    
     

1,140,565

    

See accompanying notes to the financial statements.

76 :: SPXB S&P 500® BOND ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Software — 6.2%

  

Microsoft Corp.

  

3.13%, 11/3/2025

  

$

181,000

    

$

193,201

    

3.30%, 2/6/2027

    

250,000

      

271,224

    

3.45%, 8/8/2036

    

88,000

      

101,136

    

3.04%, 3/17/2062

    

147,000

      

159,707

    

Oracle Corp.

  

2.40%, 9/15/2023

    

248,000

      

253,630

    

1.65%, 3/25/2026

    

310,000

      

308,650

    

2.65%, 7/15/2026

    

52,000

      

53,715

    

2.95%, 4/1/2030

    

150,000

      

154,888

    

3.60%, 4/1/2040

    

150,000

      

155,927

    

4.00%, 7/15/2046

    

50,000

      

54,058

    

3.60%, 4/1/2050

    

32,000

      

32,399

    

4.10%, 3/25/2061

    

250,000

      

272,658

    

salesforce.com, Inc.

  

2.90%, 7/15/2051

    

250,000

      

258,674

    
     

2,269,867

    

Specialty Retail — 1.6%

  

Home Depot, Inc. (The)

  

5.88%, 12/16/2036

    

250,000

      

354,721

    

2.38%, 3/15/2051

    

50,000

      

46,536

    

Lowe's Cos., Inc.

  

3.00%, 10/15/2050

    

179,000

      

179,788

    
     

581,045

    

Technology Hardware, Storage & Peripherals — 4.2%

  

Apple, Inc.

  

2.40%, 5/3/2023

    

150,000

      

153,667

    

0.75%, 5/11/2023

    

50,000

      

50,139

    

3.25%, 2/23/2026

    

150,000

      

160,503

    

2.38%, 2/8/2041

    

92,000

      

89,594

    

3.85%, 5/4/2043

    

168,000

      

199,366

    

3.45%, 2/9/2045

    

100,000

      

112,154

    

4.65%, 2/23/2046

    

6,000

      

7,951

    

2.65%, 5/11/2050

    

100,000

      

98,975

    

2.65%, 2/8/2051

    

100,000

      

99,148

    

2.70%, 8/5/2051

    

100,000

      

100,327

    

2.80%, 2/8/2061

    

113,000

      

112,202

    

2.85%, 8/5/2061

    

150,000

      

151,276

    

Hewlett Packard Enterprise Co.

  

6.35%, 10/15/2045 (b)

    

122,000

      

165,605

    

HP, Inc.

  

6.00%, 9/15/2041

    

36,000

      

47,594

    
     

1,548,501

    

Textiles, Apparel & Luxury Goods — 0.2%

  
NIKE, Inc.
3.25%, 3/27/2040		    

52,000

      

57,179

    

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Tobacco — 1.1%

  

Altria Group, Inc.

  

2.45%, 2/4/2032

  

$

185,000

    

$

174,155

    

3.40%, 2/4/2041

    

100,000

      

93,343

    

5.95%, 2/14/2049

    

24,000

      

30,517

    

Philip Morris International, Inc.

  

4.25%, 11/10/2044

    

100,000

      

114,758

    
     

412,773

    

Wireless Telecommunication Services — 2.0%

  

T-Mobile USA, Inc.

  

3.50%, 4/15/2025

    

250,000

      

264,820

    

2.55%, 2/15/2031

    

250,000

      

246,488

    

3.00%, 2/15/2041

    

230,000

      

221,141

    
     

732,449

    
Total Corporate Bonds
(Cost $35,999,070)		        

36,119,191

    
   

Shares

     

Securities Lending Reinvestments (c) — 0.4%

  

Investment Companies — 0.4%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $143,175)		    

143,175

      

143,175

    
    Principal
Amount 		     

Short-Term Investments — 0.7%

  

Repurchase Agreements (d) — 0.7%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $257,461
(Cost $257,461)		  

$

257,461

      

257,461

    
Total Investments — 99.9%
(Cost $36,399,706)		        

36,519,827

    

Other assets less liabilities — 0.1%

        

42,876

    

Net Assets — 100.0%

      

$

36,562,703

    

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $337,658, collateralized in the form of cash with a value of $143,175 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $204,799 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 3.88%, and maturity dates ranging from December 30, 2021 - February 15, 2050. The total value of collateral is $347,974.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: S&P 500® BOND ETF SPXB :: 77

(b)  Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of November 30, 2021.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $143,175.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

518,212

    

Aggregate gross unrealized depreciation

    

(398,091

)

  

Net unrealized appreciation

  

$

120,121

    

Federal income tax cost

  

$

36,399,706

    

See accompanying notes to the financial statements.

78 :: SPXB S&P 500® BOND ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks — 99.7%

  

Aerospace & Defense — 1.4%

  

General Dynamics Corp.

    

678,131

    

$

128,146,415

    

Air Freight & Logistics — 1.5%

  
Expeditors International of
Washington, Inc.		    

1,154,996

      

140,470,614

    

Banks — 1.4%

  

People's United Financial, Inc.

    

7,589,863

      

129,331,266

    

Beverages — 4.6%

  

Brown-Forman Corp., Class B

    

2,044,648

      

143,861,433

    

Coca-Cola Co. (The)

    

2,609,637

      

136,875,461

    

PepsiCo, Inc.

    

888,183

      

141,913,880

    
     

422,650,774

    

Biotechnology — 1.7%

  

AbbVie, Inc.

    

1,301,831

      

150,075,078

    

Building Products — 1.8%

  

A O Smith Corp.

    

2,128,256

      

168,238,637

    

Capital Markets — 4.7%

  

Franklin Resources, Inc.

    

4,623,564

      

149,803,473

    

S&P Global, Inc.

    

315,389

      

143,732,229

    

T. Rowe Price Group, Inc.

    

687,082

      

137,382,046

    
     

430,917,748

    

Chemicals — 9.6%

  

Air Products and Chemicals, Inc.

    

487,871

      

140,233,640

    

Albemarle Corp.

    

613,718

      

163,549,710

    

Ecolab, Inc.

    

641,596

      

142,094,266

    

Linde plc

    

452,276

      

143,887,087

    

PPG Industries, Inc.

    

878,570

      

135,449,137

    

Sherwin-Williams Co. (The)

    

463,380

      

153,489,991

    
     

878,703,831

    

Commercial Services & Supplies — 1.5%

  

Cintas Corp.

    

332,875

      

140,536,496

    

Containers & Packaging — 1.5%

  

Amcor plc

    

11,684,396

      

132,267,363

    

Distributors — 1.5%

  

Genuine Parts Co.

    

1,068,045

      

136,432,068

    

Diversified Telecommunication Services — 1.4%

  

AT&T, Inc.

    

5,574,039

      

127,255,310

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Electric Utilities — 1.6%

  

NextEra Energy, Inc.

    

1,683,042

    

$

146,054,385

    

Electrical Equipment — 1.4%

  

Emerson Electric Co.

    

1,470,222

      

129,144,300

    

Equity Real Estate Investment Trusts (REITs) — 4.7%

  

Essex Property Trust, Inc.

    

423,669

      

143,810,205

    

Federal Realty Investment Trust

    

1,177,052

      

144,388,969

    

Realty Income Corp.

    

2,041,439

      

138,654,537

    
     

426,853,711

    

Food & Staples Retailing — 4.3%

  

Sysco Corp.

    

1,805,825

      

126,479,983

    

Walgreens Boots Alliance, Inc.

    

2,899,637

      

129,903,737

    

Walmart, Inc.

    

957,814

      

134,697,383

    
     

391,081,103

    

Food Products — 4.7%

  

Archer-Daniels-Midland Co.

    

2,145,614

      

133,478,647

    

Hormel Foods Corp.

    

3,382,107

      

140,019,230

    

McCormick & Co., Inc. (Non-Voting)

    

1,759,972

      

151,040,797

    
     

424,538,674

    

Gas Utilities — 1.5%

  

Atmos Energy Corp.

    

1,510,872

      

136,461,959

    

Health Care Equipment & Supplies — 4.4%

  

Abbott Laboratories

    

1,121,230

      

141,017,097

    

Becton Dickinson and Co.

    

575,023

      

136,360,954

    

Medtronic plc

    

1,154,300

      

123,163,810

    
     

400,541,861

    

Health Care Providers & Services — 1.5%

  

Cardinal Health, Inc.

    

2,866,297

      

132,508,910

    

Hotels, Restaurants & Leisure — 1.6%

  

McDonald's Corp.

    

595,881

      

145,752,493

    

Household Durables — 1.3%

  

Leggett & Platt, Inc.

    

2,998,150

      

121,095,279

    

Household Products — 6.2%

  

Clorox Co. (The)

    

880,092

      

143,322,982

    

Colgate-Palmolive Co.

    

1,882,120

      

141,196,642

    

Kimberly-Clark Corp.

    

1,067,965

      

139,166,519

    

Procter & Gamble Co. (The)

    

1,008,894

      

145,865,895

    
     

569,552,038

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: S&P 500® DIVIDEND ARISTOCRATS ETF NOBL :: 79

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Industrial Conglomerates — 3.0%

  

3M Co.

    

785,851

    

$

133,626,104

    

Roper Technologies, Inc.

    

291,625

      

135,357,744

    
     

268,983,848

    

Insurance — 4.4%

  

Aflac, Inc.

    

2,512,947

      

136,050,950

    

Chubb Ltd.

    

755,197

      

135,535,206

    

Cincinnati Financial Corp.

    

1,162,798

      

132,442,692

    
     

404,028,848

    

IT Services — 3.1%

  

Automatic Data Processing, Inc.

    

652,505

      

150,656,879

    

International Business Machines Corp.

    

1,159,565

      

135,785,062

    
     

286,441,941

    

Life Sciences Tools & Services — 1.6%

  

West Pharmaceutical Services, Inc.

    

337,338

      

149,326,039

    

Machinery — 7.6%

  

Caterpillar, Inc.

    

708,112

      

136,913,455

    

Dover Corp.

    

839,675

      

137,580,749

    

Illinois Tool Works, Inc.

    

632,690

      

146,878,984

    

Pentair plc (a)

    

1,875,178

      

138,181,867

    

Stanley Black & Decker, Inc.

    

755,394

      

132,012,655

    
     

691,567,710

    

Metals & Mining — 1.6%

  

Nucor Corp.

    

1,388,471

      

147,538,928

    

Multiline Retail — 1.5%

  

Target Corp.

    

555,107

      

135,357,291

    

Multi-Utilities — 1.6%

  

Consolidated Edison, Inc.

    

1,867,292

      

144,976,551

    

Oil, Gas & Consumable Fuels — 3.0%

  

Chevron Corp.

    

1,259,596

      

142,170,601

    

Exxon Mobil Corp.

    

2,250,987

      

134,699,062

    
     

276,869,663

    

Pharmaceuticals — 1.5%

  

Johnson & Johnson

    

867,838

      

135,321,979

    

Specialty Retail — 1.7%

  

Lowe's Cos., Inc.

    

621,007

    

$

151,892,102

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Textiles, Apparel & Luxury Goods — 1.6%

  

VF Corp.

    

2,008,508

    

$

144,070,279

    

Trading Companies & Distributors — 1.7%

  

WW Grainger, Inc.

    

325,097

      

156,504,947

    
Total Common Stocks
(Cost $8,125,161,687)		        

9,101,490,439

    
    Principal
Amount		      

Short-Term Investments — 0.1%

  

Repurchase Agreements (b) — 0.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $8,952,388
(Cost $8,952,381)		  

$

8,952,381

      

8,952,381

    
Total Investments — 99.8%
(Cost $8,134,114,068)		        

9,110,442,820

    

Other assets less liabilities — 0.2%

        

19,555,360

    

Net Assets — 100.0%

      

$

9,129,998,180

    

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $102,061, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% - 6.88%, and maturity dates ranging from December 31, 2021 - May 15, 2051. The total value of collateral is $110,458.

(b)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

1,169,480,760

    

Aggregate gross unrealized depreciation

    

(206,299,329

)

  

Net unrealized appreciation

  

$

963,181,431

    

Federal income tax cost

  

$

8,147,261,389

    

See accompanying notes to the financial statements.

80 :: NOBL S&P 500® DIVIDEND ARISTOCRATS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks — 99.6%

  
Abbott Laboratories
(Health Care Equipment &
Supplies)		    

0.6

%

    

1,414

    

$

177,839

    

AbbVie, Inc. (Biotechnology)

    

0.5

%

    

1,410

      

162,545

    
Accenture plc, Class A
(IT Services)		    

0.6

%

    

507

      

181,202

    

Adobe, Inc.* (Software)

    

0.8

%

    

379

      

253,873

    
Advanced Micro Devices,
Inc.* (Semiconductors &
Semiconductor Equipment)		    

0.5

%

    

968

      

153,302

    
Alphabet, Inc., Class A*
(Interactive Media &
Services)		    

2.3

%

    

241

      

683,946

    
Alphabet, Inc., Class C*
(Interactive Media &
Services)		    

2.1

%

    

224

      

638,185

    
Amazon.com, Inc.*
(Internet & Direct Marketing
Retail)		    

4.1

%

    

348

      

1,220,460

    
Apple, Inc. (Technology
Hardware, Storage &
Peripherals)		    

6.9

%

    

12,539

      

2,072,696

    
AT&T, Inc. (Diversified
Telecommunication
Services)		    

0.4

%

    

5,699

      

130,108

    
Bank of America Corp.
(Banks)		    

0.9

%

    

5,911

      

262,862

    
Berkshire Hathaway, Inc.,
Class B* (Diversified
Financial Services)		    

1.4

%

    

1,481

      

409,778

    
Broadcom, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.6

%

    

328

      

181,607

    
Cisco Systems, Inc.
(Communications
Equipment)		    

0.6

%

    

3,365

      

184,537

    
Coca-Cola Co. (The)
(Beverages)		    

0.5

%

    

3,102

      

162,700

    
Comcast Corp., Class A
(Media)		    

0.6

%

    

3,656

      

182,727

    
Costco Wholesale Corp.
(Food & Staples Retailing)		    

0.6

%

    

354

      

190,941

    
Danaher Corp.
(Life Sciences Tools &
Services)		    

0.5

%

    

508

      

163,393

    
Eli Lilly & Co.
(Pharmaceuticals)		    

0.5

%

    

634

      

157,257

    
Home Depot, Inc. (The)
(Specialty Retail)		    

1.1

%

    

849

      

340,118

    
Intel Corp. (Semiconductors &
Semiconductor Equipment)		    

0.5

%

    

3,238

      

159,310

    

Intuit, Inc. (Software)

    

0.5

%

    

218

      

142,201

    
Johnson & Johnson
(Pharmaceuticals)		    

1.1

%

    

2,102

      

327,765

    
JPMorgan Chase & Co.
(Banks)		    

1.3

%

    

2,386

      

378,968

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (continued)

  

Linde plc (Chemicals)

    

0.4

%

    

413

    

$

131,392

    
Lowe's Cos., Inc. (Specialty
Retail)		    

0.5

%

    

565

      

138,193

    
Mastercard, Inc., Class A
(IT Services)		    

0.7

%

    

696

      

219,184

    
McDonald's Corp. (Hotels,
Restaurants & Leisure)		    

0.5

%

    

597

      

146,026

    
Merck & Co., Inc.
(Pharmaceuticals)		    

0.5

%

    

2,019

      

151,243

    
Meta Platforms, Inc.,
Class A* (Interactive
Media & Services)		    

2.0

%

    

1,905

      

618,096

    

Microsoft Corp. (Software)

    

6.6

%

    

6,000

      

1,983,540

    

Netflix, Inc.* (Entertainment)

    

0.8

%

    

355

      

227,874

    
NextEra Energy, Inc.
(Electric Utilities)		    

0.4

%

    

1,564

      

135,724

    
NIKE, Inc., Class B (Textiles,
Apparel & Luxury Goods)		    

0.6

%

    

1,022

      

172,963

    
NVIDIA Corp.
(Semiconductors &
Semiconductor Equipment)		    

2.1

%

    

1,988

      

649,599

    
PayPal Holdings, Inc.*
(IT Services)		    

0.6

%

    

939

      

173,612

    

PepsiCo, Inc. (Beverages)

    

0.6

%

    

1,103

      

176,237

    

Pfizer, Inc. (Pharmaceuticals)

    

0.8

%

    

4,481

      

240,764

    
Procter & Gamble Co. (The)
(Household Products)		    

0.9

%

    

1,938

      

280,196

    
QUALCOMM, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.5

%

    

902

      

162,865

    
salesforce.com, Inc.*
(Software)		    

0.7

%

    

775

      

220,844

    

Tesla, Inc.* (Automobiles)

    

2.5

%

    

647

      

740,660

    
Texas Instruments, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.5

%

    

737

      

141,777

    
Thermo Fisher Scientific, Inc.
(Life Sciences Tools &
Services)		    

0.7

%

    

314

      

198,709

    
UnitedHealth Group, Inc.
(Health Care Providers &
Services)		    

1.1

%

    

753

      

334,498

    
Verizon Communications,
Inc. (Diversified
Telecommunication Services)		    

0.6

%

    

3,305

      

166,142

    

Visa, Inc., Class A (IT Services)

    

0.9

%

    

1,347

      

261,008

    
Walmart, Inc. (Food &
Staples Retailing)		    

0.5

%

    

1,140

      

160,318

    
Walt Disney Co. (The)*
(Entertainment)		    

0.7

%

    

1,452

      

210,395

    

Wells Fargo & Co. (Banks)

    

0.5

%

    

3,278

      

156,623

    

Other Common Stocks (a)

    

42.9

%

    

128,107

      

12,955,051

    
Total Common Stocks
(Cost $27,525,316)		            

30,071,853

    

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: S&P 500® EX-ENERGY ETF SPXE :: 81

   
  Principal
Amount		  

Value

  

Short-Term Investments — 0.3%

  

Repurchase Agreements (b) — 0.3%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $94,396
(Cost $94,395)		      

$

94,395

    

$

94,395

    
Total Investments — 99.9%
(Cost $27,619,711)		            

30,166,248

    

Other assets less liabilities — 0.1%

            

24,613

    

Net Assets — 100.0%

          

$

30,190,861

    

*  Non-income producing security.

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $95,100, collateralized in the form of

U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.88%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $102,551.

(b)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

3,798,977

    

Aggregate gross unrealized depreciation

    

(1,265,347

)

  

Net unrealized appreciation

  

$

2,533,630

    

Federal income tax cost

  

$

27,632,618

    

S&P 500® Ex-Energy ETF invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

1.4

%

  

Air Freight & Logistics

    

0.6

%

  

Airlines

    

0.2

%

  

Auto Components

    

0.1

%

  

Automobiles

    

2.9

%

  

Banks

    

4.2

%

  

Beverages

    

1.4

%

  

Biotechnology

    

1.8

%

  

Building Products

    

0.5

%

  

Capital Markets

    

3.1

%

  

Chemicals

    

1.8

%

  

Commercial Services & Supplies

    

0.4

%

  

Communications Equipment

    

0.9

%

  

Construction & Engineering

    

0.0

%*

  

Construction Materials

    

0.1

%

  

Consumer Finance

    

0.6

%

  

Containers & Packaging

    

0.3

%

  

Distributors

    

0.1

%

  

Diversified Financial Services

    

1.4

%

  

Diversified Telecommunication Services

    

1.0

%

  

Electric Utilities

    

1.6

%

  

Electrical Equipment

    

0.6

%

  

Electronic Equipment, Instruments & Components

    

0.7

%

  

Entertainment

    

1.8

%

  

Equity Real Estate Investment Trusts (REITs)

    

2.6

%

  

Food & Staples Retailing

    

1.4

%

  

Food Products

    

0.8

%

  

Gas Utilities

    

0.0

%*

  

Health Care Equipment & Supplies

    

2.9

%

  

Health Care Providers & Services

    

2.6

%

  

Health Care Technology

    

0.1

%

  

Hotels, Restaurants & Leisure

    

1.9

%

  

See accompanying notes to the financial statements.

82 :: SPXE S&P 500® EX-ENERGY ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Household Durables

    

0.4

%

  

Household Products

    

1.3

%

  

Independent Power and Renewable Electricity Producers

    

0.0

%*

  

Industrial Conglomerates

    

1.0

%

  

Insurance

    

1.9

%

  

Interactive Media & Services

    

6.6

%

  

Internet & Direct Marketing Retail

    

4.3

%

  

IT Services

    

4.3

%

  

Leisure Products

    

0.0

%*

  

Life Sciences Tools & Services

    

2.0

%

  

Machinery

    

1.5

%

  

Media

    

1.1

%

  

Metals & Mining

    

0.3

%

  

Multiline Retail

    

0.5

%

  

Multi-Utilities

    

0.7

%

  

Personal Products

    

0.2

%

  

Pharmaceuticals

    

3.6

%

  

Professional Services

    

0.5

%

  

Real Estate Management & Development

    

0.1

%

  

Road & Rail

    

1.0

%

  

Semiconductors & Semiconductor Equipment

    

6.8

%

  

Software

    

10.2

%

  

Specialty Retail

    

2.5

%

  

Technology Hardware, Storage & Peripherals

    

7.2

%

  

Textiles, Apparel & Luxury Goods

    

0.7

%

  

Tobacco

    

0.6

%

  

Trading Companies & Distributors

    

0.2

%

  

Water Utilities

    

0.1

%

  

Wireless Telecommunication Services

    

0.2

%

  

Othera

    

0.4

%

  
     

100.0

%

  

*  Amount represents less than 0.05%.

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: S&P 500® EX-ENERGY ETF SPXE :: 83

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks — 99.6%

  
Abbott Laboratories
(Health Care Equipment &
Supplies)		    

0.7

%

    

484

    

$

60,873

    

AbbVie, Inc. (Biotechnology)

    

0.6

%

    

482

      

55,565

    
Accenture plc, Class A
(IT Services)		    

0.7

%

    

173

      

61,830

    

Adobe, Inc.* (Software)

    

1.0

%

    

131

      

87,750

    
Advanced Micro Devices,
Inc.* (Semiconductors &
Semiconductor Equipment)		    

0.6

%

    

331

      

52,420

    
Alphabet, Inc., Class A*
(Interactive Media & Services)		    

2.6

%

    

83

      

235,550

    
Alphabet, Inc., Class C*
(Interactive Media & Services)		    

2.4

%

    

77

      

219,376

    
Amazon.com, Inc.*
(Internet & Direct Marketing
Retail)		    

4.6

%

    

120

      

420,848

    
Apple, Inc. (Technology
Hardware, Storage &
Peripherals)		    

7.7

%

    

4,287

      

708,640

    
AT&T, Inc. (Diversified
Telecommunication Services)		    

0.5

%

    

1,948

      

44,473

    
Broadcom, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.7

%

    

112

      

62,012

    
Chevron Corp. (Oil, Gas &
Consumable Fuels)		    

0.6

%

    

528

      

59,595

    
Cisco Systems, Inc.
(Communications
Equipment)		    

0.7

%

    

1,149

      

63,011

    
Coca-Cola Co. (The)
(Beverages)		    

0.6

%

    

1,059

      

55,545

    
Comcast Corp., Class A
(Media)		    

0.7

%

    

1,251

      

62,525

    
Costco Wholesale Corp.
(Food & Staples Retailing)		    

0.7

%

    

121

      

65,265

    
Danaher Corp. (Life Sciences
Tools & Services)		    

0.6

%

    

173

      

55,644

    
Eli Lilly & Co.
(Pharmaceuticals)		    

0.6

%

    

217

      

53,825

    
Exxon Mobil Corp. (Oil, Gas &
Consumable Fuels)		    

0.8

%

    

1,155

      

69,115

    
Home Depot, Inc. (The)
(Specialty Retail)		    

1.3

%

    

291

      

116,578

    
Intel Corp. (Semiconductors &
Semiconductor Equipment)		    

0.6

%

    

1,107

      

54,464

    

Intuit, Inc. (Software)

    

0.5

%

    

75

      

48,923

    
Johnson & Johnson
(Pharmaceuticals)		    

1.2

%

    

719

      

112,114

    

Linde plc (Chemicals)

    

0.5

%

    

141

      

44,858

    
Lowe's Cos., Inc. (Specialty
Retail)		    

0.5

%

    

193

      

47,206

    
Mastercard, Inc., Class A
(IT Services)		    

0.8

%

    

238

      

74,951

    
McDonald's Corp. (Hotels,
Restaurants & Leisure)		    

0.5

%

    

204

      

49,898

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (continued)

  
Merck & Co., Inc.
(Pharmaceuticals)		    

0.6

%

    

690

    

$

51,688

    
Meta Platforms, Inc., Class A*
(Interactive Media & Services)		    

2.3

%

    

651

      

211,224

    

Microsoft Corp. (Software)

    

7.4

%

    

2,051

      

678,040

    

Netflix, Inc.* (Entertainment)

    

0.9

%

    

121

      

77,670

    
NextEra Energy, Inc.
(Electric Utilities)		    

0.5

%

    

535

      

46,427

    
NIKE, Inc., Class B (Textiles,
Apparel & Luxury Goods)		    

0.6

%

    

349

      

59,065

    
NVIDIA Corp.
(Semiconductors &
Semiconductor Equipment)		    

2.4

%

    

680

      

222,197

    

Oracle Corp. (Software)

    

0.4

%

    

449

      

40,742

    
PayPal Holdings, Inc.*
(IT Services)		    

0.6

%

    

320

      

59,165

    

PepsiCo, Inc. (Beverages)

    

0.7

%

    

377

      

60,237

    

Pfizer, Inc. (Pharmaceuticals)

    

0.9

%

    

1,531

      

82,260

    
Procter & Gamble Co. (The)
(Household Products)		    

1.0

%

    

663

      

95,857

    
QUALCOMM, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.6

%

    

307

      

55,432

    
salesforce.com, Inc.*
(Software)		    

0.8

%

    

266

      

75,799

    

Tesla, Inc.* (Automobiles)

    

2.8

%

    

222

      

254,137

    
Texas Instruments, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.5

%

    

253

      

48,670

    
Thermo Fisher Scientific, Inc.
(Life Sciences Tools &
Services)		    

0.7

%

    

107

      

67,713

    
Union Pacific Corp. (Road &
Rail)		    

0.4

%

    

179

      

42,180

    
UnitedHealth Group, Inc.
(Health Care Providers &
Services)		    

1.2

%

    

258

      

114,609

    
Verizon Communications, Inc.
(Diversified
Telecommunication Services)		    

0.6

%

    

1,129

      

56,755

    

Visa, Inc., Class A (IT Services)

    

1.0

%

    

461

      

89,328

    
Walmart, Inc. (Food & Staples
Retailing)		    

0.6

%

    

390

      

54,846

    
Walt Disney Co. (The)*
(Entertainment)		    

0.8

%

    

496

      

71,870

    

Other Common Stocks (a)

    

38.0

%

    

37,041

      

3,490,329

    
Total Common Stocks
(Cost $8,253,991)		            

9,149,094

    

Securities Lending Reinvestments (b) — 0.0% (c)

  

Investment Companies — 0.0% (c)

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $979)		    

0.0

%

    

979

      

979

    

See accompanying notes to the financial statements.

84 :: SPXN S&P 500® EX-FINANCIALS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

    Principal
Amount		  

Value

  

Short-Term Investments — 0.3%

  

Repurchase Agreements (d) — 0.3%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $27,457
(Cost $27,457)		  

$

27,457

    

$

27,457

    
Total Investments — 99.9%
(Cost $8,282,427)		        

9,177,530

    

Other assets less liabilities — 0.1%

        

9,176

    

Net Assets — 100.0%

      

$

9,186,706

    

*  Non-income producing security.

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $26,139, collateralized in the form of cash with a value of $979 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $27,259 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.88%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $28,238.

(b)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $979.

(c)  Represents less than 0.05% of net assets.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

1,260,032

    

Aggregate gross unrealized depreciation

    

(371,827

)

  

Net unrealized appreciation

  

$

888,205

    

Federal income tax cost

  

$

8,289,325

    

S&P 500® Ex-Financials ETF invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

1.5

%

  

Air Freight & Logistics

    

0.7

%

  

Airlines

    

0.2

%

  

Auto Components

    

0.2

%

  

Automobiles

    

3.2

%

  

Beverages

    

1.5

%

  

Biotechnology

    

2.1

%

  

Building Products

    

0.6

%

  

Chemicals

    

2.0

%

  

Commercial Services & Supplies

    

0.5

%

  

Communications Equipment

    

1.0

%

  

Construction & Engineering

    

0.0

%*

  

Construction Materials

    

0.1

%

  

Containers & Packaging

    

0.3

%

  

Distributors

    

0.2

%

  

Diversified Telecommunication Services

    

1.1

%

  

Electric Utilities

    

1.8

%

  

Electrical Equipment

    

0.6

%

  

Electronic Equipment, Instruments & Components

    

0.8

%

  

Energy Equipment & Services

    

0.2

%

  

Entertainment

    

2.0

%

  

Food & Staples Retailing

    

1.6

%

  

Food Products

    

1.0

%

  

Gas Utilities

    

0.0

%*

  

Health Care Equipment & Supplies

    

3.3

%

  

Health Care Providers & Services

    

2.9

%

  

Health Care Technology

    

0.1

%

  

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: S&P 500® EX-FINANCIALS ETF SPXN :: 85

Hotels, Restaurants & Leisure

    

2.1

%

  

Household Durables

    

0.4

%

  

Household Products

    

1.5

%

  

Independent Power and Renewable Electricity Producers

    

0.0

%*

  

Industrial Conglomerates

    

1.2

%

  

Interactive Media & Services

    

7.5

%

  

Internet & Direct Marketing Retail

    

4.8

%

  

IT Services

    

4.8

%

  

Leisure Products

    

0.0

%*

  

Life Sciences Tools & Services

    

2.3

%

  

Machinery

    

1.7

%

  

Media

    

1.2

%

  

Metals & Mining

    

0.4

%

  

Multiline Retail

    

0.6

%

  

Multi-Utilities

    

0.8

%

  

Oil, Gas & Consumable Fuels

    

2.9

%

  

Personal Products

    

0.2

%

  

Pharmaceuticals

    

4.1

%

  

Professional Services

    

0.5

%

  

Road & Rail

    

1.1

%

  

Semiconductors & Semiconductor Equipment

    

7.7

%

  

Software

    

11.5

%

  

Specialty Retail

    

2.8

%

  

Technology Hardware, Storage & Peripherals

    

8.1

%

  

Textiles, Apparel & Luxury Goods

    

0.8

%

  

Tobacco

    

0.6

%

  

Trading Companies & Distributors

    

0.2

%

  

Water Utilities

    

0.1

%

  

Wireless Telecommunication Services

    

0.2

%

  

Othera

    

0.4

%

  
     

100.0

%

  

*  Amount represents less than 0.05%.

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

86 :: SPXN S&P 500® EX-FINANCIALS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks — 99.7%

  
Accenture plc, Class A
(IT Services)		    

0.7

%

    

81

    

$

28,949

    

Adobe, Inc.* (Software)

    

0.9

%

    

61

      

40,861

    
Advanced Micro Devices,
Inc.* (Semiconductors &
Semiconductor Equipment)		    

0.6

%

    

155

      

24,547

    
Alphabet, Inc., Class A*
(Interactive Media & Services)		    

2.5

%

    

39

      

110,680

    
Alphabet, Inc., Class C*
(Interactive Media & Services)		    

2.4

%

    

36

      

102,565

    
Amazon.com, Inc.* (Internet &
Direct Marketing Retail)		    

4.5

%

    

56

      

196,396

    
Apple, Inc. (Technology
Hardware, Storage &
Peripherals)		    

7.6

%

    

2,009

      

332,087

    
Applied Materials, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

117

      

17,221

    
AT&T, Inc. (Diversified
Telecommunication Services)		    

0.5

%

    

913

      

20,843

    

Bank of America Corp. (Banks)

    

1.0

%

    

947

      

42,113

    
Berkshire Hathaway, Inc.,
Class B* (Diversified Financial
Services)		    

1.5

%

    

237

      

65,576

    
Broadcom, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.7

%

    

53

      

29,345

    
Chevron Corp. (Oil, Gas &
Consumable Fuels)		    

0.6

%

    

248

      

27,992

    
Cisco Systems, Inc.
(Communications Equipment)		    

0.7

%

    

539

      

29,559

    
Coca-Cola Co. (The)
(Beverages)		    

0.6

%

    

497

      

26,068

    
Comcast Corp., Class A
(Media)		    

0.7

%

    

586

      

29,288

    
Costco Wholesale Corp.
(Food & Staples Retailing)		    

0.7

%

    

57

      

30,745

    
Exxon Mobil Corp. (Oil, Gas &
Consumable Fuels)		    

0.8

%

    

541

      

32,373

    
Home Depot, Inc. (The)
(Specialty Retail)		    

1.3

%

    

136

      

54,483

    
Honeywell International, Inc.
(Industrial Conglomerates)		    

0.4

%

    

88

      

17,797

    
Intel Corp. (Semiconductors &
Semiconductor Equipment)		    

0.6

%

    

519

      

25,535

    

Intuit, Inc. (Software)

    

0.5

%

    

35

      

22,831

    
JPMorgan Chase & Co.
(Banks)		    

1.4

%

    

383

      

60,832

    

Linde plc (Chemicals)

    

0.5

%

    

66

      

20,997

    
Lowe's Cos., Inc. (Specialty
Retail)		    

0.5

%

    

91

      

22,258

    
Mastercard, Inc., Class A (IT
Services)		    

0.8

%

    

112

      

35,271

    
McDonald's Corp. (Hotels,
Restaurants & Leisure)		    

0.5

%

    

96

      

23,481

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (continued)

  
Meta Platforms, Inc., Class A*
(Interactive Media & Services)		    

2.3

%

    

305

    

$

98,960

    

Microsoft Corp. (Software)

    

7.3

%

    

962

      

318,028

    
Morgan Stanley (Capital
Markets)		    

0.4

%

    

187

      

17,731

    

Netflix, Inc.* (Entertainment)

    

0.9

%

    

57

      

36,588

    
NextEra Energy, Inc. (Electric
Utilities)		    

0.5

%

    

251

      

21,782

    
NIKE, Inc., Class B (Textiles,
Apparel & Luxury Goods)		    

0.6

%

    

164

      

27,755

    
NVIDIA Corp.
(Semiconductors &
Semiconductor Equipment)		    

2.4

%

    

319

      

104,237

    

Oracle Corp. (Software)

    

0.4

%

    

211

      

19,146

    
PayPal Holdings, Inc.*
(IT Services)		    

0.6

%

    

151

      

27,918

    

PepsiCo, Inc. (Beverages)

    

0.7

%

    

177

      

28,281

    
Philip Morris International, Inc.
(Tobacco)		    

0.4

%

    

200

      

17,188

    
Procter & Gamble Co. (The)
(Household Products)		    

1.0

%

    

311

      

44,964

    
QUALCOMM, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.6

%

    

144

      

26,001

    
salesforce.com, Inc.*
(Software)		    

0.8

%

    

124

      

35,335

    

Tesla, Inc.* (Automobiles)

    

2.7

%

    

104

      

119,055

    
Texas Instruments, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.5

%

    

118

      

22,700

    
Union Pacific Corp. (Road &
Rail)		    

0.5

%

    

84

      

19,794

    
United Parcel Service, Inc.,
Class B (Air Freight &
Logistics)		    

0.4

%

    

93

      

18,448

    
Verizon Communications, Inc.
(Diversified
Telecommunication Services)		    

0.6

%

    

529

      

26,593

    

Visa, Inc., Class A (IT Services)

    

1.0

%

    

216

      

41,854

    
Walmart, Inc. (Food & Staples
Retailing)		    

0.6

%

    

183

      

25,735

    
Walt Disney Co. (The)*
(Entertainment)		    

0.8

%

    

233

      

33,762

    

Wells Fargo & Co. (Banks)

    

0.6

%

    

525

      

25,084

    

Other Common Stocks (a)

    

39.2

%

    

18,951

      

1,702,440

    
Total Common Stocks
(Cost $3,893,538)		            

4,330,072

    

Securities Lending Reinvestments (b) — 0.0% (c)

  

Investment Companies — 0.0% (c)

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $326)		    

0.0

%

    

326

      

326

    

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: S&P 500® EX-HEALTH CARE ETF SPXV :: 87

    Principal
Amount		  

Value

  

Short-Term Investments — 0.2%

  

Repurchase Agreements (d) — 0.2%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $10,813
(Cost $10,813)		  

$

10,813

    

$

10,813

    
Total Investments — 99.9%
(Cost $3,904,677)		        

4,341,211

    

Other assets less liabilities — 0.1%

        

4,067

    

Net Assets — 100.0%

      

$

4,345,278

    

*  Non-income producing security.

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $13,207, collateralized in the form of cash with a value of $326 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $13,935 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.88%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $14,261.

(b)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $326.

(c)  Represents less than 0.05% of net assets.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

602,055

    

Aggregate gross unrealized depreciation

    

(181,473

)

  

Net unrealized appreciation

  

$

420,582

    

Federal income tax cost

  

$

3,920,629

    

S&P 500® Ex-Health Care ETF invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

1.5

%

  

Air Freight & Logistics

    

0.7

%

  

Airlines

    

0.2

%

  

Auto Components

    

0.2

%

  

Automobiles

    

3.2

%

  

Banks

    

4.7

%

  

Beverages

    

1.5

%

  

Building Products

    

0.6

%

  

Capital Markets

    

3.4

%

  

Chemicals

    

2.0

%

  

Commercial Services & Supplies

    

0.5

%

  

Communications Equipment

    

1.0

%

  

Construction & Engineering

    

0.0

%*

  

Construction Materials

    

0.2

%

  

Consumer Finance

    

0.6

%

  

Containers & Packaging

    

0.3

%

  

Distributors

    

0.2

%

  

Diversified Financial Services

    

1.5

%

  

Diversified Telecommunication Services

    

1.1

%

  

Electric Utilities

    

1.8

%

  

Electrical Equipment

    

0.6

%

  

Electronic Equipment, Instruments & Components

    

0.8

%

  

Energy Equipment & Services

    

0.2

%

  

Entertainment

    

2.0

%

  

Equity Real Estate Investment Trusts (REITs)

    

2.9

%

  

Food & Staples Retailing

    

1.6

%

  

Food Products

    

0.9

%

  

See accompanying notes to the financial statements.

88 :: SPXV S&P 500® EX-HEALTH CARE ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Gas Utilities

    

0.0

%*

  

Hotels, Restaurants & Leisure

    

2.1

%

  

Household Durables

    

0.4

%

  

Household Products

    

1.5

%

  

Independent Power and Renewable Electricity Producers

    

0.0

%*

  

Industrial Conglomerates

    

1.2

%

  

Insurance

    

2.1

%

  

Interactive Media & Services

    

7.4

%

  

Internet & Direct Marketing Retail

    

4.8

%

  

IT Services

    

4.8

%

  

Leisure Products

    

0.0

%*

  

Machinery

    

1.7

%

  

Media

    

1.2

%

  

Metals & Mining

    

0.4

%

  

Multiline Retail

    

0.6

%

  

Multi-Utilities

    

0.8

%

  

Oil, Gas & Consumable Fuels

    

2.9

%

  

Personal Products

    

0.2

%

  

Professional Services

    

0.5

%

  

Real Estate Management & Development

    

0.1

%

  

Road & Rail

    

1.1

%

  

Semiconductors & Semiconductor Equipment

    

7.6

%

  

Software

    

11.4

%

  

Specialty Retail

    

2.8

%

  

Technology Hardware, Storage & Peripherals

    

8.0

%

  

Textiles, Apparel & Luxury Goods

    

0.8

%

  

Tobacco

    

0.6

%

  

Trading Companies & Distributors

    

0.2

%

  

Water Utilities

    

0.1

%

  

Wireless Telecommunication Services

    

0.2

%

  

Othera

    

0.3

%

  
     

100.0

%

  

*  Amount represents less than 0.05%.

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: S&P 500® EX-HEALTH CARE ETF SPXV :: 89

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks — 99.6%

  
Abbott Laboratories (Health
Care Equipment & Supplies)		    

0.8

%

    

594

    

$

74,707

    

AbbVie, Inc. (Biotechnology)

    

0.7

%

    

591

      

68,130

    
Alphabet, Inc., Class A*
(Interactive Media & Services)		    

3.1

%

    

101

      

286,633

    
Alphabet, Inc., Class C*
(Interactive Media & Services)		    

3.0

%

    

95

      

270,659

    
Amazon.com, Inc.* (Internet &
Direct Marketing Retail)		    

5.6

%

    

146

      

512,032

    
American Tower Corp. (Equity
Real Estate Investment Trusts
(REITs))		    

0.4

%

    

153

      

40,160

    
AT&T, Inc. (Diversified
Telecommunication Services)		    

0.6

%

    

2,389

      

54,541

    

Bank of America Corp. (Banks)

    

1.2

%

    

2,476

      

110,108

    
Berkshire Hathaway, Inc.,
Class B* (Diversified Financial
Services)		    

1.9

%

    

621

      

171,825

    
BlackRock, Inc. (Capital
Markets)		    

0.5

%

    

48

      

43,421

    
Chevron Corp. (Oil, Gas &
Consumable Fuels)		    

0.8

%

    

646

      

72,914

    

Citigroup, Inc. (Banks)

    

0.5

%

    

678

      

43,189

    
Coca-Cola Co. (The)
(Beverages)		    

0.7

%

    

1,299

      

68,132

    

Comcast Corp., Class A (Media)

    

0.8

%

    

1,532

      

76,569

    
Costco Wholesale Corp.
(Food & Staples Retailing)		    

0.9

%

    

148

      

79,828

    
Danaher Corp. (Life Sciences
Tools & Services)		    

0.7

%

    

213

      

68,509

    

Eli Lilly & Co. (Pharmaceuticals)

    

0.7

%

    

265

      

65,731

    
Exxon Mobil Corp. (Oil, Gas &
Consumable Fuels)		    

0.9

%

    

1,415

      

84,674

    
Goldman Sachs Group, Inc.
(The) (Capital Markets)		    

0.5

%

    

113

      

43,052

    
Home Depot, Inc. (The)
(Specialty Retail)		    

1.6

%

    

356

      

142,617

    
Honeywell International, Inc.
(Industrial Conglomerates)		    

0.5

%

    

230

      

46,515

    
Johnson & Johnson
(Pharmaceuticals)		    

1.5

%

    

881

      

137,374

    

JPMorgan Chase & Co. (Banks)

    

1.7

%

    

1,001

      

158,989

    

Linde plc (Chemicals)

    

0.6

%

    

173

      

55,038

    
Lowe's Cos., Inc. (Specialty
Retail)		    

0.6

%

    

236

      

57,723

    
McDonald's Corp. (Hotels,
Restaurants & Leisure)		    

0.7

%

    

249

      

60,905

    
Medtronic plc (Health Care
Equipment & Supplies)		    

0.5

%

    

450

      

48,015

    
Merck & Co., Inc.
(Pharmaceuticals)		    

0.7

%

    

847

      

63,449

    
Meta Platforms, Inc., Class A*
(Interactive Media & Services)		    

2.8

%

    

798

      

258,919

    

Moderna, Inc.* (Biotechnology)

    

0.5

%

    

118

      

41,587

    
Morgan Stanley (Capital
Markets)		    

0.5

%

    

489

      

46,367

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (continued)

  

Netflix, Inc.* (Entertainment)

    

1.0

%

    

148

    

$

95,001

    
NextEra Energy, Inc. (Electric
Utilities)		    

0.6

%

    

656

      

56,928

    
NIKE, Inc., Class B (Textiles,
Apparel & Luxury Goods)		    

0.8

%

    

428

      

72,435

    

PepsiCo, Inc. (Beverages)

    

0.8

%

    

463

      

73,978

    

Pfizer, Inc. (Pharmaceuticals)

    

1.1

%

    

1,877

      

100,851

    
Philip Morris International, Inc.
(Tobacco)		    

0.5

%

    

522

      

44,861

    
Procter & Gamble Co. (The)
(Household Products)		    

1.3

%

    

812

      

117,399

    
Raytheon Technologies Corp.
(Aerospace & Defense)		    

0.4

%

    

503

      

40,703

    
Starbucks Corp. (Hotels,
Restaurants & Leisure)		    

0.5

%

    

394

      

43,198

    

Target Corp. (Multiline Retail)

    

0.4

%

    

166

      

40,478

    

Tesla, Inc.* (Automobiles)

    

3.4

%

    

271

      

310,230

    
Thermo Fisher Scientific, Inc.
(Life Sciences Tools &
Services)		    

0.9

%

    

132

      

83,534

    
Union Pacific Corp. (Road &
Rail)		    

0.6

%

    

218

      

51,370

    
United Parcel Service, Inc.,
Class B (Air Freight &
Logistics)		    

0.5

%

    

243

      

48,204

    
UnitedHealth Group, Inc.
(Health Care Providers &
Services)		    

1.5

%

    

315

      

139,929

    
Verizon Communications, Inc.
(Diversified
Telecommunication Services)		    

0.8

%

    

1,384

      

69,573

    
Walmart, Inc. (Food & Staples
Retailing)		    

0.7

%

    

478

      

67,221

    
Walt Disney Co. (The)*
(Entertainment)		    

1.0

%

    

609

      

88,244

    

Wells Fargo & Co. (Banks)

    

0.7

%

    

1,373

      

65,602

    

Other Common Stocks (a)

    

45.6

%

    

47,519

      

4,191,185

    
Total Common Stocks
(Cost $8,879,344)		            

9,153,236

    
   
  Principal
Amount		  
 

Short-Term Investments — 0.3%

  

Repurchase Agreements (b) — 0.3%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $29,697
(Cost $29,697)		      

$

29,697

      

29,697

    
Total Investments — 99.9%
(Cost $8,909,041)		            

9,182,933

    

Other assets less liabilities — 0.1%

            

11,133

    

Net Assets — 100.0%

          

$

9,194,066

    

See accompanying notes to the financial statements.

90 :: SPXT S&P 500® EX-TECHNOLOGY ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

*  Non-income producing security.

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $30,454, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.88%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $32,928.

(b)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

673,698

    

Aggregate gross unrealized depreciation

    

(419,959

)

  

Net unrealized appreciation

  

$

253,739

    

Federal income tax cost

  

$

8,929,194

    

S&P 500® Ex-Technology ETF invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

1.9

%

  

Air Freight & Logistics

    

0.8

%

  

Airlines

    

0.3

%

  

Auto Components

    

0.2

%

  

Automobiles

    

3.9

%

  

Banks

    

5.8

%

  

Beverages

    

1.9

%

  

Biotechnology

    

2.5

%

  

Building Products

    

0.7

%

  

Capital Markets

    

4.2

%

  

Chemicals

    

2.4

%

  

Commercial Services & Supplies

    

0.6

%

  

Construction & Engineering

    

0.1

%

  

Construction Materials

    

0.2

%

  

Consumer Finance

    

0.8

%

  

Containers & Packaging

    

0.4

%

  

Distributors

    

0.2

%

  

Diversified Financial Services

    

1.9

%

  

Diversified Telecommunication Services

    

1.4

%

  

Electric Utilities

    

2.2

%

  

Electrical Equipment

    

0.8

%

  

Energy Equipment & Services

    

0.3

%

  

Entertainment

    

2.4

%

  

Equity Real Estate Investment Trusts (REITs)

    

3.6

%

  

Food & Staples Retailing

    

1.9

%

  

Food Products

    

1.2

%

  

Gas Utilities

    

0.0

%*

  

Health Care Equipment & Supplies

    

4.0

%

  

Health Care Providers & Services

    

3.6

%

  

Health Care Technology

    

0.1

%

  

Hotels, Restaurants & Leisure

    

2.6

%

  

Household Durables

    

0.5

%

  

Household Products

    

1.8

%

  

Independent Power and Renewable Electricity Producers

    

0.1

%

  

Industrial Conglomerates

    

1.4

%

  

Insurance

    

2.6

%

  

Interactive Media & Services

    

9.1

%

  

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: S&P 500® EX-TECHNOLOGY ETF SPXT :: 91

Internet & Direct Marketing Retail

    

5.9

%

  

Leisure Products

    

0.0

%*

  

Life Sciences Tools & Services

    

2.8

%

  

Machinery

    

2.1

%

  

Media

    

1.5

%

  

Metals & Mining

    

0.5

%

  

Multiline Retail

    

0.7

%

  

Multi-Utilities

    

1.0

%

  

Oil, Gas & Consumable Fuels

    

3.5

%

  

Personal Products

    

0.3

%

  

Pharmaceuticals

    

5.0

%

  

Professional Services

    

0.6

%

  

Real Estate Management & Development

    

0.1

%

  

Road & Rail

    

1.4

%

  

Specialty Retail

    

3.4

%

  

Textiles, Apparel & Luxury Goods

    

1.0

%

  

Tobacco

    

0.8

%

  

Trading Companies & Distributors

    

0.3

%

  

Water Utilities

    

0.1

%

  

Wireless Telecommunication Services

    

0.2

%

  

Othera

    

0.4

%

  
     

100.0

%

  

*  Amount represents less than 0.05%.

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

92 :: SPXT S&P 500® EX-TECHNOLOGY ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks — 100.7%

  

Automobiles — 3.8%

  

Tesla, Inc.*

    

147

    

$

168,280

    

Chemicals — 2.7%

  

Huntsman Corp.

    

3,739

      

118,489

    

Construction & Engineering — 9.1%

  

Arcosa, Inc.

    

2,848

      

145,732

    

ReneSola Ltd., ADR*

    

20,554

      

141,822

    

Valmont Industries, Inc.

    

491

      

117,364

    
     

404,918

    

Electrical Equipment — 38.9%

  

Advent Technologies Holdings, Inc.*

    

13,730

      

105,172

    

American Superconductor Corp.*

    

11,364

      

145,459

    

Array Technologies, Inc.*

    

6,604

      

118,971

    

Ballard Power Systems, Inc.*

    

10,034

      

152,116

    

Eos Energy Enterprises, Inc.*

    

16,310

      

162,285

    

FTC Solar, Inc.*

    

16,981

      

145,357

    

FuelCell Energy, Inc.*

    

17,034

      

147,855

    

Ocean Power Technologies, Inc.*

    

87,106

      

175,954

    

Plug Power, Inc.*

    

3,987

      

158,882

    

Shoals Technologies Group, Inc., Class A*

    

5,019

      

141,034

    

Sunrun, Inc.*

    

3,076

      

141,619

    

TPI Composites, Inc.*

    

7,605

      

135,597

    
     

1,730,301

    
Independent Power and Renewable
Electricity Producers — 9.5%		  

Azure Power Global Ltd.*

    

5,611

      

115,587

    

Ormat Technologies, Inc.

    

2,049

      

154,699

    

Sunnova Energy International, Inc.*

    

4,144

      

153,204

    
     

423,490

    

Industrial Conglomerates — 3.4%

  

General Electric Co.

    

1,601

      

152,079

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Machinery — 3.1%

  

Hyster-Yale Materials Handling, Inc.

    

3,562

    

$

139,844

    

Semiconductors & Semiconductor Equipment — 30.2%

  

Applied Materials, Inc.

    

778

      

114,514

    

Canadian Solar, Inc.*

    

4,132

      

156,768

    

Daqo New Energy Corp., ADR*

    

2,346

      

134,519

    

Enphase Energy, Inc.*

    

633

      

158,250

    

First Solar, Inc.*

    

1,558

      

161,409

    

JinkoSolar Holding Co. Ltd., ADR*

    

2,776

      

145,129

    

Maxeon Solar Technologies Ltd.*

    

9,151

      

167,006

    

SolarEdge Technologies, Inc.*

    

453

      

148,475

    

SunPower Corp.*

    

5,472

      

156,773

    
     

1,342,843

    
Total Common Stocks
(Cost $4,193,464)		        

4,480,244

    
Total Investments — 100.7%
(Cost $4,193,464)		        

4,480,244

    

Liabilities in excess of other assets — (0.7%)

        

(30,117

)

  

Net Assets — 100.0%

      

$

4,450,127

    

*  Non-income producing security.

Abbreviations

ADR  American Depositary Receipt

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

403,936

    

Aggregate gross unrealized depreciation

    

(117,156

)

  

Net unrealized appreciation

  

$

286,780

    

Federal income tax cost

  

$

4,193,464

    

S&P Kensho Cleantech ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

United States

    

77.9

%

  

China

    

9.5

%

  

Canada

    

6.9

%

  

Singapore

    

3.8

%

  

India

    

2.6

%

  

Othera

    

(0.7

%)

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: S&P KENSHO CLEANTECH ETF CTEX :: 93

Investments

  

Shares

  

Value

  

Common Stocks — 99.8%

  

Electrical Equipment — 17.4%

  

ABB Ltd., ADR

    

6,469

    

$

223,504

    

Emerson Electric Co.

    

2,587

      

227,242

    

Rockwell Automation, Inc.

    

735

      

247,107

    
     

697,853

    

Electronic Equipment, Instruments & Components — 21.2%

  

Cognex Corp.

    

2,754

      

212,747

    

FARO Technologies, Inc.*

    

2,022

      

140,448

    

Hollysys Automation Technologies Ltd.*

    

10,490

      

162,175

    

Ouster, Inc.*

    

28,634

      

194,711

    

Sanmina Corp.*

    

3,849

      

140,643

    
     

850,724

    

Machinery — 3.8%

  

Dover Corp.

    

930

      

152,380

    

Professional Services — 4.0%

  

Jacobs Engineering Group, Inc.

    

1,129

      

160,950

    

Semiconductors & Semiconductor Equipment — 19.7%

  

Allegro MicroSystems, Inc.*

    

5,013

      

156,556

    

Ambarella, Inc.*

    

816

      

146,488

    

KLA Corp.

    

391

      

159,579

    

ON Semiconductor Corp.*

    

2,674

      

164,264

    

Tower Semiconductor Ltd.*

    

4,575

      

162,321

    
     

789,208

    

Software — 26.2%

  

Aspen Technology, Inc.*

    

1,571

      

227,842

    

Autodesk, Inc.*

    

788

      

200,302

    

C3.ai, Inc., Class A*

    

3,278

      

121,155

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

PTC, Inc.*

    

2,079

    

$

227,817

    

SAP SE, ADR

    

1,075

      

138,073

    

UiPath, Inc., Class A*

    

2,784

      

134,328

    
     

1,049,517

    

Technology Hardware, Storage & Peripherals — 7.5%

  

3D Systems Corp.*

    

7,902

      

180,007

    

Stratasys Ltd.*

    

4,415

      

119,161

    
     

299,168

    
Total Common Stocks
(Cost $4,044,005)		        

3,999,800

    
Total Investments — 99.8%
(Cost $4,044,005)		        

3,999,800

    

Other assets less liabilities — 0.2%

        

6,776

    

Net Assets — 100.0%

      

$

4,006,576

    

*  Non-income producing security.

Abbreviations

ADR  American Depositary Receipt

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

209,429

    

Aggregate gross unrealized depreciation

    

(253,892

)

  

Net unrealized depreciation

  

$

(44,463

)

  

Federal income tax cost

  

$

4,044,263

    

S&P Kensho Smart Factories ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

United States

    

82.7

%

  

Switzerland

    

5.6

%

  

Israel

    

4.1

%

  

China

    

4.0

%

  

Germany

    

3.4

%

  

Othera

    

0.2

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

94 :: MAKX S&P KENSHO SMART FACTORIES ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks — 99.6%

  

Banks — 11.2%

  

Bank OZK

    

439,775

    

$

19,662,340

    

Commerce Bancshares, Inc.

    

271,996

      

18,985,321

    

Cullen/Frost Bankers, Inc.

    

149,472

      

18,817,030

    

Prosperity Bancshares, Inc.

    

258,388

      

18,417,897

    

UMB Financial Corp.

    

189,434

      

19,053,272

    

United Bankshares, Inc.

    

529,035

      

18,902,420

    
     

113,838,280

    

Building Products — 1.9%

  

Carlisle Cos., Inc.

    

86,250

      

19,423,500

    

Capital Markets — 3.9%

  

FactSet Research Systems, Inc.

    

45,541

      

21,339,145

    

SEI Investments Co.

    

305,387

      

18,210,227

    
     

39,549,372

    

Chemicals — 4.0%

  

RPM International, Inc.

    

221,701

      

20,183,659

    

Sensient Technologies Corp. (a)

    

204,450

      

19,890,941

    
     

40,074,600

    

Commercial Services & Supplies — 1.8%

  

MSA Safety, Inc.

    

126,741

      

18,164,520

    

Containers & Packaging — 5.7%

  

AptarGroup, Inc.

    

153,613

      

18,370,579

    

Silgan Holdings, Inc.

    

490,924

      

20,358,618

    

Sonoco Products Co.

    

329,701

      

19,165,519

    
     

57,894,716

    

Electric Utilities — 1.9%

  

OGE Energy Corp.

    

573,557

      

19,684,476

    

Electrical Equipment — 4.0%

  

Hubbell, Inc.

    

102,187

      

19,997,996

    

Regal Rexnord Corp.

    

130,630

      

20,652,603

    
     

40,650,599

    

Equity Real Estate Investment Trusts (REITs) — 3.6%

  

National Retail Properties, Inc.

    

425,290

      

18,755,289

    

Omega Healthcare Investors, Inc.

    

642,250

      

17,944,465

    
     

36,699,754

    

Food & Staples Retailing — 2.0%

  

Casey's General Stores, Inc.

    

102,284

      

19,872,758

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Food Products — 5.6%

  

Flowers Foods, Inc.

    

782,738

    

$

20,210,295

    

Lancaster Colony Corp.

    

113,125

      

16,538,875

    

Tootsie Roll Industries, Inc.

    

622,690

      

19,583,601

    
     

56,332,771

    

Gas Utilities — 11.1%

  

National Fuel Gas Co.

    

337,295

      

19,499,024

    

New Jersey Resources Corp.

    

517,322

      

19,027,103

    

ONE Gas, Inc.

    

288,847

      

18,728,839

    

Southwest Gas Holdings, Inc.

    

283,712

      

18,671,087

    

Spire, Inc.

    

305,482

      

18,283,098

    

UGI Corp.

    

442,751

      

18,263,479

    
     

112,472,630

    

Insurance — 11.1%

  

American Financial Group, Inc.

    

140,878

      

18,822,710

    

Hanover Insurance Group, Inc. (The)

    

147,940

      

18,011,695

    

Mercury General Corp. (a)

    

346,586

      

17,682,818

    

Old Republic International Corp.

    

783,833

      

18,780,639

    

RenaissanceRe Holdings Ltd.

    

132,967

      

20,491,544

    

RLI Corp.

    

181,163

      

18,619,933

    
     

112,409,339

    

Leisure Products — 1.7%

  

Polaris, Inc.

    

155,610

      

17,395,642

    

Machinery — 9.4%

  

Donaldson Co., Inc.

    

328,378

      

18,530,370

    

Graco, Inc.

    

260,065

      

18,956,138

    

Lincoln Electric Holdings, Inc.

    

135,819

      

18,330,132

    

Nordson Corp.

    

77,263

      

19,639,482

    

Toro Co. (The)

    

197,694

      

19,880,109

    
     

95,336,231

    

Media — 1.8%

  

John Wiley & Sons, Inc., Class A

    

360,065

      

18,716,179

    

Metals & Mining — 2.0%

  

Royal Gold, Inc.

    

197,953

      

19,801,239

    

Multi-Utilities — 5.4%

  

Black Hills Corp.

    

295,902

      

18,973,236

    

MDU Resources Group, Inc.

    

629,278

      

17,135,240

    

NorthWestern Corp.

    

343,914

      

19,018,444

    
     

55,126,920

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: S&P MIDCAP 400® DIVIDEND ARISTOCRATS ETF REGL :: 95

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Personal Products — 2.1%

  

Nu Skin Enterprises, Inc., Class A

    

477,894

    

$

20,969,989

    

Road & Rail — 1.8%

  

Ryder System, Inc.

    

220,678

      

18,333,928

    

Specialty Retail — 2.0%

  

Williams-Sonoma, Inc.

    

103,529

      

20,171,590

    

Trading Companies & Distributors — 1.9%

  
MSC Industrial Direct Co., Inc.,
Class A		    

239,501

      

18,848,729

    

Water Utilities — 1.9%

  

Essential Utilities, Inc.

    

418,311

      

19,773,561

    

Wireless Telecommunication Services — 1.8%

  

Telephone and Data Systems, Inc.

    

1,011,708

      

17,886,997

    
Total Common Stocks
(Cost $863,685,724)		        

1,009,428,320

    
    Principal
Amount		      

Short-Term Investments — 0.2%

  

Repurchase Agreements (b) — 0.2%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $2,116,408
(Cost $2,116,406)		  

$

2,116,406

      

2,116,406

    
Total Investments — 99.8%
(Cost $865,802,130)		        

1,011,544,726

    

Other assets less liabilities — 0.2%

        

1,930,779

    

Net Assets — 100.0%

      

$

1,013,475,505

    

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $787,850, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 9, 2021 - November 15, 2050. The total value of collateral is $831,328.

(b)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

165,596,499

    

Aggregate gross unrealized depreciation

    

(21,546,428

)

  

Net unrealized appreciation

  

$

144,050,071

    

Federal income tax cost

  

$

867,494,655

    

See accompanying notes to the financial statements.

96 :: REGL S&P MIDCAP 400® DIVIDEND ARISTOCRATS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks — 99.8%

  

Communications Equipment — 5.5%

  

Cisco Systems, Inc.

    

54,802

    

$

3,005,342

    

Motorola Solutions, Inc.

    

12,497

      

3,163,990

    
     

6,169,332

    

Electronic Equipment, Instruments & Components — 22.0%

  

Amphenol Corp., Class A

    

39,308

      

3,167,439

    

Avnet, Inc.

    

81,026

      

2,938,813

    

Badger Meter, Inc.

    

29,593

      

3,029,139

    

CDW Corp.

    

16,349

      

3,095,847

    

Corning, Inc.

    

80,351

      

2,980,218

    

Littelfuse, Inc.

    

10,568

      

3,154,337

    

National Instruments Corp.

    

75,467

      

3,133,390

    

TE Connectivity Ltd.

    

20,931

      

3,221,909

    
     

24,721,092

    

Entertainment — 2.0%

  

Activision Blizzard, Inc.

    

39,424

      

2,310,246

    

Internet & Direct Marketing Retail — 2.8%

  

PetMed Express, Inc. (a)

    

113,983

      

3,118,575

    

IT Services — 26.0%

  

Accenture plc, Class A

    

8,906

      

3,183,004

    

Automatic Data Processing, Inc.

    

14,456

      

3,337,746

    

Broadridge Financial Solutions, Inc.

    

16,987

      

2,863,499

    

Cass Information Systems, Inc.

    

73,259

      

2,942,082

    

CSG Systems International, Inc.

    

61,412

      

3,237,027

    

International Business Machines Corp.

    

21,703

      

2,541,421

    

Jack Henry & Associates, Inc.

    

18,002

      

2,729,643

    

Kyndryl Holdings, Inc.*

    

4,341

      

68,588

    

Mastercard, Inc., Class A

    

8,633

      

2,718,704

    

Paychex, Inc.

    

25,267

      

3,011,826

    

Visa, Inc., Class A (a)

    

13,308

      

2,578,691

    
     

29,212,231

    

Semiconductors & Semiconductor Equipment — 21.3%

  

Analog Devices, Inc.

    

17,408

      

3,137,792

    

Broadcom, Inc.

    

6,047

      

3,348,103

    

KLA Corp.

    

9,299

      

3,795,201

    

Microchip Technology, Inc.

    

41,131

      

3,431,559

    

Power Integrations, Inc.

    

30,956

      

3,096,529

    

QUALCOMM, Inc.

    

23,305

      

4,207,951

    

Texas Instruments, Inc.

    

15,452

      

2,972,501

    
     

23,989,636

    

Software — 8.6%

  

Intuit, Inc.

    

5,395

      

3,519,159

    

Microsoft Corp.

    

10,019

      

3,312,181

    

Oracle Corp.

    

31,869

      

2,891,793

    
     

9,723,133

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Technology Hardware, Storage & Peripherals — 11.6%

  

Apple, Inc.

    

20,635

    

$

3,410,965

    

Hewlett Packard Enterprise Co.

    

198,829

      

2,853,196

    

HP, Inc.

    

107,725

      

3,800,539

    

NetApp, Inc.

    

33,959

      

3,018,276

    
     

13,082,976

    
Total Common Stocks
(Cost $99,969,294)		        

112,327,221

    

Securities Lending Reinvestments (b) — 2.7%

  

Investment Companies — 2.7%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $2,993,610)		    

2,993,610

      

2,993,610

    
    Principal
Amount		      

Short-Term Investments — 0.1%

  

Repurchase Agreements (c) — 0.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $59,579
(Cost $59,579)		  

$

59,579

      

59,579

    
Total Investments — 102.6%
(Cost $103,022,483)		        

115,380,410

    

Liabilities in excess of other assets — (2.6%)

        

(2,896,656

)

  

Net Assets — 100.0%

      

$

112,483,754

    

*  Non-income producing security.

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $5,370,602, collateralized in the form of cash with a value of $2,993,610 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $2,662,677 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.25%, and maturity dates ranging from December 30, 2021 - August 15, 2051. The total value of collateral is $5,656,287.

(b)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $2,993,610.

(c)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: S&P TECHNOLOGY DIVIDEND ARISTOCRATS ETF TDV :: 97

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

15,356,325

    

Aggregate gross unrealized depreciation

    

(3,092,809

)

  

Net unrealized appreciation

  

$

12,263,516

    

Federal income tax cost

  

$

103,116,894

    

See accompanying notes to the financial statements.

98 :: TDV S&P TECHNOLOGY DIVIDEND ARISTOCRATS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Foreign Government Securities — 74.8%

  

Arab Republic of Egypt

  

4.55%, 11/20/2023 (a)

  

$

200,000

    

$

199,168

    

5.75%, 5/29/2024 (a)

    

200,000

      

201,408

    
Democratic Socialist Republic of
Sri Lanka		  

6.85%, 3/14/2024 (a)

    

200,000

      

115,456

    

6.13%, 6/3/2025 (a)

    

200,000

      

113,500

    
Dominican Republic Government
Bond		  

5.50%, 1/27/2025 (a)

    

200,000

      

215,502

    

Export-Import Bank of China (The)

  

3.63%, 7/31/2024 (a)

    

200,000

      

213,441

    

Export-Import Bank of India

  

4.00%, 1/14/2023 (a)

    

200,000

      

206,283

    

Federative Republic of Brazil

  

8.88%, 4/15/2024

    

270,000

      

317,928

    

6.00%, 4/7/2026

    

200,000

      

223,316

    

Hungary Government Bond

  

5.38%, 2/21/2023

    

230,000

      

242,434

    

5.38%, 3/25/2024

    

14,000

      

15,263

    

Islamic Republic of Pakistan

  

6.00%, 4/8/2026 (a)

    

200,000

      

197,252

    

Kingdom of Bahrain

  

7.00%, 1/26/2026 (a)

    

200,000

      

219,489

    

Kingdom of Saudi Arabia

  

4.00%, 4/17/2025 (a)

    

400,000

      

432,181

    

People's Republic of China

  

3.25%, 10/19/2023 (a)

    

200,000

      

209,956

    

0.55%, 10/21/2025 (a)

    

200,000

      

195,298

    
Perusahaan Penerbit SBSN
Indonesia III		  

4.35%, 9/10/2024 (a)

    

200,000

      

216,982

    

4.33%, 5/28/2025 (a)

    

200,000

      

219,646

    

Republic of Colombia

  

2.63%, 3/15/2023

    

200,000

      

201,352

    

4.50%, 1/28/2026

    

200,000

      

208,484

    

Republic of Croatia

  

5.50%, 4/4/2023 (a)

    

200,000

      

211,500

    

Republic of Indonesia

  

4.45%, 2/11/2024

    

200,000

      

214,467

    

4.13%, 1/15/2025 (a)

    

200,000

      

216,431

    

Republic of Panama

  

7.13%, 1/29/2026

    

100,000

      

119,835

    

Republic of Peru

  

7.35%, 7/21/2025

    

100,000

      

119,501

    

Republic of Poland

  

4.00%, 1/22/2024

    

100,000

      

105,810

    

3.25%, 4/6/2026

    

40,000

      

42,750

    

Republic of South Africa

  

5.88%, 9/16/2025

    

400,000

      

440,096

    

Investments

   Principal
Amount		  

Value

  

Foreign Government Securities (continued)

  

Republic of Turkey

  

7.25%, 12/23/2023

  

$

400,000

    

$

414,547

    

7.38%, 2/5/2025

    

150,000

      

153,548

    

4.25%, 3/13/2025

    

200,000

      

187,981

    

Romania Government Bond

  

4.38%, 8/22/2023 (a)

    

80,000

      

84,090

    

Russian Federation

  

4.88%, 9/16/2023 (a)

    

200,000

      

211,865

    

State of Qatar

  

3.88%, 4/23/2023 (a)

    

200,000

      

208,488

    
Sultanate of Oman Government
Bond		  

4.75%, 6/15/2026 (a)

    

200,000

      

202,043

    

Ukraine Government Bond

  

7.75%, 9/1/2023 (a)

    

100,000

      

100,803

    

7.75%, 9/1/2024 (a)

    

100,000

      

100,188

    

7.75%, 9/1/2025 (a)

    

100,000

      

100,000

    
United Arab Emirates Government
Bond		  

0.75%, 9/2/2023 (a)

    

200,000

      

199,503

    

2.13%, 9/30/2024 (a)

    

200,000

      

204,800

    

United Mexican States

  

4.00%, 10/2/2023

    

14,000

      

14,757

    

3.60%, 1/30/2025

    

200,000

      

212,986

    
Total Foreign Government Securities
(Cost $8,085,029)		        

8,030,328

    

Corporate Bonds — 23.5%

  

Banks — 7.1%

  

Banco del Estado de Chile

  

2.70%, 1/9/2025 (a)

    

200,000

      

204,502

    

Banco do Brasil SA

  

3.88%, 10/10/2022

    

200,000

      

203,220

    
International Bank of Azerbaijan
OJSC		  

3.50%, 9/1/2024 (a)

    

150,000

      

150,750

    

QNB Finance Ltd.

  

2.63%, 5/12/2025 (a)

    

200,000

      

205,696

    
     

764,168

    

Chemicals — 2.0%

  
OCP SA
5.63%, 4/25/2024 (a)		    

200,000

      

213,536

    

Diversified Financial Services — 2.0%

  
Gazprom PJSC
5.15%, 2/11/2026 (a)		    

200,000

      

216,608

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: SHORT TERM USD EMERGING MARKETS BOND ETF EMSH :: 99

Investments

   Principal
Amount		  

Value

  

Corporate Bonds (continued)

  

Electrical Equipment — 1.1%

  
Power Sector Assets & Liabilities
Management Corp.
7.39%, 12/2/2024 (a)		  

$

100,000

    

$

117,735

    

Oil, Gas & Consumable Fuels — 11.3%

  

Ecopetrol SA

  

5.88%, 9/18/2023

    

25,000

      

26,488

    

KazMunayGas National Co. JSC

  

4.75%, 4/24/2025 (a)

    

200,000

      

217,634

    

Petrobras Global Finance BV

  

5.30%, 1/27/2025

    

100,000

      

106,876

    

Petroleos Mexicanos

  

3.50%, 1/30/2023

    

240,000

      

240,576

    

6.88%, 10/16/2025 (a)

    

42,000

      

44,810

    

6.88%, 8/4/2026

    

30,000

      

31,817

    
Sinopec Group Overseas
Development 2015 Ltd.		  

3.25%, 4/28/2025 (a)

    

300,000

      

316,393

    

Southern Gas Corridor CJSC

  

6.88%, 3/24/2026 (a)

    

200,000

      

230,220

    
     

1,214,814

    
Total Corporate Bonds
(Cost $2,534,862)		        

2,526,861

    

Short-Term Investments — 0.7%

  

Repurchase Agreements (b) — 0.7%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $75,822
(Cost $75,822)		    

75,822

      

75,822

    
Total Investments — 99.0%
(Cost $10,695,713)		        

10,633,011

    

Other assets less liabilities — 1.0%

        

112,793

    

Net Assets — 100.0%

      

$

10,745,804

    

(a)  Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(b)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

85,325

    

Aggregate gross unrealized depreciation

    

(148,027

)

  

Net unrealized depreciation

  

$

(62,702

)

  

Federal income tax cost

  

$

10,695,713

    

Short Term USD Emerging Markets Bond ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

China

    

8.7

%

  

Indonesia

    

8.1

%

  

Brazil

    

7.9

%

  

Turkey

    

7.0

%

  

Mexico

    

5.1

%

  

South Africa

    

4.1

%

  

Colombia

    

4.1

%

  

Saudi Arabia

    

4.0

%

  

Russia

    

4.0

%

  

Qatar

    

3.9

%

  

United Arab Emirates

    

3.8

%

  

See accompanying notes to the financial statements.

100 :: EMSH SHORT TERM USD EMERGING MARKETS BOND ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Egypt

    

3.7

%

  

Azerbaijan

    

3.6

%

  

Ukraine

    

2.8

%

  

Hungary

    

2.4

%

  

Sri Lanka

    

2.1

%

  

Bahrain

    

2.0

%

  

Kazakhstan

    

2.0

%

  

Dominican Republic

    

2.0

%

  

Morocco

    

2.0

%

  

Croatia

    

2.0

%

  

India

    

1.9

%

  

Chile

    

1.9

%

  

Oman

    

1.9

%

  

Pakistan

    

1.8

%

  

Poland

    

1.4

%

  

Panama

    

1.1

%

  

Peru

    

1.1

%

  

Philippines

    

1.1

%

  

Romania

    

0.8

%

  

Othera

    

1.7

%

  
     

100.0

%

  

a  Includes any non fixed-income securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: SHORT TERM USD EMERGING MARKETS BOND ETF EMSH :: 101

Investments

  

Shares

  

Value

  

Common Stocks — 99.7%

  

Aerospace & Defense — 4.1%

  

Hexcel Corp.*

    

3,170

    

$

162,875

    

Building Products — 1.5%

  

View, Inc.*

    

14,377

      

60,671

    

Chemicals — 59.7%

  

Akzo Nobel NV

    

1,563

      

164,710

    

Arkema SA

    

1,315

      

172,399

    

Axalta Coating Systems Ltd.*

    

5,767

      

174,856

    

Cabot Corp.

    

3,371

      

176,910

    

Chemours Co. (The)

    

6,419

      

190,644

    

Hansol Chemical Co. Ltd.

    

639

      

160,301

    

Hodogaya Chemical Co. Ltd.

    

558

      

22,832

    

Ingevity Corp.*

    

2,309

      

166,040

    

Neo Performance Materials, Inc.

    

2,508

      

41,582

    

OCI Co. Ltd.*

    

1,580

      

144,979

    

PPG Industries, Inc.

    

1,120

      

172,670

    

RPM International, Inc.

    

2,062

      

187,725

    

Sherwin-Williams Co. (The)

    

568

      

188,144

    

Sika AG (Registered)

    

530

      

208,236

    

Solvay SA

    

1,512

      

169,624

    
     

2,341,652

    

Electrical Equipment — 4.8%

  

Nidec Corp.

    

1,632

      

187,694

    

Electronic Equipment, Instruments & Components — 4.9%

  

Akoustis Technologies, Inc.*

    

3,403

      

23,617

    

Solus Advanced Materials Co. Ltd.

    

2,026

      

166,801

    
     

190,418

    

Health Care Equipment & Supplies — 1.9%

  

Varex Imaging Corp.*

    

2,609

      

74,487

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Metals & Mining — 7.1%

  

Constellium SE*

    

9,271

    

$

162,891

    

Materion Corp.

    

1,353

      

114,545

    
     

277,436

    

Semiconductors & Semiconductor Equipment — 15.7%

  

Applied Materials, Inc.

    

1,316

      

193,702

    

Innox Advanced Materials Co. Ltd.*

    

1,301

      

41,508

    

Jusung Engineering Co. Ltd.*

    

3,196

      

43,451

    

Kopin Corp.*

    

6,060

      

31,633

    

LX Semicon Co. Ltd.

    

1,078

      

97,101

    

Meta Materials, Inc.*

    

18,628

      

68,365

    

Universal Display Corp.

    

981

      

140,332

    
     

616,092

    
Total Common Stocks
(Cost $4,020,335)		        

3,911,325

    
Total Investments — 99.7%
(Cost $4,020,335)		        

3,911,325

    

Other assets less liabilities — 0.3%

        

10,239

    

Net Assets — 100.0%

      

$

3,921,564

    

*  Non-income producing security.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

131,122

    

Aggregate gross unrealized depreciation

    

(250,530

)

  

Net unrealized depreciation

  

$

(119,408

)

  

Federal income tax cost

  

$

4,030,733

    

Smart Materials ETF invested, as a percentage of net assets, in the following countries as of November 30, 2021:

United States

    

54.2

%

  

South Korea

    

16.7

%

  

France

    

8.5

%

  

Japan

    

5.4

%

  

Switzerland

    

5.3

%

  

Belgium

    

4.3

%

  

Netherlands

    

4.2

%

  

Canada

    

1.1

%

  

Othera

    

0.3

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

102 :: TINT SMART MATERIALS ETF :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

STATEMENTS OF ASSETS AND LIABILITIES

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2021 (UNAUDITED) :: 103

    Big Data
Refiners
ETF		   Bitcoin Strategy
ETF(b)		   Decline of the
Retail Store
ETF		   DJ Brookfield
Global
Infrastructure
ETF		   Equities for
Rising Rates
ETF		   Global Listed
Private Equity
ETF		  

ASSETS:

  
Securities and Repurchase Agreements,
at cost		  

$

2,999,147

    

$

1,318,625,814

    

$

4,378,168

    

$

138,107,279

    

$

9,720,979

    

$

22,756,223

    

Securities, at value(a)

    

3,004,852

      

1,318,400,804

      

—

      

136,440,162

      

10,257,777

      

25,638,836

    

Repurchase Agreements, at value

    

—

      

—

      

4,378,168

      

232,202

      

6,233

      

78,967

    

Cash

    

3,218

      

734,163,968

      

—

      

40

      

743

      

6

    

Foreign cash

    

412

(c)

    

—

      

—

      

127,332

(d)

    

—

      

1,851

(e)

  

Due from Custodian

    

83,418

      

—

      

—

      

—

      

—

      

—

    
Segregated cash balances with
brokers for futures contracts		    

—

      

624,868,429

      

—

      

—

      

—

      

—

    
Segregated cash balances with
custodian for swap agreements		    

—

      

—

      

1,373,000

      

—

      

—

      

—

    

Dividends and interest receivable

    

—

      

—

      

—

      

249,839

      

30,169

      

20,828

    

Receivable for security lending income

    

—

      

—

      

—

      

2,752

      

18

      

169

    

Receivable for investments sold

    

—

      

—

      

—

      

390,343

      

—

      

—

    

Receivable for capital shares issued

    

—

      

30,992,291

      

—

      

—

      

—

      

—

    

Reclaims receivable

    

—

      

—

      

—

      

91,115

      

—

      

45,050

    
Unrealized appreciation on non-exchange
traded swap agreements		    

—

      

—

      

147,281

      

—

      

—

      

—

    

Prepaid expenses

    

—

      

—

      

—

      

—

      

—

      

63

    

Total Assets

    

3,091,900

      

2,708,425,492

      

5,898,449

      

137,533,785

      

10,294,940

      

25,785,770

    

LIABILITIES:

  

Reverse repurchase agreements

    

—

      

1,246,931,639

      

—

      

—

      

—

      

—

    

Payable for investments purchased

    

83,418

      

20,000,000

      

—

      

644,313

      

—

      

—

    
Payable for cash collateral received from
securities loaned		    

—

      

—

      

—

      

549,875

      

—

      

1,271,126

    
Payable for variation margin on futures
contracts		    

—

      

7,013,380

      

—

      

—

      

—

      

—

    

Advisory fees payable

    

1,814

      

861,966

      

3,042

      

51,052

      

3,032

      

—

    

Management Services fees payable

    

—

      

—

      

—

      

—

      

—

      

243

    

Custodian fees payable

    

—

      

—

      

—

      

—

      

—

      

520

    

Administration fees payable

    

—

      

—

      

—

      

—

      

—

      

12,656

    

Trustee fees payable

    

8

      

1,474

      

29

      

536

      

34

      

96

    

Compliance services fees payable

    

2

      

23

      

37

      

675

      

32

      

95

    

Listing, Data and related fees payable

    

—

      

—

      

—

      

—

      

—

      

5,667

    

Professional fees payable

    

2

      

328

      

5

      

114

      

7

      

15,879

    
Unrealized depreciation on non-exchange
traded swap agreements		    

—

      

—

      

13,455

      

—

      

—

      

—

    

Other liabilities

    

—

      

—

      

—

      

—

      

—

      

1,449

    

Total Liabilities

    

85,244

      

1,274,808,810

      

16,568

      

1,246,565

      

3,105

      

1,307,731

    

NET ASSETS

  

$

3,006,656

    

$

1,433,616,682

    

$

5,881,881

    

$

136,287,220

    

$

10,291,835

    

$

24,478,039

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

2,887,225

    

$

1,628,310,261

    

$

36,187,695

    

$

129,690,040

    

$

11,085,319

    

$

26,391,652

    

Distributable earnings (loss)

    

119,431

      

(194,693,579

)

    

(30,305,814

)

    

6,597,180

      

(793,484

)

    

(1,913,613

)

  

NET ASSETS

  

$

3,006,656

    

$

1,433,616,682

    

$

5,881,881

    

$

136,287,220

    

$

10,291,835

    

$

24,478,039

    
Shares (unlimited number of shares
authorized, no par value)		    

75,001

      

39,130,001

      

400,001

      

3,020,001

      

210,001

      

680,001

    

Net Asset Value

  

$

40.09

    

$

36.64

    

$

14.70

    

$

45.13

    

$

49.01

    

$

36.00

    
(a) Includes securities on loan valued at:  

$

—

    

$

—

    

$

—

    

$

1,190,962

    

$

168,635

    

$

1,197,443

    

(b)  Consolidated Statement of Assets and Liabilities.

(c)  Cost of $427.

(d)  Cost of $127,333.

(e)  Cost of $1,893.

See accompanying notes to the financial statements.

104 :: NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

    Hedge
Replication ETF		   High Yield-
Interest Rate
Hedged		   Inflation
Expectations
ETF		   Investment
Grade-Interest
Rate Hedged		   K-1 Free Crude
Oil Strategy
ETF(b)		   Large Cap Core
Plus		  

ASSETS:

  
Securities and Repurchase Agreements,
at cost		  

$

43,541,920

    

$

145,159,180

    

$

38,362,011

    

$

1,049,035,369

    

$

—

    

$

389,811,288

    

Securities, at value(a)

    

39,128,765

      

139,823,676

      

32,819,491

      

1,040,231,339

      

—

      

469,476,909

    

Repurchase Agreements, at value

    

5,097,312

      

2,596,056

      

9,627,346

      

22,220,551

      

—

      

30,510,992

    

Cash

    

1,384

      

—

      

270,000

      

—

      

57,768,547

      

3

    
Segregated cash balances with
brokers for futures contracts		    

60,500

      

1,261,730

      

—

      

23,995,400

      

5,371,250

      

—

    
Segregated cash balances with
custodian for swap agreements		    

451,000

      

—

      

916,600

      

—

      

—

      

530,320

    

Dividends and interest receivable

    

8,885

      

1,920,285

      

10,018

      

9,536,000

      

—

      

761,380

    

Due from authorized participant

    

—

      

—

      

—

      

—

      

154,316

      

—

    

Receivable for security lending income

    

23

      

686

      

1

      

1,713

      

—

      

132

    

Receivable for investments sold

    

26,167

      

11,534,762

      

—

      

20,052,258

      

—

      

—

    

Receivable for capital shares issued

    

—

      

88,635

      

—

      

—

      

—

      

—

    

Receivable from Advisor

    

—

      

—

      

750

      

—

      

—

      

—

    
Receivable for variation margin on futures
contracts		    

20,941

      

—

      

—

      

—

      

—

      

—

    
Unrealized appreciation on non-exchange
traded swap agreements		    

—

      

—

      

945,135

      

—

      

—

      

7,350,617

    

Prepaid expenses

    

131

      

—

      

60

      

—

      

—

      

—

    

Total Assets

    

44,795,108

      

157,225,830

      

44,589,401

      

1,116,037,261

      

63,294,113

      

508,630,353

    

LIABILITIES:

  

Cash overdraft

    

—

      

518,894

      

—

      

502

      

—

      

—

    

Payable for investments purchased

    

724

      

9,932,082

      

—

      

12,957,428

      

—

      

—

    
Payable for cash collateral received from
securities loaned		    

31,495

      

1,649,813

      

—

      

7,057,615

      

—

      

116,188

    

Advisory fees payable

    

6,242

      

57,345

      

—

      

262,984

      

35,318

      

191,527

    

Management Services fees payable

    

3,722

      

—

      

—

      

—

      

—

      

—

    

Custodian fees payable

    

32,927

      

—

      

150

      

—

      

—

      

—

    

Administration fees payable

    

13,983

      

—

      

13,223

      

—

      

—

      

—

    

Trustee fees payable

    

198

      

543

      

160

      

4,137

      

303

      

2,132

    

Compliance services fees payable

    

195

      

506

      

161

      

3,462

      

376

      

2,204

    

Listing, Data and related fees payable

    

135,583

      

—

      

3,763

      

—

      

—

      

—

    

Professional fees payable

    

9,937

      

119

      

9,924

      

900

      

56

      

450

    
Payable for variation margin on futures
contracts		    

—

      

349,918

      

—

      

10,210,047

      

1,091,122

      

—

    
Unrealized depreciation on non-exchange
traded swap agreements		    

386,045

      

—

      

2,029,589

      

—

      

—

      

6,124,525

    

Other liabilities

    

2,532

      

—

      

819

      

—

      

—

      

—

    

Total Liabilities

    

623,583

      

12,509,220

      

2,057,789

      

30,497,075

      

1,127,175

      

6,437,026

    

NET ASSETS

  

$

44,171,525

    

$

144,716,610

    

$

42,531,612

    

$

1,085,540,186

    

$

62,166,938

    

$

502,193,327

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

40,080,250

    

$

190,456,022

    

$

49,505,795

    

$

1,135,258,313

    

$

53,942,431

    

$

348,588,244

    

Distributable earnings (loss)

    

4,091,275

      

(45,739,412

)

    

(6,974,183

)

    

(49,718,127

)

    

8,224,507

      

153,605,083

    

NET ASSETS

  

$

44,171,525

    

$

144,716,610

    

$

42,531,612

    

$

1,085,540,186

    

$

62,166,938

    

$

502,193,327

    
Shares (unlimited number of shares
authorized, no par value)		    

865,000

      

2,350,001

      

1,410,001

      

14,625,001

      

1,284,034

      

9,480,000

    

Net Asset Value

  

$

51.07

    

$

61.58

    

$

30.16

    

$

74.22

    

$

48.42

    

$

52.97

    
(a) Includes securities on loan valued at:  

$

118,010

    

$

4,554,848

    

$

—

    

$

13,533,826

    

$

—

    

$

811,269

    

(b)  Consolidated Statement of Assets and Liabilities.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2021 (UNAUDITED) :: 105

    Long Online/
Short Stores
ETF		   Managed
Futures
Strategy ETF(b)		  

Merger ETF

   Morningstar
Alternatives
Solution ETF		   MSCI EAFE
Dividend
Growers ETF		   MSCI Emerging
Markets
Dividend
Growers ETF		  

ASSETS:

  
Securities and Repurchase Agreements,
at cost		  

$

61,228,287

    

$

5,895,121

    

$

52,386,518

    

$

10,932,878

(c)

  

$

120,806,564

    

$

17,888,068

    

Securities, at value(a)

    

51,440,769

      

—

      

50,122,108

      

11,632,619

(d)

    

137,643,979

      

17,961,745

    

Repurchase Agreements, at value

    

3,527,992

      

5,895,121

      

1,905,476

      

21,035

      

359,109

      

9,599

    

Cash

    

5

      

194,764

      

1,005

      

—

      

84

      

549

    

Foreign cash

    

—

      

—

      

9,289

(e)

    

—

      

74,118

(f)

    

189,296

(g)

  
Segregated cash balances with
brokers for futures contracts		    

—

      

165,061

      

—

      

—

      

—

      

—

    
Segregated cash balances with
custodian for swap agreements		    

2,645,394

      

—

      

220,434

      

—

      

—

      

—

    
Segregated cash balances with Authorized
Participant for deposit securities		    

—

      

—

      

117,838

      

—

      

—

      

—

    

Dividends and interest receivable

    

5,358

      

—

      

34,322

      

—

      

219,244

      

11,958

    

Receivable for security lending income

    

2,288

      

—

      

1,241

      

9,037

      

533

      

331

    

Receivable for investments sold

    

2,890,329

      

—

      

5,545,659

      

—

      

33,146,792

      

9,901,111

    

Reclaims receivable

    

—

      

—

      

3,935

      

—

      

466,234

      

—

    
Unrealized appreciation on non-exchange
traded swap agreements		    

892,486

      

—

      

1,509,209

      

—

      

—

      

—

    
Unrealized appreciation on forward
foreign currency contracts		    

—

      

—

      

300,568

      

—

      

—

      

—

    

Prepaid expenses

    

—

      

—

      

2,691

      

5,871

      

—

      

—

    

Total Assets

    

61,404,621

      

6,254,946

      

59,773,775

      

11,668,562

      

171,910,093

      

28,074,589

    

LIABILITIES:

  

Cash overdraft

    

—

      

—

      

—

      

581

      

—

      

—

    

Due to custodian

    

—

      

—

      

1,386,423

      

—

      

—

      

—

    

Collateral upon return of deposit securities

    

—

      

—

      

117,838

      

—

      

—

      

—

    

Payable for investments purchased

    

2,908,362

      

—

      

—

      

—

      

33,176,209

      

7,691,873

    

Payable for capital shares redeemed

    

—

      

—

      

—

      

—

      

—

      

1,112,147

    
Payable for cash collateral received from
securities loaned		    

2,644,236

      

—

      

1,300,000

      

2,017,215

      

2,582,773

      

—

    

Advisory fees payable

    

32,887

      

3,987

      

15,138

      

2,049

      

58,510

      

10,392

    

Management Services fees payable

    

—

      

—

      

4,576

      

—

      

—

      

—

    

Custodian fees payable

    

—

      

—

      

757

      

82

      

—

      

—

    

Administration fees payable

    

—

      

—

      

14,689

      

5,512

      

—

      

—

    

Trustee fees payable

    

344

      

26

      

213

      

41

      

615

      

92

    

Compliance services fees payable

    

497

      

23

      

195

      

43

      

629

      

99

    

Listing, Data and related fees payable

    

—

      

—

      

7,126

      

3,845

      

—

      

—

    

Professional fees payable

    

47

      

5

      

10,927

      

10,342

      

129

      

18

    
Payable for variation margin on futures
contracts		    

—

      

32,052

      

—

      

—

      

—

      

—

    
Unrealized depreciation on non-exchange
traded swap agreements		    

795,424

      

—

      

315,403

      

—

      

—

      

—

    
Unrealized depreciation on forward
foreign currency contracts		    

—

      

—

      

16,912

      

—

      

—

      

—

    

Due to counterparty

    

—

      

—

      

—

      

—

      

—

      

7,535

    

Other liabilities

    

—

      

—

      

715

      

1,080

      

—

      

124,816

(h)

  

Total Liabilities

    

6,381,797

      

36,093

      

3,190,912

      

2,040,790

      

35,818,865

      

8,946,972

    

NET ASSETS

  

$

55,022,824

    

$

6,218,853

    

$

56,582,863

    

$

9,627,772

    

$

136,091,228

    

$

19,127,617

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

35,268,689

    

$

6,382,725

    

$

55,084,303

    

$

11,245,317

    

$

116,290,597

    

$

21,372,829

    

Distributable earnings (loss)

    

19,754,135

      

(163,872

)

    

1,498,560

      

(1,617,545

)

    

19,800,631

      

(2,245,212

)

  

NET ASSETS

  

$

55,022,824

    

$

6,218,853

    

$

56,582,863

    

$

9,627,772

    

$

136,091,228

    

$

19,127,617

    
Shares (unlimited number of shares
authorized, no par value)		    

875,001

      

155,001

      

1,375,001

      

250,001

      

3,010,001

      

345,001

    

Net Asset Value

  

$

62.88

    

$

40.12

    

$

41.15

    

$

38.51

    

$

45.21

    

$

55.44

    
(a) Includes securities on loan valued at:  

$

4,251,211

    

$

—

    

$

1,156,782

    

$

1,958,673

    

$

2,512,977

    

$

—

    

(b)  Consolidated Statement of Assets and Liabilities.

(c)  Includes investments in affiliated Underlying ETFs (Cost $8,894,628).

(d)  Includes investments in affiliated Underlying ETFs (Value $9,615,404).

(e)  Cost of $9,308.

(f)  Cost of $74,373.

(g)  Cost of $189,610.

(h)  Relates to payable for deferred India capital gains tax of $124,816.

See accompanying notes to the financial statements.

106 :: NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

    MSCI Europe
Dividend
Growers ETF		   MSCI
Transformational
Changes ETF		   Nanotechnology
ETF		   Nasdaq-100
Dorsey Wright
Momentum
ETF		   On-Demand
ETF		   Online Retail
ETF		  

ASSETS:

  
Securities and Repurchase Agreements,
at cost		  

$

10,704,862

    

$

39,614,334

    

$

4,011,882

    

$

27,976,844

    

$

4,980,387

    

$

926,479,119

    

Securities, at value(a)

    

12,529,746

      

40,576,737

      

4,314,192

      

29,064,232

      

4,476,549

      

785,328,107

    

Repurchase Agreements, at value

    

26,159

      

161,927

      

—

      

35,379

      

—

      

1,587,695

    

Cash

    

5

      

8,019

      

9,027

      

—

      

8,838

      

237

    

Foreign cash

    

7,398

(b)

    

—

      

2,635

(c)

    

—

      

466

(d)

    

—

    
Segregated cash balances with Authorized
Participant for deposit securities		    

—

      

7,036,713

      

—

      

—

      

—

      

—

    

Dividends and interest receivable

    

1,714

      

17,726

      

2,444

      

9,897

      

—

      

80,891

    

Receivable for security lending income

    

41

      

—

      

—

      

—

      

—

      

32,735

    

Receivable for investments sold

    

2,735,397

      

11,372,944

      

—

      

—

      

—

      

45,675,357

    

Receivable for capital shares issued

    

—

      

5,758,704

      

—

      

—

      

—

      

—

    

Reclaims receivable

    

48,594

      

8,835

      

—

      

—

      

—

      

—

    

Total Assets

    

15,349,054

      

64,941,605

      

4,328,298

      

29,109,508

      

4,485,853

      

832,705,022

    

LIABILITIES:

  

Foreign cash overdraft

    

—

      

15,003

(e)

    

—

      

—

      

—

      

—

    

Collateral upon return of deposit securities

    

—

      

7,036,713

      

—

      

—

      

—

      

—

    

Payable for investments purchased

    

2,741,971

      

5,567,354

      

—

      

—

      

—

      

44,072,481

    

Payable for capital shares redeemed

    

—

      

5,758,704

      

—

      

—

      

—

      

1,956,454

    
Payable for cash collateral received from
securities loaned		    

344,013

      

—

      

—

      

—

      

—

      

48,134,973

    

Advisory fees payable

    

5,772

      

17,698

      

2,424

      

14,276

      

2,265

      

399,048

    

Trustee fees payable

    

54

      

220

      

7

      

92

      

7

      

3,916

    

Compliance services fees payable

    

46

      

207

      

1

      

33

      

2

      

4,691

    

Professional fees payable

    

12

      

46

      

1

      

20

      

1

      

731

    

Due to Authorized Participant

    

—

      

5,826,666

      

—

      

—

      

—

      

—

    

Total Liabilities

    

3,091,868

      

24,222,611

      

2,433

      

14,421

      

2,275

      

94,572,294

    

NET ASSETS

  

$

12,257,186

    

$

40,718,994

    

$

4,325,865

    

$

29,095,087

    

$

4,483,578

    

$

738,132,728

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

11,026,214

    

$

36,522,810

    

$

3,970,307

    

$

28,306,599

    

$

4,989,601

    

$

738,480,572

    

Distributable earnings (loss)

    

1,230,972

      

4,196,184

      

355,558

      

788,488

      

(506,023

)

    

(347,844

)

  

NET ASSETS

  

$

12,257,186

    

$

40,718,994

    

$

4,325,865

    

$

29,095,087

    

$

4,483,578

    

$

738,132,728

    
Shares (unlimited number of shares
authorized, no par value)		    

235,001

      

900,001

      

100,001

      

660,001

      

125,001

      

11,650,001

    

Net Asset Value

  

$

52.16

    

$

45.24

    

$

43.26

    

$

44.08

    

$

35.87

    

$

63.36

    
(a) Includes securities on loan valued at:  

$

324,700

    

$

—

    

$

—

    

$

—

    

$

—

    

$

53,336,941

    

(b)  Cost of $7,438.

(c)  Cost of $2,627.

(d)  Cost of $466.

(e)  Cost of $(14,820).

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2021 (UNAUDITED) :: 107

   

Pet Care ETF

   RAFITM
Long/Short		   Russell 2000
Dividend
Growers ETF		   Russell U.S.
Dividend
Growers ETF		   S&P 500®
Bond ETF		   S&P 500®
Dividend
Aristocrats ETF		  

ASSETS:

  
Securities and Repurchase Agreements,
at cost		  

$

348,055,354

    

$

2,928,989

    

$

771,879,418

    

$

18,223,631

    

$

36,399,706

    

$

8,134,114,068

    

Securities, at value(a)

    

330,737,769

      

4,424,406

      

838,677,493

      

19,771,117

      

36,262,366

      

9,101,490,439

    

Repurchase Agreements, at value

    

428,447

      

298,561

      

633,979

      

4,451

      

257,461

      

8,952,381

    

Cash

    

—

      

77

      

135,536

      

—

      

—

      

13,658

    

Foreign cash

    

304,518

(c)

    

—

      

—

      

—

      

—

      

—

    
Segregated cash balances with
custodian for swap agreements		    

—

      

23,364

      

—

      

—

      

—

      

—

    

Dividends and interest receivable

    

90,478

      

9,848

      

1,637,915

      

47,078

      

257,686

      

22,333,485

    

Receivable for security lending income

    

1,531

      

—

      

2,404

      

1

      

74

      

27

    

Receivable for investments sold

    

21,385,183

      

2,379

      

—

      

—

      

2,656,348

      

—

    

Receivable for capital shares issued

    

—

      

—

      

—

      

—

      

—

      

4,738,542

    

Receivable from Advisor

    

—

      

6,672

      

—

      

—

      

—

      

—

    

Reclaims receivable

    

83,878

      

—

      

—

      

—

      

—

      

—

    
Unrealized appreciation on non-exchange
traded swap agreements		    

—

      

165,250

      

—

      

—

      

—

      

—

    

Prepaid expenses

    

—

      

253

      

—

      

—

      

—

      

—

    

Total Assets

    

353,031,804

      

4,930,810

      

841,087,327

      

19,822,647

      

39,433,935

      

9,137,528,532

    

LIABILITIES:

  

Payable for investments purchased

    

21,562,731

      

—

      

—

      

—

      

2,723,190

      

4,732,785

    
Payable for cash collateral received from
securities loaned		    

—

      

—

      

5,355,548

      

3,250

      

143,175

      

—

    

Advisory fees payable

    

143,041

      

—

      

288,058

      

6,025

      

4,496

      

2,712,445

    

Custodian fees payable

    

—

      

9,476

      

—

      

—

      

—

      

—

    

Administration fees payable

    

—

      

12,656

      

—

      

—

      

—

      

—

    

Trustee fees payable

    

1,437

      

21

      

3,554

      

111

      

166

      

38,245

    

Compliance services fees payable

    

1,376

      

21

      

3,990

      

122

      

170

      

38,720

    

Listing, Data and related fees payable

    

—

      

3,936

      

—

      

—

      

—

      

—

    

Professional fees payable

    

303

      

10,328

      

720

      

22

      

35

      

8,157

    
Unrealized depreciation on non-exchange
traded swap agreements		    

—

      

14,721

      

—

      

—

      

—

      

—

    

Other liabilities

    

—

      

991

      

—

      

—

      

—

      

—

    

Total Liabilities

    

21,708,888

      

52,150

      

5,651,870

      

9,530

      

2,871,232

      

7,530,352

    

NET ASSETS

  

$

331,322,916

    

$

4,878,660

    

$

835,435,457

    

$

19,813,117

    

$

36,562,703

    

$

9,129,998,180

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

265,549,807

    

$

25,828,982

    

$

814,326,093

    

$

16,364,574

    

$

36,196,090

    

$

6,995,017,921

    

Distributable earnings (loss)

    

65,773,109

      

(20,950,322

)

    

21,109,364

      

3,448,543

      

366,613

      

2,134,980,259

    

NET ASSETS

  

$

331,322,916

    

$

4,878,660

    

$

835,435,457

    

$

19,813,117

    

$

36,562,703

    

$

9,129,998,180

    
Shares (unlimited number of shares
authorized, no par value)		    

4,350,001

      

160,000

      

13,300,001

      

420,001

      

400,001

      

99,100,001

    

Net Asset Value

  

$

76.17

    

$

30.49

    

$

62.81

    

$

47.17

    

$

91.41

    

$

92.13

    
(a) Includes securities on loan valued at:  

$

—

    

$

1,243

    

$

6,806,042

    

$

3,145

    

$

337,658

    

$

102,061

    

(c)  Cost of $305,151.

See accompanying notes to the financial statements.

108 :: NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

    S&P 500®
Ex-Energy ETF		   S&P 500®
Ex-Financials
ETF		   S&P 500®
Ex-Health Care
ETF		   S&P 500®
Ex-Technology
ETF		   S&P Kensho
Cleantech ETF		   S&P Kensho
Smart Factories
ETF		  

ASSETS:

  
Securities and Repurchase Agreements,
at cost		  

$

27,619,711

    

$

8,282,427

    

$

3,904,677

    

$

8,909,041

    

$

4,193,464

    

$

4,044,005

    

Securities, at value(a)

    

30,071,853

      

9,150,073

      

4,330,398

      

9,153,236

      

4,480,244

      

3,999,800

    

Repurchase Agreements, at value

    

94,395

      

27,457

      

10,813

      

29,697

      

—

      

—

    

Cash

    

226

      

83

      

38

      

102

      

3,883

      

5,556

    

Dividends and interest receivable

    

31,274

      

12,221

      

5,382

      

13,216

      

1,043

      

3,277

    

Receivable for security lending income

    

10

      

4

      

2

      

4

      

—

      

—

    

Receivable for investments sold

    

—

      

—

      

—

      

—

      

735,491

      

—

    

Receivable for capital shares issued

    

—

      

—

      

—

      

—

      

1,184,392

      

—

    

Total Assets

    

30,197,758

      

9,189,838

      

4,346,633

      

9,196,255

      

6,405,053

      

4,008,633

    

LIABILITIES:

  

Payable for investments purchased

    

—

      

—

      

—

      

—

      

771,561

      

—

    
Payable for cash collateral received from
securities loaned		    

—

      

979

      

326

      

—

      

—

      

—

    

Advisory fees payable

    

6,617

      

2,077

      

985

      

2,063

      

2,244

      

2,044

    

Trustee fees payable

    

121

      

36

      

19

      

44

      

8

      

8

    

Compliance services fees payable

    

131

      

32

      

20

      

70

      

5

      

3

    

Professional fees payable

    

28

      

8

      

5

      

12

      

2

      

2

    

Due to Authorized Participant

    

—

      

—

      

—

      

—

      

1,181,106

      

—

    

Total Liabilities

    

6,897

      

3,132

      

1,355

      

2,189

      

1,954,926

      

2,057

    

NET ASSETS

  

$

30,190,861

    

$

9,186,706

    

$

4,345,278

    

$

9,194,066

    

$

4,450,127

    

$

4,006,576

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

21,060,331

    

$

6,109,795

    

$

2,848,445

    

$

7,541,058

    

$

3,958,589

    

$

4,000,440

    

Distributable earnings (loss)

    

9,130,530

      

3,076,911

      

1,496,833

      

1,653,008

      

491,538

      

6,136

    

NET ASSETS

  

$

30,190,861

    

$

9,186,706

    

$

4,345,278

    

$

9,194,066

    

$

4,450,127

    

$

4,006,576

    
Shares (unlimited number of shares
authorized, no par value)		    

305,001

      

95,001

      

45,001

      

120,001

      

100,001

      

100,001

    

Net Asset Value

  

$

98.99

    

$

96.70

    

$

96.56

    

$

76.62

    

$

44.50

    

$

40.07

    
(a) Includes securities on loan valued at:  

$

95,100

    

$

26,139

    

$

13,207

    

$

30,454

    

$

—

    

$

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2021 (UNAUDITED) :: 109

    S&P
MidCap 400®
Dividend
Aristocrats ETF		   S&P
Technology
Dividend
Aristocrats ETF		   Short Term
USD Emerging
Markets
Bond ETF		   Smart
Materials ETF		  

ASSETS:

  

Securities and Repurchase Agreements, at cost

  

$

865,802,130

    

$

103,022,483

    

$

10,695,713

    

$

4,020,335

    

Securities, at value(a)

    

1,009,428,320

      

115,320,831

      

10,557,189

      

3,911,325

    

Repurchase Agreements, at value

    

2,116,406

      

59,579

      

75,822

      

—

    

Cash

    

181,294

      

—

      

—

      

5,944

    

Foreign cash

    

—

      

—

      

—

      

1,844

(c)

  

Dividends and interest receivable

    

2,108,360

      

139,504

      

134,225

      

4,802

    

Receivable for security lending income

    

98

      

896

      

—

      

—

    

Receivable for investments sold

    

715,139

      

—

      

—

      

—

    

Receivable from Advisor

    

—

      

—

      

4,932

      

—

    

Prepaid expenses

    

—

      

—

      

24

      

—

    

Total Assets

    

1,014,549,617

      

115,520,810

      

10,772,192

      

3,923,915

    

LIABILITIES:

  

Payable for capital shares redeemed

    

716,361

      

—

      

—

      

—

    

Payable for cash collateral received from securities loaned

    

—

      

2,993,610

      

—

      

—

    

Advisory fees payable

    

347,834

      

42,435

      

—

      

2,340

    

Custodian fees payable

    

—

      

—

      

136

      

—

    

Administration fees payable

    

—

      

—

      

13,319

      

—

    

Trustee fees payable

    

4,382

      

455

      

36

      

7

    

Compliance services fees payable

    

4,619

      

460

      

33

      

3

    

Listing, Data and related fees payable

    

—

      

—

      

599

      

—

    

Professional fees payable

    

916

      

96

      

11,247

      

1

    

Other liabilities

    

—

      

—

      

1,018

      

—

    

Total Liabilities

    

1,074,112

      

3,037,056

      

26,388

      

2,351

    

NET ASSETS

  

$

1,013,475,505

    

$

112,483,754

    

$

10,745,804

    

$

3,921,564

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

856,232,709

    

$

76,264,080

    

$

11,650,516

    

$

3,975,550

    

Distributable earnings (loss)

    

157,242,796

      

36,219,674

      

(904,712

)

    

(53,986

)

  

NET ASSETS

  

$

1,013,475,505

    

$

112,483,754

    

$

10,745,804

    

$

3,921,564

    

Shares (unlimited number of shares authorized, no par value)

    

14,540,001

      

1,780,001

      

150,001

      

100,001

    

Net Asset Value

  

$

69.70

    

$

63.19

    

$

71.64

    

$

39.22

    
(a) Includes securities on loan valued at:  

$

787,850

    

$

5,370,602

    

$

—

    

$

—

    

(c)  Cost of $1,841.

See accompanying notes to the financial statements.

110 :: NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

STATEMENTS OF OPERATIONS

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: 111

    Big Data
Refiners ETF		   Bitcoin
Strategy ETF(a)		   Decline of the
Retail Store
ETF		   DJ Brookfield
Global
Infrastructure
ETF		   Equities for
Rising Rates
ETF		   Global Listed
Private Equity
ETF		  
    September 29,
2021* through
November 30,
2021		   October 18,
2021* through
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Dividends

  

$

379

    

$

—

    

$

—

    

$

2,292,967

    

$

110,125

    

$

583,366

    

Interest

    

—

      

74,864

      

—

      

—

      

1,192

      

—

    

Securities lending income (Note 2)

    

—

      

—

      

—

      

11,263

      

39

      

338

    

Foreign withholding tax on income

    

—

      

—

      

—

      

(131,436

)

    

—

      

(7,697

)

  

Total Investment Income

    

379

      

74,864

      

—

      

2,172,794

      

111,356

      

576,007

    

EXPENSES:

  

Advisory fees (Note 4)

    

3,936

      

1,406,118

      

21,825

      

299,337

      

14,463

      

56,211

    

Management Services fees (Note 4)

    

—

      

—

      

—

      

—

      

—

      

11,242

    

Professional fees

    

2

      

329

      

10

      

214

      

13

      

10,963

    

Administration fees (Note 5)

    

—

      

—

      

—

      

—

      

—

      

37,541

    

Custodian fees (Note 6)

    

—

      

—

      

—

      

—

      

—

      

2,771

    

Printing and Shareholder reports

    

—

      

—

      

—

      

—

      

—

      

864

    

Listing, Data and related fees (Note 7)

    

—

      

—

      

—

      

—

      

—

      

18,988

    

Trustees fees (Note 8)

    

8

      

1,474

      

50

      

985

      

56

      

159

    

Compliance services fees (Note 4)

    

3

      

21

      

22

      

460

      

25

      

72

    

Other fees

    

—

      

—

      

—

      

—

      

—

      

2,709

    
Total Gross Expenses before
fees waived and/or reimbursed		    

3,949

      

1,407,942

      

21,907

      

300,996

      

14,557

      

141,520

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

—

      

—

      

—

      

—

      

—

      

(74,087

)

  

Total Net Expenses

    

3,949

      

1,407,942

      

21,907

      

300,996

      

14,557

      

67,433

    

Net Investment Income (Loss)

    

(3,570

)

    

(1,333,078

)

    

(21,907

)

    

1,871,798

      

96,799

      

508,574

    

NET REALIZED GAIN (LOSS) FROM:

  

Transactions in investment securities

    

59

      

—

      

—

      

905,065

      

36,183

      

169,169

    

Expiration or closing of futures contracts

    

—

      

(169,124,943

)

    

—

      

—

      

—

      

—

    
Expiration or closing of non-exchange traded
swap agreements		    

—

      

—

      

(3,308,481

)

    

—

      

—

      

—

    

In-kind redemptions of investments

    

117,452

      

—

      

—

      

13,444,881

      

—

      

—

    

Foreign currency transactions

    

(200

)

    

—

      

—

      

(12,869

)

    

—

      

(1,497

)

  

Net realized gain (loss)

    

117,311

      

(169,124,943

)

    

(3,308,481

)

    

14,337,077

      

36,183

      

167,672

    
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION FROM:		  

Investments

    

5,705

      

(225,010

)

    

—

      

(16,291,670

)

    

(394,072

)

    

(640,379

)

  

Futures contracts

    

—

      

(24,010,548

)

    

—

      

—

      

—

      

—

    

Non-exchange traded swap agreements

    

—

      

—

      

2,597,523

      

—

      

—

      

—

    

Foreign currency translations

    

(15

)

    

—

      

—

      

(11,229

)

    

—

      

(3,620

)

  
Change in net unrealized
appreciation/depreciation		    

5,690

      

(24,235,558

)

    

2,597,523

      

(16,302,899

)

    

(394,072

)

    

(643,999

)

  

Net realized and unrealized gain (loss)

    

123,001

      

(193,360,501

)

    

(710,958

)

    

(1,965,822

)

    

(357,889

)

    

(476,327

)

  
Change in Net Assets Resulting
from Operations		  

$

119,431

    

$

(194,693,579

)

  

$

(732,865

)

  

$

(94,024

)

  

$

(261,090

)

  

$

32,247

    

*  Commencement of investment operations.

(a)  Consolidated Statement of Operations.

See accompanying notes to the financial statements.

112 :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

    Hedge
Replication ETF		   High Yield-
Interest Rate
Hedged		   Inflation
Expectations
ETF		   Investment
Grade-Interest
Rate Hedged		   K-1 Free Crude
Oil Strategy
ETF(a)		   Large Cap Core
Plus		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Dividends

  

$

58,805

    

$

—

    

$

—

    

$

—

    

$

—

    

$

3,402,635

    

Interest

    

5,490

      

3,009,644

      

897,644

      

13,037,016

      

—

      

3

    

Securities lending income (Note 2)

    

1,270

      

3,795

      

1

      

7,528

      

—

      

1,281

    

Foreign withholding tax on income

    

(76

)

    

—

      

—

      

—

      

—

      

—

    

Total Investment Income

    

65,489

      

3,013,439

      

897,645

      

13,044,544

      

—

      

3,403,919

    

EXPENSES:

  

Advisory fees (Note 4)

    

168,103

      

315,209

      

111,754

      

1,414,423

      

243,755

      

1,119,719

    

Management Services fees (Note 4)

    

22,414

      

—

      

20,318

      

—

      

—

      

—

    

Professional fees

    

8,847

      

199

      

8,799

      

1,497

      

125

      

794

    

Administration fees (Note 5)

    

40,833

      

—

      

39,430

      

—

      

—

      

—

    

Custodian fees (Note 6)

    

46,697

      

—

      

1,488

      

—

      

—

      

—

    

Printing and Shareholder reports

    

1,562

      

—

      

751

      

—

      

—

      

—

    

Listing, Data and related fees (Note 7)

    

71,815

      

—

      

14,601

      

—

      

—

      

—

    

Trustees fees (Note 8)

    

330

      

881

      

292

      

6,541

      

558

      

3,553

    

Compliance services fees (Note 4)

    

152

      

387

      

152

      

2,942

      

282

      

1,626

    

Other fees

    

2,998

      

—

      

2,756

      

—

      

10,213

      

—

    
Total Gross Expenses before
fees waived and/or reimbursed		    

363,751

      

316,676

      

200,341

      

1,425,403

      

254,933

      

1,125,692

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

(150,837

)

    

—

      

(139,383

)

    

—

      

—

      

—

    

Total Net Expenses

    

212,914

      

316,676

      

60,958

      

1,425,403

      

254,933

      

1,125,692

    

Net Investment Income (Loss)

    

(147,425

)

    

2,696,763

      

836,687

      

11,619,141

      

(254,933

)

    

2,278,227

    

NET REALIZED GAIN (LOSS) FROM:

  

Transactions in investment securities

    

204,248

      

1,217,137

      

—

      

1,181,410

      

—

      

19,993,117

    

Expiration or closing of futures contracts

    

(246,390

)

    

790,367

      

—

      

(31,460,921

)

    

11,070,862

      

—

    
Expiration or closing of non-exchange traded
swap agreements		    

2,669,650

      

—

      

(3,791,778

)

    

—

      

—

      

13,594,042

    

In-kind redemptions of investments

    

1,336,240

      

—

      

917,775

      

—

      

—

      

7,997,669

    

Net realized gain (loss)

    

3,963,748

      

2,007,504

      

(2,874,003

)

    

(30,279,511

)

    

11,070,862

      

41,584,828

    
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION FROM:		  

Investments

    

(1,839,944

)

    

(3,998,559

)

    

3,568,214

      

12,922,326

      

—

      

1,872,696

    

Futures contracts

    

(184,241

)

    

(296,469

)

    

—

      

(9,950,342

)

    

(4,977,124

)

    

—

    

Non-exchange traded swap agreements

    

(2,728,735

)

    

—

      

(657,711

)

    

—

      

—

      

(267,009

)

  
Change in net unrealized
appreciation/depreciation		    

(4,752,920

)

    

(4,295,028

)

    

2,910,503

      

2,971,984

      

(4,977,124

)

    

1,605,687

    

Net realized and unrealized gain (loss)

    

(789,172

)

    

(2,287,524

)

    

36,500

      

(27,307,527

)

    

6,093,738

      

43,190,515

    
Change in Net Assets Resulting
from Operations		  

$

(936,597

)

  

$

409,239

    

$

873,187

    

$

(15,688,386

)

  

$

5,838,805

    

$

45,468,742

    

(a)  Consolidated Statement of Operations.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: 113

    Long Online/
Short Stores
ETF		   Managed
Futures
Strategy ETF(a)		  

Merger ETF

   Morningstar
Alternatives
Solution ETF		   MSCI EAFE
Dividend
Growers ETF		   MSCI Emerging
Markets
Dividend
Growers ETF		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Dividends

  

$

221,483

    

$

—

    

$

325,444

    

$

157,867

(b)

  

$

1,250,318

    

$

395,326

    

Interest

    

—

      

2,639

      

—

      

—

      

—

      

—

    

Securities lending income (Note 2)

    

157,732

      

—

      

1,394

      

21,999

      

20,857

      

2,261

    

Foreign withholding tax on income

    

(1,548

)

    

—

      

(12,515

)

    

—

      

(96,610

)

    

(37,173

)

  

Total Investment Income

    

377,667

      

2,639

      

314,323

      

179,866

      

1,174,565

      

360,414

    

EXPENSES:

  

Advisory fees (Note 4)

    

266,488

      

22,584

      

185,703

      

3,390

      

356,876

      

65,175

    

Management Services fees (Note 4)

    

—

      

—

      

24,760

      

4,842

      

—

      

—

    

Professional fees

    

123

      

9

      

10,121

      

8,854

      

229

      

35

    

Administration fees (Note 5)

    

—

      

—

      

41,877

      

16,431

      

—

      

—

    

Custodian fees (Note 6)

    

—

      

—

      

3,852

      

248

      

—

      

—

    

Printing and Shareholder reports

    

—

      

—

      

461

      

715

      

—

      

—

    

Listing, Data and related fees (Note 7)

    

—

      

—

      

23,003

      

7,821

      

—

      

—

    

Trustees fees (Note 8)

    

603

      

41

      

345

      

69

      

1,027

      

158

    

Compliance services fees (Note 4)

    

322

      

18

      

149

      

32

      

477

      

75

    

Other fees

    

—

      

—

      

3,155

      

2,468

      

—

      

—

    
Total Gross Expenses before
fees waived and/or reimbursed		    

267,536

      

22,652

      

293,426

      

44,870

      

358,609

      

65,443

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

—

      

—

      

(107,708

)

    

(33,136

)

    

—

      

—

    

Total Net Expenses

    

267,536

      

22,652

      

185,718

      

11,734

      

358,609

      

65,443

    

Net Investment Income (Loss)

    

110,131

      

(20,013

)

    

128,605

      

168,132

      

815,956

      

294,971

    

NET REALIZED GAIN (LOSS) FROM:

  

Transactions in investment securities

    

6,036,418

      

(70,962

)

    

862,391

      

57,895

(c)

    

4,970,678

      

672,867

(d)

  

Expiration or closing of futures contracts

    

—

      

89,452

      

—

      

—

      

—

      

—

    
Expiration or closing of non-exchange traded
swap agreements		    

(8,137,267

)

    

102,505

      

(1,662,028

)

    

—

      

—

      

—

    

In-kind redemptions of investments

    

6,678,156

      

—

      

60,351

      

—

(c)

    

—

      

52,257

    

Foreign currency transactions

    

—

      

—

      

48,278

      

—

      

(5,195

)

    

(7,466

)

  
Settlement of forward foreign currency
contracts		    

—

      

—

      

119,895

      

—

      

—

      

—

    

Net realized gain (loss)

    

4,577,307

      

120,995

      

(571,113

)

    

57,895

      

4,965,483

      

717,658

    
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION FROM:		  

Investments

    

(24,177,514

)

    

—

      

(1,602,610

)

    

—

      

(6,520,484

)

    

(3,094,486

)(e)

  

Investments in Affiliated Underlying Funds

    

—

      

—

      

—

      

(349,848

)

    

—

      

—

    

Futures contracts

    

—

      

(195,837

)

    

—

      

—

      

—

      

—

    

Non-exchange traded swap agreements

    

3,257,217

      

—

      

2,265,063

      

—

      

—

      

—

    

Forward foreign currency contracts

    

—

      

—

      

391,077

      

—

      

—

      

—

    

Foreign currency translations

    

—

      

—

      

(639

)

    

—

      

(45,851

)

    

(17,558

)

  
Change in net unrealized
appreciation/depreciation		    

(20,920,297

)

    

(195,837

)

    

1,052,891

      

(349,848

)

    

(6,566,335

)

    

(3,112,044

)

  

Net realized and unrealized gain (loss)

    

(16,342,990

)

    

(74,842

)

    

481,778

      

(291,953

)

    

(1,600,852

)

    

(2,394,386

)

  
Change in Net Assets Resulting
from Operations		  

$

(16,232,859

)

  

$

(94,855

)

  

$

610,383

    

$

(123,821

)

  

$

(784,896

)

  

$

(2,099,415

)

  

(a)  Consolidated Statement of Operations.

(b)  Amount represents dividend income received from affiliated Underlying ETFs of $157,867.

(c)  Amount represents net realized gain/loss on the sale of investments in affiliated Underlying ETFs of $57,895.

(d)  Net of India capital gains tax of $39,048.

(e)  Net of change in deferred India capital gains tax of $14,901 and deferred Thailand capital gains tax of $18,025.

See accompanying notes to the financial statements.

114 :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

    MSCI Europe
Dividend
Growers ETF		   MSCI
Transformational
Changes
ETF		   Nanotechnology
ETF		   Nasdaq-100
Dorsey Wright
Momentum
ETF		   On-Demand
ETF		   Online Retail
ETF		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   October 26,
2021* through
November 30,
2021		   Six Months
Ended
November 30,
2021		   October 26,
2021* through
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Dividends

  

$

82,731

    

$

150,257

    

$

3,029

    

$

50,272

    

$

—

    

$

3,171,714

    

Securities lending income (Note 2)

    

1,800

      

—

      

—

      

—

      

—

      

1,800,672

    

Foreign withholding tax on income

    

(8,458

)

    

(2,092

)

    

—

      

(1,028

)

    

—

      

(18,651

)

  

Total Investment Income

    

76,073

      

148,165

      

3,029

      

49,244

      

—

      

4,953,735

    

EXPENSES:

  

Advisory fees (Note 4)

    

33,071

      

115,395

      

2,745

      

54,720

      

2,579

      

2,731,588

    

Professional fees

    

19

      

83

      

1

      

25

      

1

      

1,522

    

Trustees fees (Note 8)

    

85

      

364

      

7

      

112

      

7

      

6,892

    

Compliance services fees (Note 4)

    

38

      

176

      

1

      

36

      

1

      

3,358

    

Other fees

    

—

      

—

      

—

      

—

      

76

      

—

    

Total Expenses

    

33,213

      

116,018

      

2,754

      

54,893

      

2,664

      

2,743,360

    

Net Investment Income (Loss)

    

42,860

      

32,147

      

275

      

(5,649

)

    

(2,664

)

    

2,210,375

    

NET REALIZED GAIN (LOSS) FROM:

  

Transactions in investment securities

    

215,554

      

(349,413

)

    

(38,476

)

    

(662,937

)

    

41

      

3,224,039

    

In-kind redemptions of investments

    

—

      

3,409,214

      

91,375

      

338,295

      

—

      

53,177,189

    

Foreign currency transactions

    

270

      

3,230

      

66

      

—

      

438

      

—

    

Net realized gain (loss)

    

215,824

      

3,063,031

      

52,965

      

(324,642

)

    

479

      

56,401,228

    
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION FROM:		  

Investments

    

(125,528

)

    

(1,212,747

)

    

302,310

      

919,263

      

(503,838

)

    

(204,459,177

)

  

Foreign currency translations

    

(4,060

)

    

(1,935

)

    

8

      

—

      

—

      

—

    
Change in net unrealized
appreciation/depreciation		    

(129,588

)

    

(1,214,682

)

    

302,318

      

919,263

      

(503,838

)

    

(204,459,177

)

  

Net realized and unrealized gain (loss)

    

86,236

      

1,848,349

      

355,283

      

594,621

      

(503,359

)

    

(148,057,949

)

  
Change in Net Assets Resulting
from Operations		  

$

129,096

    

$

1,880,496

    

$

355,558

    

$

588,972

    

$

(506,023

)

  

$

(145,847,574

)

  

*  Commencement of investment operations.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: 115

   

Pet Care ETF

   RAFITM
Long/Short		   Russell 2000
Dividend
Growers ETF		   Russell U.S.
Dividend
Growers ETF		   S&P 500®
Bond ETF		   S&P 500®
Dividend
Aristocrats ETF		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Dividends

  

$

1,110,232

    

$

52,617

    

$

11,440,626

    

$

310,751

    

$

—

    

$

114,936,691

    

Interest

    

—

      

1

      

—

      

—

      

403,302

      

—

    

Securities lending income (Note 2)

    

12,307

      

15

      

6,370

      

152

      

333

      

805

    

Foreign withholding tax on income

    

(3,284

)

    

(4

)

    

—

      

—

      

—

      

—

    

Total Investment Income

    

1,119,255

      

52,629

      

11,446,996

      

310,903

      

403,635

      

114,937,496

    

EXPENSES:

  

Advisory fees (Note 4)

    

850,301

      

18,821

      

1,717,454

      

43,920

      

28,283

      

15,745,196

    

Management Services fees (Note 4)

    

—

      

2,510

      

—

      

—

      

—

      

—

    

Professional fees

    

541

      

8,827

      

1,395

      

43

      

62

      

14,407

    

Administration fees (Note 5)

    

—

      

37,540

      

—

      

—

      

—

      

—

    

Custodian fees (Note 6)

    

—

      

19,220

      

—

      

—

      

—

      

—

    

Printing and Shareholder reports

    

—

      

472

      

—

      

—

      

—

      

—

    

Listing, Data and related fees (Note 7)

    

—

      

8,839

      

—

      

—

      

—

      

—

    

Trustees fees (Note 8)

    

2,389

      

36

      

6,221

      

192

      

275

      

64,176

    

Compliance services fees (Note 4)

    

1,113

      

18

      

2,947

      

94

      

126

      

29,656

    

Other fees

    

—

      

2,410

      

—

      

—

      

—

      

—

    
Total Gross Expenses before
fees waived and/or reimbursed		    

854,344

      

98,693

      

1,728,017

      

44,249

      

28,746

      

15,853,435

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

—

      

(74,861

)

    

—

      

—

      

—

      

—

    

Total Net Expenses

    

854,344

      

23,832

      

1,728,017

      

44,249

      

28,746

      

15,853,435

    

Net Investment Income (Loss)

    

264,911

      

28,797

      

9,718,979

      

266,654

      

374,889

      

99,084,061

    

NET REALIZED GAIN (LOSS) FROM:

  

Transactions in investment securities

    

(2,159,720

)

    

20,052

      

41,801,480

      

312,409

      

16,330

      

30,991,036

    
Expiration or closing of non-exchange traded
swap agreements		    

—

      

(1,455,031

)

    

—

      

—

      

—

      

—

    

In-kind redemptions of investments

    

80,607,038

      

—

      

13,527,394

      

1,733,890

      

32,722

      

1,038,721,431

    

Foreign currency transactions

    

(88,569

)

    

—

      

—

      

—

      

—

      

—

    

Net realized gain (loss)

    

78,358,749

      

(1,434,979

)

    

55,328,874

      

2,046,299

      

49,052

      

1,069,712,467

    
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION FROM:		  

Investments

    

(86,955,846

)

    

18,714

      

(116,701,063

)

    

(2,847,687

)

    

479,081

      

(1,069,364,447

)

  

Non-exchange traded swap agreements

    

—

      

1,026,986

      

—

      

—

      

—

      

—

    

Foreign currency translations

    

35,652

      

—

      

—

      

—

      

—

      

—

    
Change in net unrealized
appreciation/depreciation		    

(86,920,194

)

    

1,045,700

      

(116,701,063

)

    

(2,847,687

)

    

479,081

      

(1,069,364,447

)

  

Net realized and unrealized gain (loss)

    

(8,561,445

)

    

(389,279

)

    

(61,372,189

)

    

(801,388

)

    

528,133

      

348,020

    
Change in Net Assets Resulting
from Operations		  

$

(8,296,534

)

  

$

(360,482

)

  

$

(51,653,210

)

  

$

(534,734

)

  

$

903,022

    

$

99,432,081

    

See accompanying notes to the financial statements.

116 :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

    S&P 500®
Ex-Energy ETF		   S&P 500®
Ex-Financials
ETF		   S&P 500®
Ex-Health Care
ETF		   S&P 500®
Ex-Technology
ETF		   S&P Kensho
Cleantech ETF		   S&P Kensho
Smart Factories
ETF		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   September 29,
2021* through
November 30,
2021		   September 29,
2021* through
November 30,
2021		  

INVESTMENT INCOME:

  

Dividends

  

$

175,877

    

$

53,412

    

$

28,386

    

$

66,858

    

$

1,163

    

$

3,850

    

Interest

    

—

      

1

      

—

      

1

      

—

      

—

    

Securities lending income (Note 2)

    

132

      

24

      

19

      

43

      

—

      

—

    

Foreign withholding tax on income

    

(34

)

    

(11

)

    

(15

)

    

—

      

—

      

—

    

Total Investment Income

    

175,975

      

53,426

      

28,390

      

66,902

      

1,163

      

3,850

    

EXPENSES:

  

Advisory fees (Note 4)

    

36,968

      

11,144

      

5,684

      

11,400

      

4,452

      

4,128

    

Professional fees

    

41

      

14

      

6

      

12

      

2

      

2

    

Trustees fees (Note 8)

    

189

      

59

      

30

      

51

      

9

      

9

    

Compliance services fees (Note 4)

    

76

      

28

      

12

      

—

      

3

      

3

    

Total Expenses

    

37,274

      

11,245

      

5,732

      

11,463

      

4,466

      

4,142

    

Net Investment Income (Loss)

    

138,701

      

42,181

      

22,658

      

55,439

      

(3,303

)

    

(292

)

  

NET REALIZED GAIN (LOSS) FROM:

  

Transactions in investment securities

    

938

      

(4,254

)

    

192

      

(4,802

)

    

26,704

      

50,633

    

In-kind redemptions of investments

    

—

      

—

      

—

      

67,429

      

181,357

      

—

    

Net realized gain (loss)

    

938

      

(4,254

)

    

192

      

62,627

      

208,061

      

50,633

    
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION FROM:		  

Investments

    

2,174,901

      

778,042

      

364,139

      

228,763

      

286,780

      

(44,205

)

  
Change in net unrealized
appreciation/depreciation		    

2,174,901

      

778,042

      

364,139

      

228,763

      

286,780

      

(44,205

)

  

Net realized and unrealized gain (loss)

    

2,175,839

      

773,788

      

364,331

      

291,390

      

494,841

      

6,428

    
Change in Net Assets Resulting
from Operations		  

$

2,314,540

    

$

815,969

    

$

386,989

    

$

346,829

    

$

491,538

    

$

6,136

    

*  Commencement of investment operations.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: 117

    S&P
MidCap 400®
Dividend
Aristocrats ETF		   S&P
Technology
Dividend
Aristocrats ETF		   Short Term
USD Emerging
Markets Bond
ETF		   Smart Materials
ETF		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   October 26,
2021* through
November 30,
2021		  

INVESTMENT INCOME:

  

Dividends

  

$

18,044,126

    

$

911,077

    

$

—

    

$

4,756

    

Interest

    

2

      

—

      

131,545

      

—

    

Securities lending income (Note 2)

    

185

      

4,759

      

—

      

—

    

Total Investment Income

    

18,044,313

      

915,836

      

131,545

      

4,756

    

EXPENSES:

  

Advisory fees (Note 4)

    

2,068,669

      

240,278

      

20,967

      

2,658

    

Management Services fees (Note 4)

    

—

      

—

      

4,193

      

—

    

Professional fees

    

1,673

      

166

      

9,906

      

1

    

Administration fees (Note 5)

    

—

      

—

      

39,569

      

—

    

Custodian fees (Note 6)

    

—

      

—

      

666

      

—

    

Printing and Shareholder reports

    

—

      

—

      

531

      

—

    

Listing, Data and related fees (Note 7)

    

—

      

—

      

3,947

      

—

    

Trustees fees (Note 8)

    

7,463

      

749

      

58

      

7

    

Compliance services fees (Note 4)

    

3,483

      

336

      

25

      

1

    

Other fees

    

—

      

—

      

2,484

      

—

    

Total Gross Expenses before fees waived and/or reimbursed

    

2,081,288

      

241,529

      

82,346

      

2,667

    

LESS:

  

Expenses waived and/or reimbursed by Advisor (Note 4)

    

—

      

—

      

(61,383

)

    

—

    

Total Net Expenses

    

2,081,288

      

241,529

      

20,963

      

2,667

    

Net Investment Income (Loss)

    

15,963,025

      

674,307

      

110,582

      

2,089

    

NET REALIZED GAIN (LOSS) FROM:

  

Transactions in investment securities

    

12,860,360

      

404,533

      

8,639

      

13,013

    

In-kind redemptions of investments

    

2,340,850

      

14,062,017

      

—

      

38,587

    

Foreign currency transactions

    

—

      

—

      

—

      

1,332

    

Net realized gain (loss)

    

15,201,210

      

14,466,550

      

8,639

      

52,932

    

CHANGE IN NET UNREALIZED APPRECIATION/DEPRECIATION FROM:

  

Investments

    

(71,002,159

)

    

(5,444,620

)

    

(247,871

)

    

(109,010

)

  

Foreign currency translations

    

—

      

—

      

—

      

3

    

Change in net unrealized appreciation/depreciation

    

(71,002,159

)

    

(5,444,620

)

    

(247,871

)

    

(109,007

)

  

Net realized and unrealized gain (loss)

    

(55,800,949

)

    

9,021,930

      

(239,232

)

    

(56,075

)

  

Change in Net Assets Resulting from Operations

  

$

(39,837,924

)

  

$

9,696,237

    

$

(128,650

)

  

$

(53,986

)

  

*  Commencement of investment operations.

See accompanying notes to the financial statements.

118 :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 119

    Big Data
Refiners ETF		   Bitcoin
Strategy ETF(b)		   Decline of the
Retail Store ETF		  
    September 29,
2021*
through
November 30,
2021
(Unaudited)		   October 18,
2021*
through
November 30,
2021
(Unaudited)		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(3,570

)

  

$

(1,333,078

)

  

$

(21,907

)

  

$

(132,859

)

  

Net realized gain (loss)

    

117,311

      

(169,124,943

)

    

(3,308,481

)

    

(28,222,798

)

  

Change in net unrealized appreciation/depreciation

    

5,690

      

(24,235,558

)

    

2,597,523

      

13,140,753

    

Change in net assets resulting from operations

    

119,431

      

(194,693,579

)

    

(732,865

)

    

(15,214,904

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

4,000,440

      

1,674,325,206

      

783,168

      

3,215,628

    

Cost of shares redeemed

    

(1,113,215

)

    

(46,014,945

)

    

(1,592,363

)

    

(16,683,476

)

  

Change in net assets resulting from capital transactions

    

2,887,225

      

1,628,310,261

      

(809,195

)

    

(13,467,848

)

  

Change in net assets

    

3,006,656

      

1,433,616,682

      

(1,542,060

)

    

(28,682,752

)

  

NET ASSETS:

  

Beginning of period

  

$

—

    

$

—

    

$

7,423,941

    

$

36,106,693

    

End of period

  

$

3,006,656

    

$

1,433,616,682

    

$

5,881,881

    

$

7,423,941

    

SHARE TRANSACTIONS:

  

Beginning of period

    

—

      

—

      

450,001

      

1,050,001

    

Issued

    

100,001

      

40,320,001

      

50,000

      

100,000

    

Issued in-kind

    

—

      

—

      

—

      

—

    

Redeemed

    

—

      

(1,190,000

)

    

(100,000

)

    

(700,000

)

  

Redemption in-kind

    

(25,000

)

    

—

      

—

      

—

    

Shares outstanding, end of period

    

75,001

      

39,130,001

      

400,001

      

450,001

    

*  Commencement of investment operations.

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(b)  Consolidated Statement of Changes in Net Assets.

See accompanying notes to the financial statements.

120 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

    DJ Brookfield Global
Infrastructure ETF		   Equities for
Rising Rates ETF		  

Global Listed Private Equity ETF

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

1,871,798

    

$

3,920,881

    

$

96,799

    

$

55,255

    

$

508,574

    

$

970,495

    

Net realized gain (loss)

    

14,337,077

      

3,040,408

      

36,183

      

180,763

      

167,672

      

562,355

    
Change in net unrealized
appreciation/depreciation		    

(16,302,899

)

    

19,411,352

      

(394,072

)

    

1,020,284

      

(643,999

)

    

7,272,464

    
Change in net assets resulting
from operations		    

(94,024

)

    

26,372,641

      

(261,090

)

    

1,256,302

      

32,247

      

8,805,314

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

(2,833,536

)

    

(4,543,262

)

    

(71,924

)

    

(35,971

)

    

(1,496,301

)

    

(1,367,531

)

  

Total distributions

    

(2,833,536

)

    

(4,543,262

)

    

(71,924

)

    

(35,971

)

    

(1,496,301

)

    

(1,367,531

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

20,091,740

      

38,824,504

      

3,622,377

      

4,620,083

      

4,967,901

      

—

    

Cost of shares redeemed

    

(58,536,204

)

    

(26,440,295

)

    

—

      

—

      

—

      

(2,729,277

)

  
Change in net assets resulting
from capital transactions		    

(38,444,464

)

    

12,384,209

      

3,622,377

      

4,620,083

      

4,967,901

      

(2,729,277

)

  

Change in net assets

    

(41,372,024

)

    

34,213,588

      

3,289,363

      

5,840,414

      

3,503,847

      

4,708,506

    

NET ASSETS:

  

Beginning of period

  

$

177,659,244

    

$

143,445,656

    

$

7,002,472

    

$

1,162,058

    

$

20,974,192

    

$

16,265,686

    

End of period

  

$

136,287,220

    

$

177,659,244

    

$

10,291,835

    

$

7,002,472

    

$

24,478,039

    

$

20,974,192

    

SHARE TRANSACTIONS:

  

Beginning of period

    

3,810,001

      

3,530,001

      

140,001

      

40,001

      

550,001

      

630,001

    

Issued

    

—

      

—

      

—

      

—

      

—

      

—

    

Issued in-kind

    

430,000

      

940,000

      

70,000

      

100,000

      

130,000

      

—

    

Redeemed

    

—

      

—

      

—

      

—

      

—

      

—

    

Redemption in-kind

    

(1,220,000

)

    

(660,000

)

    

—

      

—

      

—

      

(80,000

)

  

Shares outstanding, end of period

    

3,020,001

      

3,810,001

      

210,001

      

140,001

      

680,001

      

550,001

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 121

   

Hedge Replication ETF

  

High Yield-Interest Rate Hedged

  

Inflation Expectations ETF

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(147,425

)

  

$

(221,981

)

  

$

2,696,763

    

$

3,898,726

    

$

836,687

    

$

223,960

    

Net realized gain (loss)

    

3,963,748

      

(988,551

)

    

2,007,504

      

175,937

      

(2,874,003

)

    

668,613

    
Change in net unrealized
appreciation/depreciation		    

(4,752,920

)

    

5,498,914

      

(4,295,028

)

    

4,957,671

      

2,910,503

      

1,608,239

    
Change in net assets resulting
from operations		    

(936,597

)

    

4,288,382

      

409,239

      

9,032,334

      

873,187

      

2,500,812

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

—

      

—

      

(2,784,557

)

    

(4,078,079

)

    

(858,927

)

    

(56,814

)

  

Total distributions

    

—

      

—

      

(2,784,557

)

    

(4,078,079

)

    

(858,927

)

    

(56,814

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

17,671,770

      

14,798,403

      

39,072,758

      

35,957,041

      

7,488,962

      

37,831,159

    

Cost of shares redeemed

    

(16,634,976

)

    

(1,869,086

)

    

—

      

(9,252,267

)

    

(9,218,538

)

    

(3,747,088

)

  
Change in net assets resulting
from capital transactions		    

1,036,794

      

12,929,317

      

39,072,758

      

26,704,774

      

(1,729,576

)

    

34,084,071

    

Change in net assets

    

100,197

      

17,217,699

      

36,697,440

      

31,659,029

      

(1,715,316

)

    

36,528,069

    

NET ASSETS:

  

Beginning of period

  

$

44,071,328

    

$

26,853,629

    

$

108,019,170

    

$

76,360,141

    

$

44,246,928

    

$

7,718,859

    

End of period

  

$

44,171,525

    

$

44,071,328

    

$

144,716,610

    

$

108,019,170

    

$

42,531,612

    

$

44,246,928

    

SHARE TRANSACTIONS:

  

Beginning of period

    

845,000

      

595,000

      

1,725,001

      

1,300,001

      

1,470,001

      

320,001

    

Issued

    

340,000

      

290,000

      

25,000

      

—

      

—

      

430,000

    

Issued in-kind

    

—

      

—

      

600,000

      

575,000

      

250,000

      

850,000

    

Redeemed

    

(100,000

)

    

(40,000

)

    

—

      

(50,000

)

    

—

      

(60,000

)

  

Redemption in-kind

    

(220,000

)

    

—

      

—

      

(100,000

)

    

(310,000

)

    

(70,000

)

  

Shares outstanding, end of period

    

865,000

      

845,000

      

2,350,001

      

1,725,001

      

1,410,001

      

1,470,001

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

122 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

    Investment Grade-Interest
Rate Hedged		  

K-1 Free Crude Oil Strategy ETF(b)

  

Large Cap Core Plus

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  
Net investment
income (loss)		  

$

11,619,141

    

$

10,382,805

    

$

(254,933

)

  

$

(504,527

)

  

$

2,278,227

    

$

4,778,492

    

Net realized gain (loss)

    

(30,279,511

)

    

51,847,323

      

11,070,862

      

58,784,766

      

41,584,828

      

37,405,665

    
Change in net unrealized
appreciation/depreciation		    

2,971,984

      

(20,124,053

)

    

(4,977,124

)

    

(19,857,293

)

    

1,605,687

      

102,776,896

    
Change in net assets
resulting from operations		    

(15,688,386

)

    

42,106,075

      

5,838,805

      

38,422,946

      

45,468,742

      

144,961,053

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

(10,869,107

)

    

(9,567,802

)

    

(17,954,243

)

    

—

      

(1,810,119

)

    

(5,069,437

)

  

Total distributions

    

(10,869,107

)

    

(9,567,802

)

    

(17,954,243

)

    

—

      

(1,810,119

)

    

(5,069,437

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

387,714,906

      

572,021,423

      

30,464,407

      

103,977,191

      

2,055,280

      

29,139,341

    

Cost of shares redeemed

    

—

      

(115,171,760

)

    

(60,066,403

)

    

(114,607,200

)

    

(25,424,166

)

    

(99,467,099

)

  
Change in net assets
resulting from
capital transactions		    

387,714,906

      

456,849,663

      

(29,601,996

)

    

(10,630,009

)

    

(23,368,886

)

    

(70,327,758

)

  

Change in net assets

    

361,157,413

      

489,387,936

      

(41,717,434

)

    

27,792,937

      

20,289,737

      

69,563,858

    

NET ASSETS:

  

Beginning of period

  

$

724,382,773

    

$

234,994,837

    

$

103,884,372

    

$

76,091,435

    

$

481,903,590

    

$

412,339,732

    

End of period

  

$

1,085,540,186

    

$

724,382,773

    

$

62,166,938

    

$

103,884,372

    

$

502,193,327

    

$

481,903,590

    

SHARE TRANSACTIONS:

  

Beginning of period

    

9,500,001

      

3,375,001

      

1,759,034

      

2,259,034

      

9,940,000

(c)

    

11,760,000

(c)

  

Issued

    

—

      

1,225,000

      

500,000

      

2,500,000

      

—

(c)

    

—

(c)

  

Issued in-kind

    

5,125,000

      

6,450,000

      

—

      

—

      

40,000

(c)

    

620,000

(c)

  

Redeemed

    

—

      

(50,000

)

    

(975,000

)

    

(3,000,000

)

    

—

(c)

    

—

(c)

  

Redemption in-kind

    

—

      

(1,500,000

)

    

—

      

—

      

(500,000

)(c)

    

(2,440,000

)(c)

  
Shares outstanding,
end of period		    

14,625,001

      

9,500,001

      

1,284,034

      

1,759,034

      

9,480,000

(c)

    

9,940,000

(c)

  

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(b)  Consolidated Statement of Changes in Net Assets.

(c)  As described in Note 16, share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective January 13, 2022.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 123

   

Long Online /Short Stores ETF

  

Managed Futures Strategy ETF(b)

  

Merger ETF

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

110,131

    

$

2,915,793

    

$

(20,013

)

  

$

(30,208

)

  

$

128,605

    

$

113,968

    

Net realized gain (loss)

    

4,577,307

      

32,410,646

      

120,995

      

37,357

      

(571,113

)

    

1,132,701

    
Change in net unrealized
appreciation/depreciation		    

(20,920,297

)

    

3,124,549

      

(195,837

)

    

140,038

      

1,052,891

      

275,097

    
Change in net assets resulting
from operations		    

(16,232,859

)

    

38,450,988

      

(94,855

)

    

147,187

      

610,383

      

1,521,766

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

—

      

(3,324,258

)

    

—

      

—

      

(148,876

)

    

(86,898

)

  

Total distributions

    

—

      

(3,324,258

)

    

—

      

—

      

(148,876

)

    

(86,898

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

809,446

      

49,825,022

      

6,092,353

      

4,374,977

      

14,274,366

      

34,893,532

    

Cost of shares redeemed

    

(30,020,609

)

    

(167,617,336

)

    

(4,505,059

)

    

(3,934,941

)

    

(1,015,875

)

    

(992,691

)

  
Change in net assets resulting
from capital transactions		    

(29,211,163

)

    

(117,792,314

)

    

1,587,294

      

440,036

      

13,258,491

      

33,900,841

    

Change in net assets

    

(45,444,022

)

    

(82,665,584

)

    

1,492,439

      

587,223

      

13,719,998

      

35,335,709

    

NET ASSETS:

  

Beginning of period

  

$

100,466,846

    

$

183,132,430

    

$

4,726,414

    

$

4,139,191

    

$

42,862,865

    

$

7,527,156

    

End of period

  

$

55,022,824

    

$

100,466,846

    

$

6,218,853

    

$

4,726,414

    

$

56,582,863

    

$

42,862,865

    

SHARE TRANSACTIONS:

  

Beginning of period

    

1,275,001

      

2,665,001

      

115,001

      

105,001

      

1,050,001

      

200,001

    

Issued

    

—

      

—

      

150,000

      

110,000

      

—

      

—

    

Issued in-kind

    

10,000

      

580,000

      

—

      

—

      

350,000

      

875,000

    

Redeemed

    

—

      

—

      

(110,000

)

    

(100,000

)

    

—

      

—

    

Redemption in-kind

    

(410,000

)

    

(1,970,000

)

    

—

      

—

      

(25,000

)

    

(25,000

)

  

Shares outstanding, end of period

    

875,001

      

1,275,001

      

155,001

      

115,001

      

1,375,001

      

1,050,001

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(b)  Consolidated Statement of Changes in Net Assets.

See accompanying notes to the financial statements.

124 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

    Morningstar Alternatives
Solution ETF		   MSCI EAFE Dividend
Growers ETF		   MSCI Emerging Markets
Dividend Growers ETF		  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

168,132

    

$

95,872

    

$

815,956

    

$

2,411,476

    

$

294,971

    

$

704,573

    

Net realized gain (loss)

    

57,895

      

(120,830

)

    

4,965,483

      

8,311,132

      

717,658

      

76,451

    
Change in net unrealized
appreciation/depreciation		    

(349,848

)

    

1,233,322

      

(6,566,335

)

    

21,696,783

      

(3,112,044

)

    

6,869,127

    
Change in net assets resulting
from operations		    

(123,821

)

    

1,208,364

      

(784,896

)

    

32,419,391

      

(2,099,415

)

    

7,650,151

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

(171,294

)

    

(87,594

)

    

(1,773,171

)

    

(1,964,651

)

    

(298,149

)

    

(753,195

)

  

Tax return of capital

    

(223

)

    

(692

)

    

—

      

—

      

—

      

—

    

Total distributions

    

(171,517

)

    

(88,286

)

    

(1,773,171

)

    

(1,964,651

)

    

(298,149

)

    

(753,195

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

391,463

      

1,520,842

      

—

      

1,184,806

      

—

      

—

    

Cost of shares redeemed

    

—

      

—

      

—

      

(9,845,361

)

    

(1,112,147

)

    

(6,424,135

)

  
Change in net assets resulting
from capital transactions		    

391,463

      

1,520,842

      

—

      

(8,660,555

)

    

(1,112,147

)

    

(6,424,135

)

  

Change in net assets

    

96,125

      

2,640,920

      

(2,558,067

)

    

21,794,185

      

(3,509,711

)

    

472,821

    

NET ASSETS:

  

Beginning of period

  

$

9,531,647

    

$

6,890,727

    

$

138,649,295

    

$

116,855,110

    

$

22,637,328

    

$

22,164,507

    

End of period

  

$

9,627,772

    

$

9,531,647

    

$

136,091,228

    

$

138,649,295

    

$

19,127,617

    

$

22,637,328

    

SHARE TRANSACTIONS:

  

Beginning of period

    

240,001

      

200,001

      

3,010,001

      

3,230,001

      

365,001

      

485,001

    

Issued

    

—

      

—

      

—

      

—

      

—

      

—

    

Issued in-kind

    

10,000

      

40,000

      

—

      

30,000

      

—

      

—

    

Redeemed

    

—

      

—

      

—

      

—

      

—

      

—

    

Redemption in-kind

    

—

      

—

      

—

      

(250,000

)

    

(20,000

)

    

(120,000

)

  

Shares outstanding, end of period

    

250,001

      

240,001

      

3,010,001

      

3,010,001

      

345,001

      

365,001

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 125

    MSCI Europe Dividend
Growers ETF		   MSCI Transformational
Changes ETF		   Nanotechnology
ETF		  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   October 14,
2020*
through
May 31,
2021
(Unaudited)		   October 26,
2021*
through
November 30,
2021
(Unaudited)		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

42,860

    

$

158,498

    

$

32,147

    

$

80,206

    

$

275

    

Net realized gain (loss)

    

215,824

      

482,614

      

3,063,031

      

(15,601

)

    

52,965

    

Change in net unrealized appreciation/depreciation

    

(129,588

)

    

1,762,059

      

(1,214,682

)

    

2,341,604

      

302,318

    

Change in net assets resulting from operations

    

129,096

      

2,403,171

      

1,880,496

      

2,406,209

      

355,558

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

(133,904

)

    

(103,844

)

    

(81,841

)

    

(8,680

)

    

—

    

Total distributions

    

(133,904

)

    

(103,844

)

    

(81,841

)

    

(8,680

)

    

—

    

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

2,702,938

      

—

      

15,588,632

      

44,649,526

      

5,045,249

    

Cost of shares redeemed

    

—

      

(425,921

)

    

(23,715,348

)

    

—

      

(1,074,942

)

  

Change in net assets resulting from capital transactions

    

2,702,938

      

(425,921

)

    

(8,126,716

)

    

44,649,526

      

3,970,307

    

Change in net assets

    

2,698,130

      

1,873,406

      

(6,328,061

)

    

47,047,055

      

4,325,865

    

NET ASSETS:

  

Beginning of period

  

$

9,559,056

    

$

7,685,650

    

$

47,047,055

    

$

—

    

$

—

    

End of period

  

$

12,257,186

    

$

9,559,056

    

$

40,718,994

    

$

47,047,055

    

$

4,325,865

    

SHARE TRANSACTIONS:

  

Beginning of period

    

185,001

      

195,001

      

1,075,001

      

—

      

—

    

Issued

    

—

      

—

      

—

      

275,001

      

100,001

    

Issued in-kind

    

50,000

      

—

      

350,000

      

800,000

      

25,000

    

Redeemed

    

—

      

—

      

—

      

—

      

—

    

Redemption in-kind

    

—

      

(10,000

)

    

(525,000

)

    

—

      

(25,000

)

  

Shares outstanding, end of period

    

235,001

      

185,001

      

900,001

      

1,075,001

      

100,001

    

*  Commencement of investment operations.

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

126 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

    Nasdaq-100 Dorsey
Wright Momentum ETF		   On-Demand
ETF		  

Online Retail ETF

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   May 18,
2021*
through
May 31,
2021
(Unaudited)		   October 26,
2021*
through
November 30,
2021
(Unaudited)		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(5,649

)

  

$

4,285

    

$

(2,664

)

  

$

2,210,375

    

$

6,202,291

    

Net realized gain (loss)

    

(324,642

)

    

—

      

479

      

56,401,228

      

97,743,437

    

Change in net unrealized appreciation/depreciation

    

919,263

      

203,504

      

(503,838

)

    

(204,459,177

)

    

42,034,554

    

Change in net assets resulting from operations

    

588,972

      

207,789

      

(506,023

)

    

(145,847,574

)

    

145,980,282

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

(8,273

)

    

—

      

—

      

—

      

(8,478,651

)

  

Total distributions

    

(8,273

)

    

—

      

—

      

—

      

(8,478,651

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

27,797,179

      

4,000,040

      

4,989,601

      

193,618,080

      

1,014,209,600

    

Cost of shares redeemed

    

(3,490,620

)

    

—

      

—

      

(361,899,401

)

    

(230,965,847

)

  

Change in net assets resulting from capital transactions

    

24,306,559

      

4,000,040

      

4,989,601

      

(168,281,321

)

    

783,243,753

    

Change in net assets

    

24,887,258

      

4,207,829

      

4,483,578

      

(314,128,895

)

    

920,745,384

    

NET ASSETS:

  

Beginning of period

  

$

4,207,829

    

$

—

    

$

—

    

$

1,052,261,623

    

$

131,516,239

    

End of period

  

$

29,095,087

    

$

4,207,829

    

$

4,483,578

    

$

738,132,728

    

$

1,052,261,623

    

SHARE TRANSACTIONS:

  

Beginning of period

    

100,001

      

—

      

—

      

13,900,001

      

2,780,001

    

Issued

    

80,000

      

100,001

      

100,001

      

1,300,000

      

780,000

    

Issued in-kind

    

560,000

      

—

      

25,000

      

1,470,000

      

13,580,000

    

Redeemed

    

—

      

—

      

—

      

—

      

—

    

Redemption in-kind

    

(80,000

)

    

—

      

—

      

(5,020,000

)

    

(3,240,000

)

  

Shares outstanding, end of period

    

660,001

      

100,001

      

125,001

      

11,650,001

      

13,900,001

    

*  Commencement of investment operations.

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 127

   

Pet Care ETF

  

RAFITM Long/Short

   Russell 2000
Dividend Growers ETF		  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

264,911

    

$

419,304

    

$

28,797

    

$

64,842

    

$

9,718,979

    

$

15,634,397

    

Net realized gain (loss)

    

78,358,749

      

9,950,328

      

(1,434,979

)

    

(1,223,756

)

    

55,328,874

      

(62,327,876

)

  
Change in net unrealized
appreciation/depreciation		    

(86,920,194

)

    

60,167,712

      

1,045,700

      

1,463,533

      

(116,701,063

)

    

272,134,910

    
Change in net assets resulting
from operations		    

(8,296,534

)

    

70,537,344

      

(360,482

)

    

304,619

      

(51,653,210

)

    

225,441,431

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

(286,421

)

    

(288,132

)

    

(23,641

)

    

(74,716

)

    

(8,947,252

)

    

(14,203,459

)

  

Total distributions

    

(286,421

)

    

(288,132

)

    

(23,641

)

    

(74,716

)

    

(8,947,252

)

    

(14,203,459

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

299,428,270

      

184,055,796

      

327,878

      

1,541,554

      

49,501,375

      

196,704,619

    

Cost of shares redeemed

    

(262,787,678

)

    

(11,314,544

)

    

—

      

(2,210,006

)

    

(77,755,196

)

    

(72,608,041

)

  
Change in net assets resulting
from capital transactions		    

36,640,592

      

172,741,252

      

327,878

      

(668,452

)

    

(28,253,821

)

    

124,096,578

    

Change in net assets

    

28,057,637

      

242,990,464

      

(56,245

)

    

(438,549

)

    

(88,854,283

)

    

335,334,550

    

NET ASSETS:

  

Beginning of period

  

$

303,265,279

    

$

60,274,815

    

$

4,934,905

    

$

5,373,454

    

$

924,289,740

    

$

588,955,190

    

End of period

  

$

331,322,916

    

$

303,265,279

    

$

4,878,660

    

$

4,934,905

    

$

835,435,457

    

$

924,289,740

    

SHARE TRANSACTIONS:

  

Beginning of period

    

3,900,001

      

1,275,001

      

150,000

      

170,000

      

13,790,001

      

11,860,001

    

Issued

    

200,000

      

—

      

10,000

      

50,000

      

—

      

20,000

    

Issued in-kind

    

3,525,000

      

2,800,000

      

—

      

—

      

750,000

      

3,300,000

    

Redeemed

    

(200,000

)

    

—

      

—

      

(30,000

)

    

—

      

—

    

Redemption in-kind

    

(3,075,000

)

    

(175,000

)

    

—

      

(40,000

)

    

(1,240,000

)

    

(1,390,000

)

  

Shares outstanding, end of period

    

4,350,001

      

3,900,001

      

160,000

      

150,000

      

13,300,001

      

13,790,001

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

128 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

    Russell U.S.
Dividend Growers ETF		  

S&P 500® Bond ETF

   S&P 500® Dividend
Aristocrats ETF		  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

266,654

    

$

565,952

    

$

374,889

    

$

793,950

    

$

99,084,061

    

$

155,886,179

    

Net realized gain (loss)

    

2,046,299

      

286,636

      

49,052

      

2,152,891

      

1,069,712,467

      

359,452,373

    
Change in net unrealized
appreciation/depreciation		    

(2,847,687

)

    

6,815,049

      

479,081

      

(2,302,903

)

    

(1,069,364,447

)

    

1,853,926,371

    
Change in net assets resulting
from operations		    

(534,734

)

    

7,667,637

      

903,022

      

643,938

      

99,432,081

      

2,369,264,923

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

(278,976

)

    

(569,787

)

    

(380,051

)

    

(823,749

)

    

(85,912,929

)

    

(151,829,765

)

  

Total distributions

    

(278,976

)

    

(569,787

)

    

(380,051

)

    

(823,749

)

    

(85,912,929

)

    

(151,829,765

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

933,532

      

6,578,275

      

4,592,619

      

36,871,072

      

3,558,693,496

      

2,014,967,011

    

Cost of shares redeemed

    

(8,568,901

)

    

(6,804,140

)

    

(4,633,754

)

    

(30,013,661

)

    

(3,081,458,159

)

    

(1,348,307,450

)

  
Change in net assets resulting
from capital transactions		    

(7,635,369

)

    

(225,865

)

    

(41,135

)

    

6,857,411

      

477,235,337

      

666,659,561

    

Change in net assets

    

(8,449,079

)

    

6,871,985

      

481,836

      

6,677,600

      

490,754,489

      

2,884,094,719

    

NET ASSETS:

  

Beginning of period

  

$

28,262,196

    

$

21,390,211

    

$

36,080,867

    

$

29,403,267

    

$

8,639,243,691

    

$

5,755,148,972

    

End of period

  

$

19,813,117

    

$

28,262,196

    

$

36,562,703

    

$

36,080,867

    

$

9,129,998,180

    

$

8,639,243,691

    

SHARE TRANSACTIONS:

  

Beginning of period

    

580,001

      

590,001

      

400,001

      

325,001

      

93,700,001

      

85,900,001

    

Issued

    

—

      

—

      

—

      

—

      

8,750,000

      

14,100,000

    

Issued in-kind

    

20,000

      

170,000

      

50,000

      

400,000

      

30,500,000

      

12,450,000

    

Redeemed

    

—

      

—

      

—

      

—

      

—

      

—

    

Redemption in-kind

    

(180,000

)

    

(180,000

)

    

(50,000

)

    

(325,000

)

    

(33,850,000

)

    

(18,750,000

)

  

Shares outstanding, end of period

    

420,001

      

580,001

      

400,001

      

400,001

      

99,100,001

      

93,700,001

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 129

   

S&P 500® Ex-Energy ETF

  

S&P 500® Ex-Financials ETF

  

S&P 500® Ex-Health Care ETF

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

138,701

    

$

263,637

    

$

42,181

    

$

72,140

    

$

22,658

    

$

34,634

    

Net realized gain (loss)

    

938

      

7,483,329

      

(4,254

)

    

2,194,533

      

192

      

1,214,088

    
Change in net unrealized
appreciation/depreciation		    

2,174,901

      

(251,562

)

    

778,042

      

(391,246

)

    

364,139

      

(94,632

)

  
Change in net assets resulting
from operations		    

2,314,540

      

7,495,404

      

815,969

      

1,875,427

      

386,989

      

1,154,090

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

(141,688

)

    

(253,539

)

    

(40,728

)

    

(64,208

)

    

(27,157

)

    

(27,558

)

  

Total distributions

    

(141,688

)

    

(253,539

)

    

(40,728

)

    

(64,208

)

    

(27,157

)

    

(27,558

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

2,971,162

      

42,076,428

      

923,100

      

12,653,759

      

—

      

27,126,068

    

Cost of shares redeemed

    

—

      

(41,085,768

)

    

—

      

(11,199,668

)

    

—

      

(26,467,721

)

  
Change in net assets resulting
from capital transactions		    

2,971,162

      

990,660

      

923,100

      

1,454,091

      

—

      

658,347

    

Change in net assets

    

5,144,014

      

8,232,525

      

1,698,341

      

3,265,310

      

359,832

      

1,784,879

    

NET ASSETS:

  

Beginning of period

  

$

25,046,847

    

$

16,814,322

    

$

7,488,365

    

$

4,223,055

    

$

3,985,446

    

$

2,200,567

    

End of period

  

$

30,190,861

    

$

25,046,847

    

$

9,186,706

    

$

7,488,365

    

$

4,345,278

    

$

3,985,446

    

SHARE TRANSACTIONS:

  

Beginning of period

    

275,001

      

255,001

      

85,001

      

65,001

      

45,001

      

35,001

    

Issued

    

—

      

—

      

—

      

—

      

—

      

—

    

Issued in-kind

    

30,000

      

490,000

      

10,000

      

150,000

      

—

      

320,000

    

Redeemed

    

—

      

—

      

—

      

—

      

—

      

—

    

Redemption in-kind

    

—

      

(470,000

)

    

—

      

(130,000

)

    

—

      

(310,000

)

  

Shares outstanding, end of period

    

305,001

      

275,001

      

95,001

      

85,001

      

45,001

      

45,001

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

130 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

S&P 500® Ex-Technology ETF

   S&P Kensho
Cleantech
ETF		   S&P Kensho
Smart
Factories ETF		  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   September 29,
2021*
through
November 30,
2021
(Unaudited)		   September 29,
2021*
through
November 30,
2021
(Unaudited)		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

55,439

    

$

73,536

    

$

(3,303

)

  

$

(292

)

  

Net realized gain (loss)

    

62,627

      

1,349,226

      

208,061

      

50,633

    

Change in net unrealized appreciation/depreciation

    

228,763

      

232,050

      

286,780

      

(44,205

)

  

Change in net assets resulting from operations

    

346,829

      

1,654,812

      

491,538

      

6,136

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

(51,358

)

    

(65,132

)

    

—

      

—

    

Total distributions

    

(51,358

)

    

(65,132

)

    

—

      

—

    

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

2,294,277

      

23,960,378

      

5,139,695

      

4,000,440

    

Cost of shares redeemed

    

(767,549

)

    

(20,876,976

)

    

(1,181,106

)

    

—

    

Change in net assets resulting from capital transactions

    

1,526,728

      

3,083,402

      

3,958,589

      

4,000,440

    

Change in net assets

    

1,822,199

      

4,673,082

      

4,450,127

      

4,006,576

    

NET ASSETS:

  

Beginning of period

  

$

7,371,867

    

$

2,698,785

    

$

—

    

$

—

    

End of period

  

$

9,194,066

    

$

7,371,867

    

$

4,450,127

    

$

4,006,576

    

SHARE TRANSACTIONS:

  

Beginning of period

    

100,001

      

50,001

      

—

      

—

    

Issued

    

—

      

—

      

100,001

      

100,001

    

Issued in-kind

    

30,000

      

350,000

      

25,000

      

—

    

Redeemed

    

—

      

—

      

—

      

—

    

Redemption in-kind

    

(10,000

)

    

(300,000

)

    

(25,000

)

    

—

    

Shares outstanding, end of period

    

120,001

      

100,001

      

100,001

      

100,001

    

*  Commencement of investment operations.

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 131

    S&P MidCap 400® Dividend
Aristocrats ETF		   S&P Technology Dividend
Aristocrats ETF		   Short Term USD Emerging
Markets Bond ETF		  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

15,963,025

    

$

20,139,271

    

$

674,307

    

$

1,070,668

    

$

110,582

    

$

206,347

    

Net realized gain (loss)

    

15,201,210

      

34,483,873

      

14,466,550

      

11,795,039

      

8,639

      

54,151

    
Change in net unrealized
appreciation/depreciation		    

(71,002,159

)

    

242,504,177

      

(5,444,620

)

    

16,634,099

      

(247,871

)

    

172,741

    
Change in net assets resulting
from operations		    

(39,837,924

)

    

297,127,321

      

9,696,237

      

29,499,806

      

(128,650

)

    

433,239

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

(13,345,349

)

    

(19,199,867

)

    

(666,930

)

    

(955,974

)

    

(101,715

)

    

(199,195

)

  

Total distributions

    

(13,345,349

)

    

(19,199,867

)

    

(666,930

)

    

(955,974

)

    

(101,715

)

    

(199,195

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

33,925,879

      

227,841,829

      

57,799,285

      

75,613,972

      

3,627,215

      

—

    

Cost of shares redeemed

    

(7,787,229

)

    

(145,655,187

)

    

(52,078,481

)

    

(46,994,940

)

    

—

      

—

    
Change in net assets resulting
from capital transactions		    

26,138,650

      

82,186,642

      

5,720,804

      

28,619,032

      

3,627,215

      

—

    

Change in net assets

    

(27,044,623

)

    

360,114,096

      

14,750,111

      

57,162,864

      

3,396,850

      

234,044

    

NET ASSETS:

  

Beginning of period

  

$

1,040,520,128

    

$

680,406,032

    

$

97,733,643

    

$

40,570,779

    

$

7,348,954

    

$

7,114,910

    

End of period

  

$

1,013,475,505

    

$

1,040,520,128

    

$

112,483,754

    

$

97,733,643

    

$

10,745,804

    

$

7,348,954

    

SHARE TRANSACTIONS:

  

Beginning of period

    

14,180,001

      

12,950,001

      

1,680,001

      

1,010,001

      

100,001

      

100,001

    

Issued

    

—

      

1,820,000

      

200,000

      

850,000

      

—

      

—

    

Issued in-kind

    

470,000

      

2,000,000

      

750,000

      

860,000

      

50,000

      

—

    

Redeemed

    

—

      

—

      

—

      

—

      

—

      

—

    

Redemption in-kind

    

(110,000

)

    

(2,590,000

)

    

(850,000

)

    

(1,040,000

)

    

—

      

—

    

Shares outstanding, end of period

    

14,540,001

      

14,180,001

      

1,780,001

      

1,680,001

      

150,001

      

100,001

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

132 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

    Smart Materials
ETF		  
    October 26,
2021*
through
November 30,
2021
(Unaudited)		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

2,089

    

Net realized gain (loss)

    

52,932

    

Change in net unrealized appreciation/depreciation

    

(109,007

)

  

Change in net assets resulting from operations

    

(53,986

)

  

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Total distributions

    

—

    

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

5,009,225

    

Cost of shares redeemed

    

(1,033,675

)

  

Change in net assets resulting from capital transactions

    

3,975,550

    

Change in net assets

    

3,921,564

    

NET ASSETS:

  

Beginning of period

  

$

—

    

End of period

  

$

3,921,564

    

SHARE TRANSACTIONS:

  

Issued

    

100,001

    

Issued in-kind

    

25,000

    

Redeemed

    

—

    

Redemption in-kind

    

(25,000

)

  

Shares outstanding, end of period

    

100,001

    

*  Commencement of investment operations.

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 133

STATEMENT OF CASH FLOW

134 :: NOVEMBER 30, 2021 (UNAUDITED) :: CONSOLIDATED STATEMENT OF CASH FLOW PROSHARES TRUST

    Bitcoin Strategy
ETF		  
    October 18,
2021*
through
November 30,
2021		  

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:

  

Net increase (decrease) in net assets resulting from operations

  

$

(194,693,579

)

  
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to
net cash provided by (used in) operating activities:		  

Payments to purchase securities

    

(1,318,550,962

)

  

Change in unrealized (appreciation) depreciation on investments in securities

    

225,010

    

Net amortization (accretion) of bond premium (discount)

    

(74,852

)

  

Increases (decreases) in operating liabilities

  

Payable for investments purchased

    

20,000,000

    

Advisory fees payable

    

861,966

    

Trustee fees payable

    

1,474

    

Compliance services fees payable

    

23

    

Professional fees payable

    

328

    

Payable for variation margin on futures contracts

    

7,013,380

    

Net cash provided by (used in) operating activities

  

$

(1,485,217,212

)

  

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES

  

Proceeds from shares issued

    

1,643,332,915

    

Net borrowings of reverse repurchase agreements

    

1,246,931,639

    

Payments on shares redeemed

    

(46,014,945

)

  

Net cash provided by (used in) financing activities

  

$

2,844,249,609

    

Net change in cash and cash denominated in foreign currencies

    

1,359,032,397

    

Cash, beginning of period

    

—

    

Cash, end of period**

  

$

1,359,032,397

    

*  Commencement of investment operations.

**  Cash amount reported as Cash in the Statement of Assets & Liabilities and represents Cash ($734,163,968) and Segregated cash balances with brokers for futures contracts ($624,868,429) but does not include short-term investments.

See accompanying notes to the financial statements.

PROSHARES TRUST CONSOLIDATED STATEMENT OF CASH FLOW :: NOVEMBER 30, 2021 (UNAUDITED) :: 135

FINANCIAL HIGHLIGHTS

136 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Big Data Refiners ETF

  
September 29,
2021* through
November 30,
2021 (Unaudited)		  

$

40.00

    

$

(0.04

)

  

$

0.13

    

$

—

    

$

0.09

    

$

—

    

$

—

    

$

—

    

$

—

    

$

40.09

      

0.22

%

    

0.43

%

  

Bitcoin Strategy ETF†

  
October 18, 2021*
through
November 30,
2021 (Unaudited)		    

40.00

      

(0.04

)

    

(3.33

)

    

0.01

      

(3.36

)

    

—

      

—

      

—

      

—

      

36.64

      

(8.41

)

    

(8.53

)

  

Decline of the Retail Store ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

16.50

      

(0.05

)

    

(1.75

)

    

—

      

(1.80

)

    

—

      

—

      

—

      

—

      

14.70

      

(10.87

)

    

(11.03

)

  
Year ended
May 31, 2021		    

34.39

      

(0.16

)

    

(17.73

)

    

—

      

(17.89

)

    

—

      

—

      

—

      

—

      

16.50

      

(52.02

)

    

(51.88

)

  
Year ended
May 31, 2020		    

39.55

      

0.03

      

(4.96

)

    

—

      

(4.93

)

    

(0.21

)

    

—

      

(0.02

)#

    

(0.23

)

    

34.39

      

(12.50

)

    

(12.75

)

  
Year ended
May 31, 2019		    

33.98

      

0.25

      

5.57

(i)

    

—

      

5.82

      

(0.25

)

    

—

      

—

      

(0.25

)

    

39.55

      

17.29

      

17.27

    
November 14,
2017* through
May 31, 2018		    

40.00

      

0.12

      

(6.09

)

    

—

      

(5.97

)

    

(0.05

)

    

—

      

—

      

(0.05

)

    

33.98

      

(14.95

)

    

(14.94

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Big Data Refiners ETF

  
September 29,
2021* through
November 30,
2021 (Unaudited)		    

0.58

%

    

0.58

%

    

(0.53

)%

    

(0.53

)%

  

$

3,007

      

4

%

  

Bitcoin Strategy ETF†

  
October 18, 2021*
through
November 30,
2021 (Unaudited)		    

0.95

      

0.95

      

(0.90

)

    

(0.90

)

    

1,433,617

      

86

    

Decline of the Retail Store ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.65

      

0.65

      

(0.65

)

    

(0.65

)

    

5,882

      

—

    
Year ended
May 31, 2021		    

0.65

      

0.65

      

(0.64

)

    

(0.64

)

    

7,424

      

—

    
Year ended
May 31, 2020		    

0.66

      

0.66

      

0.07

      

0.07

      

36,107

      

—

    
Year ended
May 31, 2019		    

0.65

      

0.65

      

0.77

      

0.77

      

5,933

      

—

    
November 14,
2017* through
May 31, 2018		    

0.65

      

0.65

      

0.62

      

0.62

      

22,933

      

—

    

*  Commencement of investment operations.

†  Consolidated Financial Highlights.

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 137

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

DJ Brookfield Global Infrastructure ETF

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

46.63

    

$

0.66

    

$

(1.12

)

  

$

—

    

$

(0.46

)

  

$

(1.04

)

  

$

—

    

$

—

    

$

(1.04

)

  

$

45.13

      

(1.04

)%

    

(1.06

)%

  
Year ended
May 31, 2021		    

40.64

      

1.07

      

6.19

      

—

      

7.26

      

(1.27

)

    

—

      

—

      

(1.27

)

    

46.63

      

18.50

      

18.44

    
Year ended
May 31, 2020		    

43.97

      

0.97

      

(2.91

)

    

—

      

(1.94

)

    

(1.39

)

    

—

      

—

      

(1.39

)

    

40.64

      

(4.55

)

    

(4.74

)

  
Year ended
May 31, 2019		    

41.45

      

1.19

      

2.75

      

—

      

3.94

      

(1.42

)

    

—

      

—

      

(1.42

)

    

43.97

      

9.80

      

9.82

    
Year ended
May 31, 2018		    

43.14

      

1.09

      

(1.35

)

    

—

      

(0.26

)

    

(1.43

)

    

—

      

—

      

(1.43

)

    

41.45

      

(0.62

)

    

(0.47

)

  
Year ended
May 31, 2017		    

39.16

      

1.25

      

3.81

      

—

      

5.06

      

(1.08

)

    

—

      

—

      

(1.08

)

    

43.14

      

13.19

      

13.97

    

Equities for Rising Rates ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

50.02

      

0.58

      

(1.14

)

    

—

      

(0.56

)

    

(0.45

)

    

—

      

—

      

(0.45

)

    

49.01

      

(1.09

)

    

(0.71

)

  
Year ended
May 31, 2021		    

29.05

      

0.94

      

20.75

      

—

      

21.69

      

(0.72

)

    

—

      

—

      

(0.72

)

    

50.02

      

75.88

      

78.30

    
Year ended
May 31, 2020		    

37.88

      

0.88

      

(8.81

)

    

—

      

(7.93

)

    

(0.90

)

    

—

      

—

      

(0.90

)

    

29.05

      

(21.31

)

    

(22.29

)

  
Year ended
May 31, 2019		    

49.54

      

0.81

      

(11.49

)

    

—

      

(10.68

)

    

(0.98

)

    

—

      

—

      

(0.98

)

    

37.88

      

(21.81

)

    

(22.25

)

  
July 24, 2017*
through
May 31, 2018		    

40.00

      

0.56

      

9.46

      

—

      

10.02

      

(0.48

)

    

—

      

—

      

(0.48

)

    

49.54

      

25.15

      

25.61

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

DJ Brookfield Global Infrastructure ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.45

%

    

0.45

%

    

2.81

%

    

2.81

%

  

$

136,287

      

5

%

  
Year ended
May 31, 2021		    

0.45

      

0.45

      

2.58

      

2.58

      

177,659

      

10

    
Year ended
May 31, 2020		    

0.46

      

0.46

      

2.24

      

2.24

      

143,446

      

8

    
Year ended
May 31, 2019		    

0.45

      

0.45

      

2.81

      

2.81

      

99,368

      

14

    
Year ended
May 31, 2018		    

0.45

      

0.45

      

2.58

      

2.58

      

39,380

      

11

    
Year ended
May 31, 2017		    

0.79

      

0.45

      

2.75

      

3.09

      

42,060

      

23

    

Equities for Rising Rates ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.35

      

0.35

      

2.34

      

2.34

      

10,292

      

16

    
Year ended
May 31, 2021		    

0.35

      

0.35

      

2.31

      

2.31

      

7,002

      

105

    
Year ended
May 31, 2020		    

0.35

      

0.35

      

2.31

      

2.31

      

1,162

      

147

    
Year ended
May 31, 2019		    

0.35

      

0.35

      

1.75

      

1.75

      

3,788

      

89

    
July 24, 2017*
through
May 31, 2018		    

0.35

      

0.35

      

1.48

      

1.48

      

14,861

      

49

    

*  Commencement of investment operations.

See accompanying notes to the financial statements.

138 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Global Listed Private Equity ETF

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

38.13

    

$

0.85

    

$

(0.42

)

  

$

—

    

$

0.43

    

$

(2.56

)

  

$

—

    

$

—

    

$

(2.56

)

  

$

36.00

      

1.05

%

    

1.54

%

  
Year ended
May 31, 2021		    

25.82

      

1.60

      

12.97

      

—

      

14.57

      

(2.26

)

    

—

      

—

      

(2.26

)

    

38.13

      

59.40

      

58.58

    
Year ended
May 31, 2020		    

33.60

      

1.62

      

(6.54

)

    

—

      

(4.92

)

    

(2.86

)

    

—

      

—

      

(2.86

)

    

25.82

      

(16.27

)

    

(15.67

)

  
Year ended
May 31, 2019		    

36.04

      

1.67

      

(2.67

)

    

—

      

(1.00

)

    

(1.44

)

    

—

      

—

      

(1.44

)

    

33.60

      

(2.70

)

    

(2.88

)

  
Year ended
May 31, 2018		    

43.21

      

2.76

      

(1.38

)

    

—

      

1.38

      

(8.55

)

    

—

      

—

      

(8.55

)

    

36.04

      

3.54

      

3.27

    
Year ended
May 31, 2017		    

38.00

      

3.04

(j)

    

3.87

      

—

      

6.91

      

(1.21

)

    

—

      

(0.49

)

    

(1.70

)

    

43.21

      

18.83

      

18.49

    

Hedge Replication ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

52.16

      

(0.17

)

    

(0.92

)

    

—

      

(1.09

)

    

—

      

—

      

—

      

—

      

51.07

      

(2.10

)

    

(2.03

)

  
Year ended
May 31, 2021		    

45.13

      

(0.34

)

    

7.37

      

—

      

7.03

      

—

      

—

      

—

      

—

      

52.16

      

15.57

      

16.26

    
Year ended
May 31, 2020		    

44.53

      

0.24

      

0.77

      

—

      

1.01

      

(0.39

)

    

—

      

(0.02

)#

    

(0.41

)

    

45.13

      

2.27

      

1.84

    
Year ended
May 31, 2019		    

45.44

      

0.51

      

(1.06

)

    

—

      

(0.55

)

    

(0.36

)

    

—

      

—

      

(0.36

)

    

44.53

      

(1.21

)

    

(1.39

)

  
Year ended
May 31, 2018		    

44.03

      

0.12

      

1.29

      

—

      

1.41

      

—

(h)

    

—

      

—

      

—

(h)

    

45.44

      

3.22

      

3.48

    
Year ended
May 31, 2017		    

42.01

      

(0.19

)

    

2.21

      

—

      

2.02

      

—

      

—

      

—

      

—

      

44.03

      

4.81

      

4.63

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Global Listed Private Equity ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

1.26

%

    

0.60

%

    

3.87

%

    

4.53

%

  

$

24,478

      

20

%

  
Year ended
May 31, 2021		    

1.40

      

0.60

      

4.39

      

5.19

      

20,974

      

21

    
Year ended
May 31, 2020		    

1.38

      

0.60

      

4.32

      

5.11

      

16,266

      

20

    
Year ended
May 31, 2019		    

1.22

      

0.60

      

4.25

      

4.87

      

18,818

      

25

    
Year ended
May 31, 2018		    

1.97

      

0.60

      

5.59

      

6.95

      

18,922

      

23

    
Year ended
May 31, 2017		    

1.87

      

0.60

      

6.50

(j)

    

7.77

(j)

    

11,882

      

34

    

Hedge Replication ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

1.62

      

0.95

      

(1.33

)

    

(0.66

)

    

44,172

      

28

    
Year ended
May 31, 2021		    

1.88

      

0.95

      

(1.62

)

    

(0.68

)

    

44,071

      

72

    
Year ended
May 31, 2020		    

1.62

      

0.95

      

(0.16

)

    

0.52

      

26,854

      

89

    
Year ended
May 31, 2019		    

1.53

      

0.95

      

0.55

      

1.13

      

31,842

      

106

    
Year ended
May 31, 2018		    

1.78

      

0.95

      

(0.57

)

    

0.26

      

40,896

      

170

    
Year ended
May 31, 2017		    

1.84

      

0.95

      

(1.33

)

    

(0.45

)

    

39,626

      

121

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 139

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

High Yield-Interest Rate Hedged

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

62.62

    

$

1.34

    

$

(0.96

)

  

$

—

(h)

  

$

0.38

    

$

(1.42

)

  

$

—

    

$

—

    

$

(1.42

)

  

$

61.58

      

0.60

%

    

0.68

%

  
Year ended
May 31, 2021		    

58.74

      

2.96

      

4.05

      

—

(h)

    

7.01

      

(3.13

)

    

—

      

—

      

(3.13

)

    

62.62

      

12.22

      

12.22

    
Year ended
May 31, 2020		    

64.39

      

3.53

      

(5.52

)

    

—

      

(1.99

)

    

(3.66

)

    

—

      

—

      

(3.66

)

    

58.74

      

(3.32

)

    

(3.03

)

  
Year ended
May 31, 2019		    

66.82

      

4.04

      

(2.41

)

    

0.02

      

1.65

      

(4.08

)

    

—

      

—

      

(4.08

)

    

64.39

      

2.50

      

2.29

    
Year ended
May 31, 2018		    

68.59

      

3.90

      

(1.84

)

    

0.03

      

2.09

      

(3.86

)

    

—

      

—

      

(3.86

)

    

66.82

      

3.10

      

2.73

    
Year ended
May 31, 2017		    

64.45

      

3.75

      

3.90

      

0.08

      

7.73

      

(3.59

)

    

—

      

—

      

(3.59

)

    

68.59

      

12.29

      

12.61

    

Inflation Expectations ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

30.10

      

0.62

      

0.10

      

—

(h)

    

0.72

      

(0.66

)

    

—

      

—

      

(0.66

)

    

30.16

      

2.53

      

2.14

    
Year ended
May 31, 2021		    

24.12

      

0.51

      

5.66

      

0.01

      

6.18

      

(0.20

)

    

—

      

—

      

(0.20

)

    

30.10

      

25.70

      

25.40

    
Year ended
May 31, 2020		    

27.12

      

0.40

      

(2.86

)

    

0.01

      

(2.45

)

    

(0.55

)

    

—

      

—

      

(0.55

)

    

24.12

      

(9.16

)

    

(8.73

)

  
Year ended
May 31, 2019		    

28.66

      

0.59

      

(1.53

)

    

0.01

      

(0.93

)

    

(0.61

)

    

—

      

—

      

(0.61

)

    

27.12

      

(3.35

)

    

(2.69

)

  
Year ended
May 31, 2018		    

27.81

      

0.54

      

1.11

(i)

    

0.01

      

1.66

      

(0.81

)

    

—

      

—

      

(0.81

)

    

28.66

      

6.14

      

3.62

    
Year ended
May 31, 2017		    

27.46

      

0.64

      

0.09

(i)

    

0.01

      

0.74

      

(0.39

)

    

—

      

—

      

(0.39

)

    

27.81

      

2.71

      

2.91

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

High Yield-Interest Rate Hedged

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.50

%

    

0.50

%

    

4.28

%

    

4.28

%

  

$

144,717

      

28

%

  
Year ended
May 31, 2021		    

0.50

      

0.50

      

4.83

      

4.83

      

108,019

      

55

    
Year ended
May 31, 2020		    

0.51

      

0.51

      

5.62

      

5.62

      

76,360

      

52

    
Year ended
May 31, 2019		    

0.50

      

0.50

      

6.10

      

6.10

      

125,561

      

49

    
Year ended
May 31, 2018		    

0.50

      

0.50

      

5.75

      

5.75

      

172,054

      

42

    
Year ended
May 31, 2017		    

0.61

      

0.50

      

5.49

      

5.59

      

140,613

      

50

    

Inflation Expectations ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.99

      

0.30

      

3.43

      

4.12

      

42,532

      

—

    
Year ended
May 31, 2021		    

1.70

      

0.30

      

0.44

      

1.84

      

44,247

      

60

    
Year ended
May 31, 2020		    

1.13

      

0.30

      

0.72

      

1.56

      

7,719

      

21

    
Year ended
May 31, 2019		    

1.75

      

0.30

      

0.63

      

2.08

      

7,593

      

120

    
Year ended
May 31, 2018		    

1.21

      

0.30

      

1.07

      

1.98

      

10,029

      

46

    
Year ended
May 31, 2017		    

1.21

      

0.32

      

1.36

      

2.25

      

57,012

      

190

    

See accompanying notes to the financial statements.

140 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Investment Grade-Interest Rate Hedged

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

76.25

    

$

0.93

    

$

(2.05

)

  

$

—

    

$

(1.12

)

  

$

(0.91

)

  

$

—

    

$

—

    

$

(0.91

)

  

$

74.22

      

(1.46

)%

    

(1.70

)%

  
Year ended
May 31, 2021		    

69.63

      

1.93

      

6.58

      

0.03

      

8.54

      

(1.92

)

    

—

      

—

      

(1.92

)

    

76.25

      

12.40

      

12.19

    
Year ended
May 31, 2020		    

73.37

      

2.49

      

(3.66

)

    

—

(h)

    

(1.17

)

    

(2.57

)

    

—

      

—

      

(2.57

)

    

69.63

      

(1.73

)

    

(1.26

)

  
Year ended
May 31, 2019		    

74.89

      

2.87

      

(1.43

)

    

0.01

      

1.45

      

(2.97

)

    

—

      

—

      

(2.97

)

    

73.37

      

1.99

      

1.51

    
Year ended
May 31, 2018		    

75.75

      

2.74

      

(0.97

)

    

—

(h)

    

1.77

      

(2.63

)

    

—

      

—

      

(2.63

)

    

74.89

      

2.31

      

2.27

    
Year ended
May 31, 2017		    

73.45

      

2.62

      

2.14

      

0.05

      

4.81

      

(2.51

)

    

—

      

—

      

(2.51

)

    

75.75

      

6.65

      

6.90

    

K-1 Free Crude Oil Strategy ETF†

  
Six Months ended
November 30,
2021 (Unaudited)		    

59.06

      

(0.21

)

    

4.35

      

—

      

4.14

      

(14.78

)

    

—

      

—

      

(14.78

)

    

48.42

      

4.64

      

4.76

    
Year ended
May 31, 2021		    

33.68

      

(0.29

)

    

25.67

      

—

      

25.38

      

—

      

—

      

—

      

—

      

59.06

      

75.34

      

77.78

    
Year ended
May 31, 2020(k)		    

97.38

      

0.08

      

(62.88

)

    

—

      

(62.80

)

    

(0.90

)

    

—

      

—

      

(0.90

)

    

33.68

      

(65.09

)

    

(65.24

)

  
Year ended
May 31, 2019(k)		    

121.60

      

1.36

      

(24.89

)

    

—

      

(23.53

)

    

(0.69

)

    

—

      

—

      

(0.69

)

    

97.38

      

(19.30

)

    

(19.85

)

  
Year ended
May 31, 2018(k)		    

94.67

      

0.50

      

33.11

      

—

      

33.61

      

(6.68

)

    

—

      

—

      

(6.68

)

    

121.60

      

36.41

      

37.11

    
September 26,
2016* through
May 31, 2017(k)		    

100.00

      

(0.22

)

    

(5.11

)

    

—

      

(5.33

)

    

—

      

—

      

—

      

—

      

94.67

      

(5.33

)

    

(5.70

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Investment Grade-Interest Rate Hedged

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.30

%

    

0.30

%

    

2.46

%

    

2.46

%

  

$

1,085,540

      

8

%

  
Year ended
May 31, 2021		    

0.30

      

0.30

      

2.59

      

2.59

      

724,383

      

22

    
Year ended
May 31, 2020		    

0.30

      

0.30

      

3.40

      

3.40

      

234,995

      

21

    
Year ended
May 31, 2019		    

0.30

      

0.30

      

3.87

      

3.87

      

295,317

      

22

    
Year ended
May 31, 2018		    

0.30

      

0.30

      

3.58

      

3.58

      

597,210

      

24

    
Year ended
May 31, 2017		    

0.38

      

0.30

      

3.42

      

3.50

      

295,426

      

30

    

K-1 Free Crude Oil Strategy ETF†

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.68

(o)

    

0.68

(o)

    

(0.68

)

    

(0.68

)

    

62,167

      

—

    
Year ended
May 31, 2021		    

0.67

(n)

    

0.67

(n)

    

(0.67

)

    

(0.67

)

    

103,884

      

—

    
Year ended
May 31, 2020(k)		    

0.66

      

0.65

      

0.15

      

0.16

      

76,091

      

206

(l)

  
Year ended
May 31, 2019(k)		    

0.65

      

0.65

      

1.24

      

1.24

      

11,198

      

—

    
Year ended
May 31, 2018(k)		    

0.65

      

0.65

      

0.46

      

0.46

      

12,160

      

—

    
September 26,
2016* through
May 31, 2017(k)		    

0.65

      

0.65

      

(0.31

)

    

(0.31

)

    

2,840

      

—

    

*  Commencement of investment operations.

†  Consolidated Financial Highlights.

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 141

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Large Cap Core Plus

  
Six Months ended
November 30,
2021(p)
(Unaudited)		  

$

48.48

    

$

0.24

    

$

4.44

    

$

—

    

$

4.68

    

$

(0.19

)

  

$

—

    

$

—

    

$

(0.19

)

  

$

52.97

      

9.67

%

    

9.62

%

  
Year ended
May 31, 2021(p)		    

35.06

      

0.45

      

13.45

      

—

      

13.90

      

(0.48

)

    

—

      

—

      

(0.48

)

    

48.48

      

39.97

      

39.77

    
Year ended
May 31, 2020(p)		    

33.26

      

0.53

      

1.86

      

—

      

2.39

      

(0.59

)

    

—

      

—

      

(0.59

)

    

35.06

      

7.26

      

7.49

    
Year ended
May 31, 2019(p)		    

33.77

      

0.51

      

(0.53

)

    

—

      

(0.02

)

    

(0.49

)

    

—

      

—

      

(0.49

)

    

33.26

      

(0.08

)

    

(0.25

)

  
Year ended
May 31, 2018(p)		    

29.80

      

0.48

      

3.92

      

—

      

4.40

      

(0.43

)

    

—

      

—

      

(0.43

)

    

33.77

      

14.85

      

15.00

    
Year ended
May 31, 2017(p)		    

25.62

      

0.44

      

4.14

      

—

      

4.58

      

(0.40

)

    

—

      

—

      

(0.40

)

    

29.80

      

18.04

      

18.02

    

Long Online /Short Stores ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

78.80

      

0.10

      

(16.02

)

    

—

      

(15.92

)

    

—

      

—

      

—

      

—

      

62.88

      

(20.20

)

    

(20.18

)

  
Year ended
May 31, 2021		    

68.72

      

1.17

(m)

    

10.14

      

—

      

11.31

      

(1.23

)

    

—

      

—

      

(1.23

)

    

78.80

      

16.23

      

16.41

    
Year ended
May 31, 2020		    

51.09

      

(0.17

)

    

17.80

      

—

      

17.63

      

—

      

—

      

—

      

—

      

68.72

      

34.52

      

34.29

    
Year ended
May 31, 2019		    

48.31

      

(0.15

)

    

2.93

      

—

      

2.78

      

—

      

—

      

—

      

—

      

51.09

      

5.74

      

5.56

    
November 14,
2017* through
May 31, 2018		    

40.00

      

(0.08

)

    

8.39

      

—

      

8.31

      

—

      

—

      

—

      

—

      

48.31

      

20.78

      

21.03

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Large Cap Core Plus

  
Six Months ended
November 30,
2021(p)
(Unaudited)		    

0.45

%

    

0.45

%

    

0.92

%

    

0.92

%

  

$

502,193

      

29

%

  
Year ended
May 31, 2021(p)		    

0.45

      

0.45

      

1.10

      

1.10

      

481,904

      

58

    
Year ended
May 31, 2020(p)		    

0.46

      

0.46

      

1.49

      

1.49

      

412,340

      

57

    
Year ended
May 31, 2019(p)		    

0.45

      

0.45

      

1.51

      

1.51

      

756,295

      

52

    
Year ended
May 31, 2018(p)		    

0.45

      

0.45

      

1.48

      

1.48

      

785,230

      

53

    
Year ended
May 31, 2017(p)		    

0.71

      

0.45

      

1.33

      

1.58

      

646,662

      

51

    

Long Online /Short Stores ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.65

      

0.65

      

0.27

      

0.27

      

55,023

      

75

    
Year ended
May 31, 2021		    

0.65

      

0.65

      

1.36

(m)

    

1.36

(m)

    

100,467

      

77

    
Year ended
May 31, 2020		    

0.65

      

0.65

      

(0.31

)

    

(0.31

)

    

183,132

      

89

    
Year ended
May 31, 2019		    

0.65

      

0.65

      

(0.31

)

    

(0.31

)

    

48,787

      

53

    
November 14,
2017* through
May 31, 2018		    

0.65

      

0.65

      

(0.32

)

    

(0.32

)

    

53,144

      

30

    

*  Commencement of investment operations.

See accompanying notes to the financial statements.

142 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Managed Futures Strategy ETF†

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

41.10

    

$

(0.14

)

  

$

(0.84

)

  

$

—

    

$

(0.98

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

40.12

      

(2.38

)%

    

(2.53

)%

  
Year ended
May 31, 2021		    

39.42

      

(0.27

)

    

1.95

      

—

      

1.68

      

—

      

—

      

—

      

—

      

41.10

      

4.26

      

3.79

    
Year ended
May 31, 2020		    

39.69

      

0.20

      

0.02

(i)

    

—

      

0.22

      

(0.40

)

    

(0.03

)

    

(0.06

)#

    

(0.49

)

    

39.42

      

0.56

      

1.06

    
Year ended
May 31, 2019		    

39.58

      

0.54

      

0.20

(i)

    

—

      

0.74

      

(0.58

)

    

(0.05

)

    

—

      

(0.63

)

    

39.69

      

1.85

      

0.89

    
Year ended
May 31, 2018		    

41.09

      

0.12

      

(1.59

)

    

—

      

(1.47

)

    

(0.04

)

    

—

      

—

      

(0.04

)

    

39.58

      

(3.58

)

    

(2.59

)

  
Year ended
May 31, 2017		    

39.77

      

(0.16

)

    

1.48

      

—

      

1.32

      

—

      

—

      

—

      

—

      

41.09

      

3.32

      

2.96

    

Merger ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

40.82

      

0.11

      

0.34

      

—

      

0.45

      

(0.12

)

    

—

      

—

      

(0.12

)

    

41.15

      

1.11

      

1.26

    
Year ended
May 31, 2021		    

37.64

      

0.26

      

3.01

      

—

      

3.27

      

(0.09

)

    

—

      

—

      

(0.09

)

    

40.82

      

8.72

      

8.91

    
Year ended
May 31, 2020		    

37.24

      

0.01

      

0.69

      

—

      

0.70

      

(0.30

)

    

—

      

—

      

(0.30

)

    

37.64

      

1.86

      

1.52

    
Year ended
May 31, 2019		    

35.58

      

0.32

      

1.85

      

—

      

2.17

      

(0.51

)

    

—

      

—

      

(0.51

)

    

37.24

      

6.16

      

7.58

    
Year ended
May 31, 2018		    

35.67

      

0.22

      

(0.18

)

    

—

      

0.04

      

(0.13

)

    

—

      

—

      

(0.13

)

    

35.58

      

0.11

      

(1.26

)

  
Year ended
May 31, 2017		    

36.72

      

0.11

      

(0.89

)

    

—

      

(0.78

)

    

(0.27

)

    

—

      

—

      

(0.27

)

    

35.67

      

(2.13

)

    

(1.54

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Managed Futures Strategy ETF†

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.75

%

    

0.75

%

    

(0.66

)%

    

(0.66

)%

  

$

6,219

      

1,146

%

  
Year ended
May 31, 2021		    

0.75

      

0.75

      

(0.68

)

    

(0.68

)

    

4,726

      

1,195

    
Year ended
May 31, 2020		    

0.76

      

0.76

      

0.51

      

0.51

      

4,139

      

2,564

    
Year ended
May 31, 2019		    

0.75

      

0.75

      

1.35

      

1.35

      

3,771

      

2,398

    
Year ended
May 31, 2018		    

0.75

      

0.75

      

0.31

      

0.31

      

2,969

      

1,732

    
Year ended
May 31, 2017		    

0.75

      

0.75

      

(0.41

)

    

(0.41

)

    

5,137

      

—

    

Merger ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

1.18

      

0.75

      

0.08

      

0.52

      

56,583

      

131

    
Year ended
May 31, 2021		    

1.68

      

0.75

      

(0.27

)

    

0.65

      

42,863

      

315

    
Year ended
May 31, 2020		    

3.49

      

0.75

      

(2.73

)

    

0.02

      

7,527

      

249

    
Year ended
May 31, 2019		    

3.49

      

0.75

      

(1.87

)

    

0.87

      

5,586

      

314

    
Year ended
May 31, 2018		    

4.05

      

0.75

      

(2.68

)

    

0.62

      

4,448

      

296

    
Year ended
May 31, 2017		    

3.81

      

0.75

      

(2.77

)

    

0.29

      

2,675

      

370

    

†  Consolidated Financial Highlights.

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 143

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Morningstar Alternatives Solution ETF

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

39.72

    

$

0.68

    

$

(1.19

)

  

$

—

    

$

(0.51

)

  

$

(0.70

)

  

$

—

    

$

—

(h)

  

$

(0.70

)

  

$

38.51

      

(1.29

)%

    

(1.04

)%

  
Year ended
May 31, 2021		    

34.45

      

0.45

      

5.23

      

—

      

5.68

      

(0.41

)

    

—

      

—

(h)

    

(0.41

)

    

39.72

      

16.56

      

16.58

    
Year ended
May 31, 2020		    

36.95

      

0.87

      

(2.48

)

    

—

      

(1.61

)

    

(0.89

)

    

—

      

—

(h)#

    

(0.89

)

    

34.45

      

(4.49

)

    

(4.23

)

  
Year ended
May 31, 2019		    

37.58

      

0.66

      

(0.65

)

    

—

      

0.01

      

(0.64

)

    

—

      

—

      

(0.64

)

    

36.95

      

0.04

      

(0.30

)

  
Year ended
May 31, 2018		    

39.17

      

1.33

      

(1.59

)

    

—

      

(0.26

)

    

(1.33

)

    

—

      

—

      

(1.33

)

    

37.58

      

(0.68

)

    

(0.71

)

  
Year ended
May 31, 2017		    

38.29

      

0.40

      

0.94

      

—

      

1.34

      

(0.45

)

    

—

      

(0.01

)

    

(0.46

)

    

39.17

      

3.51

      

4.10

    

MSCI EAFE Dividend Growers ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

46.06

      

0.27

      

(0.53

)

    

—

      

(0.26

)

    

(0.59

)

    

—

      

—

      

(0.59

)

    

45.21

      

(0.56

)

    

(0.07

)

  
Year ended
May 31, 2021		    

36.18

      

0.79

      

9.73

      

—

      

10.52

      

(0.64

)

    

—

      

—

      

(0.64

)

    

46.06

      

29.37

      

29.46

    
Year ended
May 31, 2020		    

35.92

      

0.66

      

0.38

(i)

    

—

      

1.04

      

(0.78

)

    

—

      

—

      

(0.78

)

    

36.18

      

2.82

      

2.65

    
Year ended
May 31, 2019		    

38.53

      

0.80

      

(2.59

)

    

—

      

(1.79

)

    

(0.82

)

    

—

      

—

      

(0.82

)

    

35.92

      

(4.72

)

    

(4.92

)

  
Year ended
May 31, 2018		    

37.13

      

0.86

      

1.49

      

—

      

2.35

      

(0.95

)

    

—

      

—

      

(0.95

)

    

38.53

      

6.42

      

6.12

    
Year ended
May 31, 2017		    

35.79

      

0.79

      

1.42

      

—

      

2.21

      

(0.87

)

    

—

      

—

      

(0.87

)

    

37.13

      

6.38

      

7.43

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Morningstar Alternatives Solution ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.93

%

    

0.24

%

    

2.79

%

    

3.47

%

  

$

9,628

      

29

%

  
Year ended
May 31, 2021		    

1.08

      

0.22

      

0.38

      

1.24

      

9,532

      

62

    
Year ended
May 31, 2020		    

1.21

      

0.21

      

1.39

      

2.40

      

6,891

      

52

    
Year ended
May 31, 2019		    

1.06

      

0.22

      

0.94

      

1.78

      

6,652

      

67

    
Year ended
May 31, 2018		    

0.45

      

0.21

      

3.22

      

3.45

      

8,267

      

57

    
Year ended
May 31, 2017		    

0.81

      

0.21

      

0.43

      

1.03

      

21,542

      

65

    

MSCI EAFE Dividend Growers ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.50

      

0.50

      

1.14

      

1.14

      

136,091

      

29

    
Year ended
May 31, 2021		    

0.50

      

0.50

      

1.90

      

1.90

      

138,649

      

57

    
Year ended
May 31, 2020		    

0.51

      

0.51

      

1.78

      

1.78

      

116,855

      

81

    
Year ended
May 31, 2019		    

0.50

      

0.50

      

2.19

      

2.19

      

109,559

      

31

    
Year ended
May 31, 2018		    

0.50

      

0.50

      

2.27

      

2.27

      

115,578

      

32

    
Year ended
May 31, 2017		    

0.71

      

0.50

      

2.09

      

2.30

      

61,262

      

35

    

See accompanying notes to the financial statements.

144 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

MSCI Emerging Markets Dividend Growers ETF

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

62.02

    

$

0.81

    

$

(6.57

)

  

$

—

    

$

(5.76

)

  

$

(0.82

)

  

$

—

    

$

—

    

$

(0.82

)

  

$

55.44

      

(9.37

)%

    

(10.31

)%

  
Year ended
May 31, 2021		    

45.70

      

1.73

      

16.35

      

—

      

18.08

      

(1.76

)

    

—

      

—

      

(1.76

)

    

62.02

      

40.52

      

41.04

    
Year ended
May 31, 2020		    

56.45

      

1.23

      

(10.58

)

    

—

      

(9.35

)

    

(1.40

)

    

—

      

—

      

(1.40

)

    

45.70

      

(16.99

)

    

(16.96

)

  
Year ended
May 31, 2019		    

57.61

      

1.20

      

(1.67

)

    

—

      

(0.47

)

    

(0.69

)

    

—

      

—

      

(0.69

)

    

56.45

      

(0.84

)

    

(0.43

)

  
Year ended
May 31, 2018		    

52.18

      

1.11

      

5.60

      

—

      

6.71

      

(1.28

)

    

—

      

—

      

(1.28

)

    

57.61

      

13.02

      

12.43

    
Year ended
May 31, 2017		    

45.51

      

0.86

      

7.07

      

—

      

7.93

      

(1.26

)

    

—

      

—

      

(1.26

)

    

52.18

      

17.80

      

18.81

    

MSCI Europe Dividend Growers ETF

  
Six Months ended
November 30,
2021
(Unaudited)		    

51.67

      

0.19

      

0.93

      

—

      

1.12

      

(0.63

)

    

—

      

—

      

(0.63

)

    

52.16

      

2.21

      

2.85

    
Year ended
May 31, 2021		    

39.41

      

0.85

      

11.96

      

—

      

12.81

      

(0.55

)

    

—

      

—

      

(0.55

)

    

51.67

      

32.81

      

33.22

    
Year ended
May 31, 2020		    

38.72

      

0.68

      

0.95

      

—

      

1.63

      

(0.94

)

    

—

      

—

      

(0.94

)

    

39.41

      

4.18

      

4.35

    
Year ended
May 31, 2019		    

41.97

      

0.86

      

(3.24

)

    

—

      

(2.38

)

    

(0.87

)

    

—

      

—

      

(0.87

)

    

38.72

      

(5.79

)

    

(5.77

)

  
Year ended
May 31, 2018		    

41.08

      

0.93

      

0.93

      

—

      

1.86

      

(0.97

)

    

—

      

—

      

(0.97

)

    

41.97

      

4.62

      

4.16

    
Year ended
May 31, 2017		    

38.78

      

0.84

      

2.23

      

—

      

3.07

      

(0.77

)

    

—

      

—

      

(0.77

)

    

41.08

      

8.13

      

7.81

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

MSCI Emerging Markets Dividend Growers ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.60

%

    

0.60

%

    

2.72

%

    

2.72

%

  

$

19,128

      

46

%

  
Year ended
May 31, 2021		    

0.60

      

0.60

      

3.16

      

3.16

      

22,637

      

78

    
Year ended
May 31, 2020		    

0.61

      

0.61

      

2.29

      

2.29

      

22,165

      

51

    
Year ended
May 31, 2019		    

0.60

      

0.60

      

2.15

      

2.15

      

20,602

      

79

    
Year ended
May 31, 2018		    

0.60

      

0.60

      

1.93

      

1.93

      

20,163

      

61

    
Year ended
May 31, 2017		    

1.11

      

0.60

      

1.27

      

1.78

      

10,436

      

73

    

MSCI Europe Dividend Growers ETF

  
Six Months ended
November 30,
2021
(Unaudited)		    

0.55

      

0.55

      

0.71

      

0.71

      

12,257

      

30

    
Year ended
May 31, 2021		    

0.55

      

0.55

      

1.88

      

1.88

      

9,559

      

57

    
Year ended
May 31, 2020		    

0.56

      

0.56

      

1.68

      

1.68

      

7,686

      

92

    
Year ended
May 31, 2019		    

0.55

      

0.55

      

2.15

      

2.15

      

9,099

      

28

    
Year ended
May 31, 2018		    

0.55

      

0.55

      

2.24

      

2.24

      

10,493

      

31

    
Year ended
May 31, 2017		    

0.99

      

0.55

      

1.82

      

2.26

      

9,244

      

34

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 145

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

MSCI Transformational Changes ETF

  
Six Months ended
November 30,
2021
(Unaudited)		  

$

43.76

    

$

0.03

    

$

1.52

    

$

—

    

$

1.55

    

$

(0.07

)

  

$

—

    

$

—

    

$

(0.07

)

  

$

45.24

      

3.53

%

    

3.43

%

  
October 14, 2020*
through May 31,
2021		    

40.00

      

0.12

      

3.66

      

—

(h)

    

3.78

      

(0.02

)

    

—

      

—

      

(0.02

)

    

43.76

      

9.47

      

9.42

    

Nanotechnology ETF

  
October 26,
2021* through
November 30,
2021 (Unaudited)		    

40.00

      

—

(h)

    

3.25

      

0.01

      

3.26

      

—

      

—

      

—

      

—

      

43.26

      

8.15

      

8.13

    

Nasdaq-100 Dorsey Wright Momentum ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

42.08

      

(0.01

)

    

2.06

      

—

      

2.05

      

(0.05

)

    

—

      

—

      

(0.05

)

    

44.08

      

4.88

      

4.84

    
May 18, 2021*
through
May 31, 2021		    

40.00

      

0.04

      

2.04

      

—

      

2.08

      

—

      

—

      

—

      

—

      

42.08

      

5.20

      

5.25

    

On-Demand ETF

  
October 26,
2021* through
November 30,
2021 (Unaudited)		    

40.00

      

(0.02

)

    

(4.12

)

    

0.01

      

(4.13

)

    

—

      

—

      

—

      

—

      

35.87

      

(10.33

)

    

(10.50

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

MSCI Transformational Changes ETF

  
Six Months ended
November 30,
2021
(Unaudited)		    

0.45

%

    

0.45

%

    

0.13

%

    

0.13

%

  

$

40,719

      

13

%

  
October 14, 2020*
through May 31,
2021		    

0.45

      

0.45

      

0.46

      

0.46

      

47,047

      

44

    

Nanotechnology ETF

  
October 26,
2021* through
November 30,
2021 (Unaudited)		    

0.58

      

0.58

      

0.06

      

0.06

      

4,326

      

14

    

Nasdaq-100 Dorsey Wright Momentum ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.58

      

0.58

      

(0.06

)

    

(0.06

)

    

29,095

      

79

    
May 18, 2021*
through
May 31, 2021		    

0.58

      

0.58

      

2.90

      

2.90

      

4,208

      

—

    

On-Demand ETF

  
October 26,
2021* through
November 30,
2021 (Unaudited)		    

0.60

      

0.60

      

(0.60

)

    

(0.60

)

    

4,484

      

—

    

*  Commencement of investment operations.

See accompanying notes to the financial statements.

146 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Online Retail ETF

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

75.70

    

$

0.17

    

$

(12.51

)

  

$

—

    

$

(12.34

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

63.36

      

(16.31

)%

    

(16.32

)%

  
Year ended
May 31, 2021		    

47.31

      

0.63

      

28.70

      

—

      

29.33

      

(0.94

)

    

—

      

—

      

(0.94

)

    

75.70

      

62.18

      

62.54

    
Year ended
May 31, 2020		    

35.24

      

(0.09

)

    

12.16

      

—

      

12.07

      

—

      

—

      

—

      

—

      

47.31

      

34.25

      

34.08

    
July 13, 2018*
through
May 31, 2019		    

40.00

      

(0.09

)

    

(4.67

)

    

—

      

(4.76

)

    

—

      

—

      

—

      

—

      

35.24

      

(11.90

)

    

(11.98

)

  

Pet Care ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

77.76

      

0.06

      

(1.58

)

    

—

      

(1.52

)

    

(0.07

)

    

—

      

—

      

(0.07

)

    

76.17

      

(1.97

)

    

(1.84

)

  
Year ended
May 31, 2021		    

47.27

      

0.16

      

30.44

      

—

      

30.60

      

(0.11

)

    

—

      

—

      

(0.11

)

    

77.76

      

64.79

      

64.24

    
Year ended
May 31, 2020		    

39.94

      

0.14

      

7.34

      

—

      

7.48

      

(0.15

)

    

—

      

—

      

(0.15

)

    

47.27

      

18.79

      

19.21

    
November 5,
2018* through
May 31, 2019		    

40.00

      

0.08

      

(0.10

)(i)

    

—

      

(0.02

)

    

(0.04

)

    

—

      

—

      

(0.04

)

    

39.94

      

(0.04

)

    

(0.08

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Online Retail ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.58

%

    

0.58

%

    

0.47

%

    

0.47

%

  

$

738,133

      

73

%

  
Year ended
May 31, 2021		    

0.58

      

0.58

      

0.84

      

0.84

      

1,052,262

      

91

    
Year ended
May 31, 2020		    

0.58

      

0.58

      

(0.23

)

    

(0.23

)

    

131,516

      

81

    
July 13, 2018*
through
May 31, 2019		    

0.58

      

0.58

      

(0.30

)

    

(0.30

)

    

21,144

      

46

    

Pet Care ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.50

      

0.50

      

0.16

      

0.16

      

331,323

      

24

    
Year ended
May 31, 2021		    

0.50

      

0.50

      

0.23

      

0.23

      

303,265

      

45

    
Year ended
May 31, 2020		    

0.50

      

0.50

      

0.33

      

0.33

      

60,275

      

66

    
November 5,
2018* through
May 31, 2019		    

0.50

      

0.50

      

0.36

      

0.36

      

26,958

      

42

    

*  Commencement of investment operations.

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 147

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

RAFITM Long/Short

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

32.90

    

$

0.18

    

$

(2.44

)

  

$

—

    

$

(2.26

)

  

$

(0.15

)

  

$

—

    

$

—

    

$

(0.15

)

  

$

30.49

      

(6.89

)%

    

(6.95

)%

  
Year ended
May 31, 2021		    

31.61

      

0.40

      

1.36

      

—

      

1.76

      

(0.47

)

    

—

      

—

      

(0.47

)

    

32.90

      

5.66

      

5.99

    
Year ended
May 31, 2020		    

34.84

      

0.62

      

(3.19

)

    

—

      

(2.57

)

    

(0.66

)

    

—

      

—

      

(0.66

)

    

31.61

      

(7.50

)

    

(7.61

)

  
Year ended
May 31, 2019		    

36.69

      

0.64

      

(1.81

)

    

—

      

(1.17

)

    

(0.68

)

    

—

      

—

      

(0.68

)

    

34.84

      

(3.23

)

    

(3.17

)

  
Year ended
May 31, 2018		    

37.89

      

0.56

      

(1.18

)

    

—

      

(0.62

)

    

(0.58

)

    

—

      

—

      

(0.58

)

    

36.69

      

(1.66

)

    

(2.00

)

  
Year ended
May 31, 2017		    

39.10

      

0.52

      

(1.26

)

    

—

      

(0.74

)

    

(0.47

)

    

—

      

—

      

(0.47

)

    

37.89

      

(1.94

)

    

(1.81

)

  

Russell 2000 Dividend Growers ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

67.03

      

0.73

      

(4.29

)

    

—

      

(3.56

)

    

(0.66

)

    

—

      

—

      

(0.66

)

    

62.81

      

(5.28

)

    

(5.23

)

  
Year ended
May 31, 2021		    

49.66

      

1.27

      

17.27

      

—

      

18.54

      

(1.17

)

    

—

      

—

      

(1.17

)

    

67.03

      

38.00

      

38.03

    
Year ended
May 31, 2020		    

57.13

      

1.31

      

(7.44

)

    

—

      

(6.13

)

    

(1.34

)

    

—

      

—

      

(1.34

)

    

49.66

      

(10.96

)

    

(10.99

)

  
Year ended
May 31, 2019		    

56.29

      

1.26

      

0.67

      

—

      

1.93

      

(1.09

)

    

—

      

—

      

(1.09

)

    

57.13

      

3.48

      

3.55

    
Year ended
May 31, 2018		    

53.30

      

1.11

      

2.89

      

—

      

4.00

      

(1.01

)

    

—

      

—

      

(1.01

)

    

56.29

      

7.57

      

7.53

    
Year ended
May 31, 2017		    

44.78

      

0.94

      

8.31

      

—

      

9.25

      

(0.73

)

    

—

      

—

      

(0.73

)

    

53.30

      

20.75

      

20.70

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

RAFITM Long/Short

  
Six Months ended
November 30,
2021 (Unaudited)		    

3.93

%

    

0.95

%

    

(1.84

)%

    

1.15

%

  

$

4,879

      

8

%

  
Year ended
May 31, 2021		    

3.88

      

0.95

      

(1.63

)

    

1.30

      

4,935

      

40

    
Year ended
May 31, 2020		    

3.22

      

0.95

      

(0.44

)

    

1.83

      

5,373

      

25

    
Year ended
May 31, 2019		    

2.55

      

0.95

      

0.18

      

1.79

      

9,058

      

30

    
Year ended
May 31, 2018		    

1.83

      

0.95

      

0.62

      

1.50

      

11,923

      

14

    
Year ended
May 31, 2017		    

1.45

      

0.95

      

0.84

      

1.34

      

25,575

      

11

    

Russell 2000 Dividend Growers ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.40

      

0.40

      

2.26

      

2.26

      

835,435

      

48

    
Year ended
May 31, 2021		    

0.40

      

0.40

      

2.23

      

2.23

      

924,290

      

60

    
Year ended
May 31, 2020		    

0.41

      

0.41

      

2.30

      

2.30

      

588,955

      

33

    
Year ended
May 31, 2019		    

0.40

      

0.40

      

2.17

      

2.17

      

630,109

      

26

    
Year ended
May 31, 2018		    

0.40

      

0.40

      

2.03

      

2.03

      

406,693

      

20

    
Year ended
May 31, 2017		    

0.46

      

0.40

      

1.77

      

1.82

      

410,391

      

26

    

*  Commencement of investment operations.

See accompanying notes to the financial statements.

148 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Russell U.S. Dividend Growers ETF

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

48.73

    

$

0.51

    

$

(1.50

)

  

$

—

    

$

(0.99

)

  

$

(0.57

)

  

$

—

    

$

—

    

$

(0.57

)

  

$

47.17

      

(2.01

)%

    

(2.15

)%

  
Year ended
May 31, 2021		    

36.25

      

0.98

      

12.49

      

—

      

13.47

      

(0.99

)

    

—

      

—

      

(0.99

)

    

48.73

      

37.80

      

37.79

    
November 5,
2019* through
May 31, 2020		    

40.00

      

0.49

      

(3.98

)

    

—

      

(3.49

)

    

(0.26

)

    

—

      

—

      

(0.26

)

    

36.25

      

(8.62

)

    

(8.53

)

  

S&P 500® Bond ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

90.20

      

0.91

      

1.23

      

—

      

2.14

      

(0.93

)

    

—

      

—

      

(0.93

)

    

91.41

      

2.38

      

2.13

    
Year ended
May 31, 2021		    

90.47

      

1.98

      

(0.13

)

    

—

      

1.85

      

(2.12

)

    

—

      

—

      

(2.12

)

    

90.20

      

2.01

      

1.52

    
Year ended
May 31, 2020		    

83.60

      

2.88

      

6.92

      

0.04

      

9.84

      

(2.97

)

    

—

      

—

      

(2.97

)

    

90.47

      

11.97

      

12.38

    
Year ended
May 31, 2019		    

80.84

      

3.07

      

2.70

      

0.02

      

5.79

      

(3.03

)

    

—

      

—

      

(3.03

)

    

83.60

      

7.40

      

7.21

    
May 1, 2018*
through
May 31, 2018		    

80.00

      

0.23

      

0.44

      

0.17

      

0.84

      

—

      

—

      

—

      

—

      

80.84

      

1.05

      

1.36

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Russell U.S. Dividend Growers ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.35

%

    

0.35

%

    

2.13

%

    

2.13

%

  

$

19,813

      

11

%

  
Year ended
May 31, 2021		    

0.35

      

0.35

      

2.36

      

2.36

      

28,262

      

22

    
November 5,
2019* through
May 31, 2020		    

0.36

      

0.36

      

2.35

      

2.35

      

21,390

      

8

    

S&P 500® Bond ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.15

      

0.15

      

1.99

      

1.99

      

36,563

      

42

    
Year ended
May 31, 2021		    

0.15

      

0.15

      

2.16

      

2.16

      

36,081

      

73

    
Year ended
May 31, 2020		    

0.15

      

0.15

      

3.30

      

3.30

      

29,403

      

55

    
Year ended
May 31, 2019		    

0.15

      

0.15

      

3.82

      

3.82

      

27,169

      

29

    
May 1, 2018*
through
May 31, 2018		    

0.15

      

0.15

      

3.50

      

3.50

      

32,336

      

4

    

*  Commencement of investment operations.

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 149

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

S&P 500® Dividend Aristocrats ETF

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

92.20

    

$

1.02

    

$

(0.24

)(i)

  

$

—

    

$

0.78

    

$

(0.85

)

  

$

—

    

$

—

    

$

(0.85

)

  

$

92.13

      

0.87

%

    

0.85

%

  
Year ended
May 31, 2021		    

67.00

      

1.78

      

25.16

      

—

      

26.94

      

(1.74

)

    

—

      

—

      

(1.74

)

    

92.20

      

40.88

      

41.10

    
Year ended
May 31, 2020		    

65.14

      

1.58

      

1.81

(i)

    

—

      

3.39

      

(1.53

)

    

—

      

—

      

(1.53

)

    

67.00

      

5.22

      

5.11

    
Year ended
May 31, 2019		    

62.21

      

1.42

      

2.94

      

—

      

4.36

      

(1.43

)

    

—

      

—

      

(1.43

)

    

65.14

      

7.10

      

7.07

    
Year ended
May 31, 2018		    

57.46

      

1.37

      

4.54

      

—

      

5.91

      

(1.16

)

    

—

      

—

      

(1.16

)

    

62.21

      

10.34

      

10.34

    
Year ended
May 31, 2017		    

53.14

      

1.18

      

4.28

      

—

      

5.46

      

(1.14

)

    

—

      

—

      

(1.14

)

    

57.46

      

10.41

      

10.43

    

S&P 500® Ex-Energy ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

91.08

      

0.49

      

7.93

      

—

      

8.42

      

(0.51

)

    

—

      

—

      

(0.51

)

    

98.99

      

9.27

      

9.33

    
Year ended
May 31, 2021		    

65.94

      

0.96

      

25.12

      

—

      

26.08

      

(0.94

)

    

—

      

—

      

(0.94

)

    

91.08

      

39.88

      

39.84

    
Year ended
May 31, 2020		    

58.41

      

1.04

      

7.43

      

—

      

8.47

      

(0.94

)

    

—

      

—

      

(0.94

)

    

65.94

      

14.62

      

14.67

    
Year ended
May 31, 2019		    

56.44

      

0.93

      

1.92

      

—

      

2.85

      

(0.88

)

    

—

      

—

      

(0.88

)

    

58.41

      

5.10

      

5.03

    
Year ended
May 31, 2018		    

50.44

      

0.87

      

5.98

      

—

      

6.85

      

(0.85

)

    

—

      

—

      

(0.85

)

    

56.44

      

13.67

      

13.98

    
Year ended
May 31, 2017		    

43.32

      

0.83

      

7.10

      

—

      

7.93

      

(0.81

)

    

—

      

—

      

(0.81

)

    

50.44

      

18.49

      

18.78

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

S&P 500® Dividend Aristocrats ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.35

%

    

0.35

%

    

2.20

%

    

2.20

%

  

$

9,129,998

      

6

%

  
Year ended
May 31, 2021		    

0.35

      

0.35

      

2.26

      

2.26

      

8,639,244

      

21

    
Year ended
May 31, 2020		    

0.35

      

0.35

      

2.28

      

2.28

      

5,755,149

      

29

    
Year ended
May 31, 2019		    

0.35

      

0.35

      

2.17

      

2.17

      

4,520,918

      

20

    
Year ended
May 31, 2018		    

0.35

      

0.35

      

2.23

      

2.23

      

3,493,291

      

22

    
Year ended
May 31, 2017		    

0.41

      

0.35

      

2.08

      

2.14

      

3,008,063

      

16

    

S&P 500® Ex-Energy ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.27

      

0.27

      

1.01

      

1.01

      

30,191

      

1

    
Year ended
May 31, 2021		    

0.27

      

0.27

      

1.21

      

1.21

      

25,047

      

8

    
Year ended
May 31, 2020		    

0.27

      

0.27

      

1.63

      

1.63

      

16,814

      

4

    
Year ended
May 31, 2019		    

0.27

      

0.27

      

1.60

      

1.60

      

6,717

      

6

    
Year ended
May 31, 2018		    

0.27

      

0.27

      

1.61

      

1.61

      

7,055

      

4

    
Year ended
May 31, 2017		    

0.27

      

0.27

      

1.81

      

1.81

      

6,305

      

4

    

*  Commencement of investment operations.

See accompanying notes to the financial statements.

150 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

S&P 500® Ex-Financials ETF

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

88.10

    

$

0.48

    

$

8.60

    

$

—

    

$

9.08

    

$

(0.48

)

  

$

—

    

$

—

    

$

(0.48

)

  

$

96.70

      

10.34

%

    

10.20

%

  
Year ended
May 31, 2021		    

64.97

      

0.96

      

23.05

      

—

      

24.01

      

(0.88

)

    

—

      

—

      

(0.88

)

    

88.10

      

37.22

      

37.03

    
Year ended
May 31, 2020		    

56.85

      

1.02

      

8.09

      

—

      

9.11

      

(0.99

)

    

—

      

—

      

(0.99

)

    

64.97

      

16.19

      

16.50

    
Year ended
May 31, 2019		    

55.43

      

0.96

      

1.33

      

—

      

2.29

      

(0.87

)

    

—

      

—

      

(0.87

)

    

56.85

      

4.14

      

5.98

    
Year ended
May 31, 2018		    

49.53

      

0.89

      

5.85

      

—

      

6.74

      

(0.84

)

    

—

      

—

      

(0.84

)

    

55.43

      

13.73

      

12.00

    
Year ended
May 31, 2017		    

43.36

      

0.83

      

6.32

      

—

      

7.15

      

(0.98

)

    

—

      

—

      

(0.98

)

    

49.53

      

16.71

      

18.15

    

S&P 500® Ex-Health Care ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

88.56

      

0.50

      

8.10

      

—

      

8.60

      

(0.60

)

    

—

      

—

      

(0.60

)

    

96.56

      

9.75

      

9.70

    
Year ended
May 31, 2021		    

62.87

      

1.09

      

25.70

      

—

      

26.79

      

(1.10

)

    

—

      

—

      

(1.10

)

    

88.56

      

43.08

      

43.07

    
Year ended
May 31, 2020		    

57.57

      

1.11

      

5.28

      

—

      

6.39

      

(1.09

)

    

—

      

—

      

(1.09

)

    

62.87

      

11.21

      

11.27

    
Year ended
May 31, 2019		    

56.95

      

0.99

      

0.62

      

—

      

1.61

      

(0.99

)

    

—

      

—

      

(0.99

)

    

57.57

      

2.88

      

2.13

    
Year ended
May 31, 2018		    

50.44

      

0.94

      

6.42

      

—

      

7.36

      

(0.85

)

    

—

      

—

      

(0.85

)

    

56.95

      

14.68

      

16.29

    
Year ended
May 31, 2017		    

43.51

      

0.87

      

7.09

      

—

      

7.96

      

(1.03

)

    

—

      

—

      

(1.03

)

    

50.44

      

18.55

      

19.80

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

S&P 500® Ex-Financials ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.27

%

    

0.27

%

    

1.02

%

    

1.02

%

  

$

9,187

      

1

%

  
Year ended
May 31, 2021		    

0.27

      

0.27

      

1.23

      

1.23

      

7,488

      

5

    
Year ended
May 31, 2020		    

0.27

      

0.27

      

1.65

      

1.65

      

4,223

      

4

    
Year ended
May 31, 2019		    

0.27

      

0.27

      

1.67

      

1.67

      

1,990

      

6

    
Year ended
May 31, 2018		    

0.27

      

0.27

      

1.68

      

1.68

      

1,386

      

8

    
Year ended
May 31, 2017		    

0.27

      

0.27

      

1.84

      

1.84

      

1,238

      

8

    

S&P 500® Ex-Health Care ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.27

      

0.27

      

1.08

      

1.08

      

4,345

      

1

    
Year ended
May 31, 2021		    

0.27

      

0.27

      

1.39

      

1.39

      

3,985

      

29

    
Year ended
May 31, 2020		    

0.27

      

0.27

      

1.79

      

1.79

      

2,201

      

5

    
Year ended
May 31, 2019		    

0.27

      

0.27

      

1.72

      

1.72

      

1,439

      

6

    
Year ended
May 31, 2018		    

0.27

      

0.27

      

1.73

      

1.73

      

1,424

      

8

    
Year ended
May 31, 2017		    

0.27

      

0.27

      

1.89

      

1.89

      

1,261

      

9

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 151

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

S&P 500® Ex-Technology ETF

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

73.72

    

$

0.50

    

$

2.89

    

$

—

    

$

3.39

    

$

(0.49

)

  

$

—

    

$

—

    

$

(0.49

)

  

$

76.62

      

4.62

%

    

4.60

%

  
Year ended
May 31, 2021		    

53.97

      

0.96

      

19.79

      

—

      

20.75

      

(1.00

)

    

—

      

—

      

(1.00

)

    

73.72

      

38.92

      

38.98

    
Year ended
May 31, 2020		    

52.09

      

1.04

      

1.87

(i)

    

—

      

2.91

      

(1.03

)

    

—

      

—

      

(1.03

)

    

53.97

      

5.64

      

5.67

    
Year ended
May 31, 2019		    

51.48

      

0.96

      

0.62

      

—

      

1.58

      

(0.97

)

    

—

      

—

      

(0.97

)

    

52.09

      

3.10

      

2.07

    
Year ended
May 31, 2018		    

47.50

      

0.96

      

3.89

      

—

      

4.85

      

(0.87

)

    

—

      

—

      

(0.87

)

    

51.48

      

10.29

      

11.20

    
Year ended
May 31, 2017		    

42.78

      

0.85

      

4.82

      

—

      

5.67

      

(0.95

)

    

—

      

—

      

(0.95

)

    

47.50

      

13.43

      

13.50

    

S&P Kensho Cleantech ETF

  
September 29,
2021* through
November 30,
2021 (Unaudited)		    

40.00

      

(0.03

)

    

4.53

      

—

(h)

    

4.50

      

—

      

—

      

—

      

—

      

44.50

      

11.26

      

11.30

    

S&P Kensho Smart Factories ETF

  
September 29,
2021* through
November 30,
2021 (Unaudited)		    

40.00

      

—

(h)

    

0.07

      

—

(h)

    

0.07

      

—

      

—

      

—

      

—

      

40.07

      

0.16

      

0.05

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

S&P 500® Ex-Technology ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.27

%

    

0.27

%

    

1.31

%

    

1.31

%

  

$

9,194

      

2

%

  
Year ended
May 31, 2021		    

0.27

      

0.27

      

1.48

      

1.48

      

7,372

      

15

    
Year ended
May 31, 2020		    

0.27

      

0.27

      

1.89

      

1.89

      

2,699

      

5

    
Year ended
May 31, 2019		    

0.27

      

0.27

      

1.83

      

1.83

      

3,126

      

22

    
Year ended
May 31, 2018		    

0.27

      

0.27

      

1.87

      

1.87

      

2,574

      

4

    
Year ended
May 31, 2017		    

0.27

      

0.27

      

1.91

      

1.91

      

1,187

      

6

    

S&P Kensho Cleantech ETF

  
September 29,
2021* through
November 30,
2021 (Unaudited)		    

0.58

      

0.58

      

(0.43

)

    

(0.43

)

    

4,450

      

17

    

S&P Kensho Smart Factories ETF

  
September 29,
2021* through
November 30,
2021 (Unaudited)		    

0.58

      

0.58

      

(0.04

)

    

(0.04

)

    

4,007

      

16

    

*  Commencement of investment operations.

See accompanying notes to the financial statements.

152 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

S&P MidCap 400® Dividend Aristocrats ETF

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

73.38

    

$

1.10

    

$

(3.86

)

  

$

—

    

$

(2.76

)

  

$

(0.92

)

  

$

—

    

$

—

    

$

(0.92

)

  

$

69.70

      

(3.74

)%

    

(3.77

)%

  
Year ended
May 31, 2021		    

52.54

      

1.51

      

20.78

      

—

      

22.29

      

(1.45

)

    

—

      

—

      

(1.45

)

    

73.38

      

43.17

      

43.37

    
Year ended
May 31, 2020		    

55.48

      

1.36

      

(2.90

)

    

—

      

(1.54

)

    

(1.40

)

    

—

      

—

      

(1.40

)

    

52.54

      

(2.77

)

    

(2.83

)

  
Year ended
May 31, 2019		    

53.89

      

1.06

      

1.53

      

—

      

2.59

      

(1.00

)

    

—

      

—

      

(1.00

)

    

55.48

      

4.84

      

4.81

    
Year ended
May 31, 2018		    

51.35

      

1.00

      

2.51

      

—

      

3.51

      

(0.97

)

    

—

      

—

      

(0.97

)

    

53.89

      

6.89

      

6.86

    
Year ended
May 31, 2017		    

45.12

      

0.83

      

6.06

      

—

      

6.89

      

(0.66

)

    

—

      

—

      

(0.66

)

    

51.35

      

15.36

      

15.32

    

S&P Technology Dividend Aristocrats ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

58.17

      

0.39

      

4.98

      

—

      

5.37

      

(0.35

)

    

—

      

—

      

(0.35

)

    

63.19

      

9.26

      

9.62

    
Year ended
May 31, 2021		    

40.17

      

0.67

      

17.93

      

—

      

18.60

      

(0.60

)

    

—

      

—

      

(0.60

)

    

58.17

      

46.67

      

46.59

    
November 5,
2019* through
May 31, 2020		    

40.00

      

0.36

      

—

      

—

      

0.36

      

(0.19

)

    

—

      

—

      

(0.19

)

    

40.17

      

0.98

      

1.06

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

S&P MidCap 400® Dividend Aristocrats ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.40

%

    

0.40

%

    

3.09

%

    

3.09

%

  

$

1,013,476

      

12

%

  
Year ended
May 31, 2021		    

0.40

      

0.40

      

2.45

      

2.45

      

1,040,520

      

31

    
Year ended
May 31, 2020		    

0.41

      

0.41

      

2.43

      

2.43

      

680,406

      

37

    
Year ended
May 31, 2019		    

0.40

      

0.40

      

1.89

      

1.89

      

615,828

      

32

    
Year ended
May 31, 2018		    

0.40

      

0.40

      

1.89

      

1.89

      

379,949

      

29

    
Year ended
May 31, 2017		    

0.45

      

0.40

      

1.61

      

1.66

      

419,777

      

25

    

S&P Technology Dividend Aristocrats ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

0.45

      

0.45

      

1.26

      

1.26

      

112,484

      

6

    
Year ended
May 31, 2021		    

0.45

      

0.45

      

1.33

      

1.33

      

97,734

      

43

    
November 5,
2019* through
May 31, 2020		    

0.46

      

0.46

      

1.66

      

1.66

      

40,571

      

31

    

*  Commencement of investment operations.

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 153

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Short Term USD Emerging Markets Bond ETF

  
Six Months ended
November 30,
2021 (Unaudited)		  

$

73.49

    

$

0.96

    

$

(1.86

)

  

$

—

    

$

(0.90

)

  

$

(0.95

)

  

$

—

    

$

—

    

$

(0.95

)

  

$

71.64

      

(1.25

)%

    

(1.58

)%

  
Year ended
May 31, 2021		    

71.15

      

2.06

      

2.27

      

—

      

4.33

      

(1.99

)

    

—

      

—

      

(1.99

)

    

73.49

      

6.15

      

6.58

    
Year ended
May 31, 2020		    

75.41

      

2.45

      

(4.13

)

    

—

      

(1.68

)

    

(2.58

)

    

—

      

—

      

(2.58

)

    

71.15

      

(2.32

)

    

(2.27

)

  
Year ended
May 31, 2019		    

75.00

      

2.62

      

0.46

      

—

      

3.08

      

(2.67

)

    

—

      

—

      

(2.67

)

    

75.41

      

4.20

      

4.31

    
Year ended
May 31, 2018		    

78.16

      

2.43

      

(3.22

)

    

0.11

      

(0.68

)

    

(2.48

)

    

—

      

—

      

(2.48

)

    

75.00

      

(0.91

)

    

(1.16

)

  
Year ended
May 31, 2017		    

76.95

      

2.89

      

1.63

      

—

      

4.52

      

(3.31

)

    

—

      

—

      

(3.31

)

    

78.16

      

6.03

      

5.08

    

Smart Materials ETF

  
October 26,
2021* through
November 30,
2021 (Unaudited)		    

40.00

      

0.02

      

(0.81

)

    

0.01

      

(0.78

)

    

—

      

—

      

—

      

—

      

39.22

      

(1.96

)

    

(1.78

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Short Term USD Emerging Markets Bond ETF

  
Six Months ended
November 30,
2021 (Unaudited)		    

1.96

%

    

0.50

%

    

1.17

%

    

2.64

%

  

$

10,746

      

3

%

  
Year ended
May 31, 2021		    

2.14

      

0.50

      

1.19

      

2.83

      

7,349

      

51

    
Year ended
May 31, 2020		    

2.15

      

0.50

      

1.66

      

3.31

      

7,115

      

45

    
Year ended
May 31, 2019		    

1.99

      

0.50

      

2.02

      

3.51

      

7,541

      

40

    
Year ended
May 31, 2018		    

1.67

      

0.50

      

2.00

      

3.17

      

11,250

      

54

    
Year ended
May 31, 2017		    

2.09

      

0.50

      

2.13

      

3.72

      

7,816

      

49

    

Smart Materials ETF

  
October 26,
2021* through
November 30,
2021 (Unaudited)		    

0.58

      

0.58

      

0.46

      

0.46

      

3,922

      

14

    

*  Commencement of investment operations.

See accompanying notes to the financial statements.

154 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Notes to Financial Highlights:

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Includes transaction fees associated with the issuance and redemption of Creation Units.

(c)  Not annualized for periods less than one year.

(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(e)  Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., NYSE and NASDAQ) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund's closing price on the listing market.

(f)  Annualized for periods less than one year.

(g)  Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the sales and purchases of fund shares during the period. In-Kind transactions are not included in the portfolio turnover calculations.

(h)  Per share amount is less than $0.005.

(i)  The amount shown for a share outstanding throughout the period is not in accordance with the aggregate net realized and unrealized gain (loss) for that period because of the timing of sales and repurchases of the Fund shares in relation to fluctuating market value of the investments in the Fund.

(j)  Reflects a special dividend paid out during the period by one of the Fund's holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $1.81 and the net investment income (loss) net of waivers ratio would have been 4.64%.

(k)  Per share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective April 21, 2020.

(l)  During the year, the Fund invested in certain exchange traded funds for a limited period of time. The portfolio turnover rate shown above reflects the impact of that investment over the period of time during which the Fund held those exchange traded funds. If the calculation of portfolio turnover included periods in which the Fund did not hold these exchange traded funds, the portfolio turnover rate would have been 1,324%.

(m)  Reflects special dividends paid out during the period by one of the Fund's holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.38) and the net investment income (loss) net of waivers ratio would have been (0.45)%.

(n)  Includes net futures account fees amounting to 0.02%. Excluding these fees, the ratio of expenses to average net assets would have been 0.65%.

(o)  Includes net futures account fees amounting to 0.03%. Excluding these fees, the ratio of expenses to average net assets would have been 0.65%.

(p)  Per share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective January 13, 2022.

#  Amount has been reclassified based on the tax character of the distributions for the tax year ended October 31, 2020.

See accompanying notes to the financial statements.

FINANCIAL HIGHLIGHTS PROSHARES TRUST :: 155

NOTES TO FINANCIAL STATEMENTS

156 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

1. Organization

ProShares Trust (the "Trust") is registered as an open-end management investment company under the Investment Company Act of 1940 ("1940 Act"). The Trust was formed as a Delaware statutory trust on May 29, 2002, has authorized capital of an unlimited number of shares at no par value and is comprised of 123 operational funds. These accompanying Notes to Financial Statements relate to the portfolios of the Trust included in this report (collectively, the "Funds" and individually, a "Fund"). Each Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946 — Financial Services — Investment Companies. Each Fund is considered to be "non-diversified" under the 1940 Act, except for ProShares DJ Brookfield Global Infrastructure ETF, ProShares Equities for Rising Rates ETF, ProShares High Yield-Interest Rate Hedged, ProShares Investment Grade-Interest Rate Hedged, ProShares MSCI EAFE Dividend Growers ETF, ProShares MSCI Emerging Markets Dividend Growers ETF, ProShares MSCI Europe Dividend Growers ETF, ProShares MSCI Transformational Changes ETF, ProShares Russell 2000 Dividend Growers ETF, ProShares Russell U.S. Dividend Growers ETF, ProShares S&P 500® Bond ETF, ProShares S&P 500® Dividend Aristocrats ETF, ProShares S&P 500® Ex-Energy ETF, ProShares S&P 500® Ex-Financials ETF, ProShares S&P 500® Ex-Health Care ETF, ProShares S&P 500® Ex-Technology ETF, ProShares S&P MidCap 400® Dividend Aristocrats ETF and ProShares Short Term USD Emerging Markets Bond ETF.

2. Significant Accounting Policies

The net asset value per share ("NAV") of each Fund, except as detailed below, is generally determined as of the close of the regular trading session of the exchange on which it is listed (is typically calculated as of 4:00 p.m. Eastern Time) on each business day. The NAV of ProShares High Yield — Interest Rate Hedged, ProShares Inflation Expectations ETF, ProShares Investment Grade — Interest Rate Hedged, ProShares Managed Futures Strategy ETF, ProShares S&P 500® Bond ETF and ProShares Short Term USD Emerging Markets Bond ETF is typically calculated as of 3:00 p.m. (Eastern Time) on each business day. The NAV of ProShares K-1 Free Crude Oil Strategy ETF is typically calculated as of 2:30 p.m. (Eastern Time) on each business day when the Cboe BZX Exchange Inc. ("BZX Exchange") is open for trading. The NAV of each of ProShares MSCI EAFE Dividend Growers ETF and ProShares MSCI Europe Dividend Growers ETF is typically calculated as of 11:30 a.m. Eastern Time (this time may vary due to differences in when daylight savings time is effective between London and New York. The actual valuation time is 4:30 p.m., London Time).

The following is a summary of significant accounting policies followed by each Fund in preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts. The actual results could differ from those estimates.

Investment Valuation

The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a

liability in an orderly transaction between market participants at the measurement date. The securities in the portfolio of a Fund that are listed or traded on a stock exchange or the NASDAQ Stock Market, except as otherwise noted, are generally valued at the closing price, if available, or the last sale price on the exchange or system where the security is principally traded, generally using information provided by a third party pricing service, or market quotations. These valuations are typically categorized as Level 1 in the fair value hierarchy described below. If there have been no sales for that day on the exchange or system where the security is principally traded, then fair value may be determined with reference to the mean of the latest bid and asked quotes, if applicable, on the exchange or system. If there have been no sales or quotes of the security for that day on the exchange or system, the security will be valued in accordance with procedures approved by the Trust's Board of Trustees (the "Board").

Exchange traded funds held by ProShares K-1 Free Crude Oil Strategy ETF are valued at the last traded price at the time the Fund NAV is determined, and will typically be categorized as a Level 1 in the fair value hierarchy. Exchange traded funds held by ProShares Morningstar Alternatives Solution ETF are valued at the mean of the closing composite bid/ask spread, and will typically be categorized as Level 2 in the fair value hierarchy. Exchange traded funds held by other Funds are generally valued at the closing price, if available, or the last sale price as described above, and are typically categorized as Level 1 in the fair value hierarchy.

Securities regularly traded in the over-the-counter ("OTC") markets, including securities listed on an exchange but that are primarily traded OTC, other than those traded on the NASDAQ Stock Market, are valued on the basis of the mean between the bid and asked quotes furnished by primary market makers for those instruments. Fixed-income securities are valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes for U.S. Treasury securities and at the bid or evaluated bid price for Sovereign, Sub-Sovereign and Quasi-Sovereign bonds and corporate bonds. Centrally cleared index-based swaps are generally valued at the mean between the bid and asked prices as furnished by an independent pricing service. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Exchange traded bond, commodity and currency futures contracts are generally valued at the official futures settlement price, except for currency futures contracts held by Hedge Replication ETF which are generally valued at their last sale price prior to the time at which the NAV of the Fund is determined. These valuations are typically categorized as Level 1 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described below may be applied. Non-exchange traded derivatives (e.g. non-exchange traded swap agreements) are generally valued using independent sources and/or agreement with counterparties or other procedures approved by the Board and are typically categorized as Level 2 in the fair value hierarchy.

When ProShare Advisors LLC (the "Advisor") determines that the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain prices become stale, or an event occurs that materially affects the furnished price), the Advisor may, in good faith, establish a fair value for that security in accordance with procedures established

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 157

by and under the general supervision and responsibility of the Board. Fair value pricing may require subjective determinations about the value of a security. While the Trust's policy is intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Advisor or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

The Funds disclose the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions which are developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds' own assumptions about market participant assumptions which are developed based on the best information available under the circumstances

(unobservable inputs). The three levels defined by the hierarchy are as follows:

•  Level 1 — Quoted prices in active markets for identical assets.

•  Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•  Level 3 — Significant unobservable inputs (including assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt securities maturing in sixty days or less may be valued at amortized cost. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Fair value measurements may also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly.

The following is a summary of the valuations as of November 30, 2021, for each Fund based upon the three levels defined above:

Please refer to the Schedules of Portfolio Investments to view equity and debt securities segregated by industry type.

   

LEVEL 1 - Quoted Prices

  

LEVEL 2 - Other Significant Observable Inputs

  

Total

  
   

Common
Stocks/
Shares of
Beneficial
Interest

  

Securities
Lending
Reinvestments

  

Futures
Contracts*

  

Common
Stocks/
Shares of
Beneficial
Interest

  

Rights/
Warrants

  

U.S.
Treasury
Obligations

  

Corporate
Bonds

  

Foreign
Government
Securities

  

Repurchase
Agreements

  

Reverse
Repurchase
Agreements

  

Swap
Agreements*

  

Forward
Currency
Contracts*

  

Investment
Securities,
including
Repurchase
Agreements
and Reverse
Repurchase
Agreements

  

Other
Financial
Instruments,
including
Futures
Contracts,
Swap
Agreements,
and Forward
Currency
Contracts*

  

Big Data
Refiners
ETF

  

$

3,004,852

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

    

$

3,004,852

      

—

    

Bitcoin Strategy
ETF

    

—

      

—

    

$

(24,010,548

)

    

—

      

—

    

$

1,318,400,804

      

—

      

—

      

—

    

$

(1,246,931,639

)

    

—

      

—

      

71,469,165

    

$

(24,010,548

)

  

Decline of the
Retail
Store ETF

    

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

    

$

4,378,168

      

—

    

$

133,826

      

—

      

4,378,168

      

133,826

    

DJ Brookfield
Global
Infrastructure
ETF

    

135,890,287

    

$

549,875

      

—

      

—

      

—

      

—

      

—

      

—

      

232,202

      

—

      

—

      

—

      

136,672,364

      

—

    

Equities for
Rising
Rates ETF

    

10,257,777

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

6,233

      

—

      

—

      

—

      

10,264,010

      

—

    

Global Listed
Private
Equity ETF

    

24,367,710

      

1,271,126

      

—

      

—

      

—

      

—

      

—

      

—

      

78,967

      

—

      

—

      

—

      

25,717,803

      

—

    

Hedge
Replication
ETF

    

10,529,484

      

31,495

      

(101,037

)

    

—

      

—

      

28,567,786

      

—

      

—

      

5,097,312

      

—

      

(386,045

)

    

—

      

44,226,077

      

(487,082

)

  

High Yield-
Interest
Rate
Hedged

    

—

      

1,649,813

      

(238,937

)

    

—

      

—

      

—

    

$

138,173,863

      

—

      

2,596,056

      

—

      

—

      

—

      

142,419,732

      

(238,937

)

  

Inflation
Expectations
ETF

    

—

      

—

      

—

      

—

      

—

      

32,819,491

      

—

      

—

      

9,627,346

      

—

      

(1,084,454

)

    

—

      

42,446,837

      

(1,084,454

)

  

Investment
Grade-
Interest
Rate
Hedged

    

—

      

7,057,615

      

(9,222,371

)

    

—

      

—

      

—

      

1,033,173,724

      

—

      

22,220,551

      

—

      

—

      

—

      

1,062,451,890

      

(9,222,371

)

  

K-1 Free
Crude Oil
Strategy
ETF

    

—

      

—

      

(4,489,124

)

    

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

(4,489,124

)

  

158 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

   

LEVEL 1 - Quoted Prices

  

LEVEL 2 - Other Significant Observable Inputs

  

Total

  
   

Common
Stocks/
Shares of
Beneficial
Interest

  

Securities
Lending
Reinvestments

  

Futures
Contracts*

  

Common
Stocks/
Shares of
Beneficial
Interest

  

Rights/
Warrants

  

U.S.
Treasury
Obligations

  

Corporate
Bonds

  

Foreign
Government
Securities

  

Repurchase
Agreements

  

Reverse
Repurchase
Agreements

  

Swap
Agreements*

  

Forward
Currency
Contracts*

  

Investment
Securities,
including
Repurchase
Agreements
and Reverse
Repurchase
Agreements

  

Other
Financial
Instruments,
including
Futures
Contracts,
Swap
Agreements,
and Forward
Currency
Contracts*

  

Large Cap
Core Plus

  

$

469,360,721

    

$

116,188

      

—

      

—

      

—

      

—

      

—

      

—

    

$

30,510,992

      

—

    

$

1,226,092

      

—

    

$

499,987,901

    

$

1,226,092

    

Long Online/
Short
Stores ETF

    

48,796,533

      

2,644,236

      

—

      

—

      

—

      

—

      

—

      

—

      

3,527,992

      

—

      

97,062

      

—

      

54,968,761

      

97,062

    

Managed
Futures
Strategy
ETF

    

—

      

—

    

$

(109,219

)

    

—

      

—

      

—

      

—

      

—

      

5,895,121

      

—

      

—

      

—

      

5,895,121

      

(109,219

)

  

Merger ETF

    

48,822,108

      

1,300,000

      

—

      

—

      

—

      

—

      

—

      

—

      

1,905,476

      

—

      

1,193,806

      

283,656

      

52,027,584

      

1,477,462

    

Morningstar
Alternatives
Solution
ETF

    

—

      

2,017,215

      

—

    

$

9,615,404

      

—

      

—

      

—

      

—

      

21,035

      

—

      

—

      

—

      

11,653,654

      

—

    

MSCI EAFE
Dividend
Growers
ETF

    

135,061,206

      

2,582,773

      

—

      

—

      

—

      

—

      

—

      

—

      

359,109

      

—

      

—

      

—

      

138,003,088

      

—

    

MSCI Emerging
Markets
Dividend
Growers
ETF

    

17,957,367

      

—

      

—

      

—

    

$

935

      

—

    

$

3,443

      

—

      

9,599

      

—

      

—

      

—

      

17,971,344

      

—

    

MSCI Europe
Dividend
Growers
ETF

    

12,185,733

      

344,013

      

—

      

—

      

—

      

—

      

—

      

—

      

26,159

      

—

      

—

      

—

      

12,555,905

      

—

    

MSCI
Transformational
Changes
ETF

    

40,576,737

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

161,927

      

—

      

—

      

—

      

40,738,664

      

—

    

Nanotechnology
ETF

    

4,314,192

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

4,314,192

      

—

    

Nasdaq-100
Dorsey
Wright
Momentum
ETF

    

29,064,232

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

35,379

      

—

      

—

      

—

      

29,099,611

      

—

    

On-Demand
ETF

    

4,476,549

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

4,476,549

      

—

    

Online Retail
ETF

    

737,193,134

      

48,134,973

      

—

      

—

      

—

      

—

      

—

      

—

      

1,587,695

      

—

      

—

      

—

      

786,915,802

      

—

    

Pet Care ETF

    

330,737,769

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

428,447

      

—

      

—

      

—

      

331,166,216

      

—

    

RAFITM Long/
Short

    

4,424,406

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

298,561

      

—

      

150,529

      

—

      

4,722,967

      

150,529

    

Russell 2000
Dividend
Growers
ETF

    

833,321,945

      

5,355,548

      

—

      

—

      

—

      

—

      

—

      

—

      

633,979

      

—

      

—

      

—

      

839,311,472

      

—

    

Russell U.S.
Dividend
Growers
ETF

    

19,767,867

      

3,250

      

—

      

—

      

—

      

—

      

—

      

—

      

4,451

      

—

      

—

      

—

      

19,775,568

      

—

    

S&P 500® Bond
ETF

    

—

      

143,175

      

—

      

—

      

—

      

—

      

36,119,191

      

—

      

257,461

      

—

      

—

      

—

      

36,519,827

      

—

    

S&P 500®
Dividend
Aristocrats
ETF

    

9,101,490,439

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

8,952,381

      

—

      

—

      

—

      

9,110,442,820

      

—

    

S&P 500® Ex-
Energy ETF

    

30,071,853

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

94,395

      

—

      

—

      

—

      

30,166,248

      

—

    

S&P 500®
Ex-Financials
ETF

    

9,149,094

      

979

      

—

      

—

      

—

      

—

      

—

      

—

      

27,457

      

—

      

—

      

—

      

9,177,530

      

—

    

S&P 500® Ex-
Health Care
ETF

    

4,330,072

      

326

      

—

      

—

      

—

      

—

      

—

      

—

      

10,813

      

—

      

—

      

—

      

4,341,211

      

—

    

S&P 500® Ex-
Technology
ETF

    

9,153,236

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

29,697

      

—

      

—

      

—

      

9,182,933

      

—

    

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 159

   

LEVEL 1 - Quoted Prices

  

LEVEL 2 - Other Significant Observable Inputs

  

Total

  
   

Common
Stocks/
Shares of
Beneficial
Interest

  

Securities
Lending
Reinvestments

  

Futures
Contracts*

  

Common
Stocks/
Shares of
Beneficial
Interest

  

Rights/
Warrants

  

U.S.
Treasury
Obligations

  

Corporate
Bonds

  

Foreign
Government
Securities

  

Repurchase
Agreements

  

Reverse
Repurchase
Agreements

  

Swap
Agreements*

  

Forward
Currency
Contracts*

  

Investment
Securities,
including
Repurchase
Agreements
and Reverse
Repurchase
Agreements

  

Other
Financial
Instruments,
including
Futures
Contracts,
Swap
Agreements,
and Forward
Currency
Contracts*

  

S&P Kensho
Cleantech
ETF

  

$

4,480,244

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

    

$

4,480,244

      

—

    

S&P Kensho
Smart
Factories
ETF

    

3,999,800

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

3,999,800

      

—

    

S&P MidCap 400®
Dividend
Aristocrats
ETF

    

1,009,428,320

      

—

      

—

      

—

      

—

      

—

      

—

      

—

    

$

2,116,406

      

—

      

—

      

—

      

1,011,544,726

      

—

    

S&P Technology
Dividend
Aristocrats
ETF

    

112,327,221

    

$

2,993,610

      

—

      

—

      

—

      

—

      

—

      

—

      

59,579

      

—

      

—

      

—

      

115,380,410

      

—

    

Short Term USD
Emerging
Markets
Bond ETF

    

—

      

—

      

—

      

—

      

—

      

—

    

$

2,526,861

    

$

8,030,328

      

75,822

      

—

      

—

      

—

      

10,633,011

      

—

    

Smart Materials
ETF

    

3,911,325

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

—

      

3,911,325

      

—

    

Foreign Currency Translation

Each Fund's accounting records are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency exchange contracts are translated into U.S. dollars as of the close of London world markets except that such translations with respect to the ProShares Big Data Refiners ETF, ProShares DJ Brookfield Global Infrastructure ETF, ProShares Global Listed Private Equity ETF, ProShares Merger ETF, ProShares MSCI Emerging Markets Dividend Growers ETF, ProShares MSCI Transformational Changes ETF, ProShares Nanotechnology ETF, ProShares On-Demand ETF, ProShares Pet Care ETF, ProShares S&P Kensho Cleantech ETF, S&P Kensho Smart Factories ETF and ProShares Smart Materials ETF each utilize the last quoted New York rates prior to 4:00 p.m. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Repurchase Agreements

Each of the Funds may enter into repurchase agreements. Repurchase agreements are primarily used by the Funds as short-term investments for cash positions. Under a repurchase agreement, a Fund purchases one or more debt securities and simultaneously agrees to sell those securities back to the seller at a mutually agreed-upon future price and date, normally one day or a few days later. The resale price is greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser's holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions generally with major global financial institutions whose creditworthiness is monitored by the Advisor. In addition, the value of the collateral underlying the repurchase agreement is required to be at least equal to the repurchase price, including any accrued interest income earned on the repurchase agreement. The Funds may invest in repurchase agreements through joint account arrangements; in such cases, each Fund holds a pro rata share of the collateral and interest income based upon the dollar amount of the repurchase agreements entered into by each Fund. The collateral underlying the repurchase agreement is held by the Fund's custodian. A repurchase agreement is subject to the risk that the counterparty to the repurchase agreement that sells the securities may default on its obligation to repurchase them. In this circumstance, a Fund may lose money because it may not be able to sell the securities at the agreed upon time and price, the securities may lose value before they can be sold, the selling institution may declare bankruptcy or the Fund may have difficulty exercising rights to the collateral. During periods of high demand for repurchase agreements, the Funds may be unable to invest available cash in these instruments to the extent desired by the Advisor.

160 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

On November 30, 2021, the Funds had interest in joint repurchase agreements with the following counterparties, for the time periods and rates indicated. Amounts shown in the table below represent Principal Amount, Cost and Value for each respective repurchase agreement.

Fund Name

   Barclays
Capital, Inc.,
0.01%, dated
11/30/2021 due
12/01/2021 (a)		   BNP Paribas
Securities Corp.,
0.04%, dated
11/30/2021 due
12/01/2021 (b)		   ING Financial
Markets LLC,
0.05%, dated
11/30/2021 due
12/01/2021 (c)		  

Total

  

Decline of the Retail Store ETF

  

$

1,925,323

    

$

1,839,634

    

$

613,211

    

$

4,378,168

    

DJ Brookfield Global Infrastructure ETF

    

102,112

      

97,568

      

32,522

      

232,202

    

Equities for Rising Rates ETF

    

2,742

      

2,619

      

872

      

6,233

    

Global Listed Private Equity ETF

    

34,727

      

33,180

      

11,060

      

78,967

    

Hedge Replication ETF

    

2,241,571

      

2,141,805

      

713,936

      

5,097,312

    

High Yield-Interest Rate Hedged

    

1,141,630

      

1,090,819

      

363,607

      

2,596,056

    

Inflation Expectations ETF

    

4,233,679

      

4,045,250

      

1,348,417

      

9,627,346

    

Investment Grade-Interest Rate Hedged

    

9,771,610

      

9,336,706

      

3,112,235

      

22,220,551

    

Large Cap Core Plus

    

13,417,376

      

12,820,212

      

4,273,404

      

30,510,992

    

Long Online/Short Stores ETF

    

1,551,453

      

1,482,404

      

494,135

      

3,527,992

    

Managed Futures Strategy ETF

    

2,592,412

      

2,477,031

      

825,678

      

5,895,121

    

Merger ETF

    

837,943

      

800,650

      

266,883

      

1,905,476

    

Morningstar Alternatives Solution ETF

    

9,251

      

8,838

      

2,946

      

21,035

    

MSCI EAFE Dividend Growers ETF

    

157,920

      

150,892

      

50,297

      

359,109

    

MSCI Emerging Markets Dividend Growers ETF

    

4,221

      

4,034

      

1,344

      

9,599

    

MSCI Europe Dividend Growers ETF

    

11,503

      

10,992

      

3,664

      

26,159

    

MSCI Transformational Changes ETF

    

71,208

      

68,039

      

22,680

      

161,927

    

Nasdaq-100 Dorsey Wright Momentum ETF

    

15,558

      

14,866

      

4,955

      

35,379

    

Online Retail ETF

    

698,197

      

667,124

      

222,374

      

1,587,695

    

Pet Care ETF

    

188,412

      

180,026

      

60,009

      

428,447

    

RAFITM Long/Short

    

131,295

      

125,450

      

41,816

      

298,561

    

Russell 2000 Dividend Growers ETF

    

278,797

      

266,387

      

88,795

      

633,979

    

Russell U.S. Dividend Growers ETF

    

1,957

      

1,870

      

624

      

4,451

    

S&P 500® Bond ETF

    

113,220

      

108,180

      

36,061

      

257,461

    

S&P 500® Dividend Aristocrats ETF

    

3,936,859

      

3,761,642

      

1,253,880

      

8,952,381

    

S&P 500® Ex-Energy ETF

    

41,510

      

39,663

      

13,222

      

94,395

    

S&P 500® Ex-Financials ETF

    

12,075

      

11,537

      

3,845

      

27,457

    

S&P 500® Ex-Health Care ETF

    

4,755

      

4,544

      

1,514

      

10,813

    

S&P 500® Ex-Technology ETF

    

13,060

      

12,478

      

4,159

      

29,697

    

S&P MidCap 400® Dividend Aristocrats ETF

    

930,702

      

889,278

      

296,426

      

2,116,406

    

S&P Technology Dividend Aristocrats ETF

    

26,200

      

25,034

      

8,345

      

59,579

    

Short Term USD Emerging Markets Bond ETF

    

33,343

      

31,860

      

10,619

      

75,822

    
   

$

44,532,621

    

$

42,550,612

    

$

14,183,535

    

$

101,266,768

    

Each Repurchase Agreement was fully collateralized by U.S. government and/or agency securities at November 30, 2021 as follows:

(a)  U.S. Treasury Bonds, 0% to 3.88%, due 2/15/2022 to 11/15/2051; U.S. Treasury Notes, 0.13% to 0.25%, due 4/15/2022 to 7/15/2031, which had an aggregate value at the Trust level of $1,921,520,947.

(b)  U.S. Treasury Bills, 0%, due 12/30/2021 to 11/3/2022; U.S. Treasury Bonds, 0% to 5.25%, due 1/15/2026 to 2/15/2051; U.S. Treasury Notes, 0.11% to 2.75%, due 12/15/2021 to 11/15/2029, which had an aggregate value at the Trust level of $1,836,000,000.

(c)  Federal Farm Credit Bank, 0.13% to 3.10%, due 5/2/2022 to 1/4/2035; Federal Home Loan Bank, 0.11% to 5.50%, due 5/20/2024 to 7/15/2036; Federal Home Loan Mortgage Corp., 0% to 6.75%, due 1/13/2022 to 3/15/2031; Federal National Mortgage Association, 0% to 6.63%, due 1/5/2022 to 11/15/2030; U.S. Treasury Bills, 0%, due 1/6/2022; U.S. Treasury Bonds, 0.63% to 3.75%, due 2/15/2041 to 8/15/2051; U.S. Treasury Notes, 1.25% due 7/31/2023, which had an aggregate value at the Trust level of $612,001,053.

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 161

Reverse Repurchase Agreements

ProShares Bitcoin Strategy ETF may enter into reverse repurchase agreements as part of its investment strategy, which may be viewed as a form of borrowing. Reverse repurchase agreements involve sales by the Fund of portfolio assets for cash concurrently with an agreement by the Fund to repurchase those same assets at a later date at a fixed price. Generally, the effect of such a transaction is that the Fund can recover all or most of the cash invested in the portfolio securities involved during the term of the reverse repurchase agreement, while the Fund will be able to keep the interest income associated with those portfolio securities. Such transactions are advantageous only if the

interest cost to the Fund of the reverse repurchase transaction is less than the cost of obtaining the cash otherwise. For the ProShares Bitcoin Strategy ETF, the interest on reverse repurchase agreements is part of the unitary fee and is not a direct fund expense. Opportunities to achieve this advantage may not always be available, and the Fund intends to use the reverse repurchase technique only when it will be to the Fund's advantage to do so. The Fund will segregate with its custodian bank cash or liquid instruments equal in value to the Fund's obligations with respect to reverse repurchase agreements.

As of November 30, 2021, the Fund's outstanding balances on reverse repurchase agreements were as follows:

 

  

Counterparty

  

Principal Amount

  

Maturity

  

Value

  

Bitcoin Strategy ETF

  
   

Bank of New York

  

$

(249,823,437

)

  

12/1/21

  

$

(249,823,437

)

  
   

Bank of New York

    

(997,108,202

)

  

12/1/21

    

(997,108,202

)

  
                 

(1,246,931,639

)

  

The weighted average daily balance of the reverse repurchase agreements during the period October 18, 2021 (commencement of operations) to November 30, 2021 was $1,083,536,129

The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse repurchase agreements.

   

Counterparty

   Reverse
Repurchase
Agreements (1)		   Collateral
Pledged to
Counterparty (1)		  

Bitcoin Strategy ETF

  

Bank of New York

  

$

(1,246,931,639

)

  

$

(1,246,931,639

)

  

(1)  Represents gross value for the counterparty as reported in the preceding table.

Equity Securities

Certain Funds may invest in equity securities, including in shares of foreign or U.S. common stock, Real Estate Investment Trusts, Depositary Receipts, and shares of other Investment Companies, including other exchange traded funds ("ETFs").

Real Estate Investment Trusts ("REITs") and Business Development Companies ("BDCs")

REITs and BDCs report information on the source of their distributions annually. A portion of distributions received from REITs and BDCs during the period is estimated to be dividend income, realized gain or return of capital. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and BDCs.

Debt Instruments

Certain Funds may invest in debt instruments, including U.S. government securities; foreign sovereign, sub-sovereign, quasi-sovereign and supranational; Foreign and U.S. investment grade corporate debt securities. Additionally, certain Funds may invest in (lower rated) debt instruments (also known as "junk bonds") that are rated below "investment grade" by Moody's, Standard and Poor's and/or Fitch, Inc.

Securities Lending

Each Fund may lend securities to brokers, dealers and financial organizations in exchange for collateral in the amount of at least 102% of the value of U.S. dollar-denominated securities loaned or at least 105% of the value of non-U.S. dollar-denominated securities loaned, marked to market daily. Each security loaned will be secured continuously by collateral in the form of cash, Money Market Instruments or U.S. Government securities. When a Fund lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the reinvestment of the cash collateral. Any cash collateral received by the Fund in connection with these loans may be reinvested in a variety of short-term investments. Any securities collateral received by the Fund in connection with these loans may not be sold or pledged by the Fund and, accordingly, are not reflected in the Fund's assets and liabilities. The Funds may incur fees and expenses in connection with the reinvestment of cash collateral. For security loans collateralized by cash, borrowers may be entitled to receive a fee based on the amount of collateral. The Funds are typically compensated by the difference between the amount earned on the reinvestment of cash collateral and any fees paid to the borrower. Although voting and other rights attendant to securities loaned pass to the borrower, such loans may be recalled so that the securities may be voted on by the Fund if a material event affecting

162 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

the Fund's investment in the securities on loan is to occur. Security loans are subject to termination by the Fund or the borrower at any time. Not all Funds may participate in securities lending at any given time. No securities loan shall be made on behalf of a Fund if, as a result, the aggregate value of all securities loaned by the particular Fund exceeds one-third of the value of such Fund's total assets (including the value of the collateral received).

Securities lending involves exposure to certain risks, including "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and any fees a Fund has agreed to pay a borrower), operational risk (i.e., the risk of losses resulting from problems in the settlement and the accounting process), legal, counterparty and credit risk. If a securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return a Fund's securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for a Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market. A Fund could lose money if its short-term reinvestment of the collateral declines in value over the period of the loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day.

Sovereign/Sub-Sovereign/Quasi-Sovereign Debt Securities

ProShares Short Term USD Emerging Markets Bond ETF principally invests in USD-denominated Emerging Market bonds that have between zero to five years remaining to maturity that are issued by Emerging Market sovereign governments, non-sovereign government agencies and entities, and corporations with significant government ownership. These types of debt securities are typically general obligations of the issuer and are typically guaranteed by such issuer. Despite this guarantee, such debt securities are subject to default, restructuring or changes to the terms of the debt to the detriment of security holders. Also, due to demand from other investors, certain types of these debt securities may be less accessible to the capital markets and may be difficult for the Fund to source.

U.S. Treasury Inflation-Protected Securities

U.S. Treasury Inflation-Protected Securities ("TIPs") are inflation-protected public obligations of the U.S. Treasury. Inflation-protected bonds are fixed-income securities whose interest and principal payments are periodically adjusted for inflation. As the index measuring inflation changes, the interest and principal payments of inflation-protected bonds will be adjusted accordingly. Because of the inflation-adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed rate bonds.

Accounting for Derivatives Instruments

In seeking to achieve the investment objectives of Funds whose objective is tied to an index or benchmark, the Advisor uses a passive approach to investing that is designed to track the performance of the Fund's underlying index or benchmark. Each such Fund attempts to achieve its investment objective by investing all, or substantially all, of its assets in investments that make up its index or in financial instruments that provide similar exposure.

In connection with its management of certain series of the Trust included in this report (i.e. ProShares Bitcoin Strategy ETF, ProShares K-1 Free Crude Oil Strategy ETF and ProShares Managed Futures Strategy ETF (the "Commodity Pools")), the Advisor has registered as a commodity pool operator (a "CPO") and the Commodity Pools are commodity pools under the Commodity Exchange Act (the "CEA"). Accordingly, the Advisor is subject to registration and regulation as a CPO under the CEA, and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission ("CFTC") and the National Futures Association ("NFA"), including investor protection requirements, antifraud provisions, disclosure requirements and reporting and record keeping requirements. The Advisor is also subject to periodic inspections and audits by the CFTC and NFA. Compliance with these regulatory requirements could adversely affect the Commodity Pools' total return. In this regard, any further amendment to the CEA or its related regulations that subject the Advisor or the Commodity Pools to additional regulation may have adverse impacts on the Commodity Pools' operations and expenses.

All open derivative positions at period end are reflected on each respective Fund's Schedule of Portfolio Investments. Certain Funds utilized a varying level of derivative instruments in conjunction with investment securities in seeking to meet their investment objective during the period. While the volume of open positions may vary on a daily basis as each Fund transacts derivative contracts in order to achieve the appropriate exposure to meet its investment objective, the volume of these open positions relative to the net assets of each respective Fund at the date of this report is generally representative of open positions throughout the reporting period.

For financial reporting purposes, the Trust can offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements in the Statement of Assets and Liabilities. Funds holding forward currency contracts and/or non-exchange traded swap agreements present the gross amounts of these assets and liabilities on their Schedule of Portfolio Investments. Information concerning the value of and amounts due under Repurchase and Reverse Repurchase Agreement transactions may be found on each Fund's Schedule of Portfolio Investments. Information concerning the counterparties to each Repurchase Agreement and levels of collateralization may be found above, under the caption "Repurchase Agreements."

Following is a description of the Funds' use of derivative instruments, the types of derivatives utilized by the Funds during the reporting period, as well as the primary underlying risk exposures related to each instrument type.

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 163

Futures Contracts

Each Fund may purchase or sell futures contracts and options thereon as a substitute for a comparable market position in the underlying securities or to satisfy regulatory requirements. A physical-settlement futures contract generally obligates the seller to deliver (and the purchaser to take delivery of) the specified asset on the expiration date of the contract. A cash-settled futures contract obligates the seller to deliver (and the purchaser to accept) an amount of cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the final settlement price of a specific futures contract and the price at which the agreement is made. No physical delivery of the underlying asset is made.

The Funds generally engage in closing or offsetting transactions before final settlement of a futures contract, wherein a second identical futures contract is sold to offset a long position (or bought to offset a short position). In such cases, the obligation is to deliver (or take delivery of) cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the price of the offsetting transaction and the price at which the original contract was entered into. If the original position entered into is a long position (futures contract purchased) there will be a gain (loss) if the offsetting sell transaction is carried out at a higher (lower) price, inclusive of commissions. If the original position entered into is a short position (futures contract sold) there will be a gain (loss) if the offsetting buy transaction is carried out at a lower (higher) price, inclusive of commissions.

Whether a Fund realizes a gain or loss from futures activities depends generally upon movements in the underlying currency, commodity, security or index. The extent of the Fund's loss from an unhedged short position in futures contracts or from writing options on futures contracts is potentially unlimited. Each Fund will engage in transactions in futures contracts and related options that are traded on a U.S. exchange or board of trade or that have been approved for sale in the U.S. by the CFTC.

Upon entering into a futures contract, each Fund will be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 5% to 10% of the contract amount for equity, index and commodity futures and in the range of approximately 1% to 3% of the contract amount for bond and currency futures (these amounts are subject to change by the exchange on which the contract is traded). This amount, known as "initial margin," is in the nature of a performance bond or good faith deposit on the contract and is returned to the Fund upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker will be made as the price of the security, currency, commodity or index underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking-to-market." At any time prior to expiration of a futures contract, a Fund may elect to close its position by taking an opposite position, which will operate to terminate the Fund's existing position in the contract.

The primary risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures and the market value of the underlying assets, and the possibility of an illiquid market for a futures contract. Although each Fund intends to

sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit, or trading may be suspended for specified periods during the day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible, or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund will be required to make daily cash payments of variation margin. The risk that the Fund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. In addition, although the counterparty to a futures contract is often a clearing organization, backed by a group of financial institutions, there may be instances in which the counterparty could fail to perform its obligations, causing significant losses to a Fund.

Forward Currency Contracts

Each Fund may invest in forward currency contracts for investment or risk management purposes. A forward currency contract is an obligation to buy or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are entered into on the interbank market conducted directly between currency traders (usually large commercial banks) and their customers.

At or before the maturity of a forward currency contract, a Fund may either sell a portfolio security and make delivery of the currency, or retain the security and terminate its contractual obligation to deliver the currency by buying an "offsetting" contract obligating it to buy, on the same maturity date, the same amount of the currency. If the Fund engages in an offsetting transaction, it may later enter into a new forward currency contract to sell the currency.

If a Fund engages in offsetting transactions, the Fund will incur a gain or loss, to the extent that there has been movement in forward currency contract prices. If forward prices go down during the period between the date a Fund enters into a forward currency contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent that the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to buy. If forward prices go up, the Fund will suffer a loss to the extent the price of the currency it has agreed to buy exceeds the price of the currency it has agreed to sell.

Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

Swap Agreements

Each Fund may enter into swap agreements to gain exposure to an underlying asset without actually purchasing such asset (or shorting such asset), or to hedge a position, including in circumstances in

164 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

which direct investment is restricted for legal reasons or is otherwise impracticable. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on a particular pre-determined investment or instrument. The gross return to be exchanged or "swapped" between the parties is calculated with respect to a "notional amount," e.g., the return on or change in value of a particular dollar amount invested in a "basket" of securities or an ETF representing a particular index or group of securities.

Most swap agreements entered into by a Fund calculate and settle the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, a Fund's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount").

When investing in swap agreements, the Funds may hold or gain exposure to only a representative sample of the securities in an index, or to a component of the index.

On a typical long swap, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular underlying assets (e.g., an ETF, or securities comprising an index), plus any dividends or interest that would have been received on those assets. The Fund will agree to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such assets plus, in certain circumstances, commissions or trading spreads on the notional amount. Therefore, the return to the Fund on a long swap should be the gain or loss on the notional amount plus dividends or interest on the assets less the interest paid by the Fund on the notional amount. As a trading technique, the Advisor may substitute physical securities with a swap agreement having investment characteristics substantially similar to the underlying securities.

Some Funds may also enter into swap agreements that provide the opposite return of their index or a security. These swaps are similar to the long swaps disclosed above except that the counterparty pays interest to each Fund on the notional amount outstanding and that dividends or interest on the underlying instruments reduce the value of the swap. In addition, in certain instances, each Fund will agree to pay to the counterparty commissions or trading spreads on the notional amount. These amounts are netted with any unrealized gain or loss to determine the value of the swap.

A Fund's current obligations under most swap agreements (total return swaps, equity/index swaps, interest rate swaps) will be accrued daily (offset against any amounts owed to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating or earmarking cash and/or securities determined to be liquid, but typically no payments will be made until the settlement date.

A Fund will not enter into uncleared swap agreements (i.e., not cleared by a central counterparty) unless the Advisor believes that the counterparty to the transaction is creditworthy. The counterparty to an

uncleared swap agreement will typically be a major global financial institution. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. If such a default occurs, a Fund will have contractual remedies pursuant to the swap agreements, but such remedies may be subject to bankruptcy and insolvency laws that could affect the Fund's rights as a creditor.

In the normal course of business, a Fund enters into International Swaps and Derivatives Association ("ISDA") agreements with certain counterparties for derivative transactions. These agreements contain, among other conditions, events of default and termination events, and various covenants and representations. Certain of the Fund's ISDA agreements contain provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund's NAV over specific periods of time, which may or may not be exclusive of redemptions. If the Fund were to trigger such provisions and have open derivative positions at that time, counterparties to the ISDA agreements could elect to terminate such ISDA agreements and request immediate payment in an amount equal to the net liability positions, if any, under the relevant ISDA agreement. Pursuant to the terms of its ISDA agreements, the Fund will have already collateralized its liability under such agreements, in some cases only in excess of certain threshold amounts. The Funds seek to mitigate risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to certain minimum thresholds, although the Funds may not always be successful. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to risks, including possible delays in recovering amounts as a result of bankruptcy proceedings.

The use of swaps is a highly specialized activity which involves investment techniques and risks in addition to, and in some cases different from, those associated with ordinary portfolio securities transactions. The primary risks associated with the use of swap agreements are mispricing or improper valuation, imperfect correlation between movements in the notional amount and the price of the underlying investments, and the inability of counterparties or clearing organizations to perform. A Fund may use a combination of swaps on an underlying index and swaps on an ETF that is designed to track the performance of that index, or it may solely use swaps on an ETF to achieve its desired investment exposure. The performance of an ETF may not track the performance of its underlying index due to embedded costs and other factors. Thus, to the extent a Fund invests in swaps that use an ETF as the reference asset, that Fund may be subject to greater correlation risk and may not achieve as high a degree of correlation with its index as it would if the Fund used only swaps on the underlying index. The Advisor, under supervision from the Board, is responsible for determining and monitoring the liquidity of the Funds' transactions in swap agreements.

All of the outstanding swap agreements held by the Funds on November 30, 2021 contractually terminate within 26 months but may be terminated without penalty by either party daily. Upon termination, the Fund is entitled to receive or pay the "unrealized appreciation or depreciation" amount existing at the date of termination.

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 165

The Financial Accounting Standards Board, pursuant to Accounting Standards Codification 815-10 ("ASC 815-10"), requires companies (including the Trust) to disclose information intended to enable financial statement users to understand how derivative instruments affect the Statements of Assets and Liabilities as well as the affect of derivative instruments on the Statements of Operations during the reporting period, in the context of each entity's risk exposure. ASC 815-10 provides examples of risk exposure, including interest rate, foreign exchange, equity, commodity and credit.

As the Funds' investment objective is to provide investment results, before fees and expenses, that correspond to the return of its underlying index on a daily basis (except for the ProShares Managed Futures Strategy ETF, which seeks to provide positive returns that are not directly correlated to broad equity or fixed income markets), the

derivatives utilized are aligned to the same primary risk. The primary risk exposure for those Funds benchmarked to an equity index is equity risk, for Funds benchmarked to a fixed-income index the primary risk is interest rate risk and for the foreign currency contracts held by ProShares Merger ETF and for the currency futures contracts held by ProShares Hedge Replication ETF and ProShares Managed Futures Strategy ETF, the primary risk is foreign currency risk. The primary risk for ProShares Bitcoin Strategy ETF, ProShares K-1 Free Crude Oil Strategy ETF and ProShares Managed Futures Strategy ETF is commodity market risk.

The following tables indicate the location of derivative-related items on the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations during the reporting period.

Fair Value of Derivative Instruments as of November 30, 2021

Asset Derivatives

  

Liabilities Derivatives

  
Derivatives not
accounted for as
hedging
instruments under
ASC 815		   Statements of
Assets
and Liabilities
Location		  

Fund

   Unrealized
Appreciation*		   Statements of
Assets
and Liabilities
Location		  

Fund

   Unrealized
Depreciation*		  
Equity and Bond
index futures
contracts/
Non-exchange
traded swap
agreements/
Forward currency
contracts		   Net assets consist
of: Net unrealized
appreciation
(depreciation) on:
futures contracts*;
Assets: Unrealized
appreciation on
non-exchange
traded swap
agreements and
forward currency
contracts		           Net assets consist
of: Net unrealized
appreciation
(depreciation) on:
futures contracts*;
Liabilities: Unrealized
depreciation on
non-exchange
traded swap
agreements and
forward currency
contracts		          
       

Bitcoin Strategy ETF

    

—

        

Bitcoin Strategy ETF

  

$

24,010,548

    
        Decline of the Retail Store
ETF		  

$

147,281

         Decline of the Retail Store
ETF		    

13,455

    
       

Hedge Replication ETF

    

—

        

Hedge Replication ETF

    

487,082

    
        High Yield-Interest Rate
Hedged		    

8,145

         High Yield-Interest Rate
Hedged		    

247,082

    
       

Inflation Expectations ETF

    

945,135

        

Inflation Expectations ETF

    

2,029,589

    
        Investment Grade-Interest
Rate Hedged		    

—

         Investment Grade-Interest
Rate Hedged		    

9,222,371

    
        K-1 Free Crude Oil
Strategy ETF		    

505,703

         K-1 Free Crude Oil
Strategy ETF		    

4,994,827

    
       

Large Cap Core Plus

    

7,350,617

        

Large Cap Core Plus

    

6,124,525

    
        Long Online/Short Stores
ETF		    

892,486

         Long Online/Short Stores
ETF		    

795,424

    
        Managed Futures Strategy
ETF		    

38,230

         Managed Futures Strategy
ETF		    

147,449

    
       

Merger ETF

    

1,809,777

        

Merger ETF

    

332,315

    
       

RAFITM Long/Short

    

165,250

        

RAFITM Long/Short

    

14,721

    

*  Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Portfolio Investments. For these securities, only the variation margin is reported within the asset and liability sections of the Statements of Assets and Liabilities.

166 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

The Effect of Derivative Instruments on the Statements of Operations for the Six Month Ended November 30, 2021

Derivatives not
accounted for as
hedging
instruments under
ASC 815		   Location of Gain or (Loss) on
Derivatives on the
Statements of Operations		  

Fund

   Realized Gain or
(Loss) on
Derivatives		   Change in
Unrealized
Appreciation or
(Depreciation) on
Derivatives		  
Equity and Bond
index futures
contracts/
Non-exchange
traded swap
agreements/Forward
currency contracts		   Net realized gain (loss) on
Expiration or closing of: futures
contracts, non-exchange traded
swap agreements and
Settlement of forward foreign
currency contracts; Change in
net unrealized appreciation
(depreciation) on: Futures
contracts, Non-exchange traded
swap agreements and Foreign
currency translations		  

Bitcoin Strategy ETF

  

$

(169,124,943

)

  

$

(24,010,548

)

  
       

Decline of the Retail Store ETF

    

(3,308,481

)

    

2,597,523

    
       

Hedge Replication ETF

    

2,423,260

      

(2,912,976

)

  
       

High Yield-Interest Rate Hedged

    

790,367

      

(296,469

)

  
       

Inflation Expectations ETF

    

(3,791,778

)

    

(657,711

)

  
       

Investment Grade-Interest Rate Hedged

    

(31,460,921

)

    

(9,950,342

)

  
       

K-1 Free Crude Oil Strategy ETF

    

11,070,862

      

(4,977,124

)

  
       

Large Cap Core Plus

    

13,594,042

      

(267,009

)

  
       

Long Online/Short Stores ETF

    

(8,137,267

)

    

3,257,217

    
       

Managed Futures Strategy ETF

    

191,957

      

(195,837

)

  
       

Merger ETF

    

(1,542,133

)

    

2,656,140

    
       

RAFITM Long/Short

    

(1,455,031

)

    

1,026,986

    

Taxes and Distributions

Each of the Funds intends to qualify or continue to qualify as a regulated investment company and distribute substantially all of its net investment income and capital gains to shareholders. Accordingly, no provision for Federal income taxes is required in the financial statements.

As of November 30, 2021, management of the Funds has reviewed all open tax years and major jurisdictions (the last four tax year ends including the interim tax periods since then, as applicable) and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

Distributions to shareholders from net investment income and net capital gain, if any, are declared and paid at least annually. The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales, 1256 mark-to-market, partnerships, passive foreign investment companies mark-to-market, constructive sales adjustments and qualified late-year loss deferrals) do not require a reclassification. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. While subject to management's discretion, any available tax equalization is typically applied first to short-term capital gains, next to long-term capital gains and then to ordinary income. To the extent distributions exceed net investment income and net realized capital gains for tax purposes, they are reported as a tax return of capital.

The Funds' tax year end is October 31st and the tax character of current year distributions and current components of accumulated earnings (deficit) will be determined at the end of the current tax year.

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 167

The tax character of distributions paid for the most recent tax years ended October 31, 2021 and October 31, 2019, were as follows:

   

Year Ended October 31, 2021

  

Year Ended October 31, 2020

  

Fund

   Distributions
paid from
ordinary
income		   Distributions
paid from
net long-term
capital gains		   Tax
return of
capital		   Total
Distributions		   Distributions
paid from
ordinary
income		   Distributions
paid from
net long-term
capital gains		   Tax
return of
capital		   Total
Distributions		  
Decline of the Retail
Store ETF		    

—

      

—

      

—

      

—

    

$

29,634

      

—

    

$

11,175

    

$

40,809

    
DJ Brookfield Global
Infrastructure ETF		  

$

4,579,364

      

—

      

—

    

$

4,579,364

      

4,404,834

      

—

      

—

      

4,404,834

    
Equities for Rising
Rates ETF		    

94,619

      

—

      

—

      

94,619

      

40,353

      

—

      

—

      

40,353

    
Global Listed Private
Equity ETF		    

2,165,196

      

—

      

—

      

2,165,196

      

1,688,775

      

—

      

—

      

1,688,775

    
Hedge Replication
ETF		    

—

      

—

      

—

      

—

      

86,291

      

—

      

11,239

      

97,530

    
High Yield-Interest Rate
Hedged		    

4,609,154

      

—

      

—

      

4,609,154

      

5,287,272

      

—

      

—

      

5,287,272

    
Inflation Expectations
ETF		    

904,369

      

—

      

—

      

904,369

      

252,609

      

—

      

—

      

252,609

    
Investment Grade-
Interest Rate
Hedged		    

15,727,767

      

—

      

—

      

15,727,767

      

7,733,811

      

—

      

—

      

7,733,811

    
K-1 Free Crude Oil
Strategy ETF		    

10,954,243

      

—

      

—

      

10,954,243

      

30,754

      

—

      

—

      

30,754

    

Large Cap Core Plus

    

4,296,408

      

—

      

—

      

4,296,408

      

8,415,580

      

—

      

—

      

8,415,580

    
Long Online/Short
Stores ETF		    

2,129,774

      

—

      

—

      

2,129,774

      

1,194,484

      

—

      

—

      

1,194,484

    
Managed Futures
Strategy ETF		    

—

      

—

      

—

      

—

      

15,487

    

$

2,053

      

3,667

      

21,207

    

Merger ETF

    

235,774

      

—

      

—

      

235,774

      

27,031

      

—

      

—

      

27,031

    
Morningstar
Alternatives Solution
ETF		    

234,154

      

—

    

$

223

      

234,377

      

116,164

      

—

      

1,241

      

117,405

    
MSCI EAFE Dividend
Growers ETF		    

2,322,875

      

—

      

—

      

2,322,875

      

2,082,024

      

—

      

—

      

2,082,024

    
MSCI Emerging
Markets Dividend
Growers ETF		    

428,638

      

—

      

—

      

428,638

      

811,191

      

—

      

—

      

811,191

    
MSCI Europe Dividend
Growers ETF		    

148,837

      

—

      

—

      

148,837

      

128,617

      

—

      

—

      

128,617

    
MSCI Transformational
Changes ETF		    

90,521

      

—

      

—

      

90,521

      

—

      

—

      

—

      

—

    
Nasdaq-100 Dorsey
Wright Momentum
ETF		    

8,273

      

—

      

—

      

8,273

      

—

      

—

      

—

      

—

    

Online Retail ETF

    

6,686,189

      

—

      

—

      

6,686,189

      

1,792,462

      

—

      

—

      

1,792,462

    

Pet Care ETF

    

489,582

      

—

      

—

      

489,582

      

155,960

      

—

      

—

      

155,960

    

RAFITM Long/Short

    

57,151

      

—

      

—

      

57,151

      

90,644

      

—

      

—

      

90,644

    
Russell 2000 Dividend
Growers ETF		    

17,029,913

      

—

      

—

      

17,029,913

      

14,822,286

      

—

      

—

      

14,822,286

    
Russell U.S. Dividend
Growers ETF		    

590,148

      

—

      

—

      

590,148

      

395,376

      

—

      

—

      

395,376

    

S&P 500® Bond ETF

    

768,742

      

—

      

—

      

768,742

      

898,083

      

—

      

—

      

898,083

    
S&P 500® Dividend
Aristocrats ETF		    

166,605,956

      

—

      

—

      

166,605,956

      

138,661,646

      

—

      

—

      

138,661,646

    

168 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

   

Year Ended October 31, 2021

  

Year Ended October 31, 2020

  

Fund

   Distributions
paid from
ordinary
income		   Distributions
paid from
net long-term
capital gains		   Tax
return of
capital		   Total
Distributions		   Distributions
paid from
ordinary
income		   Distributions
paid from
net long-term
capital gains		   Tax
return of
capital		   Total
Distributions		  
S&P 500® Ex-Energy
ETF		  

$

273,752

      

—

      

—

    

$

273,752

    

$

213,486

      

—

      

—

    

$

213,486

    
S&P 500® Ex-Financials
ETF		    

76,616

      

—

      

—

      

76,616

      

46,836

      

—

      

—

      

46,836

    
S&P 500® Ex-Health
Care ETF		    

39,649

      

—

      

—

      

39,649

      

31,221

      

—

      

—

      

31,221

    
S&P 500®
Ex-Technology ETF		    

91,165

      

—

      

—

      

91,165

      

60,424

      

—

      

—

      

60,424

    
S&P MidCap 400®
Dividend Aristocrats
ETF		    

24,692,475

      

—

      

—

      

24,692,475

      

17,300,177

      

—

      

—

      

17,300,177

    
S&P Technology
Dividend Aristocrats
ETF		    

1,219,048

      

—

      

—

      

1,219,048

      

507,704

      

—

      

—

      

507,704

    
Short Term USD
Emerging Markets
Bond ETF		    

199,918

      

—

      

—

      

199,918

      

226,285

      

—

      

—

      

226,285

    

At October 31, 2021 (the Funds' most recent tax year end), the components of accumulated earnings (deficit) on a tax basis were as follows:

Fund

   Undistributed
Ordinary
Income		   Undistributed
Long-Term
Capital Gain		   Accumulated
Capital and
Other Losses		   Unrealized
Appreciation/
(Depreciation)		  

Big Data Refiners ETF

    

—

      

—

      

—

    

$

262,859

    

Bitcoin Strategy ETF

    

—

      

—

    

$

(336,680

)

    

(49,699,506

)

  

Decline of the Retail Store ETF

    

—

      

—

      

(26,968,684

)

    

(2,867,261

)

  

DJ Brookfield Global Infrastructure ETF

    

—

      

—

      

(6,459,384

)

    

5,031,353

    

Equities for Rising Rates ETF

  

$

17,463

      

—

      

(1,379,606

)

    

1,123,840

    

Global Listed Private Equity ETF

    

879,339

      

—

      

(3,909,169

)

    

1,715,565

    

Hedge Replication ETF

    

—

      

—

      

—

      

3,188,187

    

High Yield-Interest Rate Hedged

    

498,941

      

—

      

(43,441,020

)

    

(97,870

)

  

Inflation Expectations ETF

    

92,514

      

—

      

(10,978,759

)

    

2,032,772

    

Investment Grade-Interest Rate Hedged

    

1,983,207

      

—

      

(55,039,812

)

    

13,962,740

    

K-1 Free Crude Oil Strategy ETF

    

24,240,927

      

—

      

—

      

11,553,890

    

Large Cap Core Plus

    

267,138

      

—

      

(9,192,695

)

    

145,216,535

    

Long Online/Short Stores ETF

    

—

      

—

      

(36,590,713

)

    

(8,165,990

)

  

Managed Futures Strategy ETF

    

152,494

      

—

      

(43,026

)

    

49,752

    

Merger ETF

    

—

      

—

      

(1,509,183

)

    

3,024,361

    

Morningstar Alternatives Solution ETF

    

—

      

—

      

(2,298,850

)

    

861,787

    

MSCI EAFE Dividend Growers ETF

    

2,021,841

      

—

      

(701,483

)

    

24,361,058

    
MSCI Emerging Markets Dividend
Growers ETF		    

11,818

      

—

      

(2,635,470

)

    

1,075,487

    

MSCI Europe Dividend Growers ETF

    

140,566

      

—

      

(820,808

)

    

2,336,983

    

MSCI Transformational Changes ETF

    

21,777

      

—

      

(99,486

)

    

2,679,804

    

Nanotechnology ETF

    

—

      

—

      

(179

)

    

84,089

    
Nasdaq-100 Dorsey Wright Momentum
ETF		    

—

      

—

      

(661,574

)

    

2,286,673

    

On-Demand ETF

    

665

      

—

      

(315

)

    

(84,031

)

  

Online Retail ETF

    

—

      

—

      

(2,038,140

)

    

(105,493,442

)

  

Pet Care ETF

    

147,579

      

—

      

—

      

14,584,471

    

RAFITM Long/Short

    

3,385

      

—

      

(22,153,377

)

    

554,887

    

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 169

Fund

   Undistributed
Ordinary
Income		   Undistributed
Long-Term
Capital Gain		   Accumulated
Capital and
Other Losses		   Unrealized
Appreciation/
(Depreciation)		  

Russell 2000 Dividend Growers ETF

  

$

1,493,706

      

—

    

$

(66,296,385

)

  

$

85,792,297

    

Russell U.S. Dividend Growers ETF

    

40,258

      

—

      

(259,803

)

    

2,061,185

    

S&P 500® Bond ETF

    

51,576

      

—

      

(15,311

)

    

129,458

    

S&P 500® Dividend Aristocrats ETF

    

19,551,298

      

—

      

—

      

1,161,658,156

    

S&P 500® Ex-Energy ETF

    

23,878

      

—

      

(151,677

)

    

2,775,594

    

S&P 500® Ex-Financials ETF

    

6,185

      

—

      

(34,783

)

    

903,794

    

S&P 500® Ex-Health Care ETF

    

3,701

      

—

      

—

      

442,480

    

S&P 500® Ex-Technology ETF

    

9,471

      

—

      

(68,542

)

    

528,684

    

S&P Kensho Cleantech ETF

    

—

      

—

      

(2,294

)

    

957,646

    

S&P Kensho Smart Factories ETF

    

—

      

—

      

(1,901

)

    

286,369

    

S&P MidCap 400® Dividend Aristocrats ETF

    

3,070,134

      

—

      

(1,523,082

)

    

162,050,357

    

S&P Technology Dividend Aristocrats ETF

    

71,474

      

—

      

—

      

10,966,739

    
Short Term USD Emerging Markets Bond
ETF		    

19,311

      

—

      

(866,518

)

    

76,117

    

Smart Materials ETF

    

2,258

      

—

      

(319

)

    

(611

)

  

Temporary differences are generally due to differing book and tax treatments for the timing of the recognition of gains and losses on certain investment transactions and the timing and the deductibility of certain expenses. Permanent differences, primarily due to gain (loss) on in-kind redemptions, reclassification on sale of derivatives, designation of taxable distributions in excess, utilization of earnings and profits distributed to the shareholders on redemption of shares and nondeductible expenses, resulted in reclassifications as of October 31, 2021 (the Funds' most recent tax year end), among the Funds' components of net assets.

As of October 31, 2021 (the Funds' most recent tax year end), the Funds had capital loss carry forwards ("CLCFs") available to offset future realized gains, if any, to the extent provided for by regulations and to thereby reduce the amount of future taxable capital gain distributions. Under current tax law, CLCFs retain their character as either short-term or long-term capital losses, and are not subject to expiration.

At October 31, 2021 (the Funds' most recent tax year end), the following Funds had available CLCFs:

   

No Expiration Date

  

Decline of the Retail Store ETF

  

$

26,922,782

    

DJ Brookfield Global Infrastructure ETF

    

6,459,384

    

Equities for Rising Rates ETF

    

1,379,606

    

Global Listed Private Equity ETF

    

3,909,169

    

High Yield-Interest Rate Hedged

    

43,441,020

    

Inflation Expectations ETF

    

10,978,759

    

Investment Grade-Interest Rate Hedged

    

55,039,812

    

Large Cap Core Plus

    

9,192,695

    

Long Online/Short Stores ETF

    

36,153,035

    

Managed Futures Strategy ETF

    

43,026

    

Merger ETF

    

1,509,183

    

Morningstar Alternatives Solution ETF

    

2,298,850

    

MSCI EAFE Dividend Growers ETF

    

701,483

    

MSCI Emerging Markets Dividend Growers ETF

    

2,635,470

    

MSCI Europe Dividend Growers ETF

    

820,808

    

MSCI Transformational Changes ETF

    

99,486

    

Nasdaq-100 Dorsey Wright Momentum ETF

    

661,574

    

RAFITM Long/Short

    

22,153,377

    

Russell 2000 Dividend Growers ETF

    

66,296,385

    

Russell U.S. Dividend Growers ETF

    

259,803

    

S&P 500® Bond ETF

    

15,311

    

S&P 500® Ex-Energy ETF

    

151,677

    

S&P 500® Ex-Financials ETF

    

34,783

    

170 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

   

No Expiration Date

  

S&P 500® Ex-Technology ETF

  

$

68,542

    

S&P Kensho Cleantech ETF

    

199

    

S&P MidCap 400® Dividend Aristocrats ETF

    

1,523,082

    

Short Term USD Emerging Markets Bond ETF

    

866,518

    

At October 31, 2021 (the Funds' most recent tax year end), the following Funds utilized CLCFs and/or elected to defer late-year ordinary losses to November 1, 2021:

Fund

  

CLCFs Utilized

   Ordinary Late Year
Loss Deferrals		  

Bitcoin Strategy ETF

    

—

    

$

336,680

    

Decline of the Retail Store ETF

    

—

      

45,902

    

Equities for Rising Rates ETF

  

$

173,679

      

—

    

Hedge Replication ETF

    

358,056

      

—

    

High Yield-Interest Rate Hedged

    

2,501,814

      

—

    

Investment Grade-Interest Rate Hedged

    

9,810,623

      

—

    

Large Cap Core Plus

    

24,722,243

      

—

    

Long Online/Short Stores ETF

    

3,080,688

      

437,678

    

Managed Futures Strategy ETF

    

7,531

      

—

    

Merger ETF

    

5,595

      

—

    

Morningstar Alternatives Solution ETF

    

92,329

      

—

    

MSCI EAFE Dividend Growers ETF

    

7,993,399

      

—

    

MSCI Emerging Markets Dividend Growers ETF

    

955,373

      

—

    

MSCI Europe Dividend Growers ETF

    

423,856

      

—

    

Nanotechnology ETF

    

—

      

179

    

On-Demand ETF

    

—

      

315

    

Online Retail ETF

    

274,581

      

2,038,140

    

Pet Care ETF

    

188,239

      

—

    

RAFITM Long/Short

    

45,053

      

—

    

Russell 2000 Dividend Growers ETF

    

40,895,364

      

—

    

Russell U.S. Dividend Growers ETF

    

491,527

      

—

    

S&P 500® Dividend Aristocrats ETF

    

52,067,419

      

—

    

S&P 500® Ex-Energy ETF

    

21,585

      

—

    

S&P 500® Ex-Health Care ETF

    

20,051

      

—

    

S&P 500® Ex-Technology ETF

    

9,028

      

—

    

S&P Kensho Cleantech ETF

    

—

      

2,095

    

S&P Kensho Smart Factories ETF

    

—

      

1,901

    

S&P MidCap 400® Dividend Aristocrats ETF

    

22,212,936

      

—

    

Short Term USD Emerging Markets Bond ETF

    

45,258

      

—

    

Smart Materials ETF

    

—

      

319

    

3. Investment Transactions, Income and Expense Allocations

Throughout the reporting period, investment transactions are generally accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions on the last business day of the reporting period are accounted for on the trade date.

Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount. Dividend income is recorded on the ex-dividend date except for certain foreign dividends that may be recorded as soon as such information becomes available. Non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

Expenses directly attributable to a Fund are charged to that Fund, while expenses which are attributable to more than one Fund or jointly with an affiliate, are allocated among the respective Funds and/or affiliates based upon relative net assets or another reasonable basis.

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 171

4. Advisory and Management Service Fees and Transactions with Affiliates

The Advisor serves as the investment adviser to each Fund subject to an expense limitation, as outlined in the table below (the "Capped Funds"), pursuant to an Investment Advisory Agreement. For its investment advisory services, each Capped Fund pays the Advisor a monthly fee, accrued daily at an annualized rate based on its average daily net assets. Pursuant to a separate Management Services Agreement, the Advisor performs certain administrative services on behalf of the Capped Funds, such as negotiating, coordinating and implementing the Trust's contractual obligations with the Funds' service providers; monitoring, overseeing and reviewing the performance of such service providers to ensure adherence to applicable contractual obligations; and preparing or coordinating reports and presentations to the Board of Trustees with respect to such service providers. For these and other services, each Capped Fund pays the Advisor monthly management services fees, accrued daily at an annualized rate based on its average daily net assets.

The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses, in order to limit the annual operating expenses of each Capped Fund. These expense limitations remain in effect until the dates specified in the table below, after which they may be terminated or revised.

For the period ended November 30, 2021, advisory and management services fees, waivers, reimbursements, and expense limitations were as follows:

Fund

   Investment
Advisory
Fee Rate*		   Management
Services
Fee Rate		   Advisory
Fees Waived		   Management
Services
Fees Waived		   Expense
Reimbursements		   Expense
Limitation		   Expense Limitation
Effective Through		  

Global Listed Private Equity ETF

    

0.50

%

    

0.10

%

  

$

56,211

    

$

11,242

    

$

6,634

      

0.60

%

  

September 30, 2022

  

Hedge Replication ETF

    

0.75

      

0.10

      

150,837

      

—

      

—

      

0.95

    

September 30, 2022

  

Inflation Expectations ETF

    

0.55

      

0.10

      

111,754

      

20,318

      

7,311

      

0.30

    

September 30, 2022

  

Merger ETF

    

0.75

      

0.10

      

107,708

      

—

      

—

      

0.75

    

September 30, 2022

  
Morningstar Alternatives Solution
ETF(1)		    

0.07

      

0.10

      

3,390

      

4,842

      

24,904

      

0.95

    

September 30, 2022

  

RAFITM Long/Short

    

0.75

      

0.10

      

18,821

      

2,510

      

53,530

      

0.95

    

September 30, 2022

  
Short Term USD Emerging Markets
Bond ETF		    

0.50

      

0.10

      

20,967

      

4,193

      

36,223

      

0.50

    

September 30, 2022

  

*  In addition to the expense limitations disclosed above, the Advisor has entered into an Advisory Fee Waiver Agreement for each Fund that reduces the annualized advisory fee rate subject to the following breakpoints: 0.75% of the first $4.0 billion of average daily net assets of the Fund, 0.70% of the next $1.5 billion, 0.65% of the next $1.5 billion, 0.60% of the next $1.5 billion and 0.55% of average daily net assets of the Fund over $8.5 billion. To the extent that a Fund achieves an asset breakpoint, the Advisor will waive fees in order to match the corresponding reduction in the tiered advisory fee limit. Any such waivers are reflected as a component of "Expenses waived and/or reimbursed by Advisor" on the Statements of Operations, and are not subject to subsequent recoupment by the Advisor.

(1)  The Advisor has agreed to waive Investment Advisory and Management Services fees for the ProShares Morningstar Alternatives Solution ETF through October 31, 2022. Fees waived under this agreement are not subject to subsequent recoupment by the Advisor. The expense limitation of 0.95% is inclusive of Acquired Fund Fees and Expenses ("AFFE") for this Fund. AFFE are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. Because AFFE are not direct expenses of the Fund, they are not reflected on the Fund's financial statements.

For each Fund, amounts waived or reimbursed by the Advisor may be recouped by the Advisor within five years of the end of the applicable contractual period to the extent that such recoupments would not cause a Fund's annualized operating expenses to exceed the lesser of (1) the expense limitation in effect at the time of waiver, and (2) the expense limitation in effect at the time of recoupment. Any amounts recouped by the Advisor during the period are reflected in the Statements of Operations as "Recoupment of prior expenses waived and/or reimbursed by Advisor". As of November 30, 2021, the amounts eligible for recoupment and the date of expiration are as follows:

   

Expires September 30,

   Total Amount
Eligible for 		 

Fund

  

2022

  

2023

  

2024

  

2025

  

2026

  

2027

  

Recoupment

  

Global Listed Private Equity ETF

  

$

128,000

    

$

136,169

    

$

124,461

    

$

153,246

    

$

149,156

    

$

24,421

    

$

715,453

    

Hedge Replication ETF

    

259,681

      

347,042

      

212,474

      

210,955

      

347,389

      

41,086

      

1,418,627

    

Inflation Expectations ETF

    

296,029

      

159,591

      

202,598

      

213,190

      

209,329

      

47,025

      

1,127,762

    

Merger ETF

    

129,121

      

139,569

      

141,587

      

151,118

      

181,794

      

38,076

      

781,265

    
Morningstar Alternatives Solution
ETF*		    

82,938

      

—

      

54,443

      

57,641

      

51,382

      

7,691

      

254,095

    

RAFITM Long/Short

    

161,767

      

159,807

      

171,310

      

126,316

      

155,318

      

22,125

      

796,643

    
Short Term USD Emerging Markets
Bond ETF		    

109,952

      

124,951

      

115,243

      

122,960

      

119,938

      

20,763

      

613,807

    

*  Total amount eligible for recoupment excludes the waiver of Investment Advisory and Management Services fees through October 31, 2021.

172 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

The Advisor also serves as the investment adviser to each Fund not subject to an expense limitation as outlined below (the "Unitary Fee Funds") pursuant to an Investment Advisory and Management Agreement. The Unitary Fee Funds pay the Advisor a monthly fee, accrued daily at an annualized rate based on average daily net assets for investment advisory and management services. The Advisor is responsible for substantially all other expenses of the Unitary Fee Funds except, generally, interest expenses (except that the Advisor will pay net expenses incurred in connection with investments in reverse repurchase agreements in ProShares Bitcoin Strategy ETF), taxes, brokerage and other transaction costs (except that the Advisor will pay account or similar fees charges by futures commission merchants in ProShares Bitcoin Strategy ETF), legal expenses fees and expenses related to securities lending, compensation and expenses of the Independent Trustees, compensation and expenses of the counsel to the Independent Trustees, compensation and expenses of the Trust's chief compliance officer and his or her staff, legal fees and expenses in connection with litigation, future distribution fees or expenses (if any), and extraordinary expenses.

The following funds have a unitary fee: ProShares Big Data Refiners ETF (0.58%), ProShares Bitcoin Strategy ETF (0.95%), ProShares Decline of the Retail Store ETF (0.65%), ProShares DJ Brookfield Global Infrastructure ETF (0.45%), ProShares Equities for Rising Rates ETF (0.35%), ProShares High Yield-Interest Rate Hedged (0.50%), ProShares Investment Grade — Interest Rate Hedged (0.30%), ProShares K-1 Free Crude Oil Strategy ETF (0.65%), ProShares Large Cap Core Plus (0.45%), ProShares Long Online/Short Stores ETF (0.65%), ProShares Managed Futures Strategy ETF (0.75%), ProShares MSCI EAFE Dividend Growers ETF (0.50%), ProShares MSCI Emerging Markets Dividend Growers ETF (0.60%), ProShares MSCI Europe Dividend Growers ETF (0.55%), ProShares MSCI Transformational Changes ETF (0.45%), ProShares Nasdaq-100 Dorsey Wright Momentum ETF (0.58%), ProShares Nanotechnology (0.58%), ProShares On-Demand ETF (0.58%), ProShares Online Retail ETF (0.58%), ProShares Pet Care ETF (0.50%), ProShares Russell 2000 Dividend Growers ETF (0.40%), ProShares Russell U.S. Dividend Growers ETF (0.35%), ProShares S&P 500® Bond ETF (0.15%), ProShares S&P 500® Dividend Aristocrats ETF (0.35%), ProShares S&P 500® Ex-Energy ETF (0.27%), ProShares S&P 500® Ex-Financials ETF (0.27%), ProShares S&P 500® Ex-Health Care ETF (0.27%), ProShares S&P 500® Ex-Technology ETF (0.27%), ProShares S&P Kensho Cleantech ETF (0.58%), ProShares Kensho Smart Factories ETF (0.58%), ProShares S&P MidCap 400® Dividend Aristocrats ETF (0.40%), ProShares S&P Technology Dividend Aristocrats ETF (0.45%) and ProShares Smart Materials (0.58%).

ProShares Morningstar Alternatives Solution ETF invests exclusively in Underlying ETFs that are affiliated with the Advisor. The Fund's position in an Underlying Fund could be material to the Underlying Fund. At the end of the reporting period, the Fund's investments in Underlying Funds amounted to the following approximate percentages of the Underlying Funds' net assets: ProShares DJ Brookfield Global Infrastructure ETF — 1.5%; ProShares Global Listed Private Equity ETF — 5.3%; ProShares Hedge Replication ETF — 4.1%; ProShares Inflation Expectations ETF — 2.4%; ProShares Managed Futures Strategy ETF — 12.2%; ProShares Merger ETF — 3.3%; and ProShares RAFITM Long/Short — 17.8%.

Employees of the Advisor serve in the roles of Interested Trustee, President, Chief Legal Officer and Secretary of the Trust. These individuals receive no compensation directly from the Trust. Another employee of the Advisor serves as Chief Compliance Officer and Anti-Money Laundering Officer. This individual's related compensation, along with the compensation of staff who administer the Funds' compliance program, and certain other expenses are reimbursed to the Advisor by the Funds and are reflected on the Statements of Operations as "Compliance services fees".

5. Administration Fees

JPMorgan Chase Bank, N.A. acts as the Trust's administrator (the "Administrator"). The Administrator provides certain administrative services to the Funds, including fund accounting, fund administration and certain compliance services, pursuant to a Fund Services Agreement. For these services, each Fund shall pay the Administrator monthly, a fee accrued daily and based on average net assets. Each Fund may also reimburse the Administrator for such out-of-pocket expenses as incurred by the Administrator in the performance of its duties. Such fees are reflected on the Statements of Operations as "Administration Fees". Certain employees of the Administrator are also officers of the Trust.

6. Custodian Fees

JPMorgan Chase Bank, N.A. acts as custodian for the Funds in accordance with a Custody Agreement. The custodian holds cash, securities and other assets of the Funds as required by the 1940 Act. Custodian fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses. Such fees are reflected on the Statements of Operations as "Custodian Fees".

7. Listing, Data and Related Fees

The Funds may incur costs relating to their initial and ongoing listing on an exchange and for the calculation and dissemination of Indicative Optimized Portfolio Values (IOPVs). Additionally, a Fund may enter into a license agreement for the right to use an Index and the related Trade Mark(s) and to receive data related to the index from the index provider. The portion of such costs attributed to each Fund is reflected on the Statements of Operations as "Listing, Data and related fees".

8. Trustees Fees

The Trust, together with other affiliated trusts, pay each Independent Trustee an aggregate fee consisting of a $325,000 annual retainer (paid in quarterly increments) for services provided as a Board member. Prior to July 1, 2021, each Independent trustee was paid a $185,000 annual

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 173

retainer for services provided as a Board member, plus a quarterly in-person meeting fee of $10,000, an in-person special meeting fee of $3,000 and a telephonic meeting fee of $3,000. Such fees are allocated between the Funds and other affiliated funds. Each Fund's share of these fees, together with reimbursable expenses of the Trustees, is reflected on the Statements of Operations as "Trustees Fees".

9. Distribution and Service Plan

SEI Investments Distribution Co. serves as the Funds' distributor. The Trust has adopted a Distribution and Service (12b-1) Plan pursuant to which each Fund may bear a 12b-1 fee not to exceed 0.25% per annum of the Fund's average daily net assets. No 12b-1 fees are currently paid by the Funds, and there are currently no plans to impose these fees.

10. Issuance and Redemption of Fund Shares

Each Fund issues and redeems its shares only to Authorized Participants (typically broker-dealers) in exchange for the deposit or delivery of a basket of assets (securities and/or cash), in large blocks known as Creation Units, each of which is comprised of a specified number of shares.

To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued in advance of receipt by the Fund of all or a portion of the applicable Deposit Securities. In these circumstances, the Fund may require the Authorized Participant to maintain with the Trust an amount up to 115% and/or 125% of the daily mark-to-market value of the missing Deposit Securities.

Retail investors may only purchase and sell Fund shares on a national securities exchange through a broker-dealer and such transactions may be subject to customary commission rates imposed by the broker-dealer.

Authorized Participants may pay transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Transaction fees related to unsettled Creation Unit transactions are included in the receivable for capital shares issued on the Statements of Assets and Liabilities. Transaction fees assessed during the period, which are included in the proceeds from shares issued on the Statements of Changes in Net Assets, were as follows:

   

For the periods ended

  
    Six Months Ended
November 30, 2021		   Year Ended
May 31, 2021		  

Bitcoin Strategy ETF

  

$

377,771

      

—

    

High Yield-Interest Rate Hedged

    

3,145

    

$

3,041

    

Inflation Expectations ETF

    

1,830

      

6,116

    

Investment Grade-Interest Rate Hedged

    

—

      

183,484

    

MSCI Transformational Changes ETF

    

—

      

2,220

    

Nanotechnology ETF

    

1,200

      

—

    

On-Demand ETF

    

1,200

      

—

    

S&P Kensho Cleantech ETF

    

400

      

—

    

S&P Kensho Smart Factories ETF

    

400

      

—

    

Smart Materials ETF

    

1,200

      

—

    

11. Investment Transactions

For the period ended November 30, 2021, the cost of securities purchased and proceeds from sales of securities (U.S. government securities for the Inflation Expectations ETF), excluding short-term securities, derivatives and in-kind transactions, were:

Fund

  

Purchases

  

Sales

  

Big Data Refiners ETF

  

$

4,146,270

    

$

154,700

    

Bitcoin Strategy ETF

    

1,191,614,983

      

353,638,015

    

DJ Brookfield Global Infrastructure ETF

    

6,431,813

      

6,390,568

    

Equities for Rising Rates ETF

    

1,314,302

      

1,270,694

    

Global Listed Private Equity ETF

    

4,323,841

      

5,274,509

    

Hedge Replication ETF

    

8,566,636

      

2,781,590

    

High Yield-Interest Rate Hedged

    

34,376,593

      

33,948,422

    

Investment Grade-Interest Rate Hedged

    

73,800,895

      

118,803,952

    

Large Cap Core Plus

    

143,589,683

      

135,863,903

    

Long Online/Short Stores ETF

    

54,882,970

      

58,761,525

    

Managed Futures Strategy ETF

    

19,577,953

      

19,506,750

    

Merger ETF

    

58,102,906

      

57,525,428

    

174 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

Fund

  

Purchases

  

Sales

  

Morningstar Alternatives Solution ETF

  

$

2,808,514

    

$

2,810,643

    

MSCI EAFE Dividend Growers ETF

    

40,973,063

      

41,541,135

    

MSCI Emerging Markets Dividend Growers ETF

    

9,710,661

      

11,481,885

    

MSCI Europe Dividend Growers ETF

    

3,419,238

      

3,432,323

    

MSCI Transformational Changes ETF

    

6,435,755

      

6,644,608

    

Nanotechnology ETF

    

4,542,173

      

565,515

    

Nasdaq-100 Dorsey Wright Momentum ETF

    

17,703,084

      

14,242,847

    

On-Demand ETF

    

4,053,502

      

1,945

    

Online Retail ETF

    

754,482,830

      

667,891,881

    

Pet Care ETF

    

81,363,972

      

81,079,441

    

RAFITM Long/Short

    

357,166

      

587,562

    

Russell 2000 Dividend Growers ETF

    

407,342,893

      

407,331,519

    

Russell U.S. Dividend Growers ETF

    

2,692,413

      

2,776,566

    

S&P 500® Bond ETF

    

15,596,686

      

15,380,303

    

S&P 500® Dividend Aristocrats ETF

    

1,329,532,148

      

531,514,314

    

S&P 500® Ex-Energy ETF

    

349,880

      

374,002

    

S&P 500® Ex-Financials ETF

    

110,255

      

128,850

    

S&P 500® Ex-Health Care ETF

    

55,206

      

70,422

    

S&P 500® Ex-Technology ETF

    

161,502

      

150,728

    

S&P Kensho Cleantech ETF

    

4,773,317

      

746,179

    

S&P Kensho Smart Factories ETF

    

4,642,548

      

649,175

    

S&P MidCap 400® Dividend Aristocrats ETF

    

120,998,538

      

120,165,572

    

S&P Technology Dividend Aristocrats ETF

    

18,453,435

      

6,503,653

    

Short Term USD Emerging Markets Bond ETF

    

303,495

      

211,453

    

Smart Materials ETF

    

4,558,303

      

573,110

    

12. In-Kind Transactions

During the period presented in this report, certain Funds delivered portfolio securities in exchange for the redemption of shares (redemption-in-kind). Cash and securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each transaction.

For the period ended November 30, 2021, the fair value of the securities transferred for redemptions, and the net realized gains (losses) recorded in connection with the transactions were as follows:

Fund

  

Fair Value

   Net Realized
Gains (Losses)		  

Big Data Refiners ETF

  

$

1,109,935

    

$

117,452

    

DJ Brookfield Global Infrastructure ETF

    

58,085,381

      

13,444,881

    

Hedge Replication ETF

    

3,554,661

      

1,336,240

    

Inflation Expectations ETF

    

9,251,629

      

917,775

    

Large Cap Core Plus

    

24,780,855

      

7,997,669

    

Long Online/Short Stores ETF

    

29,751,945

      

6,678,156

    

Merger ETF

    

985,664

      

60,351

    

MSCI Emerging Markets Dividend Growers ETF

    

551,784

      

52,257

    

MSCI Transformational Changes ETF

    

23,256,749

      

3,409,214

    

Nanotechnology ETF

    

1,041,228

      

91,375

    

Nasdaq-100 Dorsey Wright Momentum ETF

    

3,453,408

      

338,295

    

Online Retail ETF

    

357,811,034

      

53,177,189

    

Pet Care ETF

    

243,290,032

      

80,607,038

    

Russell 2000 Dividend Growers ETF

    

77,001,034

      

13,527,394

    

Russell U.S. Dividend Growers ETF

    

8,475,230

      

1,733,890

    

S&P 500® Bond ETF

    

4,593,969

      

32,722

    

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 175

Fund

  

Fair Value

   Net Realized
Gains (Losses)		  

S&P 500® Dividend Aristocrats ETF

  

$

3,083,936,816

    

$

1,038,721,431

    

S&P 500® Ex-Technology ETF

    

753,206

      

67,429

    

S&P Kensho Cleantech ETF

    

1,177,705

      

181,357

    

S&P MidCap 400® Dividend Aristocrats ETF

    

7,784,909

      

2,340,850

    

S&P Technology Dividend Aristocrats ETF

    

51,483,573

      

14,062,017

    

Smart Materials ETF

    

860,399

      

38,587

    

In addition, during the period, certain Funds received securities in exchange for subscriptions of shares (subscriptions-in-kind). For the period ended November 30, 2021, the fair value of the securities received for subscriptions were as follows:

Fund

  

Fair Value

  

DJ Brookfield Global Infrastructure ETF

  

$

19,704,744

    

Equities for Rising Rates ETF

    

3,583,666

    

Global Listed Private Equity ETF

    

4,946,049

    

High Yield-Interest Rate Hedged

    

36,640,726

    

Inflation Expectations ETF

    

7,465,772

    

Investment Grade-Interest Rate Hedged

    

378,729,218

    

Large Cap Core Plus

    

2,009,550

    

Long Online/Short Stores ETF

    

793,205

    

Merger ETF

    

12,671,397

    

Morningstar Alternatives Solution ETF

    

391,903

    

MSCI Europe Dividend Growers ETF

    

2,665,041

    

MSCI Transformational Changes ETF

    

15,214,179

    

Nanotechnology ETF

    

1,023,554

    

Nasdaq-100 Dorsey Wright Momentum ETF

    

24,263,060

    

On-Demand ETF

    

928,788

    

Online Retail ETF

    

103,865,386

    

Pet Care ETF

    

279,223,957

    

Russell 2000 Dividend Growers ETF

    

49,005,403

    

Russell U.S. Dividend Growers ETF

    

924,652

    

S&P 500® Bond ETF

    

4,483,431

    

S&P 500® Dividend Aristocrats ETF

    

2,766,659,735

    

S&P 500® Ex-Energy ETF

    

2,911,429

    

S&P 500® Ex-Financials ETF

    

912,281

    

S&P 500® Ex-Technology ETF

    

2,252,333

    

S&P Kensho Cleantech ETF

    

1,135,970

    

S&P MidCap 400® Dividend Aristocrats ETF

    

33,920,148

    

S&P Technology Dividend Aristocrats ETF

    

45,290,760

    

Short Term USD Emerging Markets Bond ETF

    

3,575,648

    

Smart Materials ETF

    

843,941

    

13. Basis of Consolidation

The accompanying Consolidated Schedules of Portfolio Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets, and Consolidated Financial Highlights of ProShares Bitcoin Strategy ETF, ProShares K-1 Free Crude Oil Strategy ETF and ProShares Managed Futures Strategy ETF include the accounts of ProShares Cayman Bitcoin Strategy Portfolio, a wholly-owned subsidiary of ProShares Bitcoin Strategy ETF, ProShares Cayman Crude Oil Strategy Portfolio, a wholly-owned subsidiary of ProShares K-1 Free Crude Oil Strategy ETF and ProShares Cayman Portfolio I, a wholly-owned subsidiary of ProShares Managed Futures Strategy ETF organized under the laws of the Cayman Islands (together, the "Subsidiaries" and each, a "Subsidiary"), which primarily invest in commodity-related instruments. The Subsidiaries enable the Funds to hold these commodity-related instruments and satisfy regulated investment company tax requirements. Each Fund will invest a significant portion of its total assets in its Subsidiary. As of November 30, 2021, the net assets of ProShares Cayman Bitcoin Strategy Portfolio were 45.0% of the net assets of ProShares Bitcoin Strategy ETF, the net assets of

176 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

ProShares Cayman Crude Oil Strategy Portfolio were 21.1% of the net assets of ProShares K-1 Free Crude Oil Strategy ETF and the net assets of ProShares Cayman Portfolio I were 4.6% of the net assets of ProShares Managed Futures Strategy ETF. Intercompany accounts and transactions, if any, have been eliminated. The Subsidiaries are subject to the same investment policies and restrictions that apply to ProShares Bitcoin Strategy ETF, ProShares K-1 Free Crude Oil Strategy ETF and ProShares Managed Futures Strategy ETF, except that the Subsidiaries may invest without limitation in commodity-related instruments.

14. Risk

Some risks apply to all Funds, while others are specific to the investment strategy of certain Funds. Each Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Funds.

•  Risks Associated with the Use of Derivatives

Certain Funds may obtain investment exposure through derivatives (including investing in futures contracts, options on futures contracts, securities and indexes, forward contracts, swap agreements and similar instruments). Investing in derivatives may be considered aggressive and may expose a Fund to risks different from, or possibly greater than, the risks associated with investing directly in securities underlying the derivative, including: 1) the risk that there may be imperfect correlation between the price of financial instruments and movements in the prices of the underlying reference asset(s); 2) the risk that an instrument is mispriced; 3) credit or counterparty risk on the amount each Fund expects to receive from a counterparty; 4) the risk that securities prices, interest rates and currency markets will move adversely and a Fund will incur significant losses; 5) the risk that the cost of holding a financial instrument might exceed its total return; and 6) the possible absence of a liquid secondary market for a particular instrument and possible exchange-imposed price fluctuation limits, either of which may make it difficult or impossible to adjust a Fund's position in a particular instrument when desired. The occurrence of any of these factors may prevent the Fund from achieving its investment objective. Because derivatives often require limited initial investment, the use of derivatives also may expose the Fund to losses in excess of those amounts initially invested.

Certain Funds may use a combination of swaps on an underlying index or swaps on an ETF that is designed to track the performance of that index. The performance of an ETF may not track the performance of its underlying index due to embedded costs and other factors. Thus, to the extent a Fund invests in swaps that use an ETF as the reference asset, that Fund may be subject to greater correlation risk and may not achieve as high a degree of correlation with its index as it would if the Fund used only swaps on the underlying index.

Moreover, with respect to the use of swap agreements, if an index has a dramatic intraday move that causes a material decline in a Fund's net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the Fund's investment objective. This, in turn, may prevent the Fund from achieving its investment objective, even if the Index reverses all or a portion of its intraday move by the end of the day. Any costs associated with using derivatives will also have the effect of lowering the Fund's return.

The market for Bitcoin futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the Bitcoin futures market has grown substantially since Bitcoin futures commenced trading, there can be no assurance that this growth will continue. Bitcoin futures are subject to collateral requirements and daily limits that may limit the Fund's ability to achieve the desired exposure. If the Fund is unable to meet its investment objective, the Fund's returns may be lower than expected. Additionally, these collateral requirements may require the Fund to liquidate its position when it otherwise would not do so.

•  Bitcoin Risk

The Bitcoin Strategy ETF does not invest directly in Bitcoin. The Fund invests primarily in Bitcoin futures.

Bitcoin is a relatively new innovation and the market for Bitcoin is subject to rapid price swings, changes and uncertainty. The further development of the Bitcoin Network and the acceptance and use of Bitcoin are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Bitcoin Network or the acceptance of Bitcoin may adversely affect the price of Bitcoin. Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact Bitcoin trading venues. Additionally, if one or a coordinated group of miners were to gain control of 51% of the Bitcoin Network, they would have the ability to manipulate transactions, halt payments and fraudulently obtain Bitcoin. A significant portion of Bitcoin is held by a small number of holders sometimes referred to as "whales". These holders have the ability to manipulate the price of Bitcoin. Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, Bitcoin and Bitcoin trading venues are largely unregulated. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation and investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of Bitcoin trading venues have been closed due to fraud, failure or security breaches. Investors in Bitcoin may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Bitcoin Network or restrict the use of Bitcoin. The realization of any of these risks could result in a decline in the acceptance of Bitcoin

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 177

and consequently a reduction in the value of Bitcoin, Bitcoin futures, and the Fund. The Bitcoin Network is collectively maintained by (1) a decentralized group of participants who run computer software that results in the recording and validation of transactions (commonly referred to as "miners"), (2) developers who propose improvements to the Bitcoin Protocol and the software that enforces the protocol and (3) users who choose which version of the bitcoin software to run. From time to time, the developers suggest changes to the bitcoin software. If a sufficient number of users and miners elect not to adopt the changes, a new digital asset, operating on the earlier version of the bitcoin software, may be created. This is often referred to as a "fork." The creation of a "fork" or a substantial giveaway of Bitcoin (sometimes referred to as an "air drop") may result in a significant and unexpected decline in the value of Bitcoin, Bitcoin futures, and the Fund.

•  Bitcoin Futures Risk

The market for Bitcoin futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the Bitcoin futures market has grown substantially since Bitcoin futures commenced trading, there can be no assurance that this growth will continue. Bitcoin futures are subject to collateral requirements and daily limits that may limit the Fund's ability to achieve the desired exposure. If the Fund is unable to meet its investment objective, the Fund's returns may be lower than expected. Additionally, these collateral requirements may require the Fund to liquidate its position when it otherwise would not do so.

When a Bitcoin futures contract is nearing expiration, the Fund will generally sell it and use the proceeds to buy a Bitcoin futures contract with a later expiration date. This is commonly referred to as "rolling". The costs associated with rolling Bitcoin futures typically are substantially higher than the costs associated with other futures contracts and may have a significant adverse impact on the performance of the Fund.

•  Borrowing Risk

The Bitcoin Strategy ETF may borrow for investment purposes using reverse repurchase agreements. Borrowing may cause a Fund to liquidate positions under adverse market conditions to satisfy its repayment obligations. Borrowing increases the risk of loss and may increase the volatility of the Fund.

•  Long/Short Risk

Certain Funds seek long exposure to certain securities and short exposure to certain other securities. There is no guarantee that the returns on a Fund's long or short positions will produce high, or even positive, returns. In addition, Funds subject to this risk may gain enhanced long exposure to certain securities (i.e., obtain investment exposure that exceeds the amount directly invested in those assets, a form of leverage) and, under such circumstances, will lose more money in market environments that are adverse to its long positions than funds that do not employ such leverage.

•  Concentration Risk

Certain Funds may typically concentrate their investments in issuers of one or more particular industries to the same extent that their underlying indexes are so concentrated and to the extent permitted by applicable regulatory guidance. There is a risk that those issuers (or industry sectors) will perform poorly and negatively impact a Fund. Concentration risk results from maintaining exposure (long or short) to issuers conducting business in a specific industry. The risk of concentrating investments in a limited number of issuers in a particular industry is that a Fund will be more susceptible to the risks associated with that industry than a Fund that does not concentrate its investments.

•  Correlation Risk

There is no guarantee that a Fund (or an Underlying ETF in the case of Morningstar Alternatives Solution ETF) whose investment objective, before fees and expenses, seeks correlation with an index will achieve a high degree of correlation with its index or the inverse thereof. Failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. The percentage change of the Fund's NAV each day may differ, perhaps significantly in amount, and possibly even direction, from the percentage change of the Fund's index on such day. A number of other factors may adversely affect a Fund's correlation with its index, including material over- or under-exposure, fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, infrequent trading in the securities underlying its index, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which a Fund invests. While each Fund generally attempts to track the performance of the Index by investing all, or substantially all, of its assets in the securities that make up the Index in approximately the same proportion as their weighting in the Index, at times a Fund may not have investment exposure to all securities in its index, or, with respect to equity funds, its weighting of investment exposure to such securities, financial investments or industries may be different from that of the index. In addition, a Fund may invest in securities or financial investments not included in the index or in financial instruments. Each Fund may take or refrain from taking positions in order to improve tax efficiency or comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund's correlation with its index. A Fund may also be subject to large movements of assets into and out of the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the level of the Index potentially resulting in the Fund being over- or underexposed to its index and may be impacted by index reconstitutions and index rebalancing events. Additionally, a Fund's underlying investments may trade on markets that may or may not be open on the same day as the Fund. Furthermore, a Fund's currency holdings may be valued at a

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different time than the level of its index. In addition, the Funds with a foreign currency hedging strategy may also be unable to perfectly match the Index and will introduce additional costs, both sources of additional correlation risk. Any of these factors could decrease correlation between the performance of a Fund and the index and may hinder a Fund's ability to meet its investment objective.

•  Counterparty Risk

A Fund will be subject to credit risk (i.e., the risk that a counterparty is unwilling or unable to make timely payments or otherwise meet its contractual obligations) with respect to the amount the Fund expects to receive from counterparties to financial instruments (including derivatives and repurchase agreements) entered into by the Fund. The Funds generally structure the agreements such that either party can terminate the contract without penalty prior to the termination date. If a counterparty terminates a contract, a Fund may not be able to invest in other derivatives to achieve the desired exposure, or achieving such exposure may be more expensive. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations under such an agreement.

At November 30, 2021, none of the Funds had net unrealized appreciation on swaps with a single counterparty which exceeded 5% of the Fund's net assets.

•  Geographic Concentration Risk

Certain Funds that focus their investments in companies economically tied to particular foreign countries or geographic regions may be particularly susceptible to political, social, economic or regulatory events affecting those countries or regions. The performance of such Funds may be more volatile than a more geographically diversified fund.

•  Foreign Currency Risk

Certain of the Funds' investments may be denominated in foreign currencies. Investments denominated in foreign currencies are exposed to more risk than those investments denominated in U.S. dollars. The value of an investment denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign currency losses could offset or exceed any potential gains, or add to losses, in the related investments. Regulatory fees or higher custody fees maybe imposed on foreign currency holdings.

•  LIBOR Risk

The terms of many investments, financings or other transactions to which a Fund may be a party have been historically tied to the London Interbank Offered Rate, or "LIBOR." LIBOR is the offered rate at which major international banks can obtain wholesale, unsecured funding, and LIBOR may be available for different durations (e.g., 1 month or 3 months) and for different currencies. LIBOR may be a significant factor in determining a Fund's payment obligations under a derivative investment, the cost of financing to a Fund or an investment's value or return to a Fund, and may be used in other ways that affect a Fund's investment performance. In July 2017, the Financial Conduct Authority (the "FCA"), the United Kingdom's financial regulatory body, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. On March 5, 2021, the FCA and LIBOR's administrator, ICE Benchmark Administration ("IBA"), announced that most LIBOR settings will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR settings will no longer be published after June 30, 2023. It is possible that the FCA may compel the IBA to publish a subset of LIBOR settings after these dates on a "synthetic" basis, but any such publications would be considered nonrepresentative of the underlying market. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate, which is intended to replace the U.S. dollar LIBOR). Alternative reference rates can differ significantly from LIBOR — both in the actual rate and how it is calculated — and it is unclear whether and when markets will adopt these rates as a widely accepted replacement for LIBOR. Various financial industry groups have begun planning for transition away from LIBOR, but there are also obstacles to converting certain securities and transactions to new reference rates. Markets are developing slowly and questions around liquidity in these rates and how to appropriately adjust these rates to mitigate any economic value transfer at the time of transition remain a significant concern. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR. It could also lead to a reduction in the value of some LIBOR based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies, resulting in prolonged adverse market conditions for a Fund. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. All of the aforementioned may adversely affect a Fund's performance or NAV.

•  Liquidity Risk

In certain circumstances, such as the disruption of the orderly markets for the securities and/or financial instruments in which a Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the

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judgment of the Advisor. Markets for the securities and/or financial instruments in which a Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes inside or outside of the U.S. For example, regulation limiting the ability of certain financial institutions to invest in certain securities would likely reduce the liquidity of those securities. These situations may prevent a Fund from limiting losses, realizing gains or achieving a high correlation with its index.

The market for the Bitcoin futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to find a counterparty willing to transact at a reasonable price and sufficient size. Illiquid markets may cause losses, which could be significant. The large size of the positions which the Fund may acquire increases the risk of illiquidity, may make its positions more difficult to liquidate, and increase the losses incurred while trying to do so.

•  Debt Instrument Risk

Certain Funds invest in, or seek exposure to, debt instruments. Debt instruments may have varying levels of sensitivity to changes in interest rates and other factors. In addition, changes in the credit quality of the issuer of a debt instrument (including a default) can also affect the price of a debt instrument, as can an issuer's default on its payment obligations. These factors may cause the value of an investment in a Fund to change.

•  Breakeven Inflation Investing Risk

ProShares Inflation Expectations ETF seeks investment results, before fees and expenses that track the performance of the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index. The FTSE 30-Year TIPS (Treasury Rate-Hedged) Index tracks the performance of long positions in the most recently issued 30-year Treasury Inflation-Protected Securities ("TIPS") bond and duration-adjusted short positions in U.S. Treasury bonds of, in aggregate, approximate equivalent duration dollars to the TIPS. The FTSE 30-Year TIPS (Treasury Rate-Hedged) Index seeks to achieve an overall duration dollar amount of zero. The difference in yield (or spread) between these bonds (Treasury yield minus TIPS yield) is commonly referred to as a "breakeven rate of inflation" ("BEI") and is considered to be a measure of the market's expectations for inflation over the relevant period. The level of the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index (and the Fund) will fluctuate based on changes in the value of the underlying bonds, which will likely not be the same on a percentage basis as changes in the BEI. The FTSE 30-Year TIPS (Treasury Rate-Hedged) Index is not designed to measure or predict the realized rate of inflation, nor does it seek to replicate the returns of any price index or measure of actual consumer price levels. Changes in the BEI are based on the TIPS and U.S. Treasury markets, interest rate and inflation expectations, and fiscal and monetary policy. There is no guarantee that these factors will combine to produce any particular directional changes in the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index over time, or that the Fund will retain any appreciation in value over extended periods of time, or that the returns of the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index or the Fund will track or outpace the realized rate of inflation, or any price index or measure of actual consumer price levels. It is possible that the returns of the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index or the Fund will not correlate to (or may be the opposite of) the change in the realized rate of inflation, or any price index, or measure of actual consumer price levels. Furthermore, while the BEI provides exposure to inflation expectations, it may also be influenced by other factors, including premiums related to liquidity for certain bonds as well as premiums surrounding the uncertainty of future inflation. These other factors may impact the level of the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index or the value of the Fund in unexpected ways and may cancel out or even reverse the impact of changes in inflation expectations. As a result, an investment in the Fund may not serve as an effective hedge against inflation.

•  Affiliated Fund Risk

ProShares Morningstar Alternatives Solution ETF invests exclusively in Underlying ETFs that are affiliated with the Advisor. The use of affiliated Underlying ETFs may subject the Advisor to potential conflicts of interest; for example, the fees paid to the Advisor or its affiliates by certain Underlying ETFs may be higher than on other Underlying ETFs. In addition, if an Underlying ETF holds interests in another affiliated ETF, the Fund may be prohibited from purchasing shares of that Underlying ETF.

•  Subsidiary Investment Risk

Changes in the laws of the United States and/or the Cayman Islands, under which the ProShares Bitcoin Strategy ETF, ProShares K-1 Free Crude Oil Strategy ETF and ProShares Managed Futures Strategy ETF and their Subsidiaries are organized, respectively, could result in the inability of the Funds to operate as intended and could negatively affect the Funds and their shareholders. The Subsidiaries are not registered under the 1940 Act and are not subject to all the investor protections of the 1940 Act. Thus, the Funds, as an investor in the Subsidiaries, will not have all the protections offered to investors in registered investment companies.

•  Investment in Underlying ETFs Risk

ProShares Morningstar Alternatives Solution ETF expects to invest substantially all of its assets in Underlying ETFs and an investment in the Fund is subject to the risks associated with such Underlying ETFs. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the Underlying ETFs. For example, the Fund indirectly pays not only a portion of the expenses (in-

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cluding operating expenses and management fees) incurred by the Underlying ETFs, but its own expenses as well. One Underlying ETF may buy the same securities that another Underlying ETF sells. Also, taxable distributions made by the Underlying ETFs could cause the Fund to make a taxable distribution to its shareholders.

•  Risks Associated with the Use of Commodity Futures Contracts

ProShares K-1 Free Crude Oil Strategy ETF and ProShares Managed Futures Strategy ETF obtain investment exposure through commodity futures and do not invest directly in physical commodities. ProShares K-1 Free Crude Oil Strategy ETF does not invest in nor seek exposure to the current "spot" or cash price of physical crude oil. Crude oil futures contracts typically perform very differently from, and commonly underperform, the spot price of crude oil due to current (and futures expectations of) factors such as storage costs, supply and demand and geopolitical risks. Investing in futures contracts may be considered aggressive and may expose the Fund to greater risks than investing directly in securities or other instruments. These risks include counterparty risk and liquidity risk (each as discussed below). Because futures contracts often require limited initial investment, the use of futures contracts also may expose the Fund to losses in excess of those amounts initially invested.

•  Active Management Risk

The performance of actively managed funds (ProShares Bitcoin Strategy ETF and ProShares Managed Futures Strategy ETF) reflect, in part, the ability of the Advisor to select investments and make investment decisions that are suited to achieving a Fund's investment objective. The Advisor's judgments about a Fund's investments may prove to be incorrect. If the investments selected and strategies employed by a Fund fail to produce the intended results, the Fund could underperform other funds with a similar investment objective and/or strategies.

•  Commodity Market Risk

The value of Commodity Futures typically is based in great part upon the price movements of a physical commodity and the market's expectations for such moves in the future. The prices of Commodity Futures may fluctuate quickly and dramatically and may not correlate to price movements in other asset classes. Global events such as government interventions, treaties and trading, inter- or intrastate conflict, weather or other natural disasters, changes in supply or production, changes in activity of crude oil commodity producing companies, countries and/or organizations, and changes in speculators' and/or investor's demand can cause extreme levels of volatility. Furthermore, since commodities are generally denominated in USD, a strengthening US dollar can also cause significant declines in commodity prices. An active trading market may not exist for certain commodities. Each of these factors and events could have a significant negative impact on a Fund.

•  Rolling Futures Contract Risk

ProShares Bitcoin Strategy ETF (through its investment in the Subsidiary), ProShares K-1 Free Crude Oil Strategy ETF (through its investment in the Subsidiary) and ProShares Managed Futures Strategy ETF (directly and through its investment in the Subsidiary) have exposure to futures contracts and are subject to risks related to "rolling" of such contracts. A Fund does not intend to hold futures contracts through their expiration date, but instead intends to "roll" its futures positions. Rolling occurs when a Fund closes out of futures contracts as they near their expiration date and is replaced with contracts that have a later expiration date. When the market for these futures contracts is such that the prices are higher in the more distant delivery months than in the nearer delivery months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is lower than the price of the more distant contract. This pattern of higher futures contract prices for longer expiration contracts is often referred to as "contango." Alternatively, when the market for futures contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is higher than the price of the more distant contract. This pattern of higher futures prices for shorter expiration futures contracts is referred to as "backwardation." Extended periods of contango or backwardation have occurred in the past and can in the future cause significant losses for a Fund. The Advisor will utilize active management techniques (with respect to ProShares Bitcoin Strategy ETF and ProShares Managed Futures Strategy ETF) to seek to mitigate the negative impact or, in certain cases, benefit from the contango or backwardation present in the various futures contract markets, but there can be no guarantee that it will be successful in doing so.

•  Risks Specific to the Crude Oil Markets

Several factors may affect the price of crude oil and, in turn, the WTI crude oil futures contracts and other assets, if any, owned by the Fund. These factors include, but are not limited to, significant increases or decreases in the available supply or demand of crude oil, storage costs, technological factors related to new or improved extraction, refining and processing equipment and/or methods, a significant change in the attitude of speculators and investors towards crude oil, large purchases or sales of crude oil by governments or large institutions, other political factors such as new regulations or political discord in oil producing countries, as well as a significant increase or decrease in crude oil hedging activity by crude oil producers. Contemporaneous with the onset of the COVID-19 pandemic in the U.S., crude oil markets experienced shocks to the supply of and demand for crude oil. This led to an oversupply of crude oil, which impacted the price of crude oil and futures contracts on crude oil and caused historic volatility in the market for crude oil and crude oil futures contracts. In April 2020, these

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market conditions contributed to a period of "extraordinary contango" that resulted in a negative price in the May 2020 WTI crude oil futures contract. If all or a significant portion of the futures contracts held by the Fund at a future date were to reach a negative price, investors in the Fund could lose their entire investment. The effects of rolling futures contracts under extraordinary contango market conditions generally are more exaggerated than rolling futures contracts under contango market conditions and can result in significant losses.

•  Exposure to Retailing Industry Risk

Retailing Industry Risk is the risk faced by companies in the retailing industry, including: changes in domestic and international economies, consumer confidence, disposable household income and spending, and consumer tastes and preferences; intense competition; changing demographics; marketing and public perception; dependence on third-party suppliers and distribution systems; intellectual property infringement; legislative or regulatory changes and increased government supervision; thin capitalization; dependence on a relatively few number of high volume sales days to achieve overall results; and dependence on outside financing, which may be difficult to obtain.

•  Online Retail Companies Risk

Companies that operate in the online marketplace and retail segments are subject to fluctuating consumer demand. Unlike traditional brick and mortar retailers, online marketplaces and retailers must assume shipping costs or pass such costs to consumers. Consumer access to price information for the same or similar products may cause companies that operate in the online marketplace and retail segments to reduce profit margins in order to compete. Due to the nature of their business models, companies that operate in the online marketplace and retail segments may also be subject to heightened cybersecurity risk, including the risk of theft or damage to vital hardware, software and information systems. The loss or public dissemination of sensitive customer information or other proprietary data may negatively affect the financial performance of such companies to a greater extent than traditional brick and mortar retailers. As a result of such companies being web-based and the fact that they process, store, and transmit large amounts of data, including personal information, for their customers, failure to prevent or mitigate data loss or other security breaches, including breaches of vendors' technology and systems, could expose companies that operate in the online marketplace and retail segments or their customers to a risk of loss or misuse of such information, adversely affect their operating results, result in litigation or potential liability, and otherwise harm their businesses. Investing in Online Retailers may be attractive to investors who believe the trend of rising online sales will continue; however, there is no guarantee this trend will continue. Each of these factors could have a negative impact on the performance of the companies in the Index and the performance of the Fund.

•  Pet Care Industry Risk

The ProShares Pet Care ETF is subject to the risks faced by companies in the pet care industry. Although the pet care industry has historically been resilient to economic downturns, this trend may not continue or may reverse. Future growth of the pet care industry, if any, is largely dependent upon increases in pet ownership and the dollar amount spent on pets and pet-related products and services. Declines in pet ownership or the level of spending on pet related products or services may have a negative impact on the performance of the companies in the Index, and therefore, the performance of the Fund. Levels of disposable household income and spending for pet related products and services will fluctuate due to, among other things, economic conditions, limitations on discretionary spending, and consumer preferences. Some companies in the pet care industry are smaller, independent producers and retailers. Smaller companies face intense competition from larger companies that may have more significant resources and have well established suppliers and distribution channels. A number of companies in the pet care industry are not publicly listed for trading and their performance is not reflected in the Index. Pet care industry manufacturers, such as providers of food, medicine and other products and services, are also facing increased regulatory scrutiny and products liability risk as the U.S. and some international regulatory regimes focus on pet food and product safety. Many well-known pet brands and pet care-related businesses are offered by companies that are owned by, or sub-divisions of, large corporate entities. These companies may be substantially exposed to other industries or sectors of the economy and, therefore, the Index and Fund may be adversely affected by negative developments impacting these companies, industries or sectors. If a company no longer meets the criteria for inclusion in the Index, the Fund may need to reduce or eliminate its holdings of that company and increase its holdings of other companies in the Index. This could have an adverse impact on the liquidity of the Fund's investment portfolio and on Fund performance as there are a limited number of companies that meet the current Index requirements. Each of these factors could have a negative impact on the performance of the companies in the Index and the performance of the Fund.

•  Natural Disaster/Epidemic Risk

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus COVID-19), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential

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investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Fund may have difficulty achieving its investment objectives which may adversely impact Fund performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Fund's investment advisor, third party service providers and counterparties), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. These factors can cause substantial market volatility, exchange trading suspensions and closures, changes in the availability of and the margin requirements for certain instruments, and can impact the ability of the Fund to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis would also affect the global economy in ways that cannot necessarily be foreseen. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these could have a significant impact on a Fund's performance, resulting in losses to your investment.

•  Risk that Current Assumptions and Expectations Could Become Outdated As a Result of Global Economic Shock

The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19. These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. Financial markets across the globe are experiencing severe distress at least equal to what was experienced during the global financial crisis in 2008. In March 2020, U.S. equity markets entered a bear market in the fastest such move in the history of U.S. financial markets. During much of 2020, the unemployment rate in the U.S. was extremely high by historical standards. It is not possible to predict when unemployment and market conditions will return to more normal levels. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Funds to become outdated quickly or inaccurate, resulting in significant losses.

15. Indemnifications

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business the Trust enters into contracts that contain a variety of general indemnifications. The Trust's maximum exposure under these arrangements cannot be known; however, the Trust expects risk of significant loss to be remote.

16. Subsequent Events

Effective January 13, 2022, ProShares Large Cap Core Plus underwent a 2-for-1 share split.

The effect of the share split transactions was to multiply the number of outstanding shares of the Fund by the split factor, with a corresponding decrease in the net asset value per share. These transactions did not change the net assets of the Fund or the value of a shareholder's investment. The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the share splits.

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Liquidity Risk Management Program

ProShares Trust (the "Trust") has implemented a liquidity risk management program ("Liquidity Program") to identify illiquid investments pursuant to Rule 22e-4 of the Investment Company Act of 1940, as amended. The Board of Trustees of the Trust ("the Board") has approved the designation of ProShare Advisors LLC (the "Program Administrator") to administer the Trust's Liquidity Program, subject to the oversight of the Board.

On September 13-14, 2021, during a meeting of the Board, the Chief Compliance Officer of the Trust provided to the Board the annual report on the Trust's Liquidity Program (the "Annual Liquidity Report"). The Annual Liquidity Report, which covered the period from July 1, 2020 through June 30, 2021, addressed the operation of the Trust's Liquidity Program and assessed the adequacy and effectiveness of the Liquidity Program's implementation. The Annual Liquidity Report affirmed that the Program Administrator believes that: (1) the Liquidity Program continues to be reasonably designed to effectively assess and manage each Fund's liquidity risk; (2) each Fund's liquidity risk continues to be appropriate in light of the Fund's investment objective and strategies and each Fund's investment strategies continue to be appropriate for an open-end management investment company; and (3) the Liquidity Program has been adequately and effectively implemented with respect to each Fund during the reporting period. The Annual Liquidity Report also affirmed that there have been no material changes to the Liquidity Program since its initial approval and that no material changes were being recommended at that time.

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At a meeting held on September 13-14, 2021, the Board of Trustees (the "Board") of ProShares Trust (the "Trust") considered the renewal of the Investment Advisory Agreement (the "Advisory Agreement") and the Investment Advisory and Management Agreement (the "Unitary Fee Agreement") (collectively, the "Advisory Agreements"), each for certain series of ProShares Trust (the "Trust"), between the Trust and ProShare Advisors LLC (the "Advisor"), on behalf of each of its operational series (the "Funds"). Certain Funds are designed to track, before fees and expenses, the performance of an underlying index (each a "Matching Fund" and, collectively, the "Matching Funds"). Certain other Funds are actively managed and are designed to meet a specified investment objective (each an "Active Fund" and, collectively, the "Active Funds"). All other Funds are "geared" funds (each, a "Geared Fund" and, collectively, the "Geared Funds") that are designed to seek daily investment results, before fees and expenses, that correspond to a multiple (i.e., 3x or 2x), the inverse (i.e., -1x) or an inverse multiple (i.e., -3x or -2x) of the return of an underlying index for a single day, not for any other period.

The Board did not identify any particular information that was most relevant to its consideration to approve the continuation of the Advisory Agreements and each Trustee may have afforded different weight to the various factors.

The Board received a memorandum from independent legal counsel to the Independent Trustees regarding the Board's responsibilities under state and federal law with respect to the Board's consideration of the renewal or approval of investment advisory agreements. The Independent Trustees were advised by their independent legal counsel throughout the process, including about the legal standards applicable to their review.

In response to a request from Independent Legal Counsel on behalf of the Independent Trustees, the Advisor provided information for the Board to consider relating to the continuation of the Advisory Agreements, including information that addressed, among other things:

(i)  the nature, extent and quality of the services that were provided or proposed to be provided by the Advisor;

(ii)  the costs of the services to be provided and the profits realized by the Advisor;

(iii)  the investment performance of the Funds and the Advisor;

(iv)  the extent to which economies of scale might be realized as the Funds grow and whether fee levels reflect economies of scale, if any, for the benefit of Fund shareholders; and

(v)  other benefits to the Advisor and/or its affiliates from the relationship to the Funds.

It was noted that the Independent Trustees requested, and received, information from the Advisor concerning the Funds. In response to the request from the Independent Trustees, the Advisor provided information and reports relevant to the continuation of the Advisory Agreements, including, among other things:

(i)  information about the advisory services that were being provided by the Advisor with respect to the Funds;

(ii)  the Advisor's Form ADV;

(iii)  biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the Funds;

(iv)  information regarding each component of the contractual fee rates and actual fee rates for the prior fiscal year;

(v)  information regarding advisory fees earned versus advisory fees waived for previous periods;

(vi)  performance information for prior periods;

(vii)  comparative industry fee data;

(viii)  information about fees and other amounts that were received by the Advisor and its affiliates for non-advisory services with respect to the Funds;

(ix)  information regarding the Advisor's trade allocation and best execution policies and procedures;

(x)  information about the financial condition of the Advisor;

(xi)  information regarding how the Advisor monitors each Fund's compliance with regulatory requirements and Trust procedures; and

(xii)  the Advisor's reputation, expertise and resources.

The Independent Trustees retained the services of an independent consultant to assist in selecting a universe of peer group funds (the "Peer Group") with similar investment strategies, as well as to help them in evaluating information with respect to certain aspects of their review, including the reasonableness of fees paid by the Funds. The Board evaluated all information available to it on a Fund-by-Fund basis, and their determinations were made separately with respect to each Fund.

In addition to the information provided and discussions that occurred at the meeting, at which the Board took action regarding the renewal of the Advisory Agreements, the Board also considered information they received throughout the year as part of their regular oversight of the Funds.

Nature, Extent and Quality of the Advisor's Services

The Board reviewed the nature, extent and quality of the investment advisory services performed by the Advisor with respect to the Funds. The Board noted there would be no significant differences between the scope of services provided by the Advisor in the past year and those to be

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provided in the upcoming year. The Board focused on the quality of the personnel and operations at the Advisor and the systems and processes required to manage the Funds effectively. In particular, the Board considered the following:

(i)  the investment objective of each Fund, the Advisor's description of the skills needed to manage each Fund and the Advisor's success in achieving the investment objectives of each Fund;

(ii)  the unique features of the Funds, including the unique asset classes and investment strategies of certain Funds, as well as the employment of optimization/sampling techniques necessary to manage certain Funds and develop creation and redemption baskets for certain Funds, and the actively managed strategies utilized by certain Funds;

(iii)  with respect to the Geared Funds, the fact that to maintain exposure consistent with each Geared Fund's daily investment objective, each Geared Fund needs to be rebalanced each day, an activity not typical of traditional ETFs or index funds;

(iv)  the size and experience of the Advisor's portfolio staff and the Advisor's ability to recruit, train and retain personnel with relevant experience and the specific expertise necessary to manage the Funds;

(v)  the structure of the portfolio staff compensation program and the incentives it is intended to provide;

(vi)  the collateral, credit and cash management functions at the Advisor and the enhancements made in these areas;

(vii)  the Advisor's development of investment strategies, including those involving the use of complex financial instruments and processes that maximize the Funds' ability to meet their stated investment objectives and minimize counterparty risk;

(viii)  a significant investment in personnel and state-of-the-art technology that the Advisor has made over the course of several years and, recently, instituting certain technological upgrades that would generally improve capacity and document production capabilities as well as technological upgrades that have continued to contribute to successful remote working conditions during the COVID-19 pandemic;

(ix)  information regarding allocation of Fund brokerage and the selection of counterparties for Fund portfolio transactions, as well as favorable terms of derivatives transactions the Advisor was able to negotiate with swap counterparties on behalf of various Funds; and

(x)  the Advisor's ability to manage the Funds in a tax efficient manner, which is more challenging for Geared ETFs than for traditional ETFs.

The Board considered that the Advisor oversees the operations of the Funds and provides compliance services to the Funds. The Board also reviewed the Advisor's compliance program, including specific activities associated with the Funds. The Board discussed the compliance program with the Funds' Chief Compliance Officer (the "CCO"). The Board and the CCO discussed the CCO's evaluation of the operation of the Advisor's compliance program and efforts with respect to the Funds, changes made to the Advisor's compliance program since the CCO's last annual report to the Board, and whether the CCO believed additional enhancements to the compliance program were warranted. The Board discussed compliance issues reported to the Board during the prior years and the remediation of such issues. The Board discussed key risk areas identified by the CCO and how such risks are addressed by the compliance program.

Based upon its review, the Board, including all of the Independent Trustees, concluded that (i) the investment advisory services provided by the Advisor with respect to each Fund were of high quality, (ii) the Advisor achieved the investment goals of the Funds, (iii) the Advisor's services benefited the Funds' shareholders, particularly in light of the nature of the Funds and the services required to support each such Fund and (iv) it was generally satisfied with the nature, quality and extent of services provided by the Advisor to the Funds.

Comparison of Services and Fees

The Advisor presented information about the fairness and reasonableness of the investment advisory fees payable to the Advisor in light of the investment advisory services provided to the Funds at the expense of the Advisor, the costs of these services and the comparability to the fees paid by other investment companies, including ETFs and in certain cases mutual funds, offering strategies similar in nature and extent to the Funds. The Board discussed the methodology used to prepare the comparative fee data for each Fund and the potential limitations of such data. The Board discussed the difficulty in compiling the comparative data and Peer Group information because, by design, many of the Funds are unique, because they are geared funds or because they are based on "thematic" strategies or newer indices, and few, if any, fund complexes with funds offering substantially similar investment objectives and strategies exist. The Board considered the Advisor's representation that it found the Peer Group compiled by the independent consultant to be appropriate but acknowledged the existence of certain differences between the Funds and their peers that limited the usefulness of comparisons. The Board noted that the methodology used to compile the Peer Group and comparative data was identical to that used in prior years. Notwithstanding the challenge associated with Peer Group and data compilation, the Board found the comparative information it received to be useful in its evaluation of the reasonableness of the Advisor's fee. The Advisor presented information about the significant drivers of cost and also examined the costs to investors to achieve the objectives of the Funds on their own and noted that it would be more expensive or impractical to do so.

The Board reviewed information prepared by the independent consultant comparing management and expense information for each Fund to that of its Peer Group. The Board reviewed Peer Group information prepared by the consultant comparing the contractual advisory fee rate to be paid by the Funds to other funds with investment objectives most similar to the Funds. The Board also considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund covered under the Advisory Agreement and the net advisory fees paid by each such Fund after taking waivers and reimbursements into account.

186 :: BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT PROSHARES TRUST

The Board considered and discussed the sub-advisory fees charged and the services provided by the Advisor to the five mutual funds it serves as sub-adviser. The Board recognized that the scope of services provided by the Advisor as sub-adviser to the mutual funds is narrower than the services provided to the Funds for several reasons, including that the Advisor performs only services delegated to it by the investment adviser to the mutual funds and does not provide other services like daily cash management, collateral management and counterparty management. The Board noted that for these reasons it is difficult to make comparisons of fees charged to the sub-advised mutual funds and the Funds.

The Board also recognized that it is difficult to make comparisons of fees across fund complexes because there may be variations in services that are included in the fees paid by other ETFs.

The Board, including all of the Independent Trustees, concluded that, with respect to the Funds, the investment advisory fees and any other compensation payable to the Advisor were reasonable in relation to the nature and quality of the services provided and that the continuation of the Advisory Agreement and the Unitary Fee Agreement was in the best interests of the shareholders of the Funds.

Investment Performance of the Funds and the Advisor

The Board considered total return information for each operational Fund and focused on the correlation of returns to benchmark information for each Geared Fund for the 3-month, 1-year, 3-year, 5-year, 10-year and since inception periods ended June 30, 2021, as applicable. The Board also considered performance information provided at regular Board meetings throughout the year. The Board noted that correlation of returns for each Geared Fund remained strong during the applicable periods and that Geared Fund performance versus target performance was generally within expected ranges. The Board further noted that Matching Fund and Active Fund performance versus benchmark index performance was also generally within expected ranges during the applicable periods.

The Board also noted that given the nature of the Matching Funds and the Geared Funds, the correlation of performance versus the benchmark (or relevant inverse or multiple thereof) was more meaningful than a Fund's total return.

With regard to ProShares Managed Futures Strategy, the Board noted that for the one- and three- year periods ended June 30, 2021, the Fund underperformed its Peer Group average and universe average and underperformed its benchmark index, and for the five-year period ended June 30, 2021, slightly outperformed its Peer Group average and universe average and underperformed its benchmark index. The Board noted that the ProShares K-1 Crude Oil Strategy is no longer an Active Fund but became a Matching Fund in March of 2021. The Board noted that for the quarter ended June 30, 2021, the Fund closely tracked its benchmark index. The Board further noted that for the one-year period ended June 30, 2021, the Fund outperformed its universe average and slightly outperformed its benchmark index, and for the three-year period ended June 30, 2021, the Fund underperformed its universe average and underperformed its benchmark index.

After reviewing the performance of the Funds, the Board, including all of the Independent Trustees, concluded, in light of the foregoing factors, that the performance of the Funds was satisfactory.

Profitability

The Board considered and discussed the significant drivers of cost incurred by or expected to be incurred by the Advisor in managing the Funds, including, but not limited to, intellectual capital, regulatory compliance, daily portfolio rebalancing of the Geared Funds, and entrepreneurial risk, and considered the costs that investors likely would incur if they independently sought to achieve the objectives of the Funds. The Board considered and discussed with representatives of the Advisor the profitability to the Advisor of its management of each of the Funds. The Board also discussed the Advisor's profit margin, including the expense allocation methodology used in the Advisor's profitability analysis. It was noted that the methodology for determining profitability was conducted in a similar fashion as the prior year.

The Independent Trustees met in executive session to discuss and evaluate the information provided by the Advisor and the independent consultant, as well as of the information provided by a separate independent consultant retained to review profitability and the Advisor's methodology to calculate profitability. Among other things, the Independent Trustees reviewed information regarding the financial condition and profitability of the Advisor, including the methodologies involved in calculating profitability. The Independent Trustees also met with the independent consultant in executive session to discuss the profitability analysis

Based on its review, the Board, including all of the Independent Trustees, concluded that the profitability to the Advisor of the Advisory Agreement and the Unitary Fee Agreement was reasonable in light of the services and benefits provided to each Fund.

Economies of Scale

The Board discussed with representatives of the Advisor potential economies of scale in connection with the management and operation of each Fund as well as the effect of the contractual expense limitations undertaken by the Advisor. The Board considered that each Fund covered by the Advisory Agreement pays the Advisor an annual investment advisory fee of 0.75% of average daily net assets (other than the ProShares Morningstar Alternatives Solution ETF, which pays 0.07%, the ProShares Global Listed Private Equity ETF, and the ProShares Short Term USD Emerging Markets Bond ETF, each of which pays 0.50%, and the ProShares Inflation Expectations ETF, which pays 0.55%), and that, pursuant to a contractual three year waiver, the Advisor has agreed to reduce each such Fund's annual investment advisory fee by 0.05% on assets in excess of $4.0 billion up to $5.5 billion, 0.10% on assets in excess of $5.5 billion up to $7.0 billion, 0.15% on assets in excess of $7.0 billion up to

PROSHARES TRUST BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT :: 187

$8.5 billion, and 0.20% on assets in excess of $8.5 billion, through at least September 30, 2022. The Board considered that ProShares UltraPro QQQ was the only Fund subject to investment advisory fee reductions as a result of breakpoint fee reductions, reaching asset levels above $4 billion but less than $5.5 billion at various dates during the fiscal period.

The Board considered that the Funds covered by the Unitary Fee Agreement pay an advisory fee that remains the same (as a percentage of such a Fund's net assets) as asset levels increase. The Board also noted that under the Unitary Fee Agreement the Advisor was contractually obligated to pay actual costs above the Unitary Fee (other than excluded costs) and that the Unitary Fee Agreement provides an effective cap on each subject Fund's normal operating expenses, which otherwise would be higher if a Fund does not achieve sufficient size. The Board also noted the Advisor's representation that such an arrangement provides important distribution benefits for the Funds and addresses competitive pressures within the ETF industry, particularly with "strategic" or "matching" funds.

The Board also considered the asset levels of the other Funds that have no breakpoints in their contractual advisory fees and determined that it would not be necessary to implement breakpoints at this time. The Board noted that the asset levels of some Funds increase and decrease sometimes significantly and, therefore, economies of scale may be elusive.

The Board considered that certain Funds may benefit from the expense limitation arrangements in place for certain of the Funds.

The Board indicated to the Advisor that it will continue to consider and evaluate on an ongoing basis potential economies of scale and how Fund shareholders might benefit from those economies of scale.

Other Benefits

The Board also considered the Advisor's non-advisory services, including those performed under a separate Management Services Agreement for Funds covered under the Advisory Agreement. The Board considered the fact that the Geared Funds' shareholders, and the shareholders of certain Matching Funds, tend to be active traders, which adds a level of complexity to the management of those Funds as the Advisor needs to account for significant flows in and out of the Funds. The Board also considered any indirect, or "fall-out," benefits that the Advisor or its affiliates derived from their relationship to the Funds but concluded that such benefits were relatively insignificant.

Conclusions

Based on, but not limited to, the above considerations and determinations, the Board, including all of the Independent Trustees, determined that the Agreements for the Funds are fair and reasonable in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Advisor's expenses and such other matters as the Board considered relevant in the exercise of its business judgement. Accordingly, the Board concluded that the continuation of the Advisory Agreements was in the best interests of the shareholders of the Funds. On this basis, the Board unanimously voted in favor of the renewal of the Advisory Agreements.

188 :: BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT PROSHARES TRUST

At a meeting held on October 12, 2021, the Board of Trustees (the "Board") of ProShares Trust (the "Trust") considered the initial approval of the Investment Advisory and Management Agreement (the "Unitary Fee Agreement") between the Trust and ProShare Advisors LLC (the "Advisor") with respect to the ProShares Bitcoin Strategy ETF (the "New ETF").

In response to a request from the Independent Trustees, the Advisor provided information for the Board to consider relating to the approval of the Unitary Fee Agreement, including information that addressed, among other things: (i) the nature, extent, and quality of the services that were provided or proposed to be provided by the Advisor; (ii) the costs of the services to be provided and the profits realized by the Advisor; (iii) the investment performance of the Advisor; (iv) the extent to which economies of scale might be realized as the New ETF grows and whether fee levels reflect economies of scale, if any, for the benefit of New ETF shareholders; and (v) other benefits to the Advisor and/or its affiliates from the relationship to the New ETF. It was noted that certain of this information had previously been provided as part of the Annual 15c Response.

The Independent Trustees consulted with Independent Trustee Counsel concerning their responsibilities under state and federal law with respect to their consideration of the approval of the Unitary Fee Agreement and other agreements with respect to the New ETF. It was noted that the Independent Trustees requested, and received, information from the Advisor concerning the New ETF.

In response to the request from the Independent Trustees, the Advisor provided information and reports relevant to the approval of the Unitary Fee Agreement, including, among other things: (i) information about the advisory services to be provided by the Advisor with respect to the New ETF; (ii) the Advisor's Form ADV; (iii) biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the New ETF; (iv) information regarding the proposed contractual fees with respect to the New ETF; (v) comparative industry fee data; (vi) information regarding the Advisor's trade allocation and best execution policies and procedures; (vii) information about the financial condition of the Advisor; (viii) information regarding how the Advisor expects to monitor the New ETF's compliance with regulatory requirements and Trust procedures; and (ix) the Advisor's reputation, expertise and resources.

The Trustees retained the services of an independent consultant to assist in selecting a universe of peer group funds with similar investment strategies, as well as to help them in evaluating information with respect to certain aspects of their review, including their review of the reasonableness of fees proposed to be paid by the New ETF.

In considering the Unitary Fee Agreement for the New ETF, the Board did not identify any particular factor that was most relevant to its consideration to approve the Unitary Fee Agreement and each Trustee may have afforded different weight to the various factors.

Nature, Extent and Quality of the Advisor's Services

The Board reviewed the nature, extent and quality of the services to be performed by the Advisor with respect to the New ETF. The Board focused on the quality of the personnel and operations at the Advisor and the systems and processes required to manage the New ETF effectively. In particular, the Board considered the following:

•  the investment objective of the New ETF and the Advisor's description of the skills needed to manage the New ETF;

•  the key features of the New ETF, including the investment strategies of the New ETF;

•  the structure of the portfolio staff compensation program and the incentives it is intended to provide;

•  the collateral, credit and cash management functions at the Advisor;

•  the Advisor's familiarity with digital assets and Bitcoin in particular, as well as processes related to assessing risk and liquidity with respect to investments in Bitcoin futures;

•  the Advisor's familiarity with the market for Bitcoin futures and its ability to manage the New ETF in that market;

•  the appropriateness of investing in Bitcoin-related instruments by the New ETF as an open-end investment company;

•  the Advisor's ability to monitor compliance with the SEC's liquidity rule, derivatives rule and valuation requirements, among other things;

•  significant investment in personnel and state-of-the-art technology that the Advisor has made over the course of several years and recently, instituting certain technological upgrades that would generally improve capacity and document production capabilities as well as the technological upgrades that have continued to contribute to successful remote working conditions during the COVID-19 pandemic;

•  the Advisor's ability to monitor and avoid potential fraud or manipulation of the underlying Bitcoin markets and its potential influence on the market for Bitcoin futures, and

•  information regarding allocation of brokerage on behalf of other ETFs managed by the Advisor and the Advisor's practices regarding the selection of counterparties for the New ETF's portfolio transactions.

The Board considered that the Advisor will oversee the operations of the New ETF, including oversight of the New ETF's service providers, and will provide compliance services to the New ETF.

Based upon its review, the Board, including all of the Independent Trustees, concluded that (i) the investment advisory services to be provided by the Advisor with respect to the New ETF were expected to be of high quality, (ii) the Advisor has successfully achieved the investment goals of the existing operational Funds in the Trust, and (iii) it was generally satisfied with the nature, quality and extent of services expected to be provided to the New ETF.

PROSHARES TRUST BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT :: 189

Comparison of Services and Fees

At the request of the Independent Trustees, the Advisor presented information about the fairness and reasonableness of the fees payable to the Advisor in light of the services to be provided to the New ETF by or at the expense of the Advisor, the costs of these services and the comparability to the fees paid by other investment companies that gain portfolio exposure by investing a portion of their respective assets in wholly-owned subsidiaries organized under the laws of the Cayman Islands and share similar pricing characteristics to the New ETF. This information included comparative fee information prepared by an independent consultant. The Board discussed the methodology used to prepare the comparative fee data for the New ETF and the potential limitations of such data, noting that the New ETF is unique, making comparisons difficult. The Advisor also presented information about the significant drivers of cost, as well as the impact of certain costs on fees and expenses directly related to the investment strategy of the New ETF.

The Board reviewed information prepared by the independent consultant comparing management fee and expense information for the New ETF to that of peer groups of funds, including a supplemental comparison of the New ETF to a wide range of pooled vehicles with Bitcoin strategies (the "Peer Group") determined by the consultant as well as to the relevant fund category determined by the consultant. The Board noted the difficulty in compiling the Peer Group because the New ETF is the first U.S. exchange-traded fund to invest in Bitcoin futures contracts, with no operational ETFs using substantially similar objectives and strategies available for comparison. Notwithstanding this difficulty, the Board found the comparative information it received to be useful in its evaluation of the reasonableness of the Advisor's proposed fees. The Board recognized that under the Unitary Fee Agreement, the Advisor would pay certain operating expenses for the New ETF including expenses charged by futures commission merchants in connection with portfolio transactions for the New ETF and interest expenses incurred with investments in reverse repurchase agreements or futures contracts, which may not be included for Peer Group funds.

The Board recognized that it is difficult to make comparisons of fees across fund complexes because there may be variations in the services that are included in the fees paid by other funds. The Board concluded that the New ETF's fee rate was reasonable given the services proposed to be provided and the fees charged by other funds in the Peer Group.

Profitability

The Board noted that the New ETF had not yet started operations, so that it could not yet evaluate the Advisor's profitability related to the New ETF. It was noted that each year, as part of its annual contract renewal process, the Trustees discuss the Advisor's profit margin, including the methodology used in the Advisor's profitability analysis, and receive information provided by the Advisor relating to its financial condition and overall profitability related to its management of the funds in the fund complex.

The Independent Trustees met in Executive Session with Independent Trustee Counsel to discuss and evaluate the information provided by the Advisor and the independent consultant.

The Board considered and discussed with representatives of the Advisor the significant drivers of cost incurred by or expected to be incurred by the Advisor in managing the New ETF, including, but not limited to, intellectual capital, regulatory compliance and entrepreneurial risk, and considered the costs that investors likely would incur if they independently sought to achieve the objectives of the New ETF.

Investment Performance of the Fund and the Advisor

The Trustees noted that the New ETF had not yet commenced operations and, as such, there was no performance information for the New ETF to consider.

Economies of Scale

The Board considered the New ETF's fee arrangements with the Advisor and noted that under the Unitary Fee Agreement the fee would stay the same as asset levels increased. The Board also noted that the Advisor was obligated to pay certain of the New ETF's operating expenses and that the Advisor would be contractually obligated to pay actual costs above the Unitary Fee (other than excluded costs) and that the Unitary Fee Agreement will provide an effective cap on the New ETF's normal operating expenses. The Board also noted the Advisor's representation that such an arrangement provided important distribution benefits for the New ETF and addressed competitive pressures within the ETF industry.

Other Benefits

The Board also considered any indirect, or "fall-out," benefits of the Advisor or its affiliates to be derived from the relationship to the New ETF but concluded that such benefits were not material to their considerations.

Conclusions

The Board, including all of the Independent Trustees, concluded that it was in the best interests of the New ETF and its prospective shareholders to approve the Unitary Fee Agreement and that the terms of the Unitary Fee Agreement for the New ETF were fair and reasonable.

190 :: BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT PROSHARES TRUST

At a meeting held on July 15-16, 2021, the Board of Trustees (the "Board") of ProShares Trust (the "Trust") considered the initial approval of the Investment Advisory and Management Agreement (the "Unitary Fee Agreement") between the Trust and ProShare Advisors LLC (the "Advisor") with respect to the ProShares S&P Kensho Smart Factories ETF, ProShares S&P Kensho Cleantech ETF, ProShares Big Data Refiners ETF, ProShares Smart Materials ETF, ProShares On-Demand ETF and ProShares Nanotechnology ETF (the "New ETFs").

In response to a request from the Independent Trustees, the Advisor provided information for the Board to consider relating to the approval of the Unitary Fee Agreement, including information that addressed, among other things: (i) the nature, extent, and quality of the services that were provided or proposed to be provided by the Advisor; (ii) the costs of the services to be provided and the profits realized by the Advisor; (iii) the investment performance of the Advisor; (iv) the extent to which economies of scale might be realized as the New ETFs grow and whether fee levels reflect economies of scale, if any, for the benefit of each New ETFs' shareholders; and (v) other benefits to the Advisor and/or its affiliates from the relationship to the New ETFs. It was noted that certain of this information had been previously provided as part of the Annual 15c Response.

The Independent Trustees consulted with Independent Trustee Counsel concerning their responsibilities under state and federal law with respect to their consideration of the approval of the Unitary Fee Agreement and other agreements with respect to the New ETFs. It was noted that the Independent Trustees requested, and received, information from the Advisor concerning the New ETFs.

In response to the request from the Independent Trustees, the Advisor provided information and reports relevant to the approval of the Unitary Fee Agreement, including, among other things: (i) information about the advisory services to be provided by the Advisor with respect to the New ETFs; (ii) the Advisor's Form ADV; (iii) biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the New ETFs; (iv)information regarding the proposed contractual fees with respect to the New ETFs; (v) comparative industry fee data; (vi) information regarding the Advisor's trade allocation and best execution policies and procedures; (vii) information about the financial condition of the Advisor; (viii) information regarding how the Advisor expects to monitor the New ETFs' compliance with regulatory requirements and Trust procedures; and (ix)the Advisor's reputation, expertise and resources.

The Trustees retained the services of an independent consultant to assist in selecting a universe of peer group funds with similar investment strategies, as well as to help them in evaluating information with respect to certain aspects of their review, including their review of the reasonableness of fees proposed to be paid by the New ETFs.

In considering the Unitary Fee Agreement for the New ETFs, the Board did not identify any particular factor that was most relevant to its consideration to approve the Unitary Fee Agreement and each Trustee may have afforded different weight to the various factors.

Nature, Extent and Quality of the Advisor's Services

In response to a request of the members of the Board who are not "interested persons" of the New ETFs (the "Independent Trustees", the Advisor presented information about the services to be provided by the Advisor and its affiliates and the proposed contractual arrangements relating to those services.

The Board reviewed the nature, extent and quality of the services to be performed by the Advisor with respect to the New ETFs. The Board focused on the quality of the personnel and operations at the Advisor and the systems and processes required to manage the New ETFs effectively. In particular, the Board considered the following:

•  the investment objective of the New ETFs and the Advisor's description of the skills needed to manage the New ETFs;

•  the key features of the New ETFs, including the investment strategies of the New ETFs, as well as the possible employment of optimization/sampling techniques necessary to manage the New ETFs and develop creation and redemption baskets;

•  the size and experience of the Advisor's portfolio staff and the Advisor's ability to recruit, train and retain personnel with relevant experience and the specific expertise necessary to manage the New ETFs;

•  the structure of the portfolio staff compensation program and the incentives it is intended to provide;

•  the collateral, credit and cash management functions at the Advisor;

•  significant investment in personnel and state-of-the-art technology that the Advisor has made over the course of several years; and

•  information regarding allocation of brokerage on behalf of other Funds managed by the Advisor and the Advisor's practices regarding the selection of counterparties for the New ETFs' portfolio transactions.

The Board considered that the Advisor will oversee the operations of the New ETFs, including oversight of the New ETFs' service providers, and will provide compliance services to the New ETFs.

Based upon its review, the Board, including all of the Independent Trustees, concluded that (i) the investment advisory services to be provided by the Advisor with respect to the New ETFs were expected to be of high quality, (ii) the Advisor has successfully achieved the investment goals of the existing operational Funds in the Trust, and (iii) it was generally satisfied with the nature, quality and extent of services expected to be provided to the New ETFs.

PROSHARES TRUST BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT :: 191

Comparison of Services and Fees

In response to a request of the Independent Trustees, the Advisor presented information about the fairness and reasonableness of the fees payable to the Advisor in light of the services to be provided to the New ETFs by or at the expense of the Advisor, the costs of these services and the comparability to the fees paid by other investment companies, including ETFs, offering strategies similar to the New ETFs. This information included comparative fee information prepared by an independent consultant. The Board discussed the methodology used to prepare the comparative fee data for the New ETFs and the potential limitations of such data. The Advisor also presented information about the significant drivers of cost.

The Board reviewed information prepared by the independent consultant comparing management fee and expense information for the New ETFs to that of peer groups of funds (the "Peer Groups") determined by the consultant as well as to the relevant fund category determined by the consultant. The Board reviewed Peer Groups and category information prepared by the consultant comparing the contractual advisory fee rate to be paid by the New ETFs to other funds with investment objectives most similar to the New ETFs. The Board noted the difficulty in compiling the Peer Groups because, by design, the New ETFs are unique and, therefore, few (if any) funds with substantially similar objectives and strategies may be available. It was noted that the indices that the New ETFs will track are also new. Notwithstanding this difficulty, the Board found the comparative information it received to be useful in its evaluation of the reasonableness of the Advisor's proposed fees.

The Board recognized the challenges in comparing fees across fund complexes because there may be variations in the services that are included in the fees paid by other ETFs. The Board concluded that the New ETFs' advisory fee rates were reasonable given the services proposed to be provided and the fees charged by other funds in the Peer Groups.

Profitability

The Board noted that the New ETFs had not yet started operations, so that it could not yet evaluate the Advisor's profitability related to the New ETFs. It was noted that each year, as part of its annual contract renewal process, the Trustees discuss the Advisor's profit margin, including the methodology used in the Advisor's profitability analysis, and receive information provided by the Advisor relating to its financial condition and overall profitability related to its management of the funds in the fund complex.

The Independent Trustees met in Executive Session with Independent Trustee Counsel to discuss and evaluate the information provided by the Advisor and the independent consultant.

The Board considered and discussed with representatives of the Advisor the significant drivers of cost incurred by or expected to be incurred by the Advisor in managing the New ETFs, including, but not limited to, intellectual capital, regulatory compliance and entrepreneurial risk, and considered the costs that investors likely would incur if they independently sought to achieve the objectives of the New ETFs.

Investment Performance of the Fund and the Advisor

The Trustees noted that the New ETFs had not yet commenced operations and, as such, there was no performance information for the New ETFs to consider. The Trustees noted however, the Advisor's performance record in managing other ETFs that seek to track the performance of a securities index.

Economies of Scale

The Board considered the New ETFs' fee arrangements with the Advisor and noted that under the Unitary Fee Agreement the fee would stay the same as asset levels increased. The Board also noted that the Advisor was obligated to pay certain of the New ETFs' operating expenses and that the Advisor would be contractually obligated to pay actual costs above the Unitary Fee (other than excluded costs) and that the Unitary Fee Agreement will provide an effective cap on the New ETFs' normal operating expenses. The Board also noted the Advisor's representation that such an arrangement provided important distribution benefits for the New ETFs and addressed competitive pressures within the ETF industry.

Other Benefits

The Board also considered any indirect, or "fall-out," benefits of the Advisor or its affiliates to be derived from the relationship to the New ETFs but concluded that such benefits were not material to their considerations.

Conclusions

The Board, including all of the Independent Trustees, concluded that it was in the best interests of each New ETF and its prospective shareholders to approve the Unitary Fee Agreement and that the terms of the Unitary Fee Agreement for each New ETF were fair and reasonable.

192 :: BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT PROSHARES TRUST

Federal Tax Information

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the percentages of ordinary dividends paid during the tax year ended October 31, 2021 are designated as "qualified dividend income" (QDI), as defined in the Act, subject to reduced tax rates in 2021. The Funds also qualify for the dividends received deduction (DRD) for corporate shareholders. The Funds designated up to the maximum amount of qualified interest income (QII) from ordinary distributions paid during the tax year ended October 31, 2021.

As of October 31, 2021, the Funds' federal tax information is as follows:

Funds

  

QDI

  

DRD

  

QII

  

DJ Brookfield Global Infrastructure ETF

    

69.09

%

    

30.81

%

    

0.00

%

  

Equities for Rising Rates ETF

    

100.00

      

100.00

      

0.00

    

Global Listed Private Equity ETF

    

42.97

      

39.61

      

0.00

    

High Yield-Interest Rate Hedged

    

0.00

      

0.00

      

88.38

    

Inflation Expectations ETF

    

0.00

      

0.00

      

100.00

    

Investment Grade-Interest Rate Hedged

    

0.00

      

0.00

      

63.61

    

Large Cap Core Plus

    

100.00

      

100.00

      

0.01

    

Long Online/Short Stores ETF

    

100.00

      

100.00

      

0.01

    

Merger ETF

    

100.00

      

100.00

      

0.04

    

Morningstar Alternatives Solution ETF

    

40.19

      

31.76

      

13.83

    

MSCI EAFE Dividend Growers ETF

    

80.34

      

0.00

      

0.00

    

MSCI Emerging Markets Dividend Growers ETF

    

80.54

      

0.00

      

0.00

    

MSCI Europe Dividend Growers ETF

    

100.00

      

0.00

      

0.00

    

MSCI Transformational Changes ETF

    

100.00

      

100.00

      

0.00

    

Nasdaq-100 Dorsey Wright Momentum ETF

    

100.00

      

100.00

      

0.00

    

Online Retail ETF

    

100.00

      

100.00

      

0.00

    

Pet Care ETF

    

100.00

      

100.00

      

0.00

    

RAFITM Long/Short

    

100.00

      

100.00

      

0.03

    

Russell 2000 Dividend Growers ETF

    

100.00

      

100.00

      

0.00

    

Russell U.S. Dividend Growers ETF

    

100.00

      

100.00

      

0.00

    

S&P 500® Bond ETF

    

0.00

      

0.00

      

89.26

    

S&P 500® Dividend Aristocrats ETF

    

100.00

      

100.00

      

0.00

    

S&P 500® Ex-Energy ETF

    

100.00

      

100.00

      

0.00

    

S&P 500® Ex-Financials ETF

    

100.00

      

100.00

      

0.00

    

S&P 500® Ex-Health Care ETF

    

100.00

      

100.00

      

0.00

    

S&P 500® Ex-Technology ETF

    

100.00

      

100.00

      

0.00

    

S&P MidCap 400® Dividend Aristocrats ETF

    

100.00

      

100.00

      

0.00

    

S&P Technology Dividend Aristocrats ETF

    

100.00

      

100.00

      

0.00

    

Funds with Short-Term Capital Gain Designation

For the tax year ended October 31, 2021, the Trust does not have any ordinary distributions paid during the Trust's tax year that are from qualified short-term capital gain. The funds designate up to the maximum amount of Qualified Short-Term Gains.

Funds with Equalization

For the tax year ended October 31, 2021, the following Funds utilized equalization to offset long-term capital gains with the amounts stated below:

Fund

  

Long-Term

  

Hedge Replication ETF

  

$

214,562

    

Online Retail ETF

    

122,958

    

Pet Care ETF

    

89,272

    

S&P 500® Ex-Health Care ETF

    

38,256

    

S&P Technology Dividend Aristocrats ETF

    

294,435

    

PROSHARES TRUST MISC. INFORMATION (UNAUDITED) :: 193

Tax Return of Capital—Section 19 Notice

The following information concerns the source of distributions paid to shareholders of record as follows:

Ticker  

Fund Name

  

CUSIP

  
ALTS  

Morningstar Alternatives Solution ETF

    

74347

B813

  

 

Record Date

  

Pay Date

  

Source of Distribution1

  

Distribution

  

% of Distribution

  

Oct. 1, 2021

  

Oct. 4, 2021

  

Estimated Net Investment Income

  

$

0.349363

      

99.90

%

  

     

Estimated Return of Capital

  

$

0.000367

      

0.10

%

  

     

Total (per share)

  

$

0.349730

      

100.00

%

  

Jul. 1, 2021

  

Jul. 2, 2021

  

Estimated Net Investment Income

  

$

0.349984

      

99.90

%

  

     

Estimated Return of Capital

  

$

0.000367

      

0.10

%

  

     

Total (per share)

  

$

0.350351

      

100.00

%

  

Apr. 1, 2021

  

Apr. 5, 2021

  

Estimated Net Investment Income

  

$

0.171324

      

99.90

%

  

     

Estimated Return of Capital

  

$

0.000180

      

0.10

%

  

     

Total (per share)

  

$

0.171504

      

100.00

%

  

1  The amounts and sources of distributions reported in this notice are estimates, are not being reported for tax reporting purposes and may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital. Return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. The actual amounts and sources for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the year and may be subject to changes based on tax regulations. You will receive a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. As a result, shareholders should not use this distribution information for tax reporting purposes.

194 :: MISC. INFORMATION (UNAUDITED) PROSHARES TRUST

Proxy Voting Information

A description of the Trust's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Trust voted any proxies related to portfolio securities for the prior twelve-month period ended June 30, is available by August 31 of each year, without charge, upon request by contacting the Fund directly at 1-866-PRO-5125 or on the Securities and Exchange Commission ("SEC") Website (http://www.sec.gov).

Quarterly Portfolio Holdings Information

The Funds will file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT (Form N-Q for filings prior to March 1, 2019). The Funds' Form N-PORT will be available on the SEC's Website at http://www.sec.gov. The Funds' Form N-PORT may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Premium/Discount Information

Information about the differences between the daily market price on the secondary markets for shares of a Fund and the Fund's net asset value may be found on the website at www.ProShares.com.

PROSHARES TRUST MISC. INFORMATION (UNAUDITED) :: 195

ProShares Trust

7272 Wisconsin Avenue, 21st Floor, Bethesda, MD 20814

866.PRO.5125 866.776.5125

ProShares.com

Certain Strategic ETFs seek returns that are 1x the return of an index or other benchmark (target) for a single day and over time. Other Strategic ETFs seek returns that are -1x the return of an index or other benchmark (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, those ETFs' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with inverse multiple and in funds with volatile benchmarks. Investors should monitor their holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus.

This report is submitted for the general information of the shareholders of ProShares. It is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. To obtain the most recent month end performance information for each ETF, visit ProShares.com.

"S&P Merger Arbitrage", "S&P 500® Dividend Aristocrats®", "S&P Strategic Futures Index", "S&P MidCap 400® Dividend Aristocrats®", "S&P Technology Dividend Aristocrats®", certain "S&P Select Industry Indices", "S&P 500® Ex-Energy Index", "S&P 500® Ex-Financials & Real Estate Index", "S&P 500® Ex-Health Care Index", "S&P 500® Ex-Information Technology Index" and "Dow Jones Brookfield Global Infrastructure Composite Index" are products of S&P Dow Jones Indices LLC and its affiliates. The "Russell 2000® Dividend Growth Index" and "Russell 3000® Dividend Elite Index" are a trademark of Russell Investment Group. "MSCI EAFE Dividend Masters Index", "MSCI Europe Dividend Masters Index" and "MSCI Emerging Markets Dividend Masters Index" are service marks of MSCI. "Credit Suisse 130/30 Large Cap IndexTM" is a trademark of Credit Suisse Securities (USA) LLC or one of its affiliates. "Research Affiliates Fundamental Index®" and "RAFITM" are trademarks of Research Affiliates, LLC. "Merrill Lynch Factor Model — Exchange Series", "Merrill Lynch Factor Model®" and "Merrill Lynch InternationalTM" are intellectual property of Merrill Lynch, Pierce, Fenner & Smith IncorporatedTM or its affiliates ("BofAML"). "Solactive®" is a trademark of Solactive AG, "CITI" is a trademark and service mark of Citigroup Inc. or its affiliates, and is used and registered throughout the world. "LPX® Direct Listed Private Equity Index" and "LPX®" are registered trademarks of LPX GmbH. "Deutsche Bank" and "DBIQ Short Duration Emerging Market Bond IndexSM" are service marks of Deutsche Bank AG. "Bloomberg®", "Bloomberg Commodity IndexSM" and the names identifying each of the individual Bloomberg Commodity Subindexes are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg"). "Morningstar® Diversified Alternatives IndexSM" is a product of Morningstar, Inc. "FTSE Developed Europe All Cap Index" is a trademark of the FTSE International Limited ("FTSE"). All have been licensed for use by ProShares. "FTSE®" is a trademark of the London Stock Exchange plc and The Financial Times Limited and is used by FTSE International Limited ("FTSE") under license. ProShares have not been passed on by these entities or their subsidiaries or affiliates as to their legality or suitability. ProShares are not sponsored, endorsed, sold or promoted by these entities or their subsidiaries or affiliates, and they make no representation regarding the advisability of investing in ProShares. THESE ENTITIES AND THEIR SUBSIDIARIES AND AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

© 2021 ProShare Advisors LLC. All rights reserved.  PSSSA1121

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

  

Receive investor materials electronically:

Shareholders may sign up for electronic delivery of investor materials. By doing so, you will receive the information faster and help us reduce the impact on the environment of providing these materials. To enroll in electronic delivery,

1.  Go to www.icsdelivery.com

2.  Select the first letter of your brokerage firm's name.

3.  From the list that follows, select your brokerage firm. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm.

4.  Complete the information requested, including the e-mail address where you would like to receive notifications for electronic documents.

Your information will be kept confidential and will not be used for any purpose other than electronic delivery. If you change your mind, you can cancel electronic delivery at any time and revert to physical delivery of your materials. Just go to www.icsdelivery.com, perform the first three steps above, and follow the instructions for cancelling electronic delivery. If you have any questions, please contact your brokerage firm.

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.

    

16.0

%

  

Duke Energy Corp.

    

7.0

%

  

Southern Co. (The)

    

6.1

%

  

Dominion Energy, Inc.

    

5.4

%

  

Exelon Corp.

    

4.8

%

  

Dow Jones U.S. Utilities Index – Composition

   

% of Index

  

Electric Utilities

    

62.0

%

  

Multi-Utilities

    

27.3

%

  

Water Utilities

    

4.0

%

  

Gas Utilities

    

3.9

%

  
Independent Power and
Renewable Electricity
Producers		    

2.8

%

  

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

ProShares UltraPro Dow30SM (Ticker: UDOW)

ProShares UltraPro Dow30SM (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times (3x) 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

  

Equity Securities

    

93

%

  

Swap Agreements

    

200

%

  

Futures Contracts

    

7

%

  

Total Exposure

    

300

%

  

"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.

    

7.9

%

  

Home Depot, Inc. (The)

    

7.1

%

  
Goldman Sachs
Group, Inc. (The)		    

6.7

%

  

Microsoft Corp.

    

5.8

%

  

salesforce.com, Inc.

    

5.0

%

  

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 UltraPro MidCap400 (Ticker: UMDD)

ProShares UltraPro MidCap400 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times (3x) 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

    

95

%

  

Swap Agreements

    

200

%

  

Futures Contracts

    

5

%

  

Total Exposure

    

300

%

  

"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.

    

0.7

%

  

Camden Property Trust

    

0.7

%

  

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

%

  

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

ProShares UltraPro QQQ (Ticker: TQQQ)

ProShares UltraPro QQQ (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times (3x) 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

    

81

%

  

Swap Agreements

    

208

%

  

Futures Contracts

    

11

%

  

Total Exposure

    

300

%

  

"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.

    

9.5

%

  

Microsoft Corp.

    

8.7

%

  

Amazon.com, Inc.

    

6.2

%

  

Tesla, Inc.

    

5.0

%

  

NVIDIA Corp.

    

4.3

%

  

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 UltraPro Russell2000 (Ticker: URTY)

ProShares UltraPro Russell2000 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times (3x) 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 approximately 3,000 of the largest companies in the US. 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

  

Equity Securities

    

86

%

  

Swap Agreements

    

206

%

  

Futures Contracts

    

8

%

  

Total Exposure

    

300

%

  

"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

%

  

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

ProShares UltraPro S&P500® (Ticker: UPRO)

ProShares UltraPro S&P500® (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times (3x) 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

    

89

%

  

Swap Agreements

    

204

%

  

Futures Contracts

    

7

%

  

Total Exposure

    

300

%

  

"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.

    

6.0

%

  

Microsoft Corp.

    

5.7

%

  

Amazon.com, Inc.

    

3.5

%

  

Tesla, Inc.

    

2.1

%

  

Alphabet, Inc., Class A

    

2.0

%

  

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 UltraPro Short 20+ Year Treasury (Ticker: TTT)

ProShares UltraPro Short 20+ Year Treasury (the "Fund") seeks investment results, before fees and expenses, that correspond to three times the inverse (-3x) 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 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 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

    

(299

%)

  

Futures Contracts

    

(2

%)

  

Total Exposure

    

(301

%)

  

"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

%

  

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

ProShares UltraPro Short Dow30SM (Ticker: SDOW)

ProShares UltraPro Short Dow30SM (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) 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

    

(289

%)

  

Futures Contracts

    

(11

%)

  

Total Exposure

    

(300

%)

  

"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

%

  

ProShares UltraPro Short MidCap400 (Ticker: SMDD)

ProShares UltraPro Short MidCap400 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) 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

    

(296

%)

  

Futures Contracts

    

(4

%)

  

Total Exposure

    

(300

%)

  

"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

%

  

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

ProShares UltraPro Short QQQ (Ticker: SQQQ)

ProShares UltraPro Short QQQ (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) 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, 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

  

Swap Agreements

    

(292

%)

  

Futures Contracts

    

(8

%)

  

Total Exposure

    

(300

%)

  

"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

%

  

ProShares UltraPro Short Russell2000 (Ticker: SRTY)

ProShares UltraPro Short Russell2000 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) 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, 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 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

    

(287

%)

  

Futures Contracts

    

(13

%)

  

Total Exposure

    

(300

%)

  

"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

%

  

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

ProShares UltraPro Short S&P500® (Ticker: SPXU)

ProShares UltraPro Short S&P500® (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) 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, 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

  

Swap Agreements

    

(293

%)

  

Futures Contracts

    

(7

%)

  

Total Exposure

    

(300

%)

  

"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 UltraShort 7-10 Year Treasury (Ticker: PST)

ProShares UltraShort 7-10 Year Treasury (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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 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. 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

    

(198

%)

  

Futures Contracts

    

(3

%)

  

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 7-10 Year Bond Index – Composition

   

% of Index

  

7-10 Year U.S. Treasury

    

100

%

  

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

ProShares UltraShort 20+ Year Treasury (Ticker: TBT)

ProShares UltraShort 20+ Year Treasury (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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 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 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

    

(200

%)

  

Futures Contracts

    

(1

%)

  

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 UltraShort Basic Materials (Ticker: SMN)

ProShares UltraShort Basic Materials (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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 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

  

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.

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

%

  

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

ProShares UltraShort Consumer Goods (Ticker: SZK)

ProShares UltraShort Consumer Goods (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of 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

  

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.

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

%

  

ProShares UltraShort Consumer Services (Ticker: SCC)

ProShares UltraShort Consumer Services (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of 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

  

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.

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

ProShares UltraShort Dow30SM (Ticker: DXD)

ProShares UltraShort Dow30SM (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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

    

(188

%)

  

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.

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 UltraShort Financials (Ticker: SKF)

ProShares UltraShort Financials (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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 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

  

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.

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

%

  

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

ProShares UltraShort FTSE China 50 (Ticker: FXP)

ProShares UltraShort FTSE China 50 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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 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

%

  

ProShares UltraShort FTSE Europe (Ticker: EPV)

ProShares UltraShort FTSE Europe (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of 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

    

(201

%)

  

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.

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

ProShares UltraShort Health Care (Ticker: RXD)

ProShares UltraShort Health Care (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of 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

  

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.

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 UltraShort Industrials (Ticker: SIJ)

ProShares UltraShort Industrials (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of 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

  

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.

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

%

  

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

ProShares UltraShort MidCap400 (Ticker: MZZ)

ProShares UltraShort MidCap400 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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

    

(186

%)

  

Futures Contracts

    

(14

%)

  

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.

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 UltraShort MSCI Brazil Capped (Ticker: BZQ)

ProShares UltraShort MSCI Brazil Capped (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of 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

    

(199

%)

  

Total Exposure

    

(199

%)

  

"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) :: XXXVII

ProShares UltraShort MSCI EAFE (Ticker: EFU)

ProShares UltraShort MSCI EAFE (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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

    

(201

%)

  

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.

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 UltraShort MSCI Emerging Markets (Ticker: EEV)

ProShares UltraShort MSCI Emerging Markets (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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

    

(201

%)

  

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.

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

%

  

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

ProShares UltraShort MSCI Japan (Ticker: EWV)

ProShares UltraShort MSCI Japan (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of 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

  

Swap Agreements

    

(201

%)

  

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.

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 UltraShort Nasdaq Biotechnology (Ticker: BIS)

ProShares UltraShort Nasdaq Biotechnology (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of 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. 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.

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) :: XXXIX

ProShares UltraShort Oil & Gas (Ticker: DUG)

ProShares UltraShort Oil & Gas (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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

    

(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.

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 UltraShort QQQ (Ticker: QID)

ProShares UltraShort QQQ (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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, 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

  

Swap Agreements

    

(193

%)

  

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.

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

%

  

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

ProShares UltraShort Real Estate (Ticker: SRS)

ProShares UltraShort Real Estate (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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, 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

  

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.

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 UltraShort Russell2000 (Ticker: TWM)

ProShares UltraShort Russell2000 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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, 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 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

    

(192

%)

  

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.

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) :: XLI

ProShares UltraShort S&P500® (Ticker: SDS)

ProShares UltraShort S&P500® (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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, 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

  

Swap Agreements

    

(193

%)

  

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.

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 UltraShort Semiconductors (Ticker: SSG)

ProShares UltraShort Semiconductors (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of 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 sub-sector. 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

  

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.

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

%

  

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

ProShares UltraShort SmallCap600 (Ticker: SDD)

ProShares UltraShort SmallCap600 (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) 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, 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 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

    

(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.

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 UltraShort Technology (Ticker: REW)

ProShares UltraShort Technology (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of 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

  

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.

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

%

  

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

ProShares UltraShort Utilities (Ticker: SDP)

ProShares UltraShort Utilities (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of 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

  

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.

Dow Jones U.S. Utilities Index – Composition

   

% of Index

  

Electric Utilities

    

62.0

%

  

Multi-Utilities

    

27.3

%

  

Water Utilities

    

4.0

%

  

Gas Utilities

    

3.9

%

  

Independent Power and Renewable Electricity Producers

    

2.8

%

  

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

EXPENSE EXAMPLES

PROSHARES TRUST EXPENSE EXAMPLES (UNAUDITED) :: XLV

As a shareholder, you incur two types of costs: (1) transaction costs for purchasing and selling shares and (2) ongoing costs, including advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses

The actual expense examples are based on an investment of $1,000 invested at the beginning of a six-month period and held through the period ended, November 30, 2021.

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 =8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended, November 30, 2021.

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as brokerage charges. Therefore, the second line for each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher.

    Beginning
Account
Value
6/1/21		   Ending
Account
Value
11/30/21		   Expenses Paid
During the
Period*		   Annualized
Expense Ratio
During Period		  

Short 7-10 Year Treasury

  

Actual

  

$

1,000.00

    

$

975.80

    

$

4.71

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Short 20+ Year Treasury

  

Actual

  

$

1,000.00

    

$

894.10

    

$

4.27

      

0.90

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.56

    

$

4.56

      

0.90

%

  

Short Basic Materials

  

Actual

  

$

1,000.00

    

$

1,020.60

    

$

4.81

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Short Dow30SM

  

Actual

  

$

1,000.00

    

$

982.30

    

$

4.72

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Short Financials

  

Actual

  

$

1,000.00

    

$

968.40

    

$

4.69

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Short FTSE China 50

  

Actual

  

$

1,000.00

    

$

1,149.40

    

$

5.12

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Short High Yield

  

Actual

  

$

1,000.00

    

$

980.60

    

$

4.72

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Short MidCap400

  

Actual

  

$

1,000.00

    

$

983.80

    

$

4.72

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

XLVI :: EXPENSE EXAMPLES (UNAUDITED) PROSHARES TRUST

    Beginning
Account
Value
6/1/21		   Ending
Account
Value
11/30/21		   Expenses Paid
During the
Period*		   Annualized
Expense Ratio
During Period		  

Short MSCI EAFE

  

Actual

  

$

1,000.00

    

$

1,024.30

    

$

4.82

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Short MSCI Emerging Markets

  

Actual

  

$

1,000.00

    

$

1,094.10

    

$

4.99

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Short Oil & Gas

  

Actual

  

$

1,000.00

    

$

879.20

    

$

4.48

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Short QQQ

  

Actual

  

$

1,000.00

    

$

834.50

    

$

4.37

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Short Real Estate

  

Actual

  

$

1,000.00

    

$

911.90

    

$

4.55

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Short Russell2000

  

Actual

  

$

1,000.00

    

$

1,003.10

    

$

4.77

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Short S&P500®

  

Actual

  

$

1,000.00

    

$

905.30

    

$

4.25

      

0.89

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.61

    

$

4.51

      

0.89

%

  

Short SmallCap600

  

Actual

  

$

1,000.00

    

$

991.20

    

$

4.74

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra 7-10 Year Treasury

  

Actual

  

$

1,000.00

    

$

1,026.60

    

$

4.83

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra 20+ Year Treasury

  

Actual

  

$

1,000.00

    

$

1,193.70

    

$

5.22

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra Basic Materials

  

Actual

  

$

1,000.00

    

$

898.60

    

$

4.52

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra Consumer Goods

  

Actual

  

$

1,000.00

    

$

1,221.10

    

$

5.29

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra Consumer Services

  

Actual

  

$

1,000.00

    

$

1,050.90

    

$

4.88

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra Dow30SM

  

Actual

  

$

1,000.00

    

$

999.20

    

$

4.76

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

PROSHARES TRUST EXPENSE EXAMPLES (UNAUDITED) :: XLVII

    Beginning
Account
Value
6/1/21		   Ending
Account
Value
11/30/21		   Expenses Paid
During the
Period*		   Annualized
Expense Ratio
During Period		  

Ultra Financials

  

Actual

  

$

1,000.00

    

$

1,011.30

    

$

4.79

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra FTSE China 50

  

Actual

  

$

1,000.00

    

$

660.20

    

$

3.95

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra FTSE Europe

  

Actual

  

$

1,000.00

    

$

920.60

    

$

4.57

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra Health Care

  

Actual

  

$

1,000.00

    

$

1,088.40

    

$

4.97

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra High Yield

  

Actual

  

$

1,000.00

    

$

997.80

    

$

4.76

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra Industrials

  

Actual

  

$

1,000.00

    

$

927.50

    

$

4.59

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra MidCap400

  

Actual

  

$

1,000.00

    

$

978.90

    

$

4.71

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra MSCI Brazil Capped

  

Actual

  

$

1,000.00

    

$

541.20

    

$

3.67

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra MSCI EAFE

  

Actual

  

$

1,000.00

    

$

913.30

    

$

4.56

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra MSCI Emerging Markets

  

Actual

  

$

1,000.00

    

$

784.90

    

$

4.25

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra MSCI Japan

  

Actual

  

$

1,000.00

    

$

927.00

    

$

4.59

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra Nasdaq Biotechnology

  

Actual

  

$

1,000.00

    

$

990.60

    

$

4.74

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra Nasdaq Cloud Computing

  

Actual

  

$

1,000.00

    

$

1,201.40

    

$

5.24

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra Nasdaq Cybersecurity

  

Actual

  

$

1,000.00

    

$

1,327.30

    

$

5.54

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

XLVIII :: EXPENSE EXAMPLES (UNAUDITED) PROSHARES TRUST

    Beginning
Account
Value
6/1/21		   Ending
Account
Value
11/30/21		   Expenses Paid
During the
Period*		   Annualized
Expense Ratio
During Period		  

Ultra Oil & Gas

  

Actual

  

$

1,000.00

    

$

1,124.00

    

$

5.06

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra QQQ

  

Actual

  

$

1,000.00

    

$

1,374.20

    

$

5.65

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra Real Estate

  

Actual

  

$

1,000.00

    

$

1,156.40

    

$

5.14

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra Russell2000

  

Actual

  

$

1,000.00

    

$

926.40

    

$

4.59

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra S&P500®

  

Actual

  

$

1,000.00

    

$

1,179.20

    

$

4.81

      

0.88

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.66

    

$

4.46

      

0.88

%

  

Ultra Semiconductors

  

Actual

  

$

1,000.00

    

$

1,718.80

    

$

6.47

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra SmallCap600

  

Actual

  

$

1,000.00

    

$

946.80

    

$

4.64

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra Technology

  

Actual

  

$

1,000.00

    

$

1,488.10

    

$

5.93

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra Telecommunications

  

Actual

  

$

1,000.00

    

$

976.60

    

$

4.71

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

Ultra Utilities

  

Actual

  

$

1,000.00

    

$

1,029.70

    

$

4.83

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraPro Dow30SM

  

Actual

  

$

1,000.00

    

$

990.60

    

$

4.74

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraPro MidCap400

  

Actual

  

$

1,000.00

    

$

953.80

    

$

4.65

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraPro QQQ

  

Actual

  

$

1,000.00

    

$

1,590.40

    

$

5.58

      

0.86

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.76

    

$

4.36

      

0.86

%

  

UltraPro Russell2000

  

Actual

  

$

1,000.00

    

$

870.30

    

$

4.45

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

PROSHARES TRUST EXPENSE EXAMPLES (UNAUDITED) :: XLIX

    Beginning
Account
Value
6/1/21		   Ending
Account
Value
11/30/21		   Expenses Paid
During the
Period*		   Annualized
Expense Ratio
During Period		  

UltraPro S&P500®

  

Actual

  

$

1,000.00

    

$

1,270.20

    

$

5.12

      

0.90

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.56

    

$

4.56

      

0.90

%

  

UltraPro Short 20+ Year Treasury

  

Actual

  

$

1,000.00

    

$

699.30

    

$

4.05

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraPro Short Dow30SM

  

Actual

  

$

1,000.00

    

$

935.60

    

$

4.61

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraPro Short MidCap400

  

Actual

  

$

1,000.00

    

$

928.00

    

$

4.59

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraPro Short QQQ

  

Actual

  

$

1,000.00

    

$

570.60

    

$

3.74

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraPro Short Russell2000

  

Actual

  

$

1,000.00

    

$

965.10

    

$

4.68

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraPro Short S&P500®

  

Actual

  

$

1,000.00

    

$

735.00

    

$

3.91

      

0.90

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.56

    

$

4.56

      

0.90

%

  

UltraShort 7-10 Year Treasury

  

Actual

  

$

1,000.00

    

$

955.90

    

$

4.66

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort 20+ Year Treasury

  

Actual

  

$

1,000.00

    

$

794.80

    

$

4.00

      

0.89

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.61

    

$

4.51

      

0.89

%

  

UltraShort Basic Materials

  

Actual

  

$

1,000.00

    

$

1,030.60

    

$

4.84

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort Consumer Goods

  

Actual

  

$

1,000.00

    

$

780.50

    

$

4.24

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort Consumer Services

  

Actual

  

$

1,000.00

    

$

910.20

    

$

4.60

      

0.96

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.26

    

$

4.86

      

0.96

%

  

UltraShort Dow30SM

  

Actual

  

$

1,000.00

    

$

963.10

    

$

4.68

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort Financials

  

Actual

  

$

1,000.00

    

$

931.50

    

$

4.60

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

L :: EXPENSE EXAMPLES (UNAUDITED) PROSHARES TRUST

    Beginning
Account
Value
6/1/21		   Ending
Account
Value
11/30/21		   Expenses Paid
During the
Period*		   Annualized
Expense Ratio
During Period		  

UltraShort FTSE China 50

  

Actual

  

$

1,000.00

    

$

1,283.20

    

$

5.44

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort FTSE Europe

  

Actual

  

$

1,000.00

    

$

1,034.40

    

$

4.84

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort Health Care

  

Actual

  

$

1,000.00

    

$

881.80

    

$

4.48

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort Industrials

  

Actual

  

$

1,000.00

    

$

1,023.80

    

$

4.82

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort MidCap400

  

Actual

  

$

1,000.00

    

$

960.80

    

$

4.67

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort MSCI Brazil Capped

  

Actual

  

$

1,000.00

    

$

1,498.00

    

$

5.95

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort MSCI EAFE

  

Actual

  

$

1,000.00

    

$

1,046.70

    

$

4.87

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort MSCI Emerging Markets

  

Actual

  

$

1,000.00

    

$

1,187.10

    

$

5.21

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort MSCI Japan

  

Actual

  

$

1,000.00

    

$

1,009.80

    

$

4.79

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort Nasdaq Biotechnology

  

Actual

  

$

1,000.00

    

$

921.60

    

$

4.58

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort Oil & Gas

  

Actual

  

$

1,000.00

    

$

744.80

    

$

4.16

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort QQQ

  

Actual

  

$

1,000.00

    

$

693.20

    

$

4.03

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort Real Estate

  

Actual

  

$

1,000.00

    

$

828.50

    

$

4.35

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort Russell2000

  

Actual

  

$

1,000.00

    

$

992.90

    

$

4.75

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

PROSHARES TRUST EXPENSE EXAMPLES (UNAUDITED) :: LI

    Beginning
Account
Value
6/1/21		   Ending
Account
Value
11/30/21		   Expenses Paid
During the
Period*		   Annualized
Expense Ratio
During Period		  

UltraShort S&P500®

  

Actual

  

$

1,000.00

    

$

818.30

    

$

4.15

      

0.91

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.51

    

$

4.61

      

0.91

%

  

UltraShort Semiconductors

  

Actual

  

$

1,000.00

    

$

510.60

    

$

3.60

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort SmallCap600

  

Actual

  

$

1,000.00

    

$

968.20

    

$

4.69

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort Technology

  

Actual

  

$

1,000.00

    

$

631.20

    

$

3.88

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

UltraShort Utilities

  

Actual

  

$

1,000.00

    

$

919.80

    

$

4.57

      

0.95

%

  

Hypothetical

  

$

1,000.00

    

$

1,020.31

    

$

4.81

      

0.95

%

  

*  Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 183/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

LII :: EXPENSE EXAMPLES (UNAUDITED) PROSHARES TRUST

SCHEDULE OF PORTFOLIO INVESTMENTS

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 1

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 96.7%

  

Repurchase Agreements (a) — 96.7%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $98,359,891
(Cost $98,359,814)		  

$

98,359,814

    

$

98,359,814

    
Total Investments — 96.7%
(Cost $98,359,814)		        

98,359,814

    

Other assets less liabilities — 3.3%

        

3,372,387

    

Net Assets — 100.0%

      

$

101,732,201

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

578,584

    

Aggregate gross unrealized depreciation

    

(2,823

)

  

Net unrealized appreciation

  

$

575,761

    

Federal income tax cost

  

$

98,359,814

    

Futures Contracts Sold

Short 7-10 Year Treasury had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

U.S. Treasury 10 Year Note

    

6

    

3/22/2022

  

USD

      

$

784,781

    

$

(2,823

)

  

Swap Agreementsa

Short 7-10 Year Treasury had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (23,236,287

)

  

11/7/2022

   Bank of
America NA		    

0.42

%

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

190,167

      

(190,167

)

    

—

      

—

    
  (77,938,959

)

  

8/8/2022

  

Citibank NA

    

0.40

%

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

388,417

      

—

      

(388,417

)

    

—

    
  (101,175,246

)

                                    

578,584

                           
                Total Unrealized
Appreciation		    

578,584

                            

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

See accompanying notes to the financial statements.

2 :: TBX SHORT 7-10 YEAR TREASURY :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: SHORT 7-10 YEAR TREASURY TBX :: 3

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 100.6%

  

Repurchase Agreements (a) — 38.9%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $277,143,591
(Cost $277,143,375)		  

$

277,143,375

    

$

277,143,375

    

U.S. Treasury Obligations (b) — 61.7%

  

U.S. Treasury Bills

  

0.02%, 12/2/2021 (c)

    

30,000,000

      

29,999,979

    

0.04%, 12/30/2021 (c)

    

50,000,000

      

49,996,476

    

0.05%, 1/27/2022 (c)

    

30,000,000

      

29,997,981

    

0.04%, 2/3/2022 (c)

    

10,000,000

      

9,999,245

    

0.03%, 2/17/2022 (c)

    

50,000,000

      

49,994,827

    

0.03%, 2/24/2022 (c)

    

45,000,000

      

44,995,458

    

0.03%, 3/10/2022 (c)

    

20,000,000

      

19,997,305

    

0.04%, 3/17/2022 (c)

    

25,000,000

      

24,996,307

    

0.06%, 3/24/2022 (c)

    

10,000,000

      

9,998,344

    

0.07%, 5/19/2022 (c)

    

25,000,000

      

24,990,220

    

0.07%, 6/16/2022 (c)

    

50,000,000

      

49,975,033

    

0.07%, 8/11/2022 (c)

    

65,000,000

      

64,941,186

    

0.08%, 9/8/2022 (c)

    

30,000,000

      

29,961,948

    
Total U.S. Treasury Obligations
(Cost $439,904,839)		        

439,844,309

    
Total Short-Term Investments
(Cost $717,048,214)		        

716,987,684

    
Total Investments — 100.6%
(Cost $717,048,214)		        

716,987,684

    

Liabilities in excess of other assets — (0.6%)

        

(4,044,600

)

  

Net Assets — 100.0%

      

$

712,943,084

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $23,188,358.

(c)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

301

    

Aggregate gross unrealized depreciation

    

(20,492,103

)

  

Net unrealized depreciation

  

$

(20,491,802

)

  

Federal income tax cost

  

$

717,048,214

    

Futures Contracts Sold

Short 20+ Year Treasury had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

U.S. Treasury Long Bond

    

126

    

3/22/2022

  

USD

      

$

20,427,750

    

$

(38,479

)

  

See accompanying notes to the financial statements.

4 :: TBF SHORT 20+ YEAR TREASURY :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Swap Agreementsa

Short 20+ Year Treasury had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (300,100,749

)

  

8/8/2022

  

Citibank NA

    

0.38

%

   ICE U.S.
Treasury 20+
Year Bond Index		    

(12,931,785

)

    

12,931,785

      

—

      

—

    
  (140,451,473

)

  

11/6/2023

   Goldman Sachs
International		    

0.35

%

   ICE U.S.
Treasury 20+
Year Bond Index		    

(2,824,367

)

    

2,361,676

      

—

      

(462,691

)

  
  (264,999,760

)

  

11/6/2023

   Societe
Generale		    

0.21

%

   ICE U.S.
Treasury 20+
Year Bond Index		    

(4,636,641

)

    

1,948,257

      

362,000

      

(2,326,384

)

  
  (705,551,982

)

                                    

(20,392,793

)

                          
                Total Unrealized
Depreciation		    

(20,392,793

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: SHORT 20+ YEAR TREASURY TBF :: 5

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 87.2%

  

Repurchase Agreements (a) — 87.2%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $1,749,375
(Cost $1,749,373)		  

$

1,749,373

    

$

1,749,373

    
Total Investments — 87.2%
(Cost $1,749,373)		        

1,749,373

    

Other assets less liabilities — 12.8%

        

257,570

    

Net Assets — 100.0%

      

$

2,006,943

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

98,905

    

Aggregate gross unrealized depreciation

    

(32,568

)

  

Net unrealized appreciation

  

$

66,337

    

Federal income tax cost

 

$

1,749,373

    

Swap Agreementsa

Short Basic Materials had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (171,868

)

  

1/6/2022

   Bank of
America NA		    

0.33

%

   Dow Jones U.S.
Basic MaterialsSM
Index		    

(30,319

)

    

—

      

30,000

      

(319

)

  
  (51,614

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.32

%

   Dow Jones U.S.
Basic MaterialsSM
Index		    

(2,249

)

   

—

      

—

      

(2,249

)

  
  (1,086,016

)

  

3/7/2023

  

Societe Generale

    

0.03

%

   Dow Jones U.S.
Basic MaterialsSM
Index		    

65,542

      

—

      

—

      

65,542

    
  (697,051

)

  

3/7/2023

  

UBS AG

    

0.18

%

   Dow Jones U.S.
Basic MaterialsSM
Index		    

33,363

      

—

      

—

      

33,363

    
  (2,006,549

)

                                    

66,337

                            
                Total Unrealized
Appreciation		    

98,905

                            
                Total Unrealized
Depreciation		    

(32,568

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

6 :: SBM SHORT BASIC MATERIALS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 97.4%

  

Repurchase Agreements (a) — 13.8%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $37,123,237
(Cost $37,123,207)		  

$

37,123,207

    

$

37,123,207

    

U.S. Treasury Obligations (b) — 83.6%

  

U.S. Treasury Bills

  

0.02%, 12/2/2021 (c)

    

20,000,000

      

19,999,986

    

0.05%, 12/30/2021 (c)

    

25,000,000

      

24,998,238

    

0.05%, 1/27/2022 (c)

    

30,000,000

      

29,997,981

    

0.04%, 2/3/2022 (c)

    

20,000,000

      

19,998,489

    

0.04%, 2/10/2022 (c)

    

10,000,000

      

9,999,108

    

0.03%, 4/21/2022 (c)

    

25,000,000

      

24,993,390

    

0.07%, 8/11/2022 (c)

    

50,000,000

      

49,954,758

    

0.09%, 9/8/2022 (c)

    

45,000,000

      

44,942,922

    
Total U.S. Treasury Obligations
(Cost $224,937,723)		        

224,884,872

    
Total Short-Term Investments
(Cost $262,060,930)		        

262,008,079

    
Total Investments — 97.4%
(Cost $262,060,930)		        

262,008,079

    

Other assets less liabilities — 2.6%

        

6,939,242

    

Net Assets — 100.0%

      

$

268,947,321

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $21,637,823.

(c)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

9,364,048

    

Aggregate gross unrealized depreciation

    

(15,383,092

)

  

Net unrealized depreciation

  

$

(6,019,044

)

  

Federal income tax cost

  

$

262,060,930

    

Futures Contracts Sold

Short Dow30SM had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

DJIA CBOT E-Mini Index

    

174

    

12/17/2021

  

USD

      

$

29,977,590

    

$

376,760

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: SHORT DOW30SM DOG :: 7

Swap Agreementsa

Short Dow30SM had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (47,759,952

)

  

12/6/2021

   Bank of
America NA		    

(0.27

)%

   Dow Jones
Industrial
AverageSM		    

(15,330,057

)

    

10,277,057

      

5,053,000

      

—

    
  (70,864,045

)

  

5/8/2023

  

BNP Paribas SA

    

(0.37

)%

   Dow Jones
Industrial
AverageSM		    

3,270,267

      

(1,969,834

)

    

—

      

1,300,433

    
  (35,759,618

)

  

4/10/2023

  

Citibank NA

    

(0.55

)%

   Dow Jones
Industrial
AverageSM		    

1,148,787

      

—

      

(870,000

)

    

278,787

    
  (10,379,600

)

  

3/7/2023

   Goldman Sachs
International		    

(0.42

)%

   Dow Jones
Industrial
AverageSM		    

565,113

      

(469,016

)

    

—

      

96,097

    
  (724,158

)

  

3/7/2023

  

Societe Generale

    

(0.17

)%

   Dow Jones
Industrial
AverageSM		    

60,503

      

—

      

—

      

60,503

    
  (73,067,623

)

  

3/7/2023

  

UBS AG

    

(0.27

)%

   Dow Jones
Industrial
AverageSM		    

3,942,434

      

—

      

(2,590,000

)

    

1,352,434

    
  (238,554,996

)

                                    

(6,342,953

)

                          
                Total Unrealized
Appreciation		    

8,987,104

                            
                Total Unrealized
Depreciation		    

(15,330,057

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

8 :: DOG SHORT DOW30SM :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 99.1%

  

Repurchase Agreements (a) — 99.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $7,019,976
(Cost $7,019,970)		  

$

7,019,970

    

$

7,019,970

    
Total Investments — 99.1%
(Cost $7,019,970)		        

7,019,970

    

Other assets less liabilities — 0.9%

        

60,576

    

Net Assets — 100.0%

      

$

7,080,546

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

238,023

    

Aggregate gross unrealized depreciation

    

(1,011,967

)

  

Net unrealized depreciation

  

$

(773,944

)

  

Federal income tax cost

  

$

7,019,970

    

Swap Agreementsa

Short Financials had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (531,999

)

  

1/6/2022

   Bank of
America NA		    

0.03

%

   Dow Jones U.S.
FinancialsSM
Indexf		    

(463,530

)

    

—

      

320,000

      

(143,530

)

  
  (502,625

)

  

1/6/2022

  

BNP Paribas SA

    

(0.27

)%

   Dow Jones U.S.
FinancialsSM
Indexf		    

(267,274

)

    

—

      

191,000

      

(76,274

)

  
  (749,042

)

  

4/10/2023

  

Citibank NA

    

(0.22

)%

   Dow Jones U.S.
FinancialsSM
Indexf		    

31,172

      

—

      

—

      

31,172

    
  (1,197,815

)

  

3/7/2023

   Goldman Sachs
International		    

(0.17

)%

   Dow Jones U.S.
FinancialsSM
Indexf		    

70,482

      

—

      

—

      

70,482

    
  (1,848,127

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.36

%

   Dow Jones U.S.
FinancialsSM
Indexf		    

(281,163

)

    

—

      

281,163

      

—

    
  (1,270,434

)

  

3/7/2023

  

Societe Generale

    

(0.17

)%

   Dow Jones U.S.
FinancialsSM
Indexf		    

76,441

      

—

      

—

      

76,441

    
  (978,324

)

  

3/7/2023

  

UBS AG

    

(0.17

)%

   Dow Jones U.S.
FinancialsSM
Indexf		    

59,928

      

—

      

—

      

59,928

    
  (7,078,366

)

                                    

(773,944

)

                          
                Total Unrealized
Appreciation		    

238,023

                            
                Total Unrealized
Depreciation		    

(1,011,967

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: SHORT FINANCIALS SEF :: 9

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  See the Common Stocks section of the Summary Schedule of Portfolio Investments of ProShares Ultra Financials for the components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

10 :: SEF SHORT FINANCIALS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 80.1%

  

Repurchase Agreements (a) — 80.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $7,835,471
(Cost $7,835,465)		  

$

7,835,465

    

$

7,835,465

    
Total Investments — 80.1%
(Cost $7,835,465)		        

7,835,465

    

Other assets less liabilities — 19.9%

        

1,941,994

    

Net Assets — 100.0%

      

$

9,777,459

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

353,141

    

Aggregate gross unrealized depreciation

    

—

    

Net unrealized appreciation

  

$

353,141

    

Federal income tax cost

  

$

7,835,465

    

Swap Agreementsa,f

Short FTSE China 50 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (4,683,500

)

  

11/9/2022

   Bank of
America NA		    

1.43

%

   iShares® China
Large-Cap ETF		    

213,944

      

—

      

—

      

213,944

    
  (890,378

)

  

4/10/2023

  
Citibank NA		    

2.68

%

   iShares® China
Large-Cap ETF		    

28,241

      

—

      

—

      

28,241

    
  (714,392

)

  

3/7/2023

   Goldman Sachs
International		    

0.43

%

   iShares® China
Large-Cap ETF		    

26,290

      

—

      

—

      

26,290

    
  (548,048

)

  

3/7/2023

   Societe
Generale		    

1.58

%

   iShares® China
Large-Cap ETF		    

19,700

      

—

      

—

      

19,700

    
  (2,900,960

)

  

3/7/2023

  
UBS AG		    

1.68

%

   iShares® China
Large-Cap ETF		    

64,966

      

—

      

—

      

64,966

    
  (9,737,278

)

                                    

353,141

                            
                            Total Unrealized
Appreciation		    

353,141

                           

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: SHORT FTSE CHINA 50 YXI :: 11

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 82.9%

  

Repurchase Agreements (a) — 66.5%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $40,408,462
(Cost $40,408,431)		  

$

40,408,431

    

$

40,408,431

    

U.S. Treasury Obligations — 16.4%

  

U.S. Treasury Bills

  
0.04%, 2/10/2022 (b)
(Cost $9,999,172)		    

10,000,000

      

9,999,108

    
Total Short-Term Investments
(Cost $50,407,603)		        

50,407,539

    
Total Investments — 82.9%
(Cost $50,407,603)		        

50,407,539

    

Other assets less liabilities — 17.1%

        

10,371,106

    

Net Assets — 100.0%

      

$

60,778,645

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

964,101

    

Aggregate gross unrealized depreciation

    

(64

)

  

Net unrealized appreciation

  

$

964,037

    

Federal income tax cost

  

$

50,407,603

    

Swap Agreementsa,f

Short High Yield had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

(24,127,107

)

  

4/10/2023		  

Citibank NA		    

2.68

%

   iShares® iBoxx $
High Yield Corporate
Bond ETF		    

447,668

      

—

      

(310,000

)

    

137,668

    
 

(22,662,042

)

  

3/7/2023		  
Goldman Sachs
International		    

2.43

%

   iShares® iBoxx $
High Yield Corporate
Bond ETF		    

428,882

      

(428,882

)

    

—

      

—

    
 

(13,967,970

)

  

11/7/2022		  

UBS AG		    

1.93

%

   iShares® iBoxx $
High Yield Corporate
Bond ETF		    

87,551

      

—

      

—

      

87,551

    
 

(60,757,119

)

                        

964,101

                            
                    Total Unrealized
Appreciation		    

964,101

                            

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation and final settlement of these swap transactions as of the time the Fund calculates its NAV, which differs from the time the Fund's underlying index is calculated, one or more exchange-traded financial products are used as the reference entity, as a surrogate for the respective underlying index.

See accompanying notes to the financial statements.

12 :: SJB SHORT HIGH YIELD :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 92.4%

  

Repurchase Agreements (a) — 92.4%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $9,250,778
(Cost $9,250,771)		  

$

9,250,771

    

$

9,250,771

    
Total Investments — 92.4%
(Cost $9,250,771)		        

9,250,771

    

Other assets less liabilities — 7.6%

        

764,735

    

Net Assets — 100.0%

      

$

10,015,506

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

491,848

    

Aggregate gross unrealized depreciation

    

(476,247

)

  

Net unrealized appreciation

  

$

15,601

    

Federal income tax cost

  

$

9,250,771

    

Futures Contracts Sold

Short MidCap400 had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

S&P Midcap 400 E-Mini Index

    

2

    

12/17/2021

  

USD

      

$

541,240

    

$

(3,325

)

  

Swap Agreementsa

Short MidCap400 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (1,300,152

)

  

12/6/2021

   Bank of
America NA		    

(0.17

)%

   S&P
MidCap 400®		    

(282,146

)

    

—

      

282,146

      

—

    
  (647,367

)

  

5/8/2023

  

BNP Paribas SA

    

(0.22

)%

   S&P
MidCap 400®		    

46,925

      

—

      

—

      

46,925

    
  (2,134,416

)

  

4/10/2023

  

Citibank NA

    

(0.27

)%

   S&P
MidCap 400®		    

118,258

      

—

      

—

      

118,258

    
  (257,322

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.50

%

  
S&P
MidCap 400®		    

(190,776

)

    

—

      

157,000

      

(33,776

)

  
  (5,132,892

)

  

3/7/2023

  

Societe Generale

    

0.20

%

   S&P
MidCap 400®		    

326,665

      

—

      

—

      

326,665

    
  (9,472,149

)

                                    

18,926

                            
                Total Unrealized
Appreciation		    

491,848

                            
                Total Unrealized
Depreciation		    

(472,922

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: SHORT MIDCAP400 MYY :: 13

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

14 :: MYY SHORT MIDCAP400 :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 54.9%

  

Repurchase Agreements (a) — 54.9%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $12,520,113
(Cost $12,520,102)		  

$

12,520,102

    

$

12,520,102

    
Total Investments — 54.9%
(Cost $12,520,102)		        

12,520,102

    

Other assets less liabilities — 45.1%

        

10,300,876

    

Net Assets — 100.0%

      

$

22,820,978

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

838,441

    

Aggregate gross unrealized depreciation

    

—

    

Net unrealized appreciation

  

$

838,441

    

Federal income tax cost

  

$

12,520,102

    

Swap Agreementsa,f

Short MSCI EAFE had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (837,724

)

  

4/10/2023

  

Citibank NA

    

0.33

%

   iShares® MSCI
EAFE ETF		    

52,178

      

—

      

—

      

52,178

    
  (8,864,390

)

  

3/7/2023

   Goldman Sachs
International		    

(0.12

)%

   iShares® MSCI
EAFE ETF		    

27,575

      

—

      

—

      

27,575

    
  (3,463,533

)

  

3/7/2023

   Societe
Generale		    

0.73

%

   iShares® MSCI
EAFE ETF		    

209,174

      

—

      

—

      

209,174

    
  (9,554,281

)

  

3/7/2023

  

UBS AG

    

0.33

%

   iShares® MSCI
EAFE ETF		    

549,514

      

—

      

—

      

549,514

    
  (22,719,928

)

                                    

838,441

                            
                Total Unrealized
Appreciation		    

838,441

                            

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: SHORT MSCI EAFE EFZ :: 15

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 77.3%

  

Repurchase Agreements (a) — 77.3%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $32,593,921
(Cost $32,593,896)		  

$

32,593,896

    

$

32,593,896

    
Total Investments — 77.3%
(Cost $32,593,896)		        

32,593,896

    

Other assets less liabilities — 22.7%

        

9,565,185

    

Net Assets — 100.0%

      

$

42,159,081

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

1,713,165

    

Aggregate gross unrealized depreciation

    

—

    

Net unrealized appreciation

  

$

1,713,165

    

Federal income tax cost

  

$

32,593,896

    

Swap Agreementsa,f

Short MSCI Emerging Markets had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (8,362,366

)

  

5/8/2023

   Bank of
America NA		    

0.73

%

   iShares® MSCI
Emerging
Markets ETF		    

398,893

      

(398,893

)

    

—

      

—

    
  (7,861,983

)

  

4/10/2023

  

Citibank NA

    

0.48

%

   iShares® MSCI
Emerging
Markets ETF		    

346,630

      

—

      

(340,000

)

    

6,630

    
  (4,306,875

)

  

3/7/2023

   Goldman Sachs
International		    

0.43

%

   iShares® MSCI
Emerging
Markets ETF		    

64,844

      

—

      

—

      

64,844

    
  (556,379

)

  

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.08

%

   iShares® MSCI
Emerging
Markets ETF		    

26,750

      

—

      

—

      

26,750

    
  (2,439,967

)

  

3/7/2023

   Societe
Generale		    

1.63

%

   iShares® MSCI
Emerging
Markets ETF		    

100,078

      

—

      

—

      

100,078

    
  (18,467,736

)

  

11/9/2022

  

UBS AG

    

1.03

%

   iShares® MSCI
Emerging
Markets ETF		    

775,970

      

—

      

(775,970

)

    

—

    
  (41,995,306

)

                                    

1,713,165

                            
                Total Unrealized
Appreciation		    

1,713,165

                            

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would

See accompanying notes to the financial statements.

16 :: EUM SHORT MSCI EMERGING MARKETS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: SHORT MSCI EMERGING MARKETS EUM :: 17

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 90.2%

  

Repurchase Agreements (a) — 90.2%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $2,440,029
(Cost $2,440,028)		  

$

2,440,028

    

$

2,440,028

    
Total Investments — 90.2%
(Cost $2,440,028)		        

2,440,028

    

Other assets less liabilities — 9.8%

        

263,836

    

Net Assets — 100.0%

      

$

2,703,864

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

67,970

    

Aggregate gross unrealized depreciation

    

(589,507

)

  

Net unrealized depreciation

  

$

(521,537

)

  

Federal income tax cost

  

$

2,440,028

    

Swap Agreementsa

Short Oil & Gas had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (867,197

)

  

1/6/2022

  
Bank of
America NA		    

0.23

%

   Dow Jones U.S.
Oil & GasSM
Index		    

(464,521

)

    

—

      

464,521

      

—

    
  (560,322

)

  

3/7/2023

  
Goldman Sachs
International		    

(0.17

)%

   Dow Jones U.S.
Oil & GasSM
Index		    

35,050

      

—

      

—

      

35,050

    
  (156,178

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.59

%

   Dow Jones U.S.
Oil & GasSM
Index		  

(79,234)		    

—

      

—

      

(79,234

)

  
  (571,282

)

  

3/7/2023

  
Societe
Generale		    

0.03

%

   Dow Jones U.S.
Oil & GasSM
Index		    

32,920

      

—

      

—

      

32,920

    
  (547,992

)

  

11/7/2022

  

UBS AG		    

0.08

%

   Dow Jones U.S.
Oil & GasSM
Index		    

(45,752

)

    

—

      

45,752

      

—

    
  (2,702,971

)

                                    

(521,537

)

                          
                              Total Unrealized
Appreciation		    

67,970

                            
                            Total Unrealized
Depreciation		    

(589,507

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

18 :: DDG SHORT OIL & GAS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 102.9%

  

Repurchase Agreements (a) — 11.0%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $57,415,551 
(Cost $57,415,506)		  

$

57,415,506

    

$

57,415,506

    

U.S. Treasury Obligations (b) — 91.9%

  

U.S. Treasury Bills

  

0.01%, 12/2/2021 (c)

    

25,000,000

      

24,999,983

    

0.05%, 12/23/2021 (c)

    

25,000,000

      

24,997,838

    

0.04%, 12/30/2021 (c)

    

35,000,000

      

34,997,532

    

0.03%, 1/13/2022 (c)

    

25,000,000

      

24,999,179

    

0.05%, 1/27/2022 (c)

    

10,000,000

      

9,999,327

    

0.04%, 2/3/2022 (c)

    

25,000,000

      

24,998,111

    

0.04%, 2/10/2022 (c)

    

25,000,000

      

24,997,769

    

0.03%, 2/17/2022 (c)

    

25,000,000

      

24,997,414

    

0.01%, 2/24/2022 (c)

    

50,000,000

      

49,994,953

    

0.03%, 3/10/2022 (c)

    

20,000,000

      

19,997,305

    

0.04%, 3/17/2022 (c)

    

25,000,000

      

24,996,307

    

0.06%, 3/24/2022 (c)

    

10,000,000

      

9,998,344

    

0.03%, 4/21/2022 (c)

    

50,000,000

      

49,986,781

    

0.07%, 5/19/2022 (c)

    

25,000,000

      

24,990,220

    

0.07%, 6/16/2022 (c)

    

45,000,000

      

44,977,530

    

0.07%, 7/14/2022 (c)

    

20,000,000

      

19,986,219

    

0.09%, 8/11/2022 (c)

    

20,000,000

      

19,981,903

    

0.11%, 9/8/2022 (c)

    

20,000,000

      

19,974,632

    
Total U.S. Treasury Obligations
(Cost $479,915,255)		        

479,871,347

    
Total Short-Term Investments
(Cost $537,330,761)		        

537,286,853

    
Total Investments — 102.9%
(Cost $537,330,761)		        

537,286,853

    

Liabilities in excess of other assets — (2.9%)

        

(14,937,480

)

  

Net Assets — 100.0%

      

$

522,349,373

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $53,975,037.

(c)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

4,435,180

    

Aggregate gross unrealized depreciation

    

(23,776,735

)

  

Net unrealized depreciation

  

$

(19,341,555

)

  

Federal income tax cost

  

$

537,330,761

    

Futures Contracts Sold

Short QQQ had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

  Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

NASDAQ 100 E-Mini Index

    

91

    

12/17/2021

  

USD

      

$

29,393,910

    

$

(788,659

)

  

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: SHORT QQQ PSQ :: 19

Swap Agreementsa

Short QQQ had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (20,912,153

)

  

12/6/2021

   Bank of
America NA		    

(0.37

)%

   NASDAQ-100
Index®		    

(12,703,042

)

    

12,703,042

      

—

      

—

    
  (86,440,124

)

  

5/8/2023

  
BNP Paribas SA		    

(0.42

)%

   NASDAQ-100
Index®		    

831,725

      

—

      

—

      

831,725

    
  (46,810,304

)

  

4/10/2023

  
Citibank NA		    

(0.55

)%

   NASDAQ-100
Index®		    

552,213

      

—

      

—

      

552,213

    
  (79,824,396

)

  

3/7/2023

   Goldman Sachs
International		    

(0.42

)%

   NASDAQ-100
Index®		    

826,734

      

—

      

—

      

826,734

    
  (84,084,279

)

  

5/8/2023

   J.P. Morgan
Securities 		   

(0.22

)%

   NASDAQ-100
Index®		    

1,008,751

      

—

      

—

      

1,008,751

    
  (55,846,419

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

(0.20

)%

  
NASDAQ-100
Index®		    

(10,240,721

)

    

10,240,721

      

—

      

—

    
  (27,608,559

)

  

3/7/2023

   Societe
Generale		    

(0.57

)%

   NASDAQ-100
Index®		    

199,048

      

—

      

—

      

199,048

    
  (90,905,384

)

  

3/7/2023

  
UBS AG		    

(0.22

)%

   NASDAQ-100
Index®		    

1,016,304

      

—

      

—

      

1,016,304

    
  (492,431,618

)

                                   

(18,508,988

)

                          
                            Total Unrealized
Appreciation		    

4,434,775

                            
                            Total Unrealized
Depreciation		    

(22,943,763

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

20 :: PSQ SHORT QQQ :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 111.9%

  

Repurchase Agreements (a) — 111.9%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $9,281,302
(Cost $9,281,295)		  

$

9,281,295

    

$

9,281,295

    
Total Investments — 111.9%
(Cost $9,281,295)		        

9,281,295

    

Liabilities in excess of other assets — (11.9%)

        

(990,599

)

  

Net Assets — 100.0%

      

$

8,290,696

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

95,672

    

Aggregate gross unrealized depreciation

    

(1,389,121

)

  

Net unrealized depreciation

  

$

(1,293,449

)

  

Federal income tax cost

  

$

9,281,295

    

Swap Agreementsa

Short Real Estate had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (693,273

)

  

12/6/2021

  
Bank of
America NA		    

(0.42

)%

   Dow Jones U.S.
Real EstateSM
Index		    

(509,805

)

    

—

      

509,805

      

—

    
  (1,747,130

)

  

1/6/2022

  

BNP Paribas SA 		   

(0.27

)%

   Dow Jones U.S.
Real EstateSM
Index		    

(346,795

)

    

—

      

290,000

      

(56,795

)

  
  (2,159,347

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.37

%

   Dow Jones U.S.
Real EstateSM
Index		    

(532,521

)

    

—

      

527,000

      

(5,521

)

  
  (2,195,572

)

  

3/7/2023

  
Societe
Generale		    

(0.12

)%

   Dow Jones U.S.
Real EstateSM
Index		    

57,498

      

—

      

—

      

57,498

    
  (1,493,971

)

  

3/7/2023

  

UBS AG		    

0.18

%

   Dow Jones U.S.
Real EstateSM
Index		    

38,174

      

—

      

—

      

38,174

    
  (8,289,293

)

                                    

(1,293,449

)

                          
                            Total Unrealized
Appreciation		    

95,672

                            
                            Total Unrealized
Depreciation		    

(1,389,121

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: SHORT REAL ESTATE REK :: 21

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 91.7%

  

Repurchase Agreements (a) — 25.7%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be received
(Cost $62,105,186)		  

$

62,105,186

    

$

62,105,186

    

U.S. Treasury Obligations (b) — 66.0%

  

U.S. Treasury Bills

  

0.05%, 12/23/2021 (c)

    

25,000,000

      

24,997,838

    

0.05%, 12/30/2021 (c)

    

25,000,000

      

24,998,238

    

0.03%, 1/13/2022 (c)

    

25,000,000

      

24,999,179

    

0.05%, 1/27/2022 (c)

    

20,000,000

      

19,998,654

    

0.03%, 3/10/2022 (c)

    

10,000,000

      

9,998,653

    

0.04%, 3/17/2022 (c)

    

25,000,000

      

24,996,307

    

0.07%, 8/11/2022 (c)

    

30,000,000

      

29,972,855

    
Total U.S. Treasury Obligations
(Cost $159,978,070)		        

159,961,724

    
Total Short-Term Investments
(Cost $222,083,256)		        

222,066,910

    
Total Investments — 91.7%
(Cost $222,083,256)		        

222,066,910

    

Other assets less liabilities — 8.3%

        

19,997,192

    

Net Assets — 100.0%

      

$

242,064,102

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $20,438,958.

(c)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

18,356,435

    

Aggregate gross unrealized depreciation

    

(1,010,386

)

  

Net unrealized appreciation

  

$

17,346,049

    

Federal income tax cost

  

$

222,083,256

    

Futures Contracts Sold

Short Russell2000 had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

Russell 2000 E-Mini Index

    

186

    

12/17/2021

  

USD

      

$

20,434,890

    

$

636,450

    

See accompanying notes to the financial statements.

22 :: RWM SHORT RUSSELL2000 :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Swap Agreementsa

Short Russell2000 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (22,121,035

)

  

11/7/2022

   Bank of
America NA		    

0.13

%

   Russell 2000®
Index		    

(993,827

)

    

873,827

      

120,000

      

—

    
  (20,192,590

)

  

5/8/2023

  
BNP Paribas SA		    

0.08

%

   Russell 2000®
Index		    

2,136,725

      

(1,708,796

)

    

—

      

427,929

    
  (21,872,558

)

  

4/10/2023

  
Citibank NA		    

0.12

%

   Russell 2000®
Index		    

1,221,384

      

—

      

(760,000

)

    

461,384

    
  (61,372,528

)

  

3/7/2023

   Goldman Sachs
International		    

(0.07

)%

   Russell 2000®
Index		    

6,749,815

      

(6,056,481

)

    

—

      

693,334

    
  (23,024,787

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.69

%

  
Russell 2000®
Index		    

613,314

      

—

      

(131,000

)

    

482,314

    
  (22,072,659

)

  

3/7/2023

   Societe
Generale		    

0.28

%

   Russell 2000®
Index		    

1,414,022

      

(995,841

)

    

—

      

418,181

    
  (50,723,710

)

  

3/7/2023

  
UBS AG		    

0.43

%

   Russell 2000®
Index		    

5,584,512

      

—

      

(4,520,000

)

    

1,064,512

    
  (221,379,867

)

                                    

16,725,945

                            
                            Total Unrealized
Appreciation		    

17,719,772

                            
                            Total Unrealized
Depreciation		    

(993,827

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: SHORT RUSSELL2000 RWM :: 23

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 105.7%

  

Repurchase Agreements (a) — 7.3%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $97,360,322
(Cost $97,360,247)		  

$

97,360,247

    

$

97,360,247

    

U.S. Treasury Obligations (b) — 98.4%

  

U.S. Treasury Bills

  

0.02%, 12/2/2021 (c)

    

50,000,000

      

49,999,965

    

0.04%, 12/16/2021 (c)

    

50,000,000

      

49,998,568

    

0.05%, 12/23/2021 (c)

    

50,000,000

      

49,995,677

    

0.04%, 12/30/2021 (c)

    

125,000,000

      

124,991,188

    

0.03%, 1/13/2022 (c)

    

50,000,000

      

49,998,358

    

0.05%, 1/27/2022 (c)

    

85,000,000

      

84,994,280

    

0.04%, 2/3/2022 (c)

    

60,000,000

      

59,995,466

    

0.03%, 2/17/2022 (c)

    

50,000,000

      

49,994,827

    

0.03%, 2/24/2022 (c)

    

45,000,000

      

44,995,458

    

0.03%, 3/10/2022 (c)

    

75,000,000

      

74,989,894

    

0.04%, 3/17/2022 (c)

    

50,000,000

      

49,992,615

    

0.04%, 3/24/2022 (c)

    

60,000,000

      

59,990,065

    

0.03%, 4/21/2022 (c)

    

175,000,000

      

174,953,733

    

0.07%, 5/19/2022 (c)

    

50,000,000

      

49,980,440

    

0.07%, 6/16/2022 (c)

    

80,000,000

      

79,960,053

    

0.07%, 7/14/2022 (c)

    

85,000,000

      

84,941,429

    

0.07%, 8/11/2022 (c)

    

125,000,000

      

124,886,896

    

0.11%, 9/8/2022 (c)

    

50,000,000

      

49,936,580

    
Total U.S. Treasury Obligations
(Cost $1,314,746,348)		        

1,314,595,492

    
Total Short-Term Investments
(Cost $1,412,106,595)		        

1,411,955,739

    
Total Investments — 105.7%
(Cost $1,412,106,595)		        

1,411,955,739

    

Liabilities in excess of other assets — (5.7%)

        

(75,557,361

)

  

Net Assets — 100.0%

      

$

1,336,398,378

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $220,236,127.

(c)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

17,867,553

    

Aggregate gross unrealized depreciation

    

(163,672,334

)

  

Net unrealized depreciation

  

$

(145,804,781

)

  

Federal income tax cost

  

$

1,412,106,595

    

Futures Contracts Sold

Short S&P500® had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

S&P 500 E-Mini Index

    

353

    

12/17/2021

  

USD

      

$

80,594,313

    

$

(1,864,214

)

  

See accompanying notes to the financial statements.

24 :: SH SHORT S&P500® :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Swap Agreementsa

Short S&P500® had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

(418,396,571

)

  
12/6/2021		   Bank of
America NA		    

(0.32

)%

  
S&P 500®		    

(146,652,453

)

    

118,647,453

      

28,005,000

      

—

    
 

(143,015,605

)

  
5/8/2023		   BNP
Paribas SA		    

(0.37

)%

  
S&P 500®		    

2,951,701

      

(212,846

)

    

—

      

2,738,855

    
 

(144,189,324

)

  

4/10/2023

  

Citibank NA

    

(0.55

)%

  

S&P 500®

    

2,811,382

      

—

      

(1,010,000

)

    

1,801,382

    
 

(195,138,776

)

  
3/7/2023		   Goldman Sachs
International		    

(0.42

)%

  
S&P 500®		    

5,576,453

      

(1,935,198

)

    

—

      

3,641,255

    
 

(91,527,247

)

  
5/8/2023		   J.P. Morgan
Securities		    

(0.22

)%

  
S&P 500®		    

2,363,171

      

—

      

(610,000

)

    

1,753,171

    
 

(111,594,645

)

  

11/7/2022		   Morgan
Stanley & Co.
International plc		    

0.08

%

  

S&P 500®		    

(15,004,008

)

    

15,004,008

      

—

      

—

    
 

(68,532,402

)

  
3/7/2023		   Societe
Generale		    

(0.17

)%

  
S&P 500®		    

1,796,780

      

(494,337

)

    

—

      

1,302,443

    
 

(83,204,839

)

  

3/7/2023

  

UBS AG

    

(0.22

)%

  

S&P 500®

    

2,367,263

      

—

      

—

      

2,367,263

    
 

(1,255,599,409

)

                                    

(143,789,711

)

                          
                            Total Unrealized
Appreciation		    

17,866,750

                            
                                Total Unrealized
Depreciation		    

(161,656,461

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: SHORT S&P500® SH :: 25

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 96.8%

  

Repurchase Agreements (a) — 96.8%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $4,473,651
(Cost $4,473,647)		  

$

4,473,647

    

$

4,473,647

    
Total Investments — 96.8%
(Cost $4,473,647)		        

4,473,647

    

Other assets less liabilities — 3.2%

        

147,542

    

Net Assets — 100.0%

      

$

4,621,189

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

174,790

    

Aggregate gross unrealized depreciation

    

(551,240

)

  

Net unrealized depreciation

  

$

(376,450

)

  

Federal income tax cost

  

$

4,473,647

    

Swap Agreementsa

Short SmallCap600 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (784,400

)

  

11/7/2022

   Bank of
America NA		    

(0.07

)%

   S&P
SmallCap 600®		    

(210,572

)

    

—

      

171,000

      

(39,572

)

  
  (1,259,875

)

  

4/10/2023

  
Citibank NA		    

(0.22

)%

   S&P
SmallCap 600®		    

89,553

      

—

      

—

      

89,553

    
  (592,329

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.53

%

  
S&P
SmallCap 600®		    

(182,110

)

    

—

      

157,000

      

(25,110

)

  
  (1,398,219

)

  

3/7/2023

   Societe
Generale		    

0.28

%

   S&P
SmallCap 600®		    

85,237

      

—

      

—

      

85,237

    
  (585,613

)

  

11/7/2022

  
UBS AG		    

0.08

%

   S&P
SmallCap 600®		    

(158,558

)

    

—

      

117,000

      

(41,558

)

  
  (4,620,436

)

                                    

(376,450

)

                          
                            Total Unrealized
Appreciation		    

174,790

                            
                            Total Unrealized
Depreciation		    

(551,240

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

26 :: SBB SHORT SMALLCAP600 :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

U.S. Treasury Obligations — 79.1%

  

U.S. Treasury Bonds

  

5.25%, 2/15/2029

  

$

76,000

    

$

96,413

    

6.13%, 8/15/2029

    

71,000

      

95,911

    

6.25%, 5/15/2030

    

114,000

      

158,620

    

5.38%, 2/15/2031

    

141,000

      

190,130

    

U.S. Treasury Notes

  

2.63%, 2/15/2029

    

1,043,000

      

1,133,366

    

2.38%, 5/15/2029

    

856,000

      

916,589

    

1.63%, 8/15/2029 (a)

    

790,000

      

805,615

    

1.75%, 11/15/2029 (a)

    

589,000

      

606,440

    

1.50%, 2/15/2030

    

1,016,000

      

1,025,763

    

0.63%, 5/15/2030

    

1,397,000

      

1,311,652

    

0.63%, 8/15/2030

    

1,817,000

      

1,702,302

    

0.88%, 11/15/2030

    

1,886,000

      

1,803,782

    

1.13%, 2/15/2031 (a)

    

1,847,000

      

1,804,000

    

1.63%, 5/15/2031

    

1,973,000

      

2,011,843

    

1.25%, 8/15/2031

    

2,028,000

      

1,996,313

    

1.38%, 11/15/2031

    

676,000

      

672,039

    
Total U.S. Treasury Obligations
(Cost $16,374,188)		        

16,330,778

    
   

Shares

      

Securities Lending Reinvestments (b) — 8.5%

  

Investment Companies — 8.5%

  
BlackRock Liquidity FedFund,
Institutional Class
0.03% (Cost $1,751,062)		    

1,751,062

      

1,751,062

    
    Principal
Amount		      

Short-Term Investments — 18.1%

  

Repurchase Agreements (c) — 18.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $3,740,703
(Cost $3,740,699)		  

$

3,740,699

      

3,740,699

    
Total Investments — 105.7%
(Cost $21,865,949)		        

21,822,539

    

Liabilities in excess of other assets — (5.7%)

        

(1,172,764

)

  

Net Assets — 100.0%

      

$

20,649,775

    

(a)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $2,690,157, collateralized in the form of cash with a value of $1,751,062 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $982,959 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 9.67%, and maturity dates ranging from February 28, 2022 - July 20, 2070. The total value of collateral is $2,734,021.

(b)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $1,751,062.

(c)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

305,035

    

Aggregate gross unrealized depreciation

    

(561,299

)

  

Net unrealized depreciation

  

$

(256,264

)

  

Federal income tax cost

  

$

21,872,621

    

Futures Contracts Purchased

Ultra 7-10 Year Treasury had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

U.S. Treasury 10 Year Note

    

1

    

3/22/2022

  

USD

      

$

130,797

    

$

451

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA 7-10 YEAR TREASURY UST :: 27

Swap Agreementsa

Ultra 7-10 Year Treasury had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  


8,414,825		  

8/8/2022		  

Citibank NA		    

(0.08

)%

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

(286,324

)

    

—

      

286,324

      

—

    


16,383,979		  

11/6/2023		  
Goldman Sachs
International		    

(0.15

)%

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

79,691

      

—

      

—

      

79,691

    
  24,798,804                                      

(206,633

)

                          
                            Total Unrealized
Appreciation		    

79,691

                            
                            Total Unrealized
Depreciation		    

(286,324

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

28 :: UST ULTRA 7-10 YEAR TREASURY :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

U.S. Treasury Obligations — 41.1%

  

U.S. Treasury Bonds

  

3.13%, 2/15/2042

  

$

153,200

    

$

187,012

    

3.00%, 5/15/2042

    

142,600

      

171,109

    

2.75%, 8/15/2042

    

166,200

      

191,974

    

2.75%, 11/15/2042

    

243,800

      

281,799

    

3.13%, 2/15/2043

    

209,200

      

255,747

    

2.88%, 5/15/2043

    

331,400

      

390,793

    

3.63%, 8/15/2043

    

235,400

      

309,937

    

3.75%, 11/15/2043

    

241,300

      

323,945

    

3.63%, 2/15/2044

    

258,600

      

341,776

    

3.38%, 5/15/2044

    

241,700

      

309,036

    

3.13%, 8/15/2044

    

316,800

      

391,050

    

3.00%, 11/15/2044

    

290,900

      

352,966

    

2.50%, 2/15/2045

    

372,000

      

416,989

    

3.00%, 5/15/2045

    

206,900

      

252,353

    

2.88%, 8/15/2045

    

258,900

      

310,114

    

3.00%, 11/15/2045

    

141,200

      

173,014

    

2.50%, 2/15/2046

    

306,000

      

345,206

    

2.50%, 5/15/2046

    

310,800

      

350,961

    

2.25%, 8/15/2046

    

364,800

      

394,212

    

2.88%, 11/15/2046

    

181,600

      

219,750

    

3.00%, 2/15/2047

    

330,800

      

409,701

    

3.00%, 5/15/2047

    

245,500

      

304,957

    

2.75%, 8/15/2047

    

353,100

      

420,741

    

2.75%, 11/15/2047

    

367,700

      

438,683

    

3.00%, 2/15/2048

    

417,700

      

522,256

    

3.13%, 5/15/2048

    

439,500

      

562,732

    

3.00%, 8/15/2048

    

488,800

      

612,795

    

3.38%, 11/15/2048

    

486,700

      

652,748

    

3.00%, 2/15/2049

    

526,500

      

664,089

    

2.88%, 5/15/2049

    

530,100

      

655,502

    

2.25%, 8/15/2049

    

511,900

      

563,010

    

2.38%, 11/15/2049

    

454,700

      

513,669

    

2.00%, 2/15/2050

    

559,400

      

584,661

    

1.25%, 5/15/2050

    

649,300

      

568,036

    

1.38%, 8/15/2050

    

732,200

      

660,982

    

1.63%, 11/15/2050

    

727,100

      

697,448

    

1.88%, 2/15/2051

    

806,700

      

820,439

    

2.38%, 5/15/2051

    

811,000

      

920,232

    

2.00%, 8/15/2051

    

800,100

      

838,167

    

1.88%, 11/15/2051

    

273,000

      

278,417

    
Total U.S. Treasury Obligations
(Cost $18,656,899)		        

17,659,008

    

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 49.0%

  

Repurchase Agreements (a) — 49.0%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $21,067,846
(Cost $21,067,831)		  

$

21,067,831

    

$

21,067,831

    
Total Investments — 90.1%
(Cost $39,724,730)		        

38,726,839

    

Other assets less liabilities — 9.9%

        

4,242,578

    

Net Assets — 100.0%

      

$

42,969,417

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

2,737,743

    

Aggregate gross unrealized depreciation

    

(1,101,016

)

  

Net unrealized appreciation

  

$

1,636,727

    

Federal income tax cost

  

$

39,733,966

    

Futures Contracts Purchased

Ultra 20+ Year Treasury had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

U.S. Treasury Long Bond

    

10

    

3/22/2022

  

USD

      

$

1,621,250

    

$

14,982

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA 20+ YEAR TREASURY UBT :: 29

Swap Agreementsa

Ultra 20+ Year Treasury had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  


21,510,824		  

11/6/2023		  
Bank of
America NA		    

(0.23

)%

   ICE U.S.
Treasury 20+
Year Bond Index		    

923,780

      

(768,535

)

    

—

      

155,245

    


27,530,162		  

12/6/2023		  

Citibank NA		    

(0.08

)%

   ICE U.S.
Treasury 20+
Year Bond Index		    

1,415,376

      

—

      

(1,200,000

)

    

215,376

    


18,106,536		  

11/6/2023		  
Societe
Generale		    

0.21

%

   ICE U.S.
Treasury 20+
Year Bond Index		    

289,716

      

—

      

—

      

289,716

    
  67,147,522                                      

2,628,872

                            
                            Total Unrealized
Appreciation		    

2,628,872

                            

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

30 :: UBT ULTRA 20+ YEAR TREASURY :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (a) — 85.9%

  

Chemicals — 66.7%

  

Air Products and Chemicals, Inc.

    

15,023

    

$

4,318,211

    

Albemarle Corp.

    

7,937

      

2,115,131

    

Ashland Global Holdings, Inc.

    

3,834

      

387,502

    

Axalta Coating Systems Ltd.*

    

14,683

      

445,189

    

Celanese Corp.

    

7,539

      

1,141,103

    

CF Industries Holdings, Inc.

    

14,605

      

884,917

    

Chemours Co. (The)

    

11,209

      

332,907

    

Corteva, Inc.

    

49,830

      

2,242,350

    

Dow, Inc.

    

50,615

      

2,780,282

    

DuPont de Nemours, Inc.

    

35,499

      

2,625,506

    

Eastman Chemical Co.

    

9,214

      

960,928

    

Ecolab, Inc.

    

16,892

      

3,741,071

    

Element Solutions, Inc.

    

14,783

      

338,087

    

FMC Corp.

    

8,737

      

875,360

    

Huntsman Corp.

    

14,306

      

453,357

    

Ingevity Corp.*

    

2,681

      

192,791

    
International Flavors &
Fragrances, Inc.		    

16,906

      

2,403,526

    

Linde plc

    

35,049

      

11,150,489

    

LyondellBasell Industries NV, Class A

    

17,935

      

1,562,677

    

Mosaic Co. (The)

    

25,056

      

857,416

    

NewMarket Corp.

    

488

      

161,675

    

Olin Corp.

    

9,803

      

532,793

    

PPG Industries, Inc.

    

16,110

      

2,483,679

    

RPM International, Inc.

    

8,807

      

801,789

    

Scotts Miracle-Gro Co. (The)

    

2,766

      

400,766

    

Valvoline, Inc.

    

12,267

      

417,937

    

Westlake Chemical Corp.

    

2,260

      

209,999

    
     

44,817,438

    

Metals & Mining — 19.0%

  

Alcoa Corp.

    

12,683

      

590,140

    

Cleveland-Cliffs, Inc.*(b)

    

30,863

      

628,062

    

Commercial Metals Co.

    

8,181

      

252,793

    

Freeport-McMoRan, Inc.

    

99,642

      

3,694,725

    

MP Materials Corp.*

    

5,066

      

222,600

    

Newmont Corp.

    

54,236

      

2,978,641

    

Nucor Corp.

    

19,939

      

2,118,718

    

Reliance Steel & Aluminum Co.

    

4,308

      

640,298

    

Royal Gold, Inc.

    

4,453

      

445,434

    

Steel Dynamics, Inc.

    

13,162

      

787,088

    

United States Steel Corp.

    

18,332

      

414,486

    
     

12,772,985

    

Paper & Forest Products — 0.2%

  

Sylvamo Corp.*

    

2,406

      

72,854

    
Total Common Stocks
(Cost $58,638,474)		        

57,663,277

    

Investments

  

Shares

  

Value

  

Securities Lending Reinvestments (c) — 0.6%

  

Investment Companies — 0.6%

  
BlackRock Liquidity FedFund,
Institutional Class
0.03% (Cost $433,569)		    

433,569

    

$

433,569

    
    Principal
Amount		      

Short-Term Investments — 18.1%

  

Repurchase Agreements (d) — 18.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $12,186,290
(Cost $12,186,281)		  

$

12,186,281

      

12,186,281

    
Total Investments — 104.6%
(Cost $71,258,324)		        

70,283,127

    

Liabilities in excess of other assets — (4.6%)

        

(3,079,357

)

  

Net Assets — 100.0%

      

$

67,203,770

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $23,755,002.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $410,378, collateralized in the form of cash with a value of $433,569 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $433,569.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

2,664,102

    

Aggregate gross unrealized depreciation

    

(8,482,604

)

  

Net unrealized depreciation

  

$

(5,818,502

)

  

Federal income tax cost

  

$

71,703,035

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA BASIC MATERIALS UYM :: 31

Swap Agreementsa

Ultra Basic Materials had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  


17,840,781		  

5/8/2023		  
Bank of
America NA		    

0.42

%

   Dow Jones U.S.
Basic MaterialsSM
Index		    

(672,614

)

    

58,614

      

614,000

      

—

    


9,561,837		  

4/10/2023		  

Citibank NA		    

0.37

%

   Dow Jones U.S.
Basic MaterialsSM
Index		    

(364,917

)

    

259,435

      

105,482

      

—

    


18,662,876		  

3/7/2023		  
Goldman Sachs
International		    

0.67

%

   Dow Jones U.S.
Basic MaterialsSM
Index		    

(1,148,685

)

    

419,341

      

729,344

      

—

    


112,273		  

11/7/2022		   Morgan
Stanley & Co.
International plc		    

0.18

%

   Dow Jones U.S.
Basic MaterialsSM
Index		    

14,814

      

—

      

(8,000

)

  

6,814		  


16,031,641		  

3/7/2023		  
Societe
Generale		    

0.62

%

   Dow Jones U.S.
Basic MaterialsSM
Index		    

(986,922

)

    

975,624

      

11,298

      

—

    


14,378,938		  

3/7/2023		  

UBS AG		    

0.42

%

   Dow Jones U.S.
Basic MaterialsSM
Index		    

(1,240,270

)

    

1,085,748

      

154,522

      

—

    
  76,588,346                                      

(4,398,594

)

                          

                          Total Unrealized
Appreciation		    

14,814

                            

                          Total Unrealized
Depreciation		    

(4,413,408

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

32 :: UYM ULTRA BASIC MATERIALS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (a) — 75.5%

  

Auto Components — 2.0%

  

Aptiv plc*

    

900

    

$

144,315

    

Autoliv, Inc.

    

262

      

25,254

    

BorgWarner, Inc.

    

801

      

34,667

    

Fox Factory Holding Corp.*

    

141

      

24,784

    

Gentex Corp.

    

799

      

27,510

    

Lear Corp.

    

200

      

33,558

    

Luminar Technologies, Inc.*

    

720

      

11,736

    

QuantumScape Corp.*

    

774

      

22,322

    
     

324,146

    

Automobiles — 22.6%

  

Ford Motor Co.

    

13,041

      

250,257

    

General Motors Co.*

    

4,827

      

279,338

    

Harley-Davidson, Inc.

    

514

      

18,828

    

Rivian Automotive, Inc., Class A*

    

513

      

61,437

    

Tesla, Inc.*

    

2,695

      

3,085,128

    

Thor Industries, Inc.

    

183

      

19,345

    
     

3,714,333

    

Beverages — 11.0%

  

Boston Beer Co., Inc. (The), Class A*

    

31

      

13,986

    

Brown-Forman Corp., Class B

    

609

      

42,849

    

Coca-Cola Co. (The)

    

12,910

      

677,130

    

Constellation Brands, Inc., Class A

    

559

      

125,959

    

Keurig Dr Pepper, Inc.

    

2,452

      

83,344

    

Molson Coors Beverage Co., Class B

    

629

      

27,953

    

Monster Beverage Corp.*

    

1,248

      

104,557

    

National Beverage Corp.

    

80

      

4,155

    

PepsiCo, Inc.

    

4,593

      

733,870

    
     

1,813,803

    

Distributors — 0.8%

  

Genuine Parts Co.

    

477

      

60,932

    

Pool Corp.

    

132

      

73,144

    
     

134,076

    

Entertainment — 2.3%

  

Activision Blizzard, Inc.

    

2,585

      

151,481

    

Electronic Arts, Inc.

    

945

      

117,388

    

Playtika Holding Corp.*

    

345

      

5,934

    

ROBLOX Corp., Class A*

    

137

      

17,276

    

Take-Two Interactive Software, Inc.*

    

386

      

64,030

    

Zynga, Inc., Class A*

    

3,415

      

20,592

    
     

376,701

    

Food & Staples Retailing — 0.2%

  

Performance Food Group Co.*

    

514

      

20,719

    

US Foods Holding Corp.*

    

742

      

23,314

    
     

44,033

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Food Products — 7.7%

  

Archer-Daniels-Midland Co.

    

1,861

    

$

115,773

    

Beyond Meat, Inc.*(b)

    

201

      

14,122

    

Bunge Ltd.

    

471

      

40,774

    

Campbell Soup Co.

    

679

      

27,384

    

Conagra Brands, Inc.

    

1,600

      

48,880

    

Darling Ingredients, Inc.*

    

540

      

36,461

    

Flowers Foods, Inc.

    

665

      

17,170

    

Freshpet, Inc.*

    

145

      

15,663

    

General Mills, Inc.

    

2,016

      

124,528

    

Hain Celestial Group, Inc. (The)*

    

314

      

12,381

    

Hershey Co. (The)

    

483

      

85,728

    

Hormel Foods Corp.

    

939

      

38,874

    

Ingredion, Inc.

    

223

      

20,768

    

J M Smucker Co. (The)

    

359

      

45,403

    

Kellogg Co.

    

851

      

52,064

    

Kraft Heinz Co. (The)

    

2,358

      

79,252

    

Lamb Weston Holdings, Inc.

    

486

      

25,233

    

Lancaster Colony Corp.

    

68

      

9,942

    

McCormick & Co., Inc. (Non-Voting)

    

830

      

71,231

    

Mondelez International, Inc., Class A

    

4,648

      

273,953

    

Pilgrim's Pride Corp.*

    

164

      

4,605

    

Post Holdings, Inc.*

    

196

      

18,934

    

Seaboard Corp.

    

1

      

3,890

    

Tyson Foods, Inc., Class A

    

981

      

77,460

    
     

1,260,473

    

Household Durables — 3.2%

  

Cricut, Inc., Class A*(b)

    

84

      

2,097

    

DR Horton, Inc.

    

1,084

      

105,907

    

Helen of Troy Ltd.*

    

79

      

19,000

    

Leggett & Platt, Inc.

    

446

      

18,014

    

Lennar Corp., Class A

    

914

      

96,016

    

Lennar Corp., Class B

    

51

      

4,375

    

Mohawk Industries, Inc.*

    

184

      

30,888

    

Newell Brands, Inc.

    

1,262

      

27,095

    

NVR, Inc.*

    

10

      

52,253

    

PulteGroup, Inc.

    

865

      

43,276

    

Tempur Sealy International, Inc.

    

655

      

28,060

    

Toll Brothers, Inc.

    

389

      

24,690

    

TopBuild Corp.*

    

109

      

29,407

    

Whirlpool Corp.

    

208

      

45,290

    
     

526,368

    

Household Products — 10.2%

  

Church & Dwight Co., Inc.

    

817

      

73,023

    

Clorox Co. (The)

    

408

      

66,443

    

Colgate-Palmolive Co.

    

2,804

      

210,356

    

Energizer Holdings, Inc.

    

211

      

7,847

    

Kimberly-Clark Corp.

    

1,119

      

145,817

    

Procter & Gamble Co. (The)

    

8,064

      

1,165,893

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA CONSUMER GOODSUGE :: 33

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  
Reynolds Consumer
Products, Inc. (b)		    

184

    

$

5,369

    
     

1,674,748

    

Leisure Products — 1.2%

  

Brunswick Corp.

    

257

      

24,135

    

Callaway Golf Co.*

    

392

      

10,568

    

Hasbro, Inc.

    

430

      

41,671

    

Mattel, Inc.*

    

1,162

      

24,646

    

Peloton Interactive, Inc., Class A*

    

992

      

43,648

    

Polaris, Inc.

    

189

      

21,128

    

YETI Holdings, Inc.*

    

293

      

27,003

    
     

192,799

    

Machinery — 0.6%

  

Stanley Black & Decker, Inc.

    

541

      

94,545

    

Personal Products — 1.7%

  

Coty, Inc., Class A*

    

1,116

      

10,859

    

Estee Lauder Cos., Inc. (The), Class A

    

772

      

256,358

    

Herbalife Nutrition Ltd.*

    

339

      

12,665

    
     

279,882

    

Textiles, Apparel & Luxury Goods — 7.7%

  

Capri Holdings Ltd.*

    

507

      

30,025

    

Carter's, Inc.

    

148

      

14,952

    

Columbia Sportswear Co.

    

117

      

11,411

    

Crocs, Inc.*

    

207

      

33,952

    

Deckers Outdoor Corp.*

    

93

      

37,702

    

Hanesbrands, Inc.

    

1,163

      

18,782

    

Levi Strauss & Co., Class A

    

307

      

7,850

    

Lululemon Athletica, Inc.*

    

393

      

178,583

    

NIKE, Inc., Class B

    

4,246

      

718,593

    

PVH Corp.

    

239

      

25,520

    

Ralph Lauren Corp.

    

162

      

18,799

    

Skechers USA, Inc., Class A*

    

451

      

20,259

    

Tapestry, Inc.

    

930

      

37,312

    

Under Armour, Inc., Class A*

    

630

      

14,862

    

Under Armour, Inc., Class C*

    

695

      

13,949

    

VF Corp.

    

1,085

      

77,827

    
     

1,260,378

    

Tobacco — 4.3%

  

Altria Group, Inc.

    

6,132

      

261,469

    

Philip Morris International, Inc.

    

5,179

      

445,083

    
     

706,552

    
Total Common Stocks
(Cost $12,152,056)		        

12,402,837

    

Investments

  

Shares

  

Value

  

Securities Lending Reinvestments (c) — 0.1%

  

Investment Companies — 0.1%

  
BlackRock Liquidity FedFund,
Institutional Class
0.03% (Cost $13,409)		    

13,409

    

$

13,409

    
    Principal
Amount		      

Short-Term Investments — 21.1%

  

Repurchase Agreements (d) — 21.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $3,460,354
(Cost $3,460,350)		  

$

3,460,350

      

3,460,350

    
Total Investments — 96.7%
(Cost $15,625,815)		        

15,876,596

    

Other assets less liabilities — 3.3%

        

539,933

    

Net Assets — 100.0%

      

$

16,416,529

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $4,155,937.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $14,303, collateralized in the form of cash with a value of $13,409 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,930 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 4.38%, and maturity dates ranging from December 30, 2021 - August 15, 2050. The total value of collateral is $15,339.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $13,409.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

2,416,672

    

Aggregate gross unrealized depreciation

    

(1,480,021

)

  

Net unrealized appreciation

  

$

936,651

    

Federal income tax cost

  

$

15,641,296

    

See accompanying notes to the financial statements.

34 :: UGE ULTRA CONSUMER GOODS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

Swap Agreementsa

Ultra Consumer Goods had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  


4,061,583		  

5/8/2023		  
Bank of
America NA		    

0.32

%

   Dow Jones U.S.
Consumer GoodsSM
Index		    

(222,004

)

    

222,004

      

—

      

—

    


6,074,342		  

11/7/2022		  

Citibank NA		    

0.37

%

   Dow Jones U.S.
Consumer GoodsSM
Index		    

1,179,845

      

—

      

(1,179,845

)

    

—

    


673,357		  

11/6/2023		  
Credit Suisse
International		    

0.62

%

   Dow Jones U.S.
Consumer GoodsSM
Index		    

(6,672

)

    

—

      

6,672

      

—

    


2,912,494		  

3/7/2023		   Goldman
Sachs
International		    

0.67

%

   Dow Jones U.S.
Consumer GoodsSM
Index		    

(98,899

)

    

80,372

      

18,527

      

—

    


720,804		  

11/7/2022		   Morgan
Stanley & Co.
International plc		    

0.67

%

   Dow Jones U.S.
Consumer GoodsSM
Index		    

99,460

      

—

      

(31,000

)

    

68,460

    


4,840,696		  

3/7/2023		  

Societe Generale		    

0.62

%

   Dow Jones U.S.
Consumer GoodsSM
Index		    

(211,614

)

    

94,190

      

1,804

      

(115,620

)

  


1,150,864		  

3/7/2023		  

UBS AG		    

0.42

%

   Dow Jones U.S.
Consumer GoodsSM
Index		    

(38,765

)

    

—

      

38,765

      

—

    
  20,434,140                                      

701,351

                            

                          Total Unrealized
Appreciation		    

1,279,305

                            

                          Total Unrealized
Depreciation		    

(577,954

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA CONSUMER GOODSUGE :: 35

Investments

  

Shares

  

Value

  

Common Stocks (a) — 81.2%

  

Airlines — 1.2%

  

Alaska Air Group, Inc.*

    

629

    

$

30,551

    

American Airlines Group, Inc.*

    

3,258

      

57,634

    

Delta Air Lines, Inc.*

    

3,218

      

116,492

    

JetBlue Airways Corp.*

    

1,601

      

21,485

    

Southwest Airlines Co.*

    

2,976

      

132,134

    

United Airlines Holdings, Inc.*

    

1,627

      

68,757

    
     

427,053

    

Commercial Services & Supplies — 0.6%

  

Copart, Inc.*

    

1,071

      

155,466

    

IAA, Inc.*(b)

    

677

      

32,699

    

Rollins, Inc.

    

1,139

      

37,906

    
     

226,071

    

Distributors — 0.2%

  

LKQ Corp.

    

1,360

      

76,024

    

Diversified Consumer Services — 0.5%

  

Bright Horizons Family Solutions, Inc.*

    

305

      

37,500

    

Chegg, Inc.*

    

714

      

19,885

    

Frontdoor, Inc.*

    

432

      

14,930

    

Grand Canyon Education, Inc.*

    

227

      

16,450

    

H&R Block, Inc.

    

897

      

21,241

    

Service Corp. International

    

843

      

55,773

    

Terminix Global Holdings, Inc.*

    

628

      

23,437

    
     

189,216

    

Entertainment — 8.9%

  
AMC Entertainment
Holdings, Inc., Class A*(b)		    

2,583

      

87,667

    
Endeavor Group
Holdings, Inc., Class A*		    

105

      

2,953

    
Liberty Media Corp.-Liberty
Formula One, Class A*		    

118

      

6,798

    
Liberty Media Corp.-Liberty
Formula One, Class C*		    

1,024

      

62,382

    

Live Nation Entertainment, Inc.*

    

664

      

70,816

    
Madison Square Garden Sports
Corp.*		    

87

      

14,987

    

Netflix, Inc.*

    

2,226

      

1,428,869

    

Roku, Inc.*

    

585

      

133,152

    

Walt Disney Co. (The)*

    

9,139

      

1,324,241

    

Warner Music Group Corp., Class A

    

488

      

21,145

    
World Wrestling Entertainment, Inc.,
Class A (b)		    

225

      

11,106

    
     

3,164,116

    

Food & Staples Retailing — 7.9%

  

Albertsons Cos., Inc., Class A (b)

    

493

      

17,349

    

BJ's Wholesale Club Holdings, Inc.*

    

690

      

45,643

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Casey's General Stores, Inc.

    

187

    

$

36,332

    

Costco Wholesale Corp.

    

2,224

      

1,199,581

    

Kroger Co. (The)

    

3,420

      

142,033

    

Sprouts Farmers Market, Inc.*

    

576

      

15,241

    

Sysco Corp.

    

2,573

      

180,213

    

Walgreens Boots Alliance, Inc.

    

3,611

      

161,773

    

Walmart, Inc.

    

7,187

      

1,010,708

    
     

2,808,873

    

Health Care Providers & Services — 0.4%

  

AmerisourceBergen Corp.

    

753

      

87,160

    

Cardinal Health, Inc.

    

1,459

      

67,449

    
     

154,609

    

Hotels, Restaurants & Leisure — 12.3%

  

Airbnb, Inc., Class A*

    

1,692

      

291,938

    

Aramark

    

1,283

      

42,852

    

Booking Holdings, Inc.*

    

207

      

435,083

    

Boyd Gaming Corp.*

    

412

      

24,147

    

Caesars Entertainment, Inc.*

    

1,073

      

96,645

    

Carnival Corp.*(b)

    

4,019

      

70,815

    

Chipotle Mexican Grill, Inc.*

    

142

      

233,364

    

Choice Hotels International, Inc.

    

165

      

23,686

    

Churchill Downs, Inc.

    

174

      

39,014

    

Cracker Barrel Old Country Store, Inc.

    

119

      

14,520

    

Darden Restaurants, Inc.

    

656

      

90,495

    

Domino's Pizza, Inc.

    

186

      

97,490

    

DraftKings, Inc., Class A*(b)

    

1,665

      

57,526

    

Expedia Group, Inc.*

    

730

      

117,596

    

Hilton Worldwide Holdings, Inc.*

    

1,403

      

189,503

    

Hyatt Hotels Corp., Class A*

    

241

      

18,984

    

Las Vegas Sands Corp.*

    

1,729

      

61,587

    

Marriott International, Inc., Class A*

    

1,376

      

203,042

    

Marriott Vacations Worldwide Corp.

    

214

      

32,667

    

McDonald's Corp.

    

3,756

      

918,718

    

MGM Resorts International

    

2,012

      

79,635

    
Norwegian Cruise Line
Holdings Ltd.*		    

1,862

      

36,328

    

Penn National Gaming, Inc.*

    

835

      

42,777

    

Planet Fitness, Inc., Class A*

    

417

      

34,065

    

Royal Caribbean Cruises Ltd.*

    

1,127

      

78,687

    

Scientific Games Corp.*

    

485

      

31,001

    

Starbucks Corp.

    

5,930

      

650,165

    

Texas Roadhouse, Inc.

    

350

      

29,029

    

Vail Resorts, Inc.

    

203

      

67,337

    

Wendy's Co. (The)

    

898

      

18,481

    

Wyndham Hotels & Resorts, Inc.

    

470

      

37,356

    

Wynn Resorts Ltd.*(b)

    

528

      

42,773

    

Yum! Brands, Inc.

    

1,487

      

182,663

    
     

4,389,969

    

See accompanying notes to the financial statements.

36 :: UCC ULTRA CONSUMER SERVICES :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Interactive Media & Services — 0.5%

  

Pinterest, Inc., Class A*

    

2,792

    

$

111,847

    

TripAdvisor, Inc.*

    

495

      

12,801

    

ZoomInfo Technologies, Inc., Class A*

    

913

      

56,332

    
     

180,980

    

Internet & Direct Marketing Retail — 21.8%

  

Amazon.com, Inc.*

    

2,191

      

7,683,990

    

ContextLogic, Inc., Class A*(b)

    

1,627

      

6,069

    

Qurate Retail, Inc., Series A

    

1,846

      

14,768

    

Stitch Fix, Inc., Class A*

    

362

      

9,014

    

Wayfair, Inc., Class A*(b)

    

390

      

96,658

    
     

7,810,499

    

IT Services — 0.1%

  

LiveRamp Holdings, Inc.*

    

342

      

16,050

    

Media — 6.7%

  

Altice USA, Inc., Class A*

    

1,149

      

18,200

    

Cable One, Inc.

    

24

      

42,529

    
Charter Communications, Inc.,
Class A*(b)		    

639

      

412,973

    

Comcast Corp., Class A

    

23,037

      

1,151,389

    

Discovery, Inc., Class A*(b)

    

852

      

19,826

    

Discovery, Inc., Class C*

    

1,529

      

34,724

    

DISH Network Corp., Class A*

    

1,253

      

39,156

    

Fox Corp., Class A

    

1,626

      

58,064

    

Fox Corp., Class B

    

747

      

25,099

    

Interpublic Group of Cos., Inc. (The)

    

1,979

      

65,683

    

Liberty Broadband Corp., Class A*

    

123

      

18,644

    

Liberty Broadband Corp., Class C*

    

729

      

112,886

    
Liberty Media Corp.-Liberty
SiriusXM, Class A*		    

396

      

19,325

    
Liberty Media Corp.-Liberty
SiriusXM, Class C*		    

803

      

39,291

    

New York Times Co. (The), Class A

    

841

      

39,948

    

News Corp., Class A

    

1,968

      

42,548

    

News Corp., Class B

    

614

      

13,232

    

Nexstar Media Group, Inc., Class A

    

210

      

31,395

    

Omnicom Group, Inc.

    

1,079

      

72,627

    

Sirius XM Holdings, Inc. (b)

    

4,685

      

28,579

    

TEGNA, Inc.

    

1,113

      

21,982

    

ViacomCBS, Inc.

    

3,048

      

94,336

    

ViacomCBS, Inc., Class A

    

45

      

1,501

    
     

2,403,937

    

Multiline Retail — 3.0%

  

Dollar General Corp.

    

1,187

      

262,683

    

Dollar Tree, Inc.*

    

1,167

      

156,180

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Kohl's Corp.

    

785

    

$

40,215

    
Ollie's Bargain Outlet
Holdings, Inc.*(b)		    

304

      

18,815

    

Target Corp.

    

2,489

      

606,918

    
     

1,084,811

    

Professional Services — 0.7%

  

IHS Markit Ltd.

    

2,005

      

256,279

    

Road & Rail — 1.1%

  

AMERCO

    

49

      

34,523

    

Lyft, Inc., Class A*

    

1,462

      

59,372

    

Uber Technologies, Inc.*

    

8,150

      

309,700

    
     

403,595

    

Specialty Retail — 15.3%

  

Advance Auto Parts, Inc.

    

328

      

72,396

    

American Eagle Outfitters, Inc.

    

769

      

19,909

    

AutoNation, Inc.*

    

219

      

27,123

    

AutoZone, Inc.*

    

108

      

196,244

    

Bath & Body Works, Inc.

    

1,332

      

100,073

    

Best Buy Co., Inc.

    

1,133

      

121,072

    

Burlington Stores, Inc.*

    

335

      

98,199

    

CarMax, Inc.*

    

819

      

115,684

    

Carvana Co.*

    

424

      

118,898

    

Dick's Sporting Goods, Inc. (b)

    

330

      

38,795

    

Five Below, Inc.*

    

283

      

57,573

    

Floor & Decor Holdings, Inc., Class A*

    

528

      

68,064

    

Foot Locker, Inc.

    

453

      

20,675

    

GameStop Corp., Class A*

    

312

      

61,218

    

Gap, Inc. (The)

    

1,084

      

17,919

    

Home Depot, Inc. (The)

    

5,347

      

2,142,062

    

Lithia Motors, Inc.

    

153

      

44,573

    

Lowe's Cos., Inc.

    

3,555

      

869,517

    

Murphy USA, Inc.

    

119

      

20,626

    

National Vision Holdings, Inc.*(b)

    

410

      

19,696

    

O'Reilly Automotive, Inc.*

    

346

      

220,803

    

Penske Automotive Group, Inc.

    

158

      

15,740

    

Petco Health & Wellness Co., Inc.*(b)

    

411

      

7,879

    

RH*

    

87

      

50,737

    

Ross Stores, Inc.

    

1,796

      

195,926

    

TJX Cos., Inc. (The)

    

6,067

      

421,050

    

Tractor Supply Co.

    

575

      

129,565

    

Ulta Beauty, Inc.*

    

275

      

105,586

    

Victoria's Secret & Co.*

    

377

      

20,464

    

Williams-Sonoma, Inc.

    

377

      

73,455

    
     

5,471,521

    
Total Common Stocks
(Cost $29,526,850)		        

29,063,603

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA CONSUMER SERVICESUCC :: 37

Investments

  

Shares

  

Value

  

Securities Lending Reinvestments (c) — 0.4%

  

Investment Companies — 0.4%

  
BlackRock Liquidity FedFund,
Institutional Class
0.03% (Cost $133,228)		    

133,228

    

$

133,228

    
    Principal
Amount		      

Short-Term Investments — 18.6%

  

Repurchase Agreements (d) — 18.6%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $6,670,120
(Cost $6,670,113)		  

$

6,670,113

      

6,670,113

    
Total Investments — 100.2%
(Cost $36,330,191)		        

35,866,944

    

Liabilities in excess of other assets — (0.2%)

        

(76,070

)

  

Net Assets — 100.0%

      

$

35,790,874

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $9,635,584.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at

November 30, 2021 was $381,751, collateralized in the form of cash with a value of $133,228 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $284,931 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $418,159.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $133,228.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

2,475,383

    

Aggregate gross unrealized depreciation

    

(3,859,042

)

  

Net unrealized depreciation

  

$

(1,383,659

)

  

Federal income tax cost

  

$

36,433,373

    

Swap Agreementsa

Ultra Consumer Services had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  14,353,920    

5/8/2023

  
Bank of
America NA		    

0.37

%

   Dow Jones U.S.
Consumer ServicesSM
Index		    

(505,783

)

    

155,764

      

350,019

      

—

    
  543,611    

1/6/2022

  

BNP Paribas SA		    

0.57

%

   Dow Jones U.S.
Consumer ServicesSM
Index		    

(269,450

)

    

259,348

      

10,102

      

—

    
  8,034,442    

11/7/2022

  

Citibank NA		    

0.37

%

   Dow Jones U.S.
Consumer ServicesSM
Index		    

887,155

      

—

      

(887,155

)

    

—

    
  13,609,691    

3/7/2023

  
Goldman Sachs
International		    

0.67

%

   Dow Jones U.S.
Consumer ServicesSM
Index		    

(631,711

)

    

522,403

      

109,308

      

—

    
  1,567,735    

11/6/2023

   Morgan
Stanley & Co.
International plc		    

0.77

%

   Dow Jones U.S.
Consumer ServicesSM
Index		    

(22,708

)

    

—

      

22,708

      

—

    
  3,091,788    

3/7/2023

  

Societe Generale		    

0.62

%

   Dow Jones U.S.
Consumer ServicesSM
Index		    

(218,569

)

    

53,384

      

20,290

      

(144,895

)

  

See accompanying notes to the financial statements.

38 :: UCC ULTRA CONSUMER SERVICES :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  1,297,548    

3/7/2023

  

UBS AG		    

0.42

%

   Dow Jones U.S.
Consumer ServicesSM
Index		    

(56,164

)

    

45,365

      

10,799

      

—

    
  42,498,735                                      

(817,230

)

                          

                          Total Unrealized
Appreciation		    

887,155

                            

                          Total Unrealized
Depreciation		    

(1,704,385

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA CONSUMER SERVICESUCC :: 39

Investments

  

Shares

  

Value

  

Common Stocks (a) — 84.3%

  

Aerospace & Defense — 3.2%

  

Boeing Co. (The)*

    

74,979

    

$

14,834,595

    

Banks — 2.6%

  

JPMorgan Chase & Co.

    

74,983

      

11,909,550

    

Beverages — 0.8%

  

Coca-Cola Co. (The)

    

74,981

      

3,932,753

    

Biotechnology — 3.2%

  

Amgen, Inc.

    

74,979

      

14,911,824

    

Capital Markets — 6.1%

  

Goldman Sachs Group, Inc. (The)

    

74,979

      

28,566,249

    

Chemicals — 0.9%

  

Dow, Inc.

    

74,976

      

4,118,432

    

Communications Equipment — 0.9%

  

Cisco Systems, Inc.

    

74,980

      

4,111,903

    

Consumer Finance — 2.5%

  

American Express Co.

    

74,983

      

11,419,911

    

Diversified Telecommunication Services — 0.8%

  

Verizon Communications, Inc.

    

74,979

      

3,769,194

    

Entertainment — 2.3%

  

Walt Disney Co. (The)*

    

74,975

      

10,863,878

    

Food & Staples Retailing — 3.0%

  

Walgreens Boots Alliance, Inc.

    

74,985

      

3,359,328

    

Walmart, Inc.

    

74,980

      

10,544,437

    
     

13,903,765

    

Health Care Providers & Services — 7.2%

  

UnitedHealth Group, Inc.

    

74,979

      

33,307,171

    

Hotels, Restaurants & Leisure — 3.9%

  

McDonald's Corp.

    

74,979

      

18,339,863

    

Household Products — 2.3%

  

Procter & Gamble Co. (The)

    

74,977

      

10,840,175

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Industrial Conglomerates — 6.0%

  

3M Co.

    

74,978

    

$

12,749,259

    

Honeywell International, Inc.

    

74,981

      

15,164,158

    
     

27,913,417

    

Insurance — 2.4%

  

Travelers Cos., Inc. (The)

    

74,982

      

11,018,605

    

IT Services — 5.0%

  

International Business Machines Corp.

    

74,979

      

8,780,041

    

Visa, Inc., Class A

    

74,979

      

14,528,681

    
     

23,308,722

    

Machinery — 3.1%

  

Caterpillar, Inc.

    

74,985

      

14,498,350

    

Oil, Gas & Consumable Fuels — 1.8%

  

Chevron Corp.

    

74,978

      

8,462,767

    

Pharmaceuticals — 3.7%

  

Johnson & Johnson

    

74,979

      

11,691,475

    

Merck & Co., Inc.

    

74,978

      

5,616,602

    
     

17,308,077

    

Semiconductors & Semiconductor Equipment — 0.8%

  

Intel Corp.

    

74,974

      

3,688,721

    

Software — 9.9%

  

Microsoft Corp.

    

74,979

      

24,787,307

    

salesforce.com, Inc.*

    

74,978

      

21,365,731

    
     

46,153,038

    

Specialty Retail — 6.5%

  

Home Depot, Inc. (The)

    

74,979

      

30,037,337

    

Technology Hardware, Storage & Peripherals — 2.7%

  

Apple, Inc.

    

74,980

      

12,394,194

    

Textiles, Apparel & Luxury Goods — 2.7%

  

NIKE, Inc., Class B

    

74,978

      

12,689,277

    
Total Common Stocks
(Cost $388,753,390)		        

392,301,768

    

See accompanying notes to the financial statements.

40 :: DDM ULTRA DOW30SM :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 24.7%

  

Repurchase Agreements (b) — 24.7%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $115,026,280
(Cost $115,026,190)		  

$

115,026,190

    

$

115,026,190

    
Total Investments — 109.0%
(Cost $503,779,580)		        

507,327,958

    

Liabilities in excess of other assets — (9.0%)

        

(41,890,834

)

  

Net Assets — 100.0%

      

$

465,437,124

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $79,558,735.

(b)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

30,766,421

    

Aggregate gross unrealized depreciation

    

(47,486,912

)

  

Net unrealized depreciation

  

$

(16,720,491

)

  

Federal income tax cost

  

$

503,815,262

    

Futures Contracts Purchased

Ultra Dow30SM had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

  

Trading Currency

  

Notional Amount

   Value and
Unrealized
Appreciation		  

DJIA CBOT E-Mini Index

    

226

    

12/17/2021

  

USD

      

$

38,936,410

    

$

28,315

    

Swap Agreementsa

Ultra Dow30SM had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  104,106,351    

5/8/2023

  
Bank of
America NA		    

0.47

%

   Dow Jones
Industrial
AverageSM		    

(5,624,356

)

    

5,417,241

      

207,115

      

—

    
  96,830,286    

5/8/2023

  

BNP Paribas SA		    

0.67

%

   Dow Jones
Industrial
AverageSM		    

(4,882,333

)

    

4,746,391

      

135,942

      

—

    
  33,276,790    

11/7/2022

  

Citibank NA		    

0.73

%

   Dow Jones
Industrial
AverageSM		    

3,071,432

      

—

      

(3,071,432

)

    

—

    
  64,829,393    

4/10/2023

  
Credit Suisse
International		    

0.67

%

   Dow Jones
Industrial
AverageSM		    

(3,540,075

)

    

298,431

      

3,241,644

      

—

    
  98,334,771    

11/6/2023

   Morgan
Stanley & Co.
International plc		    

0.55

%

   SPDR® Dow
Jones Industrial
AverageSM ETF Trust		    

(4,425,594

)

    

4,421,869

      

3,725

      

—

    
  28,655,971    

3/7/2023

  

Societe Generale		    

0.47

%

   Dow Jones
Industrial
AverageSM		    

(1,500,443

)

    

1,455,918

      

44,525

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA DOW30SMDDM :: 41

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  73,795,161    

3/7/2023

  

UBS AG		    

0.57

%

   Dow Jones
Industrial
AverageSM		    

(3,360,133

)

    

3,211,454

      

148,679

      

—

    
  499,828,723                                      

(20,261,502

)

                          

                          Total Unrealized
Appreciation		    

3,071,432

                            

                          Total Unrealized
Depreciation		    

(23,332,934

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

42 :: DDM ULTRA DOW30SM :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) — 66.9%

  

Aflac, Inc. (Insurance)

    

0.3

%

    

50,571

    

$

2,737,914

    
American Express Co.
(Consumer Finance)		    

0.9

%

    

52,743

      

8,032,759

    
American International Group,
Inc. (Insurance)		    

0.4

%

    

70,098

      

3,687,155

    
American Tower Corp. (Equity
Real Estate Investment Trusts
(REITs))		    

1.1

%

    

37,296

      

9,789,454

    
Ameriprise Financial, Inc.
(Capital Markets)		    

0.3

%

    

9,306

      

2,695,018

    

Aon plc, Class A (Insurance)

    

0.6

%

    

18,482

      

5,466,421

    
Arthur J Gallagher & Co.
(Insurance)		    

0.3

%

    

16,935

      

2,758,712

    
AvalonBay Communities,
Inc. (Equity Real Estate
Investment Trusts (REITs))		    

0.3

%

    

11,430

      

2,730,284

    

Bank of America Corp. (Banks)

    

3.3

%

    

637,626

      

28,355,228

    
Bank of New York Mellon
Corp. (The) (Capital Markets)		    

0.4

%

    

65,079

      

3,565,678

    
Berkshire Hathaway, Inc.,
Class B* (Diversified
Financial Services)		    

4.9

%

    

151,953

      

42,043,875

    
BlackRock, Inc. (Capital
Markets)		    

1.2

%

    

11,738

      

10,618,312

    
Blackstone, Inc. (Capital
Markets)		    

0.9

%

    

56,209

      

7,950,763

    
Capital One Financial Corp.
(Consumer Finance)		    

0.6

%

    

36,548

      

5,136,091

    
Charles Schwab Corp. (The)
(Capital Markets)		    

1.1

%

    

123,058

      

9,523,459

    

Chubb Ltd. (Insurance)

    

0.8

%

    

35,971

      

6,455,715

    

Citigroup, Inc. (Banks)

    

1.2

%

    

166,149

      

10,583,691

    
CME Group, Inc. (Capital
Markets)		    

0.8

%

    

29,450

      

6,494,314

    
Crown Castle International
Corp. (Equity Real Estate
Investment Trusts (REITs))		    

0.8

%

    

35,431

      

6,436,041

    
Digital Realty Trust, Inc.
(Equity Real Estate
Investment Trusts (REITs))		    

0.5

%

    

23,159

      

3,884,691

    
Equinix, Inc. (Equity Real
Estate Investment Trusts
(REITs))		    

0.7

%

    

7,338

      

5,959,924

    

First Republic Bank (Banks)

    

0.4

%

    

14,436

      

3,026,652

    
Goldman Sachs Group, Inc.
(The) (Capital Markets)		    

1.2

%

    

27,636

      

10,529,040

    
Intercontinental Exchange,
Inc. (Capital Markets)		    

0.7

%

    

46,149

      

6,032,597

    

JPMorgan Chase & Co. (Banks)

    

4.5

%

    

244,961

      

38,907,156

    
KKR & Co., Inc. (Capital
Markets)		    

0.4

%

    

47,786

      

3,557,668

    
Marsh & McLennan Cos., Inc.
(Insurance)		    

0.8

%

    

41,513

      

6,808,962

    
Mastercard, Inc., Class A
(IT Services)		    

2.6

%

    

71,420

      

22,491,587

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) (continued)

  

MetLife, Inc. (Insurance)

    

0.4

%

    

59,711

    

$

3,502,647

    
Moody's Corp. (Capital
Markets)		    

0.6

%

    

13,280

      

5,187,699

    
Morgan Stanley (Capital
Markets)		    

1.3

%

    

119,636

      

11,343,886

    

MSCI, Inc. (Capital Markets)

    

0.5

%

    

6,765

      

4,258,229

    
PNC Financial Services Group,
Inc. (The) (Banks)		    

0.8

%

    

34,825

      

6,860,525

    
Progressive Corp. (The)
(Insurance)		    

0.5

%

    

47,960

      

4,457,402

    
Prologis, Inc. (Equity Real
Estate Investment Trusts
(REITs))		    

1.1

%

    

60,608

      

9,136,656

    
Prudential Financial, Inc.
(Insurance)		    

0.4

%

    

31,712

      

3,242,869

    
Public Storage (Equity Real
Estate Investment Trusts
(REITs))		    

0.5

%

    

12,477

      

4,084,720

    
Realty Income Corp. (Equity
Real Estate Investment
Trusts (REITs))		    

0.4

%

    

45,059

      

3,060,407

    
S&P Global, Inc. (Capital
Markets)		    

1.1

%

    

19,737

      

8,994,743

    
SBA Communications Corp.
(Equity Real Estate
Investment Trusts (REITs))		    

0.4

%

    

8,964

      

3,081,823

    
Simon Property Group, Inc.
(Equity Real Estate
Investment Trusts (REITs))		    

0.5

%

    

26,942

      

4,117,815

    
State Street Corp. (Capital
Markets)		    

0.3

%

    

29,983

      

2,667,588

    

SVB Financial Group* (Banks)

    

0.4

%

    

4,815

      

3,333,569

    
T. Rowe Price Group, Inc.
(Capital Markets)		    

0.4

%

    

18,604

      

3,719,870

    
Travelers Cos., Inc. (The)
(Insurance)		    

0.4

%

    

20,476

      

3,008,948

    

Truist Financial Corp. (Banks)

    

0.8

%

    

109,390

      

6,487,921

    

US Bancorp (Banks)

    

0.7

%

    

110,550

      

6,117,837

    

Visa, Inc., Class A (IT Services)

    

3.2

%

    

138,352

      

26,808,467

    

Wells Fargo & Co. (Banks)

    

1.9

%

    

336,609

      

16,083,178

    
Welltower, Inc. (Equity Real
Estate Investment Trusts
(REITs))		    

0.3

%

    

34,619

      

2,756,365

    

Other Common Stocks (b)

    

18.0

%

    

3,075,498

      

154,529,843

    
Total Common Stocks
(Cost $593,699,395)		            

573,102,168

    

Securities Lending Reinvestments (c) — 0.0% (d)

  

Investment Companies — 0.0% (d)

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $125,687)		    

0.0

%

    

125,687

      

125,687

    

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA FINANCIALSUYG :: 43


   Principal
Amount		  

Value

  

Short-Term Investments — 19.9%

  

Repurchase Agreements (e) — 19.9%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $170,115,370
(Cost $170,115,236)		  

$

170,115,236

    

$

170,115,236

    
Total Investments — 86.8%
(Cost $763,940,318)		        

743,343,091

    

Other assets less liabilities — 13.2%

        

112,969,262

    

Net Assets — 100.0%

      

$

856,312,353

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $231,331,935.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $2,202,416, collateralized in the form of cash with a value of $125,687 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $2,354,892 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging

from 0.00% - 7.63%, and maturity dates ranging from December 9, 2021 - November 15, 2050. The total value of collateral is $2,480,579.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $125,687.

(d)  Represents less than 0.05% of net assets.

(e)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

144,678,314

    

Aggregate gross unrealized depreciation

    

(58,317,355

)

  

Net unrealized appreciation

  

$

86,360,959

    

Federal income tax cost

  

$

764,280,407

    

Swap Agreementsa

Ultra Financials had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  157,043,449    

11/7/2022

   Bank of
America NA		    

0.62

%

   Dow Jones U.S.
FinancialsSM Indexf		    

51,191,220

      

(51,191,220

)

    

—

      

—

    
  145,878,805    

11/7/2022

  
BNP Paribas SA		    

0.67

%

   Dow Jones U.S.
FinancialsSM Indexf		    

22,518,529

      

(22,518,520

)

    

(9

)

    

—

    
  163,074,951    

11/6/2023

  
Citibank NA		    

0.77

%

   Dow Jones U.S.
FinancialsSM Indexf		    

25,681,508

      

—

      

(25,681,508

)

    

—

    
  92,426,736    

4/10/2023

   Credit Suisse
International		    

0.62

%

   Dow Jones U.S.
FinancialsSM Indexf		    

(5,465,491

)

    

5,422,806

      

42,685

      

—

    
  104,793,274    

3/7/2023

   Goldman Sachs
International		    

0.67

%

   Dow Jones U.S.
FinancialsSM Indexf		    

(6,200,158

)

    

6,110,486

      

89,672

      

—

    
  127,422,832    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.14

%

  
Dow Jones U.S.
FinancialsSM Indexf		    

9,381,841

      

—

      

(9,381,841

)

    

—

    
  201,170,841    

3/7/2023

  
Societe Generale		    

0.82

%

   Dow Jones U.S.
FinancialsSM Indexf		    

(11,672,368

)

    

11,469,723

      

202,645

      

—

    
  147,229,202    

11/7/2022

  
UBS AG		    

0.72

%

   Dow Jones U.S.
FinancialsSM Indexf		    

21,863,194

      

—

      

(21,863,194

)

    

—

    
  1,139,040,090                                      

107,298,275

                            

                          Total Unrealized
Appreciation		    

130,636,292

                            

                          Total Unrealized
Depreciation		    

(23,338,017

)

                          

See accompanying notes to the financial statements.

44 :: UYG ULTRA FINANCIALS :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  See the Common Stocks section of the preceding Summary Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings.

Ultra Financials invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Banks

    

17.0

%

  

Capital Markets

    

13.8

%

  

Consumer Finance

    

2.5

%

  

Diversified Financial Services

    

5.1

%

  

Equity Real Estate Investment Trusts (REITs)

    

12.9

%

  

Insurance

    

8.2

%

  

IT Services

    

5.8

%

  

Mortgage Real Estate Investment Trusts (REITs)

    

0.4

%

  

Professional Services

    

0.3

%

  

Real Estate Management & Development

    

0.7

%

  

Thrifts & Mortgage Finance

    

0.2

%

  

Othera

    

33.1

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA FINANCIALSUYG :: 45

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 65.2%

  

Repurchase Agreements (a) — 65.2%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $10,585,246
(Cost $10,585,239)		  

$

10,585,239

    

$

10,585,239

    
Total Investments — 65.2%
(Cost $10,585,239)		        

10,585,239

    

Other assets less liabilities — 34.8%

        

5,643,395

    

Net Assets — 100.0%

      

$

16,228,634

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

—

    

Aggregate gross unrealized depreciation

    

(6,374,872

)

  

Net unrealized depreciation

  

$

(6,374,872

)

  

Federal income tax cost

  

$

10,585,239

    

Swap Agreementsa,f

Ultra FTSE China 50 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  13,320,985    

11/9/2022

   Bank of
America NA		    

0.27

%

   iShares® China
Large-Cap ETF		    

(5,665,497

)

    

—

      

5,665,497

      

—

    
  804    

4/10/2023

  
Citibank NA		    

(0.68

)%

   iShares® China
Large-Cap ETF		    

(26

)

    

—

      

26

      

—

    
  4,903,497    

3/7/2023

   Goldman Sachs
International		    

0.37

%

   iShares® China
Large-Cap ETF		    

(227,292

)

    

—

      

227,292

      

—

    
  85,984    

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.02

%

  
iShares® China
Large-Cap ETF		    

(2,861

)

    

—

      

2,861

      

—

    
  9,373,877    

3/7/2023

  
Societe Generale		    

(0.28

)%

   iShares® China
Large-Cap ETF		    

(324,520

)

    

—

      

134,000

      

(190,520

)

  
  4,742,788    

3/7/2023

  
UBS AG		    

(0.93

)%

   iShares® China
Large-Cap ETF		    

(154,676

)

    

—

      

154,676

      

—

    
  32,427,935                                      

(6,374,872

)

                          

                          Total Unrealized
Depreciation		    

(6,374,872

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

See accompanying notes to the financial statements.

46 :: XPP ULTRA FTSE CHINA 50 :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA FTSE CHINA 50 XPP :: 47

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 84.3%

  

Repurchase Agreements (a) — 84.3%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $4,068,479
(Cost $4,068,474)		  

$

4,068,474

    

$

4,068,474

    
Total Investments — 84.3%
(Cost $4,068,474)		        

4,068,474

    

Other assets less liabilities — 15.7%

        

755,461

    

Net Assets — 100.0%

      

$

4,823,935

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

—

    

Aggregate gross unrealized depreciation

    

(518,506

)

  

Net unrealized depreciation

  

$

(518,506

)

  

Federal income tax cost

  

$

4,068,474

    

Swap Agreementsa,f

Ultra FTSE Europe had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  2,555,009    

11/9/2022

   Bank of
America NA		    

0.37

%

   Vanguard® FTSE
Europe ETF Shares		    

(19,490

)

    

—

      

19,490

      

—

    
  128,113    

4/10/2023

  
Citibank NA		    

0.27

%

   Vanguard® FTSE
Europe ETF Shares		    

(8,622

)

    

—

      

8,622

      

—

    
  1,288,817    

3/7/2023

   Goldman Sachs
International		    

(0.08

)%

   Vanguard® FTSE
Europe ETF Shares		    

(95,567

)

    

—

      

95,567

      

—

    
  23,060    

11/9/2023

   Morgan
Stanley & Co.
International plc		    

0.42

%

  
Vanguard® FTSE
Europe ETF Shares		    

(1,374

)

    

—

      

—

      

(1,374

)

  
  3,812,643    

3/7/2023

  
Societe Generale		    

0.12

%

   Vanguard® FTSE
Europe ETF Shares		    

(266,947

)

    

—

      

266,947

      

—

    
  1,824,329    

3/7/2023

  
UBS AG		    

0.07

%

   Vanguard® FTSE
Europe ETF Shares		    

(126,506

)

    

—

      

126,506

      

—

    
  9,631,971                                      

(518,506

)

                          

                          Total Unrealized
Depreciation		    

(518,506

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

48 :: UPV ULTRA FTSE EUROPE :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (a) — 82.8%

  

Biotechnology — 14.1%

  

AbbVie, Inc.

    

40,043

    

$

4,616,157

    

ACADIA Pharmaceuticals, Inc.*

    

2,651

      

50,899

    

Agios Pharmaceuticals, Inc.*(b)

    

1,336

      

47,588

    

Alkermes plc*

    

3,651

      

80,030

    

Allogene Therapeutics, Inc.*

    

1,674

      

30,952

    

Alnylam Pharmaceuticals, Inc.*

    

2,694

      

495,157

    

Amgen, Inc.

    

12,864

      

2,558,392

    

Arrowhead Pharmaceuticals, Inc.*

    

2,359

      

165,248

    

Beam Therapeutics, Inc.*

    

992

      

78,517

    

Biogen, Inc.*

    

3,376

      

795,858

    
Biohaven Pharmaceutical Holding
Co. Ltd.*		    

1,315

      

147,596

    

BioMarin Pharmaceutical, Inc.*

    

4,150

      

358,103

    

Blueprint Medicines Corp.*

    

1,325

      

127,465

    

Bridgebio Pharma, Inc.*

    

2,476

      

100,278

    

Denali Therapeutics, Inc.*

    

2,096

      

96,961

    

Emergent BioSolutions, Inc.*

    

1,080

      

47,650

    

Exact Sciences Corp.*

    

3,899

      

332,858

    

Exelixis, Inc.*

    

7,135

      

119,797

    

Fate Therapeutics, Inc.*

    

1,831

      

100,723

    

Gilead Sciences, Inc.

    

28,407

      

1,958,095

    

Halozyme Therapeutics, Inc.*

    

3,225

      

106,038

    

Horizon Therapeutics plc*

    

5,119

      

531,147

    

Incyte Corp.*

    

4,250

      

287,810

    

Intellia Therapeutics, Inc.*(b)

    

1,551

      

178,381

    

Invitae Corp.*(b)

    

4,533

      

77,061

    

Ionis Pharmaceuticals, Inc.*

    

3,201

      

84,826

    

Mirati Therapeutics, Inc.*

    

1,123

      

153,593

    

Moderna, Inc.*

    

7,958

      

2,804,638

    

Natera, Inc.*

    

1,973

      

180,451

    

Neurocrine Biosciences, Inc.*

    

2,145

      

178,571

    

Novavax, Inc.*(b)

    

1,688

      

352,167

    

Regeneron Pharmaceuticals, Inc.*

    

2,382

      

1,516,214

    

Sarepta Therapeutics, Inc.*

    

1,949

      

157,499

    

Seagen, Inc.*

    

3,006

      

480,960

    

Twist Bioscience Corp.*

    

1,110

      

106,005

    

Ultragenyx Pharmaceutical, Inc.*

    

1,537

      

115,629

    

United Therapeutics Corp.*

    

1,022

      

193,669

    

Vertex Pharmaceuticals, Inc.*

    

5,880

      

1,099,207

    

Vir Biotechnology, Inc.*

    

1,659

      

78,670

    
     

20,990,860

    

Health Care Equipment & Supplies — 18.4%

  

Abbott Laboratories

    

40,159

      

5,050,797

    

ABIOMED, Inc.*

    

1,024

      

322,335

    

Align Technology, Inc.*

    

1,659

      

1,014,528

    

Baxter International, Inc.

    

11,327

      

844,654

    

Becton Dickinson and Co.

    

6,506

      

1,542,833

    

Boston Scientific Corp.*

    

32,251

      

1,227,796

    

Cooper Cos., Inc. (The)

    

1,120

      

421,646

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

DENTSPLY SIRONA, Inc.

    

4,950

    

$

241,263

    

Dexcom, Inc.*

    

2,192

      

1,233,197

    

Edwards Lifesciences Corp.*

    

14,115

      

1,514,681

    

Envista Holdings Corp.*

    

3,652

      

141,698

    

Globus Medical, Inc., Class A*

    

1,771

      

110,900

    

Haemonetics Corp.*

    

1,156

      

59,245

    

Hill-Rom Holdings, Inc.

    

1,492

      

232,006

    

Hologic, Inc.*

    

5,740

      

428,950

    

ICU Medical, Inc.*

    

451

      

102,021

    

IDEXX Laboratories, Inc.*

    

1,924

      

1,169,927

    

Insulet Corp.*

    

1,562

      

450,543

    

Integra LifeSciences Holdings Corp.*

    

1,650

      

105,518

    

Intuitive Surgical, Inc.*

    

8,089

      

2,623,586

    

Masimo Corp.*

    

1,147

      

319,004

    

Medtronic plc

    

30,446

      

3,248,588

    

Neogen Corp.*

    

2,437

      

97,797

    

Novocure Ltd.*

    

2,018

      

188,966

    

NuVasive, Inc.*

    

1,168

      

56,134

    

Penumbra, Inc.*

    

776

      

190,624

    

Quidel Corp.*(b)

    

862

      

127,197

    

ResMed, Inc.

    

3,298

      

840,495

    

Shockwave Medical, Inc.*

    

797

      

143,651

    

STAAR Surgical Co.*

    

1,071

      

101,948

    

STERIS plc

    

2,256

      

493,004

    

Stryker Corp.

    

7,603

      

1,799,098

    

Tandem Diabetes Care, Inc.*

    

1,427

      

183,398

    

Teleflex, Inc.

    

1,063

      

316,157

    

Zimmer Biomet Holdings, Inc.

    

4,733

      

566,067

    
     

27,510,252

    

Health Care Providers & Services — 15.8%

  

1Life Healthcare, Inc.*

    

2,621

      

41,753

    

Acadia Healthcare Co., Inc.*

    

2,035

      

114,306

    

agilon health, Inc.*

    

1,067

      

23,474

    

Amedisys, Inc.*

    

739

      

103,201

    

Anthem, Inc.

    

5,525

      

2,244,421

    

Centene Corp.*

    

13,209

      

943,255

    

Chemed Corp.

    

357

      

166,180

    

Cigna Corp.

    

7,705

      

1,478,589

    

Covetrus, Inc.*

    

2,337

      

42,019

    

CVS Health Corp.

    

29,893

      

2,662,271

    

DaVita, Inc.*

    

1,516

      

143,262

    

Encompass Health Corp.

    

2,257

      

130,048

    

Guardant Health, Inc.*

    

2,296

      

241,356

    

HCA Healthcare, Inc.

    

5,581

      

1,259,018

    

HealthEquity, Inc.*(b)

    

1,889

      

103,290

    

Henry Schein, Inc.*

    

3,163

      

224,763

    

Humana, Inc.

    

2,909

      

1,220,936

    
Laboratory Corp. of America
Holdings*		    

2,191

      

625,158

    

LHC Group, Inc.*

    

720

      

82,598

    

McKesson Corp.

    

3,500

      

758,660

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA HEALTH CARE RXL :: 49

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Molina Healthcare, Inc.*

    

1,320

    

$

376,438

    

Oak Street Health, Inc.*(b)

    

3,164

      

97,926

    

Premier, Inc., Class A

    

2,768

      

102,610

    

Quest Diagnostics, Inc.

    

2,765

      

411,100

    

R1 RCM, Inc.*

    

3,033

      

72,246

    

Signify Health, Inc., Class A*

    

532

      

7,230

    

Tenet Healthcare Corp.*

    

2,424

      

176,637

    

UnitedHealth Group, Inc.

    

21,363

      

9,489,872

    
Universal Health Services, Inc.,
Class B		    

1,715

      

203,622

    
     

23,546,239

    

Health Care Technology — 0.3%

  

American Well Corp., Class A*

    

4,069

      

26,448

    

GoodRx Holdings, Inc., Class A*(b)

    

1,454

      

58,044

    

Teladoc Health, Inc.*

    

3,604

      

364,905

    
     

449,397

    

Life Sciences Tools & Services — 12.8%

  

10X Genomics, Inc., Class A*

    

2,055

      

314,025

    

Agilent Technologies, Inc.

    

6,869

      

1,036,532

    

Avantor, Inc.*

    

13,228

      

522,241

    

Berkeley Lights, Inc.*

    

937

      

19,555

    

Bio-Rad Laboratories, Inc., Class A*

    

486

      

366,055

    

Bio-Techne Corp.

    

878

      

414,442

    

Bruker Corp.

    

2,294

      

185,791

    
Charles River Laboratories
International, Inc.*		    

1,140

      

417,092

    

Danaher Corp.

    

14,392

      

4,629,043

    

Illumina, Inc.*

    

3,324

      

1,214,357

    

IQVIA Holdings, Inc.*

    

4,343

      

1,125,402

    
Maravai LifeSciences Holdings, Inc.,
Class A*		    

2,471

      

113,518

    

Medpace Holdings, Inc.*

    

651

      

135,024

    

Mettler-Toledo International, Inc.*

    

520

      

787,348

    

NeoGenomics, Inc.*

    

2,783

      

95,346

    

Pacific Biosciences of California, Inc.*

    

4,506

      

104,584

    

PPD, Inc.*

    

2,704

      

127,358

    

Repligen Corp.*

    

1,161

      

332,626

    

Sotera Health Co.*

    

2,244

      

47,887

    

Syneos Health, Inc.*

    

2,344

      

227,743

    

Thermo Fisher Scientific, Inc.

    

8,907

      

5,636,617

    

Waters Corp.*

    

1,391

      

456,345

    

West Pharmaceutical Services, Inc.

    

1,674

      

741,013

    
     

19,049,944

    

Pharmaceuticals — 21.4%

  

Bristol-Myers Squibb Co.

    

50,337

      

2,699,573

    

Catalent, Inc.*

    

3,858

      

496,370

    

Elanco Animal Health, Inc.*

    

10,714

      

307,920

    

Eli Lilly & Co.

    

17,989

      

4,461,992

    

Jazz Pharmaceuticals plc*

    

1,385

      

166,020

    

Johnson & Johnson

    

59,635

      

9,298,885

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Merck & Co., Inc.

    

57,345

    

$

4,295,714

    

Nektar Therapeutics*

    

4,165

      

46,898

    

Organon & Co.

    

5,741

      

167,809

    

Perrigo Co. plc

    

3,029

      

111,195

    

Pfizer, Inc.

    

127,042

      

6,825,967

    

Royalty Pharma plc, Class A

    

8,026

      

319,194

    

Viatris, Inc.

    

27,394

      

337,220

    

Zoetis, Inc.

    

10,739

      

2,384,488

    
     

31,919,245

    
Total Common Stocks
(Cost $131,913,715)		        

123,465,937

    

Securities Lending Reinvestments (c) — 0.0% (d)

  

Investment Companies — 0.0% (d)

  
BlackRock Liquidity FedFund,
Institutional Class
0.03% (Cost $21,238)		    

21,238

      

21,238

    
    Principal
Amount		      

Short-Term Investments — 20.5%

  

Repurchase Agreements (e) — 20.5%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $30,525,186
(Cost $30,525,162)		  

$

30,525,162

      

30,525,162

    
Total Investments — 103.3%
(Cost $162,460,115)		        

154,012,337

    

Liabilities in excess of other assets — (3.3%)

        

(4,880,013

)

  

Net Assets — 100.0%

      

$

149,132,324

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $46,639,996.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $702,623, collateralized in the form of cash with a value of $21,238 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $700,483 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 9, 2021 - November 15, 2050. The total value of collateral is $721,721.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $21,238.

(d)  Represents less than 0.05% of net assets.

(e)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

See accompanying notes to the financial statements.

50 :: RXL ULTRA HEALTH CARE :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

3,618,446

    

Aggregate gross unrealized depreciation

    

(19,980,182

)

  

Net unrealized depreciation

  

$

(16,361,736

)

  

Federal income tax cost

  

$

162,644,309

    

  

Swap Agreementsa

Ultra Health Care had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  14,064,606    

1/6/2022

   Bank of
America NA		    

0.52

%

   Dow Jones U.S.
Health CareSM
Indexf		    

(1,046,567

)

    

1,046,567

     

—

     

—

   
  34,144,103    

4/10/2023

  

Citibank NA

    

0.37

%

   Dow Jones U.S.
Health CareSM
Indexf		    

(1,503,255

)

    

1,473,721

      

29,534

      

—

    
  39,510,581    

3/7/2023

   Goldman Sachs
International		    

0.67

%

   Dow Jones U.S.
Health CareSM
Indexf		    

(1,546,356

)

    

—

     

1,546,356

     

—

   
  503,374    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.87

%

   Dow Jones U.S.
Health CareSM
Indexf		    

54,022

      

—

     

(54,022

)

   

—

   
  54,348,733    

3/7/2023

   Societe
Generale		    

0.72

%

   Dow Jones U.S.
Health CareSM
Indexf		    

(2,455,903

)

    

2,453,374

      

2,529

      

—

    
  31,957,129    

11/6/2023

  

UBS AG

    

0.42

%

   Dow Jones U.S.
Health CareSM
Indexf		    

(1,231,705

)

    

1,221,424

      

10,281

      

—

    
  174,528,526                                      

(7,729,764

)

                          
                        Total Unrealized
Appreciation		    

54,022

                            
                        Total Unrealized
Depreciation		    

(7,783,786

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA HEALTH CARE RXL :: 51

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 95.5%

  

Repurchase Agreements (a) — 95.5%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $18,047,249
(Cost $18,047,233)		  

$

18,047,233

    

$

18,047,233

    
Total Investments — 95.5%
(Cost $18,047,233)		        

18,047,233

    

Other assets less liabilities — 4.5%

        

855,656

    

Net Assets — 100.0%

      

$

18,902,889

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

—

    

Aggregate gross unrealized depreciation

    

(876,327

)

  

Net unrealized depreciation

  

$

(876,327

)

  

Federal income tax cost

  

$

18,047,233

    

Swap Agreementsa,f

Ultra High Yield had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  7,060,026    

4/10/2023

  

Citibank NA		    

(0.18

)%

   iShares® iBoxx $
High Yield Corporate
Bond ETF		    

(264,415

)

    

—

      

264,415

      

—

   
  7,663,288    

4/10/2023

  
Credit Suisse
International		    

0.57

%

   iShares® iBoxx $
High Yield Corporate
Bond ETF		    

(159,365

)

    

—

      

159,365

      

—

    
  10,672,840    

3/7/2023

  
Goldman Sachs
International		    

(0.68

)%

   iShares® iBoxx $
High Yield Corporate
Bond ETF		    

(193,666

)

    

—

      

193,666

      

—

    
  12,420,104    

11/7/2022

  

UBS AG		    

(0.43

)%

   iShares® iBoxx $
High Yield Corporate
Bond ETF		    

(258,881

)

    

—

      

258,881

      

—

    
  37,816,258                                      

(876,327

)

                          

                          Total Unrealized
Depreciation		    

(876,327

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation and final settlement of these swap transactions as of the time the Fund calculates its NAV, which differs from the time the Fund's underlying index is calculated, one or more exchange-traded financial products are used as the reference entity, as a surrogate for the respective underlying index.

See accompanying notes to the financial statements.

52 :: UJB ULTRA HIGH YIELD :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) — 79.5%

  
3M Co. (Industrial
Conglomerates)		    

1.6

%

    

2,639

    

$

448,735

    
Accenture plc, Class A
(IT Services)		    

3.7

%

    

2,891

      

1,033,242

    
AMETEK, Inc. (Electrical
Equipment)		    

0.5

%

    

1,052

      

143,598

    
Amphenol Corp., Class A
(Electronic Equipment,
Instruments & Components)		    

0.8

%

    

2,729

      

219,903

    
Automatic Data Processing,
Inc. (IT Services)		    

1.6

%

    

1,930

      

445,618

    
Ball Corp. (Containers &
Packaging)		    

0.5

%

    

1,490

      

139,241

    
Boeing Co. (The)*
(Aerospace & Defense)		    

1.7

%

    

2,511

      

496,801

    
Carrier Global Corp.
(Building Products)		    

0.8

%

    

3,957

      

214,153

    

Caterpillar, Inc. (Machinery)

    

1.7

%

    

2,493

      

482,022

    
Cintas Corp. (Commercial
Services & Supplies)		    

0.6

%

    

396

      

167,187

    

CSX Corp. (Road & Rail)

    

1.3

%

    

10,281

      

356,340

    

Cummins, Inc. (Machinery)

    

0.5

%

    

655

      

137,386

    

Deere & Co. (Machinery)

    

1.6

%

    

1,292

      

446,438

    
Eaton Corp. plc (Electrical
Equipment)		    

1.0

%

    

1,815

      

294,139

    
Emerson Electric Co.
(Electrical Equipment)		    

0.8

%

    

2,727

      

239,540

    
Equifax, Inc. (Professional
Services)		    

0.5

%

    

554

      

154,372

    
Fastenal Co. (Trading
Companies & Distributors)		    

0.5

%

    

2,619

      

154,966

    
FedEx Corp. (Air Freight &
Logistics)		    

0.9

%

    

1,121

      

258,245

    
Fidelity National Information
Services, Inc. (IT Services)		    

1.0

%

    

2,817

      

294,376

    

Fiserv, Inc.* (IT Services)

    

0.9

%

    

2,718

      

262,341

    
General Dynamics Corp.
(Aerospace & Defense)		    

0.7

%

    

1,057

      

199,741

    
General Electric Co.
(Industrial Conglomerates)		    

1.7

%

    

5,001

      

475,045

    
Global Payments, Inc.
(IT Services)		    

0.6

%

    

1,342

      

159,752

    
Honeywell International, Inc.
(Industrial Conglomerates)		    

2.2

%

    

3,145

      

636,045

    
Illinois Tool Works, Inc.
(Machinery)		    

1.1

%

    

1,307

      

303,420

    
Johnson Controls
International plc (Building
Products)		    

0.9

%

    

3,247

      

242,746

    
Keysight Technologies, Inc.*
(Electronic Equipment,
Instruments & Components)		    

0.6

%

    

842

      

163,752

    
L3Harris Technologies, Inc.
(Aerospace & Defense)		    

0.7

%

    

917

      

191,726

    
Lockheed Martin Corp.
(Aerospace & Defense)		    

1.3

%

    

1,124

      

374,652

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) (continued)

  
Norfolk Southern Corp.
(Road & Rail)		    

1.1

%

    

1,126

    

$

298,694

    
Northrop Grumman Corp.
(Aerospace & Defense)		    

0.8

%

    

686

      

239,277

    
Old Dominion Freight Line,
Inc. (Road & Rail)		    

0.5

%

    

430

      

152,723

    
Otis Worldwide Corp.
(Machinery)		    

0.6

%

    

1,945

      

156,378

    

PACCAR, Inc. (Machinery)

    

0.5

%

    

1,581

      

131,887

    
Parker-Hannifin Corp.
(Machinery)		    

0.6

%

    

588

      

177,611

    

Paychex, Inc. (IT Services)

    

0.6

%

    

1,463

      

174,390

    
PayPal Holdings, Inc.*
(IT Services)		    

3.5

%

    

5,354

      

989,901

    
Raytheon Technologies Corp.
(Aerospace & Defense)		    

2.0

%

    

6,877

      

556,487

    
Rockwell Automation, Inc.
(Electrical Equipment)		    

0.6

%

    

527

      

177,177

    
Roper Technologies, Inc.
(Industrial Conglomerates)		    

0.8

%

    

481

      

223,256

    
Sherwin-Williams Co. (The)
(Chemicals)		    

1.3

%

    

1,107

      

366,683

    
Square, Inc., Class A*
(IT Services)		    

1.3

%

    

1,814

      

377,911

    
TE Connectivity Ltd.
(Electronic Equipment,
Instruments & Components)		    

0.8

%

    

1,493

      

229,817

    
Trane Technologies plc
(Building Products)		    

0.7

%

    

1,082

      

201,955

    
TransDigm Group, Inc.*
(Aerospace & Defense)		    

0.5

%

    

238

      

137,576

    
Union Pacific Corp.
(Road & Rail)		    

2.5

%

    

2,971

      

700,086

    
United Parcel Service, Inc.,
Class B (Air Freight &
Logistics)		    

2.3

%

    

3,317

      

657,993

    
Verisk Analytics, Inc.
(Professional Services)		    

0.6

%

    

735

      

165,279

    
Waste Management, Inc.
(Commercial Services &
Supplies)		    

1.0

%

    

1,764

      

283,422

    
Zebra Technologies Corp.,
Class A* (Electronic
Equipment, Instruments &
Components)		    

0.5

%

    

244

      

143,662

    

Other Common Stocks (b)

    

24.1

%

    

88,181

      

6,835,961

    
Total Common Stocks
(Cost $24,822,921)		            

22,513,648

    

Securities Lending Reinvestments (c) — 0.0% (d)

  

Investment Companies — 0.0% (d)

  
BlackRock Liquidity FedFund,
Institutional Class
0.03% (Cost $2,635)		    

0.0

%

    

2,635

      

2,635

    

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA INDUSTRIALS UXI :: 53


   Principal
Amount		  

Value

 

Short-Term Investments — 16.2%

  

Repurchase Agreements (e) — 16.2%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $4,588,433
(Cost $4,588,429)		  

$

4,588,429

    

$

4,588,429

    
Total Investments — 95.7%
(Cost $29,413,985)		        

27,104,712

    

Other assets less liabilities — 4.3%

        

1,226,490

    

Net Assets — 100.0%

      

$

28,331,202

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $8,752,412.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $62,729, collateralized in the form of cash with a value of $2,635 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $64,477 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.88%, and maturity dates ranging from December 30, 2021 - May 15, 2051. The total value of collateral is $67,112.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $2,635.

(d)  Represents less than 0.05% of net assets.

(e)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

483,115

    

Aggregate gross unrealized depreciation

    

(4,794,752

)

  

Net unrealized depreciation

  

$

(4,311,637

)

  

Federal income tax cost

  

$

29,429,479

    

Swap Agreementsa

Ultra Industrials had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		  
Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  9,475,442    

5/8/2023

  
Bank of
America NA		    

0.37

%

   Dow Jones U.S.
IndustrialsSM
Index		    

(681,530

)

    

681,505

      

25

      

—

    
  8,829,840    

11/7/2022

  

Citibank NA		    

0.37

%

   Dow Jones U.S.
IndustrialsSM
Index		    

(249,729

)

    

152,360

      

97,369

      

—

    
  12,411,686    

3/7/2023

  
Goldman Sachs
International		    

0.67

%

   Dow Jones U.S.
IndustrialsSM
Index		    

(768,571

)

    

—

      

768,571

      

—

    
  526,372    

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.67

%

   Dow Jones U.S.
IndustrialsSM
Index		    

(26,836

)

    

25,163

      

1,673

      

—

    
  1,992,245    

3/7/2023

  
Societe
Generale		    

0.62

%

   Dow Jones U.S.
IndustrialsSM
Index		    

(205,099

)

    

—

      

82,443

      

(122,656

)

  
  870,297    

3/7/2023

  

UBS AG		    

0.42

%

   Dow Jones U.S.
IndustrialsSM
Index		    

(55,105

)

    

31,635

      

23,470

      

—

    
  34,105,882                                      

(1,986,870

)

                          
                            Total Unrealized
Depreciation		    

(1,986,870

)

                          

See accompanying notes to the financial statements.

54 :: UXI ULTRA INDUSTRIALS :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Ultra Industrials invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

9.0

%

  

Air Freight & Logistics

    

3.9

%

  

Building Products

    

4.4

%

  

Chemicals

    

1.3

%

  

Commercial Services & Supplies

    

2.5

%

  

Construction & Engineering

    

0.8

%

  

Construction Materials

    

0.9

%

  

Containers & Packaging

    

2.6

%

  

Electrical Equipment

    

4.6

%

  

Electronic Equipment, Instruments & Components

    

5.0

%

  

Industrial Conglomerates

    

6.3

%

  

IT Services

    

14.8

%

  

Life Sciences Tools & Services

    

0.3

%

  

Machinery

    

11.0

%

  

Marine

    

0.1

%

  

Paper & Forest Products

    

0.1

%

  

Professional Services

    

3.4

%

  

Road & Rail

    

6.6

%

  

Trading Companies & Distributors

    

1.9

%

  

Othera

    

20.5

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA INDUSTRIALS UXI :: 55

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) — 90.8%

  
AECOM* (Construction &
Engineering)		    

0.4

%

    

9,840

    

$

678,370

    
Aspen Technology, Inc.*
(Software)		    

0.4

%

    

4,639

      

672,794

    
Avis Budget Group, Inc.*
(Road & Rail)		    

0.5

%

    

3,227

      

886,102

    
Axon Enterprise, Inc.*
(Aerospace & Defense)		    

0.4

%

    

4,486

      

757,192

    
Builders FirstSource, Inc.*
(Building Products)		    

0.6

%

    

14,153

      

982,784

    
Camden Property Trust
(Equity Real Estate
Investment Trusts (REITs))		    

0.6

%

    

6,869

      

1,134,827

    
Carlisle Cos., Inc. (Building
Products)		    

0.4

%

    

3,560

      

801,712

    
Cognex Corp. (Electronic
Equipment, Instruments &
Components)		    

0.5

%

    

12,069

      

932,330

    
Crocs, Inc.* (Textiles,
Apparel & Luxury Goods)		    

0.4

%

    

4,261

      

698,889

    
CyrusOne, Inc. (Equity Real
Estate Investment
Trusts (REITs))		    

0.4

%

    

8,471

      

754,088

    
Darling Ingredients, Inc.*
(Food Products)		    

0.4

%

    

11,070

      

747,446

    
Deckers Outdoor Corp.*
(Textiles, Apparel & Luxury
Goods)		    

0.4

%

    

1,889

      

765,801

    
East West Bancorp, Inc.
(Banks)		    

0.4

%

    

9,691

      

746,207

    
Essential Utilities, Inc.
(Water Utilities)		    

0.4

%

    

15,275

      

722,049

    
FactSet Research
Systems, Inc. (Capital
Markets)		    

0.7

%

    

2,580

      

1,208,911

    

Fair Isaac Corp.* (Software)

    

0.4

%

    

1,939

      

684,719

    
First Solar, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

6,753

      

699,611

    
Five Below, Inc.*
(Specialty Retail)		    

0.4

%

    

3,824

      

777,955

    
GameStop Corp., Class A*
(Specialty Retail)		    

0.5

%

    

4,250

      

833,892

    

Graco, Inc. (Machinery)

    

0.5

%

    

11,594

      

845,087

    
Hill-Rom Holdings, Inc.
(Health Care Equipment &
Supplies)		    

0.4

%

    

4,495

      

698,973

    
Hubbell, Inc. (Electrical
Equipment)		    

0.4

%

    

3,714

      

726,830

    
Jones Lang LaSalle, Inc.*
(Real Estate Management &
Development)		    

0.5

%

    

3,463

      

813,493

    
Lattice Semiconductor Corp.*
(Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

9,315

      

707,288

    
Lear Corp. (Auto
Components)		    

0.4

%

    

4,080

      

684,583

    
Lennox International, Inc.
(Building Products)		    

0.4

%

    

2,335

      

721,562

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) (continued)

  
Life Storage, Inc. (Equity
Real Estate Investment
Trusts (REITs))		    

0.4

%

    

5,349

    

$

706,817

    
Manhattan Associates, Inc.*
(Software)		    

0.4

%

    

4,330

      

676,173

    
Masimo Corp.* (Health Care
Equipment & Supplies)		    

0.5

%

    

3,460

      

962,295

    
Medical Properties Trust, Inc.
(Equity Real Estate
Investment Trusts (REITs))		    

0.5

%

    

40,687

      

866,226

    
Middleby Corp. (The)*
(Machinery)		    

0.3

%

    

3,799

      

663,609

    
Molina Healthcare, Inc.*
(Health Care Providers &
Services)		    

0.6

%

    

3,989

      

1,137,583

    

Nordson Corp. (Machinery)

    

0.5

%

    

3,692

      

938,469

    
Paylocity Holding Corp.*
(Software)		    

0.4

%

    

2,685

      

677,533

    
Regal Rexnord Corp.
(Electrical Equipment)		    

0.4

%

    

4,624

      

731,054

    
Repligen Corp.* (Life
Sciences Tools & Services)		    

0.6

%

    

3,492

      

1,000,458

    

RH* (Specialty Retail)

    

0.4

%

    

1,163

      

678,238

    
RPM International, Inc.
(Chemicals)		    

0.5

%

    

8,864

      

806,979

    
Service Corp. International
(Diversified Consumer
Services)		    

0.4

%

    

11,446

      

757,267

    

Signature Bank (Banks)

    

0.7

%

    

4,142

      

1,252,127

    
SolarEdge Technologies, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.7

%

    

3,570

      

1,170,103

    
Steel Dynamics, Inc.
(Metals & Mining)		    

0.4

%

    

13,244

      

791,991

    
Synaptics, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

2,404

      

678,505

    
Syneos Health, Inc.*
(Life Sciences Tools &
Services)		    

0.4

%

    

7,068

      

686,727

    
Targa Resources Corp.
(Oil, Gas & Consumable
Fuels)		    

0.4

%

    

15,618

      

806,357

    
Tetra Tech, Inc.
(Commercial Services &
Supplies)		    

0.4

%

    

3,693

      

682,023

    

Toro Co. (The) (Machinery)

    

0.4

%

    

7,313

      

735,395

    
Trex Co., Inc.* (Building
Products)		    

0.6

%

    

7,878

      

1,045,962

    
Williams-Sonoma, Inc.
(Specialty Retail)		    

0.6

%

    

5,131

      

999,724

    
Wolfspeed, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.5

%

    

7,887

      

967,104

    

Other Common Stocks (b)

    

67.8

%

    

2,495,685

      

121,089,559

    
Total Common Stocks
(Cost $142,849,584)		            

162,191,773

    

See accompanying notes to the financial statements.

56 :: MVV ULTRA MIDCAP400 :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

    Percentage of
Net Assets		  

Shares

  

Value

  

Securities Lending Reinvestments (c) — 0.2%

  

Investment Companies — 0.2%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $409,081)		    

0.2

%

    

409,081

    

$

409,081

    
        Principal
Amount 		     

Short-term investments — 16.6%

  

Repurchase Agreements (d) — 16.6%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $29,672,474
(Cost $29,672,451)		      

$

29,672,451

      

29,672,451

    
Total Investments — 107.6%
(Cost $172,931,116)		            

192,273,305

    

Liabilities in excess of other assets — (7.6%)

       (13,644,154)  

Net Assets — 100.0%

          

$

178,629,151

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $55,121,904.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $2,436,020, collateralized in the form of

cash with a value of $409,081 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $2,186,678 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $2,595,759.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $409,081.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

25,943,862

    

Aggregate gross unrealized depreciation

    

(20,961,032

)

  

Net unrealized appreciation

  

$

4,982,830

    

Federal income tax cost

  

$

173,783,307

    

Futures Contracts Purchased

Ultra MidCap400 had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

S&P Midcap 400 E-Mini Index

    

33

    

12/17/2021

  

USD

      

$

8,930,460

    

$

149,210

    

Swap Agreementsa

Ultra MidCap400 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

25,358,381

    

5/8/2023

   Bank of
America NA		    

0.47

%

   S&P
MidCap 400®		    

(1,583,991

)

    

1,571,840

      

12,151

      

—

    
  54,378,857    

5/8/2023

  
BNP Paribas SA		    

0.52

%

   S&P
MidCap 400®		    

(4,116,468

)

    

4,080,610

      

35,858

      

—

    
  19,767,728    

4/10/2023

  
Citibank NA		    

0.47

%

   S&P
MidCap 400®		    

(1,324,341

)

    

1,287,823

      

36,518

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA MIDCAP400 MVV :: 57

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

16,669,032

    

3/7/2023

   Goldman Sachs
International		    

0.57

%

   S&P
MidCap 400®		    

(1,242,842

)

                          
  25,422,112    

3/7/2023

  
Goldman Sachs
International		    

0.34

%

   SPDR® S&P
MidCap 400®
ETF Trust		    

(2,817,263

)

                          
  42,091,144    

 

  

 

                    

(4,060,105

)

    

3,754,939

      

305,166

      

—

    
  2,489,249    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.00

%

  
S&P
MidCap 400®		    

270,889

      

—

      

(270,889

)

    

—

    
  20,084,640    

3/7/2023

  
Societe Generale		    

0.34

%

   S&P
MidCap 400®		    

(1,417,838

)

    

1,412,384

      

5,454

      

—

    
  21,959,026    

3/7/2023

  
UBS AG		    

0.42

%

   S&P
MidCap 400®		    

(1,424,524

)

    

1,383,711

      

40,813

      

—

    
  186,129,025                                      

(13,656,378

)

                          
                              Total Unrealized
Appreciation		    

270,889

                            
                              Total Unrealized
Depreciation		    

(13,927,267

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

Ultra MidCap400 invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

0.9

%

  

Air Freight & Logistics

    

0.4

%

  

Airlines

    

0.2

%

  

Auto Components

    

1.6

%

  

Automobiles

    

0.4

%

  

Banks

    

6.5

%

  

Beverages

    

0.2

%

  

Biotechnology

    

1.3

%

  

Building Products

    

2.5

%

  

Capital Markets

    

2.6

%

  

Chemicals

    

2.4

%

  

Commercial Services & Supplies

    

1.5

%

  

Communications Equipment

    

0.7

%

  

Construction & Engineering

    

1.3

%

  

Construction Materials

    

0.2

%

  

See accompanying notes to the financial statements.

58 :: MVV ULTRA MIDCAP400 :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Consumer Finance

    

0.5

%

  

Containers & Packaging

    

0.7

%

  

Diversified Consumer Services

    

0.8

%

  

Diversified Telecommunication Services

    

0.2

%

  

Electric Utilities

    

0.9

%

  

Electrical Equipment

    

1.8

%

  

Electronic Equipment, Instruments & Components

    

2.9

%

  

Energy Equipment & Services

    

0.3

%

  

Entertainment

    

0.1

%

  

Equity Real Estate Investment Trusts (REITs)

    

8.8

%

  

Food & Staples Retailing

    

1.1

%

  

Food Products

    

1.5

%

  

Gas Utilities

    

1.1

%

  

Health Care Equipment & Supplies

    

3.2

%

  

Health Care Providers & Services

    

2.6

%

  

Hotels, Restaurants & Leisure

    

2.6

%

  

Household Durables

    

1.6

%

  

Household Products

    

0.1

%

  

Insurance

    

3.3

%

  

Interactive Media & Services

    

0.4

%

  

IT Services

    

1.4

%

  

Leisure Products

    

1.2

%

  

Life Sciences Tools & Services

    

1.2

%

  

Machinery

    

4.5

%

  

Marine

    

0.1

%

  

Media

    

0.9

%

  

Metals & Mining

    

1.9

%

  

Multiline Retail

    

0.5

%

  

Multi-Utilities

    

0.5

%

  

Oil, Gas & Consumable Fuels

    

1.6

%

  

Paper & Forest Products

    

0.2

%

  

Personal Products

    

0.2

%

  

Pharmaceuticals

    

0.5

%

  

Professional Services

    

1.4

%

  

Real Estate Management & Development

    

0.5

%

  

Road & Rail

    

2.0

%

  

Semiconductors & Semiconductor Equipment

    

4.4

%

  

Software

    

3.4

%

  

Specialty Retail

    

3.4

%

  

Technology Hardware, Storage & Peripherals

    

0.1

%

  

Textiles, Apparel & Luxury Goods

    

1.7

%

  

Thrifts & Mortgage Finance

    

0.7

%

  

Trading Companies & Distributors

    

0.8

%

  

Water Utilities

    

0.4

%

  

Wireless Telecommunication Services

    

0.1

%

  

Othera

    

9.2

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA MIDCAP400 MVV :: 59

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 72.1%

  

Repurchase Agreements (a) — 72.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $3,512,597
(Cost $3,512,594)		  

$

3,512,594

    

$

3,512,594

    
Total Investments — 72.1%
(Cost $3,512,594)		        

3,512,594

    

Other assets less liabilities — 27.9%

        

1,360,648

    

Net Assets — 100.0%

      

$

4,873,242

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

—

    

Aggregate gross unrealized depreciation

    

(1,821,032

)

  

Net unrealized depreciation

  

$

(1,821,032

)

  

Federal income tax cost

  

$

3,512,594

    

Swap Agreementsa,f

Ultra MSCI Brazil Capped had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  5,643,111    

11/9/2022

   Bank of
America NA		    

0.37

%

   iShares® MSCI
Brazil Capped ETF		    

(1,614,373

)

    

—

      

1,614,373

      

—

    
  473,936    

4/10/2023

  
Citibank NA		    

0.37

%

   iShares® MSCI
Brazil Capped ETF		    

(23,320

)

    

—

      

23,320

      

—

    
  669,269    

3/7/2023

   Goldman Sachs
International		    

(0.93

)%

   iShares® MSCI
Brazil Capped ETF		    

(24,646

)

    

—

      

24,646

      

—

    
  77,044    

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.42

%

  
iShares® MSCI
Brazil Capped ETF		    

(3,793

)

    

—

      

3,793

      

—

    
  886,393    

3/7/2023

  
Societe Generale		    

0.07

%

   iShares® MSCI
Brazil Capped ETF		    

(44,421

)

    

—

      

40,000

      

(4,421

)

  
  2,020,259    

3/7/2023

  
UBS AG		    

0.07

%

   iShares® MSCI
Brazil Capped ETF		    

(110,479

)

    

—

      

110,479

      

—

    
  9,770,012                                      

(1,821,032

)

                          
         
 		           Total Unrealized
Depreciation		    

(1,821,032

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

60 :: UBR ULTRA MSCI BRAZIL CAPPED :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 75.5%

  

Repurchase Agreements (a) — 75.5%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $10,025,695
(Cost $10,025,687)		  

$

10,025,687

    

$

10,025,687

    
Total Investments — 75.5%
(Cost $10,025,687)		        

10,025,687

    

Other assets less liabilities — 24.5%

        

3,245,383

    

Net Assets — 100.0%

      

$

13,271,070

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

95,194

    

Aggregate gross unrealized depreciation

    

(1,128,288

)

  

Net unrealized depreciation

  

$

(1,033,094

)

  

Federal income tax cost

  

$

10,025,687

    

Swap Agreementsa,f

Ultra MSCI EAFE had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  

9,467,948		  
11/9/2022		   Bank of
America NA		    

0.37

%

   iShares® MSCI
EAFE ETF		    

95,194

      

(95,194

)

    

—

      

—

    

7,255,115		  
4/10/2023		  
Citibank NA		    

0.47

%

   iShares® MSCI
EAFE ETF		    

(455,313

)

    

—

      

455,313

      

—

    

21,119		  
3/7/2023		   Goldman Sachs
International		    

0.67

%

   iShares® MSCI
EAFE ETF		    

(9,563

)

    

—

      

9,563

      

—

    
  2,816    

11/9/2023

   Morgan
Stanley & Co.
International plc		    

0.57

%

  
iShares® MSCI
EAFE ETF		    

(153

)

    

—

      

153

      

—

    

6,148,474		  
3/7/2023		  
Societe Generale		    

0.57

%

   iShares® MSCI
EAFE ETF		    

(409,004

)

    

—

      

409,004

      

—

    

3,687,395		  
3/7/2023		  
UBS AG		    

0.27

%

   iShares® MSCI
EAFE ETF		    

(254,255

)

    

—

      

254,255

      

—

    
  26,582,867                                      

(1,033,094

)

                          
                              Total Unrealized
Appreciation		    

95,194

                            

                          Total Unrealized
Depreciation		    

(1,128,288

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA MSCI EAFE EFO :: 61

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 74.6%

  

Repurchase Agreements (a) — 74.6%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $37,207,889
(Cost $37,207,859)		  

$

37,207,859

    

$

37,207,859

    
Total Investments — 74.6%
(Cost $37,207,859)		        

37,207,859

    

Other assets less liabilities — 25.4%

        

12,636,858

    

Net Assets — 100.0%

      

$

49,844,717

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

—

    

Aggregate gross unrealized depreciation

    

(8,567,844

)

  

Net unrealized depreciation

  

$

(8,567,844

)

  

Federal income tax cost

  

$

37,207,859

    

Swap Agreementsa,f

Ultra MSCI Emerging Markets had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  30,922,528    

5/8/2023

  
Bank of
America NA		    

0.32

%

   iShares® MSCI
Emerging
Markets ETF		    

(1,657,545

)

    

—

      

1,657,545

      

—

    
  11,914    

4/10/2023

  

Citibank NA		    

0.22

%

   iShares® MSCI
Emerging
Markets ETF		    

(575

)

    

—

      

575

      

—

    
  64,335    

3/7/2023

  
Goldman Sachs
International		    

0.37

%

   iShares® MSCI
Emerging
Markets ETF		    

(3,375

)

    

—

      

3,375

      

—

    
  116,756    

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.32

%

   iShares® MSCI
Emerging
Markets ETF		    

(5,641

)

    

—

      

5,641

      

—

    
  6,964,866    

3/7/2023

  

Societe Generale		    

(0.18

)%

   iShares® MSCI
Emerging
Markets ETF		    

(347,458

)

    

—

      

347,458

      

—

    
  61,827,184    

11/9/2022

  

UBS AG		    

(0.13

)%

   iShares® MSCI
Emerging
Markets ETF		    

(6,553,250

)

    

—

      

6,553,250

      

—

    
  99,907,583                                      

(8,567,844

)

                          

                          Total Unrealized
Depreciation		    

(8,567,844

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

See accompanying notes to the financial statements.

62 :: EET ULTRA MSCI EMERGING MARKETS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA MSCI EMERGING MARKETS EET :: 63

Investments

  

Shares

  

Value

  

Exchange Traded Funds — 12.5%

  
iShares MSCI Japan ETF
(Cost $1,121,969)		    

16,500

    

$

1,094,444

    
    Principal
Amount		      

Short-Term Investments — 60.4%

  

Repurchase Agreements (a) — 60.4%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $5,286,490
(Cost $5,286,488)		  

$

5,286,488

      

5,286,488

    
Total Investments — 72.9%
(Cost $6,408,457)		        

6,380,932

    

Other assets less liabilities — 27.1%

        

2,366,410

    

Net Assets — 100.0%

      

$

8,747,342

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

—

    

Aggregate gross unrealized depreciation

    

(709,856

)

  

Net unrealized depreciation

  

$

(709,856

)

  

Federal income tax cost

  

$

6,488,271

    

Swap Agreementsa,f

Ultra MSCI Japan had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  39,138    

12/14/2023

   Bank of
America NA		    

0.42

%

   iShares® MSCI
Japan ETF		    

(1,274

)

    

—

      

1,274

      

—

    
  10,770,934    

12/12/2022

  
Citibank NA		    

0.57

%

   iShares® MSCI
Japan ETF		    

(236,105

)

    

—

      

236,105

      

—

    
  107,195    

12/14/2023

   Credit Suisse
International		    

0.77

%

   iShares® MSCI
Japan ETF		    

(3,526

)

    

—

      

3,526

      

—

    
  4,841,414    

3/7/2023

   Goldman Sachs
International		    

0.57

%

   iShares® MSCI
Japan ETF		    

(313,368

)

    

—

      

313,368

      

—

    
  189,428    

11/9/2023

   Morgan
Stanley & Co.
International plc		    

0.67

%

  
iShares® MSCI
Japan ETF		    

(6,312

)

    

—

      

6,312

      

—

    
  461,087    

3/7/2023

  
Societe Generale		    

0.22

%

   iShares® MSCI
Japan ETF		    

(27,038

)

    

—

      

17,000

      

(10,038

)

  
  (5,768

)

  

12/14/2023

  
UBS AG		    

(0.07

)%

   iShares® MSCI
Japan ETF		    

(14,894

)

    

—

      

14,894

      

—

    
  16,403,428                                      

(602,517

)

                          

                          Total Unrealized
Depreciation		    

(602,517

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

See accompanying notes to the financial statements.

64 :: EZJ ULTRA MSCI JAPAN :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA MSCI JAPAN EZJ :: 65

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) — 92.9%

  
Allakos, Inc.*
(Biotechnology)		    

0.4

%

    

9,849

    

$

771,669

    
Alnylam
Pharmaceuticals, Inc.*
(Biotechnology)		    

1.9

%

    

21,674

      

3,983,681

    
Amgen, Inc.
(Biotechnology)		    

7.4

%

    

79,712

      

15,853,124

    
Apellis Pharmaceuticals, Inc.*
(Biotechnology)		    

0.3

%

    

17,505

      

736,610

    
Argenx SE, ADR*
(Biotechnology)		    

0.7

%

    

5,069

      

1,415,315

    
Arrowhead
Pharmaceuticals, Inc.*
(Biotechnology)		    

0.6

%

    

19,012

      

1,331,791

    
Arvinas, Inc.*
(Pharmaceuticals)		    

0.3

%

    

8,965

      

677,844

    
Ascendis Pharma A/S,
ADR* (Biotechnology)		    

0.6

%

    

9,538

      

1,306,897

    
AstraZeneca plc, ADR
(Pharmaceuticals)		    

1.5

%

    

56,944

      

3,122,240

    
Beam Therapeutics, Inc.*
(Biotechnology)		    

0.5

%

    

12,097

      

957,478

    
BeiGene Ltd., ADR*
(Biotechnology)		    

1.5

%

    

9,285

      

3,226,816

    

Biogen, Inc.* (Biotechnology)

    

2.9

%

    

26,518

      

6,251,353

    
BioMarin
Pharmaceutical, Inc.*
(Biotechnology)		    

1.4

%

    

33,427

      

2,884,416

    
BioNTech SE, ADR*(b)
(Biotechnology)		    

2.5

%

    

14,983

      

5,270,120

    
Blueprint Medicines Corp.*
(Biotechnology)		    

0.5

%

    

10,684

      

1,027,801

    
Bridgebio Pharma, Inc.*
(Biotechnology)		    

0.5

%

    

27,308

      

1,105,974

    
CRISPR Therapeutics AG*
(Biotechnology)		    

0.5

%

    

13,897

      

1,110,370

    
Denali Therapeutics, Inc.*
(Biotechnology)		    

0.5

%

    

22,179

      

1,026,001

    

Exelixis, Inc.* (Biotechnology)

    

0.5

%

    

57,435

      

964,334

    
Fate Therapeutics, Inc.*
(Biotechnology)		    

0.4

%

    

17,347

      

954,258

    
Gilead Sciences, Inc.
(Biotechnology)		    

7.3

%

    

227,519

      

15,682,885

    
Guardant Health, Inc.*(b)
(Health Care Providers &
Services)		    

0.9

%

    

18,463

      

1,940,830

    
Halozyme Therapeutics, Inc.*
(Biotechnology)		    

0.4

%

    

25,955

      

853,400

    
Horizon Therapeutics plc*
(Biotechnology)		    

2.0

%

    

41,190

      

4,273,874

    
Illumina, Inc.* (Life Sciences
Tools & Services)		    

4.9

%

    

28,397

      

10,374,276

    

Incyte Corp.* (Biotechnology)

    

1.3

%

    

40,261

      

2,726,475

    
Intellia Therapeutics, Inc.*
(Biotechnology)		    

0.7

%

    

13,397

      

1,540,789

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) (continued)

  
Ionis Pharmaceuticals, Inc.*
(Biotechnology)		    

0.3

%

    

25,731

    

$

681,871

    
Jazz Pharmaceuticals plc*
(Pharmaceuticals)		    

0.6

%

    

11,189

      

1,341,226

    
Karuna Therapeutics, Inc.*
(Biotechnology)		    

0.3

%

    

5,385

      

688,741

    
Kodiak Sciences, Inc.*
(Biotechnology)		    

0.4

%

    

9,388

      

862,194

    
Medpace Holdings, Inc.*
(Life Sciences Tools &
Services)		    

0.6

%

    

6,532

      

1,354,802

    
Mirati Therapeutics, Inc.*
(Biotechnology)		    

0.6

%

    

9,413

      

1,287,416

    
Moderna, Inc.*
(Biotechnology)		    

7.9

%

    

47,724

      

16,819,369

    
Neurocrine Biosciences, Inc.*
(Biotechnology)		    

0.7

%

    

17,251

      

1,436,146

    
Novavax, Inc.*(b)
(Biotechnology)		    

1.3

%

    

13,577

      

2,832,570

    
Pacific Biosciences of
California, Inc.* (Life
Sciences Tools & Services)		    

0.4

%

    

40,193

      

932,880

    
Regeneron
Pharmaceuticals, Inc.*
(Biotechnology)		    

5.7

%

    

19,064

      

12,134,808

    
Royalty Pharma plc,
Class A (Pharmaceuticals)		    

1.5

%

    

77,853

      

3,096,214

    
Sanofi, ADR
(Pharmaceuticals)		    

1.0

%

    

42,495

      

2,021,487

    
Sarepta Therapeutics, Inc.*
(Biotechnology)		    

0.6

%

    

14,555

      

1,176,190

    
Seagen, Inc.*
(Biotechnology)		    

2.5

%

    

33,173

      

5,307,680

    
Syneos Health, Inc.*
(Life Sciences Tools &
Services)		    

0.9

%

    

18,871

      

1,833,506

    
Twist Bioscience Corp.*
(Biotechnology)		    

0.4

%

    

8,985

      

858,068

    
Ultragenyx
Pharmaceutical, Inc.*
(Biotechnology)		    

0.4

%

    

12,365

      

930,219

    
United Therapeutics Corp.*
(Biotechnology)		    

0.7

%

    

8,190

      

1,552,005

    
Vertex
Pharmaceuticals, Inc.*
(Biotechnology)		    

3.9

%

    

44,876

      

8,389,119

    
Vir Biotechnology, Inc.*
(Biotechnology)		    

0.5

%

    

23,817

      

1,129,402

    
Zai Lab Ltd., ADR*
(Biotechnology)		    

0.4

%

    

12,642

      

875,459

    
Zentalis
Pharmaceuticals, Inc.*
(Biotechnology)		    

0.3

%

    

8,219

      

674,369

    

Other Common Stocks (b)

    

18.1

%

    

2,855,301

      

38,698,381

    
Total Common Stocks
(Cost $238,086,819)		            

198,284,743

    

See accompanying notes to the financial statements.

66 :: BIB ULTRA NASDAQ BIOTECHNOLOGY :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

    Percentage of
Net Assets		   No. of
Rights		  

Value

  

Rights — 0.0% (c)

  
Achillion Pharmaceuticals, Inc.,
CVR*(d)(e)		    

0.0

%

    

25,307

    

$

11,641

    
Contra Costa County
Board of Education,
CVR*(b)(d)(e)		    

0.0

%

    

835

      

—

    
Total Rights
(Cost $11,641)		            

11,641

    
       

Shares

      

Securities Lending Reinvestments (f) — 0.8%

  

Investment Companies — 0.8%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $1,763,417)		    

0.8

%

    

1,763,417

      

1,763,417

    
        Principal
Amount 		     

Short-Term Investments — 7.6%

  

Repurchase Agreements (g) — 7.6%

  

 

Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $16,260,737
(Cost $16,260,723)		  

$

16,260,723

      

16,260,723

    
Total Investments — 101.3%
(Cost $256,122,600)		        

216,320,524

    

Liabilities in excess of other assets — (1.3%)

        

(2,794,542

)

  

Net Assets — 100.0%

      

$

213,525,982

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $57,282,972.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $4,766,994, collateralized in the form of cash with a value of $1,763,417 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $3,070,684 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 9, 2021 - November 15, 2050. The total value of collateral is $4,834,101.

(c)  Represents less than 0.05% of net assets.

(d)  Illiquid security.

(e)  Security fair valued as of November 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2021 amounted to $11,641, which represents approximately 0.01% of net assets of the Fund.

(f)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $1,763,417.

(g)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Abbreviations

ADR  American Depositary Receipt

CVR  Contingent Value Rights — No defined expiration

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

13,717,294

    

Aggregate gross unrealized depreciation

    

(64,355,533

)

  

Net unrealized depreciation

  

$

(50,638,239

)

  

Federal income tax cost

  

$

258,855,738

    

Swap Agreementsa

Ultra Nasdaq Biotechnology had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  33,518,991    

5/8/2023

  
Bank of
America NA		    

0.22

%

   NASDAQ
Biotechnology
Index®		    

(2,169,183

)

    

1,680,631

      

488,552

      

—

    
  45,872,380    

4/10/2023

  

Citibank NA		    

0.22

%

   NASDAQ
Biotechnology
Index®		    

(253,682

)

    

216,612

      

37,070

      

—

    
  39,005,659    

3/7/2023

  
Goldman Sachs
International		    

0.67

%

   NASDAQ
Biotechnology
Index®		    

(1,960,158

)

    

—

      

1,960,158

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA NASDAQ BIOTECHNOLOGY BIB :: 67

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  10,201,848    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.52

%

   NASDAQ
Biotechnology
Index®		    

(1,457

)

    

—

      

1,457

      

—

    
  35,052,383    

3/7/2023

  

Societe Generale		    

0.42

%

   NASDAQ
Biotechnology
Index®		    

(1,285,406

)

    

1,277,423

      

7,983

      

—

    
  65,610,010    

3/7/2023

  

UBS AG		    

0.07

%

   NASDAQ
Biotechnology
Index®		    

(2,433,139

)

    

2,307,511

      

125,628

      

—

    
  229,261,271                                      

(8,103,025

)

                          

                          Total Unrealized
Depreciation		    

(8,103,025

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Ultra Nasdaq Biotechnology invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Biotechnology

    

76.8

%

  

Diversified Financial Services

    

0.0

%

  

Health Care Providers & Services

    

1.1

%

  

Life Sciences Tools & Services

    

7.5

%

  

Pharmaceuticals

    

7.5

%

  

Othera

    

7.1

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

68 :: BIB ULTRA NASDAQ BIOTECHNOLOGY :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks — 57.8%

  

Communications Equipment — 4.0%

  

Arista Networks, Inc.*

    

516

    

$

64,015

    

Cisco Systems, Inc.

    

541

      

29,669

    
     

93,684

    

Diversified Telecommunication Services — 1.7%

  

Lumen Technologies, Inc.

    

3,242

      

40,006

    

Health Care Technology — 0.4%

  

Tabula Rasa HealthCare, Inc.*

    

255

      

2,899

    

Veeva Systems, Inc., Class A*

    

24

      

6,782

    
     

9,681

    

Interactive Media & Services — 2.0%

  

Alphabet, Inc., Class A*

    

17

      

48,245

    

Internet & Direct Marketing Retail — 3.6%

  

Alibaba Group Holding Ltd., ADR*

    

287

      

36,601

    

Amazon.com, Inc.*

    

14

      

49,099

    
     

85,700

    

IT Services — 14.6%

  

Akamai Technologies, Inc.*

    

282

      

31,781

    

Cloudflare, Inc., Class A*

    

66

      

12,424

    

DigitalOcean Holdings, Inc.*

    

776

      

78,229

    

Fastly, Inc., Class A*

    

549

      

22,377

    

International Business Machines Corp.

    

177

      

20,727

    

Kingsoft Cloud Holdings Ltd., ADR*

    

1,487

      

25,695

    

MongoDB, Inc.*

    

102

      

50,806

    

Rackspace Technology, Inc.*

    

3,425

      

48,841

    

Shopify, Inc., Class A*

    

16

      

24,349

    

Snowflake, Inc., Class A*

    

26

      

8,844

    

Twilio, Inc., Class A*

    

67

      

19,172

    
     

343,245

    

Software — 27.1%

  

Adobe, Inc.*

    

36

      

24,115

    

Anaplan, Inc.*

    

133

      

5,694

    

Appfolio, Inc., Class A*

    

68

      

8,193

    

Appian Corp.*

    

149

      

11,078

    

Asana, Inc., Class A*

    

106

      

11,019

    

Atlassian Corp. plc, Class A*

    

65

      

24,461

    

Avalara, Inc.*

    

44

      

6,146

    

Blackline, Inc.*

    

73

      

8,034

    

Box, Inc., Class A*

    

309

      

7,234

    

Citrix Systems, Inc.

    

310

      

24,933

    

Coupa Software, Inc.*

    

33

      

6,490

    

Crowdstrike Holdings, Inc., Class A*

    

28

      

6,080

    

Datadog, Inc., Class A*

    

58

      

10,341

    

DocuSign, Inc.*

    

27

      

6,652

    

Domo, Inc., Class B*

    

178

      

12,878

    

Investments

  

Shares

  

Value

  

Common Stocks (continued)

  

Dropbox, Inc., Class A*

    

251

    

$

6,177

    

Elastic NV*

    

50

      

7,773

    

Everbridge, Inc.*

    

51

      

5,784

    

HubSpot, Inc.*

    

35

      

28,242

    

Intuit, Inc.

    

14

      

9,132

    

Microsoft Corp.

    

158

      

52,233

    

MicroStrategy, Inc., Class A*

    

34

      

24,529

    

Mimecast Ltd.*

    

114

      

9,234

    

Momentive Global, Inc.*

    

407

      

8,315

    

Open Text Corp.

    

145

      

6,874

    

Oracle Corp.

    

537

      

48,727

    

Palo Alto Networks, Inc.*

    

17

      

9,298

    

Paycom Software, Inc.*

    

16

      

7,000

    

Paylocity Holding Corp.*

    

30

      

7,570

    

Q2 Holdings, Inc.*

    

91

      

7,307

    

Qualys, Inc.*

    

68

      

8,860

    

RingCentral, Inc., Class A*

    

95

      

20,518

    

salesforce.com, Inc.*

    

90

      

25,646

    

SAP SE, ADR

    

106

      

13,615

    

ServiceNow, Inc.*

    

37

      

23,965

    

Smartsheet, Inc., Class A*

    

100

      

6,400

    

Splunk, Inc.*

    

157

      

18,997

    

Sprout Social, Inc., Class A*

    

66

      

7,371

    

VMware, Inc., Class A

    

392

      

45,762

    

Workday, Inc., Class A*

    

29

      

7,953

    

Workiva, Inc.*

    

171

      

23,849

    

Zendesk, Inc.*

    

65

      

6,637

    

Zoom Video Communications, Inc., Class A*

    

28

      

5,919

    

Zscaler, Inc.*

    

29

      

10,062

    
     

637,097

    

Technology Hardware, Storage & Peripherals — 4.4%

  

Hewlett Packard Enterprise Co.

    

1,548

      

22,214

    

NetApp, Inc.

    

269

      

23,909

    

Pure Storage, Inc., Class A*

    

1,853

      

57,387

    
     

103,510

    
Total Common Stocks
(Cost $1,324,842)		        

1,361,168

    
    Principal
Amount		  
 

Short-Term Investments — 1.6%

  

Repurchase Agreements (a) — 1.6%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $37,532
(Cost $37,532)		  

$

37,532

      

37,532

    
Total Investments — 59.4%
(Cost $1,362,374)		        

1,398,700

    

Other assets less liabilities — 40.6%

        

955,093

    

Net Assets — 100.0%

      

$

2,353,793

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA NASDAQ CLOUD COMPUTING SKYU :: 69

*  Non-income producing security.

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Abbreviations

ADR  American Depositary Receipt

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

544,002

    

Aggregate gross unrealized depreciation

    

(311,167

)

  

Net unrealized appreciation

  

$

232,835

    

Federal income tax cost

  

$

1,362,525

    

Swap Agreementsa

Ultra Nasdaq Cloud Computing had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  1,699,929    

11/7/2022

   Bank of America
NA		    

0.17

%

   ISE Cloud
Computing Index		    

352,611

     

(352,611

)

   

—

     

—

    
  1,327,472    

3/7/2023

   Goldman Sachs
International		    

0.67

%

   ISE Cloud
Computing Index		    

(151,765

)

   

—

     

151,765

     

—

    
  325,899    

11/7/2022

  
UBS AG		    

0.62

%

   ISE Cloud
Computing Index		    

(4,186

)

   

—

     

4,186

     

—

    
  3,353,300                                      

196,660

                            

                          Total Unrealized
Appreciation		    

352,611

                            

                          Total Unrealized
Depreciation		    

(155,951

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

70 :: SKYU ULTRA NASDAQ CLOUD COMPUTING :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Exchange Traded Funds — 3.1%

  
First Trust NASDAQ Cybersecurity ETF
(Cost $144,519)		    

3,000

    

$

155,521

    
    Principal
Amount		  
 

Short-Term Investments — 62.9%

  

Repurchase Agreements (a) — 62.9%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $3,132,278
(Cost $3,132,276)		  

$

3,132,276

      

3,132,276

    
Total Investments — 66.0%
(Cost $3,276,795)		        

3,287,797

    

Other assets less liabilities — 34.0%

        

1,694,976

    

Net Assets — 100.0%

      

$

4,982,773

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

435,055

    

Aggregate gross unrealized depreciation

    

(249,392

)

  

Net unrealized appreciation

  

$

185,663

    

Federal income tax cost

  

$

3,276,795

    

Swap Agreementsa

Ultra Nasdaq Cybersecurity had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  4,366,253    

11/7/2022

   Bank of America
NA		    

0.32

%

   First Trust Nasdaq
Cybersecurity ETF		    

424,053

      

(424,053

)

    

—

      

—

    
  1,583,366    

3/7/2023

   Goldman Sachs
International		    

0.67

%

   First Trust Nasdaq
Cybersecurity ETF		    

(116,550

)

   

—

     

116,550

     

—

    
  3,880,733    

11/7/2022

  
UBS AG		    

0.57

%

   First Trust Nasdaq
Cybersecurity ETF		    

(132,842

)

   

—

     

132,842

     

—

    
  9,830,352                                      

174,661

                            

                          Total Unrealized
Appreciation		    

424,053

                            

                          Total Unrealized
Depreciation		    

(249,392

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA NASDAQ CYBERSECURITY UCYB :: 71

Investments

  

Shares

  

Value

  

Common Stocks (a) — 87.4%

  

Electric Utilities — 0.5%

  

OGE Energy Corp.

    

26,213

    

$

899,630

    

Electrical Equipment — 1.5%

  

Plug Power, Inc.*

    

67,692

      

2,697,526

    

Energy Equipment & Services — 6.4%

  

Baker Hughes Co.

    

108,478

      

2,531,877

    

Halliburton Co.

    

116,602

      

2,517,437

    

NOV, Inc.*

    

51,161

      

609,839

    

Schlumberger NV

    

183,112

      

5,251,652

    

TechnipFMC plc*

    

55,482

      

314,583

    
     

11,225,388

    

Oil, Gas & Consumable Fuels — 78.2%

  

APA Corp.

    

49,499

      

1,275,589

    

Cheniere Energy, Inc.

    

30,878

      

3,236,323

    

Chevron Corp.

    

253,221

      

28,581,054

    

ConocoPhillips

    

175,338

      

12,296,454

    

Continental Resources, Inc. (b)

    

7,703

      

341,551

    

Coterra Energy, Inc.

    

106,403

      

2,136,572

    

Devon Energy Corp.

    

82,443

      

3,467,553

    

Diamondback Energy, Inc.

    

22,281

      

2,378,051

    

DT Midstream, Inc.

    

12,681

      

581,678

    

EOG Resources, Inc.

    

76,453

      

6,651,411

    

EQT Corp.*

    

39,580

      

769,039

    

Equitrans Midstream Corp.

    

53,240

      

512,169

    

Exxon Mobil Corp.

    

554,446

      

33,178,050

    

Hess Corp.

    

36,066

      

2,687,638

    

HollyFrontier Corp.

    

19,581

      

632,858

    

Kinder Morgan, Inc.

    

255,224

      

3,945,763

    

Marathon Oil Corp.

    

103,234

      

1,599,095

    

Marathon Petroleum Corp.

    

83,584

      

5,086,086

    

New Fortress Energy, Inc.

    

5,416

      

134,804

    

Occidental Petroleum Corp.

    

116,151

      

3,443,877

    

ONEOK, Inc.

    

58,353

      

3,491,844

    

Ovintiv, Inc.

    

34,184

      

1,188,236

    

Phillips 66

    

57,350

      

3,966,900

    

Pioneer Natural Resources Co.

    

29,707

      

5,297,352

    

Targa Resources Corp.

    

29,938

      

1,545,699

    

Texas Pacific Land Corp.

    

808

      

976,686

    

Valero Energy Corp.

    

53,533

      

3,583,499

    

Williams Cos., Inc. (The)

    

159,084

      

4,261,860

    
     

137,247,691

    

Semiconductors & Semiconductor Equipment — 0.8%

  

First Solar, Inc.*

    

12,948

      

1,341,413

    
Total Common Stocks
(Cost $144,493,995)		        

153,411,648

    

Investments

  

Shares

  

Value

  

Securities Lending Reinvestments (c) — 0.1%

  

Investment Companies — 0.1%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $159,838)		    

159,838

    

$

159,838

    
    Principal
Amount		      

Short-Term Investments — 19.1%

  

Repurchase Agreements (d) — 19.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $33,459,581
(Cost $33,459,556)		  

$

33,459,556

      

33,459,556

    
Total Investments — 106.6%
(Cost $178,113,389)		        

187,031,042

    

Liabilities in excess of other assets — (6.6%)

        

(11,589,481

)

  

Net Assets — 100.0%

      

$

175,441,561

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $67,531,804.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $216,158, collateralized in the form of cash with a value of $159,838 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $71,974 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.13%, and maturity dates ranging from January 27, 2022 - February 15, 2050. The total value of collateral is $231,812.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $159,838.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

13,646,976

    

Aggregate gross unrealized depreciation

    

(19,521,393

)

  

Net unrealized depreciation

  

$

(5,874,417

)

  

Federal income tax cost

  

$

179,786,691

    

See accompanying notes to the financial statements.

72 :: DIG ULTRA OIL & GAS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Swap Agreementsa

Ultra Oil & Gas had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  37,314,602    

5/8/2023

  
Bank of
America NA		    

0.37

%

   Dow Jones
U.S. Oil &
GasSM Index		    

(1,968,805

)

   

1,968,784

     

21

     

—

    
  54,027,901    

11/6/2023

  

Citibank NA		    

0.37

%

   Dow Jones
U.S. Oil &
GasSM Index		    

(2,248,337

)

   

2,189,162

     

59,175

     

—

    
  21,211,401    

3/7/2023

  
Goldman Sachs
International		    

0.67

%

   Dow Jones
U.S. Oil &
GasSM Index		    

(4,693,962

)

   

4,668,136

     

25,826

     

—

    
  14,133,627    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

(0.09

)%

   Dow Jones
U.S. Oil &
GasSM Index		    

1,982,352

     

—

     

(1,982,352

)

   

—

    
  33,964,544    

3/7/2023

  

Societe Generale		    

0.62

%

   Dow Jones
U.S. Oil &
GasSM Index		    

(2,829,156

)

    

2,817,010

      

12,146

      

—

    
  37,383,101    

3/7/2023

  

UBS AG		    

0.07

%

   Dow Jones
U.S. Oil &
GasSM Index		    

(3,360,860

)

   

3,340,189

     

20,671

     

—

    
  198,035,176                                      

(13,118,768

)

                          

                          Total Unrealized
Appreciation		    

1,982,352

                            

                          Total Unrealized
Depreciation		    

(15,101,120

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA OIL & GAS DIG :: 73

Investments

  

Shares

  

Value

  

Common Stocks (a) — 90.1%

  

Automobiles — 5.5%

  

Tesla, Inc.*

    

296,158

    

$

339,029,832

    

Beverages — 1.8%

  

Keurig Dr Pepper, Inc.

    

515,391

      

17,518,140

    

Monster Beverage Corp.*

    

192,201

      

16,102,600

    

PepsiCo, Inc.

    

502,537

      

80,295,362

    
     

113,916,102

    

Biotechnology — 3.2%

  

Amgen, Inc.

    

206,472

      

41,063,151

    

Biogen, Inc.*

    

54,161

      

12,767,914

    

Gilead Sciences, Inc.

    

455,888

      

31,424,360

    

Incyte Corp.*

    

80,301

      

5,437,984

    

Moderna, Inc.*

    

146,637

      

51,679,278

    

Regeneron Pharmaceuticals, Inc.*

    

38,218

      

24,326,904

    

Seagen, Inc.*

    

66,157

      

10,585,120

    

Vertex Pharmaceuticals, Inc.*

    

94,332

      

17,634,424

    
     

194,919,135

    

Commercial Services & Supplies — 0.5%

  

Cintas Corp.

    

37,440

      

15,806,793

    

Copart, Inc.*

    

86,004

      

12,484,341

    
     

28,291,134

    

Communications Equipment — 1.4%

  

Cisco Systems, Inc.

    

1,532,142

      

84,022,667

    

Electric Utilities — 0.7%

  

American Electric Power Co., Inc.

    

181,897

      

14,742,752

    

Exelon Corp.

    

355,539

      

18,747,571

    

Xcel Energy, Inc.

    

195,775

      

12,476,741

    
     

45,967,064

    

Electronic Equipment, Instruments & Components — 0.2%

  

CDW Corp.

    

49,992

      

9,466,485

    

Entertainment — 2.3%

  

Activision Blizzard, Inc.

    

282,781

      

16,570,967

    

Electronic Arts, Inc.

    

103,481

      

12,854,410

    

NetEase, Inc., ADR

    

109,311

      

11,776,074

    

Netflix, Inc.*

    

160,927

      

103,299,041

    
     

144,500,492

    

Food & Staples Retailing — 1.6%

  

Costco Wholesale Corp.

    

160,655

      

86,654,094

    

Walgreens Boots Alliance, Inc.

    

314,511

      

14,090,093

    
     

100,744,187

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Food Products — 0.7%

  

Kraft Heinz Co. (The)

    

444,813

    

$

14,950,165

    

Mondelez International, Inc., Class A

    

508,247

      

29,956,078

    
     

44,906,243

    

Health Care Equipment & Supplies — 1.6%

  

Align Technology, Inc.*

    

28,717

      

17,561,307

    

Dexcom, Inc.*

    

35,167

      

19,784,603

    

IDEXX Laboratories, Inc.*

    

30,931

      

18,808,213

    

Intuitive Surgical, Inc.*

    

129,804

      

42,100,629

    
     

98,254,752

    

Health Care Technology — 0.1%

  

Cerner Corp.

    

107,451

      

7,569,923

    

Hotels, Restaurants & Leisure — 1.6%

  

Booking Holdings, Inc.*

    

14,933

      

31,386,926

    

Marriott International, Inc., Class A*

    

118,411

      

17,472,727

    

Starbucks Corp.

    

428,718

      

47,004,642

    

Trip.com Group Ltd., ADR*

    

192,046

      

5,281,265

    
     

101,145,560

    

Industrial Conglomerates — 0.8%

  

Honeywell International, Inc.

    

251,034

      

50,769,116

    

Interactive Media & Services — 10.2%

  

Alphabet, Inc., Class A*

    

71,960

      

204,218,882

    

Alphabet, Inc., Class C*

    

76,495

      

217,937,315

    

Baidu, Inc., ADR*

    

91,872

      

13,766,100

    

Match Group, Inc.*

    

100,616

      

13,079,074

    

Meta Platforms, Inc., Class A*

    

569,573

      

184,803,656

    
     

633,805,027

    

Internet & Direct Marketing Retail — 8.0%

  

Amazon.com, Inc.*

    

121,025

      

424,443,147

    

eBay, Inc.

    

236,323

      

15,942,349

    

JD.com, Inc., ADR*

    

287,072

      

24,145,626

    

MercadoLibre, Inc.*

    

18,082

      

21,488,830

    

Pinduoduo, Inc., ADR*

    

138,884

      

9,235,786

    
     

495,255,738

    

IT Services — 3.1%

  

Automatic Data Processing, Inc.

    

153,842

      

35,520,579

    
Cognizant Technology Solutions Corp.,
Class A		    

191,120

      

14,903,538

    

Fiserv, Inc.*

    

240,721

      

23,234,391

    

Okta, Inc.*

    

52,155

      

11,225,321

    

Paychex, Inc.

    

130,834

      

15,595,413

    

See accompanying notes to the financial statements.

74 :: QLD ULTRA QQQ :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

PayPal Holdings, Inc.*

    

427,241

    

$

78,992,588

    

VeriSign, Inc.*

    

40,671

      

9,757,380

    
     

189,229,210

    

Leisure Products — 0.1%

  

Peloton Interactive, Inc., Class A*

    

98,739

      

4,344,516

    

Life Sciences Tools & Services — 0.3%

  

Illumina, Inc.*

    

56,908

      

20,790,200

    

Machinery — 0.2%

  

PACCAR, Inc.

    

126,229

      

10,530,023

    

Media — 2.3%

  
Charter Communications, Inc.,
Class A*(b)		    

66,804

      

43,174,089

    

Comcast Corp., Class A

    

1,665,391

      

83,236,242

    

Fox Corp., Class A

    

117,586

      

4,198,996

    

Fox Corp., Class B

    

91,398

      

3,070,973

    

Sirius XM Holdings, Inc. (b)

    

1,472,727

      

8,983,635

    
     

142,663,935

    

Multiline Retail — 0.2%

  

Dollar Tree, Inc.*

    

81,774

      

10,943,814

    

Professional Services — 0.2%

  

Verisk Analytics, Inc.

    

58,659

      

13,190,649

    

Road & Rail — 0.5%

  

CSX Corp.

    

819,311

      

28,397,319

    

Semiconductors & Semiconductor Equipment — 15.3%

  

Advanced Micro Devices, Inc.*

    

440,976

      

69,837,369

    

Analog Devices, Inc.

    

195,412

      

35,223,013

    

Applied Materials, Inc.

    

328,227

      

48,311,732

    

ASML Holding NV, NYRS

    

29,605

      

23,432,654

    

Broadcom, Inc.

    

149,166

      

82,590,231

    

Intel Corp.

    

1,475,112

      

72,575,510

    

KLA Corp.

    

55,539

      

22,667,132

    

Lam Research Corp.

    

51,609

      

35,086,379

    

Marvell Technology, Inc.

    

299,547

      

21,318,760

    

Microchip Technology, Inc.

    

199,278

      

16,625,764

    

Micron Technology, Inc.

    

409,310

      

34,382,040

    

NVIDIA Corp.

    

909,116

      

297,062,744

    

NXP Semiconductors NV

    

96,363

      

21,523,640

    

QUALCOMM, Inc.

    

410,202

      

74,066,073

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Skyworks Solutions, Inc.

    

60,040

    

$

9,105,666

    

Texas Instruments, Inc.

    

335,501

      

64,540,327

    

Xilinx, Inc.

    

89,973

      

20,554,332

    
     

948,903,366

    

Software — 15.3%

  

Adobe, Inc.*

    

173,232

      

116,039,455

    

ANSYS, Inc.*

    

31,727

      

12,420,486

    

Atlassian Corp. plc, Class A*

    

49,923

      

18,787,023

    

Autodesk, Inc.*

    

80,003

      

20,335,963

    

Cadence Design Systems, Inc.*

    

100,646

      

17,860,639

    

Check Point Software Technologies Ltd.*

    

48,289

      

5,375,049

    

Crowdstrike Holdings, Inc., Class A*

    

72,442

      

15,730,056

    

DocuSign, Inc.*

    

70,848

      

17,454,113

    

Intuit, Inc.

    

99,358

      

64,811,223

    

Microsoft Corp.

    

1,795,662

      

593,627,901

    

Splunk, Inc.*

    

59,621

      

7,214,141

    

Synopsys, Inc.*

    

55,448

      

18,907,768

    

Workday, Inc., Class A*

    

69,454

      

19,046,370

    
Zoom Video Communications, Inc.,
Class A*		    

87,551

      

18,509,157

    
     

946,119,344

    

Specialty Retail — 0.5%

  

O'Reilly Automotive, Inc.*

    

25,069

      

15,998,033

    

Ross Stores, Inc.

    

129,858

      

14,166,209

    
     

30,164,242

    

Technology Hardware, Storage & Peripherals — 10.6%

  

Apple, Inc.

    

3,950,361

      

652,994,673

    

Textiles, Apparel & Luxury Goods — 0.3%

  

Lululemon Athletica, Inc.*

    

45,409

      

20,634,304

    

Trading Companies & Distributors — 0.2%

  

Fastenal Co.

    

208,975

      

12,365,051

    

Wireless Telecommunication Services — 0.8%

  

T-Mobile US, Inc.*

    

453,761

      

49,373,734

    
Total Common Stocks
(Cost $5,124,455,726)		        

5,573,207,837

    

Securities Lending Reinvestments(c) — 0.1%

  

Investment Companies — 0.1%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $6,158,913)		    

6,158,913

      

6,158,913

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA QQQ QLD :: 75

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 8.0%

  

Repurchase Agreements (d) — 1.6%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $97,108,760
(Cost $97,108,684)		  

$

97,108,684

    

$

97,108,684

    

U.S. Treasury Obligations — 6.4%

  
U.S. Treasury Bills
0.07%, 7/14/2022(e)
(Cost $399,837,500)		    

400,000,000

      

399,724,376

    
Total Short-Term Investments
(Cost $496,946,184)		        

496,833,060

    
Total Investments — 98.2%
(Cost $5,627,560,823)		        

6,076,199,810

    

Other assets less liabilities — 1.8%

        

110,409,052

    

Net Assets — 100.0%

      

$

6,186,608,862

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $872,909,949.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $10,001,402, collateralized in the form of cash with a value of $6,158,913 that was reinvested in the securities shown in the Securities Lending Reinvestment section of

the Schedule of Investments and $4,560,309 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.88%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $10,719,222.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $6,158,913.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(e)  The rate shown was the current yield as of November 30, 2021.

Abbreviations

ADR  American Depositary Receipt

NYRS  New York Registry Shares

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

827,515,083

    

Aggregate gross unrealized depreciation

    

(307,760,999

)

  

Net unrealized appreciation

  

$

519,754,084

    

Federal income tax cost

  

$

5,631,327,880

    

Futures Contracts Purchased

Ultra QQQ had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		   Notional
Amount		   Value and
Unrealized
Appreciation		  

NASDAQ 100 E-Mini Index

    

2,336

    

12/17/2021

  

USD

      

$

754,551,360

    

$

30,881,162

    

Swap Agreementsa

Ultra QQQ had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  278,409,164    

11/6/2023

   Bank of
America NA		    

0.67

%

   NASDAQ-100
Index®		    

5,395,157

     

(5,395,157

)

   

—

     

—

    
  983,645,683    

5/8/2023

  
BNP Paribas SA		    

0.72

%

   NASDAQ-100
Index®		    

(18,007,822

)

   

17,355,492

     

652,330

     

—

    
  876,374,087    

4/10/2023

  
Citibank NA		    

0.73

%

   NASDAQ-100
Index®		    

(9,683,061

)

   

9,065,077

     

617,984

     

—

    
  630,704,705    

4/10/2023

   Credit Suisse
International		    

0.67

%

   NASDAQ-100
Index®		    

(7,742,100

)

   

—

      

7,742,100

     

—

    

See accompanying notes to the financial statements.

76 :: QLD ULTRA QQQ :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  541,973,281    

3/7/2023

   Goldman
Sachs
International		    

0.67

%

  
NASDAQ-100
Index®		    

(8,379,205

)

                          
  603,247,132    

3/7/2023

   Goldman
Sachs
International		    

0.47

%

   PowerShares
QQQ TrustSM,
Series 1		    

(13,033,211

)

                          
  1,145,220,413                                      

(21,412,416

)

   

19,316,738

     

2,095,678

     

—

    
  343,098,067    

5/8/2023

   J.P. Morgan
Securities		    

0.47

%

   NASDAQ-100
Index®		    

(4,169,183

)

   

160,320

     

4,008,863

     

—

    
  294,330,396    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.47

%

   PowerShares
QQQ TrustSM,
Series 1		    

89,149,254

                            
  327,526,904    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.47

%

  
NASDAQ-100
Index®		    

36,203,189

                    
 		  
  621,857,300                                      

125,352,443

     

—

     

(125,352,443

)

   

—

    
  357,104,046    

3/7/2023

   Societe
Generale		    

0.87

%

   NASDAQ-100
Index®		    

(15,256,433

)

   

15,252,565

     

3,868

     

—

    
  812,040,174    

3/7/2023

  
UBS AG		    

0.87

%

   NASDAQ-100
Index®		    

(10,475,593

)

    

10,287,079

     

188,514

     

—

    
  6,048,453,639                                      

44,000,992

                            


                          Total
Unrealized
Appreciation		    

130,747,600

                            


                          Total
Unrealized
Depreciation		    

(86,746,608

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA QQQ QLD :: 77

Investments

  

Shares

  

Value

  

Common Stocks (a) — 80.0%

  

Equity Real Estate Investment Trusts (REITs) — 72.6%

  

Alexandria Real Estate Equities, Inc.

    

9,187

    

$

1,838,043

    

American Campus Communities, Inc.

    

9,219

      

476,991

    

American Homes 4 Rent, Class A

    

18,146

      

727,473

    

American Tower Corp.

    

30,155

      

7,915,084

    

Americold Realty Trust

    

17,107

      

558,372

    

Apartment Income REIT Corp.

    

10,399

      

527,853

    

AvalonBay Communities, Inc.

    

9,249

      

2,209,309

    

Boston Properties, Inc.

    

9,416

      

1,015,421

    

Brixmor Property Group, Inc.

    

19,676

      

447,432

    

Camden Property Trust

    

6,662

      

1,100,629

    

CoreSite Realty Corp.

    

2,929

      

501,005

    

Corporate Office Properties Trust

    

7,443

      

190,987

    

Cousins Properties, Inc.

    

9,852

      

372,012

    

Crown Castle International Corp.

    

28,633

      

5,201,184

    

CubeSmart

    

14,247

      

768,198

    

CyrusOne, Inc.

    

8,216

      

731,388

    

Digital Realty Trust, Inc.

    

18,733

      

3,142,273

    

Douglas Emmett, Inc.

    

11,627

      

381,017

    

Duke Realty Corp.

    

25,067

      

1,462,158

    

EastGroup Properties, Inc.

    

2,674

      

544,694

    

Equinix, Inc.

    

5,948

      

4,830,966

    

Equity Commonwealth*

    

8,078

      

205,585

    

Equity LifeStyle Properties, Inc.

    

11,323

      

920,560

    

Equity Residential

    

22,578

      

1,926,129

    

Essex Property Trust, Inc.

    

4,308

      

1,462,308

    

Extra Space Storage, Inc.

    

8,866

      

1,773,200

    

Federal Realty Investment Trust

    

4,638

      

568,943

    

First Industrial Realty Trust, Inc.

    

8,557

      

516,928

    

Gaming and Leisure Properties, Inc.

    

14,748

      

665,430

    

Healthcare Realty Trust, Inc.

    

9,641

      

301,956

    

Healthcare Trust of America, Inc., Class A

    

14,499

      

492,386

    

Healthpeak Properties, Inc.

    

35,707

      

1,173,332

    

Highwoods Properties, Inc.

    

6,902

      

298,166

    

Host Hotels & Resorts, Inc.*

    

47,304

      

742,673

    

Hudson Pacific Properties, Inc.

    

10,101

      

245,858

    

Invitation Homes, Inc.

    

38,192

      

1,544,485

    

Iron Mountain, Inc.

    

19,178

      

871,448

    

JBG SMITH Properties

    

7,691

      

213,733

    

Kilroy Realty Corp.

    

6,945

      

448,161

    

Kimco Realty Corp.

    

40,646

      

911,283

    

Lamar Advertising Co., Class A

    

5,750

      

628,245

    

Lexington Realty Trust

    

18,395

      

276,845

    

Life Storage, Inc.

    

5,188

      

685,542

    

Medical Properties Trust, Inc.

    

39,466

      

840,231

    
Mid-America Apartment
Communities, Inc.		    

7,686

      

1,585,238

    

National Health Investors, Inc.

    

3,037

      

158,653

    

National Retail Properties, Inc.

    

11,635

      

513,104

    

National Storage Affiliates Trust

    

5,403

      

331,636

    

Omega Healthcare Investors, Inc.

    

15,828

      

442,234

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Orion Office REIT, Inc.*

    

3,599

    

$

63,950

    

Physicians Realty Trust (b)

    

14,404

      

256,823

    

PotlatchDeltic Corp.

    

4,443

      

240,544

    

Prologis, Inc.

    

48,996

      

7,386,147

    

PS Business Parks, Inc.

    

1,332

      

233,366

    

Public Storage

    

10,099

      

3,306,211

    

Rayonier, Inc.

    

9,363

      

353,641

    

Realty Income Corp.

    

35,981

      

2,443,830

    

Regency Centers Corp.

    

10,128

      

702,276

    

Rexford Industrial Realty, Inc.

    

9,124

      

639,410

    

Sabra Health Care REIT, Inc.

    

14,631

      

189,179

    

SBA Communications Corp.

    

7,253

      

2,493,581

    

Simon Property Group, Inc.

    

21,772

      

3,327,633

    

SL Green Realty Corp.

    

4,448

      

308,825

    

Spirit Realty Capital, Inc.

    

7,891

      

351,623

    

STAG Industrial, Inc.

    

10,734

      

467,788

    

STORE Capital Corp.

    

16,202

      

533,694

    

Sun Communities, Inc.

    

7,681

      

1,448,483

    

UDR, Inc.

    

18,483

      

1,048,541

    

Ventas, Inc.

    

26,053

      

1,222,407

    

VICI Properties, Inc. (b)

    

40,596

      

1,104,211

    

Vornado Realty Trust

    

10,532

      

422,755

    

Welltower, Inc.

    

27,998

      

2,229,201

    

Weyerhaeuser Co.

    

49,677

      

1,868,352

    

WP Carey, Inc.

    

12,208

      

932,081

    
     

89,261,333

    

Mortgage Real Estate Investment Trusts (REITs) — 2.0%

  

AGNC Investment Corp.

    

34,789

      

531,924

    

Annaly Capital Management, Inc.

    

95,692

      

775,105

    

Blackstone Mortgage Trust, Inc., Class A

    

11,057

      

331,710

    

New Residential Investment Corp.

    

30,912

      

328,595

    

Starwood Property Trust, Inc.

    

19,099

      

476,711

    
     

2,444,045

    

Professional Services — 1.7%

  

CoStar Group, Inc.*

    

26,169

      

2,034,901

    

Real Estate Management & Development — 3.7%

  

CBRE Group, Inc., Class A*

    

22,243

      

2,125,764

    

Compass, Inc., Class A*(b)

    

1,831

      

17,504

    

Howard Hughes Corp. (The)*

    

2,741

      

224,735

    

Jones Lang LaSalle, Inc.*

    

3,360

      

789,298

    

Opendoor Technologies, Inc.*(b)

    

25,237

      

399,754

    

Redfin Corp.*(b)

    

6,951

      

282,836

    

Zillow Group, Inc., Class A*

    

2,404

      

130,080

    

Zillow Group, Inc., Class C*

    

11,050

      

599,683

    
     

4,569,654

    
Total Common Stocks
(Cost $95,894,317)		        

98,309,933

    

See accompanying notes to the financial statements.

78 :: URE ULTRA REAL ESTATE :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 19.7%

  

Repurchase Agreements (c) — 19.7%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $24,228,492
(Cost $24,228,473)		  

$

24,228,473

    

$

24,228,473

    
Total Investments — 99.7%
(Cost $120,122,790)		        

122,538,406

    

Other assets less liabilities — 0.3%

        

394,886

    

Net Assets — 100.0%

      

$

122,933,292

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $31,794,445.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $476,287, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 30, 2021 - November 15, 2050. The total value of collateral is $499,105.

(c)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

9,936,055

    

Aggregate gross unrealized depreciation

    

(9,751,822

)

  

Net unrealized appreciation

  

$

184,233

    

Federal income tax cost

  

$

120,310,833

    

Swap Agreementsa

Ultra Real Estate had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  18,835,782    
5/8/2023		   Bank of
America NA		    

1.02

%

   Dow Jones U.S.
Real EstateSM Index		    

(451,313

)

    

51,298

      

400,015

      

—

    
  20,716,571    
5/8/2023		  
BNP Paribas SA 		   

0.67

%

   Dow Jones U.S.
Real EstateSM Index		    

(678,091

)

   

362,103

     

315,988

     

—

    
  24,771,695    
11/7/2022		  
Citibank NA		    

0.77

%

   Dow Jones U.S.
Real EstateSM Index		    

1,251,688

      

—

      

(1,251,688

)

    

—

    
  40,920,994    
3/7/2023		   Goldman Sachs
International		    

0.67

%

   Dow Jones U.S.
Real EstateSM Index		    

(1,085,774

)

   

—

     

1,085,774

     

—

    
  212,770    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.13

%

  
Dow Jones U.S.
Real EstateSM Index		    

51,717

     

—

     

(51,717

)

   

—

    
  40,353,468    
3/7/2023		   Societe
Generale		    

0.77

%

   Dow Jones U.S.
Real EstateSM Index		    

(1,073,248

)

   

1,045,061

      

28,187

      

—

    
  2,263,858    
3/7/2023		  
UBS AG		    

0.42

%

   Dow Jones U.S.
Real EstateSM Index		    

(58,319

)

   

—

     

58,319

     

—

    
  148,075,138            

 

                    

(2,043,340

)

                          

   
 		                   Total Unrealized
Appreciation		    

1,303,405

                            

   
 		                   Total Unrealized
Depreciation		    

(3,346,745

)

                          

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA REAL ESTATE URE :: 79

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

80 :: URE ULTRA REAL ESTATE :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) — 78.6%

  
Ambarella, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.2

%

    

2,824

    

$

506,964

    
AMC Entertainment
Holdings, Inc., Class A*(b)
(Entertainment)		    

0.5

%

    

41,736

      

1,416,521

    
Arrowhead Pharmaceuticals,
Inc.* (Biotechnology)		    

0.2

%

    

8,191

      

573,780

    
Asana, Inc., Class A*
(Software)		    

0.2

%

    

5,976

      

621,205

    
ASGN, Inc.*
(Professional Services)		    

0.2

%

    

4,194

      

510,326

    
Avis Budget Group, Inc.*
(Road & Rail)		    

0.4

%

    

3,937

      

1,081,061

    
Biohaven Pharmaceutical
Holding Co. Ltd.*
(Biotechnology)		    

0.2

%

    

4,501

      

505,192

    
BJ's Wholesale Club
Holdings, Inc.*
(Food & Staples Retailing)		    

0.2

%

    

11,077

      

732,744

    

Blackline, Inc.* (Software)

    

0.2

%

    

4,335

      

477,067

    
Blueprint Medicines Corp.*
(Biotechnology)		    

0.1

%

    

4,728

      

454,834

    
Chart Industries, Inc.*
(Machinery)		    

0.2

%

    

2,947

      

514,399

    
Chesapeake Energy Corp.
(Oil, Gas & Consumable
Fuels)		    

0.2

%

    

8,481

      

504,959

    
Crocs, Inc.* (Textiles,
Apparel & Luxury Goods)		    

0.3

%

    

4,992

      

818,788

    
EastGroup Properties, Inc.
(Equity Real Estate
Investment Trusts (REITs))		    

0.2

%

    

3,213

      

654,488

    
EMCOR Group, Inc.
(Construction &
Engineering)		    

0.2

%

    

4,310

      

514,355

    
Exponent, Inc.
(Professional Services)		    

0.2

%

    

4,197

      

488,951

    
First Financial Bankshares,
Inc. (Banks)		    

0.2

%

    

10,492

      

523,761

    
Fox Factory Holding Corp.*
(Auto Components)		    

0.2

%

    

3,414

      

600,079

    

Glacier Bancorp, Inc. (Banks)

    

0.2

%

    

8,907

      

483,650

    
Goodyear Tire & Rubber Co.
(The)* (Auto Components)		    

0.1

%

    

22,331

      

449,076

    
Helen of Troy Ltd.*(b)
(Household Durables)		    

0.1

%

    

1,948

      

468,494

    
Houlihan Lokey, Inc.
(Capital Markets)		    

0.1

%

    

4,128

      

448,053

    
II-VI, Inc.* (Electronic
Equipment, Instruments &
Components)		    

0.2

%

    

8,452

      

528,504

    
Innovative Industrial
Properties, Inc. (Equity
Real Estate Investment
Trusts (REITs))		    

0.2

%

    

1,915

      

491,829

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) (continued)

  
Inspire Medical Systems,
Inc.* (Health Care
Technology)		    

0.2

%

    

2,173

    

$

485,166

    
Intellia Therapeutics, Inc.*
(Biotechnology)		    

0.2

%

    

5,566

      

640,146

    
KBR, Inc. (Professional
Services)		    

0.2

%

    

11,430

      

502,920

    
Lattice Semiconductor
Corp.* (Semiconductors &
Semiconductor Equipment)		    

0.3

%

    

10,965

      

832,572

    

Macy's, Inc. (Multiline Retail)

    

0.2

%

    

25,355

      

722,618

    
Medpace Holdings, Inc.* (Life
Sciences Tools & Services)		    

0.2

%

    

2,343

      

485,962

    
MicroStrategy, Inc.,
Class A*(b) (Software)		    

0.1

%

    

634

      

457,387

    
Novanta, Inc.* (Electronic
Equipment, Instruments &
Components)		    

0.1

%

    

2,852

      

460,455

    
Omnicell, Inc.* (Health Care
Technology)		    

0.2

%

    

3,477

      

615,429

    
Ovintiv, Inc. (Oil, Gas &
Consumable Fuels)		    

0.2

%

    

21,175

      

736,043

    
Performance Food Group
Co.* (Food & Staples
Retailing)		    

0.2

%

    

12,252

      

493,878

    
Power Integrations, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.2

%

    

4,880

      

488,146

    

Rapid7, Inc.*(b) (Software)

    

0.2

%

    

4,485

      

556,409

    
RBC Bearings, Inc.*(b)
(Machinery)		    

0.1

%

    

2,260

      

446,779

    

Saia, Inc.* (Road & Rail)

    

0.2

%

    

2,143

      

709,719

    
Scientific Games Corp.*
(Hotels, Restaurants &
Leisure)		    

0.2

%

    

7,772

      

496,786

    
Semtech Corp.*
(Semiconductors &
Semiconductor Equipment)		    

0.1

%

    

5,227

      

447,797

    
Shockwave Medical, Inc.*
(Health Care Equipment &
Supplies)		    

0.2

%

    

2,727

      

491,514

    
Silicon Laboratories, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.2

%

    

3,589

      

704,413

    
STAG Industrial, Inc.
(Equity Real Estate
Investment Trusts (REITs))		    

0.2

%

    

13,197

      

575,125

    
Synaptics, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.3

%

    

2,852

      

804,948

    
Tenet Healthcare Corp.*
(Health Care Providers &
Services)		    

0.2

%

    

8,583

      

625,443

    
Tetra Tech, Inc. (Commercial
Services & Supplies)		    

0.3

%

    

4,358

      

804,835

    
Texas Roadhouse, Inc.
(Hotels, Restaurants &
Leisure)		    

0.1

%

    

5,657

      

469,192

    

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA RUSSELL2000 UWM :: 81

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) (continued)

  
WillScot Mobile Mini
Holdings Corp.*
(Construction &
Engineering)		    

0.2

%

    

16,900

    

$

643,721

    

Workiva, Inc.* (Software)

    

0.2

%

    

3,461

      

482,706

    

Other Common Stocks (b)

    

68.6

%

    

8,677,079

      

203,927,191

    
Total Common Stocks
(Cost $264,522,662)		            

233,476,380

    
   
  Principal
Amount		  
 

Corporate Bond — 0.0% (c)

  
GAMCO Investors, Inc.
4.00%, 6/15/2023 (d)
(Cost $2,000)		    

0.0

%

  

$

2,000

      

1,980

    
   
  No. of
Rights		  
 

Rights — 0.0% (c)

  
ANI Pharmaceuticals, Inc.,
CVR, expiring
12/31/50*(e)(f)		    

0.0

%

    

2

      

—

    
Contra Aduro Biotech I,
CVR*(e)(f)		    

0.0

%

    

687

      

—

    
Contraf-Nicotex-Tobacco
GmbH*(e)(f)		    

0.0

%

    

2,444

      

1,222

    
Oncternal Therapeutics,
Inc., CVR*(e)(f)		    

0.0

%

    

42

      

—

    
Tobira Therapeutics,
Inc., CVR*(e)(f)		    

0.0

%

    

756

      

—

    
Total Rights
(Cost $1,951)		            

1,222

    
       

Shares

      

Securities Lending Reinvestments (g) — 1.3%

  

Investment Companies — 1.3%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $3,751,230)		    

1.3

%

    

3,751,230

     

3,751,230

    
   
  Principal
Amount		  
 

Short-Term Investments — 45.7%

  

Repurchase Agreements (h) — 45.7%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated
11/30/2021, due 12/1/2021,
total to be received $135,948,964
(Cost $135,948,857)		      

$

135,948,857

      

135,948,857

    
Total Investments — 125.6%
(Cost $404,226,700)		            

373,179,669

    

Liabilities in excess of other assets — (25.6%)

            

(76,002,045

)

  

Net Assets — 100.0%

          

$

297,177,624

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $68,143,135.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $7,959,421, collateralized in the form of cash with a value of $3,751,230 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $4,873,559 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $8,624,789.

(c)  Represents less than 0.05% of net assets.

(d)  Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of November 30, 2021.

(e)  Illiquid security.

(f)  Security fair valued as of November 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2021 amounted to $1,222, which represents approximately 0.00% of net assets of the Fund.

(g)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $3,751,230.

(h)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Abbreviations

CVR  Contingent Value Rights — No defined expiration

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

7,871,604

    

Aggregate gross unrealized depreciation

    

(68,569,562

)

  

Net unrealized depreciation

  

$

(60,697,958

)

  

Federal income tax cost

  

$

406,275,042

    

See accompanying notes to the financial statements.

82 :: UWM ULTRA RUSSELL2000 :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Futures Contracts Purchased

Ultra Russell2000 had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

Russell 2000 E-Mini Index

    

268

    

12/17/2021

  

USD

      

$

29,443,820

    

$

(401,691

)

  

Swap Agreementsa

Ultra Russell2000 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  44,934,726    

5/8/2023

   Bank of
America NA		    

0.37%

     Russell 2000®
Index		    

(4,445,403

)

   

4,444,127

     

1,276

   
—		  
  39,169,184    

5/8/2023

  
BNP Paribas SA		    

0.22%

     Russell 2000®
Index		    

(4,956,657

)

   

4,645,661

     

310,996

   
—		  
  63,075,733    

4/10/2023

  

Citibank NA

    

0.36%

     Russell 2000®
Index		    

(4,112,619

)

   

4,060,739

     

51,880

   
—		  
  49,167,628    

3/7/2023

   Goldman Sachs
International		    

0.47%

     Russell 2000®
Index		    

(5,420,859

)

   

5,345,955

     

74,904

   
—		  
  13,421,273    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.07%

    
iShares®
Russell 2000 ETF		    

915,052

                     
                   
 		  
  46,792,805    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

(0.19)%

    
Russell 2000®
Index		    

3,817,493

                     
 
 		  
  60,214,078    

 

  

 

                    

4,732,545

     

—

      

(4,732,545

)

    

—

   
  26,644,192    

3/7/2023

  

Societe Generale

  
0.42%		   Russell 2000®
Index		    

(7,569,087

)

   

7,541,932

     

27,155

     

—

    
  48,538,739    

3/7/2023

  

UBS AG

  
0.07%		   Russell 2000®
Index		    

(5,428,814

)

   

5,421,254

     

7,560

   
—		  
  331,744,280    

 

                            

(27,200,894

)

                          

                          Total Unrealized
Appreciation		    

4,732,545

                            

                          Total Unrealized
Depreciation		    

(31,933,439

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA RUSSELL2000 UWM :: 83

Ultra Russell2000 invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

0.5

%

  

Air Freight & Logistics

    

0.3

%

  

Airlines

    

0.3

%

  

Auto Components

    

1.1

%

  

Automobiles

    

0.2

%

  

Banks

    

6.7

%

  

Beverages

    

0.3

%

  

Biotechnology

    

6.9

%

  

Building Products

    

1.0

%

  

Capital Markets

    

1.3

%

  

Chemicals

    

1.5

%

  

Commercial Services & Supplies

    

1.4

%

  

Communications Equipment

    

0.6

%

  

Construction & Engineering

    

1.2

%

  

Construction Materials

    

0.2

%

  

Consumer Finance

    

0.7

%

  

Containers & Packaging

    

0.2

%

  

Distributors

    

0.0

%*

  

Diversified Consumer Services

    

0.5

%

  

Diversified Financial Services

    

0.1

%

  

Diversified Telecommunication Services

    

0.5

%

  

Electric Utilities

    

0.5

%

  

Electrical Equipment

    

0.9

%

  

Electronic Equipment, Instruments & Components

    

1.8

%

  

Energy Equipment & Services

    

0.6

%

  

Entertainment

    

0.7

%

  

Equity Real Estate Investment Trusts (REITs)

    

5.0

%

  

Food & Staples Retailing

    

0.8

%

  

Food Products

    

0.7

%

  

Gas Utilities

    

0.6

%

  

Health Care Equipment & Supplies

    

2.5

%

  

Health Care Providers & Services

    

2.2

%

  

Health Care Technology

    

0.9

%

  

Hotels, Restaurants & Leisure

    

1.8

%

  

Household Durables

    

1.5

%

  

Household Products

    

0.2

%

  

Independent Power and Renewable Electricity Producers

    

0.3

%

  

Insurance

    

1.5

%

  

Interactive Media & Services

    

0.5

%

  

Internet & Direct Marketing Retail

    

0.5

%

  

IT Services

    

1.2

%

  

Leisure Products

    

0.4

%

  

Life Sciences Tools & Services

    

0.7

%

  

Machinery

    

2.9

%

  

Marine

    

0.1

%

  

Media

    

0.8

%

  

Metals & Mining

    

0.9

%

  

Mortgage Real Estate Investment Trusts (REITs)

    

1.0

%

  

Multiline Retail

    

0.4

%

  

Multi-Utilities

    

0.3

%

  

Oil, Gas & Consumable Fuels

    

2.9

%

  

Paper & Forest Products

    

0.1

%

  

Personal Products

    

0.4

%

  

See accompanying notes to the financial statements.

84 :: UWM ULTRA RUSSELL2000 :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Pharmaceuticals

    

1.1

%

  

Professional Services

    

1.4

%

  

Real Estate Management & Development

    

0.6

%

  

Road & Rail

    

0.9

%

  

Semiconductors & Semiconductor Equipment

    

2.9

%

  

Software

    

4.8

%

  

Specialty Retail

    

2.0

%

  

Technology Hardware, Storage & Peripherals

    

0.2

%

  

Textiles, Apparel & Luxury Goods

    

0.7

%

  

Thrifts & Mortgage Finance

    

1.2

%

  

Tobacco

    

0.1

%

  

Trading Companies & Distributors

    

1.2

%

  

Water Utilities

    

0.3

%

  

Wireless Telecommunication Services

    

0.1

%

  

Othera

    

21.4

%

  
     

100.0

%

  

*  Amount represents less than 0.05%.

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA RUSSELL2000 UWM :: 85

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) — 84.2%

  
Abbott Laboratories (Health
Care Equipment & Supplies)		    

0.5

%

    

185,042

    

$

23,272,732

    

AbbVie, Inc. (Biotechnology)

    

0.4

%

    

184,453

      

21,263,742

    
Accenture plc, Class A
(IT Services)		    

0.5

%

    

66,192

      

23,657,021

    

Adobe, Inc.* (Software)

    

0.7

%

    

49,729

      

33,310,971

    
Advanced Micro Devices,
Inc.* (Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

126,600

      

20,049,642

    
Alphabet, Inc., Class A*
(Interactive Media &
Services)		    

1.9

%

    

31,425

      

89,182,579

    
Alphabet, Inc., Class C*
(Interactive Media &
Services)		    

1.7

%

    

29,411

      

83,793,115

    
Amazon.com, Inc.* (Internet &
Direct Marketing Retail)		    

3.3

%

    

45,461

      

159,434,909

    
Apple, Inc. (Technology
Hardware, Storage &
Peripherals)		    

5.6

%

    

1,639,097

      

270,942,733

    
Bank of America Corp.
(Banks)		    

0.7

%

    

772,918

      

34,371,663

    
Berkshire Hathaway, Inc.,
Class B* (Diversified
Financial Services)		    

1.1

%

    

193,480

      

53,533,981

    
Broadcom, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.5

%

    

42,820

      

23,708,578

    
Chevron Corp. (Oil, Gas &
Consumable Fuels)		    

0.5

%

    

201,857

      

22,783,600

    
Cisco Systems, Inc.
(Communications
Equipment)		    

0.5

%

    

439,865

      

24,122,197

    
Coca-Cola Co. (The)
(Beverages)		    

0.4

%

    

405,496

      

21,268,265

    
Comcast Corp., Class A
(Media)		    

0.5

%

    

478,072

      

23,894,038

    
Costco Wholesale Corp.
(Food & Staples Retailing)		    

0.5

%

    

46,145

      

24,889,690

    
Danaher Corp. (Life Sciences
Tools & Services)		    

0.5

%

    

66,319

      

21,330,843

    
Eli Lilly & Co.
(Pharmaceuticals)		    

0.4

%

    

82,864

      

20,553,587

    
Exxon Mobil Corp. (Oil, Gas &
Consumable Fuels)		    

0.6

%

    

441,885

      

26,442,398

    
Home Depot, Inc. (The)
(Specialty Retail)		    

0.9

%

    

110,977

      

44,458,496

    
Intel Corp. (Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

423,458

      

20,834,134

    

Intuit, Inc. (Software)

    

0.4

%

    

28,521

      

18,604,248

    
Johnson & Johnson
(Pharmaceuticals)		    

0.9

%

    

274,772

      

42,845,198

    
JPMorgan Chase & Co.
(Banks)		    

1.0

%

    

311,894

      

49,538,124

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) (continued)

  
Lowe's Cos., Inc.
(Specialty Retail)		    

0.4

%

    

73,783

    

$

18,046,584

    
Mastercard, Inc., Class A
(IT Services)		    

0.6

%

    

90,927

      

28,634,731

    
McDonald's Corp. (Hotels,
Restaurants & Leisure)		    

0.4

%

    

77,950

      

19,066,570

    
Merck & Co., Inc.
(Pharmaceuticals)		    

0.4

%

    

264,215

      

19,792,346

    
Meta Platforms, Inc.,
Class A* (Interactive Media &
Services)		    

1.7

%

    

248,811

      

80,729,217

    

Microsoft Corp. (Software)

    

5.4

%

    

784,374

      

259,306,201

    

Netflix, Inc.* (Entertainment)

    

0.6

%

    

46,201

      

29,656,422

    
NextEra Energy, Inc.
(Electric Utilities)		    

0.4

%

    

204,767

      

17,769,680

    
NIKE, Inc., Class B (Textiles,
Apparel & Luxury Goods)		    

0.5

%

    

133,409

      

22,578,139

    
NVIDIA Corp.
(Semiconductors &
Semiconductor Equipment)		    

1.8

%

    

260,105

      

84,991,910

    
PayPal Holdings, Inc.*
(IT Services)		    

0.5

%

    

122,646

      

22,676,019

    

PepsiCo, Inc. (Beverages)

    

0.5

%

    

144,254

      

23,048,904

    

Pfizer, Inc. (Pharmaceuticals)

    

0.7

%

    

585,208

      

31,443,226

    
Procter & Gamble Co. (The)
(Household Products)		    

0.8

%

    

253,373

      

36,632,668

    
QUALCOMM, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

117,740

      

21,259,134

    
salesforce.com, Inc.*
(Software)		    

0.6

%

    

101,408

      

28,897,224

    

Tesla, Inc.* (Automobiles)

    

2.0

%

    

84,692

      

96,952,014

    
Texas Instruments, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

96,361

      

18,536,966

    
Thermo Fisher Scientific,
Inc. (Life Sciences Tools &
Services)		    

0.5

%

    

41,063

      

25,985,898

    
UnitedHealth Group, Inc.
(Health Care Providers &
Services)		    

0.9

%

    

98,421

      

43,720,577

    
Verizon Communications,
Inc. (Diversified
Telecommunication Services)		    

0.5

%

    

432,133

      

21,723,326

    

Visa, Inc., Class A (IT Services)

    

0.7

%

    

176,154

      

34,133,361

    
Walmart, Inc. (Food &
Staples Retailing)		    

0.4

%

    

149,166

      

20,977,214

    
Walt Disney Co. (The)*
(Entertainment)		    

0.6

%

    

189,667

      

27,482,748

    

Wells Fargo & Co. (Banks)

    

0.4

%

    

428,616

      

20,479,273

    

Other Common Stocks (b)

    

37.3

%

    

19,070,865

      

1,792,605,874

    
Total Common Stocks
(Cost $4,025,377,971)		            

4,045,212,710

    

See accompanying notes to the financial statements.

86 :: SSO ULTRA S&P500® :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

    Percentage of
Net Assets		  

Shares

  

Value

  

Securities Lending Reinvestments (c) — 0.0% (d)

  

Investment Companies — 0.0% (d)

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $390,817)		    

0.0

%

    

390,817

    

$

390,817

    
   
  Principal
Amount		  
 

Short-Term Investments — 18.4%

  

Repurchase Agreements (e) — 1.8%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $86,874,950
(Cost $86,874,882)		      

$

86,874,882

      

86,874,882

    

U.S. Treasury Obligations — 16.6%

  

 

U.S. Treasury Bills

  

0.04%, 2/24/2022 (b)(f)

    

500,000,000

      

499,949,530

    

0.07%, 7/14/2022 (f)

    

300,000,000

      

299,793,282

    
Total U.S. Treasury Obligations
(Cost $799,836,806)		        

799,742,812

    
Total Short-Term Investments
(Cost $886,711,688)		        

886,617,694

    
Total Investments — 102.6%
(Cost $4,912,480,476)		        

4,932,221,221

    

Liabilities in excess of other assets — (2.6%)

        

(125,639,135

)

  

Net Assets — 100.0%

      

$

4,806,582,086

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $1,025,378,776.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $3,466,790, collateralized in the form of cash with a value of $390,817 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $3,252,028 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $3,642,845.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $390,817.

(d)  Represents less than 0.05% of net assets.

(e)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(f)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

230,166,714

    

Aggregate gross unrealized depreciation

    

(421,368,294

)

  

Net unrealized depreciation

  

$

(191,201,580

)

  

Federal income tax cost

  

$

4,972,981,063

    

Futures Contracts Purchased

Ultra S&P500® had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

S&P 500 E-Mini Index

    

1,374

    

12/17/2021

  

USD

      

$

313,701,375

    

$

10,817,816

    

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA S&P500® SSO :: 87

Swap Agreementsa

Ultra S&P500® had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  235,278,139    

5/8/2023

   Bank of
America NA		    

0.62

%

  
S&P 500®		    

(6,753,114

)

    

6,753,064

      

50

    
—		  
  1,219,544,278    

5/8/2023

  

BNP Paribas SA

    

0.67

%

  

S&P 500®

    

(39,647,717

)

    

38,087,395

      

1,560,322

      

—

    
  373,489,260    

4/10/2023

  

Citibank NA

    

0.73

%

  

S&P 500®

    

(9,115,331

)

    

9,034,385

      

80,946

      

—

    
  345,667,096    

4/10/2023

   Credit Suisse
International		    

0.67

%

  
S&P 500®		    

(9,932,447

)

    

—

      

9,932,447

    
—		  
  214,247,104    

3/7/2023

   Goldman Sachs
International		    

0.67

%

  
S&P 500®		    

(6,156,206

)

                    
 		  
  994,155,436    

3/7/2023

   Goldman Sachs
International		    

0.58

%

   SPDR® S&P 500®
ETF Trust		    

(37,143,765

)

                    
  
  1,208,402,540    

 

  

 

                    

(43,299,971

)

    

39,295,520

      

4,004,451

      

—

    
  598,582,989    

5/8/2023

   J.P. Morgan
Securities		    

0.47

%

  
S&P 500®		    

(16,792,017

)

    

10,941,969

      

5,850,048

    
—		  
  195,348,858    

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.42

%

  

S&P 500®		    

(5,582,456

)

   

5,582,287

     

169

     

—

    
  553,228,112    

3/7/2023

  

Societe Generale

    

0.47

%

  

S&P 500®

    

(15,492,034

)

    

15,214,912

      

277,122

      

—

    
  526,141,235    

3/7/2023

  

UBS AG

    

0.57

%

  

S&P 500®

    

(14,644,467

)

    

14,129,805

      

514,662

      

—

    
  5,255,682,507    

 

                            

(161,259,554

)

                          

   
 		                   Total Unrealized
Depreciation		    

(161,259,554

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

88 :: SSO ULTRA S&P500® :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Ultra S&P500® invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

1.1

%

  

Air Freight & Logistics

    

0.5

%

  

Airlines

    

0.2

%

  

Auto Components

    

0.1

%

  

Automobiles

    

2.4

%

  

Banks

    

3.5

%

  

Beverages

    

1.1

%

  

Biotechnology

    

1.5

%

  

Building Products

    

0.4

%

  

Capital Markets

    

2.5

%

  

Chemicals

    

1.5

%

  

Commercial Services & Supplies

    

0.4

%

  

Communications Equipment

    

0.7

%

  

Construction & Engineering

    

0.0

%*

  

Construction Materials

    

0.1

%

  

Consumer Finance

    

0.5

%

  

Containers & Packaging

    

0.3

%

  

Distributors

    

0.1

%

  

Diversified Financial Services

    

1.1

%

  

Diversified Telecommunication Services

    

0.8

%

  

Electric Utilities

    

1.3

%

  

Electrical Equipment

    

0.5

%

  

Electronic Equipment, Instruments & Components

    

0.6

%

  

Energy Equipment & Services

    

0.2

%

  

Entertainment

    

1.4

%

  

Equity Real Estate Investment Trusts (REITs)

    

2.1

%

  

Food & Staples Retailing

    

1.2

%

  

Food Products

    

0.7

%

  

Gas Utilities

    

0.0

%*

  

Health Care Equipment & Supplies

    

2.4

%

  

Health Care Providers & Services

    

2.1

%

  

Health Care Technology

    

0.0

%*

  

Hotels, Restaurants & Leisure

    

1.6

%

  

Household Durables

    

0.3

%

  

Household Products

    

1.1

%

  

Independent Power and Renewable Electricity Producers

    

0.0

%*

  

Industrial Conglomerates

    

0.8

%

  

Insurance

    

1.5

%

  

Interactive Media & Services

    

5.4

%

  

Internet & Direct Marketing Retail

    

3.5

%

  

IT Services

    

3.5

%

  

Leisure Products

    

0.0

%*

  

Life Sciences Tools & Services

    

1.7

%

  

Machinery

    

1.3

%

  

Media

    

0.9

%

  

Metals & Mining

    

0.3

%

  

Multiline Retail

    

0.4

%

  

Multi-Utilities

    

0.6

%

  

Oil, Gas & Consumable Fuels

    

2.1

%

  

Personal Products

    

0.2

%

  

Pharmaceuticals

    

3.0

%

  

Professional Services

    

0.4

%

  

Real Estate Management & Development

    

0.1

%

  

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA S&P500® SSO :: 89

Road & Rail

    

0.8

%

  

Semiconductors & Semiconductor Equipment

    

5.6

%

  

Software

    

8.4

%

  

Specialty Retail

    

2.0

%

  

Technology Hardware, Storage & Peripherals

    

5.9

%

  

Textiles, Apparel & Luxury Goods

    

0.6

%

  

Tobacco

    

0.5

%

  

Trading Companies & Distributors

    

0.2

%

  

Water Utilities

    

0.1

%

  

Wireless Telecommunication Services

    

0.1

%

  

Othera

    

15.8

%

  
     

100.0

%

  

*  Amount represents less than 0.05%.

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

90 :: SSO ULTRA S&P500® :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (a) — 83.5%

  

Semiconductors & Semiconductor Equipment — 83.5%

  

Advanced Micro Devices, Inc.*

    

196,475

    

$

31,115,746

    

Allegro MicroSystems, Inc.*

    

8,901

      

277,978

    

Amkor Technology, Inc.

    

16,247

      

350,285

    

Analog Devices, Inc.

    

87,128

      

15,704,822

    

Applied Materials, Inc.

    

148,068

      

21,794,129

    

Broadcom, Inc.

    

66,454

      

36,794,251

    

Brooks Automation, Inc.

    

12,042

      

1,361,950

    

Cirrus Logic, Inc.*

    

9,313

      

746,716

    

Enphase Energy, Inc.*

    

21,810

      

5,452,500

    

Entegris, Inc.

    

21,949

      

3,206,310

    

GLOBALFOUNDRIES, Inc.*

    

8,653

      

599,134

    

Intel Corp.

    

657,221

      

32,335,273

    

KLA Corp.

    

24,740

      

10,097,136

    

Lam Research Corp.

    

23,060

      

15,677,341

    

Lattice Semiconductor Corp.*

    

22,124

      

1,679,875

    

Marvell Technology, Inc.

    

132,746

      

9,447,533

    

Microchip Technology, Inc.

    

88,836

      

7,411,588

    

Micron Technology, Inc.

    

182,376

      

15,319,584

    

MKS Instruments, Inc.

    

9,007

      

1,370,505

    

Monolithic Power Systems, Inc.

    

6,996

      

3,872,006

    

NVIDIA Corp.

    

403,710

      

131,916,280

    

NXP Semiconductors NV

    

42,969

      

9,597,556

    

ON Semiconductor Corp.*

    

69,721

      

4,282,961

    

Power Integrations, Inc.

    

9,782

      

978,494

    

Qorvo, Inc.*

    

17,984

      

2,629,800

    

QUALCOMM, Inc.

    

182,743

      

32,996,076

    

Semtech Corp.*

    

10,485

      

898,250

    

Silicon Laboratories, Inc.*

    

6,593

      

1,294,008

    

Skyworks Solutions, Inc.

    

26,746

      

4,056,298

    

SolarEdge Technologies, Inc.*

    

8,445

      

2,767,933

    

Teradyne, Inc.

    

26,719

      

4,084,534

    

Texas Instruments, Inc.

    

149,545

      

28,767,972

    

Universal Display Corp.

    

7,023

      

1,004,640

    

Wolfspeed, Inc.*

    

18,712

      

2,294,465

    

Xilinx, Inc.

    

40,080

      

9,156,276

    
Total Common Stocks
(Cost $386,668,907)		        

451,340,205

    

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 2.5%

  

Repurchase Agreements (b) — 2.5%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $13,574,551
(Cost $13,574,541)		  

$

13,574,541

    

$

13,574,541

    
Total Investments — 86.0%
(Cost $400,243,448)		        

464,914,746

    

Other assets less liabilities — 14.0%

        

75,663,898

    

Net Assets — 100.0%

      

$

540,578,644

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $29,195,625.

(b)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

144,148,541

    

Aggregate gross unrealized depreciation

    

(5,787,013

)

  

Net unrealized appreciation

  

$

138,361,528

    

Federal income tax cost

  

$

402,135,684

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA SEMICONDUCTORS USD :: 91

Swap Agreementsa

Ultra Semiconductors had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		  
Value and
Unrealized
Appreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  93,005,802    

5/8/2023

  
Bank of
America NA		    

0.47

%

   Dow Jones U.S.
SemiconductorsSM
Indexf		    

4,881,201

     

(4,881,201

)

   

—

     

—

    
  104,060,077    

11/7/2022

  
Goldman Sachs
International		    

0.67

%

   Dow Jones U.S.
SemiconductorsSM
Indexf		    

29,986,988

      

(29,986,988

)

    

—

      

—

    
  90,748,107    

11/6/2023

  
J.P. Morgan
Securities		    

0.52

%

   Dow Jones U.S.
SemiconductorsSM
Indexf		    

13,045,560

     

—

     

(13,045,560

)

   

—

    
  58,250,410    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.57

%

   Dow Jones U.S.
SemiconductorsSM
Indexf		    

15,293,023

      

—

      

(15,293,023

)

    

—

    
  129,587,959    

3/7/2023

  
Societe
Generale		    

0.72

%

   Dow Jones U.S.
SemiconductorsSM
Indexf		    

2,386,636

     

(2,386,636

)

    

—

      

—

    
  154,647,439    

12/15/2021

  

UBS AG		    

0.42

%

   Dow Jones U.S.
SemiconductorsSM
Indexf		    

9,989,058

      

—

     

(9,989,058

)

    

—

    
  630,299,794                                      

75,582,466

                            

                          Total Unrealized
Appreciation		    

75,582,466

                            

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

92 :: USD ULTRA SEMICONDUCTORS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) — 73.4%

  
Agree Realty Corp.
(Equity Real Estate
Investment Trusts (REITs))		    

0.3

%

    

1,980

    

$

133,769

    
Alarm.com Holdings, Inc.*
(Software)		    

0.2

%

    

1,320

      

105,323

    
AMN Healthcare Services,
Inc.* (Health Care
Providers & Services)		    

0.4

%

    

1,359

      

154,940

    
Applied Industrial
Technologies, Inc.
(Trading Companies &
Distributors)		    

0.3

%

    

1,114

      

105,875

    
Asbury Automotive Group,
Inc.* (Specialty Retail)		    

0.3

%

    

649

      

106,202

    
Assured Guaranty Ltd. (b)
(Insurance)		    

0.2

%

    

2,096

      

102,641

    

Balchem Corp. (Chemicals)

    

0.4

%

    

931

      

147,098

    

BankUnited, Inc. (Banks)

    

0.3

%

    

2,664

      

105,601

    
Boot Barn Holdings, Inc.*
(Specialty Retail)		    

0.2

%

    

848

      

103,744

    
Chart Industries, Inc.*
(Machinery)		    

0.4

%

    

1,025

      

178,914

    
Community Bank System,
Inc. (Banks)		    

0.3

%

    

1,551

      

109,594

    
CONMED Corp. (Health
Care Equipment & Supplies)		    

0.3

%

    

838

      

110,163

    
Diodes, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.3

%

    

1,292

      

137,404

    
Ensign Group, Inc. (The)
(Health Care Providers &
Services)		    

0.3

%

    

1,503

      

114,724

    
ExlService Holdings, Inc.*
(IT Services)		    

0.3

%

    

952

      

123,636

    
Exponent, Inc.
(Professional Services)		    

0.4

%

    

1,495

      

174,167

    
Fabrinet* (Electronic
Equipment, Instruments &
Components)		    

0.3

%

    

1,059

      

117,083

    

HB Fuller Co. (Chemicals)

    

0.3

%

    

1,511

      

110,545

    
Independent Bank Corp.
(Banks)		    

0.3

%

    

1,363

      

107,759

    
Innovative Industrial
Properties, Inc. (Equity
Real Estate Investment
Trusts (REITs))		    

0.4

%

    

687

      

176,442

    
John Bean Technologies
Corp. (Machinery)		    

0.4

%

    

911

      

143,728

    
Korn Ferry (Professional
Services)		    

0.3

%

    

1,597

      

116,166

    
Kulicke & Soffa Industries,
Inc. (b) (Semiconductors &
Semiconductor Equipment)		    

0.2

%

    

1,780

      

102,635

    
LCI Industries
(Auto Components)		    

0.3

%

    

724

      

110,243

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) (continued)

  
Lexington Realty Trust
(Equity Real Estate
Investment Trusts (REITs))		    

0.3

%

    

7,978

    

$

120,069

    

Livent Corp.* (Chemicals)

    

0.3

%

    

4,644

      

140,667

    

Macy's, Inc. (Multiline Retail)

    

0.6

%

    

8,956

      

255,246

    
Matador Resources Co. (Oil,
Gas & Consumable Fuels)		    

0.3

%

    

3,163

      

124,211

    

Matson, Inc. (Marine)

    

0.2

%

    

1,245

      

101,505

    
MaxLinear, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.3

%

    

2,019

      

135,939

    
Meritage Homes Corp.*
(Household Durables)		    

0.3

%

    

1,081

      

122,002

    
NeoGenomics, Inc.* (Life
Sciences Tools & Services)		    

0.3

%

    

3,528

      

120,869

    
Omnicell, Inc.*
(Health Care Technology)		    

0.5

%

    

1,245

      

220,365

    
Onto Innovation, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.3

%

    

1,417

      

133,425

    
Pacific Premier Bancorp,
Inc. (Banks)		    

0.3

%

    

2,719

      

105,361

    
PDC Energy, Inc. (Oil,
Gas & Consumable Fuels)		    

0.3

%

    

2,833

      

142,868

    

Perficient, Inc.* (IT Services)

    

0.3

%

    

945

      

129,493

    
Power Integrations, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

1,731

      

173,152

    
Range Resources Corp.* (Oil,
Gas & Consumable Fuels)		    

0.4

%

    

7,461

      

145,937

    
Resideo Technologies, Inc.*
(Building Products)		    

0.3

%

    

4,143

      

108,091

    
Rogers Corp.* (Electronic
Equipment, Instruments &
Components)		    

0.4

%

    

539

      

146,942

    
ServisFirst Bancshares, Inc.
(Banks)		    

0.3

%

    

1,400

      

112,546

    
Signet Jewelers Ltd.
(Specialty Retail)		    

0.4

%

    

1,514

      

147,070

    
SPS Commerce, Inc.*
(Software)		    

0.4

%

    

1,030

      

145,220

    
Steven Madden Ltd.
(Textiles, Apparel &
Luxury Goods)		    

0.2

%

    

2,213

      

105,007

    

Trupanion, Inc.* (Insurance)

    

0.3

%

    

980

      

120,854

    
UFP Industries, Inc.
(Building Products)		    

0.4

%

    

1,777

      

147,989

    
Vonage Holdings Corp.*
(Software)		    

0.4

%

    

7,234

      

149,165

    
Walker & Dunlop, Inc.
(Thrifts & Mortgage Finance)		    

0.3

%

    

841

      

118,320

    
Watts Water Technologies,
Inc., Class A (Machinery)		    

0.4

%

    

789

      

148,892

    

Other Common Stocks (b)

    

57.1

%

    

829,045

      

23,200,957

    
Total Common Stocks
(Cost $29,373,771)		            

29,820,558

    

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA SMALLCAP600 SAA :: 93

    Percentage of
Net Assets		  

Shares

  

Value

  

Securities Lending Reinvestments (c) — 0.2%

  

Investment Companies — 0.2%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $98,464)		    

0.2

%

    

98,464

    

$

98,464

    
   
  Principal
Amount		  
 

Short-Term Investments — 26.7%

  

Repurchase Agreements (d) — 26.7%

  

 

Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $10,862,646
(Cost $10,862,637)		  

$

10,862,637

      

10,862,637

    
Total Investments — 100.3%
(Cost $40,334,872)		        

40,781,659

    

Liabilities in excess of other assets — (0.3%)

        

(132,615

)

  

Net Assets — 100.0%

      

$

40,649,044

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $4,075,884.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $589,417, collateralized in the form of cash with a value of $98,464 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $599,794 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 9, 2021 - November 15, 2050. The total value of collateral is $698,258.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $98,464.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

4,182,651

    

Aggregate gross unrealized depreciation

    

(4,315,956

)

  

Net unrealized depreciation

  

$

(133,305

)

  

Federal income tax cost

  

$

40,383,178

    

Swap Agreementsa

Ultra SmallCap600 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  12,422,794    

5/8/2023

   Bank of
America NA		    

0.42

%

   S&P
SmallCap 600®		    

(878,219

)

   

657,978

     

220,241

     

—

    
  17,838,375    

11/7/2022

  
Citibank NA		    

0.42

%

   S&P
SmallCap 600®		    

331,848

     

—

     

(331,848

)

   

—

    
  14,698,091    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

(0.03

)%

  
S&P
SmallCap 600®		    

396,119

     

—

     

(396,119

)

   

—

    
  3,386,081    

3/7/2023

   Societe
Generale		    

0.52

%

   S&P
SmallCap 600®		    

(165,117

)

   

60,036

     

23,727

     

(81,354

)

 
  3,136,255    

3/7/2023

  

UBS AG

    

0.37

%

   S&P
SmallCap 600®		    

(216,417

)

   

—

     

114,426

     

(101,991

)

 
  51,481,596                                      

(531,786

)

          

 

          

                          Total Unrealized
Appreciation		    

727,967

                            

                          Total Unrealized
Depreciation		    

(1,259,753

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

See accompanying notes to the financial statements.

94 :: SAA ULTRA SMALLCAP600 :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Ultra SmallCap600 invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

0.8

%

  

Air Freight & Logistics

    

0.5

%

  

Airlines

    

0.4

%

  

Auto Components

    

1.0

%

  

Automobiles

    

0.2

%

  

Banks

    

7.6

%

  

Beverages

    

0.5

%

  

Biotechnology

    

1.7

%

  

Building Products

    

1.4

%

  

Capital Markets

    

0.8

%

  

Chemicals

    

2.2

%

  

Commercial Services & Supplies

    

1.4

%

  

Communications Equipment

    

0.9

%

  

Construction & Engineering

    

0.7

%

  

Consumer Finance

    

0.7

%

  

Containers & Packaging

    

0.2

%

  

Diversified Consumer Services

    

0.3

%

  

Diversified Telecommunication Services

    

0.3

%

  

Electrical Equipment

    

0.5

%

  

Electronic Equipment, Instruments & Components

    

2.8

%

  

Energy Equipment & Services

    

0.9

%

  

Entertainment

    

0.1

%

  

Equity Real Estate Investment Trusts (REITs)

    

5.3

%

  

Food & Staples Retailing

    

0.5

%

  

Food Products

    

0.9

%

  

Gas Utilities

    

0.4

%

  

Health Care Equipment & Supplies

    

2.1

%

  

Health Care Providers & Services

    

2.8

%

  

Health Care Technology

    

1.0

%

  

Hotels, Restaurants & Leisure

    

1.0

%

  

Household Durables

    

1.8

%

  

Household Products

    

0.4

%

  

Insurance

    

2.0

%

  

Interactive Media & Services

    

0.1

%

  

Internet & Direct Marketing Retail

    

0.3

%

  

IT Services

    

1.1

%

  

Leisure Products

    

0.3

%

  

Life Sciences Tools & Services

    

0.3

%

  

Machinery

    

4.1

%

  

Marine

    

0.3

%

  

Media

    

0.7

%

  

Metals & Mining

    

0.9

%

  

Mortgage Real Estate Investment Trusts (REITs)

    

1.0

%

  

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA SMALLCAP600 SAA :: 95

Multiline Retail

    

0.7

%

  

Multi-Utilities

    

0.2

%

  

Oil, Gas & Consumable Fuels

    

2.6

%

  

Paper & Forest Products

    

0.3

%

  

Personal Products

    

0.6

%

  

Pharmaceuticals

    

1.0

%

  

Professional Services

    

1.1

%

  

Real Estate Management & Development

    

0.4

%

  

Road & Rail

    

0.3

%

  

Semiconductors & Semiconductor Equipment

    

3.1

%

  

Software

    

2.1

%

  

Specialty Retail

    

3.2

%

  

Technology Hardware, Storage & Peripherals

    

0.2

%

  

Textiles, Apparel & Luxury Goods

    

1.0

%

  

Thrifts & Mortgage Finance

    

1.7

%

  

Tobacco

    

0.2

%

  

Trading Companies & Distributors

    

0.8

%

  

Water Utilities

    

0.6

%

  

Wireless Telecommunication Services

    

0.1

%

  

Othera

    

26.6

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

96 :: SAA ULTRA SMALLCAP600 :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (a) — 76.6%

  

Communications Equipment — 1.9%

  

Arista Networks, Inc.*

    

14,048

    

$

1,742,795

    

Ciena Corp.*

    

9,726

      

585,797

    

Cisco Systems, Inc.

    

264,598

      

14,510,554

    

F5, Inc.*

    

3,784

      

861,163

    

Juniper Networks, Inc.

    

20,416

      

635,550

    

Lumentum Holdings, Inc.*(b)

    

4,766

      

413,546

    

Motorola Solutions, Inc.

    

10,622

      

2,689,278

    

Ubiquiti, Inc.

    

403

      

120,614

    

Viavi Solutions, Inc.*

    

14,355

      

212,597

    
     

21,771,894

    

Diversified Telecommunication Services — 0.2%

  

Liberty Global plc, Class A*

    

11,091

      

292,802

    

Liberty Global plc, Class C*

    

21,608

      

575,637

    

Lumen Technologies, Inc.

    

62,443

      

770,547

    
     

1,638,986

    

Electronic Equipment, Instruments & Components — 0.2%

  

CDW Corp.

    

8,627

      

1,633,609

    

TD SYNNEX Corp.

    

2,608

      

269,824

    
     

1,903,433

    

Health Care Technology — 0.4%

  

Cerner Corp.

    

18,561

      

1,307,622

    

Omnicell, Inc.*

    

2,729

      

483,033

    

Veeva Systems, Inc., Class A*

    

8,670

      

2,449,969

    
     

4,240,624

    

Household Durables — 0.1%

  

Garmin Ltd.

    

9,534

      

1,273,171

    

Interactive Media & Services — 14.1%

  

Alphabet, Inc., Class A*

    

18,904

      

53,648,607

    

Alphabet, Inc., Class C*

    

17,688

      

50,393,819

    

Angi, Inc.*

    

4,803

      

46,157

    

Bumble, Inc., Class A*

    

4,446

      

152,320

    

Cargurus, Inc.*

    

5,442

      

204,075

    

IAC/InterActiveCorp*

    

5,246

      

701,128

    

Match Group, Inc.*

    

17,382

      

2,259,486

    

Meta Platforms, Inc., Class A*

    

149,660

      

48,558,684

    

Snap, Inc., Class A*

    

65,768

      

3,131,214

    

Twitter, Inc.*

    

50,110

      

2,201,833

    

Vimeo, Inc.*

    

9,760

      

188,466

    

Ziff Davis, Inc.*

    

3,024

      

344,343

    
     

161,830,132

    

Internet & Direct Marketing Retail — 0.6%

  

Chewy, Inc., Class A*(b)

    

5,438

      

371,198

    

DoorDash, Inc., Class A*

    

9,620

      

1,719,767

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

eBay, Inc.

    

40,823

    

$

2,753,920

    

Etsy, Inc.*

    

7,949

      

2,182,636

    
     

7,027,521

    

IT Services — 2.8%

  

Akamai Technologies, Inc.*

    

10,224

      

1,152,245

    

Amdocs Ltd.

    

8,007

      

559,049

    

Cloudflare, Inc., Class A*(b)

    

16,549

      

3,115,184

    
Cognizant Technology Solutions Corp.,
Class A		    

33,000

      

2,573,340

    

DXC Technology Co.*

    

15,814

      

474,262

    

EPAM Systems, Inc.*

    

3,552

      

2,161,570

    

Fastly, Inc., Class A*(b)

    

6,667

      

271,747

    

Gartner, Inc.*

    

5,240

      

1,636,190

    

GoDaddy, Inc., Class A*

    

10,603

      

744,012

    

International Business Machines Corp.

    

56,273

      

6,589,568

    

Kyndryl Holdings, Inc.*

    

11,253

      

177,797

    

MongoDB, Inc.*(b)

    

4,053

      

2,018,799

    

Okta, Inc.*

    

7,862

      

1,692,138

    

Snowflake, Inc., Class A*

    

14,312

      

4,868,227

    

SolarWinds Corp.

    

2,782

      

40,061

    

Twilio, Inc., Class A*

    

10,474

      

2,997,135

    

VeriSign, Inc.*

    

6,113

      

1,466,570

    
     

32,537,894

    

Semiconductors & Semiconductor Equipment — 15.3%

  

Advanced Micro Devices, Inc.*

    

76,156

      

12,060,826

    

Allegro MicroSystems, Inc.*

    

3,449

      

107,712

    

Amkor Technology, Inc.

    

6,293

      

135,677

    

Analog Devices, Inc.

    

33,767

      

6,086,502

    

Applied Materials, Inc.

    

57,372

      

8,444,585

    

Broadcom, Inc.

    

25,764

      

14,265,011

    

Brooks Automation, Inc.

    

4,655

      

526,480

    

Cirrus Logic, Inc.*

    

3,614

      

289,771

    

Enphase Energy, Inc.*

    

8,457

      

2,114,250

    

Entegris, Inc.

    

8,523

      

1,245,040

    

GLOBALFOUNDRIES, Inc.*(b)

    

3,357

      

232,439

    

Intel Corp.

    

254,703

      

12,531,388

    

KLA Corp.

    

9,587

      

3,912,742

    

Lam Research Corp.

    

8,941

      

6,078,539

    

Lattice Semiconductor Corp.*

    

8,559

      

649,885

    

Marvell Technology, Inc.

    

51,449

      

3,661,625

    

Microchip Technology, Inc.

    

34,451

      

2,874,247

    

Micron Technology, Inc.

    

70,682

      

5,937,288

    

MKS Instruments, Inc.

    

3,477

      

529,060

    

Monolithic Power Systems, Inc.

    

2,708

      

1,498,770

    

NVIDIA Corp.

    

156,461

      

51,125,196

    

NXP Semiconductors NV

    

16,641

      

3,716,934

    

ON Semiconductor Corp.*

    

27,035

      

1,660,760

    

Power Integrations, Inc.

    

3,783

      

378,413

    

Qorvo, Inc.*

    

6,984

      

1,021,270

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA TECHNOLOGY ROM :: 97

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

QUALCOMM, Inc.

    

70,828

    

$

12,788,704

    

Semtech Corp.*

    

4,068

      

348,506

    

Silicon Laboratories, Inc.*

    

2,545

      

499,507

    

Skyworks Solutions, Inc.

    

10,362

      

1,571,501

    

SolarEdge Technologies, Inc.*

    

3,277

      

1,074,070

    

Teradyne, Inc.

    

10,351

      

1,582,357

    

Texas Instruments, Inc.

    

57,954

      

11,148,611

    

Universal Display Corp.

    

2,722

      

389,382

    

Wolfspeed, Inc.*

    

7,253

      

889,363

    

Xilinx, Inc.

    

15,536

      

3,549,199

    
     

174,925,610

    

Software — 25.9%

  

ACI Worldwide, Inc.*

    

7,372

      

214,820

    

Adobe, Inc.*

    

29,920

      

20,041,912

    

Alteryx, Inc., Class A*

    

3,742

      

248,731

    

Anaplan, Inc.*

    

9,094

      

389,314

    

ANSYS, Inc.*

    

5,481

      

2,145,702

    

Appian Corp.*

    

2,490

      

185,131

    

AppLovin Corp., Class A*

    

1,688

      

153,794

    

Asana, Inc., Class A*

    

4,904

      

509,771

    

Aspen Technology, Inc.*

    

4,266

      

618,698

    

Autodesk, Inc.*

    

13,817

      

3,512,143

    

Avalara, Inc.*

    

5,424

      

757,624

    

Bentley Systems, Inc., Class B

    

11,525

      

553,085

    

Bill.com Holdings, Inc.*

    

5,207

      

1,462,386

    

Black Knight, Inc.*

    

9,832

      

702,693

    

Blackbaud, Inc.*

    

2,642

      

199,365

    

Blackline, Inc.*

    

3,337

      

367,237

    

Cadence Design Systems, Inc.*

    

17,375

      

3,083,367

    

CDK Global, Inc.

    

7,642

      

295,287

    

Ceridian HCM Holding, Inc.*

    

8,480

      

927,712

    

Citrix Systems, Inc.

    

7,796

      

627,032

    

Consensus Cloud Solutions, Inc.*

    

1,004

      

62,891

    

Coupa Software, Inc.*

    

4,621

      

908,766

    

Crowdstrike Holdings, Inc., Class A*(b)

    

12,504

      

2,715,119

    

Datadog, Inc., Class A*

    

15,065

      

2,685,939

    

Digital Turbine, Inc.*

    

5,493

      

291,459

    

DocuSign, Inc.*

    

12,234

      

3,013,968

    

Dolby Laboratories, Inc., Class A

    

4,094

      

341,481

    

Dropbox, Inc., Class A*

    

18,036

      

443,866

    

Duck Creek Technologies, Inc.*

    

4,708

      

134,602

    

Dynatrace, Inc.*

    

12,318

      

774,186

    

Elastic NV*

    

4,483

      

696,927

    

Fair Isaac Corp.*

    

1,782

      

629,278

    

Five9, Inc.*(b)

    

4,254

      

605,472

    

Fortinet, Inc.*

    

8,520

      

2,829,577

    

Guidewire Software, Inc.*

    

5,222

      

607,527

    

HubSpot, Inc.*

    

2,810

      

2,267,417

    

Intuit, Inc.

    

17,161

      

11,194,120

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Mandiant Corp.*

    

15,021

    

$

254,906

    

Manhattan Associates, Inc.*

    

3,984

      

622,141

    

McAfee Corp., Class A

    

4,600

      

118,910

    

Microsoft Corp.

    

471,801

      

155,972,693

    

MicroStrategy, Inc., Class A*(b)

    

478

      

344,844

    

nCino, Inc.*(b)

    

3,531

      

219,346

    

NCR Corp.*(b)

    

8,246

      

320,769

    

New Relic, Inc.*

    

3,666

      

406,303

    

NortonLifeLock, Inc.

    

36,490

      

906,776

    

Nuance Communications, Inc.*

    

17,894

      

992,938

    

Nutanix, Inc., Class A*

    

12,827

      

426,113

    

Oracle Corp.

    

103,429

      

9,385,147

    

Palantir Technologies, Inc., Class A*(b)

    

98,400

      

2,031,960

    

Palo Alto Networks, Inc.*

    

6,117

      

3,345,632

    

Paycom Software, Inc.*

    

3,016

      

1,319,440

    

Paylocity Holding Corp.*

    

2,470

      

623,280

    

Pegasystems, Inc.

    

2,553

      

293,135

    

PTC, Inc.*

    

6,634

      

726,954

    

Q2 Holdings, Inc.*

    

3,542

      

284,423

    

Qualtrics International, Inc., Class A*

    

5,765

      

186,555

    

Rapid7, Inc.*(b)

    

3,498

      

433,962

    

RingCentral, Inc., Class A*

    

5,115

      

1,104,738

    

salesforce.com, Inc.*

    

60,985

      

17,378,286

    

ServiceNow, Inc.*

    

12,429

      

8,050,263

    

Smartsheet, Inc., Class A*

    

7,868

      

503,552

    

Splunk, Inc.*

    

10,292

      

1,245,332

    

SS&C Technologies Holdings, Inc.

    

13,933

      

1,063,506

    

Synopsys, Inc.*

    

9,578

      

3,266,098

    

Trade Desk, Inc. (The), Class A*

    

27,269

      

2,820,160

    

Tyler Technologies, Inc.*

    

2,559

      

1,328,070

    

UiPath, Inc., Class A*

    

16,060

      

774,895

    

Unity Software, Inc.*

    

9,946

      

1,714,591

    

Varonis Systems, Inc.*

    

6,721

      

348,215

    

Verint Systems, Inc.*

    

4,075

      

193,929

    

VMware, Inc., Class A

    

12,726

      

1,485,633

    

Workday, Inc., Class A*

    

11,862

      

3,252,916

    

Workiva, Inc.*

    

2,699

      

376,430

    

Zendesk, Inc.*

    

7,538

      

769,705

    
Zoom Video Communications, Inc.,
Class A*		    

13,579

      

2,870,736

    

Zscaler, Inc.*

    

4,905

      

1,701,888

    
     

296,663,569

    

Technology Hardware, Storage & Peripherals — 15.1%

  

Apple, Inc.

    

986,368

      

163,046,629

    

Dell Technologies, Inc., Class C*

    

17,433

      

984,441

    

Hewlett Packard Enterprise Co.

    

81,989

      

1,176,542

    

HP, Inc.

    

75,463

      

2,662,335

    

NetApp, Inc.

    

14,064

      

1,250,008

    

Pure Storage, Inc., Class A*

    

16,713

      

517,602

    

Seagate Technology Holdings plc

    

13,149

      

1,350,008

    

See accompanying notes to the financial statements.

98 :: ROM ULTRA TECHNOLOGY :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Western Digital Corp.*

    

19,243

    

$

1,113,015

    

Xerox Holdings Corp.

    

8,623

      

158,836

    
     

172,259,416

    
Total Common Stocks
(Cost $784,108,593)		        

876,072,250

    

Securities Lending Reinvestments (c) — 0.0% (d)

  

Investment Companies — 0.0% (d)

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $240,988)		    

240,988

      

240,988

    
    Principal
Amount		      

Short-Term Investments — 27.9%

  

Repurchase Agreements (e) — 27.9%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $319,983,008
(Cost $319,982,756)		  

$

319,982,756

      

319,982,756

    
Total Investments — 104.5%
(Cost $1,104,332,337)		        

1,196,295,994

    

Liabilities in excess of other assets — (4.5%)

        

(51,102,504

)

  

Net Assets — 100.0%

      

$

1,145,193,490

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $264,227,464.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $4,560,572, collateralized in the form of cash with a value of $240,988 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $4,583,246 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 30, 2021 - May 15, 2051. The total value of collateral is $4,824,234.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $240,988.

(d)  Represents less than 0.05% of net assets.

(e)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

114,084,120

    

Aggregate gross unrealized depreciation

    

(30,452,904

)

  

Net unrealized appreciation

  

$

83,631,216

    

Federal income tax cost

  

$

1,107,597,807

    

Swap Agreementsa

Ultra Technology had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  95,710,893    

5/8/2023

  
Bank of
America NA		    

0.42

%

   Dow Jones U.S.
TechnologySM
Indexf		    

(723,292

)

    

723,250

      

42

      

—

    
  94,428,320    

5/8/2023

  

BNP Paribas SA		    

0.67

%

   Dow Jones U.S.
TechnologySM
Indexf		    

349,920

     

(345,287

)

   

(4,633

)

   

—

    
  277,939,873    

4/10/2023

  

Citibank NA		    

0.37

%

   Dow Jones U.S.
TechnologySM
Indexf		    

206,856

      

—

      

(206,856

)

    

—

    
  36,885,329    

4/10/2023

  
Credit Suisse
International		    

0.67

%

   Dow Jones U.S.
TechnologySM
Indexf		    

(278,770

)

    

224,856

      

53,914

      

—

    
  350,509,178    

3/7/2023

  
Goldman Sachs
International		    

0.67

%

   Dow Jones U.S.
TechnologySM
Indexf		    

(4,752,635

)

    

4,594,126

      

158,509

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA TECHNOLOGY ROM :: 99

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  158,222,108    

5/8/2023

  
J.P. Morgan
Securities		    

0.52

%

   Dow Jones U.S.
TechnologySM
Indexf		    

(1,181,188

)

    

—

      

1,181,188

     

—

    
  21,394,430    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.77

%

   Dow Jones U.S.
TechnologySM
Indexf		    

4,197,916

     

—

     

(4,197,916

)

   

—

    
  290,591,635    

3/7/2023

  

Societe Generale		    

0.62

%

   Dow Jones U.S.
TechnologySM
Indexf		    

(2,187,111

)

   

2,171,999

     

15,112

     

—

    
  88,994,070    

3/7/2023

  

UBS AG		    

0.67

%

   Dow Jones U.S.
TechnologySM
Indexf		    

(698,667

)

    

659,976

     

38,691

     

—

    
  1,414,675,836                                      

(5,066,971

)

                  

 

  

   
                   Total Unrealized
Appreciation		    

4,754,692

                            

                          Total Unrealized
Depreciation		    

(9,821,663

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

100 :: ROM ULTRA TECHNOLOGY :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (a) — 75.2%

  

Communications Equipment — 40.1%

  

ADTRAN, Inc.

    

276

    

$

5,625

    

Arista Networks, Inc.*

    

920

      

114,135

    

CalAmp Corp.*

    

201

      

1,845

    

Ciena Corp.*

    

881

      

53,063

    

Cisco Systems, Inc.

    

7,039

      

386,019

    

CommScope Holding Co., Inc.*

    

1,162

      

11,574

    

Comtech Telecommunications Corp.

    

148

      

3,758

    

Extreme Networks, Inc.*

    

721

      

9,733

    

F5, Inc.*

    

343

      

78,060

    

Harmonic, Inc.*

    

579

      

6,224

    

Inseego Corp.*

    

440

      

2,842

    

Juniper Networks, Inc.

    

1,851

      

57,622

    

Lumentum Holdings, Inc.*

    

432

      

37,485

    

Motorola Solutions, Inc.

    

335

      

84,815

    

NETGEAR, Inc.*

    

174

      

4,653

    

NetScout Systems, Inc.*

    

422

      

12,618

    

Plantronics, Inc.*

    

241

      

6,150

    

Ribbon Communications, Inc.*

    

683

      

3,722

    

Ubiquiti, Inc.

    

36

      

10,774

    

Viasat, Inc.*

    

417

      

18,469

    

Viavi Solutions, Inc.*

    

1,301

      

19,268

    
     

928,454

    

Diversified Telecommunication Services — 28.6%

  

Anterix, Inc.*

    

103

      

6,197

    

AT&T, Inc.

    

2,993

      

68,330

    

ATN International, Inc.

    

62

      

2,369

    
Consolidated Communications
Holdings, Inc.*		    

410

      

3,083

    

EchoStar Corp., Class A*

    

235

      

6,432

    

Globalstar, Inc.*(b)

    

3,776

      

5,249

    

Iridium Communications, Inc.*

    

751

      

28,876

    

Liberty Global plc, Class A*

    

954

      

25,186

    

Liberty Global plc, Class C*

    

1,860

      

49,550

    

Liberty Latin America Ltd., Class A*

    

240

      

2,726

    

Liberty Latin America Ltd., Class C*

    

884

      

9,936

    

Lumen Technologies, Inc.

    

5,661

      

69,857

    

Radius Global Infrastructure, Inc.*(b)

    

332

      

5,478

    

Verizon Communications, Inc.

    

7,522

      

378,131

    
     

661,400

    

Household Durables — 2.7%

  

Garmin Ltd.

    

477

      

63,698

    

Wireless Telecommunication Services — 3.8%

  

Shenandoah Telecommunications Co.

    

284

      

7,211

    

Telephone and Data Systems, Inc.

    

563

      

9,954

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

T-Mobile US, Inc.*

    

618

    

$

67,245

    

United States Cellular Corp.*

    

86

      

2,503

    
     

86,913

    
Total Common Stocks
(Cost $1,558,329)		        

1,740,465

    

Securities Lending Reinvestments (c) — 0.2%

  

Investment Companies — 0.2%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $4,860)		    

4,860

      

4,860

    
    Principal
Amount		      

Short-Term Investments — 20.2%

  

Repurchase Agreements (d) — 20.2%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $468,855 (Cost $468,854)		  

$

468,854

      

468,854

    
Total Investments — 95.6%
(Cost $2,032,043)		        

2,214,179

    

Other assets less liabilities — 4.4%

        

102,436

    

Net Assets — 100.0%

      

$

2,316,615

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $902,635.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $8,926, collateralized in the form of cash with a value of $4,860 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $4,765 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 4.38%, and maturity dates ranging from January 20, 2022 - August 15, 2050. The total value of collateral is $9,625.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $4,860.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

255,144

    

Aggregate gross unrealized depreciation

    

(221,638

)

  

Net unrealized appreciation

  

$

33,506

    

Federal income tax cost

  

$

2,033,088

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA TELECOMMUNICATIONS LTL :: 101

Swap Agreementsa

Ultra Telecommunications had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  521,972    

5/8/2023

  
Bank of
America NA		    

0.37

%

   Dow Jones U.S. Select
TelecommunicationsSM
Indexf		    

(25,558

)

   

—

      

25,558

      

—

    
  162,391    

4/10/2023

  

Citibank NA		    

0.37

%

   Dow Jones U.S. Select
TelecommunicationsSM
Indexf		    

(11,381

)

    

—

      

11,381

      

—

    
  738,494    

3/7/2023

  
Goldman Sachs
International		    

0.67

%

   Dow Jones U.S. Select
TelecommunicationsSM
Indexf		    

(44,938

)

    

42,708

      

2,230

      

—

    
  81,196    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.42

%

   Dow Jones U.S. Select
TelecommunicationsSM
Indexf		    

5,848

      

—

      

—

      

5,848

    
  666,964    

3/7/2023

  

Societe Generale		    

0.52

%

   Dow Jones U.S. Select
TelecommunicationsSM
Indexf		    

(34,453

)

    

—

     

10,000

     

(24,453

)

  
  719,162    

3/7/2023

  

UBS AG		    

0.42

%

   Dow Jones U.S. Select
TelecommunicationsSM
Indexf		    

(37,103

)

   

20,852

     

16,251

     

—

    
  2,890,179                                      

(147,585

)

                          

                          Total Unrealized
Appreciation		    

5,848

                            

                          Total Unrealized
Depreciation		    

(153,433

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

102 :: LTL ULTRA TELECOMMUNICATIONS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (a) — 96.8%

  

Electric Utilities — 60.0%

  

ALLETE, Inc.

    

923

    

$

54,116

    

Alliant Energy Corp.

    

4,407

      

241,460

    

American Electric Power Co., Inc.

    

8,810

      

714,051

    

Avangrid, Inc.

    

1,228

      

62,161

    

Duke Energy Corp.

    

13,555

      

1,314,971

    

Edison International

    

6,686

      

436,462

    

Entergy Corp.

    

3,539

      

355,103

    

Evergy, Inc.

    

4,039

      

255,669

    

Eversource Energy

    

6,052

      

497,898

    

Exelon Corp.

    

17,228

      

908,432

    

FirstEnergy Corp.

    

9,587

      

361,046

    

Hawaiian Electric Industries, Inc.

    

1,927

      

73,207

    

IDACORP, Inc.

    

889

      

93,007

    

NextEra Energy, Inc.

    

34,559

      

2,999,030

    

NRG Energy, Inc.

    

4,314

      

155,390

    

PG&E Corp.*

    

26,581

      

315,782

    

Pinnacle West Capital Corp.

    

1,984

      

129,059

    

PNM Resources, Inc.

    

1,509

      

74,303

    

Portland General Electric Co.

    

1,576

      

76,704

    

PPL Corp.

    

13,555

      

377,236

    

Southern Co. (The)

    

18,652

      

1,139,637

    

Xcel Energy, Inc.

    

9,482

      

604,288

    
     

11,239,012

    

Gas Utilities — 3.7%

  

Atmos Energy Corp.

    

2,304

      

208,097

    

National Fuel Gas Co.

    

1,605

      

92,785

    

New Jersey Resources Corp.

    

1,697

      

62,416

    

ONE Gas, Inc.

    

946

      

61,339

    

Southwest Gas Holdings, Inc.

    

1,040

      

68,442

    

Spire, Inc.

    

908

      

54,344

    

UGI Corp.

    

3,684

      

151,965

    
     

699,388

    

Independent Power and Renewable Electricity Producers — 2.8%

  

AES Corp. (The)

    

11,742

      

274,528

    

Clearway Energy, Inc., Class A

    

608

      

20,994

    

Clearway Energy, Inc., Class C, Class C

    

1,440

      

53,741

    

Vistra Corp.

    

8,499

      

168,960

    
     

518,223

    

Multi-Utilities — 26.4%

  

Ameren Corp.

    

4,531

      

369,684

    

Avista Corp.

    

1,227

      

47,252

    

Black Hills Corp.

    

1,116

      

71,558

    

CenterPoint Energy, Inc.

    

10,450

      

270,760

    

CMS Energy Corp.

    

5,100

      

300,135

    

Consolidated Edison, Inc.

    

6,229

      

483,620

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Dominion Energy, Inc.

    

14,242

    

$

1,014,030

    

DTE Energy Co.

    

3,411

      

369,548

    

MDU Resources Group, Inc.

    

3,566

      

97,102

    

NiSource, Inc.

    

6,912

      

169,413

    

NorthWestern Corp.

    

910

      

50,323

    

Public Service Enterprise Group, Inc.

    

8,907

      

556,598

    

Sempra Energy

    

5,623

      

674,029

    

WEC Energy Group, Inc.

    

5,556

      

482,983

    
     

4,957,035

    

Water Utilities — 3.9%

  

American Water Works Co., Inc.

    

3,198

      

539,087

    

Essential Utilities, Inc.

    

3,941

      

186,291

    
     

725,378

    
Total Common Stocks
(Cost $19,109,210)		        

18,139,036

    
    Principal
Amount		      

Short-Term Investments — 2.0%

  

Repurchase Agreements (b) — 2.0%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $373,592
(Cost $373,592)		  

$

373,592

      

373,592

    
Total Investments — 98.8%
(Cost $19,482,802)		        

18,512,628

    

Other assets less liabilities — 1.2%

        

226,441

    

Net Assets — 100.0%

      

$

18,739,069

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $2,739,236.

(b)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

388,360

    

Aggregate gross unrealized depreciation

    

(1,502,729

)

  

Net unrealized depreciation

  

$

(1,114,369

)

  

Federal income tax cost

  

$

19,483,094

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRA UTILITIES UPW :: 103

Swap Agreementsa

Ultra Utilities had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  8,681,892    

5/8/2023

   Bank of
America NA		    

0.27

%

   Dow Jones U.S.
UtilitiesSM Indexf		    

(112,700

)

    

112,700

      

—

      

—

    
  720,385    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.52

%

  
Dow Jones U.S.
UtilitiesSM Indexf		    

46,599

      

—

      

(46,599

)

    

—

    
  4,723,175    

3/7/2023

  

Societe Generale

    

0.62

%

   Dow Jones U.S.
UtilitiesSM Indexf		    

(33,231

)

    

33,053

      

178

      

—

    
  5,219,634    

3/7/2023

  

UBS AG

    

0.42

%

   Dow Jones U.S.
UtilitiesSM Indexf		    

(44,571

)

    

—

      

44,571

      

—

    
  19,345,086            

 

                    

(143,903

)

                          
                 
 		   Total Unrealized
Appreciation		    

46,599

                            
             
   Total Unrealized
Depreciation		    

(190,502

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

104 :: UPW ULTRA UTILITIES :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (a) — 92.5%

  

Aerospace & Defense — 3.5%

  

Boeing Co. (The)*

    

172,916

    

$

34,211,431

    

Banks — 2.8%

  

JPMorgan Chase & Co.

    

172,916

      

27,464,248

    

Beverages — 0.9%

  

Coca-Cola Co. (The)

    

172,926

      

9,069,969

    

Biotechnology — 3.5%

  

Amgen, Inc.

    

172,916

      

34,389,534

    

Capital Markets — 6.7%

  

Goldman Sachs Group, Inc. (The)

    

172,916

      

65,879,267

    

Chemicals — 1.0%

  

Dow, Inc.

    

172,927

      

9,498,880

    

Communications Equipment — 1.0%

  

Cisco Systems, Inc.

    

172,926

      

9,483,262

    

Consumer Finance — 2.7%

  

American Express Co.

    

172,920

      

26,335,716

    

Diversified Telecommunication Services — 0.9%

  

Verizon Communications, Inc.

    

172,927

      

8,693,040

    

Entertainment — 2.6%

  

Walt Disney Co. (The)*

    

172,920

      

25,056,108

    

Food & Staples Retailing — 3.3%

  

Walgreens Boots Alliance, Inc.

    

172,919

      

7,746,771

    

Walmart, Inc.

    

172,923

      

24,318,162

    
     

32,064,933

    

Health Care Providers & Services — 7.8%

  

UnitedHealth Group, Inc.

    

172,916

      

76,812,746

    

Hotels, Restaurants & Leisure — 4.3%

  

McDonald's Corp.

    

172,916

      

42,295,254

    

Household Products — 2.5%

  

Procter & Gamble Co. (The)

    

172,923

      

25,001,207

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Industrial Conglomerates — 6.6%

  

3M Co.

    

172,916

    

$

29,402,637

    

Honeywell International, Inc.

    

173,004

      

34,988,329

    
     

64,390,966

    

Insurance — 2.6%

  

Travelers Cos., Inc. (The)

    

172,919

      

25,410,447

    

IT Services — 5.5%

  

International Business Machines Corp.

    

172,923

      

20,249,283

    

Kyndryl Holdings, Inc.*

    

7

      

111

    

Visa, Inc., Class A

    

172,916

      

33,505,933

    
     

53,755,327

    

Machinery — 3.4%

  

Caterpillar, Inc.

    

172,916

      

33,433,309

    

Oil, Gas & Consumable Fuels — 2.0%

  

Chevron Corp.

    

172,923

      

19,517,819

    

Pharmaceuticals — 4.1%

  

Johnson & Johnson

    

172,961

      

26,969,809

    

Merck & Co., Inc.

    

172,923

      

12,953,662

    
     

39,923,471

    

Semiconductors & Semiconductor Equipment — 0.9%

  

Intel Corp.

    

172,927

      

8,508,008

    

Software — 10.9%

  

Microsoft Corp.

    

172,916

      

57,164,301

    

salesforce.com, Inc.*

    

172,916

      

49,274,143

    
     

106,438,444

    

Specialty Retail — 7.1%

  

Home Depot, Inc. (The)

    

172,948

      

69,284,698

    

Technology Hardware, Storage & Peripherals — 2.9%

  

Apple, Inc.

    

172,922

      

28,584,006

    

Textiles, Apparel & Luxury Goods — 3.0%

  

NIKE, Inc., Class B

    

172,922

      

29,265,319

    
Total Common Stocks
(Cost $952,636,279)		        

904,767,409

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO DOW30SM UDOW :: 105

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 13.0%

  

Repurchase Agreements (b) — 13.0%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $126,987,058
(Cost $126,986,958)		  

$

126,986,958

    

$

126,986,958

    
Total Investments — 105.5%
(Cost $1,079,623,237)		        

1,031,754,367

    

Liabilities in excess of other assets — (5.5%)

        

(54,227,656

)

  

Net Assets — 100.0%

      

$

977,526,711

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $294,388,929.

(b)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

53,629,342

    

Aggregate gross unrealized depreciation

    

(156,924,651

)

  

Net unrealized depreciation

  

$

(103,295,309

)

  

Federal income tax cost

  

$

1,098,466,225

    

Futures Contracts Purchased

UltraPro Dow30SM had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

DJIA CBOT E-Mini Index

    

392

    

12/17/2021

  

USD

      

$

67,535,720

    

$

568,672

    

Swap Agreementsa

UltraPro Dow30SM had the following open non-exchange traded total return swap agreements as of November 30, 2021:

  

 

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  430,632,695    

5/8/2023

  
Bank of
America NA		    

0.47

%

   Dow Jones
Industrial
AverageSM		    

(24,133,119

)

    

9,983,100

      

14,150,019

      

—

    
  141,486,703    

5/8/2023

  

BNP Paribas SA		    

0.67

%

   Dow Jones
Industrial
AverageSM		    

(5,538,341

)

    

5,041,734

      

496,607

      

—

    
  439,288,109    

11/7/2022

  

Citibank NA		    

0.73

%

   Dow Jones
Industrial
AverageSM		    

42,424,131

      

—

      

(42,424,131

)

    

—

    
  166,625,335    

11/6/2023

   Morgan
Stanley & Co.
International plc		    

0.03

%

   Dow Jones
Industrial
AverageSM		    

(7,118,307

)

    

—

      

7,118,307

      

—

    
  320,353,759    

3/7/2023

  

Societe Generale		    

0.47

%

   Dow Jones
Industrial
AverageSM		    

(17,589,252

)

    

17,151,955

      

437,297

      

—

    

See accompanying notes to the financial statements.

106 :: UDOW ULTRAPRO DOW30SM :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  462,150,816    

3/7/2023

  

UBS AG		    

0.57

%

   Dow Jones
Industrial
AverageSM		    

(25,197,235

)

    

24,912,168

      

285,067

      

—

    
  1,960,537,417            

 

          

 

    

(37,152,123

)

                          
                    Total Unrealized
Appreciation		    

42,424,131

                            
                    Total Unrealized
Depreciation		    

(79,576,254

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO DOW30SM UDOW :: 107

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) — 95.1%

  
AECOM* (Construction &
Engineering)		    

0.4

%

    

2,874

    

$

198,134

    
Aspen Technology, Inc.*
(Software)		    

0.4

%

    

1,355

      

196,516

    
Avis Budget Group, Inc.*
(Road & Rail)		    

0.5

%

    

942

      

258,664

    
Axon Enterprise, Inc.*
(Aerospace & Defense)		    

0.4

%

    

1,310

      

221,115

    
Builders FirstSource, Inc.*
(Building Products)		    

0.6

%

    

4,134

      

287,065

    
Camden Property Trust
(Equity Real Estate
Investment Trusts (REITs))		    

0.7

%

    

2,006

      

331,411

    
Carlisle Cos., Inc. (Building
Products)		    

0.5

%

    

1,040

      

234,208

    
Cognex Corp. (Electronic
Equipment, Instruments &
Components)		    

0.6

%

    

3,525

      

272,306

    
Crocs, Inc.* (Textiles,
Apparel & Luxury
Goods)		    

0.4

%

    

1,244

      

204,041

    
CyrusOne, Inc. (Equity Real
Estate Investment Trusts
(REITs))		    

0.4

%

    

2,474

      

220,236

    
Darling Ingredients, Inc.*
(Food Products)		    

0.4

%

    

3,233

      

218,292

    
Deckers Outdoor Corp.*
(Textiles, Apparel &
Luxury Goods)		    

0.5

%

    

551

      

223,376

    
East West Bancorp, Inc.
(Banks)		    

0.4

%

    

2,830

      

217,910

    
Essential Utilities, Inc.
(Water Utilities)		    

0.4

%

    

4,462

      

210,919

    
FactSet Research Systems,
Inc. (Capital Markets)		    

0.7

%

    

754

      

353,302

    

Fair Isaac Corp.* (Software)

    

0.4

%

    

567

      

200,225

    
First Solar, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

1,973

      

204,403

    
Five Below, Inc.*
(Specialty Retail)		    

0.5

%

    

1,117

      

227,243

    
GameStop Corp., Class A*
(Specialty Retail)		    

0.5

%

    

1,241

      

243,497

    

Graco, Inc. (Machinery)

    

0.5

%

    

3,387

      

246,878

    
Hill-Rom Holdings, Inc.
(Health Care Equipment &
Supplies)		    

0.4

%

    

1,313

      

204,171

    
Hubbell, Inc. (Electrical
Equipment)		    

0.4

%

    

1,085

      

212,335

    
Jones Lang LaSalle, Inc.*
(Real Estate Management &
Development)		    

0.5

%

    

1,011

      

237,494

    
Lattice Semiconductor Corp.*
(Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

2,722

      

206,681

    

Lear Corp. (Auto Components)

    

0.4

%

    

1,192

      

200,006

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) (continued)

  
Lennox International, Inc.
(Building Products)		    

0.4

%

    

683

    

$

211,060

    
Life Storage, Inc. (Equity
Real Estate Investment
Trusts (REITs))		    

0.4

%

    

1,563

      

206,535

    
Manhattan Associates, Inc.*
(Software)		    

0.4

%

    

1,265

      

197,542

    
Masimo Corp.* (Health Care
Equipment & Supplies)		    

0.6

%

    

1,010

      

280,901

    
Medical Properties Trust, Inc.
(Equity Real Estate
Investment Trusts (REITs))		    

0.5

%

    

11,885

      

253,032

    
Middleby Corp. (The)*
(Machinery)		    

0.4

%

    

1,110

      

193,895

    
Molina Healthcare, Inc.*
(Health Care Providers &
Services)		    

0.7

%

    

1,165

      

332,235

    

Nordson Corp. (Machinery)

    

0.5

%

    

1,078

      

274,017

    
Paylocity Holding Corp.*
(Software)		    

0.4

%

    

784

      

197,835

    
Regal Rexnord Corp.
(Electrical Equipment)		    

0.4

%

    

1,351

      

213,593

    
Repligen Corp.* (Life Sciences
Tools & Services)		    

0.6

%

    

1,020

      

292,230

    

RH* (Specialty Retail)

    

0.4

%

    

340

      

198,281

    
RPM International, Inc.
(Chemicals)		    

0.5

%

    

2,589

      

235,703

    
Service Corp. International
(Diversified Consumer
Services)		    

0.4

%

    

3,343

      

221,173

    

Signature Bank (Banks)

    

0.7

%

    

1,210

      

365,783

    
SolarEdge Technologies, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.7

%

    

1,043

      

341,854

    
Steel Dynamics, Inc.
(Metals & Mining)		    

0.5

%

    

3,869

      

231,366

    
Synaptics, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

702

      

198,133

    
Syneos Health, Inc.* (Life
Sciences Tools & Services)		    

0.4

%

    

2,064

      

200,538

    
Targa Resources Corp. (Oil,
Gas & Consumable Fuels)		    

0.5

%

    

4,562

      

235,536

    
Tetra Tech, Inc. (Commercial
Services & Supplies)		    

0.4

%

    

1,078

      

199,085

    

Toro Co. (The) (Machinery)

    

0.4

%

    

2,137

      

214,897

    
Trex Co., Inc.* (Building
Products)		    

0.6

%

    

2,301

      

305,504

    
Williams-Sonoma, Inc.
(Specialty Retail)		    

0.6

%

    

1,499

      

292,065

    
Wolfspeed, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.6

%

    

2,303

      

282,394

    

Other Common Stocks (b)

    

71.0

%

    

729,006

      

35,370,237

    
Total Common Stocks
(Cost $50,251,288)		            

47,375,852

    

See accompanying notes to the financial statements.

108 :: UMDD ULTRAPRO MIDCAP400 :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

    Percentage of
Net Assets		  

Shares

  

Value

  

Securities Lending Reinvestments (c) — 0.3%

  

Investment Companies — 0.3%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $124,808)		    

0.3

%

    

124,808

    

$

124,808

    
   
  Principal
Amount 		 
 

Short-Term Investments — 12.3%

  

Repurchase Agreements (d) — 12.3%

  

 

Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $6,137,674
(Cost $6,137,671)		  

$

6,137,671

      

6,137,671

    
Total Investments — 107.7%
(Cost $56,513,767)		        

53,638,331

    

Liabilities in excess of other assets — (7.7%)

        

(3,824,185

)

  

Net Assets — 100.0%

      

$

49,814,146

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $13,655,968.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at

November 30, 2021 was $699,941, collateralized in the form of cash with a value of $124,808 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $620,755 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $745,563.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $124,808.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

889,029

    

Aggregate gross unrealized depreciation

    

(9,836,072

)

  

Net unrealized depreciation

  

$

(8,947,043

)

  

Federal income tax cost

  

$

57,001,677

    

Futures Contracts Purchased

UltraPro MidCap400 had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

  

Trading Currency

  

Notional Amount

   Value and
Unrealized
Appreciation		  

S&P Midcap 400 E-Mini Index

    

9

    

12/17/2021

  

USD

      

$

2,435,580

    

$

49,222

    

Swap Agreementsa

UltraPro MidCap400 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  12,118,500    

5/8/2023

   Bank of
America NA		    

0.47

%

   S&P
MidCap 400®		    

(880,415

)

    

315,547

      

564,868

      

—

    
  3,066,192    

5/8/2023

  

BNP Paribas SA

    

0.52

%

   S&P
MidCap 400®		    

(251,221

)

    

—

      

210,533

      

(40,688

)

  
  2,237,345    

4/10/2023

  

Citibank NA

    

0.47

%

   S&P
MidCap 400®		    

(139,203

)

    

100,367

      

38,836

      

—

    
  777,383    

4/10/2023

   Credit Suisse
International		    

0.57

%

   S&P
MidCap 400®		    

(56,528

)

    

—

      

45,375

      

(11,153

)

  
  9,362,492    

3/7/2023

   Goldman Sachs
International		    

0.57

%

   S&P
MidCap 400®		    

(680,804

)

    

282,463

      

398,341

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO MIDCAP400 UMDD :: 109

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  39,892,997    

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.00

%

  
S&P
MidCap 400®		    

(169,354

)

    

—

      

169,354

      

—

    
  24,396,811    

3/7/2023

   Societe
Generale		    

0.34

%

   S&P
MidCap 400®		    

(2,822,114

)

    

2,810,944

      

11,170

      

—

    
  7,781,951    

3/7/2023

  

UBS AG

    

0.42

%

   S&P
MidCap 400®		    

(633,280

)

    

629,738

      

3,542

      

—

    
  99,633,671                                      

(5,632,919

)

                         
                Total Unrealized
Depreciation		    

(5,632,919

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

UltraPro MidCap400 invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

0.9

%

  

Air Freight & Logistics

    

0.4

%

  

Airlines

    

0.2

%

  

Auto Components

    

1.7

%

  

Automobiles

    

0.5

%

  

Banks

    

6.8

%

  

Beverages

    

0.2

%

  

Biotechnology

    

1.3

%

  

Building Products

    

2.6

%

  

Capital Markets

    

2.7

%

  

Chemicals

    

2.5

%

  

Commercial Services & Supplies

    

1.6

%

  

Communications Equipment

    

0.8

%

  

Construction & Engineering

    

1.3

%

  

Construction Materials

    

0.3

%

  

Consumer Finance

    

0.6

%

  

Containers & Packaging

    

0.8

%

  

Diversified Consumer Services

    

0.8

%

  

Diversified Telecommunication Services

    

0.2

%

  

Electric Utilities

    

0.9

%

  

Electrical Equipment

    

1.9

%

  

Electronic Equipment, Instruments & Components

    

3.0

%

  

Energy Equipment & Services

    

0.4

%

  

See accompanying notes to the financial statements.

110 :: UMDD ULTRAPRO MIDCAP400 :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Entertainment

    

0.1

%

  

Equity Real Estate Investment Trusts (REITs)

    

9.2

%

  

Food & Staples Retailing

    

1.1

%

  

Food Products

    

1.6

%

  

Gas Utilities

    

1.1

%

  

Health Care Equipment & Supplies

    

3.4

%

  

Health Care Providers & Services

    

2.7

%

  

Hotels, Restaurants & Leisure

    

2.7

%

  

Household Durables

    

1.6

%

  

Household Products

    

0.1

%

  

Insurance

    

3.4

%

  

Interactive Media & Services

    

0.4

%

  

IT Services

    

1.5

%

  

Leisure Products

    

1.3

%

  

Life Sciences Tools & Services

    

1.2

%

  

Machinery

    

4.7

%

  

Marine

    

0.1

%

  

Media

    

0.9

%

  

Metals & Mining

    

2.0

%

  

Multiline Retail

    

0.6

%

  

Multi-Utilities

    

0.5

%

  

Oil, Gas & Consumable Fuels

    

1.6

%

  

Paper & Forest Products

    

0.3

%

  

Personal Products

    

0.2

%

  

Pharmaceuticals

    

0.6

%

  

Professional Services

    

1.5

%

  

Real Estate Management & Development

    

0.5

%

  

Road & Rail

    

2.1

%

  

Semiconductors & Semiconductor Equipment

    

4.6

%

  

Software

    

3.6

%

  

Specialty Retail

    

3.5

%

  

Technology Hardware, Storage & Peripherals

    

0.1

%

  

Textiles, Apparel & Luxury Goods

    

1.8

%

  

Thrifts & Mortgage Finance

    

0.7

%

  

Trading Companies & Distributors

    

0.9

%

  

Water Utilities

    

0.4

%

  

Wireless Telecommunication Services

    

0.1

%

  

Othera

    

4.9

%

  
     

100.0

%

  

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO MIDCAP400 UMDD :: 111

Investments

  

Shares

  

Value

  

Common Stocks (a) — 81.4%

  

Automobiles — 4.9%

  

Tesla, Inc.*

    

803,702

    

$

920,045,902

    

Beverages — 1.7%

  

Keurig Dr Pepper, Inc.

    

1,397,580

      

47,503,744

    

Monster Beverage Corp.*

    

521,666

      

43,705,177

    

PepsiCo, Inc.

    

1,363,484

      

217,857,474

    
     

309,066,395

    

Biotechnology — 2.8%

  

Amgen, Inc.

    

560,050

      

111,382,744

    

Biogen, Inc.*

    

146,983

      

34,649,773

    

Gilead Sciences, Inc.

    

1,236,910

      

85,260,206

    

Incyte Corp.*

    

217,858

      

14,753,344

    

Moderna, Inc.*

    

398,203

      

140,338,683

    

Regeneron Pharmaceuticals, Inc.*

    

103,692

      

66,003,069

    

Seagen, Inc.*

    

179,483

      

28,717,280

    

Vertex Pharmaceuticals, Inc.*

    

255,930

      

47,843,554

    
     

528,948,653

    

Commercial Services & Supplies — 0.4%

  

Cintas Corp.

    

101,576

      

42,884,371

    

Copart, Inc.*

    

233,391

      

33,879,038

    
     

76,763,409

    

Communications Equipment — 1.2%

  

Cisco Systems, Inc.

    

4,157,401

      

227,991,871

    

Electric Utilities — 0.7%

  

American Electric Power Co., Inc.

    

493,506

      

39,998,661

    

Exelon Corp.

    

964,650

      

50,865,995

    

Xcel Energy, Inc.

    

531,177

      

33,851,910

    
     

124,716,566

    

Electronic Equipment, Instruments & Components — 0.1%

  

CDW Corp.

    

135,640

      

25,684,790

    

Entertainment — 2.1%

  

Activision Blizzard, Inc.

    

767,228

      

44,959,561

    

Electronic Arts, Inc.

    

280,678

      

34,865,821

    

NetEase, Inc., ADR

    

296,770

      

31,971,032

    

Netflix, Inc.*

    

436,598

      

280,252,256

    
     

392,048,670

    

Food & Staples Retailing — 1.5%

  

Costco Wholesale Corp.

    

436,113

      

235,230,630

    

Walgreens Boots Alliance, Inc.

    

853,331

      

38,229,229

    
     

273,459,859

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Food Products — 0.7%

  

Kraft Heinz Co. (The)

    

1,206,896

    

$

40,563,775

    

Mondelez International, Inc., Class A

    

1,378,977

      

81,276,904

    
     

121,840,679

    

Health Care Equipment & Supplies — 1.4%

  

Align Technology, Inc.*

    

77,944

      

47,665,094

    

Dexcom, Inc.*

    

95,444

      

53,695,840

    

IDEXX Laboratories, Inc.*

    

83,931

      

51,035,923

    

Intuitive Surgical, Inc.*

    

352,287

      

114,260,766

    
     

266,657,623

    

Health Care Technology — 0.1%

  

Cerner Corp.

    

291,601

      

20,543,290

    

Hotels, Restaurants & Leisure — 1.5%

  

Booking Holdings, Inc.*

    

40,509

      

85,143,842

    

Marriott International, Inc., Class A*

    

321,269

      

47,406,454

    

Starbucks Corp.

    

1,163,208

      

127,534,125

    

Trip.com Group Ltd., ADR*

    

520,953

      

14,326,207

    
     

274,410,628

    

Industrial Conglomerates — 0.7%

  

Honeywell International, Inc.

    

681,127

      

137,751,124

    

Interactive Media & Services — 9.3%

  

Alphabet, Inc., Class A*

    

195,226

      

554,041,627

    

Alphabet, Inc., Class C*

    

207,567

      

591,366,686

    

Baidu, Inc., ADR*

    

249,277

      

37,351,666

    

Match Group, Inc.*

    

273,283

      

35,524,057

    

Meta Platforms, Inc., Class A*

    

1,546,086

      

501,643,063

    
     

1,719,927,099

    

Internet & Direct Marketing Retail — 7.2%

  

Amazon.com, Inc.*

    

328,365

      

1,151,599,041

    

eBay, Inc.

    

641,296

      

43,261,828

    

JD.com, Inc., ADR*

    

778,574

      

65,485,859

    

MercadoLibre, Inc.*

    

49,040

      

58,279,626

    

Pinduoduo, Inc., ADR*

    

376,908

      

25,064,382

    
     

1,343,690,736

    

IT Services — 2.8%

  

Automatic Data Processing, Inc.

    

417,377

      

96,368,175

    
Cognizant Technology Solutions Corp.,
Class A		    

518,511

      

40,433,488

    

Fiserv, Inc.*

    

653,277

      

63,054,296

    

Okta, Inc.*

    

141,477

      

30,450,095

    

See accompanying notes to the financial statements.

112 :: TQQQ ULTRAPRO QQQ :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Paychex, Inc.

    

354,978

    

$

42,313,378

    

PayPal Holdings, Inc.*

    

1,159,196

      

214,323,748

    

VeriSign, Inc.*

    

110,364

      

26,477,427

    
     

513,420,607

    

Leisure Products — 0.1%

  

Peloton Interactive, Inc., Class A*

    

267,967

      

11,790,548

    

Life Sciences Tools & Services — 0.3%

  

Illumina, Inc.*

    

154,391

      

56,403,664

    

Machinery — 0.2%

  

PACCAR, Inc.

    

342,491

      

28,570,599

    

Media — 2.1%

  
Charter Communications, Inc.,
Class A*(b)		    

181,345

      

117,199,647

    

Comcast Corp., Class A

    

4,519,429

      

225,881,061

    

Fox Corp., Class A

    

319,042

      

11,392,990

    

Fox Corp., Class B

    

247,993

      

8,332,565

    

Sirius XM Holdings, Inc. (b)

    

3,995,839

      

24,374,618

    
     

387,180,881

    

Multiline Retail — 0.2%

  

Dollar Tree, Inc.*

    

221,878

      

29,693,933

    

Professional Services — 0.2%

  

Verisk Analytics, Inc.

    

159,179

      

35,794,582

    

Road & Rail — 0.4%

  

CSX Corp.

    

2,224,108

      

77,087,583

    

Semiconductors & Semiconductor Equipment — 13.9%

  

Advanced Micro Devices, Inc.*

    

1,196,840

      

189,543,551

    

Analog Devices, Inc.

    

530,212

      

95,570,713

    

Applied Materials, Inc.

    

890,785

      

131,114,644

    

ASML Holding NV, NYRS

    

80,341

      

63,590,705

    

Broadcom, Inc.

    

404,730

      

224,090,906

    

Intel Corp.

    

4,001,917

      

196,894,317

    

KLA Corp.

    

150,680

      

61,497,028

    

Lam Research Corp.

    

140,041

      

95,206,874

    

Marvell Technology, Inc.

    

812,500

      

57,825,625

    

Microchip Technology, Inc.

    

540,631

      

45,104,844

    

Micron Technology, Inc.

    

1,110,582

      

93,288,888

    

NVIDIA Corp.

    

2,466,305

      

805,889,822

    

NXP Semiconductors NV

    

261,558

      

58,421,595

    

QUALCOMM, Inc.

    

1,112,797

      

200,926,626

    

Investments

  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Skyworks Solutions, Inc.

    

162,921

    

$

24,708,599

    

Texas Instruments, Inc.

    

910,769

      

175,204,633

    

Xilinx, Inc.

    

244,113

      

55,767,615

    
     

2,574,646,985

    

Software — 13.8%

  

Adobe, Inc.*

    

469,976

      

314,813,424

    

ANSYS, Inc.*

    

86,077

      

33,697,424

    

Atlassian Corp. plc, Class A*

    

135,455

      

50,974,426

    

Autodesk, Inc.*

    

217,050

      

55,171,939

    

Cadence Design Systems, Inc.*

    

273,050

      

48,455,453

    

Check Point Software Technologies Ltd.*

    

131,009

      

14,582,612

    

Crowdstrike Holdings, Inc., Class A*

    

196,557

      

42,680,387

    

DocuSign, Inc.*

    

192,210

      

47,352,856

    

Intuit, Inc.

    

269,577

      

175,845,077

    

Microsoft Corp.

    

4,871,421

      

1,610,443,068

    

Splunk, Inc.*

    

161,708

      

19,566,668

    

Synopsys, Inc.*

    

150,487

      

51,316,067

    

Workday, Inc., Class A*

    

188,427

      

51,672,336

    
Zoom Video Communications, Inc.,
Class A*		    

237,499

      

50,209,663

    
     

2,566,781,400

    

Specialty Retail — 0.4%

  

O'Reilly Automotive, Inc.*

    

68,023

      

43,409,558

    

Ross Stores, Inc.

    

352,213

      

38,422,916

    
     

81,832,474

    

Technology Hardware, Storage & Peripherals — 9.5%

  

Apple, Inc.

    

10,716,735

      

1,771,476,296

    

Textiles, Apparel & Luxury Goods — 0.3%

  

Lululemon Athletica, Inc.*

    

123,271

      

56,015,575

    

Trading Companies & Distributors — 0.2%

  

Fastenal Co.

    

566,991

      

33,548,857

    

Wireless Telecommunication Services — 0.7%

  

T-Mobile US, Inc.*

    

1,231,255

      

133,972,857

    
Total Common Stocks
(Cost $14,559,842,240)		        

15,121,764,135

    

Securities Lending Reinvestments (c) — 0.1%

  

Investment Companies — 0.1%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $12,281,410)		    

12,281,410

      

12,281,410

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO QQQ TQQQ :: 113

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 20.3%

  

Repurchase Agreements (d) — 1.5%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $278,151,003
(Cost $278,150,784)		  

$

278,150,784

    

$

278,150,784

    

U.S. Treasury Obligations — 18.8%

  

U.S. Treasury Bills

  

0.03%, 12/15/2021 (e)

    

1,100,000,000

      

1,099,966,637

    

0.06%, 12/23/2021 (e)

    

1,400,000,000

      

1,399,878,942

    

0.06%, 5/19/2022 (e)

    

500,000,000

      

499,804,400

    

0.07%, 7/14/2022 (e)

    

500,000,000

      

499,655,470

    
Total U.S. Treasury Obligations
(Cost $3,499,607,889)		        

3,499,305,449

    
Total Short-Term Investments
(Cost $3,777,758,673)		        

3,777,456,233

    
Total Investments — 101.8%
(Cost $18,349,882,323)		        

18,911,501,778

    

Liabilities in excess of other assets — (1.8%)

        

(329,487,274

)

  

Net Assets — 100.0%

      

$

18,582,014,504

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $5,753,351,908.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $34,263,232, collateralized in the form

of cash with a value of $12,281,410 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $24,589,853 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.88%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $36,871,263.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $12,281,410.

(d)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(e)  The rate shown was the current yield as of November 30, 2021.

Abbreviations

ADR  American Depositary Receipt

NYRS  New York Registry Shares

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

1,664,639,632

    

Aggregate gross unrealized depreciation

    

(1,027,628,840

)

  

Net unrealized appreciation

  

$

637,010,792

    

Federal income tax cost

  

$

18,426,641,170

    

Futures Contracts Purchased

UltraPro QQQ had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

NASDAQ 100 E-Mini Index

    

6,462

    

12/17/2021

  

USD

      

$

2,087,290,620

    

$

156,167,214

    

Swap Agreementsa

UltraPro QQQ had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  4,503,938,670    

5/8/2023

   Bank of
America NA		    

0.67

%

   NASDAQ-100
Index®		    

(67,074,060

)

    

67,074,041

      

19

      

—

    
  4,414,997,479    

5/8/2023

  

BNP Paribas SA

    

0.72

%

   NASDAQ-100
Index®		    

(23,902,215

)

    

—

      

23,902,215

      

—

    
  4,281,359,790    

4/10/2023

  

Citibank NA

    

0.73

%

   NASDAQ-100
Index®		    

(62,159,919

)

    

62,003,353

      

156,566

      

—

    
  1,564,522,667    

11/7/2022

   Credit Suisse
International		    

0.67

%

   NASDAQ-100
Index®		    

160,204,039

      

—

      

(160,204,039

)

    

—

    

See accompanying notes to the financial statements.

114 :: TQQQ ULTRAPRO QQQ :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  5,396,787,531    

3/7/2023

   Goldman
Sachs
International		    

0.77

%

  
NASDAQ-100
Index®		    

(89,339,659

)

    

88,933,680

      

405,979

      

—

    
  4,549,522,644    

5/8/2023

   J.P. Morgan
Securities		    

0.47

%

   NASDAQ-100
Index®		    

(55,283,883

)

    

1,746,777

      

53,537,106

      

—

    
  3,837,444,495    

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.47

%

  
NASDAQ-100
Index®		    

(55,435,561

)

    

24,927,693

      

30,507,868

      

—

    
  4,464,389,530    

3/7/2023

   Societe
Generale		    

0.87

%

   NASDAQ-100
Index®		    

(100,513,447

)

    

100,484,306

      

29,141

      

—

    
  5,538,218,870    

11/7/2022

  

UBS AG

    

0.87

%

   NASDAQ-100
Index®		    

289,487,675

      

—

      

(289,487,675

)

    

—

    
  38,551,181,676                                      

(4,017,030

)

                          
                Total Unrealized
Appreciation		    

449,691,714

                            
                Total Unrealized
Depreciation		    

(453,708,744

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO QQQ TQQQ :: 115

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) — 86.3%

  
Ambarella, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.2

%

    

4,283

    

$

768,884

    
AMC Entertainment
Holdings, Inc., Class A*(b)
(Entertainment)		    

0.5

%

    

63,286

      

2,147,926

    
Arrowhead Pharmaceuticals,
Inc.* (Biotechnology)		    

0.2

%

    

12,420

      

870,021

    
Asana, Inc., Class A*
(Software)		    

0.2

%

    

9,062

      

941,995

    
ASGN, Inc.* (Professional
Services)		    

0.2

%

    

6,359

      

773,763

    
Avis Budget Group, Inc.*
(Road & Rail)		    

0.4

%

    

5,970

      

1,639,302

    
Biohaven Pharmaceutical
Holding Co. Ltd.*
(Biotechnology)		    

0.2

%

    

6,824

      

765,926

    
BJ's Wholesale Club
Holdings, Inc.* (Food &
Staples Retailing)		    

0.3

%

    

16,796

      

1,111,055

    

Blackline, Inc.*(b) (Software)

    

0.2

%

    

6,574

      

723,469

    
Blueprint Medicines Corp.*
(Biotechnology)		    

0.2

%

    

7,169

      

689,658

    
Chart Industries, Inc.*
(Machinery)		    

0.2

%

    

4,468

      

779,889

    
Chesapeake Energy Corp.
(Oil, Gas & Consumable
Fuels)		    

0.2

%

    

12,861

      

765,744

    
Crocs, Inc.* (Textiles,
Apparel & Luxury Goods)		    

0.3

%

    

7,570

      

1,241,631

    
EastGroup Properties, Inc.
(Equity Real Estate
Investment Trusts (REITs))		    

0.2

%

    

4,872

      

992,426

    
EMCOR Group, Inc.
(Construction & Engineering)		    

0.2

%

    

6,535

      

779,887

    
Exponent, Inc. (Professional
Services)		    

0.2

%

    

6,364

      

741,406

    
First Financial Bankshares,
Inc. (Banks)		    

0.2

%

    

15,909

      

794,177

    
Fox Factory Holding Corp.*
(Auto Components)		    

0.2

%

    

5,177

      

909,961

    

Glacier Bancorp, Inc. (Banks)

    

0.2

%

    

13,506

      

733,376

    
Goodyear Tire & Rubber Co.
(The)* (Auto Components)		    

0.2

%

    

33,862

      

680,965

    
Helen of Troy Ltd.*
(Household Durables)		    

0.2

%

    

2,954

      

710,437

    
Houlihan Lokey, Inc.
(Capital Markets)		    

0.1

%

    

6,260

      

679,460

    
II-VI, Inc.* (Electronic
Equipment, Instruments &
Components)		    

0.2

%

    

12,817

      

801,447

    
Innovative Industrial
Properties, Inc. (Equity
Real Estate Investment
Trusts (REITs))		    

0.2

%

    

2,904

      

745,834

    
Inspire Medical Systems,
Inc.* (Health Care
Technology)		    

0.2

%

    

3,296

      

735,898

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) (continued)

  
Intellia Therapeutics, Inc.*
(Biotechnology)		    

0.2

%

    

8,440

    

$

970,684

    
KBR, Inc. (Professional
Services)		    

0.2

%

    

17,332

      

762,608

    
Lattice Semiconductor Corp.*
(Semiconductors &
Semiconductor Equipment)		    

0.3

%

    

16,626

      

1,262,412

    

Macy's, Inc. (Multiline Retail)

    

0.3

%

    

38,447

      

1,095,739

    
Medpace Holdings, Inc.* (Life
Sciences Tools & Services)		    

0.2

%

    

3,553

      

736,928

    
MicroStrategy, Inc.,
Class A*(b) (Software)		    

0.2

%

    

962

      

694,016

    
Novanta, Inc.* (Electronic
Equipment, Instruments &
Components)		    

0.2

%

    

4,324

      

698,110

    
Omnicell, Inc.* (Health Care
Technology)		    

0.2

%

    

5,272

      

933,144

    
Ovintiv, Inc. (Oil, Gas &
Consumable Fuels)		    

0.3

%

    

32,109

      

1,116,109

    
Performance Food Group Co.*
(Food & Staples Retailing)		    

0.2

%

    

18,578

      

748,879

    
Power Integrations, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.2

%

    

7,399

      

740,122

    

Rapid7, Inc.* (Software)

    

0.2

%

    

6,800

      

843,608

    

Saia, Inc.* (Road & Rail)

    

0.3

%

    

3,249

      

1,076,004

    
Scientific Games Corp.*
(Hotels, Restaurants &
Leisure)		    

0.2

%

    

11,784

      

753,233

    
Semtech Corp.*
(Semiconductors &
Semiconductor Equipment)		    

0.1

%

    

7,926

      

679,020

    
Shockwave Medical, Inc.*
(Health Care Equipment &
Supplies)		    

0.2

%

    

4,134

      

745,112

    
Silicon Laboratories, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.2

%

    

5,442

      

1,068,101

    
STAG Industrial, Inc. (Equity
Real Estate Investment
Trusts (REITs))		    

0.2

%

    

20,011

      

872,079

    
Synaptics, Inc.*
(Semiconductors &
Semiconductor Equipment)		    

0.3

%

    

4,324

      

1,220,406

    
Tenet Healthcare Corp.*
(Health Care Providers &
Services)		    

0.2

%

    

13,014

      

948,330

    
Tetra Tech, Inc. (Commercial
Services & Supplies)		    

0.3

%

    

6,608

      

1,220,365

    
Texas Roadhouse, Inc.
(Hotels, Restaurants &
Leisure)		    

0.2

%

    

8,578

      

711,459

    
WESCO International, Inc.*
(Trading Companies &
Distributors)		    

0.1

%

    

5,457

      

677,377

    
WillScot Mobile Mini
Holdings Corp.*
(Construction & Engineering)		    

0.2

%

    

25,627

      

976,132

    

See accompanying notes to the financial statements.

116 :: URTY ULTRAPRO RUSSELL2000 :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) (continued)

  

Workiva, Inc.* (Software)

    

0.2

%

    

5,247

    

$

731,799

    

Other Common Stocks (b)

    

75.3

%

    

13,149,541

      

309,214,217

    
Total Common Stocks
(Cost $402,183,511)		            

354,020,530

    
        No. of
Rights		      

Rights — 0.0% (c)

  
Contra Aduro Biotech I,
CVR*(d)(e)		    

0.0

%

    

899

      

—

    
Contraf-Nicotex-Tobacco
GmbH*(d)(e)		    

0.0

%

    

1,074

      

537

    
Oncternal Therapeutics,
Inc., CVR*(d)(e)		    

0.0

%

    

23

      

—

    
Tobira Therapeutics,
Inc., CVR*(d)(e)		    

0.0

%

    

218

      

—

    
Total Rights
(Cost $2,658)		            

537

    
       

Shares

      

Securities Lending Reinvestments (f) — 1.2%

  

Investment Companies — 1.2%

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $4,901,219)		    

1.2

%

    

4,901,219

      

4,901,219

    
        Principal
Amount		      

Short-Term Investments — 40.8%

  

Repurchase Agreements (g) — 40.8%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $167,587,385
(Cost $167,587,252)		      

$

167,587,252

      

167,587,252

    
Total Investments — 128.3%
(Cost $574,674,640)		            

526,509,538

    

Liabilities in excess of other assets — (28.3)%

       (116,055,316)  

Net Assets — 100.0%

          

$

410,454,222

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $172,846,695.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $9,414,021, collateralized in the form of cash with a value of $4,901,219 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $5,183,886 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $10,085,105.

(c)  Represents less than 0.05% of net assets.

(d)  Illiquid security.

(e)  Security fair valued as of November 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2021 amounted to $537, which represents approximately 0.00% of net assets of the Fund.

(f)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $4,901,219.

(g)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Abbreviations

CVR  Contingent Value Rights — No defined expiration

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

3,046,230

    

Aggregate gross unrealized depreciation

    

(124,536,686

)

  

Net unrealized depreciation

  

$

(121,490,456

)

  

Federal income tax cost

  

$

577,561,978

    

Futures Contracts Purchased

UltraPro Russell2000 had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

Russell 2000 E-Mini Index

    

283

    

12/17/2021

  

USD

      

$

31,091,795

    

$

(70,069

)

  

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO RUSSELL2000 URTY :: 117

Swap Agreementsa

UltraPro Russell2000 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  104,386,656    
5/8/2023		   Bank of
America NA		    

0.37

%

   Russell 2000®
Index		    

(11,501,813

)

    

11,407,657

      

94,156

      

—

    
  66,963,406    
5/8/2023		  
BNP Paribas SA		    

0.22

%

   Russell 2000®
Index		    

(5,778,699

)

    

4,995,775

      

782,924

      

—

    
  258,402,710    
4/10/2023		  
Citibank NA		    

0.36

%

   Russell 2000®
Index		    

(20,827,857

)

    

20,649,089

      

178,768

      

—

    
  38,764,584    
11/7/2022		   Credit Suisse
International		    

0.52

%

   Russell 2000®
Index		    

(2,029,186

)

    

2,006,232

      

22,954

      

—

    
  197,831,535    
3/7/2023		   Goldman Sachs
International		    

0.47

%

   Russell 2000®
Index		    

(21,811,441

)

    

21,630,616

      

180,825

      

—

    
  99,452,301    

11/6/2023

   Morgan
Stanley & Co.
International plc		    

(0.19

)%

  
Russell 2000®
Index		    

(1,187,876

)

    

1,187,431

      

445

      

—

    
  62,858,041    
3/7/2023		  
Societe Generale		    

0.42

%

   Russell 2000®
Index		    

(5,699,352

)

    

5,654,352

      

45,000

      

—

    
  17,936,509    
3/7/2023		  
UBS AG		    

0.07

%

   Russell 2000®
Index		    

(1,531,723

)

    

1,247,824

      

283,899

      

—

    
  846,595,742    

 

  

 

  

 

  

 

    

(70,367,947

)

  

 

  

 

  

 

  
                Total
Unrealized
Depreciation		    

(70,367,947

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

UltraPro Russell2000 invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

0.6

%

  

Air Freight & Logistics

    

0.3

%

  

Airlines

    

0.3

%

  

Auto Components

    

1.2

%

  

Automobiles

    

0.3

%

  

Banks

    

7.4

%

  

Beverages

    

0.4

%

  

Biotechnology

    

7.5

%

  

Building Products

    

1.1

%

  

Capital Markets

    

1.4

%

  

See accompanying notes to the financial statements.

118 :: URTY ULTRAPRO RUSSELL2000 :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Chemicals

    

1.7

%

  

Commercial Services & Supplies

    

1.5

%

  

Communications Equipment

    

0.6

%

  

Construction & Engineering

    

1.4

%

  

Construction Materials

    

0.2

%

  

Consumer Finance

    

0.7

%

  

Containers & Packaging

    

0.2

%

  

Distributors

    

0.0

%*

  

Diversified Consumer Services

    

0.5

%

  

Diversified Financial Services

    

0.1

%

  

Diversified Telecommunication Services

    

0.5

%

  

Electric Utilities

    

0.5

%

  

Electrical Equipment

    

1.0

%

  

Electronic Equipment, Instruments & Components

    

2.0

%

  

Energy Equipment & Services

    

0.7

%

  

Entertainment

    

0.8

%

  

Equity Real Estate Investment Trusts (REITs)

    

5.5

%

  

Food & Staples Retailing

    

0.9

%

  

Food Products

    

0.8

%

  

Gas Utilities

    

0.7

%

  

Health Care Equipment & Supplies

    

2.8

%

  

Health Care Providers & Services

    

2.4

%

  

Health Care Technology

    

1.0

%

  

Hotels, Restaurants & Leisure

    

1.9

%

  

Household Durables

    

1.7

%

  

Household Products

    

0.2

%

  

Independent Power and Renewable Electricity Producers

    

0.3

%

  

Insurance

    

1.7

%

  

Interactive Media & Services

    

0.5

%

  

Internet & Direct Marketing Retail

    

0.5

%

  

IT Services

    

1.3

%

  

Leisure Products

    

0.5

%

  

Life Sciences Tools & Services

    

0.8

%

  

Machinery

    

3.2

%

  

Marine

    

0.2

%

  

Media

    

0.9

%

  

Metals & Mining

    

1.0

%

  

Mortgage Real Estate Investment Trusts (REITs)

    

1.1

%

  

Multiline Retail

    

0.4

%

  

Multi-Utilities

    

0.3

%

  

Oil, Gas & Consumable Fuels

    

3.2

%

  

Paper & Forest Products

    

0.1

%

  

Personal Products

    

0.5

%

  

Pharmaceuticals

    

1.2

%

  

Professional Services

    

1.5

%

  

Real Estate Management & Development

    

0.6

%

  

Road & Rail

    

0.9

%

  

Semiconductors & Semiconductor Equipment

    

3.2

%

  

Software

    

5.2

%

  

Specialty Retail

    

2.2

%

  

Technology Hardware, Storage & Peripherals

    

0.2

%

  

Textiles, Apparel & Luxury Goods

    

0.8

%

  

Thrifts & Mortgage Finance

    

1.3

%

  

Tobacco

    

0.1

%

  

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO RUSSELL2000 URTY :: 119

Trading Companies & Distributors

    

1.3

%

  

Water Utilities

    

0.4

%

  

Wireless Telecommunication Services

    

0.1

%

  

Othera

    

13.7

%

  
     

100.0

%

  

*  Amount represents less than 0.05%.

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

120 :: URTY ULTRAPRO RUSSELL2000 :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) — 89.5%

  
Abbott Laboratories (Health
Care Equipment & Supplies)		    

0.5

%

    

137,308

    

$

17,269,227

    

AbbVie, Inc. (Biotechnology)

    

0.5

%

    

136,871

      

15,778,489

    
Accenture plc, Class A (IT
Services)		    

0.5

%

    

49,119

      

17,555,130

    

Adobe, Inc.* (Software)

    

0.7

%

    

36,895

      

24,714,116

    
Advanced Micro Devices,
Inc.* (Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

93,954

      

14,879,495

    
Alphabet, Inc., Class A*
(Interactive Media &
Services)		    

2.0

%

    

23,328

      

66,203,698

    
Alphabet, Inc., Class C*
(Interactive Media &
Services)		    

1.8

%

    

21,824

      

62,177,449

    
Amazon.com, Inc.*
(Internet & Direct Marketing
Retail)		    

3.5

%

    

33,739

      

118,325,035

    
Apple, Inc. (Technology
Hardware, Storage &
Peripherals)		    

6.0

%

    

1,216,156

      

201,030,588

    
Bank of America Corp.
(Banks)		    

0.8

%

    

573,555

      

25,505,991

    
Berkshire Hathaway, Inc.,
Class B* (Diversified
Financial Services)		    

1.2

%

    

143,580

      

39,727,150

    
Broadcom, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.5

%

    

31,767

      

17,588,753

    
Chevron Corp. (Oil, Gas &
Consumable Fuels)		    

0.5

%

    

149,785

      

16,906,233

    
Cisco Systems, Inc.
(Communications
Equipment)		    

0.5

%

    

326,409

      

17,900,269

    
Coca-Cola Co. (The)
(Beverages)		    

0.5

%

    

300,912

      

15,782,835

    
Comcast Corp., Class A
(Media)		    

0.5

%

    

354,784

      

17,732,104

    
Costco Wholesale Corp.
(Food & Staples Retailing)		    

0.6

%

    

34,243

      

18,469,989

    
Danaher Corp. (Life Sciences
Tools & Services)		    

0.5

%

    

49,209

      

15,827,583

    
Eli Lilly & Co.
(Pharmaceuticals)		    

0.4

%

    

61,498

      

15,253,964

    
Exxon Mobil Corp. (Oil,
Gas & Consumable Fuels)		    

0.6

%

    

327,907

      

19,621,955

    
Home Depot, Inc. (The)
(Specialty Retail)		    

1.0

%

    

82,362

      

32,995,041

    
Intel Corp. (Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

314,235

      

15,460,362

    

Intuit, Inc. (Software)

    

0.4

%

    

21,160

      

13,802,668

    
Johnson & Johnson
(Pharmaceuticals)		    

1.0

%

    

203,904

      

31,794,751

    
JPMorgan Chase & Co.
(Banks)		    

1.1

%

    

231,441

      

36,759,774

    
    Percentage of
Net Assets		  

Shares

  

Value

  

Common Stocks (a) (continued)

  
Lowe's Cos., Inc. (Specialty
Retail)		    

0.4

%

    

54,755

    

$

13,392,525

    
Mastercard, Inc., Class A
(IT Services)		    

0.6

%

    

67,483

      

21,251,746

    
McDonald's Corp. (Hotels,
Restaurants & Leisure)		    

0.4

%

    

57,839

      

14,147,419

    
Merck & Co., Inc.
(Pharmaceuticals)		    

0.4

%

    

196,064

      

14,687,154

    
Meta Platforms, Inc.,
Class A* (Interactive
Media & Services)		    

1.8

%

    

184,642

      

59,908,943

    

Microsoft Corp. (Software)

    

5.7

%

    

582,057

      

192,422,224

    

Netflix, Inc.* (Entertainment)

    

0.7

%

    

34,275

      

22,001,123

    
NextEra Energy, Inc. (Electric
Utilities)		    

0.4

%

    

151,927

      

13,184,225

    
NIKE, Inc., Class B (Textiles,
Apparel & Luxury Goods)		    

0.5

%

    

98,995

      

16,753,914

    
NVIDIA Corp.
(Semiconductors &
Semiconductor Equipment)		    

1.9

%

    

193,013

      

63,068,928

    
PayPal Holdings, Inc.* (IT
Services)		    

0.5

%

    

91,011

      

16,827,024

    

PepsiCo, Inc. (Beverages)

    

0.5

%

    

107,044

      

17,103,490

    

Pfizer, Inc. (Pharmaceuticals)

    

0.7

%

    

434,247

      

23,332,091

    
Procter & Gamble Co. (The)
(Household Products)		    

0.8

%

    

188,014

      

27,183,064

    
QUALCOMM, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.5

%

    

87,363

      

15,774,263

    
salesforce.com, Inc.*
(Software)		    

0.7

%

    

75,245

      

21,441,815

    

Tesla, Inc.* (Automobiles)

    

2.1

%

    

62,850

      

71,948,166

    
Texas Instruments, Inc.
(Semiconductors &
Semiconductor Equipment)		    

0.4

%

    

71,504

      

13,755,224

    
Thermo Fisher Scientific, Inc.
(Life Sciences Tools &
Services)		    

0.6

%

    

30,461

      

19,276,635

    
UnitedHealth Group, Inc.
(Health Care Providers &
Services)		    

1.0

%

    

73,029

      

32,440,942

    
Verizon Communications, Inc.
(Diversified
Telecommunication
Services)		    

0.5

%

    

320,702

      

16,121,690

    
Visa, Inc., Class A (IT
Services)		    

0.8

%

    

130,713

      

25,328,258

    
Walmart, Inc. (Food &
Staples Retailing)		    

0.5

%

    

110,692

      

15,566,616

    
Walt Disney Co. (The)*
(Entertainment)		    

0.6

%

    

140,739

      

20,393,081

    

Wells Fargo & Co. (Banks)

    

0.4

%

    

318,067

      

15,197,241

    

Other Common Stocks (b)

    

39.7

%

    

14,151,835

      

1,330,281,350

    
Total Common Stocks
(Cost $3,038,657,806)		            

3,001,851,800

    

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO S&P500® UPRO :: 121

    Percentage of
Net Assets		  

Shares

  

Value

  

Securities Lending Reinvestments (c) — 0.0% (d)

  

Investment Companies — 0.0% (d)

  
BlackRock Liquidity FedFund,
Institutional Class 0.03%
(Cost $80,245)		    

0.0

%

    

80,245

    

$

80,245

    
   
  Principal
Amount		      

Short-Term Investments — 12.8%

  

Repurchase Agreements (e) — 3.9%

  

 

Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $129,694,257
(Cost $129,694,157)		  

$

129,694,157

      

129,694,157

    

U.S. Treasury Obligations — 8.9%

  
U.S. Treasury Bills
0.07%, 7/14/2022
(Cost $299,878,125) (f)		    

300,000,000

      

299,793,282

    
Total Short-Term Investments
(Cost $429,572,282)		        

429,487,439

    
Total Investments — 102.3%
(Cost $3,468,310,333)		        

3,431,419,484

    

Liabilities in excess of other assets — (2.3%)

        

(77,317,120

)

  

Net Assets — 100.0%

      

$

3,354,102,364

    

*  Non-income producing security.

(a)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $1,105,514,422.

(b)  The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $954,556, collateralized in the form of cash with a value of $80,245 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $927,771 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 7.63%, and maturity dates ranging from December 9, 2021 - May 15, 2051. The total value of collateral is $1,008,016.

(c)  The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $80,245.

(d)  Represents less than 0.05% of net assets.

(e)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(f)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

111,912,671

    

Aggregate gross unrealized depreciation

    

(432,911,030

)

  

Net unrealized depreciation

  

$

(320,998,359

)

  

Federal income tax cost

  

$

3,548,546,029

    

Futures Contracts Purchased

UltraPro S&P500® had the following open long futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

S&P 500 E-Mini Index

    

960

    

12/17/2021

  

USD

      

$

219,180,000

    

$

7,691,358

    

See accompanying notes to the financial statements.

122 :: UPRO ULTRAPRO S&P500® :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Swap Agreementsa

UltraPro S&P500® had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  1,387,084,673    

5/8/2023

   Bank of
America NA		    

0.62

%

  
S&P 500® 		   

(39,813,052

)

    

—

      

39,813,052

      

—

    
  297,846,039    

5/8/2023

  

BNP Paribas SA

    

0.67

%

  

S&P 500®

    

(6,718,702

)

    

4,935,809

      

1,782,893

      

—

    
  200,294,919    

4/10/2023

  

Citibank NA

    

0.73

%

  

S&P 500®

    

(5,147,148

)

    

5,038,435

      

108,713

      

—

    
  199,189,705    

11/6/2023

   Credit Suisse
International		    

0.67

%

  
S&P 500®		    

(1,499,721

)

    

—

      

1,499,721

      

—

    
  1,076,775,291    

3/7/2023

   Goldman Sachs
International		    

0.67

%

  
S&P 500®		    

(33,291,137

)

    

22,047,285

      

11,243,852

      

—

    
  1,773,722,326    

5/8/2023

   J.P. Morgan
Securities		    

0.47

%

  
S&P 500®		    

(51,579,771

)

    

24,777,116

      

26,802,655

      

—

    
  647,596,033    

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.42

%

  

S&P 500®		    

(18,506,259

)

    

14,149,844

      

4,356,415

      

—

    
  746,485,284    

3/7/2023

  

Societe Generale

    

0.47

%

  

S&P 500®

    

(36,597,957

)

    

36,529,425

      

68,532

      

—

    
  512,517,874    

3/7/2023

  

UBS AG

    

0.57

%

  

S&P 500®

    

(18,409,425

)

    

17,915,590

      

493,835

      

—

    
  6,841,512,144            

 

          

 

    

(211,563,172

)

                          
             
 		   Total Unrealized
Depreciation		    

(211,563,172

)

                         

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

UltraPro S&P500® invested, as a percentage of net assets, in the following industries, as of November 30, 2021:

Aerospace & Defense

    

1.2

%

  

Air Freight & Logistics

    

0.5

%

  

Airlines

    

0.2

%

  

Auto Components

    

0.1

%

  

Automobiles

    

2.5

%

  

Banks

    

3.7

%

  

Beverages

    

1.2

%

  

Biotechnology

    

1.6

%

  

Building Products

    

0.5

%

  

Capital Markets

    

2.7

%

  

Chemicals

    

1.6

%

  

Commercial Services & Supplies

    

0.4

%

  

Communications Equipment

    

0.8

%

  

Construction & Engineering

    

0.0

%*

  

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO S&P500® UPRO :: 123

Construction Materials

    

0.1

%

  

Consumer Finance

    

0.5

%

  

Containers & Packaging

    

0.3

%

  

Distributors

    

0.1

%

  

Diversified Financial Services

    

1.2

%

  

Diversified Telecommunication Services

    

0.9

%

  

Electric Utilities

    

1.4

%

  

Electrical Equipment

    

0.5

%

  

Electronic Equipment, Instruments & Components

    

0.6

%

  

Energy Equipment & Services

    

0.2

%

  

Entertainment

    

1.5

%

  

Equity Real Estate Investment Trusts (REITs)

    

2.3

%

  

Food & Staples Retailing

    

1.2

%

  

Food Products

    

0.7

%

  

Gas Utilities

    

0.0

%*

  

Health Care Equipment & Supplies

    

2.5

%

  

Health Care Providers & Services

    

2.3

%

  

Health Care Technology

    

0.0

%*

  

Hotels, Restaurants & Leisure

    

1.7

%

  

Household Durables

    

0.3

%

  

Household Products

    

1.2

%

  

Independent Power and Renewable Electricity Producers

    

0.0

%*

  

Industrial Conglomerates

    

0.9

%

  

Insurance

    

1.6

%

  

Interactive Media & Services

    

5.8

%

  

Internet & Direct Marketing Retail

    

3.7

%

  

IT Services

    

3.7

%

  

Leisure Products

    

0.0

%*

  

Life Sciences Tools & Services

    

1.8

%

  

Machinery

    

1.3

%

  

Media

    

0.9

%

  

Metals & Mining

    

0.3

%

  

Multiline Retail

    

0.5

%

  

Multi-Utilities

    

0.6

%

  

Oil, Gas & Consumable Fuels

    

2.2

%

  

Personal Products

    

0.2

%

  

Pharmaceuticals

    

3.2

%

  

Professional Services

    

0.4

%

  

Real Estate Management & Development

    

0.1

%

  

Road & Rail

    

0.9

%

  

Semiconductors & Semiconductor Equipment

    

6.0

%

  

Software

    

8.9

%

  

Specialty Retail

    

2.2

%

  

Technology Hardware, Storage & Peripherals

    

6.3

%

  

Textiles, Apparel & Luxury Goods

    

0.6

%

  

Tobacco

    

0.5

%

  

Trading Companies & Distributors

    

0.2

%

  

Water Utilities

    

0.1

%

  

Wireless Telecommunication Services

    

0.1

%

  

Othera

    

10.5

%

  
     

100.0

%

  

*  Amount represents less than 0.05%.

a  Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

124 :: UPRO ULTRAPRO S&P500® :: NOVEMBER 30, 2021 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 99.5%

  

Repurchase Agreements (a) — 99.5%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $191,688,443
(Cost $191,688,291)		  

$

191,688,291

    

$

191,688,291

    
Total Investments — 99.5%
(Cost $191,688,291)		        

191,688,291

    

Other assets less liabilities — 0.5%

        

1,051,835

    

Net Assets — 100.0%

      

$

192,740,126

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

—

    

Aggregate gross unrealized depreciation

    

(22,809,463

)

  

Net unrealized depreciation

  

$

(22,809,463

)

  

Federal income tax cost

  

$

191,688,291

    

Futures Contracts Sold

UltraPro Short 20+ Year Treasury had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

U.S. Treasury Long Bond

    

17

    

3/22/2022

  

USD

      

$

2,756,125

    

$

(26,062

)

  

Swap Agreementsa

UltraPro Short 20+ Year Treasury had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

(203,610,172

)

  

11/7/2022

   Bank of
America NA		    

0.23

%

   ICE U.S. Treasury 20+
Year Bond Index		    

(5,676,637

)

    

—

      

5,010,000

      

(666,637

)

  
  (143,254,143

)

  

8/8/2022

  
Citibank NA		    

0.38

%

   ICE U.S. Treasury 20+
Year Bond Index		    

(12,794,654

)

    

—

      

12,586,000

      

(208,654

)

  
  (132,599,719

)

  

11/6/2023

   Goldman Sachs
International		    

0.35

%

   ICE U.S. Treasury 20+
Year Bond Index		    

(2,280,955

)

    

—

      

—

      

(2,280,955

)

  
  (97,086,454

)

  

11/6/2023

  
Societe Generale		    

0.21

%

   ICE U.S. Treasury 20+
Year Bond Index		    

(2,031,155

)

    

—

      

857,000

      

(1,174,155

)

  
  (576,550,488

)

          

 

          

 

    

(22,783,401

)

                          
                Total Unrealized
Depreciation		    

(22,783,401

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO SHORT 20+ YEAR TREASURY TTT :: 125

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

126 :: TTT ULTRAPRO SHORT 20+ YEAR TREASURY :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 103.1%

  

Repurchase Agreements (a) — 11.9%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $49,595,971
(Cost $49,595,934)		  

$

49,595,934

    

$

49,595,934

    

U.S. Treasury Obligations (b) — 91.2%

  

U.S. Treasury Bills

  

0.02%, 12/2/2021 (c)

    

30,000,000

      

29,999,979

    

0.04%, 12/30/2021 (c)

    

35,000,000

      

34,997,533

    

0.05%, 1/27/2022 (c)

    

30,000,000

      

29,997,981

    

0.04%, 2/3/2022 (c)

    

20,000,000

      

19,998,489

    

0.04%, 2/10/2022 (c)

    

10,000,000

      

9,999,108

    

0.03%, 2/17/2022 (c)

    

25,000,000

      

24,997,414

    

0.03%, 2/24/2022 (c)

    

45,000,000

      

44,995,458

    

0.04%, 3/24/2022 (c)

    

35,000,000

      

34,994,205

    

0.04%, 4/21/2022 (c)

    

25,000,000

      

24,993,390

    

0.07%, 7/14/2022 (c)

    

50,000,000

      

49,965,547

    

0.07%, 8/11/2022 (c)

    

55,000,000

      

54,950,233

    

0.11%, 9/8/2022 (c)

    

20,000,000

      

19,974,632

    
Total U.S. Treasury Obligations
(Cost $379,914,432)		        

379,863,969

    
Total Short-Term Investments
(Cost $429,510,366)		        

429,459,903

    
Total Investments — 103.1%
(Cost $429,510,366)		        

429,459,903

    

Liabilities in excess of other assets — (3.1%)

        

(12,728,145

)

  

Net Assets — 100.0%

      

$

416,731,758

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $98,387,666.

(c)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

51,098,058

    

Aggregate gross unrealized depreciation

    

(68,555,323

)

  

Net unrealized depreciation

  

$

(17,457,265

)

  

Federal income tax cost

  

$

429,510,366

    

Futures Contracts Sold

UltraPro Short Dow30SM had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

DJIA CBOT E-Mini Index

    

276

    

12/17/2021

  

USD

      

$

47,550,660

    

$

1,728,298

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO SHORT DOW30SM SDOW :: 127

Swap Agreementsa

UltraPro Short Dow30SM had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (169,901,289

)

  

12/6/2021

  
Bank of
America NA		    

(0.27

)%

   Dow Jones
Industrial
AverageSM		    

(68,504,675

)

    

51,959,675

      

16,545,000

      

—

    
  (87,278,295

)

  

5/8/2023

  

BNP Paribas SA		    

(0.37

)%

   Dow Jones
Industrial
AverageSM		    

5,055,912

      

(3,456,747

)

    

—

      

1,599,165

    
  (317,215,740

)

  

4/10/2023

  

Citibank NA		    

(0.55

)%

   Dow Jones
Industrial
AverageSM		    

9,856,700

      

—

      

(3,970,000

)

    

5,886,700

    
 

(82,485,058

)

  

3/7/2023

  
Goldman Sachs
International		    

(0.42

)%

   Dow Jones
Industrial
AverageSM		    

4,490,867

      

(3,106,194

)

    

—

      

1,384,673

    
 

(249,627,649

)

  

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.42

%

   Dow Jones
Industrial
AverageSM		    

13,455,496

      

—

      

(9,148,000

)

    

4,307,496

    
 

(134,486,508

)

  

3/7/2023

  

Societe Generale		    

(0.17

)%

   Dow Jones
Industrial
AverageSM		    

7,413,994

      

(5,052,625

)

    

—

      

2,361,369

    
  (161,684,818

)

  

3/7/2023

  

UBS AG		    

(0.27

)%

   Dow Jones
Industrial
AverageSM		    

9,096,606

      

—

      

(6,100,000

)

    

2,996,606

    
  (1,202,679,357

)

          

 

                    

(19,135,100

)

                          
         
 		           Total Unrealized
Appreciation		    

49,369,575

                           
         
 		           Total Unrealized
Depreciation		    

(68,504,675

)

                         

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

128 :: SDOW ULTRAPRO SHORT DOW30SM :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 72.8%

  

Repurchase Agreements (a) — 72.8%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $4,512,410
(Cost $4,512,406)		  

$

4,512,406

    

$

4,512,406

    
Total Investments — 72.8%
(Cost $4,512,406)		        

4,512,406

    

Other assets less liabilities — 27.2%

        

1,687,264

    

Net Assets — 100.0%

      

$

6,199,670

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

828,318

    

Aggregate gross unrealized depreciation

    

(205,496

)

  

Net unrealized appreciation

  

$

622,822

    

Federal income tax cost

  

$

4,512,406

    

Futures Contracts Sold

UltraPro Short MidCap400 had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

S&P Midcap 400 E-Mini Index

    

1

    

12/17/2021

  

USD

      

$

270,620

    

$

(2,432

)

  

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO SHORT MIDCAP400 SMDD :: 129

Swap Agreementsa

UltraPro Short MidCap400 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (3,074,107

)

  

11/7/2022

   Bank of
America NA		    

(0.17

)%

   S&P
MidCap 400®		    

(203,064

)

    

—

      

203,064

      

—

    
  (3,418,316

)

  

5/8/2023

  
BNP Paribas SA		    

(0.22

)%

   S&P
MidCap 400®		    

202,450

      

—

      

—

      

202,450

    
  (6,072,793

)

  

4/10/2023

  
Citibank NA		    

(0.27

)%

   S&P
MidCap 400®		    

293,820

      

—

      

—

      

293,820

    
  (725,918

)

  

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.50

%

  
S&P
MidCap 400®		    

44,308

      

—

      

—

      

44,308

    
  (5,038,089

)

  

3/7/2023

  

Societe Generale

    

0.20

%

   S&P
MidCap 400®		    

287,740

      

—

      

—

      

287,740

    
  (18,329,223

)

                                    

625,254

                            
                            Total Unrealized
Appreciation		    

828,318

                           
                            Total Unrealized
Depreciation		    

(203,064

)

                         

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

130 :: SMDD ULTRAPRO SHORT MIDCAP400 :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 107.6%

  

Repurchase Agreements (a) — 25.4%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $417,058,651
(Cost $417,058,322)		  

$

417,058,322

    

$

417,058,322

    

U.S. Treasury Obligations (b) — 82.2%

  

U.S. Treasury Bills

  

0.02%, 12/2/2021 (c)

    

75,000,000

      

74,999,948

    

0.05%, 12/16/2021 (c)

    

150,000,000

      

149,995,702

    

0.05%, 12/23/2021 (c)

    

75,000,000

      

74,993,515

    

0.04%, 12/30/2021 (c)

    

155,000,000

      

154,989,074

    

0.03%, 1/13/2022 (c)

    

50,000,000

      

49,998,358

    

0.05%, 1/27/2022 (c)

    

50,000,000

      

49,996,635

    

0.04%, 2/3/2022 (c)

    

20,000,000

      

19,998,489

    

0.04%, 2/10/2022 (c)

    

50,000,000

      

49,995,538

    

0.03%, 2/17/2022 (c)

    

50,000,000

      

49,994,827

    

0.05%, 2/24/2022 (c)

    

50,000,000

      

49,994,953

    

0.03%, 3/10/2022 (c)

    

25,000,000

      

24,996,631

    

0.04%, 3/17/2022 (c)

    

50,000,000

      

49,992,615

    

0.05%, 3/24/2022 (c)

    

50,000,000

      

49,991,721

    

0.05%, 4/21/2022 (c)

    

100,000,000

      

99,973,562

    

0.07%, 5/19/2022 (c)

    

50,000,000

      

49,980,440

    

0.08%, 6/16/2022 (c)

    

50,000,000

      

49,975,033

    

0.07%, 7/14/2022 (c)

    

100,000,000

      

99,931,094

    

0.09%, 8/11/2022 (c)

    

50,000,000

      

49,954,759

    

0.09%, 9/8/2022 (c)

    

150,000,000

      

149,809,740

    
Total U.S. Treasury Obligations
(Cost $1,349,725,444)		        

1,349,562,634

    
Total Short-Term Investments
(Cost $1,766,783,766)		        

1,766,620,956

    
Total Investments — 107.6%
(Cost $1,766,783,766)		        

1,766,620,956

    

Liabilities in excess of other assets — (7.6%)

        

(125,079,589

)

  

Net Assets — 100.0%

      

$

1,641,541,367

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $503,933,447.

(c)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

39,255,837

    

Aggregate gross unrealized depreciation

    

(194,844,717

)

  

Net unrealized depreciation

  

$

(155,588,880

)

  

Federal income tax cost

  

$

1,766,783,766

    

Futures Contracts Sold

UltraPro Short QQQ had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts 		 

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

NASDAQ 100 E-Mini Index

    

418

    

12/17/2021

  

USD

      

$

135,018,180

    

$

3,634

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO SHORT QQQ SQQQ :: 131

Swap Agreementsa

UltraPro Short QQQ had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (788,029,925

)

  

12/6/2021

   Bank of
America NA		    

(0.37

)%

   NASDAQ-100
Index®		    

(168,348,286

)

    

115,979,284

      

52,369,002

      

—

    
  (593,269,371

)

  

5/8/2023

  
BNP Paribas SA		    

(0.42

)%

   NASDAQ-100
Index®		    

1,600,169

      

—

      

—

      

1,600,169

    
  (835,566,345

)

  

4/10/2023

  
Citibank NA		    

(0.55

)%

   NASDAQ-100
Index®		    

11,254,155

      

—

      

(10,000

)

    

11,244,155

    
  (596,835,409

)

  

3/7/2023

   Goldman Sachs
International		    

(0.42

)%

   NASDAQ-100
Index®		    

8,487,798

      

—

      

—

      

8,487,798

    
  (544,571,164

)

  

5/8/2023

   J.P. Morgan
Securities		    

(0.22

)%

   NASDAQ-100
Index®		    

6,533,169

      

—

      

—

      

6,533,169

    
  (250,865,148

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

(0.20

)%

  
NASDAQ-100
Index®		    

(26,332,527

)

    

26,332,527

      

—

      

—

    
  (381,437,013

)

  

3/7/2023

   Societe
Generale		    

(0.57

)%

   NASDAQ-100
Index®		    

2,192,098

      

—

      

—

      

2,192,098

    
  (798,303,730

)

  

3/7/2023

  
UBS AG		    

(0.22

)%

   NASDAQ-100
Index®		    

9,183,720

      

—

      

(9,183,720

)

    

—

    
  (4,788,878,105

)

                                    

(155,429,704

)

                          
                            Total Unrealized
Appreciation		    

39,251,109

                            
                            Total Unrealized
Depreciation		    

(194,680,813

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

132 :: SQQQ ULTRAPRO SHORT QQQ :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 76.9%

  

Repurchase Agreements (a) — 23.0%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $32,367,819
(Cost $32,367,796)		  

$

32,367,796

    

$

32,367,796

    

U.S. Treasury Obligations (b) — 53.9%

  

U.S. Treasury Bills

  

0.05%, 1/27/2022 (c)

    

15,000,000

      

14,998,991

    

0.04%, 2/3/2022 (c)

    

10,000,000

      

9,999,244

    

0.07%, 5/19/2022 (c)

    

25,000,000

      

24,990,220

    

0.08%, 6/16/2022 (c)

    

25,847,000

      

25,834,094

    
Total U.S. Treasury Obligations
(Cost $75,826,316)		        

75,822,549

    
Total Short-Term Investments
(Cost $108,194,112)		        

108,190,345

    
Total Investments — 76.9%
(Cost $108,194,112)		        

108,190,345

    

Other assets less liabilities — 23.1%

        

32,513,322

    

Net Assets — 100.0%

      

$

140,703,667

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $12,584,107.

(c)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

26,692,462

    

Aggregate gross unrealized depreciation

    

(16,399,799

)

  

Net unrealized appreciation

  

$

10,292,663

    

Federal income tax cost

  

$

108,194,112

    

Futures Contracts Sold

UltraPro Short Russell2000 had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

Russell 2000 E-Mini Index

    

161

    

12/17/2021

  

USD

      

$

17,688,265

    

$

605,231

    

Swap Agreementsa

UltraPro Short Russell2000 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (43,960,609

)

  

5/8/2023

   Bank of
America NA		    

0.13

%

   Russell 2000®
Index		    

4,452,239

      

(3,631,366

)

    

—

      

820,873

    
  (46,069,363

)

  

5/8/2023

  

BNP Paribas SA

    

0.08

%

   Russell 2000®
Index		    

3,962,836

      

(2,712,789

)

    

—

      

1,250,047

    
  (60,083,017

)

  

4/10/2023

  
Citibank NA		    

0.12

%

   Russell 2000®
Index		    

4,443,785

      

—

      

(3,180,000

)

    

1,263,785

    
  (68,095,845

)

  

3/7/2023

   Goldman Sachs
International		    

(0.07

)%

   Russell 2000®
Index		    

2,676,952

      

(1,295,850

)

    

—

      

1,381,102

    
  (98,845,402

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.69

%

  
Russell 2000®
Index		    

(16,395,939

)

    

5,215,939

      

11,180,000

      

—

    
  (38,392,969

)

  

3/7/2023

   Societe
Generale		    

0.28

%

   Russell 2000®
Index		    

4,976,496

      

(4,976,438

)

    

(58

)

    

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO SHORT RUSSELL2000 SRTY :: 133

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (48,692,782

)

  

3/7/2023

  
UBS AG		    

0.43

%

   Russell 2000®
Index		    

5,574,830

      

—

      

(4,600,000

)

    

974,830

    
  (404,139,987

)

                                    

9,691,199

                            
                Total Unrealized
Appreciation		    

26,087,138

                
                Total Unrealized
Depreciation		    

(16,395,939

)

              

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

134 :: SRTY ULTRAPRO SHORT RUSSELL2000 :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 96.4%

  

Repurchase Agreements (a) — 15.7%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $96,899,447
(Cost $96,899,371)		  

$

96,899,371

    

$

96,899,371

    

U.S. Treasury Obligations (b) — 80.7%

  

U.S. Treasury Bills

  

0.02%, 12/2/2021 (c)

    

30,000,000

      

29,999,979

    

0.03%, 12/30/2021 (c)

    

65,000,000

      

64,995,418

    

0.03%, 1/13/2022 (c)

    

25,000,000

      

24,999,179

    

0.05%, 1/27/2022 (c)

    

10,000,000

      

9,999,327

    

0.04%, 2/3/2022 (c)

    

30,000,000

      

29,997,733

    

0.04%, 2/10/2022 (c)

    

20,000,000

      

19,998,215

    

0.03%, 2/17/2022 (c)

    

25,000,000

      

24,997,414

    

0.05%, 2/24/2022 (c)

    

15,000,000

      

14,998,486

    

0.03%, 3/10/2022 (c)

    

20,000,000

      

19,997,305

    

0.04%, 3/17/2022 (c)

    

25,000,000

      

24,996,307

    

0.06%, 3/24/2022 (c)

    

25,000,000

      

24,995,860

    

0.03%, 4/21/2022 (c)

    

25,000,000

      

24,993,391

    

0.07%, 5/19/2022 (c)

    

25,000,000

      

24,990,220

    

0.08%, 6/16/2022 (c)

    

25,000,000

      

24,987,517

    

0.07%, 7/14/2022 (c)

    

30,000,000

      

29,979,328

    

0.07%, 8/11/2022 (c)

    

80,000,000

      

79,927,614

    

0.08%, 9/8/2022 (c)

    

25,000,000

      

24,968,290

    
Total U.S. Treasury Obligations
(Cost $499,890,082)		        

499,821,583

    
Total Short-Term Investments
(Cost $596,789,453)		        

596,720,954

    
Total Investments — 96.4%
(Cost $596,789,453)		        

596,720,954

    

Other assets less liabilities — 3.6%

        

22,419,796

    

Net Assets — 100.0%

      

$

619,140,750

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $163,246,688.

(c)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

42,448,739

    

Aggregate gross unrealized depreciation

    

(38,862,460

)

  

Net unrealized appreciation

  

$

3,586,279

    

Federal income tax cost

  

$

596,789,453

    

Futures Contracts Sold

UltraPro Short S&P500® had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

S&P 500 E-Mini Index

    

193

    

12/17/2021

  

USD

      

$

44,064,313

    

$

(305,579

)

  

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRAPRO SHORT S&P500® SPXU :: 135

Swap Agreementsa

UltraPro Short S&P500® had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (251,427,051

)

  

5/8/2023

   Bank of
America NA		    

(0.32

)%

  
S&P 500®		    

7,169,176

      

(1,922,232

)

    

—

      

5,246,944

    
  (179,738,852

)

  

11/7/2022

  

BNP Paribas SA

    

(0.37

)%

  
S&P 500®  		    

(38,487,568

)

    

38,487,567

      

1

      

—

    
  (288,766,843

)

  

4/10/2023

  

Citibank NA

    

(0.55

)%

  

S&P 500®  

    

5,551,761

      

—

      

(20,000

)

    

5,531,761

    
  (244,307,098

)

  

3/7/2023

   Goldman Sachs
International		    

(0.42

)%

  
S&P 500®		    

6,981,529

      

(3,248,753

)

    

—

      

3,732,776

    
  (245,636,095

)

  

5/8/2023

   J.P. Morgan
Securities		    

(0.22

)%

  
S&P 500®		    

6,893,325

      

—

      

(2,180,000

)

    

4,713,325

    
  (122,920,805

)

  

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.08

%

  

S&P 500®		    

3,474,023

      

—

      

(1,239,000

)

    

2,235,023

    
  (250,207,662

)

  

3/7/2023

   Societe
Generale		    

(0.17

)%

  
S&P 500®		    

5,821,874

      

(2,502,467

)

    

—

      

3,319,407

    
  (230,439,348

)

  

3/7/2023

  

UBS AG

    

(0.22

)%

  

S&P 500®

    

6,556,237

      

—

      

(4,020,000

)

    

2,536,237

    
  (1,813,443,754

)

                                    

3,960,357

                            
                 
 		   Total Unrealized
Appreciation		    

42,447,925

                        
                 
 		   Total Unrealized
Depreciation		    

(38,487,568

)

                      

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

136 :: SPXU ULTRAPRO SHORT S&P500® :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 96.4%

  

Repurchase Agreements (a) — 96.4%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $70,906,204
(Cost $70,906,148)		  

$

70,906,148

    

$

70,906,148

    
Total Investments — 96.4%
(Cost $70,906,148)		        

70,906,148

    

Other assets less liabilities — 3.6%

        

2,648,710

    

Net Assets — 100.0%

      

$

73,554,858

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

29,894

    

Aggregate gross unrealized depreciation

    

(154,179

)

  

Net unrealized depreciation

  

$

(124,285

)

  

Federal income tax cost

  

$

70,906,148

    

Futures Contracts Sold

UltraShort 7-10 Year Treasury had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

U.S. Treasury 10 Year Note

    

16

    

3/22/2022

  

USD

      

$

2,092,750

    

$

(7,528

)

  

Swap Agreementsa

UltraShort 7-10 Year Treasury had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (119,829,815

)

  

8/8/2022

  

Citibank NA		    

0.40

%

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

29,894

      

—

      

(29,894

)

    

—

    
  (25,557,973

)

  

11/6/2023

  
Societe
Generale		    

0.21

%

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

(146,651

)

    

—

      

146,651

      

—

    
  (145,387,788

)

                                    

(116,757

)

                          
             
 		   Total Unrealized
Appreciation		    

29,894

                
             
 		   Total Unrealized
Depreciation		    

(146,651

)

              

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT 7-10 YEAR TREASURY PST :: 137

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

138 :: PST ULTRASHORT 7-10 YEAR TREASURY :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 104.5%

  

Repurchase Agreements (a) — 20.6%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $296,789,783
(Cost $296,789,550)		  

$

296,789,550

    

$

296,789,550

    

U.S. Treasury Obligations (b) — 83.9%

  

U.S. Treasury Bills

  

0.01%, 12/2/2021 (c)

    

40,000,000

      

39,999,972

    

0.04%, 12/16/2021 (c)

    

50,000,000

      

49,998,568

    

0.05%, 12/23/2021 (c)

    

25,000,000

      

24,997,838

    

0.03%, 12/30/2021 (c)

    

85,000,000

      

84,994,008

    

0.03%, 1/13/2022 (c)

    

25,000,000

      

24,999,179

    

0.05%, 1/27/2022 (c)

    

70,000,000

      

69,995,290

    

0.04%, 2/3/2022 (c)

    

35,000,000

      

34,997,355

    

0.04%, 2/10/2022 (c)

    

70,000,000

      

69,993,753

    

0.03%, 2/17/2022 (c)

    

25,000,000

      

24,997,414

    

0.03%, 2/24/2022 (c)

    

120,000,000

      

119,987,887

    

0.04%, 3/17/2022 (c)

    

25,000,000

      

24,996,307

    

0.04%, 3/24/2022 (c)

    

125,000,000

      

124,979,302

    

0.04%, 4/21/2022 (c)

    

125,000,000

      

124,966,953

    

0.07%, 5/19/2022 (c)

    

50,000,000

      

49,980,440

    

0.07%, 6/16/2022 (c)

    

100,000,000

      

99,950,066

    

0.07%, 7/14/2022 (c)

    

75,000,000

      

74,948,321

    

0.09%, 8/11/2022 (c)

    

25,000,000

      

24,977,379

    

0.08%, 9/8/2022 (c)

    

140,000,000

      

139,822,424

    
Total U.S. Treasury Obligations
(Cost $1,209,740,763)		        

1,209,582,456

    
Total Short-Term Investments
(Cost $1,506,530,313)		        

1,506,372,006

    
Total Investments — 104.5%
(Cost $1,506,530,313)		        

1,506,372,006

    

Liabilities in excess of other assets — (4.5%)

        

(64,448,184

)

  

Net Assets — 100.0%

      

$

1,441,923,822

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $89,151,837.

(c)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

526

    

Aggregate gross unrealized depreciation

    

(74,548,251

)

  

Net unrealized depreciation

  

$

(74,547,725

)

  

Federal income tax cost

  

$

1,506,530,313

    

Futures Contracts Sold

UltraShort 20+ Year Treasury had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

U.S. Treasury Long Bond

    

115

    

3/22/2022

  

USD

      

$

18,644,375

    

$

(21,616

)

  

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT 20+ YEAR TREASURY TBT :: 139

Swap Agreementsa

UltraShort 20+ Year Treasury had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (714,117,611

)

  

11/7/2022

  
Bank of
America NA		    

0.23

%

   ICE U.S. Treasury
20+ Year
Bond Index		    

(15,078,935

)

    

15,078,935

      

—

      

—

    
  (673,041,640

)

  

8/8/2022

  

Citibank NA		    

0.38

%

   ICE U.S. Treasury
20+ Year
Bond Index		    

(28,872,122

)

    

28,872,122

      

—

      

—

    
  (834,737,364

)

  

11/6/2023

  
Goldman Sachs
International		    

0.35

%

   ICE U.S. Treasury
20+ Year
Bond Index		    

(16,255,691

)

    

12,459,461

      

—

      

(3,796,230

)

  
  (658,864,067

)

  

11/6/2023

  
Societe
Generale		    

0.21

%

   ICE U.S. Treasury
20+ Year
Bond Index		    

(14,161,054

)

    

7,791,033

      

—

      

(6,370,021

)

  
  (2,880,760,682

)

                                    

(74,367,802

)

                          
                Total Unrealized
Depreciation		    

(74,367,802

)

              

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

140 :: TBT ULTRASHORT 20+ YEAR TREASURY :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 65.5%

  

Repurchase Agreements (a) — 65.5%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $1,587,593
(Cost $1,587,592)		  

$

1,587,592

    

$

1,587,592

    
Total Investments — 65.5%
(Cost $1,587,592)		        

1,587,592

    

Other assets less liabilities — 34.5%

        

837,036

    

Net Assets — 100.0%

      

$

2,424,628

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

217,155

    

Aggregate gross unrealized depreciation

    

(84,557

)

  

Net unrealized appreciation

  

$

132,598

    

Federal income tax cost

  

$

1,587,592

    

Swap Agreementsa

UltraShort Basic Materials had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (308,935

)

  

5/8/2023

  
Bank of
America NA		    

0.33

%

   Dow Jones U.S.
Basic MaterialsSM
Index		    

17,454

      

—

      

—

      

17,454

    
  (612,447

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.32

%

   Dow Jones U.S.
Basic MaterialsSM
Index		    

(84,557

)

    

—

      

84,557

      

—

    
  (1,667,601

)

  

3/7/2023

  
Societe
Generale		    

0.03

%

   Dow Jones U.S.
Basic MaterialsSM
Index		    

93,838

      

—

      

—

      

93,838

    
  (2,260,361

)

  

3/7/2023

  

UBS AG		    

0.18

%

   Dow Jones U.S.
Basic MaterialsSM
Index		    

105,863

      

—

      

—

      

105,863

    
  (4,849,344

)

                                    

132,598

                            
         
 		    
 		   Total Unrealized
Appreciation		    

217,155

                            
         
 		    
 		   Total Unrealized
Depreciation		    

(84,557

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT BASIC MATERIALS SMN :: 141

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 131.5%

  

Repurchase Agreements (a) — 131.5%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $1,054,769
(Cost $1,054,769)		  

$

1,054,769

    

$

1,054,769

    
Total Investments — 131.5%
(Cost $1,054,769)		        

1,054,769

    

Liabilities in excess of other assets — (31.5%)

        

(252,781

)

  

Net Assets — 100.0%

      

$

801,988

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

4,234

    

Aggregate gross unrealized depreciation

    

(309,727

)

  

Net unrealized depreciation

  

$

(305,493

)

  

Federal income tax cost

  

$

1,054,769

    

Swap Agreementsa

UltraShort Consumer Goods had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (223,106

)

  

1/6/2022

  
Bank of
America NA		    

0.08

%

   Dow Jones U.S.
Consumer GoodsSM
Index		    

(98,129

)

    

—

      

40,000

      

(58,129

)

  
  (527,984

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

(0.17

)%

   Dow Jones U.S.
Consumer GoodsSM
Index		    

(74,949

)

    

—

      

—

      

(74,949

)

  
  (365,450

)

  

3/7/2023

  
Societe Generale		    

0.03

%

   Dow Jones U.S.
Consumer GoodsSM
Index		    

4,234

      

—

      

—

      

4,234

    
  (487,603

)

  

12/6/2021

  

UBS AG		    

0.18

%

   Dow Jones U.S.
Consumer GoodsSM
Index		    

(136,649

)

    

—

      

12,046

      

(124,603

)

  
  (1,604,143

)

                                    

(305,493

)

                          
                              Total Unrealized
Appreciation		    

4,234

                            

                          Total Unrealized
Depreciation		    

(309,727

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

142 :: SZK ULTRASHORT CONSUMER GOODS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 104.7%

  

Repurchase Agreements (a) — 104.7%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $895,534
(Cost $895,533)		  

$

895,533

    

$

895,533

    
Total Investments — 104.7%
(Cost $895,533)		        

895,533

    

Liabilities in excess of other assets — (4.7%)

        

(40,027

)

  

Net Assets — 100.0%

      

$

855,506

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

15,746

    

Aggregate gross unrealized depreciation

    

(169,879

)

  

Net unrealized depreciation

  

$

(154,133

)

  

Federal income tax cost

  

$

895,533

    

Swap Agreementsa

UltraShort Consumer Services had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (315,489

)

  

1/6/2022

   Bank of
America NA		    

0.03

%

   Dow Jones
U.S. Consumer
ServicesSM Index		    

(41,224

)

    

—

      

41,224

      

—

    
  (483,749

)

  

1/6/2022

  

BNP Paribas SA

    

(0.12

)%

   Dow Jones
U.S. Consumer
ServicesSM Index		    

(77,385

)

    

—

      

10,000

      

(67,385

)

  
  (307,399

)

  

3/7/2023

   Goldman Sachs
International		    

(0.17

)%

   Dow Jones
U.S. Consumer
ServicesSM Index		    

10,455

      

—

      

—

      

10,455

    
  (362,407

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

(0.32

)%

   Dow Jones
U.S. Consumer
ServicesSM Index		    

(51,270

)

    

—

      

—

      

(51,270

)

  
  (176,350

)

  

3/7/2023

  

Societe Generale

    

0.03

%

   Dow Jones
U.S. Consumer
ServicesSM Index		    

2,445

      

—

      

—

      

2,445

    
  (66,334

)

  

3/7/2023

  

UBS AG

    

0.18

%

   Dow Jones
U.S. Consumer
ServicesSM Index		    

2,846

      

—

      

—

      

2,846

    
  (1,711,728

)

                                    

(154,133

)

                          
                Total Unrealized
Appreciation		    

15,746

                            
                Total Unrealized
Depreciation		    

(169,879

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT CONSUMER SERVICES SCC :: 143

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

144 :: SCC ULTRASHORT CONSUMER SERVICES :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 77.8%

  

Repurchase Agreements (a) — 45.7%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $49,844,612
(Cost $49,844,573)		  

$

49,844,573

    

$

49,844,573

    

U.S. Treasury Obligations (b) — 32.1%

  

U.S. Treasury Bills

  

0.03%, 1/13/2022 (c)

    

25,000,000

      

24,999,179

    

0.03%, 3/10/2022 (c)

    

10,000,000

      

9,998,652

    
Total U.S. Treasury Obligations
(Cost $34,998,137)		        

34,997,831

    
Total Short-Term Investments
(Cost $84,842,710)		        

84,842,404

    
Total Investments — 77.8%
(Cost $84,842,710)		        

84,842,404

    

Other assets less liabilities — 22.2%

        

24,147,763

    

Net Assets — 100.0%

      

$

108,990,167

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $415,930.

(c)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

8,607,701

    

Aggregate gross unrealized depreciation

    

(7,065,353

)

  

Net unrealized appreciation

  

$

1,542,348

    

Federal income tax cost

  

$

84,842,710

    

Futures Contracts Sold

UltraShort Dow30SM had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

DJIA CBOT E-Mini Index

    

77

    

12/17/2021

  

USD

      

$

13,265,945

    

$

360,191

    

Swap Agreementsa

UltraShort Dow30SM had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (23,828,251

)

  

11/7/2022

  
Bank of
America NA		    

(0.27

)%

   Dow Jones
Industrial
AverageSM		    

(7,064,913

)

    

—

      

7,064,913

      

—

    
  (33,966,464

)

  

5/8/2023

  

BNP Paribas SA		    

(0.37

)%

   Dow Jones
Industrial
AverageSM		    

1,704,725

      

(1,307,199

)

    

—

      

397,526

    
  (48,587,561

)

  

4/10/2023

  

Citibank NA		    

(0.55

)%

   Dow Jones
Industrial
AverageSM		    

1,190,026

      

—

      

(480,000

)

    

710,026

    
  (32,151,345

)

  

3/7/2023

  
Goldman Sachs
International		    

(0.42

)%

   Dow Jones
Industrial
AverageSM		    

1,750,467

      

(1,441,492

)

    

—

      

308,975

    
  (34,380,269

)

  

3/7/2023

  

Societe Generale		    

(0.17

)%

   Dow Jones
Industrial
AverageSM		    

1,880,102

      

(1,497,417

)

    

—

      

382,685

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT DOW30SM DXD :: 145

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (31,738,540

)

  

3/7/2023

  

UBS AG		    

(0.27

)%

   Dow Jones
Industrial
AverageSM		    

1,722,056

      

—

      

(1,360,000

)

    

362,056

    
  (204,652,430

)

                                    

1,182,463

                            
                Total Unrealized
Appreciation		    

8,247,376

                            
                Total Unrealized
Depreciation		    

(7,064,913

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

146 :: DXD ULTRASHORT DOW30SM :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 63.1%

  

Repurchase Agreements (a) — 63.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $8,467,553
(Cost $8,467,546)		  

$

8,467,546

    

$

8,467,546

    
Total Investments — 63.1%
(Cost $8,467,546)		        

8,467,546

    

Other assets less liabilities — 36.9%

        

4,949,651

    

Net Assets — 100.0%

      

$

13,417,197

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

654,117

    

Aggregate gross unrealized depreciation

    

(3,548,348

)

  

Net unrealized depreciation

  

$

(2,894,231

)

  

Federal income tax cost

  

$

8,467,546

    

Swap Agreementsa

UltraShort Financials had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (3,013,303

)

  

1/6/2022

   Bank of
America NA		    

0.03

%

   Dow Jones U.S.
FinancialsSM Indexf		    

(1,064,320

)

    

—

      

1,064,320

      

—

    
  (4,427,345

)

  

1/6/2022

  
BNP Paribas SA		    

(0.27

)%

   Dow Jones U.S.
FinancialsSM Indexf		    

(943,049

)

    

—

      

943,049

      

—

    
  (5,213,921

)

  

4/10/2023

  
Citibank NA		    

(0.22

)%

   Dow Jones U.S.
FinancialsSM Indexf		    

216,981

      

—

      

—

      

216,981

    
  (4,309,032

)

  

3/7/2023

   Goldman Sachs
International		    

(0.17

)%

   Dow Jones U.S.
FinancialsSM Indexf		    

253,551

      

—

      

—

      

253,551

    
  (7,062,863

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.36

%

  
Dow Jones U.S.
FinancialsSM Indexf		    

(1,540,979

)

    

—

      

1,540,979

      

—

    
  (1,143,962

)

  

3/7/2023

  
Societe Generale		    

(0.17

)%

   Dow Jones U.S.
FinancialsSM Indexf		    

77,357

      

—

      

—

      

77,357

    
  (1,664,538

)

  

3/7/2023

  
UBS AG		    

(0.17

)%

   Dow Jones U.S.
FinancialsSM Indexf		    

106,228

      

—

      

—

      

106,228

    
  (26,834,964

)

                                    

(2,894,231

)

                          
                Total Unrealized
Appreciation		    

654,117

                
                Total Unrealized
Depreciation		    

(3,548,348

)

              

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT FINANCIALS SKF :: 147

be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  See the Common Stocks section of the Summary Schedule of Portfolio Investments of ProShares Ultra Financials for the components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

148 :: SKF ULTRASHORT FINANCIALS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 61.4%

  

Repurchase Agreements (a) — 61.4%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $14,273,981
(Cost $14,273,971)		  

$

14,273,971

    

$

14,273,971

    
Total Investments — 61.4%
(Cost $14,273,971)		        

14,273,971

    

Other assets less liabilities — 38.6%

        

8,960,471

    

Net Assets — 100.0%

      

$

23,234,442

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

1,798,986

    

Aggregate gross unrealized depreciation

    

—

    

Net unrealized appreciation

  

$

1,798,986

    

Federal income tax cost

  

$

14,273,971

    

Swap Agreementsa,f

UltraShort FTSE China 50 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (15,348,569

)

  

5/8/2023

   Bank of
America NA		    

1.43

%

   iShares® China
Large-Cap ETF		    

419,349

      

(351,226

)

    

—

      

68,123

    
  (5,846,117

)

  

4/10/2023

  
Citibank NA		    

2.68

%

   iShares® China
Large-Cap ETF		    

185,428

      

—

      

—

      

185,428

    
  (4,751,628

)

  

3/7/2023

   Goldman Sachs
International		    

0.43

%

   iShares® China
Large-Cap ETF		    

179,491

      

—

      

—

      

179,491

    
  (1,657,806

)

  

4/10/2023

   Morgan
Stanley & Co.
International plc		    

1.33

%

  
iShares® China
Large-Cap ETF		    

53,867

      

—

      

—

      

53,867

    
  (2,641,400

)

  

3/7/2023

  
Societe Generale		    

1.58

%

   iShares® China
Large-Cap ETF		    

10,316

      

—

      

—

      

10,316

    
  (16,168,231

)

  

11/9/2022

  
UBS AG		    

1.68

%

   iShares® China
Large-Cap ETF		    

950,535

      

—

      

(710,000

)

    

240,535

    
  (46,413,751

)

                                    

1,798,986

                            

   
                   Total Unrealized
Appreciation		    

1,798,986

                            

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT FTSE CHINA 50 FXP :: 149

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 65.6%

  

Repurchase Agreements (a) — 65.6%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $5,565,142
(Cost $5,565,138)		  

$

5,565,138

    

$

5,565,138

    
Total Investments — 65.6%
(Cost $5,565,138)		        

5,565,138

    

Other assets less liabilities — 34.4%

        

2,911,973

    

Net Assets — 100.0%

      

$

8,477,111

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

633,070

    

Aggregate gross unrealized depreciation

    

(625,474

)

  

Net unrealized appreciation

  

$

7,596

    

Federal income tax cost

  

$

5,565,138

    

Swap Agreementsa,f

UltraShort FTSE Europe had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (5,027,154

)

  

4/10/2023

  
Citibank NA		    

0.73

%

   Vanguard® FTSE
Europe ETF Shares		    

290,411

      

—

      

(260,000

)

    

30,411

    
  (4,112,427

)

  

3/7/2023

   Goldman Sachs
International		    

0.68

%

   Vanguard® FTSE
Europe ETF Shares		    

255,277

      

(255,277

)

    

—

      

—

    
  (366,403

)

  

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.33

%

  
Vanguard® FTSE
Europe ETF Shares		    

24,528

      

—

      

—

      

24,528

    
  (1,286,255

)

  

3/7/2023

  
Societe Generale		    

0.88

%

   Vanguard® FTSE
Europe ETF Shares		    

62,854

      

—

      

—

      

62,854

    
  (6,234,179

)

  

11/9/2022

  
UBS AG		    

0.43

%

   Vanguard® FTSE
Europe ETF Shares		    

(625,474

)

    

—

      

625,474

      

—

    
  (17,026,418

)

                                    

7,596

                            

                          Total Unrealized
Appreciation		    

633,070

                            

                          Total Unrealized
Depreciation		    

(625,474

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

150 :: EPV ULTRASHORT FTSE EUROPE :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 70.6%

  

Repurchase Agreements (a) — 70.6%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $2,015,648
(Cost $2,015,647)		  

$

2,015,647

    

$

2,015,647

    
Total Investments — 70.6%
(Cost $2,015,647)		        

2,015,647

    

Other assets less liabilities — 29.4%

        

838,249

    

Net Assets — 100.0%

      

$

2,853,896

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

61,822

    

Aggregate gross unrealized depreciation

    

(355,537

)

  

Net unrealized depreciation

  

$

(293,715

)

  

Federal income tax cost

  

$

2,015,647

    

Swap Agreementsa

UltraShort Health Care had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (1,636,676

)

  

12/6/2021

  
Bank of
America NA		    

(0.12

)%

   Dow Jones U.S.
Health CareSM
Indexf		    

(159,139

)

    

—

      

100,000

      

(59,139

)

  
  (63,988

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

(0.37

)%

   Dow Jones U.S.
Health CareSM
Indexf		    

(7,129

)

    

—

      

—

      

(7,129

)

  
  (3,028,775

)

  

3/7/2023

  

Societe Generale		    

(0.07

)%

   Dow Jones U.S.
Health CareSM
Indexf		    

61,822

      

—

      

—

      

61,822

    
  (978,308

)

  

12/6/2021

  

UBS AG		    

0.18

%

   Dow Jones U.S.
Health CareSM
Indexf		    

(189,269

)

    

—

      

28,000

      

(161,269

)

  
  (5,707,747

)

                                    

(293,715

)

                          

                          Total Unrealized
Appreciation		    

61,822

                            

                          Total Unrealized
Depreciation		    

(355,537

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  See the Common Stocks section of the Schedule of Portfolio Investments of ProShares Ultra Health Care for the components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT HEALTH CARE RXD :: 151

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 91.3%

  

Repurchase Agreements (a) — 91.3%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $1,557,254
(Cost $1,557,253)		  

$

1,557,253

    

$

1,557,253

    
Total Investments — 91.3%
(Cost $1,557,253)		        

1,557,253

    

Other assets less liabilities — 8.7%

        

148,392

    

Net Assets — 100.0%

      

$

1,705,645

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

104,114

    

Aggregate gross unrealized depreciation

    

(376,373

)

  

Net unrealized depreciation

  

$

(272,259

)

  

Federal income tax cost

  

$

1,557,253

    

Swap Agreementsa

UltraShort Industrials had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (626,792

)

  

11/7/2022

  
Bank of
America NA		    

0.03

%

   Dow Jones U.S.
IndustrialsSM
Index		    

(135,867

)

    

—

      

—

      

(135,867

)

  
  (74,447

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

(0.17

)%

   Dow Jones U.S.
IndustrialsSM
Index		    

(3,230

)

    

—

      

3,230

      

—

    
  (1,849,642

)

  

3/7/2023

  

Societe Generale		    

0.03

%

   Dow Jones U.S.
IndustrialsSM
Index		    

104,114

      

—

      

(20,000

)

    

84,114

    
  (860,860

)

  

12/6/2021

  

UBS AG		    

0.18

%

   Dow Jones U.S.
IndustrialsSM
Index		    

(237,276

)

    

—

      

237,276

      

—

    
  (3,411,741

)

                                    

(272,259

)

                          

                          Total Unrealized
Appreciation		    

104,114

                            

                          Total Unrealized
Depreciation		    

(376,373

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

152 :: SIJ ULTRASHORT INDUSTRIALS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 77.0%

  

Repurchase Agreements (a) — 77.0%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $1,483,727
(Cost $1,483,725)		  

$

1,483,725

    

$

1,483,725

    
Total Investments — 77.0%
(Cost $1,483,725)		        

1,483,725

    

Other assets less liabilities — 23.0%

        

443,656

    

Net Assets — 100.0%

      

$

1,927,381

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

167,718

    

Aggregate gross unrealized depreciation

    

(307,926

)

  

Net unrealized depreciation

  

$

(140,208

)

  

Federal income tax cost

  

$

1,483,725

    

Futures Contracts Sold

UltraShort MidCap400 had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Depreciation		  

S&P Midcap 400 E-Mini Index

    

1

    

12/17/2021

  

USD

      

$

270,620

    

$

(2,432

)

  

Swap Agreementsa

UltraShort MidCap400 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (517,352

)

  

12/6/2021

   Bank of
America NA		    

(0.17

)%

  
S&P MidCap 400®		    

(125,203

)

    

—

      

74,000

      

(51,203

)

  
  (1,180,971

)

  

5/8/2023

  

BNP Paribas SA

    

(0.22

)%

  

S&P MidCap 400®

    

85,605

      

—

      

—

      

85,605

    
  (1,172,846

)

  

4/10/2023

  

Citibank NA

    

(0.27

)%

  

S&P MidCap 400®

    

43,232

      

—

      

—

      

43,232

    
  (159,810

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.50

%

  

S&P MidCap 400®		    

(180,291

)

    

—

      

133,000

      

(47,291

)

  
  (552,565

)

  

3/7/2023

  

Societe Generale

    

0.20

%

  

S&P MidCap 400®

    

38,881

      

—

      

—

      

38,881

    
  (3,583,544

)

                                    

(137,776

)

                          

                          Total Unrealized
Appreciation		    

167,718

                            

                          Total Unrealized
Depreciation		    

(305,494

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT MIDCAP400 MZZ :: 153

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

154 :: MZZ ULTRASHORT MIDCAP400 :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 59.3%

  

Repurchase Agreements (a) — 59.3%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $13,153,458
(Cost $13,153,447)		  

$

13,153,447

    

$

13,153,447

    
Total Investments — 59.3%
(Cost $13,153,447)		        

13,153,447

    

Other assets less liabilities — 40.7%

        

9,034,588

    

Net Assets — 100.0%

      

$

22,188,035

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

1,767,694

    

Aggregate gross unrealized depreciation

    

—

    

Net unrealized appreciation

  

$

1,767,694

    

Federal income tax cost

  

$

13,153,447

    

Swap Agreementsa,f

UltraShort MSCI Brazil Capped had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		  
Value and
Unrealized
Appreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (10,049,835

)

  

11/9/2022

   Bank of
America NA		    

1.43

%

   iShares® MSCI
Brazil Capped ETF		    

535,132

      

(288,805

)

    

—

      

246,327

    
  (3,228,835

)

  

4/10/2023

  
Citibank NA		    

0.13

%

   iShares® MSCI
Brazil Capped ETF		    

157,934

      

—

      

—

      

157,934

    
  (4,139,352

)

  

3/7/2023

   Goldman Sachs
International		    

1.93

%

   iShares® MSCI
Brazil Capped ETF		    

132,713

      

—

      

—

      

132,713

    
  (1,368,889

)

  

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.33

%

  
iShares® MSCI
Brazil Capped ETF		    

66,798

      

—

      

—

      

66,798

    
  (3,593,042

)

  

3/7/2023

  
Societe Generale		    

0.98

%

   iShares® MSCI
Brazil Capped ETF		    

6,810

      

—

      

—

      

6,810

    
  (21,846,192

)

  

3/7/2023

  
UBS AG		    

0.68

%

   iShares® MSCI
Brazil Capped ETF		    

868,307

      

—

      

(340,200

)

    

528,107

    
  (44,226,145

)

                                    

1,767,694

                            

                          Total Unrealized
Appreciation		    

1,767,694

                            

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT MSCI BRAZIL CAPPED BZQ :: 155

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 77.1%

  

Repurchase Agreements (a) — 77.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $723,995
(Cost $723,994)		  

$

723,994

    

$

723,994

    
Total Investments — 77.1%
(Cost $723,994)		        

723,994

    

Other assets less liabilities — 22.9%

        

215,268

    

Net Assets — 100.0%

      

$

939,262

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

79,694

    

Aggregate gross unrealized depreciation

    

(88,289

)

  

Net unrealized depreciation

  

$

(8,595

)

  

Federal income tax cost

  

$

723,994

    

Swap Agreementsa,f

UltraShort MSCI EAFE had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (385,776

)

  

4/10/2023

  
Citibank NA		    

0.33

%

   iShares® MSCI
EAFE ETF		    

24,028

      

—

      

—

      

24,028

    
  (505,450

)

  

3/7/2023

   Goldman Sachs
International		    

(0.12

)%

   iShares® MSCI
EAFE ETF		    

28,411

      

—

      

—

      

28,411

    
  (425,198

)

  

3/7/2023

  
Societe Generale		    

0.73

%

   iShares® MSCI
EAFE ETF		    

27,255

      

—

      

—

      

27,255

    
  (567,400

)

  

11/9/2022

  
UBS AG		    

0.33

%

   iShares® MSCI
EAFE ETF		    

(88,289

)

    

—

      

88,289

      

—

    
  (1,883,824

)

                                    

(8,595

)

                          

                          Total Unrealized
Appreciation		    

79,694

                            

                          Total Unrealized
Depreciation		    

(88,289

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

156 :: EFU ULTRASHORT MSCI EAFE :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 66.1%

  

Repurchase Agreements (a) — 66.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $4,582,181
(Cost $4,582,177)		  

$

4,582,177

    

$

4,582,177

    
Total Investments — 66.1%
(Cost $4,582,177)		        

4,582,177

    

Other assets less liabilities — 33.9%

        

2,354,155

    

Net Assets — 100.0%

      

$

6,936,332

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

576,022

    

Aggregate gross unrealized depreciation

    

—

    

Net unrealized appreciation

  

$

576,022

    

Federal income tax cost

  

$

4,582,177

    

Swap Agreementsa,f

UltraShort MSCI Emerging Markets had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (4,901,378

)

  

4/10/2023

  

Citibank NA		    

0.48

%

   iShares® MSCI
Emerging
Markets ETF		    

216,099

      

—

      

—

      

216,099

    
  (2,324,402

)

  

3/7/2023

  
Goldman Sachs
International		    

0.43

%

   iShares® MSCI
Emerging
Markets ETF		    

118,668

      

—

      

—

      

118,668

    
  (839,930

)

  

3/7/2023

  

Societe Generale		    

1.63

%

   iShares® MSCI
Emerging
Markets ETF		    

45,791

      

—

      

—

      

45,791

    
  (5,848,534

)

  

3/7/2023

  

UBS AG		    

1.03

%

   iShares® MSCI
Emerging
Markets ETF		    

195,464

      

—

      

—

      

195,464

    
  (13,914,244

)

                                    

576,022

                            

                          Total Unrealized
Appreciation		    

576,022

                            

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT MSCI EMERGING MARKETS EEV :: 157

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 63.1%

  

Repurchase Agreements (a) — 63.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $2,404,060
(Cost $2,404,058)		  

$

2,404,058

    

$

2,404,058

    
Total Investments — 63.1%
(Cost $2,404,058)		        

2,404,058

    

Other assets less liabilities — 36.9%

        

1,404,044

    

Net Assets — 100.0%

      

$

3,808,102

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

209,367

    

Aggregate gross unrealized depreciation

    

(59,196

)

  

Net unrealized appreciation

  

$

150,171

    

Federal income tax cost

  

$

2,404,058

    

Swap Agreementsa,f

UltraShort MSCI Japan had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (2,278,607

)

  

11/9/2022

   Bank of
America NA		    

0.38

%

   iShares® MSCI
Japan ETF		    

(59,196

)

    

—

      

59,196

      

—

    
  (1,193,834

)

  

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.23

%

  
iShares® MSCI
Japan ETF		    

61,756

      

—

      

—

      

61,756

    
  (1,813,511

)

  

3/7/2023

  
Societe Generale		    

1.08

%

   iShares® MSCI
Japan ETF		    

103,526

      

—

      

—

      

103,526

    
  (2,358,298

)

  

11/9/2022

  
UBS AG		    

0.58

%

   iShares® MSCI
Japan ETF		    

44,085

      

—

      

—

      

44,085

    
  (7,644,250

)

                                    

150,171

                            

                          Total Unrealized
Appreciation		    

209,367

                            

                          Total Unrealized
Depreciation		    

(59,196

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

See accompanying notes to the financial statements.

158 :: EWV ULTRASHORT MSCI JAPAN :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 75.6%

  

Repurchase Agreements (a) — 75.6%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $5,224,154
(Cost $5,224,150)		  

$

5,224,150

    

$

5,224,150

    
Total Investments — 75.6%
(Cost $5,224,150)		        

5,224,150

    

Other assets less liabilities — 24.4%

        

1,688,019

    

Net Assets — 100.0%

      

$

6,912,169

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

607,769

    

Aggregate gross unrealized depreciation

    

(437,654

)

  

Net unrealized appreciation

  

$

170,115

    

Federal income tax cost

  

$

5,224,150

    

Swap Agreementsa

UltraShort Nasdaq Biotechnology had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (2,141,957

)

  

1/6/2022

  
Bank of
America NA		    

0.18

%

   NASDAQ
Biotechnology
Index®		    

(436,828

)

    

—

      

436,828

      

—

    
  (3,823,896

)

  

4/10/2023

  

Citibank NA		    

0.93

%

   NASDAQ
Biotechnology
Index®		    

9,884

      

—

      

—

      

9,884

    
  (186,882

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

(0.02

)%

   NASDAQ
Biotechnology
Index®		    

(826

)

    

—

      

826

      

—

    
  (3,248,874

)

  

3/7/2023

  

Societe Generale		    

0.08

%

   NASDAQ
Biotechnology
Index®		    

121,159

      

—

      

—

      

121,159

    
  (4,422,878

)

  

11/6/2023

  

UBS AG		    

0.93

%

   NASDAQ
Biotechnology
Index®		    

476,726

      

—

      

(300,000

)

    

176,726

    
  (13,824,487

)

                                    

170,115

                            

                          Total Unrealized
Appreciation		    

607,769

                            

                          Total Unrealized
Depreciation		    

(437,654

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT NASDAQ BIOTECHNOLOGY BIS :: 159

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 85.8%

  

Repurchase Agreements (a) — 85.8%

  
Repurchase Agreements with
various counterparties,
rates 0.01% - 0.05%,
dated 11/30/2021, due 12/1/2021,
total to be received $18,572,185
(Cost $18,572,171)		  

$

18,572,171

    

$

18,572,171

    
Total Investments — 85.8%
(Cost $18,572,171)		        

18,572,171

    

Other assets less liabilities — 14.2%

        

3,061,122

    

Net Assets — 100.0%

      

$

21,633,293

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

1,587,389

    

Aggregate gross unrealized depreciation

    

(8,911,251

)

  

Net unrealized depreciation

  

$

(7,323,862

)

  

Federal income tax cost

  

$

18,572,171

    

Swap Agreementsa

UltraShort Oil & Gas had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (3,128,578

)

  

11/7/2022

   Bank of
America NA		    

0.23

%

   Dow Jones U.S.
Oil & GasSM Index		    

(3,146,983

)

    

—

      

3,146,983

      

—

    
  (11,901,930

)

  

3/7/2023

   Goldman Sachs
International		    

(0.17

)%

   Dow Jones U.S.
Oil & GasSM Index		    

882,093

      

(495,990

)

    

—

      

386,103

    
  (4,493,534

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.59

%

  
Dow Jones U.S.
Oil & GasSM Index		    

(659,713

)

    

—

      

659,713

      

—

    
  (11,284,525

)

  

3/7/2023

  

Societe Generale

    

0.03

%

   Dow Jones U.S.
Oil & GasSM Index		    

705,296

      

(530,494

)

    

—

      

174,802

    
  (12,458,598

)

  

12/6/2021

  

UBS AG

    

0.08

%

   Dow Jones U.S.
Oil & GasSM Index		    

(5,104,555

)

    

—

      

5,104,555

      

—

    
  (43,267,165

)

                                    

(7,323,862

)

                          
                Total Unrealized
Appreciation		    

1,587,389

                            
                Total Unrealized
Depreciation		    

(8,911,251

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

160 :: DUG ULTRASHORT OIL & GAS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 108.0%

  

Repurchase Agreements (a) — 38.5%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $85,847,162
(Cost $85,847,095)		  

$

85,847,095

    

$

85,847,095

    

U.S. Treasury Obligations (b) — 69.5%

  

U.S. Treasury Bills

  

0.02%, 12/2/2021 (c)

    

20,000,000

      

19,999,986

    

0.05%, 12/30/2021 (c)

    

25,000,000

      

24,998,237

    

0.03%, 3/10/2022 (c)

    

10,000,000

      

9,998,653

    

0.04%, 3/17/2022 (c)

    

25,000,000

      

24,996,307

    

0.04%, 3/24/2022 (c)

    

25,000,000

      

24,995,860

    

0.04%, 4/21/2022 (c)

    

25,000,000

      

24,993,391

    

0.11%, 9/8/2022 (c)

    

25,000,000

      

24,968,290

    
Total U.S. Treasury Obligations
(Cost $154,967,527)		        

154,950,724

    
Total Short-Term Investments
(Cost $240,814,622)		        

240,797,819

    
Total Investments — 108.0%
(Cost $240,814,622)		        

240,797,819

    

Liabilities in excess of other assets — (8.0%)

        

(17,939,764

)

  

Net Assets — 100.0%

      

$

222,858,055

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $54,629,719.

(c)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

4,259,214

    

Aggregate gross unrealized depreciation

    

(41,961,518

)

  

Net unrealized depreciation

  

$

(37,702,304

)

  

Federal income tax cost

  

$

240,814,622

    

Futures Contracts Sold

UltraShort QQQ had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

NASDAQ 100 E-Mini Index

    

51

    

12/17/2021

  

USD

      

$

16,473,510

    

$

126,999

    

Swap Agreementsa

UltraShort QQQ had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (52,893,546

)

  

12/6/2021

   Bank of
America NA		    

(0.37

)%

   NASDAQ-100
Index®		    

(22,059,681

)

    

14,329,681

      

7,730,000

      

—

    
  (57,895,681

)

  

11/7/2022

   BNP
Paribas SA		    

(0.42

)%

   NASDAQ-100
Index®		    

(15,333,542

)

    

15,215,542

      

118,000

      

—

    
  (137,187,592

)

  

4/10/2023

  

Citibank NA

    

(0.55

)%

   NASDAQ-100
Index®		    

2,406,532

      

—

      

(180,000

)

    

2,226,532

    
  (25,720,656

)

  

3/7/2023

   Goldman Sachs
International		    

(0.42

)%

   NASDAQ-100
Index®		    

184,559

      

—

      

—

      

184,559

    

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT QQQ QID :: 161

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (38,113,043

)

  

5/8/2023

   J.P. Morgan
Securities		    

(0.22

)%

   NASDAQ-100
Index®		    

457,239

      

—

      

—

      

457,239

    
  (8,067,960

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

(0.20

)%

  
NASDAQ-100
Index®		    

(4,551,492

)

    

4,551,492

      

—

      

—

    
  (51,183,138

)

  

3/7/2023

   Societe
Generale		    

(0.57

)%

   NASDAQ-100
Index®		    

455,652

      

—

      

—

      

455,652

    
  (58,068,965

)

  

3/7/2023

  

UBS AG

    

(0.22

)%

   NASDAQ-100
Index®		    

628,233

      

—

      

—

      

628,233

    
  (429,130,581

)

                                    

(37,812,500

)

                          

                          Total Unrealized
Appreciation		    

4,132,215

                            

                          Total Unrealized
Depreciation		    

(41,944,715

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD U.S. Dollar

  

See accompanying notes to the financial statements.

162 :: QID ULTRASHORT QQQ :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 87.2%

  

Repurchase Agreements (a) — 87.2%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $14,355,590
(Cost $14,355,580)		  

$

14,355,580

    

$

14,355,580

    
Total Investments — 87.2%
(Cost $14,355,580)		        

14,355,580

    

Other assets less liabilities — 12.8%

        

2,114,829

    

Net Assets — 100.0%

      

$

16,470,409

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

344,894

    

Aggregate gross unrealized depreciation

    

(4,574,473

)

  

Net unrealized depreciation

  

$

(4,229,579

)

  

Federal income tax cost

  

$

14,355,580

    

Swap Agreementsa

UltraShort Real Estate had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (2,471,632

)

  

12/6/2021

   Bank of
America NA		    

(0.42

)%

   Dow Jones U.S.
Real EstateSM Index		    

(2,509,472

)

    

—

      

2,509,472

      

—

    
  (8,600,329

)

  

5/8/2023

   BNP Paribas
SA		    

(0.27

)%

   Dow Jones U.S.
Real EstateSM Index		    

114,307

      

—

      

—

      

114,307

    
  (3,326,876

)

  

3/7/2023

   Goldman Sachs
International		    

(0.17

)%

   Dow Jones U.S.
Real EstateSM Index		    

87,229

      

—

      

—

      

87,229

    
  (5,870,125

)

  

1/6/2022

   Morgan
Stanley & Co.
International plc		    

0.37

%

  
Dow Jones U.S.
Real EstateSM Index		    

(1,754,938

)

    

—

      

1,754,938

      

—

    
  (5,372,968

)

  

3/7/2023

   Societe
Generale		    

(0.12

)%

   Dow Jones U.S.
Real EstateSM Index		    

143,358

      

—

      

—

      

143,358

    
  (7,299,141

)

  

11/7/2022

  

UBS AG

    

0.18

%

   Dow Jones U.S.
Real EstateSM Index		    

(310,063

)

    

—

      

310,063

      

—

    
  (32,941,071

)

                                    

(4,229,579

)

                         

                          Total Unrealized
Appreciation		    

344,894

                            

                          Total Unrealized
Depreciation		    

(4,574,473

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT REAL ESTATE SRS :: 163

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 94.5%

  

Repurchase Agreements (a) — 80.5%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021,
total to be received $57,269,630
(Cost $57,269,586)		  

$

57,269,586

    

$

57,269,586

    

U.S. Treasury Obligations (b) — 14.0%

  

U.S. Treasury Bills

  
0.03%, 3/10/2022 (c)
(Cost $9,999,093)		    

10,000,000

      

9,998,653

    
Total Short-Term Investments
(Cost $67,268,679)		        

67,268,239

    
Total Investments — 94.5%
(Cost $67,268,679)		        

67,268,239

    

Other assets less liabilities — 5.5%

        

3,915,087

    

Net Assets — 100.0%

      

$

71,183,326

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $532,910.

(c)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

7,365,075

    

Aggregate gross unrealized depreciation

    

(7,852,240

)

  

Net unrealized depreciation

  

$

(487,165

)

  

Federal income tax cost

  

$

67,268,679

    

Futures Contracts Sold

UltraShort Russell2000 had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

Russell 2000 E-Mini Index

    

52

    

12/17/2021

  

USD

      

$

5,712,980

    

$

430,703

    

Swap Agreementsa

UltraShort Russell2000 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (6,007,422

)

  

11/7/2022

   Bank of
America NA		    

0.13

%

  
Russell 2000® Index		    

(3,971,484

)

    

—

      

3,971,484

      

—

    
  (3,030,098

)

  

5/8/2023

  

BNP Paribas SA

    

0.08

%

  

Russell 2000® Index

    

409,067

      

(342,362

)

    

—

      

66,705

    
  (21,373,405

)

  

4/10/2023

  

Citibank NA

    

0.12

%

  

Russell 2000® Index

    

1,613,314

      

—

      

(1,170,000

)

    

443,314

    
  (4,314,262

)

  

3/7/2023

   Goldman Sachs
International		    

(0.07

)%

  
Russell 2000® Index		    

474,487

      

(406,337

)

    

—

      

68,150

    
  (47,643,783

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.69

%

  

Russell 2000® Index		    

(2,303,364

)

                          
  (19,783,626

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.43

%

  
iShares®
Russell 2000 ETF		    

(1,576,952

)

                          
  (67,427,409

)

                                    

(3,880,316

)

    

—

      

3,880,316

      

—

    
  (17,661,645

)

  

3/7/2023

  

Societe Generale

    

0.28

%

  

Russell 2000® Index

    

2,290,028

      

(1,996,118

)

    

—

      

293,910

    

See accompanying notes to the financial statements.

164 :: TWM ULTRASHORT RUSSELL2000 :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (16,766,370

)

  

3/7/2023

  

UBS AG

    

0.43

%

  

Russell 2000® Index

    

2,147,476

      

—

      

(1,740,000

)

    

407,476

    
  (136,580,611

)

                                    

(917,428

)

                          

                          Total Unrealized
Appreciation		    

6,934,372

                            

                          Total Unrealized
Depreciation		    

(7,851,800

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT RUSSELL2000 TWM :: 165

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 107.8%

  

Repurchase Agreements (a) — 5.7%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $30,110,589
(Cost $30,110,565)		  

$

30,110,565

    

$

30,110,565

    

U.S. Treasury Obligations (b) — 102.1%

  

U.S. Treasury Bills

  

0.02%, 12/2/2021 (c)

    

30,000,000

      

29,999,979

    

0.03%, 12/9/2021 (c)

    

100,000,000

      

99,999,444

    

0.05%, 12/23/2021 (c)

    

25,000,000

      

24,997,838

    

0.04%, 12/30/2021 (c)

    

50,000,000

      

49,996,475

    

0.03%, 1/13/2022 (c)

    

25,000,000

      

24,999,179

    

0.05%, 1/27/2022 (c)

    

40,000,000

      

39,997,308

    

0.04%, 2/3/2022 (c)

    

20,000,000

      

19,998,489

    

0.04%, 2/10/2022 (c)

    

10,000,000

      

9,999,108

    

0.05%, 2/24/2022 (c)

    

20,000,000

      

19,997,981

    

0.04%, 3/24/2022 (c)

    

35,000,000

      

34,994,205

    

0.04%, 4/21/2022 (c)

    

25,000,000

      

24,993,390

    

0.06%, 6/16/2022 (c)

    

20,000,000

      

19,990,013

    

0.07%, 7/14/2022 (c)

    

40,000,000

      

39,972,438

    

0.09%, 8/11/2022 (c)

    

50,000,000

      

49,954,759

    

0.09%, 9/8/2022 (c)

    

45,000,000

      

44,942,922

    
Total U.S. Treasury Obligations
(Cost $534,894,937)		        

534,833,528

    
Total Short-Term Investments
(Cost $565,005,502)		        

564,944,093

    
Total Investments — 107.8%
(Cost $565,005,502)		        

564,944,093

    

Liabilities in excess of other assets — (7.8%)

        

(40,692,330

)

  

Net Assets — 100.0%

      

$

524,251,763

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

(b)  All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $115,865,140.

(c)  The rate shown was the current yield as of November 30, 2021.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

18,499,299

    

Aggregate gross unrealized depreciation

    

(65,196,362

)

  

Net unrealized depreciation

  

$

(46,697,063

)

  

Federal income tax cost

  

$

565,005,502

    

Futures Contracts Sold

UltraShort S&P500® had the following open short futures contracts as of November 30, 2021:

    Number of
Contracts		  

Expiration Date

   Trading
Currency		  

Notional Amount

   Value and
Unrealized
Appreciation		  

S&P 500 E-Mini Index

    

169

    

12/17/2021

  

USD

      

$

38,584,813

    

$

(288,362

)

  

See accompanying notes to the financial statements.

166 :: SDS ULTRASHORT S&P500® :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Swap Agreementsa

UltraShort S&P500® had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (159,041,208

)

  

12/6/2021

   Bank of
America NA		    

(0.32

)%

  
S&P 500®		    

(45,933,774

)

    

31,465,774

      

14,468,000

      

—

    
  (108,164,828

)

  

5/8/2023

  

BNP Paribas SA

    

(0.37

)%

  

S&P 500®

    

3,087,608

      

(1,026,081

)

    

—

      

2,061,527

    
  (160,351,937

)

  

4/10/2023

  

Citibank NA

    

(0.55

)%

  

S&P 500®

    

5,307,302

      

—

      

(2,240,000

)

    

3,067,302

    
  (181,798,569

)

  

3/7/2023

   Goldman Sachs
International		    

(0.42

)%

  
S&P 500®		    

5,195,232

      

(1,801,891

)

    

—

      

3,393,341

    
  (152,752,449

)

  

11/7/2022

   J.P. Morgan
Securities		    

(0.22

)%

  
S&P 500®		    

(18,912,235

)

    

18,912,235

      

—

      

—

    
  (18,327,371

)

  

4/10/2023

   Morgan
Stanley & Co.
International plc		    

0.08

%

  

S&P 500®		    

517,973

      

—

      

(184,000

)

    

333,973

    
  (86,923,711

)

  

3/7/2023

  

Societe Generale

    

(0.17

)%

  

S&P 500®

    

1,459,093

      

(241,127

)

    

—

      

1,217,966

    
  (142,593,888

)

  

3/7/2023

  

UBS AG

    

(0.22

)%

  

S&P 500®

    

2,931,509

      

—

      

(200,000

)

    

2,731,509

    
  (1,009,953,961

)

                                    

(46,347,292

)

                          

                          Total Unrealized
Appreciation		    

18,498,717

                            

                          Total Unrealized
Depreciation		    

(64,846,009

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

Abbreviations

USD  U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT S&P500® SDS :: 167

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 107.9%

  

Repurchase Agreements (a) — 107.9%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $2,514,178
(Cost $2,514,176)		  

$

2,514,176

    

$

2,514,176

    
Total Investments — 107.9%
(Cost $2,514,176)		        

2,514,176

    

Liabilities in excess of other assets — (7.9%)

        

(184,466

)

  

Net Assets — 100.0%

      

$

2,329,710

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

—

    

Aggregate gross unrealized depreciation

    

(1,281,167

)

  

Net unrealized depreciation

  

$

(1,281,167

)

  

Federal income tax cost

  

$

2,514,176

    

Swap Agreementsa

UltraShort Semiconductors had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
 

(290,409

)

  

1/6/2022

   Bank of
America NA		    

(0.07

)%

   Dow Jones U.S.
SemiconductorsSM
Indexf		    

(86,178

)

    

—

      

86,178

      

—

    
 

(796,282

)

  

11/7/2022

   Goldman Sachs
International		    

(0.17

)%

   Dow Jones U.S.
SemiconductorsSM
Indexf		    

(71,763

)

    

—

      

—

      

(71,763

)

  
 

(252,937

)

  

5/8/2023

   J.P. Morgan
Securities		    

(0.27

)%

   Dow Jones U.S.
SemiconductorsSM
Indexf		    

(5,504

)

    

—

      

5,504

      

—

    
 

(833,755

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

(0.07

)%

   Dow Jones U.S.
SemiconductorsSM
Indexf		    

(527,476

)

    

—

      

527,476

      

—

    
 

(1,761,190

)

  

3/7/2023

  

Societe Generale

    

(0.07

)%

   Dow Jones U.S.
SemiconductorsSM
Indexf		    

(64,990

)

    

—

      

30,000

      

(34,990

)

  
 

(721,338

)

  

11/7/2022

  

UBS AG

    

(0.17

)%

   Dow Jones U.S.
SemiconductorsSM
Indexf		    

(525,256

)

    

—

      

351,000

      

(174,256

)

  
 

(4,655,911

)

                                    

(1,281,167

)

                         
                                Total Unrealized
Depreciation		    

(1,281,167

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

See accompanying notes to the financial statements.

168 :: SSG ULTRASHORT SEMICONDUCTORS :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  See the Common Stocks section of the Schedule of Portfolio Investments of ProShares Ultra Semiconductors for the components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT SEMICONDUCTORS SSG :: 169

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 93.4%

  

Repurchase Agreements (a) — 93.4%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $2,971,202
(Cost $2,971,200)		  

$

2,971,200

    

$

2,971,200

    
Total Investments — 93.4%
(Cost $2,971,200)		        

2,971,200

    

Other assets less liabilities — 6.6%

        

210,731

    

Net Assets — 100.0%

      

$

3,181,931

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

111,219

    

Aggregate gross unrealized depreciation

    

(1,008,843

)

  

Net unrealized depreciation

  

$

(897,624

)

  

Federal income tax cost

  

$

2,971,200

    

Swap Agreementsa

UltraShort SmallCap600 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (746,791

)

  

11/7/2022

   Bank of
America NA		    

(0.07

)%

  
S&P SmallCap 600®		    

(182,278

)

    

—

      

110,000

      

(72,278

)

  
  (2,597,652

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

0.53

%

  

S&P SmallCap 600®		    

(377,426

)

    

—

      

377,426

      

—

    
  (2,126,207

)

  

3/7/2023

  

Societe Generale

    

0.28

%

  

S&P SmallCap 600®

    

111,219

      

—

      

—

      

111,219

    
  (893,195

)

  

12/6/2021

  

UBS AG

    

0.08

%

  

S&P SmallCap 600®

    

(449,139

)

    

—

      

449,139

      

—

    
  (6,363,845

)

                                    

(897,624

)

                          

                          Total Unrealized
Appreciation		    

111,219

                            
                              Total Unrealized
Depreciation		    

(1,008,843

)

                          

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

170 :: SDD ULTRASHORT SMALLCAP600 :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 93.1%

  

Repurchase Agreements (a) — 93.1%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $3,186,446
(Cost $3,186,443)		  

$

3,186,443

    

$

3,186,443

    
Total Investments — 93.1%
(Cost $3,186,443)		        

3,186,443

    

Other assets less liabilities — 6.9%

        

235,917

    

Net Assets — 100.0%

      

$

3,422,360

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

12,577

    

Aggregate gross unrealized depreciation

    

(1,689,347

)

  

Net unrealized depreciation

  

$

(1,676,770

)

  

Federal income tax cost

  

$

3,186,443

    

Swap Agreementsa

UltraShort Technology had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (830,624

)

  

1/6/2022

   Bank of
America NA		    

(0.02

)%

   Dow Jones U.S.
TechnologySM
Indexf		    

(551,380

)

    

—

      

440,000

      

(111,380

)

  
  (750,847

)

  

1/6/2022

  

BNP Paribas SA

    

(0.27

)%

   Dow Jones U.S.
TechnologySM
Indexf		    

(309,143

)

    

—

      

100,000

      

(209,143

)

  
  (2,186,840

)

  

3/7/2023

   Goldman Sachs
International		    

(0.17

)%

   Dow Jones U.S.
TechnologySM
Indexf		    

(2,969

)

    

—

      

2,969

      

—

    
  (1,069,956

)

  

5/8/2023

   J.P. Morgan
Securities		    

(0.27

)%

   Dow Jones U.S.
TechnologySM
Indexf		    

7,823

      

—

      

—

      

7,823

    
  (356,652

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

(0.27

)%

   Dow Jones U.S.
TechnologySM
Indexf		    

(85,091

)

    

—

      

85,091

      

—

    
  (694,533

)

  

3/7/2023

  

Societe Generale

    

0.03

%

   Dow Jones U.S.
TechnologySM
Indexf		    

4,754

      

—

      

—

      

4,754

    
  (957,329

)

  

12/6/2021

  

UBS AG

    

0.08

%

   Dow Jones U.S.
TechnologySM
Indexf		    

(740,764

)

    

—

      

627,200

      

(113,564

)

  
  (6,846,781

)

                                    

(1,676,770

)

                         

                          Total Unrealized
Appreciation		    

12,577

                           

                          Total Unrealized
Depreciation		    

(1,689,347

)

                         

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT TECHNOLOGY REW :: 171

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  See the Common Stocks section of the Schedule of Portfolio Investments of ProShares Ultra Technology for the components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

172 :: REW ULTRASHORT TECHNOLOGY :: NOVEMBER 30, 2021 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

Investments

   Principal
Amount		  

Value

  

Short-Term Investments — 96.7%

  

Repurchase Agreements (a) — 96.7%

  
Repurchase Agreements with
various counterparties, rates
0.01% - 0.05%, dated 11/30/2021,
due 12/1/2021, total to be
received $1,362,119
(Cost $1,362,116)		  

$

1,362,116

    

$

1,362,116

    
Total Investments — 96.7%
(Cost $1,362,116)		        

1,362,116

    

Other assets less liabilities — 3.3%

        

45,773

    

Net Assets — 100.0%

      

$

1,407,889

    

(a)  The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

  

$

2,919

    

Aggregate gross unrealized depreciation

    

(75,791

)

  

Net unrealized depreciation

  

$

(72,872

)

  

Federal income tax cost

  

$

1,362,116

    

Swap Agreementsa

UltraShort Utilities had the following open non-exchange traded total return swap agreements as of November 30, 2021:

Notional
Amount
($)		   Termination
Dateb		  

Counterparty

   Rate Paid
(Received)c		   Underlying
Instrument		   Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of
(the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net
Amounte
($)		  
  (963,106

)

  

1/6/2022

   Bank of
America NA		    

0.13

%

   Dow Jones U.S.
UtilitiesSM Indexf		    

(58,775

)

    

—

      

58,775

      

—

    
  (241,749

)

  

11/7/2022

   Morgan
Stanley & Co.
International plc		    

(0.02

)%

  
Dow Jones U.S.
UtilitiesSM Indexf		    

(16,695

)

    

—

      

16,695

      

—

    
  (280,960

)

  

3/7/2023

  

Societe Generale

    

0.03

%

   Dow Jones U.S.
UtilitiesSM Indexf		    

2,919

      

—

      

—

      

2,919

    
  (1,329,942

)

  

3/7/2023

  

UBS AG

    

0.18

%

   Dow Jones U.S.
UtilitiesSM Indexf		    

(321

)

    

—

      

321

      

—

    
  (2,815,757

)

                                    

(72,872

)

                         

                          Total Unrealized
Appreciation		    

2,919

                           

                          Total Unrealized
Depreciation		    

(75,791

)

                         

a  The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.

b  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

c  Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

d  The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.

e  Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

f  See the Common Stocks section of the Schedule of Portfolio Investments of ProShares Ultra Utilities for the components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: ULTRASHORT UTILITIES SDP :: 173

STATEMENTS OF ASSETS AND LIABILITIES

174 :: NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

    Short 7-10 Year
Treasury		   Short 20+ Year
Treasury		   Short Basic
Materials		   Short
Dow30SM		   Short
Financials		   Short
FTSE China 50		  

ASSETS:

  
Securities and Repurchase
Agreements, at cost		  

$

98,359,814

    

$

717,048,214

    

$

1,749,373

    

$

262,060,930

    

$

7,019,970

    

$

7,835,465

    

Securities, at value(a)

    

—

      

439,844,309

      

—

      

224,884,872

      

—

      

—

    

Repurchase Agreements, at value

    

98,359,814

      

277,143,375

     

1,749,373

     

37,123,207

      

7,019,970

     

7,835,465

    

Cash

    

390,002

      

—

      

22

      

5

      

3

      

41

    
Segregated cash balances with
brokers for futures contracts		    

9,900

      

485,100

      

—

      

1,722,600

      

—

      

—

    
Segregated cash balances with
custodian for swap agreements		    

2,507,000

      

362,000

      

205,000

      

13,206,356

      

1,474,000

      

1,611,000

    

Dividends and interest receivable

    

—

      

1

      

—

      

—

      

—

      

—

    

Receivable for capital shares issued

    

—

      

16,525,148

      

—

      

1,675,922

      

—

      

—

    

Receivable from Advisor

    

—

      

—

      

4,269

      

—

      

344

      

—

    
Receivable for variation margin on
futures contracts		    

—

      

—

      

—

      

309,906

      

—

      

—

    
Unrealized appreciation on non-
exchange traded swap agreements		    

578,584

      

—

      

98,905

      

8,987,104

      

238,023

      

353,141

    

Prepaid expenses

    

290

      

1,675

      

4

      

886

      

40

      

48

    

Total Assets

    

101,845,590

      

734,361,608

      

2,057,573

      

287,910,858

      

8,732,380

      

9,799,695

    

LIABILITIES:

  

Payable for capital shares redeemed

    

—

      

—

      

—

      

3,292,262

      

615,861

      

—

    

Advisory fees payable

    

69,260

      

434,077

      

—

      

162,196

      

—

      

—

    

Management Services fees payable

    

9,388

      

57,877

      

—

      

21,486

      

—

      

601

    

Custodian fees payable

    

143

      

1,224

      

26

      

3,345

      

245

      

111

    

Administration fees payable

    

11,219

      

26,260

      

6,511

      

16,939

      

6,511

      

6,511

    

Trustee fees payable

    

391

      

2,834

      

7

      

1,102

      

40

      

34

    

Compliance services fees payable

    

399

      

2,606

      

5

      

1,069

      

56

      

21

    

Listing, Data and related fees payable

    

5,740

      

39,377

      

825

      

80,301

      

3,588

      

3,743

    

Professional fees payable

    

9,973

      

12,003

      

9,745

      

11,271

      

9,828

      

9,766

    
Payable for variation margin on
futures contracts		    

3,092

      

427,496

      

—

      

—

      

—

      

—

    
Unrealized depreciation on non-
exchange traded swap agreements		    

—

      

20,392,793

      

32,568

      

15,330,057

      

1,011,967

      

—

    

Other liabilities

    

3,784

      

21,977

      

943

      

43,509

      

3,738

      

1,449

    

Total Liabilities

    

113,389

      

21,418,524

      

50,630

      

18,963,537

      

1,651,834

      

22,236

    

NET ASSETS

  

$

101,732,201

    

$

712,943,084

    

$

2,006,943

    

$

268,947,321

    

$

7,080,546

    

$

9,777,459

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

116,916,953

    

$

1,433,824,391

    

$

10,353,204

    

$

802,477,881

    

$

103,059,830

    

$

22,323,585

    

Distributable earnings (loss)

    

(15,184,752

)

    

(720,881,307

)

    

(8,346,261

)

    

(533,530,560

)

    

(95,979,284

)

    

(12,546,126

)

  

NET ASSETS

  

$

101,732,201

    

$

712,943,084

    

$

2,006,943

    

$

268,947,321

    

$

7,080,546

    

$

9,777,459

    
Shares (unlimited number of shares
authorized, no par value)		    

4,200,000

      

45,300,000

      

40,000

      

8,023,755

      

574,851

      

600,000

    

Net Asset Value

  

$

24.22

    

$

15.74

    

$

50.17

    

$

33.52

    

$

12.32

    

$

16.30

    
(a) Includes securities on loan valued at:  

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2021 (UNAUDITED) :: 175

    Short
High Yield		   Short
MidCap400		   Short
MSCI EAFE		   Short MSCI
Emerging
Markets		  

Short Oil & Gas

  

Short QQQ

  

ASSETS:

  
Securities and Repurchase
Agreements, at cost		  

$

50,407,603

    

$

9,250,771

    

$

12,520,102

    

$

32,593,896

    

$

2,440,028

    

$

537,330,761

    

Securities, at value(a)

    

9,999,108

      

—

      

—

      

—

      

—

      

479,871,347

    

Repurchase Agreements, at value

    

40,408,431

      

9,250,771

      

12,520,102

      

32,593,896

      

2,440,028

      

57,415,506

    

Cash

    

1

      

34

      

1

      

—

      

36

      

—

    
Segregated cash balances with
brokers for futures contracts		    

—

      

29,700

      

—

      

—

      

—

      

1,701,700

    
Segregated cash balances with
custodian for swap agreements		    

7,703,000

      

718,000

      

1,106,000

      

5,309,006

      

800,227

      

1,940,034

    

Due from counterparty

    

—

      

4,618

      

—

      

—

      

—

      

—

    

Receivable for capital shares issued

    

1,787,617

      

—

      

8,383,675

      

3,891,642

      

—

      

—

    

Receivable from Advisor

    

—

      

—

      

—

      

—

      

3,815

      

—

    
Receivable for variation margin on
futures contracts		    

—

      

14,399

      

—

      

—

      

—

      

437,255

    
Unrealized appreciation on non-
exchange traded swap agreements		    

964,101

      

491,848

      

838,441

      

1,713,165

      

67,970

      

4,434,775

    

Prepaid expenses

    

212

      

1,587

      

327

      

297

      

14

      

2,595

    

Total Assets

    

60,862,470

      

10,510,957

      

22,848,546

      

43,508,006

      

3,312,090

      

545,803,212

    

LIABILITIES:

  

Payable for capital shares redeemed

    

—

      

—

      

—

      

1,297,214

      

—

      

—

    

Advisory fees payable

    

32,158

      

581

      

4,222

      

21,256

      

—

      

298,017

    

Management Services fees payable

    

4,906

      

779

      

1,219

      

3,308

      

—

      

42,780

    

Custodian fees payable

    

615

      

582

      

123

      

55

      

47

      

5,085

    

Administration fees payable

    

8,608

      

6,582

      

6,309

      

7,438

      

6,511

      

23,077

    

Trustee fees payable

    

244

      

48

      

52

      

145

      

15

      

2,484

    

Compliance services fees payable

    

257

      

58

      

50

      

110

      

18

      

2,558

    

Listing, Data and related fees payable

    

14,439

      

384

      

384

      

384

      

1,347

      

97,809

    

Professional fees payable

    

10,150

      

9,814

      

9,828

      

9,969

      

9,751

      

12,601

    
Unrealized depreciation on non-
exchange traded swap agreements		    

—

      

472,922

      

—

      

—

      

589,507

      

22,943,763

    

Other liabilities

    

12,448

      

3,701

      

5,381

      

9,046

      

1,030

      

25,665

    

Total Liabilities

    

83,825

      

495,451

      

27,568

      

1,348,925

      

608,226

      

23,453,839

    

NET ASSETS

  

$

60,778,645

    

$

10,015,506

    

$

22,820,978

    

$

42,159,081

    

$

2,703,864

    

$

522,349,373

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

135,498,939

    

$

65,245,639

    

$

154,562,146

    

$

238,352,213

    

$

8,659,388

    

$

1,536,554,699

    

Distributable earnings (loss)

    

(74,720,294

)

    

(55,230,133

)

    

(131,741,168

)

    

(196,193,132

)

    

(5,955,524

)

    

(1,014,205,326

)

  

NET ASSETS

  

$

60,778,645

    

$

10,015,506

    

$

22,820,978

    

$

42,159,081

    

$

2,703,864

    

$

522,349,373

    
Shares (unlimited number of shares
authorized, no par value)		    

3,400,000

      

418,667

      

1,225,000

      

3,250,000

      

175,000

      

47,362,500

    

Net Asset Value

  

$

17.88

    

$

23.92

    

$

18.63

    

$

12.97

    

$

15.45

    

$

11.03

    
(a) Includes securities on loan valued at:  

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

See accompanying notes to the financial statements.

176 :: NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

    Short
Real Estate		   Short
Russell2000		  

Short S&P500®

   Short
SmallCap600		   Ultra
7-10 Year
Treasury		   Ultra
20+ Year
Treasury		  

ASSETS:

  
Securities and Repurchase
Agreements, at cost		  

$

9,281,295

    

$

222,083,256

    

$

1,412,106,595

    

$

4,473,647

    

$

21,865,949

    

$

39,724,730

    

Securities, at value(a)

    

—

      

159,961,724

      

1,314,595,492

      

—

      

18,081,840

      

17,659,008

    

Repurchase Agreements, at value

    

9,281,295

      

62,105,186

      

97,360,247

      

4,473,647

      

3,740,699

      

21,067,831

    

Cash

    

17

      

1

      

—

      

—

      

—

      

369,991

    
Segregated cash balances with
brokers for futures contracts		    

—

      

1,329,900

      

4,465,450

      

—

      

1,650

      

38,500

    
Segregated cash balances with
custodian for swap agreements		    

1,609,650

      

1,090,230

      

53,568,199

      

537,092

      

779,335

      

1,280,924

    

Dividends and interest receivable

    

—

      

—

      

—

      

—

      

42,182

      

67,804

    

Receivable for security lending income

    

—

      

—

      

—

      

—

      

102

      

—

    

Receivable for investments sold

    

—

      

—

      

—

      

—

      

1,286,114

      

176,795

    

Receivable for capital shares issued

    

—

      

7,379,171

      

9,809,891

      

—

      

—

      

—

    

Receivable from Advisor

    

—

      

—

      

—

      

2,501

      

—

      

—

    
Receivable for variation margin on
futures contracts		    

—

      

185,718

      

1,495,837

      

—

      

515

      

16,874

    
Unrealized appreciation on non-
exchange traded swap agreements		    

95,672

      

17,719,772

      

17,866,750

      

174,790

      

79,691

      

2,628,872

    

Prepaid expenses

    

61

      

832

      

7,087

      

2,924

      

71

      

81

    

Total Assets

    

10,986,695

      

249,772,534

      

1,499,168,953

      

5,190,954

      

24,012,199

      

43,306,680

    

LIABILITIES:

  

Cash overdraft

    

—

      

—

      

—

      

—

      

1

      

—

    

Payable for investments purchased

    

—

      

—

      

—

      

—

      

1,289,754

      

278,460

    

Payable for capital shares redeemed

    

1,282,473

      

6,445,242

      

—

      

—

      

—

      

—

    
Payable for cash collateral received from
securities loaned		    

—

      

—

      

—

      

—

      

1,751,062

      

—

    

Advisory fees payable

    

395

      

137,469

      

814,160

      

—

      

4,931

      

22,590

    

Management Services fees payable

    

763

      

19,658

      

108,554

      

—

      

1,669

      

3,866

    

Custodian fees payable

    

185

      

2,772

      

17,673

      

110

      

646

      

730

    

Administration fees payable

    

6,511

      

15,877

      

34,351

      

6,511

      

12,853

      

14,194

    

Trustee fees payable

    

32

      

1,259

      

6,007

      

20

      

98

      

252

    

Compliance services fees payable

    

38

      

1,248

      

6,194

      

23

      

96

      

182

    

Listing, Data and related fees payable

    

2,857

      

42,427

      

—

      

384

      

1,955

      

3,294

    

Professional fees payable

    

9,791

      

11,327

      

17,958

      

9,767

      

9,870

      

9,996

    
Unrealized depreciation on non-
exchange traded swap agreements		    

1,389,121

      

993,827

      

161,656,461

      

551,240

      

286,324

      

—

    

Other liabilities

    

3,833

      

37,326

      

109,217

      

1,710

      

3,165

      

3,699

    

Total Liabilities

    

2,695,999

      

7,708,432

      

162,770,575

      

569,765

      

3,362,424

      

337,263

    

NET ASSETS

  

$

8,290,696

    

$

242,064,102

    

$

1,336,398,378

    

$

4,621,189

    

$

20,649,775

    

$

42,969,417

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

45,701,502

    

$

1,026,313,300

    

$

5,568,654,659

    

$

45,670,229

    

$

147,966,547

    

$

42,927,688

    

Distributable earnings (loss)

    

(37,410,806

)

    

(784,249,198

)

    

(4,232,256,281

)

    

(41,049,040

)

    

(127,316,772

)

    

41,729

    

NET ASSETS

  

$

8,290,696

    

$

242,064,102

    

$

1,336,398,378

    

$

4,621,189

    

$

20,649,775

    

$

42,969,417

    
Shares (unlimited number of shares
authorized, no par value)		    

475,000

      

11,266,642

      

93,605,826

      

268,681

      

300,000

      

750,000

    

Net Asset Value

  

$

17.45

    

$

21.49

    

$

14.28

    

$

17.20

    

$

68.83

    

$

57.29

    
(a) Includes securities on loan valued at:  

$

—

    

$

—

    

$

—

    

$

—

    

$

2,690,157

    

$

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2021 (UNAUDITED) :: 177

    Ultra Basic
Materials		   Ultra Consumer
Goods		   Ultra Consumer
Services		  

Ultra Dow30SM

   Ultra
Financials		   Ultra
FTSE China 50		  

ASSETS:

  
Securities and Repurchase
Agreements, at cost		  

$

71,258,324

    

$

15,625,815

    

$

36,330,191

    

$

503,779,580

    

$

763,940,318

    

$

10,585,239

    

Securities, at value(a)

    

58,096,846

      

12,416,246

      

29,196,831

      

392,301,768

      

573,227,855

      

—

    

Repurchase Agreements, at value

    

12,186,281

      

3,460,350

      

6,670,113

      

115,026,190

      

170,115,236

      

10,585,239

    

Cash

    

—

      

12

      

51

      

31

      

3,390

      

2

    
Segregated cash balances with
brokers for futures contracts		    

—

      

—

      

—

      

2,237,400

      

—

      

—

    
Segregated cash balances with
custodian for swap agreements		    

1,656,759

      

367,606

      

928,411

      

3,919,114

      

6,353,448

      

12,056,675

    

Dividends and interest receivable

    

97,749

      

12,666

      

13,936

      

863,013

      

484,808

      

—

    

Receivable for security lending income

    

8

      

46

      

77

      

—

      

342

      

—

    

Receivable for investments sold

    

—

      

—

      

—

      

49

      

—

      

—

    

Due from counterparty

    

98,302

      

2,280

      

—

      

—

      

—

      

—

    

Receivable for capital shares issued

    

—

      

—

      

—

      

7,488,739

      

—

      

—

    

Receivable from Advisor

    

—

      

1,829

      

—

      

—

      

—

      

—

    
Unrealized appreciation on non-
exchange traded swap agreements		    

14,814

      

1,279,305

      

887,155

      

3,071,432

      

130,636,292

      

—

    

Prepaid expenses

    

182

      

43

      

92

      

1,470

      

2,527

      

121

    

Total Assets

    

72,150,941

      

17,540,383

      

37,696,666

      

524,909,206

      

880,823,898

      

22,642,037

    

LIABILITIES:

  

Cash overdraft

    

42

      

—

      

—

      

—

      

—

      

—

    

Payable for investments purchased

    

—

      

499,770

      

—

      

34,959,171

      

—

      

—

    
Payable for cash collateral received from
securities loaned		    

433,569

      

13,409

      

133,228

      

—

      

125,687

      

—

    

Advisory fees payable

    

38,702

      

—

      

14,835

      

303,315

      

596,293

      

5,385

    

Management Services fees payable

    

6,266

      

—

      

3,159

      

40,242

      

78,531

      

1,525

    

Custodian fees payable

    

1,216

      

3,383

      

2,534

      

6,240

      

4,054

      

493

    

Administration fees payable

    

16,331

      

12,656

      

12,656

      

30,186

      

38,046

      

6,318

    

Trustee fees payable

    

335

      

64

      

143

      

2,046

      

3,865

      

96

    

Compliance services fees payable

    

362

      

64

      

153

      

2,223

      

3,954

      

116

    

Listing, Data and related fees payable

    

23,441

      

4,847

      

10,467

      

143,282

      

269,478

      

8,898

    

Professional fees payable

    

10,057

      

10,361

      

21,711

      

18,600

      

15,649

      

12,301

    
Payable for variation margin on
futures contracts		    

—

      

—

      

—

      

608,945

      

—

      

—

    
Unrealized depreciation on non-
exchange traded swap agreements		    

4,413,408

      

577,954

      

1,704,385

      

23,332,934

      

23,338,017

      

6,374,872

    

Other liabilities

    

3,442

      

1,346

      

2,521

      

24,898

      

37,971

      

3,399

    

Total Liabilities

    

4,947,171

      

1,123,854

      

1,905,792

      

59,472,082

      

24,511,545

      

6,413,403

    

NET ASSETS

  

$

67,203,770

    

$

16,416,529

    

$

35,790,874

    

$

465,437,124

    

$

856,312,353

    

$

16,228,634

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

57,708,366

    

$

7,953,787

    

$

19,889,111

    

$

321,836,144

    

$

395,876,830

    

$

26,899,541

    

Distributable earnings (loss)

    

9,495,404

      

8,462,742

      

15,901,763

      

143,600,980

      

460,435,523

      

(10,670,907

)

  

NET ASSETS

  

$

67,203,770

    

$

16,416,529

    

$

35,790,874

    

$

465,437,124

    

$

856,312,353

    

$

16,228,634

    
Shares (unlimited number of shares
authorized, no par value)		    

700,000

      

600,000

      

700,000

      

6,450,000

      

13,307,750

      

350,000

    

Net Asset Value

  

$

96.01

    

$

27.36

    

$

51.13

    

$

72.16

    

$

64.35

    

$

46.37

    
(a) Includes securities on loan valued at:  

$

410,378

    

$

14,303

    

$

381,751

    

$

—

    

$

2,202,416

    

$

—

    

See accompanying notes to the financial statements.

178 :: NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

    Ultra
FTSE Europe		   Ultra
Health Care		   Ultra
High Yield		   Ultra
Industrials		   Ultra
MidCap400		   Ultra MSCI
Brazil Capped		  

ASSETS:

  
Securities and Repurchase
Agreements, at cost		  

$

4,068,474

    

$

162,460,115

    

$

18,047,233

    

$

29,413,985

    

$

172,931,116

    

$

3,512,594

    

Securities, at value(a)

    

—

      

123,487,175

      

—

      

22,516,283

      

162,600,854

      

—

    

Repurchase Agreements, at value

    

4,068,474

      

30,525,162

      

18,047,233

      

4,588,429

      

29,672,451

      

3,512,594

    

Cash

    

—

      

331

      

749,985

      

1,251

      

5,219

      

—

    
Segregated cash balances with
brokers for futures contracts		    

—

      

—

      

—

      

—

      

490,050

      

—

    
Segregated cash balances with
custodian for swap agreements		    

1,306,198

      

2,895,084

      

4,851,000

      

3,749,499

      

439,680

      

3,202,394

    

Dividends and interest receivable

    

—

      

164,230

      

—

      

33,885

      

111,132

      

—

    

Receivable for security lending income

    

—

      

91

      

—

      

11

      

360

      

—

    

Receivable for investments sold

    

—

      

—

      

—

      

—

      

137,397

      

—

    

Receivable from Advisor

    

2,671

      

—

      

—

      

—

      

—

      

1,945

    
Unrealized appreciation on non-
exchange traded swap agreements		    

—

      

54,022

      

—

      

—

      

270,889

      

—

    

Prepaid expenses

    

50

      

395

      

76

      

98

      

2,122

      

428

    

Total Assets

    

5,377,393

      

157,126,490

      

23,648,294

      

30,889,456

      

193,730,154

      

6,717,361

    

LIABILITIES:

  

Payable for investments purchased

    

—

      

—

      

—

      

498,641

      

309,397

      

—

    

Payable for capital shares redeemed

    

—

      

—

      

3,812,693

      

—

      

—

      

—

    
Payable for cash collateral received from
securities loaned		    

—

      

21,238

      

—

      

2,635

      

409,081

      

—

    

Advisory fees payable

    

—

      

74,972

      

5,110

      

1,361

      

119,229

      

—

    

Management Services fees payable

    

—

      

13,038

      

1,938

      

—

      

16,253

      

—

    

Custodian fees payable

    

69

      

7,858

      

135

      

6,000

      

19,745

      

90

    

Administration fees payable

    

6,511

      

20,638

      

12,656

      

12,733

      

21,651

      

6,511

    

Trustee fees payable

    

23

      

783

      

117

      

139

      

739

      

27

    

Compliance services fees payable

    

24

      

703

      

126

      

175

      

812

      

33

    

Listing, Data and related fees payable

    

1,049

      

48,857

      

7,277

      

10,620

      

384

      

384

    

Professional fees payable

    

26,428

      

13,137

      

27,853

      

37,467

      

35,942

      

14,583

    
Payable for variation margin on
futures contracts		    

—

      

—

      

—

      

—

      

228,808

      

—

    
Unrealized depreciation on non-
exchange traded swap agreements		    

518,506

      

7,783,786

      

876,327

      

1,986,870

      

13,927,267

      

1,821,032

    

Other liabilities

    

848

      

9,156

      

1,173

      

1,613

      

11,695

      

1,459

    

Total Liabilities

    

553,458

      

7,994,166

      

4,745,405

      

2,558,254

      

15,101,003

      

1,844,119

    

NET ASSETS

  

$

4,823,935

    

$

149,132,324

    

$

18,902,889

    

$

28,331,202

    

$

178,629,151

    

$

4,873,242

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

4,301,421

    

$

89,882,901

    

$

18,070,243

    

$

16,767,929

    

$

259,658,474

    

$

20,423,831

    

Distributable earnings (loss)

    

522,514

      

59,249,423

      

832,646

      

11,563,273

      

(81,029,323

)

    

(15,550,589

)

  

NET ASSETS

  

$

4,823,935

    

$

149,132,324

    

$

18,902,889

    

$

28,331,202

    

$

178,629,151

    

$

4,873,242

    
Shares (unlimited number of shares
authorized, no par value)		    

75,000

      

1,550,000

      

250,000

      

925,000

      

2,775,000

      

241,557

    

Net Asset Value

  

$

64.32

    

$

96.21

    

$

75.61

    

$

30.63

    

$

64.37

    

$

20.17

    
(a) Includes securities on loan valued at:  

$

—

    

$

702,623

    

$

—

    

$

62,729

    

$

2,436,020

    

$

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2021 (UNAUDITED) :: 179

    Ultra MSCI
EAFE		   Ultra MSCI
Emerging
Markets		   Ultra MSCI
Japan		   Ultra Nasdaq
Biotechnology		   Ultra
Nasdaq Cloud
Computing		   Ultra Nasdaq
Cybersecurity		  

ASSETS:

  
Securities and Repurchase
Agreements, at cost		  

$

10,025,687

    

$

37,207,859

    

$

6,408,457

    

$

256,122,600

    

$

1,362,374

    

$

3,276,795

    

Securities, at value(a)

    

—

      

—

      

1,094,444

      

200,059,801

      

1,361,168

      

155,521

    

Repurchase Agreements, at value

    

10,025,687

      

37,207,859

      

5,286,488

      

16,260,723

      

37,532

      

3,132,276

    

Cash

    

2

      

2

      

—

      

—

      

—

      

—

    
Segregated cash balances with
custodian for swap agreements		    

4,301,005

      

21,271,169

      

2,994,771

      

7,169,231

      

775,000

      

1,540,000

    

Dividends and interest receivable

    

—

      

—

      

—

      

150,749

      

1,188

      

—

    

Receivable for security lending income

    

—

      

—

      

—

      

2,758

      

—

      

—

    

Receivable from Advisor

    

—

      

—

      

—

      

—

      

1,636

      

249

    

Reclaims receivable

    

—

      

—

      

—

      

8,264

      

—

      

—

    
Unrealized appreciation on non-
exchange traded swap agreements		    

95,194

      

—

      

—

      

—

      

352,611

      

424,053

    

Prepaid expenses

    

782

      

3,027

      

134

      

818

      

7

      

8

    

Total Assets

    

14,422,670

      

58,482,057

      

9,375,837

      

223,652,344

      

2,529,142

      

5,252,107

    

LIABILITIES:

  

Cash overdraft

    

—

      

—

      

33

      

35

      

1

      

—

    
Payable for cash collateral received
from securities loaned		    

—

      

—

      

—

      

1,763,417

      

—

      

—

    

Advisory fees payable

    

3,756

      

25,017

      

681

      

113,825

      

—

      

—

    

Management Services fees payable

    

1,195

      

4,550

      

—

      

18,382

      

—

      

454

    

Custodian fees payable

    

116

      

961

      

210

      

23,941

      

668

      

28

    

Administration fees payable

    

6,511

      

7,977

      

6,618

      

23,331

      

2,010

      

2,436

    

Trustee fees payable

    

63

      

264

      

35

      

1,150

      

10

      

20

    

Compliance services fees payable

    

65

      

365

      

28

      

1,151

      

9

      

13

    

Listing, Data and related fees payable

    

384

      

384

      

384

      

40,910

      

8,657

      

8,868

    

Professional fees payable

    

9,795

      

26,866

      

16,527

      

21,528

      

7,596

      

7,598

    
Unrealized depreciation on non-
exchange traded swap agreements		    

1,128,288

      

8,567,844

      

602,517

      

8,103,025

      

155,951

      

249,392

    

Other liabilities

    

1,427

      

3,112

      

1,462

      

15,667

      

447

      

525

    

Total Liabilities

    

1,151,600

      

8,637,340

      

628,495

      

10,126,362

      

175,349

      

269,334

    

NET ASSETS

  

$

13,271,070

    

$

49,844,717

    

$

8,747,342

    

$

213,525,982

    

$

2,353,793

    

$

4,982,773

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

17,669,590

    

$

59,766,809

    

$

7,367,233

    

$

272,305,502

    

$

1,742,731

    

$

4,381,913

    

Distributable earnings (loss)

    

(4,398,520

)

    

(9,922,092

)

    

1,380,109

      

(58,779,520

)

    

611,062

      

600,860

    

NET ASSETS

  

$

13,271,070

    

$

49,844,717

    

$

8,747,342

    

$

213,525,982

    

$

2,353,793

    

$

4,982,773

    
Shares (unlimited number of shares
authorized, no par value)		    

275,000

      

600,000

      

200,000

      

2,550,000

      

50,001

      

100,001

    

Net Asset Value

  

$

48.26

    

$

83.07

    

$

43.74

    

$

83.74

    

$

47.07

    

$

49.83

    
(a) Includes securities on loan valued at:  

$

—

    

$

—

    

$

—

    

$

4,766,994

    

$

—

    

$

—

    

See accompanying notes to the financial statements.

180 :: NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

   

Ultra Oil & Gas

  

Ultra QQQ

   Ultra
Real Estate		   Ultra
Russell2000		   Ultra
S&P500®		   Ultra
Semiconductors		  

ASSETS:

  
Securities and Repurchase
Agreements, at cost		  

$

178,113,389

    

$

5,627,560,823

    

$

120,122,790

    

$

404,226,700

    

$

4,912,480,476

    

$

400,243,448

    

Securities, at value(a)

    

153,571,486

      

5,979,091,126

      

98,309,933

      

237,230,812

      

4,845,346,339

      

451,340,205

    

Repurchase Agreements, at value

    

33,459,556

      

97,108,684

      

24,228,473

      

135,948,857

      

86,874,882

      

13,574,541

    

Cash

    

—

      

6,781

      

3,170

      

—

      

20,683

      

35

    
Segregated cash balances with
brokers for futures contracts		    

—

      

43,683,200

      

—

      

1,916,200

      

17,381,100

      

—

    
Segregated cash balances with
custodian for swap agreements		    

290,674

      

40,955,711

      

5,554,005

      

477,380

      

23,813,204

      

224,054

    

Dividends and interest receivable

    

1,138,961

      

3,140,955

      

40,276

      

151,210

      

5,076,691

      

264,519

    

Receivable for security lending income

    

103

      

6,409

      

85

      

5,379

      

453

      

111

    

Receivable for investments sold

    

7,822,650

      

22,198,913

      

2,541,932

      

11,572,408

      

110,332,461

      

—

    

Due from counterparty

    

114,383

      

—

      

—

      

—

      

—

      

—

    

Receivable for capital shares issued

    

—

      

—

      

—

      

16,063,885

      

34,982,600

      

1,403,967

    
Unrealized appreciation on non-
exchange traded swap agreements		    

1,982,352

      

130,747,600

      

1,303,405

      

4,732,545

      

—

      

75,582,466

    

Prepaid expenses

    

574

      

13,629

      

322

      

2,346

      

13,122

      

755

    

Total Assets

    

198,380,739

      

6,316,953,008

      

131,981,601

      

408,101,022

      

5,123,841,535

      

542,390,653

    

LIABILITIES:

  

Cash overdraft

    

16

      

—

      

—

      

5,783

      

—

      

—

    

Payable for investments purchased

    

—

      

—

      

2,987,686

      

63,193,196

      

34,545,633

      

1,324,293

    

Payable for capital shares redeemed

    

7,423,863

      

21,860,688

      

2,547,841

      

11,135,042

      

110,621,736

      

—

    
Payable for cash collateral received from
securities loaned		    

159,838

      

6,158,913

      

—

      

3,751,230

      

390,817

      

—

    

Advisory fees payable

    

119,134

      

3,784,742

      

75,405

      

135,802

      

3,097,191

      

304,834

    

Management Services fees payable

    

16,797

      

517,374

      

11,131

      

26,546

      

418,969

      

40,002

    

Custodian fees payable

    

2,001

      

31,700

      

143

      

141,125

      

94,221

      

521

    

Administration fees payable

    

22,984

      

79,294

      

19,619

      

24,635

      

70,951

      

28,211

    

Trustee fees payable

    

823

      

23,236

      

562

      

1,642

      

19,430

      

1,321

    

Compliance services fees payable

    

854

      

22,018

      

546

      

2,878

      

18,669

      

1,193

    

Listing, Data and related fees payable

    

60,682

      

962,633

      

37,321

      

48,523

      

—

      

90,189

    

Professional fees payable

    

18,272

      

30,326

      

13,351

      

14,083

      

24,456

      

10,776

    
Payable for variation margin on
futures contracts		    

—

      

10,054,373

      

—

      

493,636

      

6,617,475

      

—

    
Unrealized depreciation on non-
exchange traded swap agreements		    

15,101,120

      

86,746,608

      

3,346,745

      

31,933,439

      

161,259,554

      

—

    

Other liabilities

    

12,794

      

72,241

      

7,959

      

15,838

      

80,347

      

10,669

    

Total Liabilities

    

22,939,178

      

130,344,146

      

9,048,309

      

110,923,398

      

317,259,449

      

1,812,009

    

NET ASSETS

  

$

175,441,561

    

$

6,186,608,862

    

$

122,933,292

    

$

297,177,624

    

$

4,806,582,086

    

$

540,578,644

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

185,859,562

    

$

2,230,807,559

    

$

100,071,207

    

$

278,248,290

    

$

2,687,822,880

    

$

223,975,548

    

Distributable earnings (loss)

    

(10,418,001

)

    

3,955,801,303

      

22,862,085

      

18,929,334

      

2,118,759,206

      

316,603,096

    

NET ASSETS

  

$

175,441,561

    

$

6,186,608,862

    

$

122,933,292

    

$

297,177,624

    

$

4,806,582,086

    

$

540,578,644

    
Shares (unlimited number of shares
authorized, no par value)		    

2,363,236

      

70,750,000

      

1,258,744

      

5,550,000

      

71,400,000

      

10,025,000

    

Net Asset Value

  

$

74.24

    

$

87.44

    

$

97.66

    

$

53.55

    

$

67.32

    

$

53.92

    
(a) Includes securities on loan valued at:  

$

216,158

    

$

10,001,402

    

$

476,287

    

$

7,959,421

    

$

3,466,790

    

$

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2021 (UNAUDITED) :: 181

    Ultra
SmallCap600		   Ultra
Technology		   Ultra
Telecommunications		  

Ultra Utilities

   UltraPro
Dow30SM		   UltraPro
MidCap400		  

ASSETS:

  
Securities and Repurchase
Agreements, at cost		  

$

40,334,872

    

$

1,104,332,337

    

$

2,032,043

    

$

19,482,802

    

$

1,079,623,237

    

$

56,513,767

    

Securities, at value(a)

    

29,919,022

      

876,313,238

      

1,745,325

      

18,139,036

      

904,767,409

      

47,500,660

    

Repurchase Agreements, at value

    

10,862,637

      

319,982,756

      

468,854

      

373,592

      

126,986,958

      

6,137,671

    

Cash

    

2,241

      

40

      

65

      

3

      

34

      

978

    
Segregated cash balances with
brokers for futures contracts		    

—

      

—

      

—

      

—

      

5,821,200

      

133,650

    
Segregated cash balances with
custodian for swap agreements		    

439,216

      

4,918,688

      

274,017

      

336,324

      

28,382,500

      

1,969,500

    

Dividends and interest receivable

    

26,534

      

483,873

      

1,805

      

92,106

      

1,608,778

      

29,447

    

Receivable for security lending income

    

145

      

616

      

2

      

—

      

—

      

64

    

Receivable for investments sold

    

140,198

      

—

      

—

      

—

      

38,758,650

      

39,443

    

Due from counterparty

    

—

      

—

      

—

      

4,463

      

—

      

—

    

Receivable for capital shares issued

    

—

      

3,103,516

      

—

      

—

      

84,630,895

      

766,384

    

Receivable from Advisor

    

—

      

—

      

7,004

      

—

      

—

      

2,092

    
Unrealized appreciation on non-
exchange traded swap agreements		    

727,967

      

4,754,692

      

5,848

      

46,599

      

42,424,131

      

—

    

Prepaid expenses

    

3,018

      

2,361

      

8

      

62

      

2,819

      

3,151

    

Total Assets

    

42,120,978

      

1,209,559,780

      

2,502,928

      

18,992,185

      

1,233,383,374

      

56,583,040

    

LIABILITIES:

  

Payable for investments purchased

    

57,852

      

53,064,671

      

—

      

—

      

136,785,770

      

898,483

    

Payable for capital shares redeemed

    

—

      

—

      

—

      

—

      

37,600,395

      

—

    
Payable for cash collateral received
from securities loaned		    

98,464

      

240,988

      

4,860

      

—

      

—

      

124,808

    

Advisory fees payable

    

19,292

      

740,425

      

—

      

1,891

      

595,765

      

—

    

Management Services fees payable

    

3,804

      

94,765

      

—

      

1,805

      

77,199

      

—

    

Custodian fees payable

    

6,243

      

14,395

      

176

      

1,155

      

7,388

      

19,272

    

Administration fees payable

    

13,553

      

39,412

      

12,656

      

12,656

      

37,997

      

14,604

    

Trustee fees payable

    

184

      

4,388

      

11

      

109

      

4,065

      

230

    

Compliance services fees payable

    

204

      

4,072

      

11

      

78

      

4,388

      

261

    

Listing, Data and related fees payable

    

384

      

283,412

      

1,135

      

6,223

      

275,581

      

385

    

Professional fees payable

    

10,483

      

20,852

      

12,711

      

36,500

      

22,037

      

10,530

    
Payable for variation margin on
futures contracts		    

—

      

—

      

—

      

—

      

819,196

      

64,800

    
Unrealized depreciation on non-
exchange traded swap agreements		    

1,259,753

      

9,821,663

      

153,433

      

190,502

      

79,576,254

      

5,632,919

    

Other liabilities

    

1,718

      

37,247

      

1,320

      

2,197

      

50,628

      

2,602

    

Total Liabilities

    

1,471,934

      

64,366,290

      

186,313

      

253,116

      

255,856,663

      

6,768,894

    

NET ASSETS

  

$

40,649,044

    

$

1,145,193,490

    

$

2,316,615

    

$

18,739,069

    

$

977,526,711

    

$

49,814,146

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

32,611,381

    

$

288,676,879

    

$

2,855,616

    

$

21,370,273

    

$

452,129,186

    

$

16,374,575

    

Distributable earnings (loss)

    

8,037,663

      

856,516,611

      

(539,001

)

    

(2,631,204

)

    

525,397,525

      

33,439,571

    

NET ASSETS

  

$

40,649,044

    

$

1,145,193,490

    

$

2,316,615

    

$

18,739,069

    

$

977,526,711

    

$

49,814,146

    
Shares (unlimited number of shares
authorized, no par value)		    

1,350,000

      

18,450,000

      

50,000

      

300,000

      

13,450,000

      

1,625,000

    

Net Asset Value

  

$

30.11

    

$

62.07

    

$

46.33

    

$

62.46

    

$

72.68

    

$

30.65

    
(a) Includes securities on loan valued at:  

$

589,417

    

$

4,560,572

    

$

8,926

    

$

—

    

$

—

    

$

699,941

    

See accompanying notes to the financial statements.

182 :: NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

   

UltraPro QQQ

   UltraPro
Russell2000		   UltraPro
S&P500®		   UltraPro Short
20+ Year
Treasury		   UltraPro Short
Dow30SM		   UltraPro Short
MidCap400		  

ASSETS:

  
Securities and Repurchase
Agreements, at cost		  

$

18,349,882,323

    

$

574,674,640

    

$

3,468,310,333

    

$

191,688,291

    

$

429,510,366

    

$

4,512,406

    

Securities, at value(a)

    

18,633,350,994

      

358,922,286

      

3,301,725,327

      

—

      

379,863,969

      

—

    

Repurchase Agreements, at value

    

278,150,784

      

167,587,252

      

129,694,157

      

191,688,291

      

49,595,934

      

4,512,406

    

Cash

    

602,431

      

—

      

1,020

      

1,140,027

      

1

      

—

    
Segregated cash balances with
brokers for futures contracts		    

181,259,100

      

3,035,175

      

12,144,000

      

65,450

      

4,098,600

      

14,850

    
Segregated cash balances with
custodian for swap agreements		    

113,606,996

      

1,588,971

      

130,979,627

      

18,453,000

      

26,019,000

      

1,052,650

    

Dividends and interest receivable

    

7,675,595

      

219,819

      

3,262,924

      

1

      

—

      

—

    

Receivable for security lending income

    

16,354

      

6,806

      

131

      

—

      

—

      

—

    

Receivable for investments sold

    

81,768,375

      

16,089,265

      

111,747,733

      

—

      

—

      

—

    

Due from counterparty

    

—

      

192

      

—

      

—

      

—

      

—

    

Receivable for capital shares issued

    

183,095,544

      

34,973,423

      

115,943,145

      

4,384,709

      

10,529,460

      

—

    

Receivable from Advisor

    

—

      

—

      

—

      

—

      

—

      

2,103

    
Receivable for variation margin on
futures contracts		    

—

      

—

      

—

      

—

      

377,711

      

7,199

    
Unrealized appreciation on non-
exchange traded swap agreements		    

449,691,714

      

—

      

—

      

—

      

49,369,575

      

828,318

    

Prepaid expenses

    

37,594

      

1,477

      

6,656

      

263

      

4,566

      

4,645

    

Total Assets

    

19,929,255,481

      

582,424,666

      

3,805,504,720

      

215,731,741

      

519,858,816

      

6,422,171

    

LIABILITIES:

  

Cash overdraft

    

—

      

2,102

      

—

      

—

      

—

      

18

    

Payable for investments purchased

    

750,190,118

      

80,374,526

      

119,226,255

      

—

      

—

      

—

    

Payable for capital shares redeemed

    

85,465,733

      

15,365,496

      

113,238,321

      

—

      

34,101,112

      

—

    
Payable for cash collateral received from
securities loaned		    

12,281,410

      

4,901,219

      

80,245

      

—

      

—

      

—

    

Advisory fees payable

    

9,464,834

      

200,679

      

2,150,182

      

126,634

      

258,126

      

—

    

Management Services fees payable

    

1,534,065

      

34,474

      

286,689

      

16,574

      

33,625

      

—

    

Custodian fees payable

    

88,368

      

321,624

      

13,244

      

285

      

4,837

      

330

    

Administration fees payable

    

175,907

      

28,037

      

57,680

      

13,694

      

20,183

      

6,511

    

Trustee fees payable

    

64,475

      

1,609

      

12,475

      

561

      

1,814

      

21

    

Compliance services fees payable

    

59,063

      

1,824

      

11,488

      

417

      

1,650

      

21

    

Listing, Data and related fees payable

    

2,897,321

      

63,228

      

1,488

      

7,311

      

127,196

      

384

    

Professional fees payable

    

67,622

      

19,696

      

21,493

      

10,090

      

12,014

      

9,767

    
Payable for variation margin on
futures contracts		    

31,049,904

      

274,425

      

4,686,453

      

28,690

      

—

      

—

    
Unrealized depreciation on non-
exchange traded swap agreements		    

453,708,744

      

70,367,947

      

211,563,172

      

22,783,401

      

68,504,675

      

203,064

    

Other liabilities

    

193,413

      

13,558

      

53,171

      

3,958

      

61,826

      

2,385

    

Total Liabilities

    

1,347,240,977

      

171,970,444

      

451,402,356

      

22,991,615

      

103,127,058

      

222,501

    

NET ASSETS

  

$

18,582,014,504

    

$

410,454,222

    

$

3,354,102,364

    

$

192,740,126

    

$

416,731,758

    

$

6,199,670

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

4,653,349,722

    

$

158,892,260

    

$

1,449,277,866

    

$

373,711,981

    

$

1,968,100,624

    

$

62,076,346

    

Distributable earnings (loss)

    

13,928,664,782

      

251,561,962

      

1,904,824,498

      

(180,971,855

)

    

(1,551,368,866

)

    

(55,876,676

)

  

NET ASSETS

  

$

18,582,014,504

    

$

410,454,222

    

$

3,354,102,364

    

$

192,740,126

    

$

416,731,758

    

$

6,199,670

    
Shares (unlimited number of shares
authorized, no par value)		    

228,400,000

      

4,250,000

      

49,700,000

      

6,593,605

      

13,442,280

      

248,643

    

Net Asset Value

  

$

81.36

    

$

96.58

    

$

67.49

    

$

29.23

    

$

31.00

    

$

24.93

    
(a) Includes securities on loan valued at:  

$

34,263,232

    

$

9,414,021

    

$

954,556

    

$

—

    

$

—

    

$

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2021 (UNAUDITED) :: 183

    UltraPro
Short QQQ		   UltraPro Short
Russell2000		   UltraPro Short
S&P500®		   UltraShort
7-10 Year
Treasury		   UltraShort
20+ Year
Treasury		   UltraShort
Basic Materials		  

ASSETS:

  
Securities and Repurchase
Agreements, at cost		  

$

1,766,783,766

    

$

108,194,112

    

$

596,789,453

    

$

70,906,148

    

$

1,506,530,313

    

$

1,587,592

    

Securities, at value(a)

    

1,349,562,634

      

75,822,549

      

499,821,583

      

—

      

1,209,582,456

      

—

    

Repurchase Agreements, at value

    

417,058,322

      

32,367,796

      

96,899,371

      

70,906,148

      

296,789,550

      

1,587,592

    

Cash

    

10

      

172,011

      

5

      

—

      

—

      

1

    
Segregated cash balances with
brokers for futures contracts		    

11,724,900

      

1,726,725

      

2,441,450

      

26,400

      

442,750

      

—

    
Segregated cash balances with
custodian for swap agreements		    

79,635,002

      

32,554,001

      

15,223,002

      

2,822,766

      

5,532

      

735,160

    

Dividends and interest receivable

    

1

      

—

      

—

      

—

      

1

      

—

    

Receivable for capital shares issued

    

—

      

—

      

6,133,876

      

—

      

23,636,229

      

—

    

Receivable from Advisor

    

—

      

—

      

—

      

—

      

—

      

4,361

    
Receivable for variation margin on
futures contracts		    

2,008,490

      

—

      

817,837

      

—

      

—

      

—

    
Unrealized appreciation on non-
exchange traded swap agreements		    

39,251,109

      

26,087,138

      

42,447,925

      

29,894

      

—

      

217,155

    

Prepaid expenses

    

8,279

      

3,285

      

1,680

      

127

      

4,691

      

874

    

Total Assets

    

1,899,248,747

      

168,733,505

      

663,786,729

      

73,785,335

      

1,530,461,209

      

2,545,143

    

LIABILITIES:

  

Payable for capital shares redeemed

    

61,530,932

      

10,441,134

      

5,644,585

      

—

      

12,483,143

      

—

    

Advisory fees payable

    

935,695

      

69,401

      

369,035

      

41,728

      

943,286

      

—

    

Management Services fees payable

    

131,950

      

10,509

      

49,204

      

5,955

      

125,770

      

—

    

Custodian fees payable

    

14,243

      

1,159

      

5,434

      

219

      

1,737

      

29

    

Administration fees payable

    

35,626

      

11,825

      

23,679

      

9,361

      

35,301

      

6,511

    

Trustee fees payable

    

7,056

      

550

      

2,472

      

263

      

6,481

      

11

    

Compliance services fees payable

    

7,270

      

499

      

2,296

      

214

      

6,187

      

10

    

Listing, Data and related fees payable

    

279,729

      

22,383

      

2,065

      

3,626

      

88,846

      

1,065

    

Professional fees payable

    

17,642

      

10,334

      

13,326

      

9,984

      

13,374

      

9,753

    
Payable for variation margin on
futures contracts		    

—

      

1,050,240

      

—

      

8,246

      

408,935

      

—

    
Unrealized depreciation on non-
exchange traded swap agreements		    

194,680,813

      

16,395,939

      

38,487,568

      

146,651

      

74,367,802

      

84,557

    

Other liabilities

    

66,424

      

15,865

      

46,315

      

4,230

      

56,525

      

18,579

    

Total Liabilities

    

257,707,380

      

28,029,838

      

44,645,979

      

230,477

      

88,537,387

      

120,515

    

NET ASSETS

  

$

1,641,541,367

    

$

140,703,667

    

$

619,140,750

    

$

73,554,858

    

$

1,441,923,822

    

$

2,424,628

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

7,468,401,110

    

$

745,597,992

    

$

4,712,876,210

    

$

226,708,056

    

$

7,089,972,415

    

$

86,988,201

    

Distributable earnings (loss)

    

(5,826,859,743

)

    

(604,894,325

)

    

(4,093,735,460

)

    

(153,153,198

)

    

(5,648,048,593

)

    

(84,563,573

)

  

NET ASSETS

  

$

1,641,541,367

    

$

140,703,667

    

$

619,140,750

    

$

73,554,858

    

$

1,441,923,822

    

$

2,424,628

    
Shares (unlimited number of shares
authorized, no par value)		    

51,827,817

      

3,018,368

      

42,997,347

      

4,600,000

      

88,456,929

      

185,083

    

Net Asset Value

  

$

31.67

    

$

46.62

    

$

14.40

    

$

15.99

    

$

16.30

    

$

13.10

    
(a) Includes securities on loan valued at:  

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

See accompanying notes to the financial statements.

184 :: NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

    UltraShort
Consumer
Goods		   UltraShort
Consumer
Services		   UltraShort
Dow30SM		   UltraShort
Financials		   UltraShort
FTSE China 50		   UltraShort
FTSE Europe		  

ASSETS:

  
Securities and Repurchase
Agreements, at cost		  

$

1,054,769

    

$

895,533

    

$

84,842,710

    

$

8,467,546

    

$

14,273,971

    

$

5,565,138

    

Securities, at value(a)

    

—

      

—

      

34,997,831

      

—

      

—

      

—

    

Repurchase Agreements, at value

    

1,054,769

      

895,533

      

49,844,573

      

8,467,546

      

14,273,971

      

5,565,138

    

Cash

    

40

      

—

      

250,007

      

—

      

32

      

3

    
Segregated cash balances with
brokers for futures contracts		    

—

      

—

      

762,300

      

—

      

—

      

—

    
Segregated cash balances with
custodian for swap agreements		    

64,707

      

129,007

      

21,981,890

      

7,875,554

      

7,201,039

      

2,926,000

    

Receivable from Advisor

    

5,117

      

5,123

      

—

      

—

      

—

      

—

    
Receivable for variation margin on
futures contracts		    

—

      

—

      

123,953

      

—

      

—

      

—

    
Unrealized appreciation on non-
exchange traded swap agreements		    

4,234

      

15,746

      

8,247,376

      

654,117

      

1,798,986

      

633,070

    

Prepaid expenses

    

869

      

3

      

364

      

564

      

70

      

29

    

Total Assets

    

1,129,736

      

1,045,412

      

116,208,294

      

16,997,781

      

23,274,098

      

9,124,240

    

LIABILITIES:

  

Cash overdraft

    

—

      

27

      

—

      

5

      

—

      

—

    

Advisory fees payable

    

—

      

—

      

57,499

      

1,905

      

7,309

      

—

    

Management Services fees payable

    

—

      

—

      

8,191

      

1,016

      

1,745

      

116

    

Custodian fees payable

    

25

      

55

      

1,588

      

282

      

184

      

130

    

Administration fees payable

    

6,511

      

6,511

      

10,722

      

6,437

      

6,307

      

6,516

    

Trustee fees payable

    

4

      

4

      

427

      

56

      

87

      

33

    

Compliance services fees payable

    

5

      

4

      

437

      

63

      

89

      

33

    

Listing, Data and related fees payable

    

665

      

663

      

32,663

      

4,526

      

8,832

      

1,367

    

Professional fees payable

    

9,742

      

9,741

      

10,456

      

9,853

      

9,873

      

9,793

    
Unrealized depreciation on non-
exchange traded swap agreements		    

309,727

      

169,879

      

7,064,913

      

3,548,348

      

—

      

625,474

    

Other liabilities

    

1,069

      

3,022

      

31,231

      

8,093

      

5,230

      

3,667

    

Total Liabilities

    

327,748

      

189,906

      

7,218,127

      

3,580,584

      

39,656

      

647,129

    

NET ASSETS

  

$

801,988

    

$

855,506

    

$

108,990,167

    

$

13,417,197

    

$

23,234,442

    

$

8,477,111

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

10,145,645

    

$

21,262,423

    

$

838,140,789

    

$

517,373,254

    

$

277,315,469

    

$

227,376,634

    

Distributable earnings (loss)

    

(9,343,657

)

    

(20,406,917

)

    

(729,150,622

)

    

(503,956,057

)

    

(254,081,027

)

    

(218,899,523

)

  

NET ASSETS

  

$

801,988

    

$

855,506

    

$

108,990,167

    

$

13,417,197

    

$

23,234,442

    

$

8,477,111

    
Shares (unlimited number of shares
authorized, no par value)		    

65,568

      

93,600

      

2,400,854

      

723,348

      

601,947

      

687,119

    

Net Asset Value

  

$

12.23

    

$

9.14

    

$

45.40

    

$

18.55

    

$

38.60

    

$

12.34

    
(a) Includes securities on loan valued at:  

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2021 (UNAUDITED) :: 185

    UltraShort
Health Care		   UltraShort
Industrials		   UltraShort
MidCap400		   UltraShort
MSCI Brazil
Capped		   UltraShort
MSCI EAFE		   UltraShort
MSCI Emerging
Markets		  

ASSETS:

  
Securities and Repurchase
Agreements, at cost		  

$

2,015,647

    

$

1,557,253

    

$

1,483,725

    

$

13,153,447

    

$

723,994

    

$

4,582,177

    

Securities, at value(a)

    

—

      

—

      

—

      

—

      

—

      

—

    

Repurchase Agreements, at value

    

2,015,647

      

1,557,253

      

1,483,725

      

13,153,447

      

723,994

      

4,582,177

    

Cash

    

—

      

39

      

—

      

—

      

15

      

—

    
Segregated cash balances with
brokers for futures contracts		    

—

      

—

      

14,850

      

—

      

—

      

—

    
Segregated cash balances with
custodian for swap agreements		    

138,092

      

435,256

      

571,304

      

7,296,000

      

236,650

      

1,797,000

    

Due from counterparty

    

563

      

—

      

—

      

—

      

—

      

—

    

Receivable for capital shares issued

    

1,006,082

      

—

      

—

      

—

      

—

      

—

    

Receivable from Advisor

    

4,346

      

4,671

      

4,854

      

—

      

5,083

      

960

    
Receivable for variation margin on
futures contracts		    

—

      

—

      

7,200

      

—

      

—

      

—

    
Unrealized appreciation on non-
exchange traded swap agreements		    

61,822

      

104,114

      

167,718

      

1,767,694

      

79,694

      

576,022

    

Prepaid expenses

    

871

      

1,645

      

3,186

      

1,204

      

96

      

325

    

Total Assets

    

3,227,423

      

2,102,978

      

2,252,837

      

22,218,345

      

1,045,532

      

6,956,484

    

LIABILITIES:

  

Cash overdraft

    

21

      

—

      

—

      

—

      

—

      

—

    

Advisory fees payable

    

—

      

—

      

—

      

7,594

      

—

      

—

    

Management Services fees payable

    

—

      

—

      

—

      

1,656

      

—

      

—

    

Custodian fees payable

    

68

      

16

      

330

      

243

      

37

      

54

    

Administration fees payable

    

6,511

      

6,511

      

6,511

      

6,650

      

6,511

      

6,511

    

Trustee fees payable

    

7

      

5

      

8

      

64

      

5

      

26

    

Compliance services fees payable

    

6

      

5

      

9

      

57

      

6

      

27

    

Listing, Data and related fees payable

    

829

      

787

      

384

      

384

      

384

      

384

    

Professional fees payable

    

9,745

      

9,744

      

9,752

      

9,839

      

9,745

      

9,787

    
Unrealized depreciation on non-
exchange traded swap agreements		    

355,537

      

376,373

      

305,494

      

—

      

88,289

      

—

    

Other liabilities

    

803

      

3,892

      

2,968

      

3,823

      

1,293

      

3,363

    

Total Liabilities

    

373,527

      

397,333

      

325,456

      

30,310

      

106,270

      

20,152

    

NET ASSETS

  

$

2,853,896

    

$

1,705,645

    

$

1,927,381

    

$

22,188,035

    

$

939,262

    

$

6,936,332

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

14,022,491

    

$

22,859,246

    

$

56,166,072

    

$

106,476,096

    

$

21,824,514

    

$

174,358,194

    

Distributable earnings (loss)

    

(11,168,595

)

    

(21,153,601

)

    

(54,238,691

)

    

(84,288,061

)

    

(20,885,252

)

    

(167,421,862

)

  

NET ASSETS

  

$

2,853,896

    

$

1,705,645

    

$

1,927,381

    

$

22,188,035

    

$

939,262

    

$

6,936,332

    
Shares (unlimited number of shares
authorized, no par value)		    

205,430

      

115,135

      

113,510

      

1,092,333

      

87,428

      

388,771

    

Net Asset Value

  

$

13.89

    

$

14.81

    

$

16.98

    

$

20.31

    

$

10.74

    

$

17.84

    
(a) Includes securities on loan valued at:  

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

See accompanying notes to the financial statements.

186 :: NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

    UltraShort
MSCI Japan		   UltraShort
Nasdaq
Biotechnology		   UltraShort
Oil & Gas		  

UltraShort QQQ

   UltraShort
Real Estate		   UltraShort
Russell2000		  

ASSETS:

  
Securities and Repurchase
Agreements, at cost		  

$

2,404,058

    

$

5,224,150

    

$

18,572,171

    

$

240,814,622

    

$

14,355,580

    

$

67,268,679

    

Securities, at value(a)

    

—

      

—

      

—

      

154,950,724

      

—

      

9,998,653

    

Repurchase Agreements, at value

    

2,404,058

      

5,224,150

      

18,572,171

      

85,847,095

      

14,355,580

      

57,269,586

    

Cash

    

—

      

1

      

56

      

13

      

—

      

10

    
Segregated cash balances with
brokers for futures contracts		    

—

      

—

      

—

      

953,700

      

—

      

371,800

    
Segregated cash balances with
custodian for swap agreements		    

1,269,006

      

1,539,000

      

11,831,461

      

18,903,137

      

6,385,271

      

14,597,587

    

Receivable from Advisor

    

3,149

      

261

      

—

      

—

      

—

      

—

    
Receivable for variation margin on
futures contracts		    

—

      

—

      

—

      

245,055

      

—

      

111,543

    
Unrealized appreciation on non-
exchange traded swap agreements		    

209,367

      

607,769

      

1,587,389

      

4,132,215

      

344,894

      

6,934,372

    

Prepaid expenses

    

360

      

68

      

56

      

1,026

      

1,181

      

748

    

Total Assets

    

3,885,940

      

7,371,249

      

31,991,133

      

265,032,965

      

21,086,926

      

89,284,299

    

LIABILITIES:

  

Payable for capital shares redeemed

    

—

      

—

      

1,392,404

      

—

      

—

      

10,159,914

    

Advisory fees payable

    

—

      

—

      

8,942

      

117,921

      

3,242

      

35,627

    

Management Services fees payable

    

—

      

—

      

1,849

      

17,697

      

1,163

      

5,778

    

Custodian fees payable

    

26

      

234

      

246

      

2,609

      

347

      

1,130

    

Administration fees payable

    

6,511

      

6,523

      

6,513

      

14,453

      

6,533

      

9,419

    

Trustee fees payable

    

18

      

32

      

80

      

922

      

59

      

351

    

Compliance services fees payable

    

21

      

42

      

79

      

899

      

72

      

336

    

Listing, Data and related fees payable

    

384

      

2,616

      

5,997

      

38,353

      

5,595

      

13,006

    

Professional fees payable

    

9,764

      

9,804

      

9,827

      

11,068

      

9,848

      

10,205

    
Unrealized depreciation on non-
exchange traded swap agreements		    

59,196

      

437,654

      

8,911,251

      

41,944,715

      

4,574,473

     

7,851,800

    

Other liabilities

    

1,918

      

2,175

      

20,652

      

26,273

      

15,185

      

13,407

    

Total Liabilities

    

77,838

      

459,080

      

10,357,840

      

42,174,910

      

4,616,517

      

18,100,973

    

NET ASSETS

  

$

3,808,102

    

$

6,912,169

    

$

21,633,293

    

$

222,858,055

    

$

16,470,409

    

$

71,183,326

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

31,814,577

    

$

81,054,586

    

$

127,003,784

    

$

1,905,718,021

    

$

263,429,557

    

$

841,471,794

    

Distributable earnings (loss)

    

(28,006,475

)

    

(74,142,417

)

    

(105,370,491

)

    

(1,682,859,966

)

    

(246,959,148

)

    

(770,288,468

)

  

NET ASSETS

  

$

3,808,102

    

$

6,912,169

    

$

21,633,293

    

$

222,858,055

    

$

16,470,409

    

$

71,183,326

    
Shares (unlimited number of shares
authorized, no par value)		    

274,913

      

346,096

      

443,422

      

13,695,774

      

1,147,077

      

5,163,966

    

Net Asset Value

  

$

13.85

    

$

19.97

    

$

48.79

    

$

16.27

    

$

14.36

    

$

13.78

    
(a) Includes securities on loan valued at:  

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2021 (UNAUDITED) :: 187

    UltraShort
S&P500®		   UltraShort
Semiconductors		   UltraShort
SmallCap600		   UltraShort
Technology		   UltraShort
Utilities		  

ASSETS:

  

Securities and Repurchase Agreements, at cost

  

$

565,005,502

    

$

2,514,176

    

$

2,971,200

    

$

3,186,443

    

$

1,362,116

    

Securities, at value(a)

    

534,833,528

      

—

      

—

      

—

      

—

    

Repurchase Agreements, at value

    

30,110,565

      

2,514,176

      

2,971,200

      

3,186,443

      

1,362,116

    

Cash

    

21

      

2

      

—

      

—

      

—

    
Segregated cash balances with brokers for futures
contracts		    

2,137,850

      

—

      

—

      

—

      

—

    
Segregated cash balances with custodian for swap
agreements		    

30,538,435

      

1,111,078

      

1,118,382

      

1,932,392

      

508,683

    

Receivable from Advisor

    

—

      

4,025

      

3,834

      

3,256

      

4,410

    

Receivable for variation margin on futures contracts

    

716,137

      

—

      

—

      

—

      

—

    
Unrealized appreciation on non-exchange traded swap
agreements		    

18,498,717

      

—

      

111,219

      

12,577

      

2,919

    

Prepaid expenses

    

5,268

      

1,075

      

4,527

      

58

      

544

    

Total Assets

    

616,840,521

      

3,630,356

      

4,209,162

      

5,134,726

      

1,878,672

    

LIABILITIES:

  

Cash overdraft

    

—

      

—

      

17

      

—

      

—

    

Payable for capital shares redeemed

    

27,242,080

      

—

      

—

      

—

      

375,561

    

Advisory fees payable

    

331,037

      

—

      

—

      

—

      

—

    

Management Services fees payable

    

44,138

      

—

      

—

      

—

      

—

    

Custodian fees payable

    

7,405

      

62

      

54

      

153

      

56

    

Administration fees payable

    

23,169

      

6,511

      

6,511

      

6,511

      

6,511

    

Trustee fees payable

    

2,527

      

12

      

13

      

17

      

9

    

Compliance services fees payable

    

2,596

      

12

      

11

      

20

      

10

    

Listing, Data and related fees payable

    

—

      

1,250

      

384

      

1,890

      

1,065

    

Professional fees payable

    

13,630

      

9,761

      

9,753

      

9,759

      

9,749

    
Unrealized depreciation on non-exchange traded swap
agreements		    

64,846,009

      

1,281,167

      

1,008,843

      

1,689,347

      

75,791

    

Other liabilities

    

76,167

      

1,871

      

1,645

      

4,669

      

2,031

    

Total Liabilities

    

92,588,758

      

1,300,646

      

1,027,231

      

1,712,366

      

470,783

    

NET ASSETS

  

$

524,251,763

    

$

2,329,710

    

$

3,181,931

    

$

3,422,360

    

$

1,407,889

    

NET ASSETS CONSIST OF:

  

Paid in Capital

  

$

5,813,102,121

    

$

48,267,701

    

$

35,028,039

    

$

36,762,138

    

$

13,805,293

    

Distributable earnings (loss)

    

(5,288,850,358

)

    

(45,937,991

)

    

(31,846,108

)

    

(33,339,778

)

    

(12,397,404

)

  

NET ASSETS

  

$

524,251,763

    

$

2,329,710

    

$

3,181,931

    

$

3,422,360

    

$

1,407,889

    
Shares (unlimited number of shares authorized,
no par value)		    

13,489,213

      

124,460

      

133,946

      

243,867

      

93,720

    

Net Asset Value

  

$

38.86

    

$

18.72

    

$

23.76

    

$

14.03

    

$

15.02

    
(a) Includes securities on loan valued at:  

$

—

    

$

—

    

$

—

    

$

—

    

$

—

    

See accompanying notes to the financial statements.

188 :: NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

STATEMENTS OF OPERATIONS

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: 189

    Short 7-10 Year
Treasury		   Short 20+ Year
Treasury		   Short Basic
Materials		   Short
Dow30SM		   Short
Financials		   Short
FTSE China 50		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Interest

  

$

3

    

$

93,497

    

$

22

    

$

41,395

    

$

3

    

$

42

    

Total Investment Income

    

3

      

93,497

      

22

      

41,395

      

3

      

42

    

EXPENSES:

  

Advisory fees (Note 4)

    

348,964

      

2,478,144

      

6,148

      

958,728

      

38,410

      

28,108

    

Management Services fees (Note 4)

    

46,528

      

330,417

      

820

      

127,829

      

5,121

      

3,748

    

Professional fees

    

9,097

      

12,073

      

8,622

      

9,965

      

8,679

      

8,641

    

Administration fees (Note 5)

    

31,455

      

76,373

      

19,266

      

49,510

      

19,266

      

19,267

    

Custodian fees (Note 6)

    

3,425

      

16,051

      

48

      

7,528

      

341

      

278

    

Printing and Shareholder reports

    

2,574

      

12,037

      

312

      

10,526

      

1,795

      

551

    

Listing, Data and related fees (Note 7)

    

8,063

      

29,357

      

4,901

      

55,706

      

6,622

      

8,134

    

Trustees fees (Note 8)

    

646

      

4,692

      

10

      

1,803

      

76

      

47

    

Compliance services fees (Note 4)

    

242

      

2,128

      

5

      

869

      

43

      

16

    

Other fees

    

3,378

      

12,863

      

1,982

      

6,008

      

2,293

      

2,294

    
Total Gross Expenses before
fees waived and/or reimbursed		    

454,372

      

2,974,135

      

42,114

      

1,228,472

      

82,646

      

71,084

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

(12,378

)

    

—

      

(34,329

)

    

(14,369

)

    

(34,006

)

    

(35,463

)

  

Total Net Expenses

    

441,994

      

2,974,135

      

7,785

      

1,214,103

      

48,640

      

35,621

    

Net Investment Income (Loss)

    

(441,991

)

    

(2,880,638

)

    

(7,763

)

    

(1,172,708

)

    

(48,637

)

    

(35,579

)

  

NET REALIZED GAIN (LOSS) FROM:

  

Expiration or closing of futures contracts

    

(2,159

)

    

(442,082

)

    

—

      

(2,093,128

)

    

—

      

—

    
Expiration or closing of non-exchange
traded swap agreements		    

(2,610,088

)

    

(55,321,706

)

    

(356,865

)

    

(38,665,485

)

    

(3,412,001

)

    

(524,968

)

  

Net realized gain (loss)

    

(2,612,247

)

    

(55,763,788

)

    

(356,865

)

    

(40,758,613

)

    

(3,412,001

)

    

(524,968

)

  
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION
FROM:		  

Investments

    

—

      

(85,799

)

    

—

      

(62,321

)

    

—

      

—

    

Futures contracts

    

(2,697

)

    

(32,311

)

    

—

      

556,561

      

—

      

—

    

Non-exchange traded swap agreements

    

1,402,473

      

(11,403,874

)

    

337,806

      

35,117,517

      

3,193,514

      

1,278,790

    
Change in net unrealized
appreciation/depreciation		    

1,399,776

      

(11,521,984

)

    

337,806

      

35,611,757

      

3,193,514

      

1,278,790

    

Net realized and unrealized gain (loss)

    

(1,212,471

)

    

(67,285,772

)

    

(19,059

)

    

(5,146,856

)

    

(218,487

)

    

753,822

    
Change in Net Assets Resulting
from Operations		  

$

(1,654,462

)

  

$

(70,166,410

)

  

$

(26,822

)

  

$

(6,319,564

)

  

$

(267,124

)

  

$

718,243

    

See accompanying notes to the financial statements.

190 :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

    Short
High Yield		   Short
MidCap400		   Short
MSCI EAFE		   Short MSCI
Emerging
Markets		  

Short Oil & Gas

  

Short QQQ

  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Interest

  

$

1,272

    

$

20

    

$

1

    

$

—

    

$

36

    

$

92,676

    

Total Investment Income

    

1,272

      

20

      

1

      

—

      

36

      

92,676

    

EXPENSES:

  

Advisory fees (Note 4)

    

214,826

      

42,321

      

46,106

      

125,218

      

12,769

      

2,175,859

    

Management Services fees (Note 4)

    

28,643

      

5,643

      

6,147

      

16,696

      

1,703

      

290,112

    

Professional fees

    

8,857

      

8,690

      

8,670

      

8,721

      

8,639

      

11,905

    

Administration fees (Note 5)

    

25,804

      

19,266

      

19,267

      

20,905

      

19,267

      

71,415

    

Custodian fees (Note 6)

    

1,533

      

1,378

      

333

      

688

      

126

      

16,132

    

Printing and Shareholder reports

    

3,837

      

1,056

      

1,468

      

3,189

      

477

      

15,139

    

Listing, Data and related fees (Note 7)

    

21,451

      

5,827

      

7,202

      

10,832

      

5,254

      

295,564

    

Trustees fees (Note 8)

    

402

      

83

      

79

      

218

      

24

      

4,276

    

Compliance services fees (Note 4)

    

180

      

41

      

30

      

83

      

11

      

2,101

    

Other fees

    

2,967

      

2,290

      

2,364

      

2,784

      

2,178

      

10,738

    
Total Gross Expenses before
fees waived and/or reimbursed		    

308,500

      

86,595

      

91,666

      

189,334

      

50,448

      

2,893,241

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

(36,418

)

    

(33,000

)

    

(33,266

)

    

(30,660

)

    

(34,285

)

    

(140,152

)

  

Total Net Expenses

    

272,082

      

53,595

      

58,400

      

158,674

      

16,163

      

2,753,089

    

Net Investment Income (Loss)

    

(270,810

)

    

(53,575

)

    

(58,399

)

    

(158,674

)

    

(16,127

)

    

(2,660,413

)

  

NET REALIZED GAIN (LOSS) FROM:

  

Expiration or closing of futures contracts

    

—

      

(39,728

)

    

—

      

—

      

—

      

(8,644,050

)

  
Expiration or closing of non-exchange
traded swap agreements		    

2,776,015

      

(3,914,107

)

    

(2,815,363

)

    

(646,020

)

    

(523,088

)

    

(122,667,920

)

  

Net realized gain (loss)

    

2,776,015

      

(3,953,835

)

    

(2,815,363

)

    

(646,020

)

    

(523,088

)

    

(131,311,970

)

  
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION
FROM:		  

Investments

    

(64

)

    

—

      

—

      

—

      

—

      

(59,537

)

  

Futures contracts

    

—

      

13,024

      

—

      

—

      

—

      

(122,523

)

  

Non-exchange traded swap agreements

    

(3,525,043

)

    

3,826,568

      

2,987,019

      

3,287,860

      

206,939

      

26,982,888

    
Change in net unrealized
appreciation/depreciation		    

(3,525,107

)

    

3,839,592

      

2,987,019

      

3,287,860

      

206,939

      

26,800,828

    

Net realized and unrealized gain (loss)

    

(749,092

)

    

(114,243

)

    

171,656

      

2,641,840

      

(316,149

)

    

(104,511,142

)

  
Change in Net Assets Resulting
from Operations		  

$

(1,019,902

)

  

$

(167,818

)

  

$

113,257

    

$

2,483,166

    

$

(332,276

)

  

$

(107,171,555

)

  

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: 191

    Short
Real Estate		   Short
Russell2000		  

Short S&P500®

   Short
SmallCap600		   Ultra
7-10 Year
Treasury		   Ultra
20+ Year
Treasury		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Interest

  

$

16

    

$

32,530

    

$

321,794

    

$

—

    

$

123,456

    

$

168,020

    

Securities lending income (Note 2)

    

—

      

—

      

—

      

—

      

1,153

      

174

    

Total Investment Income

    

16

      

32,530

      

321,794

      

—

      

124,609

      

168,194

    

EXPENSES:

  

Advisory fees (Note 4)

    

29,024

      

1,055,017

      

5,304,190

      

17,355

      

82,807

      

195,476

    

Management Services fees (Note 4)

    

3,870

      

140,668

      

707,220

      

2,314

      

11,041

      

26,063

    

Professional fees

    

8,666

      

10,216

      

17,069

      

8,646

      

8,725

      

8,853

    

Administration fees (Note 5)

    

19,267

      

50,865

      

102,904

      

19,267

      

38,492

      

43,630

    

Custodian fees (Note 6)

    

239

      

8,355

      

37,604

      

151

      

1,787

      

2,076

    

Printing and Shareholder reports

    

1,570

      

10,207

      

53,961

      

606

      

1,185

      

1,082

    

Listing, Data and related fees (Note 7)

    

6,121

      

138,207

      

8,460

      

5,827

      

5,356

      

6,528

    

Trustees fees (Note 8)

    

54

      

2,089

      

10,169

      

33

      

159

      

357

    

Compliance services fees (Note 4)

    

24

      

986

      

5,002

      

16

      

75

      

155

    

Other fees

    

2,272

      

5,739

      

24,715

      

2,203

      

2,438

      

2,933

    
Total Gross Expenses before
fees waived and/or reimbursed		    

71,107

      

1,422,349

      

6,271,294

      

56,418

      

152,065

      

287,153

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

(34,367

)

    

(86,182

)

    

—

      

(34,437

)

    

(47,176

)

    

(39,424

)

  

Total Net Expenses

    

36,740

      

1,336,167

      

6,271,294

      

21,981

      

104,889

      

247,729

    

Net Investment Income (Loss)

    

(36,724

)

    

(1,303,637

)

    

(5,949,500

)

    

(21,981

)

    

19,720

      

(79,535

)

  

NET REALIZED GAIN (LOSS) FROM:

  

Transactions in investment securities

    

—

      

—

      

(2,097

)

    

—

      

284,553

      

(103,074

)

  

Expiration or closing of futures contracts

    

—

      

(785,411

)

    

(12,202,094

)

    

—

      

(611

)

    

40,768

    
Expiration or closing of non-exchange
traded swap agreements		    

(1,578,541

)

    

(46,343,143

)

    

(252,620,170

)

    

(773,134

)

    

452,693

      

3,293,098

    

In-kind redemptions of investments

    

—

      

—

      

—

      

—

      

—

      

(84,769

)

  

Net realized gain (loss)

    

(1,578,541

)

    

(47,128,554

)

    

(264,824,361

)

    

(773,134

)

    

736,635

      

3,146,023

    
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION
FROM:		  

Investments

    

—

      

(24,443

)

    

(259,803

)

    

—

      

(153,278

)

    

1,015,455

    

Futures contracts

    

—

      

424,929

      

1,816,126

      

—

      

235

      

13,866

    

Non-exchange traded swap agreements

    

887,717

      

45,380,515

      

122,865,161

      

754,478

      

(365,709

)

    

1,997,827

    
Change in net unrealized
appreciation/depreciation		    

887,717

      

45,781,001

      

124,421,484

      

754,478

      

(518,752

)

    

3,027,148

    

Net realized and unrealized gain (loss)

    

(690,824

)

    

(1,347,553

)

    

(140,402,877

)

    

(18,656

)

    

217,883

      

6,173,171

    
Change in Net Assets Resulting
from Operations		  

$

(727,548

)

  

$

(2,651,190

)

  

$

(146,352,377

)

  

$

(40,637

)

  

$

237,603

    

$

6,093,636

    

See accompanying notes to the financial statements.

192 :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

    Ultra Basic
Materials		   Ultra Consumer
Goods		   Ultra Consumer
Services		  

Ultra Dow30SM

  

Ultra Financials

   Ultra
FTSE China 50		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Dividends

  

$

650,287

    

$

88,236

    

$

85,504

    

$

3,183,293

    

$

5,736,191

    

$

—

    

Interest

    

—

      

33

      

39

      

31

      

7

      

2

    

Securities lending income (Note 2)

    

22

      

147

      

282

      

—

      

3,182

      

—

    

Foreign withholding tax on income

    

—

      

—

      

—

      

—

      

(637

)

    

—

    

Total Investment Income

    

650,309

      

88,416

      

85,825

      

3,183,324

      

5,738,743

      

2

    

EXPENSES:

  

Advisory fees (Note 4)

    

302,394

      

55,823

      

126,639

      

1,806,889

      

3,410,874

      

85,206

    

Management Services fees (Note 4)

    

40,319

      

7,443

      

16,885

      

240,917

      

454,780

      

11,361

    

Professional fees

    

9,095

      

8,882

      

12,737

      

13,403

      

13,685

      

9,540

    

Administration fees (Note 5)

    

50,156

      

37,540

      

37,540

      

91,224

      

113,092

      

19,267

    

Custodian fees (Note 6)

    

5,091

      

7,879

      

6,699

      

16,286

      

55,335

      

789

    

Printing and Shareholder reports

    

1,597

      

519

      

752

      

7,569

      

15,237

      

1,654

    

Listing, Data and related fees (Note 7)

    

20,701

      

7,551

      

11,327

      

100,942

      

186,488

      

15,366

    

Trustees fees (Note 8)

    

619

      

104

      

239

      

3,485

      

6,603

      

170

    

Compliance services fees (Note 4)

    

325

      

47

      

104

      

1,606

      

3,052

      

90

    
Recoupment of prior expenses waived
and/or reimbursed by Advisor (Note 4)		    

—

      

—

      

—

      

—

      

49,641

      

—

    

Other fees

    

2,906

      

2,127

      

2,377

      

7,918

      

13,214

      

2,513

    
Total Gross Expenses before
fees waived and/or reimbursed		    

433,203

      

127,915

      

215,299

      

2,290,239

      

4,322,001

      

145,956

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

(50,330

)

    

(57,113

)

    

(54,815

)

    

(1,055

)

    

—

      

(38,256

)

  

Total Net Expenses

    

382,873

      

70,802

      

160,484

      

2,289,184

      

4,322,001

      

107,700

    

Net Investment Income (Loss)

    

267,436

      

17,614

      

(74,659

)

    

894,140

      

1,416,742

      

(107,698

)

  

NET REALIZED GAIN (LOSS) FROM:

  

Transactions in investment securities

    

(157,536

)

    

(32,400

)

    

(54,198

)

    

(31,160

)

    

(120,856

)

    

—

    

Expiration or closing of futures contracts

    

—

      

—

      

—

      

1,781,262

      

—

      

—

    
Expiration or closing of non-exchange
traded swap agreements		    

12,690,990

      

4,568,993

      

6,576,577

      

102,210,300

      

91,985,469

      

248,528

    

In-kind redemptions of investments

    

7,110,133

      

1,614,213

      

2,010,445

      

16,343,711

      

176,741,004

      

—

    

Net realized gain (loss)

    

19,643,587

      

6,150,806

      

8,532,824

      

120,304,113

      

268,605,617

      

248,528

    
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION
FROM:		  

Investments

    

(11,035,096

)

    

(696,995

)

    

(1,541,144

)

    

(18,215,393

)

    

(163,739,511

)

    

—

    

Futures contracts

    

—

      

—

      

—

      

(1,241,378

)

    

—

      

—

    

Non-exchange traded swap agreements

    

(18,566,175

)

    

(2,450,085

)

    

(5,646,504

)

    

(101,854,298

)

    

(83,457,440

)

    

(9,071,440

)

  
Change in net unrealized
appreciation/depreciation		    

(29,601,271

)

    

(3,147,080

)

    

(7,187,648

)

    

(121,311,069

)

    

(247,196,951

)

    

(9,071,440

)

  

Net realized and unrealized gain (loss)

    

(9,957,684

)

    

3,003,726

      

1,345,176

      

(1,006,956

)

    

21,408,666

      

(8,822,912

)

  
Change in Net Assets Resulting
from Operations		  

$

(9,690,248

)

  

$

3,021,340

    

$

1,270,517

    

$

(112,816

)

  

$

22,825,408

    

$

(8,930,610

)

  

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: 193

    Ultra
FTSE Europe		   Ultra
Health Care		   Ultra
High Yield		   Ultra
Industrials		   Ultra
MidCap400		   Ultra MSCI
Brazil Capped		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Dividends

  

$

—

    

$

952,757

    

$

—

    

$

139,016

    

$

999,425

    

$

—

    

Interest

    

—

      

—

      

—

      

71

      

—

      

—

    

Securities lending income (Note 2)

    

—

      

512

      

—

      

91

      

1,811

      

—

    

Total Investment Income

    

—

      

953,269

      

—

      

139,178

      

1,001,236

      

—

    

EXPENSES:

  

Advisory fees (Note 4)

    

19,865

      

654,768

      

104,406

      

127,314

      

663,145

      

24,588

    

Management Services fees (Note 4)

    

2,649

      

87,302

      

13,921

      

16,975

      

88,419

      

3,279

    

Professional fees

    

14,208

      

10,404

      

14,790

      

18,026

      

17,980

      

10,255

    

Administration fees (Note 5)

    

19,267

      

64,381

      

37,540

      

37,609

      

64,660

      

19,267

    

Custodian fees (Note 6)

    

153

      

23,029

      

810

      

20,688

      

32,181

      

206

    

Printing and Shareholder reports

    

383

      

2,804

      

341

      

604

      

4,822

      

820

    

Listing, Data and related fees (Note 7)

    

5,368

      

39,495

      

12,764

      

11,363

      

5,827

      

6,064

    

Trustees fees (Note 8)

    

38

      

1,243

      

201

      

252

      

1,273

      

48

    

Compliance services fees (Note 4)

    

18

      

572

      

91

      

116

      

588

      

26

    

Other fees

    

2,201

      

4,189

      

2,318

      

2,573

      

4,371

      

2,236

    
Total Gross Expenses before
fees waived and/or reimbursed		    

64,150

      

888,187

      

187,182

      

235,520

      

883,266

      

66,789

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

(38,995

)

    

(58,292

)

    

(54,921

)

    

(74,262

)

    

(43,167

)

    

(35,734

)

  

Total Net Expenses

    

25,155

      

829,895

      

132,261

      

161,258

      

840,099

      

31,055

    

Net Investment Income (Loss)

    

(25,155

)

    

123,374

      

(132,261

)

    

(22,080

)

    

161,137

      

(31,055

)

  

NET REALIZED GAIN (LOSS) FROM:

  

Transactions in investment securities

    

—

      

(593,377

)

    

—

      

(65,387

)

    

(219,982

)

    

—

    

Expiration or closing of futures contracts

    

—

      

—

      

—

      

—

      

608,854

      

—

    
Expiration or closing of non-exchange
traded swap agreements		    

1,391,855

      

31,187,271

      

2,079,332

      

5,508,221

      

38,464,565

      

(282,903

)

  

In-kind redemptions of investments

    

—

      

27,428,525

      

—

      

6,070,817

      

4,777,101

      

—

    

Net realized gain (loss)

    

1,391,855

      

58,022,419

      

2,079,332

      

11,513,651

      

43,630,538

      

(282,903

)

  
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION
FROM:		  

Investments

    

—

      

(21,106,519

)

    

—

      

(6,700,911

)

    

(7,048,199

)

    

—

    

Futures contracts

    

—

      

—

      

—

      

—

      

(286,039

)

    

—

    

Non-exchange traded swap agreements

    

(1,729,129

)

    

(22,516,645

)

    

(2,127,192

)

    

(6,576,196

)

    

(41,886,292

)

    

(3,280,395

)

  
Change in net unrealized
appreciation/depreciation		    

(1,729,129

)

    

(43,623,164

)

    

(2,127,192

)

    

(13,277,107

)

    

(49,220,530

)

    

(3,280,395

)

  

Net realized and unrealized gain (loss)

    

(337,274

)

    

14,399,255

      

(47,860

)

    

(1,763,456

)

    

(5,589,992

)

    

(3,563,298

)

  
Change in Net Assets Resulting
from Operations		  

$

(362,429

)

  

$

14,522,629

    

$

(180,121

)

  

$

(1,785,536

)

  

$

(5,428,855

)

  

$

(3,594,353

)

  

See accompanying notes to the financial statements.

194 :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

    Ultra MSCI
EAFE		   Ultra MSCI
Emerging
Markets		   Ultra MSCI
Japan		   Ultra Nasdaq
Biotechnology		   Ultra Nasdaq
Cloud
Computing		   Ultra Nasdaq
Cybersecurity		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Dividends

  

$

—

    

$

—

    

$

—

    

$

713,507

    

$

6,233

    

$

132

    

Interest

    

2

      

2

      

—

      

—

      

—

      

—

    

Securities lending income (Note 2)

    

—

      

—

      

—

      

27,011

      

—

      

—

    

Foreign withholding tax on income

    

—

      

—

      

—

      

(5,442

)

    

(8

)

    

—

    

Total Investment Income

    

2

      

2

      

—

      

735,076

      

6,225

      

132

    

EXPENSES:

  

Advisory fees (Note 4)

    

53,814

      

254,993

      

30,534

      

1,024,989

      

8,993

      

14,793

    

Management Services fees (Note 4)

    

7,175

      

33,999

      

4,071

      

136,665

      

1,199

      

1,973

    

Professional fees

    

8,693

      

14,691

      

10,906

      

13,617

      

6,482

      

6,487

    

Administration fees (Note 5)

    

19,267

      

26,778

      

19,266

      

75,179

      

10,012

      

10,770

    

Custodian fees (Note 6)

    

385

      

2,307

      

560

      

49,277

      

612

      

66

    

Printing and Shareholder reports

    

498

      

2,065

      

507

      

8,171

      

30

      

33

    

Listing, Data and related fees (Note 7)

    

7,515

      

21,770

      

6,333

      

138,941

      

2,301

      

2,534

    

Trustees fees (Note 8)

    

104

      

524

      

54

      

1,983

      

16

      

29

    

Compliance services fees (Note 4)

    

45

      

292

      

23

      

1,047

      

8

      

10

    

Other fees

    

2,322

      

3,056

      

2,313

      

5,302

      

1,821

      

1,881

    
Total Gross Expenses before
fees waived and/or reimbursed		    

99,818

      

360,475

      

74,567

      

1,455,171

      

31,474

      

38,576

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

(31,684

)

    

(37,916

)

    

(35,892

)

    

(156,684

)

    

(20,069

)

    

(19,812

)

  

Total Net Expenses

    

68,134

      

322,559

      

38,675

      

1,298,487

      

11,405

      

18,764

    

Net Investment Income (Loss)

    

(68,132

)

    

(322,557

)

    

(38,675

)

    

(563,411

)

    

(5,180

)

    

(18,632

)

  
NET REALIZED GAIN (LOSS)
FROM:		  

Transactions in investment securities

    

21

      

74

      

(502,247

)

    

2,614,903

      

42,470

      

—

    
Expiration or closing of non-exchange
traded swap agreements		    

3,370,033

      

2,159,833

      

2,031,191

      

20,792,442

      

202,173

      

428,661

    

In-kind redemptions of investments

    

—

      

—

      

12,470

      

18,278,976

      

—

      

14,938

    

Net realized gain (loss)

    

3,370,054

      

2,159,907

      

1,541,414

      

41,686,321

      

244,643

      

443,599

    
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION
FROM:		  

Investments

    

—

      

—

      

(27,525

)

    

(18,818,579

)

    

40,385

      

14,466

    

Non-exchange traded swap agreements

    

(4,739,980

)

    

(18,580,237

)

    

(2,995,647

)

    

(19,857,671

)

    

114,943

      

335,059

    
Change in net unrealized
appreciation/depreciation		    

(4,739,980

)

    

(18,580,237

)

    

(3,023,172

)

    

(38,676,250

)

    

155,328

      

349,525

    

Net realized and unrealized gain (loss)

    

(1,369,926

)

    

(16,420,330

)

    

(1,481,758

)

    

3,010,071

      

399,971

      

793,124

    
Change in Net Assets Resulting
from Operations		  

$

(1,438,058

)

  

$

(16,742,887

)

  

$

(1,520,433

)

  

$

2,446,660

    

$

394,791

    

$

774,492

    

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: 195

    Ultra
Oil & Gas		  

Ultra QQQ

   Ultra
Real Estate		   Ultra
Russell2000		   Ultra
S&P500®		   Ultra
Semiconductors		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Dividends

  

$

3,275,665

    

$

14,391,155

    

$

991,251

    

$

1,759,826

    

$

24,531,906

    

$

1,253,391

    

Income from non-cash dividends

    

—

      

—

      

96,718

      

—

      

—

      

—

    

Interest

    

—

      

15,193

      

52

      

—

      

19,924

      

34

    

Securities lending income (Note 2)

    

191

      

16,638

      

334

      

90,092

      

6,108

      

111

    

Foreign withholding tax on income

    

—

      

(20,977

)

    

—

      

(5,032

)

    

(4,267

)

    

(4,472

)

  

Total Investment Income

    

3,275,856

      

14,402,009

      

1,088,355

      

1,844,886

      

24,553,671

      

1,249,064

    

EXPENSES:

  

Advisory fees (Note 4)

    

750,848

      

20,118,129

      

490,812

      

1,775,617

      

16,900,448

      

1,203,763

    

Management Services fees (Note 4)

    

100,112

      

2,677,893

      

65,441

      

236,747

      

2,251,442

      

160,501

    

Professional fees

    

12,363

      

36,392

      

10,215

      

12,502

      

33,840

      

10,132

    

Administration fees (Note 5)

    

67,583

      

226,604

      

58,916

      

88,142

      

205,278

      

79,107

    

Custodian fees (Note 6)

    

7,732

      

154,852

      

8,077

      

445,892

      

413,949

      

11,740

    

Printing and Shareholder reports

    

5,564

      

27,688

      

2,759

      

8,406

      

37,628

      

3,980

    

Listing, Data and related fees (Note 7)

    

44,619

      

2,683,345

      

30,750

      

229,482

      

6,705

      

68,774

    

Trustees fees (Note 8)

    

1,476

      

36,680

      

932

      

3,577

      

31,425

      

2,054

    

Compliance services fees (Note 4)

    

776

      

15,761

      

428

      

2,279

      

13,774

      

863

    

Other fees

    

4,691

      

65,290

      

3,624

      

9,694

      

55,702

      

6,122

    
Total Gross Expenses before
fees waived and/or reimbursed		    

995,764

      

26,042,634

      

671,954

      

2,812,338

      

19,950,191

      

1,547,036

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

(43,930

)

    

(554,445

)

    

(49,642

)

    

(563,937

)

    

(139,531

)

    

(16,431

)

  

Total Net Expenses

    

951,834

      

25,488,189

      

622,312

      

2,248,401

      

19,810,660

      

1,530,605

    

Net Investment Income (Loss)

    

2,324,022

      

(11,086,180

)

    

466,043

      

(403,515

)

    

4,743,011

      

(281,541

)

  

NET REALIZED GAIN (LOSS) FROM:

  

Transactions in investment securities

    

(1,684,125

)

    

(1,490,051

)

    

1,000,669

      

(443,546

)

    

(349,176

)

    

(487,120

)

  

Expiration or closing of futures contracts

    

—

      

37,188,891

      

—

      

1,916,228

      

33,977,866

      

—

    
Expiration or closing of non-exchange
traded swap agreements		    

68,038,457

      

1,351,510,114

      

29,228,239

      

105,826,897

      

1,164,843,924

      

82,940,546

    

In-kind redemptions of investments

    

25,978,915

      

694,374,088

      

4,523,621

      

33,709,171

      

475,795,366

      

37,412,967

    

Net realized gain (loss)

    

92,333,247

      

2,081,583,042

      

34,752,529

      

141,008,750

      

1,674,267,980

      

119,866,393

    
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION
FROM:		  

Investments

    

(17,933,404

)

    

(24,299,783

)

    

910,255

      

(47,792,462

)

    

(207,763,912

)

    

41,322,961

    

Futures contracts

    

—

      

21,540,325

      

—

      

(1,874,835

)

    

(777,119

)

    

—

    

Non-exchange traded swap agreements

    

(55,380,892

)

    

(428,571,599

)

    

(17,540,499

)

    

(129,723,271

)

    

(765,575,199

)

    

40,869,000

    

Foreign currency translations

    

—

      

—

      

—

      

—

      

(6

)

    

—

    
Change in net unrealized
appreciation/depreciation		    

(73,314,296

)

    

(431,331,057

)

    

(16,630,244

)

    

(179,390,568

)

    

(974,116,236

)

    

82,191,961

    

Net realized and unrealized gain (loss)

    

19,018,951

      

1,650,251,985

      

18,122,285

      

(38,381,818

)

    

700,151,744

      

202,058,354

    
Change in Net Assets Resulting
from Operations		  

$

21,342,973

    

$

1,639,165,805

    

$

18,588,328

    

$

(38,785,333

)

  

$

704,894,755

    

$

201,776,813

    

See accompanying notes to the financial statements.

196 :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

    Ultra
SmallCap600		   Ultra
Technology		   Ultra
Telecommunications		   Ultra
Utilities		   UltraPro
Dow30SM		   UltraPro
MidCap400		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Dividends

  

$

193,885

    

$

2,183,249

    

$

28,090

    

$

323,935

    

$

5,730,039

    

$

198,299

    

Interest

    

3

      

41

      

66

      

—

      

1

      

—

    

Securities lending income (Note 2)

    

1,112

      

8,584

      

29

      

—

      

—

      

309

    

Foreign withholding tax on income

    

(120

)

    

(2,391

)

    

—

      

—

      

—

      

—

    

Total Investment Income

    

194,880

      

2,189,483

      

28,185

      

323,935

      

5,730,040

      

198,608

    

EXPENSES:

  

Advisory fees (Note 4)

    

166,531

      

3,730,038

      

9,281

      

84,044

      

3,613,018

      

207,500

    

Management Services fees (Note 4)

    

22,204

      

497,335

      

1,238

      

11,206

      

481,732

      

27,666

    

Professional fees

    

9,042

      

16,159

      

9,619

      

17,590

      

16,789

      

9,124

    

Administration fees (Note 5)

    

39,691

      

116,360

      

37,541

      

37,541

      

115,574

      

43,824

    

Custodian fees (Note 6)

    

16,764

      

47,299

      

365

      

3,339

      

36,346

      

54,801

    

Printing and Shareholder reports

    

737

      

12,549

      

262

      

846

      

17,576

      

1,064

    

Listing, Data and related fees (Note 7)

    

5,827

      

203,511

      

5,068

      

9,055

      

197,270

      

5,827

    

Trustees fees (Note 8)

    

319

      

6,823

      

18

      

160

      

6,874

      

412

    

Compliance services fees (Note 4)

    

148

      

2,865

      

8

      

57

      

3,183

      

198

    
Recoupment of prior expenses
waived and/or reimbursed by
Advisor (Note 4)		    

—

      

88,307

      

—

      

—

      

75,609

      

—

    

Other fees

    

2,682

      

13,312

      

1,981

      

2,517

      

13,922

      

2,666

    
Total Gross Expenses before
fees waived and/or reimbursed		    

263,945

      

4,734,558

      

65,381

      

166,355

      

4,577,893

      

353,082

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

(53,022

)

    

—

      

(53,623

)

    

(59,890

)

    

—

      

(90,213

)

  

Total Net Expenses

    

210,923

      

4,734,558

      

11,758

      

106,465

      

4,577,893

      

262,869

    

Net Investment Income (Loss)

    

(16,043

)

    

(2,545,075

)

    

16,427

      

217,470

      

1,152,147

      

(64,261

)

  
NET REALIZED GAIN (LOSS)
FROM:		  

Transactions in investment securities

    

209,835

      

(1,328,243

)

    

(3,508

)

    

(106,329

)

    

1,349,714

      

(9,606

)

  
Expiration or closing of futures
contracts		    

—

      

—

      

—

      

—

      

5,488,008

      

195,566

    
Expiration or closing of non-exchange
traded swap agreements		    

10,452,186

      

428,193,973

      

194,294

      

(652,261

)

    

275,310,217

      

29,440,980

    

In-kind redemptions of investments

    

1,369,426

      

122,559,331

      

—

      

594,324

      

77,326,548

      

3,554,423

    

Net realized gain (loss)

    

12,031,447

      

549,425,061

      

190,786

      

(164,266

)

    

359,474,487

      

33,181,363

    
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION
FROM:		  

Investments

    

(2,579,972

)

    

6,775,566

      

(30,245

)

    

(1,093,515

)

    

(83,083,856

)

    

(5,387,638

)

  

Futures contracts

    

—

      

—

      

—

      

—

      

(2,916,881

)

    

(102,308

)

  
Non-exchange traded swap
agreements		    

(11,853,032

)

    

(181,354,876

)

    

(231,973

)

    

359,521

      

(251,189,518

)

    

(30,433,804

)

  
Change in net unrealized
appreciation/depreciation		    

(14,433,004

)

    

(174,579,310

)

    

(262,218

)

    

(733,994

)

    

(337,190,255

)

    

(35,923,750

)

  

Net realized and unrealized gain (loss)

    

(2,401,557

)

    

374,845,751

      

(71,432

)

    

(898,260

)

    

22,284,232

      

(2,742,387

)

  
Change in Net Assets Resulting
from Operations		  

$

(2,417,600

)

  

$

372,300,676

    

$

(55,005

)

  

$

(680,790

)

  

$

23,436,379

    

$

(2,806,648

)

  

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: 197

    UltraPro
QQQ		   UltraPro
Russell2000		   UltraPro
S&P500®		   UltraPro Short
20+ Year
Treasury		   UltraPro Short
Dow30SM		   UltraPro Short
MidCap400		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Dividends

  

$

32,805,059

    

$

1,293,621

    

$

12,477,974

    

$

—

    

$

—

    

$

—

    

Interest

    

104,280

      

56

      

10,292

      

28

      

86,115

      

—

    

Securities lending income (Note 2)

    

47,680

      

57,243

      

1,930

      

—

      

—

      

—

    

Foreign withholding tax on income

    

(48,153

)

    

(3,175

)

    

(1,932

)

    

—

      

—

      

—

    

Total Investment Income

    

32,908,866

      

1,347,745

      

12,488,264

      

28

      

86,115

      

—

    

EXPENSES:

  

Advisory fees (Note 4)

    

55,716,344

      

1,478,079

      

10,815,248

      

492,313

      

1,533,573

      

18,522

    

Management Services fees (Note 4)

    

7,410,055

      

197,075

      

1,442,023

      

65,641

      

204,475

      

2,470

    

Professional fees

    

87,280

      

13,654

      

23,049

      

9,214

      

10,856

      

8,648

    

Administration fees (Note 5)

    

463,238

      

84,653

      

164,803

      

36,115

      

60,528

      

19,266

    

Custodian fees (Note 6)

    

418,283

      

506,229

      

425,286

      

3,490

      

11,209

      

1,144

    

Printing and Shareholder reports

    

94,625

      

4,803

      

28,376

      

1,357

      

16,283

      

883

    

Listing, Data and related fees (Note 7)

    

7,418,378

      

191,794

      

5,827

      

9,497

      

87,243

      

5,827

    

Trustees fees (Note 8)

    

100,008

      

2,746

      

19,840

      

860

      

2,922

      

33

    

Compliance services fees (Note 4)

    

41,318

      

1,276

      

8,494

      

354

      

1,378

      

14

    
Recoupment of prior expenses waived
and/or reimbursed by Advisor
(Note 4)		    

542,098

      

—

      

—

      

—

      

3,461

      

—

    

Other fees

    

175,129

      

7,114

      

36,148

      

4,723

      

9,278

      

2,480

    
Total Gross Expenses before
fees waived and/or reimbursed		    

72,466,756

      

2,487,423

      

12,969,094

      

623,564

      

1,941,206

      

59,287

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

(8,693,543

)

    

(615,746

)

    

—

      

(1,024

)

    

—

      

(35,830

)

  

Total Net Expenses

    

63,773,213

      

1,871,677

      

12,969,094

      

622,540

      

1,941,206

      

23,457

    

Net Investment Income (Loss)

    

(30,864,347

)

    

(523,932

)

    

(480,830

)

    

(622,512

)

    

(1,855,091

)

    

(23,457

)

  

NET REALIZED GAIN (LOSS) FROM:

  

Transactions in investment securities

    

1,458,577

      

(3,305,528

)

    

533,303

      

—

      

104

      

—

    

Expiration or closing of futures contracts

    

126,557,713

      

616,552

      

17,802,295

      

(126,292

)

    

(3,977,790

)

    

(20,539

)

  
Expiration or closing of non-exchange
traded swap agreements		    

8,098,502,353

      

215,629,699

      

1,424,357,643

      

(31,220,723

)

    

(213,547,363

)

    

(5,456,009

)

  

In-kind redemptions of investments

    

1,302,675,531

      

21,357,751

      

226,614,949

      

—

      

—

      

—

    

Net realized gain (loss)

    

9,529,194,174

      

234,298,474

      

1,669,308,190

      

(31,347,015

)

    

(217,525,049

)

    

(5,476,548

)

  
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION
FROM:		  

Investments

    

293,061,352

      

(33,285,090

)

    

(115,632,566

)

    

—

      

(76,370

)

    

—

    

Futures contracts

    

127,463,159

      

(1,244,188

)

    

1,067,881

      

(24,520

)

    

1,911,592

      

6,002

    

Non-exchange traded swap agreements

    

(3,060,130,757

)

    

(244,745,958

)

    

(894,538,203

)

    

(17,705,416

)

    

196,141,323

      

4,988,453

    

Foreign currency translations

    

—

      

—

      

(3

)

    

—

      

—

      

—

    
Change in net unrealized
appreciation/depreciation		    

(2,639,606,246

)

    

(279,275,236

)

    

(1,009,102,891

)

    

(17,729,936

)

    

197,976,545

      

4,994,455

    

Net realized and unrealized gain (loss)

    

6,889,587,928

      

(44,976,762

)

    

660,205,299

      

(49,076,951

)

    

(19,548,504

)

    

(482,093

)

  
Change in Net Assets Resulting
from Operations		  

$

6,858,723,581

    

$

(45,500,694

)

  

$

659,724,469

    

$

(49,699,463

)

  

$

(21,403,595

)

  

$

(505,550

)

  

See accompanying notes to the financial statements.

198 :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

    UltraPro Short
QQQ		   UltraPro Short
Russell2000		   UltraPro Short
S&P500®		   UltraShort
7-10 Year
Treasury		   UltraShort
20+ Year
Treasury		   UltraShort
Basic Materials		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Interest

  

$

449,189

    

$

22,333

    

$

149,778

    

$

—

    

$

273,129

    

$

1

    

Total Investment Income

    

449,189

      

22,333

      

149,778

      

—

      

273,129

      

1

    

EXPENSES:

  

Advisory fees (Note 4)

    

6,352,537

      

474,079

      

2,106,614

      

223,724

      

5,670,619

      

9,358

    

Management Services fees (Note 4)

    

846,999

      

63,210

      

280,880

      

29,830

      

756,077

      

1,248

    

Professional fees

    

18,391

      

9,331

      

11,453

      

8,878

      

17,490

      

8,625

    

Administration fees (Note 5)

    

109,853

      

35,072

      

70,465

      

26,454

      

106,235

      

19,267

    

Custodian fees (Note 6)

    

44,597

      

4,315

      

15,067

      

2,268

      

36,127

      

87

    

Printing and Shareholder reports

    

45,850

      

6,131

      

25,844

      

1,980

      

30,208

      

894

    

Listing, Data and related fees (Note 7)

    

859,721

      

64,623

      

5,827

      

6,811

      

62,164

      

5,072

    

Trustees fees (Note 8)

    

12,633

      

901

      

3,971

      

407

      

10,853

      

16

    

Compliance services fees (Note 4)

    

6,511

      

416

      

1,809

      

171

      

5,016

      

9

    

Other fees

    

31,319

      

4,393

      

12,865

      

2,969

      

25,652

      

1,980

    
Total Gross Expenses before
fees waived and/or reimbursed		    

8,328,411

      

662,471

      

2,534,795

      

303,492

      

6,720,441

      

46,556

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

(307,399

)

    

(62,136

)

    

—

      

(20,142

)

    

—

      

(34,706

)

  

Total Net Expenses

    

8,021,012

      

600,335

      

2,534,795

      

283,350

      

6,720,441

      

11,850

    

Net Investment Income (Loss)

    

(7,571,823

)

    

(578,002

)

    

(2,385,017

)

    

(283,350

)

    

(6,447,312

)

    

(11,849

)

  

NET REALIZED GAIN (LOSS) FROM:

  

Transactions in investment securities

    

(23,484

)

    

(220

)

    

(4,836

)

    

—

      

1,211

      

—

    

Expiration or closing of futures contracts

    

(31,589,768

)

    

(644,070

)

    

(3,958,732

)

    

(7,824

)

    

(1,602,530

)

    

—

    
Expiration or closing of non-exchange
traded swap agreements		    

(1,106,216,192

)

    

(68,086,621

)

    

(385,214,962

)

    

(2,415,986

)

    

(298,168,160

)

    

(1,081,800

)

  

Net realized gain (loss)

    

(1,137,829,444

)

    

(68,730,911

)

    

(389,178,530

)

    

(2,423,810

)

    

(299,769,479

)

    

(1,081,800

)

  
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION
FROM:		  

Investments

    

(329,803

)

    

(5,855

)

    

(118,380

)

    

—

      

(248,109

)

    

—

    

Futures contracts

    

(677,206

)

    

590,189

      

166,736

      

(6,263

)

    

(5,096

)

    

—

    

Non-exchange traded swap agreements

    

242,340,138

      

70,229,831

      

240,769,449

      

518,163

      

(26,463,942

)

    

1,115,410

    
Change in net unrealized
appreciation/depreciation		    

241,333,129

      

70,814,165

      

240,817,805

      

511,900

      

(26,717,147

)

    

1,115,410

    

Net realized and unrealized gain (loss)

    

(896,496,315

)

    

2,083,254

      

(148,360,725

)

    

(1,911,910

)

    

(326,486,626

)

    

33,610

    
Change in Net Assets Resulting
from Operations		  

$

(904,068,138

)

  

$

1,505,252

    

$

(150,745,742

)

  

$

(2,195,260

)

  

$

(332,933,938

)

  

$

21,761

    

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: 199

    UltraShort
Consumer
Goods		   UltraShort
Consumer
Services		   UltraShort
Dow30SM		   UltraShort
Financials		   UltraShort
FTSE China 50		   UltraShort
FTSE Europe		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Interest

  

$

40

    

$

—

    

$

5,799

    

$

—

    

$

31

    

$

3

    

Total Investment Income

    

40

      

—

      

5,799

      

—

      

31

      

3

    

EXPENSES:

  

Advisory fees (Note 4)

    

3,545

      

3,256

      

380,698

      

49,130

      

75,250

      

28,985

    

Management Services fees (Note 4)

    

473

      

434

      

50,759

      

6,551

      

10,033

      

3,865

    

Professional fees

    

8,620

      

8,621

      

9,100

      

8,681

      

8,695

      

8,653

    

Administration fees (Note 5)

    

19,266

      

19,267

      

32,274

      

19,266

      

19,267

      

19,266

    

Custodian fees (Note 6)

    

43

      

35

      

3,749

      

444

      

564

      

234

    

Printing and Shareholder reports

    

387

      

636

      

8,628

      

4,780

      

2,374

      

1,581

    

Listing, Data and related fees (Note 7)

    

4,762

      

4,747

      

24,877

      

7,193

      

14,105

      

5,732

    

Trustees fees (Note 8)

    

7

      

6

      

724

      

94

      

137

      

54

    

Compliance services fees (Note 4)

    

3

      

3

      

357

      

47

      

57

      

26

    

Other fees

    

1,964

      

1,990

      

3,458

      

2,507

      

2,233

      

2,065

    
Total Gross Expenses before
fees waived and/or reimbursed		    

39,070

      

38,995

      

514,624

      

98,693

      

132,715

      

70,461

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

(34,587

)

    

(34,847

)

    

(32,608

)

    

(36,494

)

    

(37,287

)

    

(33,742

)

  

Total Net Expenses

    

4,483

      

4,148

      

482,016

      

62,199

      

95,428

      

36,719

    

Net Investment Income (Loss)

    

(4,443

)

    

(4,148

)

    

(476,217

)

    

(62,199

)

    

(95,397

)

    

(36,716

)

  

NET REALIZED GAIN (LOSS) FROM:

  

Expiration or closing of futures contracts

    

—

      

—

      

(1,010,461

)

    

—

      

—

      

—

    
Expiration or closing of non-exchange
traded swap agreements		    

(131,327

)

    

(76,844

)

    

(34,659,585

)

    

(6,942,411

)

    

(7,376,315

)

    

(3,555,074

)

  

Net realized gain (loss)

    

(131,327

)

    

(76,844

)

    

(35,670,046

)

    

(6,942,411

)

    

(7,376,315

)

    

(3,555,074

)

  
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION
FROM:		  

Investments

    

—

      

—

      

(3,713

)

    

—

      

—

      

—

    

Futures contracts

    

—

      

—

      

454,056

      

—

      

—

      

—

    

Non-exchange traded swap agreements

    

(89,697

)

    

(3,338

)

    

31,745,782

      

6,094,408

      

11,990,890

      

3,885,433

    
Change in net unrealized
appreciation/depreciation		    

(89,697

)

    

(3,338

)

    

32,196,125

      

6,094,408

      

11,990,890

      

3,885,433

    

Net realized and unrealized gain (loss)

    

(221,024

)

    

(80,182

)

    

(3,473,921

)

    

(848,003

)

    

4,614,575

      

330,359

    
Change in Net Assets Resulting
from Operations		  

$

(225,467

)

  

$

(84,330

)

  

$

(3,950,138

)

  

$

(910,202

)

  

$

4,519,178

    

$

293,643

    

See accompanying notes to the financial statements.

200 :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

    UltraShort
Health Care		   UltraShort
Industrials		   UltraShort
MidCap400		   UltraShort
MSCI
Brazil Capped		   UltraShort
MSCI EAFE 		  UltraShort
MSCI Emerging
Markets		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Interest

  

$

—

    

$

40

    

$

—

    

$

—

    

$

16

    

$

—

    

Total Investment Income

    

—

      

40

      

—

      

—

      

16

      

—

    

EXPENSES:

  

Advisory fees (Note 4)

    

5,691

      

5,916

      

7,330

      

56,057

      

4,704

      

23,022

    

Management Services fees (Note 4)

    

759

      

789

      

977

      

7,474

      

627

      

3,070

    

Professional fees

    

8,622

      

8,623

      

8,627

      

8,674

      

8,624

      

8,639

    

Administration fees (Note 5)

    

19,266

      

19,267

      

19,267

      

19,266

      

19,267

      

19,267

    

Custodian fees (Note 6)

    

53

      

66

      

1,034

      

549

      

49

      

166

    

Printing and Shareholder reports

    

311

      

494

      

711

      

1,602

      

537

      

1,586

    

Listing, Data and related fees (Note 7)

    

4,877

      

4,889

      

5,827

      

8,122

      

4,886

      

5,858

    

Trustees fees (Note 8)

    

11

      

9

      

14

      

99

      

9

      

43

    

Compliance services fees (Note 4)

    

4

      

5

      

7

      

41

      

4

      

19

    

Other fees

    

2,012

      

2,386

      

2,388

      

2,143

      

1,968

      

2,035

    
Total Gross Expenses before
fees waived and/or reimbursed		    

41,606

      

42,444

      

46,182

      

104,027

      

40,675

      

63,705

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

(34,385

)

    

(34,954

)

    

(36,901

)

    

(32,861

)

    

(34,716

)

    

(34,519

)

  

Total Net Expenses

    

7,221

      

7,490

      

9,281

      

71,166

      

5,959

      

29,186

    

Net Investment Income (Loss)

    

(7,221

)

    

(7,450

)

    

(9,281

)

    

(71,166

)

    

(5,943

)

    

(29,186

)

  

NET REALIZED GAIN (LOSS) FROM:

  

Expiration or closing of futures contracts

    

—

      

—

      

(10,004

)

    

—

      

—

      

—

    
Expiration or closing of non-exchange
traded swap agreements		    

(227,111

)

    

(154,907

)

    

(749,557

)

    

(6,012,333

)

    

(540,316

)

    

71,922

    

Net realized gain (loss)

    

(227,111

)

    

(154,907

)

    

(759,561

)

    

(6,012,333

)

    

(540,316

)

    

71,922

    
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION
FROM:		  

Futures contracts

    

—

      

—

      

6,002

      

—

      

—

      

—

    

Non-exchange traded swap agreements

    

53,983

      

92,107

      

684,331

      

12,748,061

      

603,607

      

916,847

    
Change in net unrealized
appreciation/depreciation		    

53,983

      

92,107

      

690,333

      

12,748,061

      

603,607

      

916,847

    

Net realized and unrealized gain (loss)

    

(173,128

)

    

(62,800

)

    

(69,228

)

    

6,735,728

      

63,291

      

988,769

    
Change in Net Assets Resulting
from Operations		  

$

(180,349

)

  

$

(70,250

)

  

$

(78,509

)

  

$

6,664,562

    

$

57,348

    

$

959,583

    

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: 201

    UltraShort
MSCI Japan		   UltraShort
Nasdaq
Biotechnology		   UltraShort
Oil & Gas		   UltraShort
QQQ		   UltraShort
Real Estate		   UltraShort
Russell2000		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Interest

  

$

—

    

$

1

    

$

56

    

$

35,248

    

$

—

    

$

3,468

    

Total Investment Income

    

—

      

1

      

56

      

35,248

      

—

      

3,468

    

EXPENSES:

  

Advisory fees (Note 4)

    

16,434

      

29,021

      

71,753

      

814,336

      

53,831

      

303,202

    

Management Services fees (Note 4)

    

2,191

      

3,869

      

9,567

      

108,577

      

7,178

      

40,426

    

Professional fees

    

8,641

      

8,647

      

8,711

      

9,673

      

8,699

      

9,034

    

Administration fees (Note 5)

    

19,267

      

19,266

      

19,267

      

44,857

      

19,267

      

29,271

    

Custodian fees (Note 6)

    

146

      

419

      

547

      

6,950

      

479

      

3,168

    

Printing and Shareholder reports

    

712

      

1,077

      

1,567

      

13,375

      

5,563

      

5,133

    

Listing, Data and related fees (Note 7)

    

5,563

      

5,859

      

8,400

      

113,151

      

7,444

      

42,978

    

Trustees fees (Note 8)

    

32

      

58

      

129

      

1,601

      

103

      

586

    

Compliance services fees (Note 4)

    

16

      

27

      

59

      

809

      

51

      

279

    

Other fees

    

2,012

      

2,264

      

2,301

      

5,760

      

2,291

      

3,415

    
Total Gross Expenses before
fees waived and/or reimbursed		    

55,014

      

70,507

      

122,301

      

1,119,089

      

104,906

      

437,492

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

(34,201

)

    

(33,772

)

    

(31,555

)

    

(89,730

)

    

(36,806

)

    

(53,522

)

  

Total Net Expenses

    

20,813

      

36,735

      

90,746

      

1,029,359

      

68,100

      

383,970

    

Net Investment Income (Loss)

    

(20,813

)

    

(36,734

)

    

(90,690

)

    

(994,111

)

    

(68,100

)

    

(380,502

)

  

NET REALIZED GAIN (LOSS) FROM:

  

Expiration or closing of futures contracts

    

—

      

—

      

—

      

(2,659,056

)

    

—

      

(397,880

)

  
Expiration or closing of non-exchange
traded swap agreements		    

(1,876,802

)

    

(6,853,902

)

    

(5,349,443

)

    

(77,252,640

)

    

(15,589,143

)

    

(29,084,833

)

  

Net realized gain (loss)

    

(1,876,802

)

    

(6,853,902

)

    

(5,349,443

)

    

(79,911,696

)

    

(15,589,143

)

    

(29,482,713

)

  
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION
FROM:		  

Investments

    

—

      

—

      

—

      

(31,084

)

    

—

      

(1,711

)

  

Futures contracts

    

—

      

—

      

—

      

(19,913

)

    

—

      

465,125

    

Non-exchange traded swap agreements

    

1,900,887

      

6,046,829

      

1,097,925

      

5,777,945

      

12,991,361

      

28,908,811

    
Change in net unrealized
appreciation/depreciation		    

1,900,887

      

6,046,829

      

1,097,925

      

5,726,948

      

12,991,361

      

29,372,225

    

Net realized and unrealized gain (loss)

    

24,085

      

(807,073

)

    

(4,251,518

)

    

(74,184,748

)

    

(2,597,782

)

    

(110,488

    
Change in Net Assets Resulting
from Operations		  

$

3,272

    

$

(843,807

)

  

$

(4,342,208

)

  

$

(75,178,859

)

  

$

(2,665,882

)

  

$

(490,990

)

  

See accompanying notes to the financial statements.

202 :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

    UltraShort
S&P500®		   UltraShort
Semiconductors		   UltraShort
SmallCap600		   UltraShort
Technology		   UltraShort
Utilities		  
    Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		   Six Months
Ended
November 30,
2021		  

INVESTMENT INCOME:

  

Interest

  

$

115,157

    

$

2

    

$

—

    

$

—

    

$

—

    

Total Investment Income

    

115,157

      

2

      

—

      

—

      

—

    

EXPENSES:

  

Advisory fees (Note 4)

    

2,225,320

      

9,837

      

10,357

      

15,018

      

8,112

    

Management Services fees (Note 4)

    

296,707

      

1,312

      

1,381

      

2,002

      

1,082

    

Professional fees

    

11,731

      

8,624

      

8,631

      

8,642

      

8,625

    

Administration fees (Note 5)

    

72,094

      

19,266

      

19,267

      

19,267

      

19,266

    

Custodian fees (Note 6)

    

17,126

      

143

      

65

      

228

      

94

    

Printing and Shareholder reports

    

34,275

      

716

      

691

      

851

      

417

    

Listing, Data and related fees (Note 7)

    

8,460

      

5,098

      

5,827

      

5,374

      

5,006

    

Trustees fees (Note 8)

    

4,304

      

21

      

19

      

33

      

16

    

Compliance services fees (Note 4)

    

2,135

      

10

      

8

      

17

      

7

    

Other fees

    

11,623

      

2,185

      

2,425

      

2,210

      

2,325

    
Total Gross Expenses before
fees waived and/or reimbursed		    

2,683,775

      

47,212

      

48,671

      

53,642

      

44,950

    

LESS:

  
Expenses waived and/or
reimbursed by Advisor (Note 4)		    

—

      

(34,797

)

    

(35,542

)

    

(34,670

)

    

(34,682

)

  

Total Net Expenses

    

2,683,775

      

12,415

      

13,129

      

18,972

      

10,268

    

Net Investment Income (Loss)

    

(2,568,618

)

    

(12,413

)

    

(13,129

)

    

(18,972

)

    

(10,268

)

  

NET REALIZED GAIN (LOSS) FROM:

  

Transactions in investment securities

    

(62

)

    

—

      

—

      

—

      

—

    

Expiration or closing of futures contracts

    

(4,469,284

)

    

—

      

—

      

—

      

—

    
Expiration or closing of non-exchange
traded swap agreements		    

(280,844,658

)

    

(1,821,640

)

    

(267,815

)

    

(2,522,616

)

    

(1,364,621

)

  

Net realized gain (loss)

    

(285,314,004

)

    

(1,821,640

)

    

(267,815

)

    

(2,522,616

)

    

(1,364,621

)

  
CHANGE IN NET UNREALIZED
APPRECIATION/DEPRECIATION
FROM:		  

Investments

    

(102,605

)

    

—

      

—

      

—

      

—

    

Futures contracts

    

434,864

      

—

      

—

      

—

      

—

    

Non-exchange traded swap agreements

    

168,750,029

      

173,506

      

155,780

      

687,240

      

1,177,936

    
Change in net unrealized
appreciation/depreciation		    

169,082,288

      

173,506

      

155,780

      

687,240

      

1,177,936

    

Net realized and unrealized gain (loss)

    

(116,231,716

)

    

(1,648,134

)

    

(112,035

)

    

(1,835,376

)

    

(186,685

)

  

Change in Net Assets Resulting from Operations

  

$

(118,800,334

)

  

$

(1,660,547

)

  

$

(125,164

)

  

$

(1,854,348

)

  

$

(196,953

)

  

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2021 (UNAUDITED) :: 203

STATEMENTS OF CHANGES IN NET ASSETS

204 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

Short 7-10 Year Treasury

  

Short 20+ Year Treasury

  

Short Basic Materials

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(441,991

)

  

$

(333,015

)

  

$

(2,880,638

)

  

$

(2,699,999

)

  

$

(7,763

)

  

$

(12,297

)

  

Net realized gain (loss)

    

(2,612,247

)

    

(127,285

)

    

(55,763,788

)

    

48,465,998

      

(356,865

)

    

(509,498

)

  
Change in net unrealized
appreciation/depreciation		    

1,399,776

      

1,155,049

      

(11,521,984

)

    

(3,729,613

)

    

337,806

      

(194,934

)

  
Change in net assets resulting
from operations		    

(1,654,462

)

    

694,749

      

(70,166,410

)

    

42,036,386

      

(26,822

)

    

(716,729

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

72,965,969

      

84,104,689

      

554,365,202

      

1,198,738,480

      

1,050,665

      

—

    

Cost of shares redeemed

    

(59,556,691

)

    

(10,329,210

)

    

(368,808,715

)

    

(803,142,952

)

    

—

      

—

    
Change in net assets resulting
from capital transactions		    

13,409,278

      

73,775,479

      

185,556,487

      

395,595,528

      

1,050,665

      

—

    

Change in net assets

    

11,754,816

      

74,470,228

      

115,390,077

      

437,631,914

      

1,023,843

      

(716,729

)

  

NET ASSETS:

  

Beginning of period

  

$

89,977,385

    

$

15,507,157

    

$

597,553,007

    

$

159,921,093

    

$

983,100

    

$

1,699,829

    

End of period

  

$

101,732,201

    

$

89,977,385

    

$

712,943,084

    

$

597,553,007

    

$

2,006,943

    

$

983,100

    

SHARE TRANSACTIONS:

  

Beginning of period

    

3,625,000

      

650,000

      

33,950,000

      

10,300,000

      

20,000

(b)

    

20,000

(b)

  

Issued

    

3,000,000

      

3,400,000

      

33,600,000

      

72,900,000

      

20,000

(b)

    

—

(b)

  

Issued in-kind

    

—

      

—

      

—

      

—

      

—

(b)

    

—

(b)

  

Redeemed

    

(2,425,000

)

    

(425,000

)

    

(22,250,000

)

    

(49,250,000

)

    

—

(b)

    

—

(b)

  

Redemption in-kind

    

—

      

—

      

—

      

—

      

—

(b)

    

—

(b)

  

Shares outstanding, end of period

    

4,200,000

      

3,625,000

      

45,300,000

      

33,950,000

      

40,000

(b)

    

20,000

(b)

  

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(b)  As described in Note 16, share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective January 13, 2022.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 205

   

Short Dow30SM

  

Short Financials

  

Short FTSE China 50

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(1,172,708

)

  

$

(3,018,749

)

  

$

(48,637

)

  

$

(178,415

)

  

$

(35,579

)

  

$

(47,199

)

  

Net realized gain (loss)

    

(40,758,613

)

    

(140,673,909

)

    

(3,412,001

)

    

(6,862,073

)

    

(524,968

)

    

(550,265

)

  
Change in net unrealized
appreciation/depreciation		    

35,611,757

      

7,736,316

      

3,193,514

      

(2,033,527

)

    

1,278,790

      

(1,007,344

)

  
Change in net assets resulting
from operations		    

(6,319,564

)

    

(135,956,342

)

    

(267,124

)

    

(9,074,015

)

    

718,243

      

(1,604,808

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

138,301,981

      

306,917,383

      

6,285,896

      

18,931,554

      

8,577,113

      

895,685

    

Cost of shares redeemed

    

(95,858,836

)

    

(440,722,758

)

    

(8,792,953

)

    

(32,274,571

)

    

(2,353,247

)

    

(2,979,467

)

  
Change in net assets resulting
from capital transactions		    

42,443,145

      

(133,805,375

)

    

(2,507,057

)

    

(13,343,017

)

    

6,223,866

      

(2,083,782

)

  

Change in net assets

    

36,123,581

      

(269,761,717

)

    

(2,774,181

)

    

(22,417,032

)

    

6,942,109

      

(3,688,590

)

  

NET ASSETS:

  

Beginning of period

  

$

232,823,740

    

$

502,585,457

    

$

9,854,727

    

$

32,271,759

    

$

2,835,350

    

$

6,523,940

    

End of period

  

$

268,947,321

    

$

232,823,740

    

$

7,080,546

    

$

9,854,727

    

$

9,777,459

    

$

2,835,350

    

SHARE TRANSACTIONS:

  

Beginning of period

    

6,823,755

      

10,223,755

      

774,851

      

1,574,851

      

200,000

      

350,000

    

Issued

    

4,100,000

      

7,300,000

      

500,000

      

1,000,000

      

550,000

      

50,000

    

Issued in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Redeemed

    

(2,900,000

)

    

(10,700,000

)

    

(700,000

)

    

(1,800,000

)

    

(150,000

)

    

(200,000

)

  

Redemption in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Shares outstanding, end of period

    

8,023,755

      

6,823,755

      

574,851

      

774,851

      

600,000

      

200,000

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

206 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

Short High Yield

  

Short MidCap400

  

Short MSCI EAFE

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(270,810

)

  

$

(690,475

)

  

$

(53,575

)

  

$

(207,055

)

  

$

(58,399

)

  

$

(207,284

)

  

Net realized gain (loss)

    

2,776,015

      

(12,350,687

)

    

(3,953,835

)

    

(17,501,501

)

    

(2,815,363

)

    

(14,153,009

)

  
Change in net unrealized
appreciation/depreciation		    

(3,525,107

)

    

1,520,614

      

3,839,592

      

6,191,667

      

2,987,019

      

4,533,486

    
Change in net assets resulting
from operations		    

(1,019,902

)

    

(11,520,548

)

    

(167,818

)

    

(11,516,889

)

    

113,257

      

(9,826,807

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

14,227,165

      

25,335,522

      

4,269,517

      

9,163,106

      

28,490,774

      

32,012,837

    

Cost of shares redeemed

    

(7,113,297

)

    

(78,151,728

)

    

(6,089,711

)

    

(16,664,309

)

    

(15,331,662

)

    

(57,884,461

)

  
Change in net assets resulting
from capital transactions		    

7,113,868

      

(52,816,206

)

    

(1,820,194

)

    

(7,501,203

)

    

13,159,112

      

(25,871,624

)

  

Change in net assets

    

6,093,966

      

(64,336,754

)

    

(1,988,012

)

    

(19,018,092

)

    

13,272,369

      

(35,698,431

)

  

NET ASSETS:

  

Beginning of period

  

$

54,684,679

    

$

119,021,433

    

$

12,003,518

    

$

31,021,610

    

$

9,548,609

    

$

45,247,040

    

End of period

  

$

60,778,645

    

$

54,684,679

    

$

10,015,506

    

$

12,003,518

    

$

22,820,978

    

$

9,548,609

    

SHARE TRANSACTIONS:

  

Beginning of period

    

3,000,000

      

5,700,000

      

493,667

      

768,667

      

525,000

      

1,725,000

    

Issued

    

800,000

      

1,300,000

      

175,000

      

250,000

      

1,550,000

      

1,350,000

    

Issued in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Redeemed

    

(400,000

)

    

(4,000,000

)

    

(250,000

)

    

(525,000

)

    

(850,000

)

    

(2,550,000

)

  

Redemption in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Shares outstanding, end of period

    

3,400,000

      

3,000,000

      

418,667

      

493,667

      

1,225,000

      

525,000

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 207

   

Short MSCI Emerging Markets

  

Short Oil & Gas

  

Short QQQ

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(158,674

)

  

$

(383,638

)

  

$

(16,127

)

  

$

(37,855

)

  

$

(2,660,413

)

  

$

(5,049,642

)

  

Net realized gain (loss)

    

(646,020

)

    

(28,928,215

)

    

(523,088

)

    

(1,575,122

)

    

(131,311,970

)

    

(331,320,929

)

  
Change in net unrealized
appreciation/depreciation		    

3,287,860

      

5,637,223

      

206,939

      

130,166

      

26,800,828

      

73,017,903

    
Change in net assets resulting
from operations		    

2,483,166

      

(23,674,630

)

    

(332,276

)

    

(1,482,811

)

    

(107,171,555

)

    

(263,352,668

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

39,286,948

      

25,069,525

      

3,652,019

      

2,317,270

      

303,258,884

      

1,144,258,995

    

Cost of shares redeemed

    

(20,357,933

)

    

(68,618,536

)

    

(3,690,993

)

    

(1,491,376

)

    

(269,266,294

)

    

(787,726,884

)

  
Change in net assets resulting
from capital transactions		    

18,929,015

      

(43,549,011

)

    

(38,974

)

    

825,894

      

33,992,590

      

356,532,111

    

Change in net assets

    

21,412,181

      

(67,223,641

)

    

(371,250

)

    

(656,917

)

    

(73,178,965

)

    

93,179,443

    

NET ASSETS:

  

Beginning of period

  

$

20,746,900

    

$

87,970,541

    

$

3,075,114

    

$

3,732,031

    

$

595,528,338

    

$

502,348,895

    

End of period

  

$

42,159,081

    

$

20,746,900

    

$

2,703,864

    

$

3,075,114

    

$

522,349,373

    

$

595,528,338

    

SHARE TRANSACTIONS:

  

Beginning of period

    

1,750,000

      

4,750,000

      

175,000

      

125,000

      

45,062,500

      

24,712,500

    

Issued

    

3,150,000

      

1,700,000

      

200,000

      

100,000

      

25,150,000

      

72,450,000

    

Issued in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Redeemed

    

(1,650,000

)

    

(4,700,000

)

    

(200,000

)

    

(50,000

)

    

(22,850,000

)

    

(52,100,000

)

  

Redemption in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Shares outstanding, end of period

    

3,250,000

      

1,750,000

      

175,000

      

175,000

      

47,362,500

      

45,062,500

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

208 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

Short Real Estate

  

Short Russell2000

  

Short S&P500®

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(36,724

)

  

$

(157,123

)

  

$

(1,303,637

)

  

$

(2,972,120

)

  

$

(5,949,500

)

  

$

(17,667,014

)

  

Net realized gain (loss)

    

(1,578,541

)

    

(6,485,026

)

    

(47,128,554

)

    

(257,494,066

)

    

(264,824,361

)

    

(1,256,303,759

)

  
Change in net unrealized
appreciation/depreciation		    

887,717

      

1,324,352

      

45,781,001

      

58,153,651

      

124,421,484

      

354,728,530

    
Change in net assets resulting
from operations		    

(727,548

)

    

(5,317,797

)

    

(2,651,190

)

    

(202,312,535

)

    

(146,352,377

)

    

(919,242,243

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

2,649,141

      

5,075,190

      

156,410,342

      

593,230,095

      

579,519,470

      

1,531,572,440

    

Cost of shares redeemed

    

(1,282,473

)

    

(19,379,367

)

    

(185,107,092

)

    

(602,770,756

)

    

(501,489,025

)

    

(2,905,039,359

)

  
Change in net assets resulting
from capital transactions		    

1,366,668

      

(14,304,177

)

    

(28,696,750

)

    

(9,540,661

)

    

78,030,445

      

(1,373,466,919

)

  

Change in net assets

    

639,120

      

(19,621,974

)

    

(31,347,940

)

    

(211,853,196

)

    

(68,321,932

)

    

(2,292,709,162

)

  

NET ASSETS:

  

Beginning of period

  

$

7,651,576

    

$

27,273,550

    

$

273,412,042

    

$

485,265,238

    

$

1,404,720,310

    

$

3,697,429,472

    

End of period

  

$

8,290,696

    

$

7,651,576

    

$

242,064,102

    

$

273,412,042

    

$

1,336,398,378

    

$

1,404,720,310

    

SHARE TRANSACTIONS:

  

Beginning of period

    

400,000

(c)

    

1,025,000

(c)

    

12,766,642

      

12,766,642

      

89,080,826

      

161,055,826

    

Issued

    

150,000

(c)

    

200,000

(c)

    

7,350,000

      

20,600,000

      

38,775,000

      

80,325,000

    

Issued in-kind

    

—

(c)

    

—

(c)

    

—

      

—

      

—

      

—

    

Redeemed

    

(75,000

)(c)

    

(825,000

)(c)

    

(8,850,000

)

    

(20,600,000

)

    

(34,250,000

)

    

(152,300,000

)

  

Redemption in-kind

    

—

(c)

    

—

(c)

    

—

      

—

      

—

      

—

    

Shares outstanding, end of period

    

475,000

(c)

    

400,000

(c)

    

11,266,642

      

12,766,642

      

93,605,826

      

89,080,826

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(c)  As described in Note 16, share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective January 13, 2022.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 209

   

Short SmallCap600

  

Ultra 7-10 Year Treasury

  

Ultra 20+ Year Treasury

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(21,981

)

  

$

(87,250

)

  

$

19,720

    

$

116,627

    

$

(79,535

)

  

$

(126,251

)

  

Net realized gain (loss)

    

(773,134

)

    

(7,393,825

)

    

736,635

      

3,247,503

      

3,146,023

      

(3,914,933

)

  
Change in net unrealized
appreciation/depreciation		    

754,478

      

1,572,108

      

(518,752

)

    

(7,082,459

)

    

3,027,148

      

(9,153,278

)

  
Change in net assets resulting
from operations		    

(40,637

)

    

(5,908,967

)

    

237,603

      

(3,718,329

)

    

6,093,636

      

(13,194,462

)

  

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

—

      

—

      

(25,414

)

    

(140,892

)

    

—

      

—

    

Total distributions

    

—

      

—

      

(25,414

)

    

(140,892

)

    

—

      

—

    

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

—

      

3,217,771

      

12,537,625

      

14,713,463

      

44,671,761

      

99,240,889

    

Cost of shares redeemed

    

—

      

(6,297,508

)

    

(10,563,789

)

    

(26,577,409

)

    

(36,593,399

)

    

(107,325,194

)

  
Change in net assets resulting
from capital transactions		    

—

      

(3,079,737

)

    

1,973,836

      

(11,863,946

)

    

8,078,362

      

(8,084,305

)

  

Change in net assets

    

(40,637

)

    

(8,988,704

)

    

2,186,025

      

(15,723,167

)

    

14,171,998

      

(21,278,767

)

  

NET ASSETS:

  

Beginning of period

  

$

4,661,826

    

$

13,650,530

    

$

18,463,750

    

$

34,186,917

    

$

28,797,419

    

$

50,076,186

    

End of period

  

$

4,621,189

    

$

4,661,826

    

$

20,649,775

    

$

18,463,750

    

$

42,969,417

    

$

28,797,419

    

SHARE TRANSACTIONS:

  

Beginning of period

    

268,681

      

418,681

      

275,000

      

450,000

      

600,000

      

750,000

    

Issued

    

—

      

100,000

      

175,000

      

200,000

      

825,000

      

1,625,000

    

Issued in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Redeemed

    

—

      

(250,000

)

    

(150,000

)

    

(375,000

)

    

(425,000

)

    

(725,000

)

  

Redemption in-kind

    

—

      

—

      

—

      

—

      

(250,000

)

    

(1,050,000

)

  

Shares outstanding, end of period

    

268,681

      

268,681

      

300,000

      

275,000

      

750,000

      

600,000

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

210 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

Ultra Basic Materials

  

Ultra Consumer Goods

  

Ultra Consumer Services

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

267,436

    

$

206,091

    

$

17,614

    

$

33,317

    

$

(74,659

)

  

$

(104,853

)

  

Net realized gain (loss)

    

19,643,587

      

6,772,711

      

6,150,806

      

1,716,162

      

8,532,824

      

8,370,076

    
Change in net unrealized
appreciation/depreciation		    

(29,601,271

)

    

32,930,762

      

(3,147,080

)

    

5,043,154

      

(7,187,648

)

    

6,627,092

    
Change in net assets resulting
from operations		    

(9,690,248

)

    

39,909,564

      

3,021,340

      

6,792,633

      

1,270,517

      

14,892,315

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

(231,146

)

    

(222,206

)

    

(22,872

)

    

(37,605

)

    

—

      

—

    

Total distributions

    

(231,146

)

    

(222,206

)

    

(22,872

)

    

(37,605

)

    

—

      

—

    

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

—

      

45,033,317

      

25,169,523

      

22,038,627

      

17,917,755

      

11,835,241

    

Cost of shares redeemed

    

(27,351,441

)

    

(7,940,390

)

    

(25,214,618

)

    

(20,719,420

)

    

(15,019,460

)

    

(13,552,011

)

  
Change in net assets resulting
from capital transactions		    

(27,351,441

)

    

37,092,927

      

(45,095

)

    

1,319,207

      

2,898,295

      

(1,716,770

)

  

Change in net assets

    

(37,272,835

)

    

76,780,285

      

2,953,373

      

8,074,235

      

4,168,812

      

13,175,545

    

NET ASSETS:

  

Beginning of period

  

$

104,476,605

    

$

27,696,320

    

$

13,463,156

    

$

5,388,921

    

$

31,622,062

    

$

18,446,517

    

End of period

  

$

67,203,770

    

$

104,476,605

    

$

16,416,529

    

$

13,463,156

    

$

35,790,874

    

$

31,622,062

    

SHARE TRANSACTIONS:

  

Beginning of period

    

975,000

      

625,000

      

600,000

(d)

    

500,000

(d)

    

650,000

(e)

    

700,000

(e)

  

Issued

    

—

      

—

      

1,100,000

(d)

    

1,200,000

(d)

    

350,000

(e)

    

200,000

(e)

  

Issued in-kind

    

—

      

475,000

      

—

(d)

    

300,000

(d)

    

—

(e)

    

50,000

(e)

  

Redeemed

    

—

      

—

      

—

(d)

    

—

(d)

    

—

(e)

    

—

(e)

  

Redemption in-kind

    

(275,000

)

    

(125,000

)

    

(1,100,000

)(d)

    

(1,400,000

)(d)

    

(300,000

)(e)

    

(300,000

)(e)

  

Shares outstanding, end of period

    

700,000

      

975,000

      

600,000

(d)

    

600,000

(d)

    

700,000

(e)

    

650,000

(e)

  

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(d)  As described in Note 16, share amounts have been restated on a retroactive basis to reflect a 4:1 stock split effective January 13, 2022.

(e)  As described in Note 16, share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective January 13, 2022.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 211

   

Ultra Dow30SM

  

Ultra Financials

  

Ultra FTSE China 50

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

894,140

    

$

1,887,567

    

$

1,416,742

    

$

2,423,942

    

$

(107,698

)

  

$

(313,663

)

  

Net realized gain (loss)

    

120,304,113

      

80,659,309

      

268,605,617

      

302,224,245

      

248,528

      

2,932,833

    
Change in net unrealized
appreciation/depreciation		    

(121,311,069

)

    

142,486,666

      

(247,196,951

)

    

190,640,287

      

(9,071,440

)

    

4,227,489

    
Change in net assets resulting
from operations		    

(112,816

)

    

225,033,542

      

22,825,408

      

495,288,474

      

(8,930,610

)

    

6,846,659

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

(65,728

)

    

(558,454

)

    

(734,844

)

    

(2,781,787

)

    

—

      

—

    

Total distributions

    

(65,728

)

    

(558,454

)

    

(734,844

)

    

(2,781,787

)

    

—

      

—

    

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

82,477,118

      

551,703,099

      

1,154,179,041

      

145,060,479

      

5,185,866

      

17,688,326

    

Cost of shares redeemed

    

(115,181,872

)

    

(575,640,753

)

    

(1,243,674,131

)

    

(162,148,943

)

    

(8,117,553

)

    

(16,606,011

)

  
Change in net assets resulting
from capital transactions		    

(32,704,754

)

    

(23,937,654

)

    

(89,495,090

)

    

(17,088,464

)

    

(2,931,687

)

    

1,082,315

    

Change in net assets

    

(32,883,298

)

    

200,537,434

      

(67,404,526

)

    

475,418,223

      

(11,862,297

)

    

7,928,974

    

NET ASSETS:

  

Beginning of period

  

$

498,320,422

    

$

297,782,988

    

$

923,716,879

    

$

448,298,656

    

$

28,090,931

    

$

20,161,957

    

End of period

  

$

465,437,124

    

$

498,320,422

    

$

856,312,353

    

$

923,716,879

    

$

16,228,634

    

$

28,090,931

    

SHARE TRANSACTIONS:

  

Beginning of period

    

6,900,000

      

7,550,000

      

14,507,750

      

15,207,750

      

400,000

      

400,000

    

Issued

    

1,100,000

      

11,100,000

      

18,150,000

      

2,650,000

      

100,000

      

250,000

    

Issued in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Redeemed

    

—

      

—

      

—

      

—

      

(150,000

)

    

(250,000

)

  

Redemption in-kind

    

(1,550,000

)

    

(11,750,000

)

    

(19,350,000

)

    

(3,350,000

)

    

—

      

—

    

Shares outstanding, end of period

    

6,450,000

      

6,900,000

      

13,307,750

      

14,507,750

      

350,000

      

400,000

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

212 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

Ultra FTSE Europe

  

Ultra Health Care

  

Ultra High Yield

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(25,155

)

  

$

(42,088

)

  

$

123,374

    

$

190,611

    

$

(132,261

)

  

$

(109,709

)

  

Net realized gain (loss)

    

1,391,855

      

1,896,339

      

58,022,419

      

24,659,344

      

2,079,332

      

154,302

    
Change in net unrealized
appreciation/depreciation		    

(1,729,129

)

    

1,252,036

      

(43,623,164

)

    

18,153,574

      

(2,127,192

)

    

1,324,987

    
Change in net assets resulting
from operations		    

(362,429

)

    

3,106,287

      

14,522,629

      

43,003,529

      

(180,121

)

    

1,369,580

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

—

      

—

      

(46,963

)

    

(116,619

)

    

—

      

(319,707

)

  

Total distributions

    

—

      

—

      

(46,963

)

    

(116,619

)

    

—

      

(319,707

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

1,679,735

      

1,422,507

      

294,946,426

      

17,528,027

      

64,323,998

      

46,566,158

    

Cost of shares redeemed

    

(1,732,833

)

    

(2,789,027

)

    

(290,694,428

)

    

(40,726,691

)

    

(73,654,933

)

    

(24,015,252

)

  
Change in net assets resulting
from capital transactions		    

(53,098

)

    

(1,366,520

)

    

4,251,998

      

(23,198,664

)

    

(9,330,935

)

    

22,550,906

    

Change in net assets

    

(415,527

)

    

1,739,767

      

18,727,664

      

19,688,246

      

(9,511,056

)

    

23,600,779

    

NET ASSETS:

  

Beginning of period

  

$

5,239,462

    

$

3,499,695

    

$

130,404,660

    

$

110,716,414

    

$

28,413,945

    

$

4,813,166

    

End of period

  

$

4,823,935

    

$

5,239,462

    

$

149,132,324

    

$

130,404,660

    

$

18,902,889

    

$

28,413,945

    

SHARE TRANSACTIONS:

  

Beginning of period

    

75,000

      

100,000

      

1,475,000

      

1,800,000

      

375,000

      

75,000

    

Issued

    

25,000

      

25,000

      

2,550,000

      

175,000

      

825,000

      

625,000

    

Issued in-kind

    

—

      

—

      

450,000

      

50,000

      

—

      

—

    

Redeemed

    

(25,000

)

    

(50,000

)

    

(100,000

)

    

(125,000

)

    

(950,000

)

    

(300,000

)

  

Redemption in-kind

    

—

      

—

      

(2,825,000

)

    

(425,000

)

    

—

      

(25,000

)

  

Shares outstanding, end of period

    

75,000

      

75,000

      

1,550,000

      

1,475,000

      

250,000

      

375,000

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 213

   

Ultra Industrials

  

Ultra MidCap400

  

Ultra MSCI Brazil Capped

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(22,080

)

  

$

14,941

    

$

161,137

    

$

217,770

    

$

(31,055

)

  

$

(64,854

)

  

Net realized gain (loss)

    

11,513,651

      

3,514,515

      

43,630,538

      

38,598,782

      

(282,903

)

    

1,918,387

    
Change in net unrealized
appreciation/depreciation		    

(13,277,107

)

    

13,903,043

      

(49,220,530

)

    

82,578,947

      

(3,280,395

)

    

2,303,302

    
Change in net assets resulting
from operations		    

(1,785,536

)

    

17,432,499

      

(5,428,855

)

    

121,395,499

      

(3,594,353

)

    

4,156,835

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

—

      

(36,211

)

    

(103,958

)

    

(268,889

)

    

—

      

—

    

Total distributions

    

—

      

(36,211

)

    

(103,958

)

    

(268,889

)

    

—

      

—

    

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

34,328,479

      

11,512,934

      

33,205,537

      

35,618,242

      

2,767,244

      

1,247,283

    

Cost of shares redeemed

    

(44,662,284

)

    

(3,296,459

)

    

(38,205,760

)

    

(72,618,438

)

    

(1,439,437

)

    

(3,150,599

)

  
Change in net assets resulting
from capital transactions		    

(10,333,805

)

    

8,216,475

      

(5,000,223

)

    

(37,000,196

)

    

1,327,807

      

(1,903,316

)

  

Change in net assets

    

(12,119,341

)

    

25,612,763

      

(10,533,036

)

    

84,126,414

      

(2,266,546

)

    

2,253,519

    

NET ASSETS:

  

Beginning of period

  

$

40,450,543

    

$

14,837,780

    

$

189,162,187

    

$

105,035,773

    

$

7,139,788

    

$

4,886,269

    

End of period

  

$

28,331,202

    

$

40,450,543

    

$

178,629,151

    

$

189,162,187

    

$

4,873,242

    

$

7,139,788

    

SHARE TRANSACTIONS:

  

Beginning of period

    

1,225,000

      

1,000,000

      

2,875,000

      

3,675,000

      

191,557

      

241,557

    

Issued

    

1,000,000

      

275,000

      

350,000

      

600,000

      

100,000

      

50,000

    

Issued in-kind

    

50,000

      

100,000

      

150,000

      

500,000

      

—

      

—

    

Redeemed

    

—

      

—

      

(350,000

)

    

(150,000

)

    

(50,000

)

    

(100,000

)

  

Redemption in-kind

    

(1,350,000

)

    

(150,000

)

    

(250,000

)

    

(1,750,000

)

    

—

      

—

    

Shares outstanding, end of period

    

925,000

      

1,225,000

      

2,775,000

      

2,875,000

      

241,557

      

191,557

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

214 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

Ultra MSCI EAFE

  

Ultra MSCI Emerging Markets

  

Ultra MSCI Japan

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(68,132

)

  

$

(97,380

)

  

$

(322,557

)

  

$

(501,330

)

  

$

(38,675

)

  

$

(50,938

)

  

Net realized gain (loss)

    

3,370,054

      

2,805,983

      

2,159,907

      

12,230,299

      

1,541,414

      

1,074,325

    
Change in net unrealized
appreciation/depreciation		    

(4,739,980

)

    

3,187,495

      

(18,580,237

)

    

12,404,023

      

(3,023,172

)

    

1,025,730

    
Change in net assets resulting
from operations		    

(1,438,058

)

    

5,896,098

      

(16,742,887

)

    

24,132,992

      

(1,520,433

)

    

2,049,117

    

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

4,013,174

      

7,417,253

      

18,770,640

      

81,768,155

      

36,793,949

      

2,296,581

    

Cost of shares redeemed

    

(2,512,250

)

    

(3,697,312

)

    

(44,788,036

)

    

(26,057,083

)

    

(32,423,285

)

    

(2,367,519

)

  
Change in net assets resulting
from capital transactions		    

1,500,924

      

3,719,941

      

(26,017,396

)

    

55,711,072

      

4,370,664

      

(70,938

)

  

Change in net assets

    

62,866

      

9,616,039

      

(42,760,283

)

    

79,844,064

      

2,850,231

      

1,978,179

    

NET ASSETS:

  

Beginning of period

  

$

13,208,204

    

$

3,592,165

    

$

92,605,000

    

$

12,760,936

    

$

5,897,111

    

$

3,918,932

    

End of period

  

$

13,271,070

    

$

13,208,204

    

$

49,844,717

    

$

92,605,000

    

$

8,747,342

    

$

5,897,111

    

SHARE TRANSACTIONS:

  

Beginning of period

    

250,000

      

125,000

      

875,000

      

250,000

      

125,000

      

125,000

    

Issued

    

75,000

      

200,000

      

200,000

      

900,000

      

750,000

      

50,000

    

Issued in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Redeemed

    

(50,000

)

    

(75,000

)

    

(475,000

)

    

(275,000

)

    

(550,000

)

    

(50,000

)

  

Redemption in-kind

    

—

      

—

      

—

      

—

      

(125,000

)

    

—

    

Shares outstanding, end of period

    

275,000

      

250,000

      

600,000

      

875,000

      

200,000

      

125,000

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 215

   

Ultra Nasdaq Biotechnology

  

Ultra Nasdaq Cloud Computing

  

Ultra Nasdaq Cybersecurity

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   January 19,
2021*
through
May 31, 2021
(Unaudited)		   Six Months
Ended
November 30,
2021
(Unaudited)		   January 19,
2021*
through
May 31, 2021
(Unaudited)		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(563,411

)

  

$

(999,348

)

  

$

(5,180

)

  

$

(5,495

)

  

$

(18,632

)

  

$

(9,770

)

  

Net realized gain (loss)

    

41,686,321

      

74,081,880

      

244,643

      

144,108

      

443,599

      

—

    
Change in net unrealized
appreciation/depreciation		    

(38,676,250

)

    

(35,130,549

)

    

155,328

      

77,658

      

349,525

      

(163,862

)

  
Change in net assets resulting
from operations		    

2,446,660

      

37,951,983

      

394,791

      

216,271

      

774,492

      

(173,632

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

86,244,968

      

280,939,595

      

—

      

4,000,040

      

5,343,074

      

4,000,040

    

Cost of shares redeemed

    

(162,553,940

)

    

(215,482,923

)

    

—

      

(2,257,309

)

    

(3,949,918

)

    

(1,011,283

)

  
Change in net assets resulting
from capital transactions		    

(76,308,972

)

    

65,456,672

      

—

      

1,742,731

      

1,393,156

      

2,988,757

    

Change in net assets

    

(73,862,312

)

    

103,408,655

      

394,791

      

1,959,002

      

2,167,648

      

2,815,125

    

NET ASSETS:

  

Beginning of period

  

$

287,388,294

    

$

183,979,639

    

$

1,959,002

    

$

—

    

$

2,815,125

    

$

—

    

End of period

  

$

213,525,982

    

$

287,388,294

    

$

2,353,793

    

$

1,959,002

    

$

4,982,773

    

$

2,815,125

    

SHARE TRANSACTIONS:

  

Beginning of period

    

3,400,000

      

2,600,000

      

50,001

      

—

      

75,001

      

—

    

Issued

    

50,000

      

200,000

      

—

      

100,001

      

75,000

      

100,001

    

Issued in-kind

    

850,000

      

3,300,000

      

—

      

—

      

25,000

      

—

    

Redeemed

    

(450,000

)

    

(350,000

)

    

—

      

—

      

(25,000

)

    

(25,000

)

  

Redemption in-kind

    

(1,300,000

)

    

(2,350,000

)

    

—

      

(50,000

)

    

(50,000

)

    

—

    

Shares outstanding, end of period

    

2,550,000

      

3,400,000

      

50,001

      

50,001

      

100,001

      

75,001

    

*  Commencement of investment operations.

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

216 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

Ultra Oil & Gas

  

Ultra QQQ

  

Ultra Real Estate

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

2,324,022

    

$

4,014,682

    

$

(11,086,180

)

  

$

(11,682,255

)

  

$

466,043

    

$

774,013

    

Net realized gain (loss)

    

92,333,247

      

26,090,175

      

2,081,583,042

      

1,710,052,490

      

34,752,529

      

(19,075,577

)

  
Change in net unrealized
appreciation/depreciation		    

(73,314,296

)

    

63,220,343

      

(431,331,057

)

    

410,296,228

      

(16,630,244

)

    

64,427,810

    
Change in net assets resulting
from operations		    

21,342,973

      

93,325,200

      

1,639,165,805

      

2,108,666,463

      

18,588,328

      

46,126,246

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

(2,158,155

)

    

(4,169,364

)

    

—

      

—

      

(302,414

)

    

(613,192

)

  

Total distributions

    

(2,158,155

)

    

(4,169,364

)

    

—

      

—

      

(302,414

)

    

(613,192

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

45,149,664

      

81,427,791

      

2,924,583,886

      

1,454,540,260

      

9,489,303

      

32,896,676

    

Cost of shares redeemed

    

(100,099,588

)

    

(75,852,503

)

    

(2,671,661,357

)

    

(1,639,798,684

)

    

(21,965,887

)

    

(37,931,952

)

  
Change in net assets resulting
from capital transactions		    

(54,949,924

)

    

5,575,288

      

252,922,529

      

(185,258,424

)

    

(12,476,584

)

    

(5,035,276

)

  

Change in net assets

    

(35,765,106

)

    

94,731,124

      

1,892,088,334

      

1,923,408,039

      

5,809,330

      

40,477,778

    

NET ASSETS:

  

Beginning of period

  

$

211,206,667

    

$

116,475,543

    

$

4,294,520,528

    

$

2,371,112,489

    

$

117,123,962

    

$

76,646,184

    

End of period

  

$

175,441,561

    

$

211,206,667

    

$

6,186,608,862

    

$

4,294,520,528

    

$

122,933,292

    

$

117,123,962

    

SHARE TRANSACTIONS:

  

Beginning of period

    

3,163,236

      

2,913,236

      

67,500,000

      

72,000,000

      

1,383,744

      

1,483,744

    

Issued

    

250,000

      

750,000

      

31,000,000

      

15,200,000

      

75,000

      

100,000

    

Issued in-kind

    

350,000

      

1,200,000

      

8,800,000

      

11,750,000

      

25,000

      

400,000

    

Redeemed

    

(150,000

)

    

—

      

—

      

—

      

—

      

—

    

Redemption in-kind

    

(1,250,000

)

    

(1,700,000

)

    

(36,550,000

)

    

(31,450,000

)

    

(225,000

)

    

(600,000

)

  

Shares outstanding, end of period

    

2,363,236

      

3,163,236

      

70,750,000

      

67,500,000

      

1,258,744

      

1,383,744

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 217

   

Ultra Russell2000

  

Ultra S&P500®

  

Ultra Semiconductors

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(403,515

)

  

$

(1,028,961

)

  

$

4,743,011

    

$

11,160,299

    

$

(281,541

)

  

$

(19,155

)

  

Net realized gain (loss)

    

141,008,750

      

173,833,379

      

1,674,267,980

      

918,063,517

      

119,866,393

      

57,643,268

    
Change in net unrealized
appreciation/depreciation		    

(179,390,568

)

    

152,603,267

      

(974,116,236

)

    

870,708,018

      

82,191,961

      

51,908,796

    
Change in net assets resulting
from operations		    

(38,785,333

)

    

325,407,685

      

704,894,755

      

1,799,931,834

      

201,776,813

      

109,532,909

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

—

      

(58,617

)

    

(2,951,677

)

    

(5,190,269

)

    

—

      

(105,331

)

  

Total distributions

    

—

      

(58,617

)

    

(2,951,677

)

    

(5,190,269

)

    

—

      

(105,331

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

232,740,288

      

775,638,701

      

3,180,354,767

      

2,324,587,585

      

284,946,093

      

140,489,154

    

Cost of shares redeemed

    

(639,466,798

)

    

(482,962,530

)

    

(2,903,171,272

)

    

(2,457,702,513

)

    

(199,461,513

)

    

(74,223,284

)

  
Change in net assets resulting
from capital transactions		    

(406,726,510

)

    

292,676,171

      

277,183,495

      

(133,114,928

)

    

85,484,580

      

66,265,870

    

Change in net assets

    

(445,511,843

)

    

618,025,239

      

979,126,573

      

1,661,626,637

      

287,261,393

      

175,693,448

    

NET ASSETS:

  

Beginning of period

  

$

742,689,467

    

$

124,664,228

    

$

3,827,455,513

    

$

2,165,828,876

    

$

253,317,251

    

$

77,623,803

    

End of period

  

$

297,177,624

    

$

742,689,467

    

$

4,806,582,086

    

$

3,827,455,513

    

$

540,578,644

    

$

253,317,251

    

SHARE TRANSACTIONS:

  

Beginning of period

    

12,850,000

      

5,400,000

      

67,000,000

(e)

    

71,200,000

(e)

    

8,075,000

      

5,600,000

    

Issued

    

3,900,000

      

19,100,000

      

29,100,000

(e)

    

34,300,000

(e)

    

5,275,000

      

900,000

    

Issued in-kind

    

100,000

      

—

      

20,600,000

(e)

    

20,300,000

(e)

    

2,375,000

      

4,700,000

    

Redeemed

    

(50,000

)

    

(3,200,000

)

    

—

(e)

    

—

(e)

    

—

      

—

    

Redemption in-kind

    

(11,250,000

)

    

(8,450,000

)

    

(45,300,000

)(e)

    

(58,800,000

)(e)

    

(5,700,000

)

    

(3,125,000

)

  

Shares outstanding, end of period

    

5,550,000

      

12,850,000

      

71,400,000

(e)

    

67,000,000

(e)

    

10,025,000

      

8,075,000

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(e)  As described in Note 16, share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective January 13, 2022.

See accompanying notes to the financial statements.

218 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

Ultra SmallCap600

  

Ultra Technology

  

Ultra Telecommunications

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(16,043

)

  

$

(30,131

)

  

$

(2,545,075

)

  

$

(2,695,348

)

  

$

16,427

    

$

18,392

    

Net realized gain (loss)

    

12,031,447

      

1,917,689

      

549,425,061

      

237,700,185

      

190,786

      

(12,542

)

  
Change in net unrealized
appreciation/depreciation		    

(14,433,004

)

    

22,951,072

      

(174,579,310

)

    

195,420,094

      

(262,218

)

    

470,827

    
Change in net assets resulting
from operations		    

(2,417,600

)

    

24,838,630

      

372,300,676

      

430,424,931

      

(55,005

)

    

476,677

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

—

      

(7,958

)

    

—

      

—

      

(19,046

)

    

(14,027

)

  

Total distributions

    

—

      

(7,958

)

    

—

      

—

      

(19,046

)

    

(14,027

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

1,536,199

      

12,318,475

      

419,962,162

      

214,327,328

      

—

      

1,068,573

    

Cost of shares redeemed

    

(4,578,428

)

    

(5,518,371

)

    

(410,298,046

)

    

(299,261,412

)

    

—

      

—

    
Change in net assets resulting
from capital transactions		    

(3,042,229

)

    

6,800,104

      

9,664,116

      

(84,934,084

)

    

—

      

1,068,573

    

Change in net assets

    

(5,459,829

)

    

31,630,776

      

381,964,792

      

345,490,847

      

(74,051

)

    

1,531,223

    

NET ASSETS:

  

Beginning of period

  

$

46,108,873

    

$

14,478,097

    

$

763,228,698

    

$

417,737,851

    

$

2,390,666

    

$

859,443

    

End of period

  

$

40,649,044

    

$

46,108,873

    

$

1,145,193,490

    

$

763,228,698

    

$

2,316,615

    

$

2,390,666

    

SHARE TRANSACTIONS:

  

Beginning of period

    

1,450,000

      

1,250,000

      

18,300,000

(e)

    

20,200,000

(e)

    

50,000

      

25,000

    

Issued

    

—

      

25,000

      

7,600,000

(e)

    

2,000,000

(e)

    

—

      

25,000

    

Issued in-kind

    

50,000

      

375,000

      

850,000

(e)

    

4,900,000

(e)

    

—

      

—

    

Redeemed

    

—

      

—

      

—

(e)

    

—

(e)

    

—

      

—

    

Redemption in-kind

    

(150,000

)

    

(200,000

)

    

(8,300,000

)(e)

    

(8,800,000

)(e)

    

—

      

—

    

Shares outstanding, end of period

    

1,350,000

      

1,450,000

      

18,450,000

(e)

    

18,300,000

(e)

    

50,000

      

50,000

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(e)  As described in Note 16, share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective January 13, 2022.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 219

   

Ultra Utilities

  

UltraPro Dow30SM

  

UltraPro MidCap400

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

217,470

    

$

186,284

    

$

1,152,147

    

$

3,756,328

    

$

(64,261

)

  

$

(56,428

)

  

Net realized gain (loss)

    

(164,266

)

    

(1,568,487

)

    

359,474,487

      

333,836,349

      

33,181,363

      

15,327,376

    
Change in net unrealized
appreciation/depreciation		    

(733,994

)

    

4,235,552

      

(337,190,255

)

    

314,154,037

      

(35,923,750

)

    

30,522,251

    
Change in net assets resulting
from operations		    

(680,790

)

    

2,853,349

      

23,436,379

      

651,746,714

      

(2,806,648

)

    

45,793,199

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

(152,338

)

    

(89,337

)

    

(741,309

)

    

(1,653,264

)

    

—

      

(9,726

)

  

Total distributions

    

(152,338

)

    

(89,337

)

    

(741,309

)

    

(1,653,264

)

    

—

      

(9,726

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

18,280,313

      

1,176,993

      

1,441,763,064

      

1,157,370,619

      

22,303,633

      

17,526,663

    

Cost of shares redeemed

    

(12,445,507

)

    

(5,518,309

)

    

(1,445,016,964

)

    

(1,554,430,853

)

    

(31,542,029

)

    

(22,398,463

)

  
Change in net assets resulting
from capital transactions		    

5,834,806

      

(4,341,316

)

    

(3,253,900

)

    

(397,060,234

)

    

(9,238,396

)

    

(4,871,800

)

  

Change in net assets

    

5,001,678

      

(1,577,304

)

    

19,441,170

      

253,033,216

      

(12,045,044

)

    

40,911,673

    

NET ASSETS:

  

Beginning of period

  

$

13,737,391

    

$

15,314,695

    

$

958,085,541

    

$

705,052,325

    

$

61,859,190

    

$

20,947,517

    

End of period

  

$

18,739,069

    

$

13,737,391

    

$

977,526,711

    

$

958,085,541

    

$

49,814,146

    

$

61,859,190

    

SHARE TRANSACTIONS:

  

Beginning of period

    

225,000

      

300,000

      

13,050,000

      

22,800,000

      

1,925,000

      

2,125,000

    

Issued

    

100,000

      

25,000

      

9,250,000

      

9,900,000

      

600,000

      

375,000

    

Issued in-kind

    

175,000

      

—

      

10,000,000

      

16,700,000

      

125,000

      

500,000

    

Redeemed

    

(50,000

)

    

(25,000

)

    

—

      

—

      

—

      

—

    

Redemption in-kind

    

(150,000

)

    

(75,000

)

    

(18,850,000

)

    

(36,350,000

)

    

(1,025,000

)

    

(1,075,000

)

  

Shares outstanding, end of period

    

300,000

      

225,000

      

13,450,000

      

13,050,000

      

1,625,000

      

1,925,000

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

220 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

UltraPro QQQ

  

UltraPro Russell2000

  

UltraPro S&P500®

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(30,864,347

)

  

$

(36,239,925

)

  

$

(523,932

)

  

$

(842,388

)

  

$

(480,830

)

  

$

2,078,867

    

Net realized gain (loss)

    

9,529,194,174

      

5,905,595,254

      

234,298,474

      

178,693,170

      

1,669,308,190

      

773,683,671

    
Change in net unrealized
appreciation/depreciation		    

(2,639,606,246

)

    

2,072,765,461

      

(279,275,236

)

    

161,433,711

      

(1,009,102,891

)

    

808,847,102

    
Change in net assets resulting
from operations		    

6,858,723,581

      

7,942,120,790

      

(45,500,694

)

    

339,284,493

      

659,724,469

      

1,584,609,640

    

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

—

      

(15,367

)

    

—

      

(11,923

)

    

—

      

(1,265,472

)

  

Total distributions

    

—

      

(15,367

)

    

—

      

(11,923

)

    

—

      

(1,265,472

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

8,459,904,765

      

14,695,431,557

      

397,729,659

      

754,634,730

      

3,225,662,276

      

2,242,123,359

    

Cost of shares redeemed

    

(8,798,491,692

)

    

(16,407,531,794

)

    

(352,295,013

)

    

(868,342,638

)

    

(2,927,187,231

)

    

(2,802,958,861

)

  
Change in net assets resulting
from capital transactions		    

(338,586,927

)

    

(1,712,100,237

)

    

45,434,646

      

(113,707,908

)

    

298,475,045

      

(560,835,502

)

  

Change in net assets

    

6,520,136,654

      

6,230,005,186

      

(66,048

)

    

225,564,662

      

958,199,514

      

1,022,508,666

    

NET ASSETS:

  

Beginning of period

  

$

12,061,877,850

    

$

5,831,872,664

    

$

410,520,270

    

$

184,955,608

    

$

2,395,902,850

    

$

1,373,394,184

    

End of period

  

$

18,582,014,504

    

$

12,061,877,850

    

$

410,454,222

    

$

410,520,270

    

$

3,354,102,364

    

$

2,395,902,850

    

SHARE TRANSACTIONS:

  

Beginning of period

    

235,800,000

(e)

    

281,600,000

(e)

    

3,700,000

      

6,000,000

      

45,100,000

(e)

    

63,800,000

(e)

  

Issued

    

60,700,000

(e)

    

225,400,000

(e)

    

3,650,000

      

12,900,000

      

22,500,000

(e)

    

36,400,000

(e)

  

Issued in-kind

    

63,700,000

(e)

    

173,000,000

(e)

    

—

      

—

      

29,400,000

(e)

    

26,800,000

(e)

  

Redeemed

    

—

(e)

    

—

(e)

    

—

      

(6,500,000

)

    

—

(e)

    

—

(e)

  

Redemption in-kind

    

(131,800,000

)(e)

    

(444,200,000

)(e)

    

(3,100,000

)

    

(8,700,000

)

    

(47,300,000

)(e)

    

(81,900,000

)(e)

  

Shares outstanding, end of period

    

228,400,000

(e)

    

235,800,000

(e)

    

4,250,000

      

3,700,000

      

49,700,000

(e)

    

45,100,000

(e)

  

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(e)  As described in Note 16, share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective January 13, 2022.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 221

   

UltraPro Short 20+ Year Treasury

  

UltraPro Short Dow30SM

  

UltraPro Short MidCap400

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(622,512

)

  

$

(372,392

)

  

$

(1,855,091

)

  

$

(4,173,147

)

  

$

(23,457

)

  

$

(92,392

)

  

Net realized gain (loss)

    

(31,347,015

)

    

15,232,679

      

(217,525,049

)

    

(995,442,595

)

    

(5,476,548

)

    

(19,330,034

)

  
Change in net unrealized
appreciation/depreciation		    

(17,729,936

)

    

(844,586

)

    

197,976,545

      

384,710,999

      

4,994,455

      

3,228,971

    
Change in net assets resulting
from operations		    

(49,699,463

)

    

14,015,701

      

(21,403,595

)

    

(614,904,743

)

    

(505,550

)

    

(16,193,455

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

163,155,153

      

121,956,972

      

558,634,981

      

907,813,074

      

2,711,797

      

10,182,789

    

Cost of shares redeemed

    

(10,316,299

)

    

(69,876,736

)

    

(479,845,995

)

    

(749,537,285

)

    

(8,382

)

    

(4,673,660

)

  
Change in net assets resulting
from capital transactions		    

152,838,854

      

52,080,236

      

78,788,986

      

158,275,789

      

2,703,415

      

5,509,129

    

Change in net assets

    

103,139,391

      

66,095,937

      

57,385,391

      

(456,628,954

)

    

2,197,865

      

(10,684,326

)

  

NET ASSETS:

  

Beginning of period

  

$

89,600,735

    

$

23,504,798

    

$

359,346,367

    

$

815,975,321

    

$

4,001,805

    

$

14,686,131

    

End of period

  

$

192,740,126

    

$

89,600,735

    

$

416,731,758

    

$

359,346,367

    

$

6,199,670

    

$

4,001,805

    

SHARE TRANSACTIONS:

  

Beginning of period

    

2,143,605

      

793,605

      

10,845,991

      

7,595,991

      

148,946

      

105,235

    

Issued

    

4,750,000

      

3,600,000

      

18,150,000

      

14,700,000

      

100,000

      

106,250

    

Issued in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Redeemed

    

(300,000

)

    

(2,250,000

)

    

(15,553,711

)

    

(11,450,000

)

    

(303

)

    

(62,539

)

  

Redemption in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Shares outstanding, end of period

    

6,593,605

      

2,143,605

      

13,442,280

      

10,845,991

      

248,643

      

148,946

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

222 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

UltraPro Short QQQ

  

UltraPro Short Russell2000

  

UltraPro Short S&P500®

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(7,571,823

)

  

$

(11,931,418

)

  

$

(578,002

)

  

$

(1,104,079

)

  

$

(2,385,017

)

  

$

(5,711,368

)

  

Net realized gain (loss)

    

(1,137,829,444

)

    

(2,512,427,211

)

    

(68,730,911

)

    

(326,798,271

)

    

(389,178,530

)

    

(1,793,836,595

)

  
Change in net unrealized
appreciation/depreciation		    

241,333,129

      

759,223,222

      

70,814,165

      

90,168,684

      

240,817,805

      

837,064,215

    
Change in net assets resulting
from operations		    

(904,068,138

)

    

(1,765,135,407

)

    

1,505,252

      

(237,733,666

)

    

(150,745,742

)

    

(962,483,748

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

2,295,415,992

      

7,199,409,693

      

151,148,729

      

435,956,128

      

1,337,692,698

      

1,458,234,773

    

Cost of shares redeemed

    

(1,508,767,108

)

    

(4,788,822,629

)

    

(119,542,114

)

    

(260,945,478

)

    

(1,043,818,190

)

    

(1,343,407,933

)

  
Change in net assets resulting
from capital transactions		    

786,648,884

      

2,410,587,064

      

31,606,615

      

175,010,650

      

293,874,508

      

114,826,840

    

Change in net assets

    

(117,419,254

)

    

645,451,657

      

33,111,867

      

(62,723,016

)

    

143,128,766

      

(847,656,908

)

  

NET ASSETS:

  

Beginning of period

  

$

1,758,960,621

    

$

1,113,508,964

    

$

107,591,800

    

$

170,314,816

    

$

476,011,984

    

$

1,323,668,892

    

End of period

  

$

1,641,541,367

    

$

1,758,960,621

    

$

140,703,667

    

$

107,591,800

    

$

619,140,750

    

$

476,011,984

    

SHARE TRANSACTIONS:

  

Beginning of period

    

31,687,817

(b)

    

4,728,849

(b)

    

2,228,368

(b)

    

524,526

(b)

    

24,297,347

      

20,349,727

    

Issued

    

57,530,000

(b)

    

79,942,000

(b)

    

3,410,000

(b)

    

4,144,000

(b)

    

81,450,000

      

45,540,000

    

Issued in-kind

    

—

(b)

    

—

(b)

    

—

(b)

    

—

(b)

    

—

      

—

    

Redeemed

    

(37,390,000

)(b)

    

(52,983,032

)(b)

    

(2,620,000

)(b)

    

(2,440,158

)(b)

    

(62,750,000

)

    

(41,592,380

)

  

Redemption in-kind

    

—

(b)

    

—

(b)

    

—

(b)

    

—

(b)

    

—

      

—

    

Shares outstanding, end of period

    

51,827,817

(b)

    

31,687,817

(b)

    

3,018,368

(b)

    

2,228,368

(b)

    

42,997,347

      

24,297,347

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(b)  As described in Note 16, share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective January 13, 2022.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 223

   

UltraShort 7-10 Year Treasury

  

UltraShort 20+ Year Treasury

  

UltraShort Basic Materials

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(283,350

)

  

$

(298,260

)

  

$

(6,447,312

)

  

$

(5,708,594

)

  

$

(11,849

)

  

$

(22,442

)

  

Net realized gain (loss)

    

(2,423,810

)

    

(4,070,102

)

    

(299,769,479

)

    

(19,240,773

)

    

(1,081,800

)

    

(3,638,965

)

  
Change in net unrealized
appreciation/depreciation		    

511,900

      

6,401,272

      

(26,717,147

)

    

183,835,207

      

1,115,410

      

797,931

    
Change in net assets resulting
from operations		    

(2,195,260

)

    

2,032,910

      

(332,933,938

)

    

158,885,840

      

21,761

      

(2,863,476

)

  

DISTRIBUTIONS TO SHAREHOLDERS FROM:

  

Distributable earnings

    

—

      

—

      

—

      

(1,039

)

    

—

      

—

    

Tax return of capital

    

—

      

—

      

—

      

(6,804

)

    

—

      

—

    

Total distributions

    

—

      

—

      

—

      

(7,843

)

    

—

      

—

    

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

39,630,193

      

24,534,135

      

775,249,629

      

1,120,112,194

      

2,022,406

      

1,039,261

    

Cost of shares redeemed

    

(7,369,861

)

    

(12,948,525

)

    

(415,506,670

)

    

(298,573,461

)

    

(1,337,677

)

    

(878,145

)

  
Change in net assets resulting
from capital transactions		    

32,260,332

      

11,585,610

      

359,742,959

      

821,538,733

      

684,729

      

161,116

    

Change in net assets

    

30,065,072

      

13,618,520

      

26,809,021

      

980,416,730

      

706,490

      

(2,702,360

)

  

NET ASSETS:

  

Beginning of period

  

$

43,489,786

    

$

29,871,266

    

$

1,415,114,801

    

$

434,698,071

    

$

1,718,138

    

$

4,420,498

    

End of period

  

$

73,554,858

    

$

43,489,786

    

$

1,441,923,822

    

$

1,415,114,801

    

$

2,424,628

    

$

1,718,138

    

SHARE TRANSACTIONS:

  

Beginning of period

    

2,600,000

      

1,950,000

      

69,006,929

      

27,056,929

      

135,178

      

110,178

    

Issued

    

2,450,000

      

1,500,000

      

42,850,000

      

59,000,000

      

150,000

      

50,000

    

Issued in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Redeemed

    

(450,000

)

    

(850,000

)

    

(23,400,000

)

    

(17,050,000

)

    

(100,095

)

    

(25,000

)

  

Redemption in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Shares outstanding, end of period

    

4,600,000

      

2,600,000

      

88,456,929

      

69,006,929

      

185,083

      

135,178

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

224 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

UltraShort Consumer Goods

  

UltraShort Consumer Services

  

UltraShort Dow30SM

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(4,443

)

  

$

(9,329

)

  

$

(4,148

)

  

$

(10,443

)

  

$

(476,217

)

  

$

(1,240,886

)

  

Net realized gain (loss)

    

(131,327

)

    

(1,482,825

)

    

(76,844

)

    

(1,713,108

)

    

(35,670,046

)

    

(175,964,457

)

  
Change in net unrealized
appreciation/depreciation		    

(89,697

)

    

509,340

      

(3,338

)

    

789,116

      

32,196,125

      

64,709,490

    
Change in net assets resulting
from operations		    

(225,467

)

    

(982,814

)

    

(84,330

)

    

(934,435

)

    

(3,950,138

)

    

(112,495,853

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

—

      

442,847

      

—

      

1,000,852

      

32,940,790

      

91,975,438

    

Cost of shares redeemed

    

(473

)

    

(450

)

    

—

      

(890,718

)

    

(20,430,454

)

    

(89,399,482

)

  
Change in net assets resulting
from capital transactions		    

(473

)

    

442,397

      

—

      

110,134

      

12,510,336

      

2,575,956

    

Change in net assets

    

(225,940

)

    

(540,417

)

    

(84,330

)

    

(824,301

)

    

8,560,198

      

(109,919,897

)

  

NET ASSETS:

  

Beginning of period

  

$

1,027,928

    

$

1,568,345

    

$

939,836

    

$

1,764,137

    

$

100,429,969

    

$

210,349,866

    

End of period

  

$

801,988

    

$

1,027,928

    

$

855,506

    

$

939,836

    

$

108,990,167

    

$

100,429,969

    

SHARE TRANSACTIONS:

  

Beginning of period

    

65,598

      

40,615

      

93,600

      

81,159

      

2,130,854

(b)

    

2,100,854

(b)

  

Issued

    

—

      

25,000

      

—

      

75,000

      

720,000

(b)

    

1,190,000

(b)

  

Issued in-kind

    

—

      

—

      

—

      

—

      

—

(b)

    

—

(b)

  

Redeemed

    

(30

)

    

(17

)

    

—

      

(62,559

)

    

(450,000

)(b)

    

(1,160,000

)(b)

  

Redemption in-kind

    

—

      

—

      

—

      

—

      

—

(b)

    

—

(b)

  

Shares outstanding, end of period

    

65,568

      

65,598

      

93,600

      

93,600

      

2,400,854

(b)

    

2,130,854

(b)

  

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(b)  As described in Note 16, share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective January 13, 2022.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 225

   

UltraShort Financials

  

UltraShort FTSE China 50

  

UltraShort FTSE Europe

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(62,199

)

  

$

(248,277

)

  

$

(95,397

)

  

$

(236,739

)

  

$

(36,716

)

  

$

(116,485

)

  

Net realized gain (loss)

    

(6,942,411

)

    

(21,905,967

)

    

(7,376,315

)

    

(11,378,838

)

    

(3,555,074

)

    

(15,763,355

)

  
Change in net unrealized
appreciation/depreciation		    

6,094,408

      

(2,187,218

)

    

11,990,890

      

(6,808,173

)

    

3,885,433

      

4,275,387

    
Change in net assets resulting
from operations		    

(910,202

)

    

(24,341,462

)

    

4,519,178

      

(18,423,750

)

    

293,643

      

(11,604,453

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

5,254,597

      

7,210,780

      

3,814,528

      

16,555,429

      

1,170,627

      

1,830,466

    

Cost of shares redeemed

    

(3,836,554

)

    

(12,223,203

)

    

(1,697,849

)

    

(22,684,768

)

    

(287,540

)

    

(5,849,968

)

  
Change in net assets resulting
from capital transactions		    

1,418,043

      

(5,012,423

)

    

2,116,679

      

(6,129,339

)

    

883,087

      

(4,019,502

)

  

Change in net assets

    

507,841

      

(29,353,885

)

    

6,635,857

      

(24,553,089

)

    

1,176,730

      

(15,623,955

)

  

NET ASSETS:

  

Beginning of period

  

$

12,909,356

    

$

42,263,241

    

$

16,598,585

    

$

41,151,674

    

$

7,300,381

    

$

22,924,336

    

End of period

  

$

13,417,197

    

$

12,909,356

    

$

23,234,442

    

$

16,598,585

    

$

8,477,111

    

$

7,300,381

    

SHARE TRANSACTIONS:

  

Beginning of period

    

648,348

(c)

    

786,208

(c)

    

551,947

      

751,947

      

612,119

      

812,119

    

Issued

    

275,000

(c)

    

168,750

(c)

    

100,000

      

500,000

      

100,000

      

100,000

    

Issued in-kind

    

—

(c)

    

—

(c)

    

—

      

—

      

—

      

—

    

Redeemed

    

(200,000

)(c)

    

(306,610

)(c)

    

(50,000

)

    

(700,000

)

    

(25,000

)

    

(300,000

)

  

Redemption in-kind

    

—

(c)

    

—

(c)

    

—

      

—

      

—

      

—

    

Shares outstanding, end of period

    

723,348

(c)

    

648,348

(c)

    

601,947

      

551,947

      

687,119

      

612,119

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(c)  As described in Note 16, share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective January 13, 2022.

See accompanying notes to the financial statements.

226 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

UltraShort Health Care

  

UltraShort Industrials

  

UltraShort MidCap400

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(7,221

)

  

$

(17,397

)

  

$

(7,450

)

  

$

(15,384

)

  

$

(9,281

)

  

$

(36,423

)

  

Net realized gain (loss)

    

(227,111

)

    

(1,631,347

)

    

(154,907

)

    

(3,053,067

)

    

(759,561

)

    

(6,797,539

)

  
Change in net unrealized
appreciation/depreciation		    

53,983

      

745,770

      

92,107

      

1,327,126

      

690,333

      

2,923,599

    
Change in net assets resulting
from operations		    

(180,349

)

    

(902,974

)

    

(70,250

)

    

(1,741,325

)

    

(78,509

)

    

(3,910,363

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

4,116,498

      

1,573,009

      

4,813,710

      

847,786

      

—

      

1,150,336

    

Cost of shares redeemed

    

(2,349,636

)

    

(1,480,796

)

    

(3,981,005

)

    

(1,431,542

)

    

(1,442

)

    

(1,625,743

)

  
Change in net assets resulting
from capital transactions		    

1,766,862

      

92,213

      

832,705

      

(583,756

)

    

(1,442

)

    

(475,407

)

  

Change in net assets

    

1,586,513

      

(810,761

)

    

762,455

      

(2,325,081

)

    

(79,951

)

    

(4,385,770

)

  

NET ASSETS:

  

Beginning of period

  

$

1,267,383

    

$

2,078,144

    

$

943,190

    

$

3,268,271

    

$

2,007,332

    

$

6,393,102

    

End of period

  

$

2,853,896

    

$

1,267,383

    

$

1,705,645

    

$

943,190

    

$

1,927,381

    

$

2,007,332

    

SHARE TRANSACTIONS:

  

Beginning of period

    

80,453

      

80,453

      

65,187

      

83,961

      

113,590

      

126,125

    

Issued

    

300,000

      

62,500

      

325,000

      

31,250

      

—

      

25,000

    

Issued in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Redeemed

    

(175,023

)

    

(62,500

)

    

(275,052

)

    

(50,024

)

    

(80

)

    

(37,535

)

  

Redemption in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Shares outstanding, end of period

    

205,430

      

80,453

      

115,135

      

65,187

      

113,510

      

113,590

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 227

   

UltraShort MSCI Brazil Capped

  

UltraShort MSCI EAFE

   UltraShort MSCI
Emerging Markets		  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(71,166

)

  

$

(195,245

)

  

$

(5,943

)

  

$

(19,119

)

  

$

(29,186

)

  

$

(84,675

)

  

Net realized gain (loss)

    

(6,012,333

)

    

(21,538,222

)

    

(540,316

)

    

(1,314,138

)

    

71,922

      

(14,009,251

)

  
Change in net unrealized
appreciation/depreciation		    

12,748,061

      

(2,321,890

)

    

603,607

      

(257,751

)

    

916,847

      

3,913,349

    
Change in net assets resulting
from operations		    

6,664,562

      

(24,055,357

)

    

57,348

      

(1,591,008

)

    

959,583

      

(10,180,577

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

12,759,371

      

31,863,363

      

—

      

—

      

3,345,737

      

4,337,729

    

Cost of shares redeemed

    

(9,671,271

)

    

(33,070,783

)

    

(528,491

)

    

—

      

(2,835,759

)

    

(5,351,898

)

  
Change in net assets resulting
from capital transactions		    

3,088,100

      

(1,207,420

)

    

(528,491

)

    

—

      

509,978

      

(1,014,169

)

  

Change in net assets

    

9,752,662

      

(25,262,777

)

    

(471,143

)

    

(1,591,008

)

    

1,469,561

      

(11,194,746

)

  

NET ASSETS:

  

Beginning of period

  

$

12,435,373

    

$

37,698,150

    

$

1,410,405

    

$

3,001,413

    

$

5,466,771

    

$

16,661,517

    

End of period

  

$

22,188,035

    

$

12,435,373

    

$

939,262

    

$

1,410,405

    

$

6,936,332

    

$

5,466,771

    

SHARE TRANSACTIONS:

  

Beginning of period

    

917,440

      

867,440

      

137,428

      

137,428

      

363,771

      

438,771

    

Issued

    

825,000

      

1,350,000

      

—

      

—

      

200,000

      

150,000

    

Issued in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Redeemed

    

(650,107

)

    

(1,300,000

)

    

(50,000

)

    

—

      

(175,000

)

    

(225,000

)

  

Redemption in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Shares outstanding, end of period

    

1,092,333

      

917,440

      

87,428

      

137,428

      

388,771

      

363,771

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

228 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

UltraShort MSCI Japan

  

UltraShort Nasdaq Biotechnology

  

UltraShort Oil & Gas

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(20,813

)

  

$

(62,001

)

  

$

(36,734

)

  

$

(106,474

)

  

$

(90,690

)

  

$

(162,235

)

  

Net realized gain (loss)

    

(1,876,802

)

    

(2,822,311

)

    

(6,853,902

)

    

(8,241,188

)

    

(5,349,443

)

    

(23,104,837

)

  
Change in net unrealized
appreciation/depreciation		    

1,900,887

      

(911,084

)

    

6,046,829

      

3,869,641

      

1,097,925

      

7,911,197

    
Change in net assets resulting
from operations		    

3,272

      

(3,795,396

)

    

(843,807

)

    

(4,478,021

)

    

(4,342,208

)

    

(15,355,875

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

2,624,164

      

517,911

      

2,875,750

      

23,184,039

      

19,087,583

      

38,941,467

    

Cost of shares redeemed

    

(3,619,099

)

    

(3,137,290

)

    

(4,786,000

)

    

(21,595,981

)

    

(10,365,614

)

    

(22,732,728

)

  
Change in net assets resulting
from capital transactions		    

(994,935

)

    

(2,619,379

)

    

(1,910,250

)

    

1,588,058

      

8,721,969

      

16,208,739

    

Change in net assets

    

(991,663

)

    

(6,414,775

)

    

(2,754,057

)

    

(2,889,963

)

    

4,379,761

      

852,864

    

NET ASSETS:

  

Beginning of period

  

$

4,799,765

    

$

11,214,540

    

$

9,666,226

    

$

12,556,189

    

$

17,253,532

    

$

16,400,668

    

End of period

  

$

3,808,102

    

$

4,799,765

    

$

6,912,169

    

$

9,666,226

    

$

21,633,293

    

$

17,253,532

    

SHARE TRANSACTIONS:

  

Beginning of period

    

349,913

      

474,913

      

446,096

      

371,250

      

263,422

(b)

    

73,422

(b)

  

Issued

    

200,000

      

25,000

      

150,000

      

937,500

      

360,000

(b)

    

310,000

(b)

  

Issued in-kind

    

—

      

—

      

—

      

—

      

—

(b)

    

—

(b)

  

Redeemed

    

(275,000

)

    

(150,000

)

    

(250,000

)

    

(862,654

)

    

(180,000

)(b)

    

(120,000

)(b)

  

Redemption in-kind

    

—

      

—

      

—

      

—

      

—

(b)

    

—

(b)

  

Shares outstanding, end of period

    

274,913

      

349,913

      

346,096

      

446,096

      

443,422

(b)

    

263,422

(b)

  

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(b)  As described in Note 16, share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective January 13, 2022.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 229

   

UltraShort QQQ

  

UltraShort Real Estate

  

UltraShort Russell2000

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(994,111

)

  

$

(2,083,885

)

  

$

(68,100

)

  

$

(276,418

)

  

$

(380,502

)

  

$

(799,032

)

  

Net realized gain (loss)

    

(79,911,696

)

    

(371,427,541

)

    

(15,589,143

)

    

(22,401,573

)

    

(29,482,713

)

    

(194,691,650

)

  
Change in net unrealized
appreciation/depreciation		    

5,726,948

      

147,327,079

      

12,991,361

      

1,359,407

      

29,372,225

      

81,375,979

    
Change in net assets resulting
from operations		    

(75,178,859

)

    

(226,184,347

)

    

(2,665,882

)

    

(21,318,584

)

    

(490,990

)

    

(114,114,703

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

245,328,350

      

737,455,753

      

2,724,514

      

21,783,218

      

56,689,334

      

194,590,688

    

Cost of shares redeemed

    

(168,994,860

)

    

(538,075,095

)

    

(14,817

)

    

(38,707,472

)

    

(58,784,535

)

    

(139,653,180

)

  
Change in net assets resulting
from capital transactions		    

76,333,490

      

199,380,658

      

2,709,697

      

(16,924,254

)

    

(2,095,201

)

    

54,937,508

    

Change in net assets

    

1,154,631

      

(26,803,689

)

    

43,815

      

(38,242,838

)

    

(2,586,191

)

    

(59,177,195

)

  

NET ASSETS:

  

Beginning of period

  

$

221,703,424

    

$

248,507,113

    

$

16,426,594

    

$

54,669,432

    

$

73,769,517

    

$

132,946,712

    

End of period

  

$

222,858,055

    

$

221,703,424

    

$

16,470,409

    

$

16,426,594

    

$

71,183,326

    

$

73,769,517

    

SHARE TRANSACTIONS:

  

Beginning of period

    

9,445,774

      

4,261,058

      

947,919

      

1,572,919

      

5,313,966

      

2,864,859

    

Issued

    

13,150,000

      

22,100,000

      

200,000

      

750,000

      

4,350,000

      

8,850,000

    

Issued in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Redeemed

    

(8,900,000

)

    

(16,915,284

)

    

(842

)

    

(1,375,000

)

    

(4,500,000

)

    

(6,400,893

)

  

Redemption in-kind

    

—

      

—

      

—

      

—

      

—

      

—

    

Shares outstanding, end of period

    

13,695,774

      

9,445,774

      

1,147,077

      

947,919

      

5,163,966

      

5,313,966

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

230 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

   

UltraShort S&P500®

  

UltraShort Semiconductors

  

UltraShort SmallCap600

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(2,568,618

)

  

$

(6,884,645

)

  

$

(12,413

)

  

$

(41,773

)

  

$

(13,129

)

  

$

(44,801

)

  

Net realized gain (loss)

    

(285,314,004

)

    

(1,136,300,751

)

    

(1,821,640

)

    

(5,907,472

)

    

(267,815

)

    

(10,893,634

)

  
Change in net unrealized
appreciation/depreciation		    

169,082,288

      

399,483,934

      

173,506

      

(19,542

)

    

155,780

      

4,556,384

    
Change in net assets resulting
from operations		    

(118,800,334

)

    

(743,701,462

)

    

(1,660,547

)

    

(5,968,787

)

    

(125,164

)

    

(6,382,051

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

439,951,796

      

827,177,086

      

1,261,214

      

3,855,421

      

1,247,874

      

—

    

Cost of shares redeemed

    

(379,547,442

)

    

(980,866,395

)

    

(4,826

)

    

(2,706,281

)

    

(4,964

)

    

(1,053,066

)

  
Change in net assets resulting
from capital transactions		    

60,404,354

      

(153,689,309

)

    

1,256,388

      

1,149,140

      

1,242,910

      

(1,053,066

)

  

Change in net assets

    

(58,395,980

)

    

(897,390,771

)

    

(404,159

)

    

(4,819,647

)

    

1,117,746

      

(7,435,117

)

  

NET ASSETS:

  

Beginning of period

  

$

582,647,743

    

$

1,480,038,514

    

$

2,733,869

    

$

7,553,516

    

$

2,064,185

    

$

9,499,302

    

End of period

  

$

524,251,763

    

$

582,647,743

    

$

2,329,710

    

$

2,733,869

    

$

3,181,931

    

$

2,064,185

    

SHARE TRANSACTIONS:

  

Beginning of period

    

12,269,213

(b)

    

14,389,213

(b)

    

74,586

      

58,997

      

84,141

      

102,916

    

Issued

    

10,330,000

(b)

    

11,970,000

(b)

    

50,000

      

71,875

      

50,000

      

—

    

Issued in-kind

    

—

(b)

    

—

(b)

    

—

      

—

      

—

      

—

    

Redeemed

    

(9,110,000

)(b)

    

(14,090,000

)(b)

    

(126

)

    

(56,286

)

    

(195

)

    

(18,775

)

  

Redemption in-kind

    

—

(b)

    

—

(b)

    

—

      

—

      

—

      

—

    

Shares outstanding, end of period

    

13,489,213

(b)

    

12,269,213

(b)

    

124,460

      

74,586

      

133,946

      

84,141

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(b)  As described in Note 16, share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective January 13, 2022.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 231

   

UltraShort Technology

  

UltraShort Utilities

  
    Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		   Six Months
Ended
November 30,
2021
(Unaudited)		   Year Ended
May 31, 2021		  

FROM INVESTMENT ACTIVITIES:

  

OPERATIONS:

  

Net investment income (loss)

  

$

(18,972

)

  

$

(52,912

)

  

$

(10,268

)

  

$

(19,890

)

  

Net realized gain (loss)

    

(2,522,616

)

    

(7,248,960

)

    

(1,364,621

)

    

(161,695

)

  
Change in net unrealized
appreciation/depreciation		    

687,240

      

1,477,267

      

1,177,936

      

(539,269

)

  

Change in net assets resulting from operations

    

(1,854,348

)

    

(5,824,605

)

    

(196,953

)

    

(720,854

)

  

CAPITAL TRANSACTIONS (a):

  

Proceeds from shares issued

    

2,004,907

      

16,341,690

      

—

      

4,516,358

    

Cost of shares redeemed

    

(1,594,017

)

    

(10,507,138

)

    

(742,347

)

    

(3,320,041

)

  

Change in net assets resulting from capital transactions

    

410,890

      

5,834,552

      

(742,347

)

    

1,196,317

    

Change in net assets

    

(1,443,458

)

    

9,947

      

(939,300

)

    

475,463

    

NET ASSETS:

  

Beginning of period

  

$

4,865,818

    

$

4,855,871

    

$

2,347,189

    

$

1,871,726

    

End of period

  

$

3,422,360

    

$

4,865,818

    

$

1,407,889

    

$

2,347,189

    

SHARE TRANSACTIONS:

  

Beginning of period

    

218,867

(c)

    

81,441

(c)

    

143,720

      

81,245

    

Issued

    

112,500

(c)

    

506,250

(c)

    

—

      

237,500

    

Issued in-kind

    

—

(c)

    

—

(c)

    

—

      

—

    

Redeemed

    

(87,500

)(c)

    

(368,824

)(c)

    

(50,000

)

    

(175,025

)

  

Redemption in-kind

    

—

(c)

    

—

(c)

    

—

      

—

    

Shares outstanding, end of period

    

243,867

(c)

    

218,867

(c)

    

93,720

      

143,720

    

(a)  Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(c)  As described in Note 16, share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective January 13, 2022.

See accompanying notes to the financial statements.

232 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

FINANCIAL HIGHLIGHTS

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 233

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Short 7-10 Year Treasury

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

24.82

    

$

(0.12

)

  

$

(0.48

)

  

$

—

    

$

(0.60

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

24.22

      

(2.42

)%

    

(2.26

)%

  
Year ended
May 31, 2021		    

23.86

      

(0.23

)

    

1.19

      

—

      

0.96

      

—

      

—

      

—

      

—

      

24.82

      

4.04

      

3.77

    
Year ended
May 31, 2020		    

27.27

      

0.17

      

(3.24

)

    

—

      

(3.07

)

    

(0.32

)

    

—

      

(0.02

)#

    

(0.34

)

    

23.86

      

(11.40

)

    

(11.28

)

  
Year ended
May 31, 2019		    

29.07

      

0.32

      

(1.82

)

    

—

      

(1.50

)

    

(0.30

)

    

—

      

—

      

(0.30

)

    

27.27

      

(5.21

)

    

(5.36

)

  
Year ended
May 31, 2018		    

28.08

      

0.06

      

0.93

      

—

      

0.99

      

—

      

—

      

—

      

—

      

29.07

      

3.53

      

3.75

    
Year ended
May 31, 2017		    

28.13

      

(0.15

)

    

0.10

(i)

    

—

      

(0.05

)

    

—

      

—

      

—

      

—

      

28.08

      

(0.19

)

    

(0.43

)

  

Short 20+ Year Treasury

  
Six Months ended
November 30, 2021
(Unaudited)		    

17.60

      

(0.07

)

    

(1.79

)

    

—

      

(1.86

)

    

—

      

—

      

—

      

—

      

15.74

      

(10.59

)

    

(10.92

)

  
Year ended
May 31, 2021		    

15.53

      

(0.15

)

    

2.22

      

—

      

2.07

      

—

      

—

      

—

      

—

      

17.60

      

13.36

      

13.62

    
Year ended
May 31, 2020		    

20.67

      

0.22

      

(5.06

)

    

—

      

(4.84

)

    

(0.26

)

    

—

      

(0.04

)#

    

(0.30

)

    

15.53

      

(23.72

)

    

(23.43

)

  
Year ended
May 31, 2019		    

22.67

      

0.28

      

(2.02

)

    

—

      

(1.74

)

    

(0.26

)

    

—

      

—

      

(0.26

)

    

20.67

      

(7.75

)

    

(8.42

)

  
Year ended
May 31, 2018		    

22.62

      

0.07

      

(0.02

)

    

—

      

0.05

      

—

      

—

      

—

      

—

      

22.67

      

0.23

      

0.57

    
Year ended
May 31, 2017		    

22.52

      

(0.11

)

    

0.21

      

—

      

0.10

      

—

      

—

      

—

      

—

      

22.62

      

0.46

      

0.49

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Short 7-10 Year Treasury

  
Six Months ended
November 30, 2021
(Unaudited)		    

0.98

%

    

0.95

%

    

(0.98

)%

    

(0.95

)%

  

$

101,732

      

—

%

  
Year ended
May 31, 2021		    

1.10

      

0.95

      

(1.09

)

    

(0.94

)

    

89,977

      

—

    
Year ended
May 31, 2020		    

1.22

      

0.95

      

0.40

      

0.67

      

15,507

      

—

    
Year ended
May 31, 2019		    

1.04

      

0.95

      

1.00

      

1.09

      

25,228

      

—

    
Year ended
May 31, 2018		    

1.05

      

0.95

      

0.11

      

0.21

      

83,576

      

—

    
Year ended
May 31, 2017		    

1.11

      

0.95

      

(0.69

)

    

(0.53

)

    

40,012

      

—

    

Short 20+ Year Treasury

  
Six Months ended
November 30, 2021
(Unaudited)		    

0.90

      

0.90

      

(0.87

)

    

(0.87

)

    

712,943

      

—

    
Year ended
May 31, 2021		    

0.92

      

0.92

      

(0.87

)

    

(0.87

)

    

597,553

      

—

    
Year ended
May 31, 2020		    

0.94

      

0.94

      

1.18

      

1.18

      

159,921

      

—

    
Year ended
May 31, 2019		    

0.92

      

0.92

      

1.23

      

1.23

      

317,346

      

—

    
Year ended
May 31, 2018		    

0.91

      

0.91

      

0.30

      

0.30

      

631,426

      

—

    
Year ended
May 31, 2017		    

0.92

      

0.92

      

(0.51

)

    

(0.51

)

    

675,250

      

—

    

See accompanying notes to the financial statements.

234 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Short Basic Materials

  
Six Months ended
November 30, 2021(mm)
(Unaudited)		  

$

49.16

    

$

(0.24

)

  

$

1.25

(i)

  

$

—

    

$

1.01

    

$

—

    

$

—

    

$

—

    

$

—

    

$

50.17

      

2.06

%

    

2.14

%

  
Year ended
May 31, 2021(mm)		    

84.99

      

(0.61

)

    

(35.22

)

    

—

      

(35.83

)

    

—

      

—

      

—

      

—

      

49.16

      

(42.16

)

    

(42.04

)

  
Year ended
May 31, 2020(mm)		    

101.58

      

0.19

      

(16.43

)

    

—

      

(16.24

)

    

(0.30

)

    

—

      

(0.05

)#

    

(0.35

)

    

84.99

      

(16.00

)

    

(16.01

)

  
Year ended
May 31, 2019(mm)		    

89.22

      

0.60

      

12.31

      

—

      

12.91

      

(0.55

)

    

—

      

—

      

(0.55

)

    

101.58

      

14.50

      

17.03

    
Year ended
May 31, 2018(mm)		    

103.60

      

0.15

      

(14.53

)

    

—

      

(14.38

)

    

—

      

—

      

—

      

—

      

89.22

      

(13.88

)

    

(16.37

)

  
Year ended
May 31, 2017(mm)		    

124.56

      

(0.75

)

    

(20.21

)

    

—

      

(20.96

)

    

—

      

—

      

—

      

—

      

103.60

      

(16.83

)

    

(16.11

)

  

Short Dow30SM

  
Six Months ended
November 30, 2021
(Unaudited)		    

34.12

      

(0.15

)

    

(0.45

)

    

—

      

(0.60

)

    

—

      

—

      

—

      

—

      

33.52

      

(1.77

)

    

(1.73

)

  
Year ended
May 31, 2021		    

49.16

      

(0.36

)

    

(14.68

)

    

—

      

(15.04

)

    

—

      

—

      

—

      

—

      

34.12

      

(30.59

)

    

(30.65

)

  
Year ended
May 31, 2020		    

57.46

      

0.27

      

(7.93

)

    

—

      

(7.66

)

    

(0.59

)

    

—

      

(0.05

)#

    

(0.64

)

    

49.16

      

(13.40

)

    

(13.38

)

  
Year ended
May 31, 2019		    

59.62

      

0.77

      

(2.29

)

    

—

      

(1.52

)

    

(0.64

)

    

—

      

—

      

(0.64

)

    

57.46

      

(2.54

)

    

(2.55

)

  
Year ended
May 31, 2018(q)		    

70.91

      

0.26

      

(11.47

)

    

—

      

(11.21

)

    

(0.08

)

    

—

      

—

      

(0.08

)

    

59.62

      

(15.82

)

    

(15.78

)

  
Year ended
May 31, 2017(q)		    

86.52

      

(0.41

)

    

(15.20

)

    

—

      

(15.61

)

    

—

      

—

      

—

      

—

      

70.91

      

(18.04

)

    

(18.08

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Short Basic Materials

  
Six Months ended
November 30, 2021(mm)
(Unaudited)		    

5.14

%

    

0.95

%

    

(5.14

)%

    

(0.95

)%

  

$

2,007

      

—

%

  
Year ended
May 31, 2021(mm)		    

6.13

      

0.95

      

(6.12

)

    

(0.94

)

    

983

      

—

    
Year ended
May 31, 2020(mm)		    

4.13

      

0.95

      

(2.98

)

    

0.21

      

1,700

      

—

    
Year ended
May 31, 2019(mm)		    

5.96

      

0.95

      

(4.36

)

    

0.65

      

1,016

      

—

    
Year ended
May 31, 2018(mm)		    

4.22

      

0.95

      

(3.11

)

    

0.16

      

1,784

      

—

    
Year ended
May 31, 2017(mm)		    

2.67

      

0.95

      

(2.36

)

    

(0.64

)

    

2,072

      

—

    

Short Dow30SM

  
Six Months ended
November 30, 2021
(Unaudited)		    

0.96

      

0.95

      

(0.93

)

    

(0.92

)

    

268,947

      

—

    
Year ended
May 31, 2021		    

0.96

      

0.95

      

(0.88

)

    

(0.86

)

    

232,824

      

—

    
Year ended
May 31, 2020		    

0.99

      

0.95

      

0.47

      

0.51

      

502,585

      

—

    
Year ended
May 31, 2019		    

0.98

      

0.95

      

1.32

      

1.35

      

268,563

      

—

    
Year ended
May 31, 2018(q)		    

0.97

      

0.95

      

0.39

      

0.41

      

233,932

      

—

    
Year ended
May 31, 2017(q)		    

0.98

      

0.95

      

(0.55

)

    

(0.52

)

    

257,940

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 235

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Short Financials

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

12.72

    

$

(0.06

)

  

$

(0.34

)

  

$

—

    

$

(0.40

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

12.32

      

(3.16

)%

    

(2.91

)%

  
Year ended
May 31, 2021		    

20.49

      

(0.16

)

    

(7.61

)

    

—

      

(7.77

)

    

—

      

—

      

—

      

—

      

12.72

      

(37.93

)

    

(37.85

)

  
Year ended
May 31, 2020		    

22.52

      

0.09

      

(1.92

)

    

—

      

(1.83

)

    

(0.18

)

    

—

      

(0.02

)#

    

(0.20

)

    

20.49

      

(8.12

)

    

(8.43

)

  
Year ended
May 31, 2019		    

23.14

      

0.23

      

(0.69

)(i)

    

—

      

(0.46

)

    

(0.16

)

    

—

      

—

      

(0.16

)

    

22.52

      

(2.03

)

    

(1.94

)

  
Year ended
May 31, 2018(r)		    

27.22

      

0.03

      

(4.11

)

    

—

      

(4.08

)

    

—

      

—

      

—

      

—

      

23.14

      

(14.99

)

    

(15.14

)

  
Year ended
May 31, 2017(r)		    

32.90

      

(0.18

)

    

(5.50

)

    

—

      

(5.68

)

    

—

      

—

      

—

      

—

      

27.22

      

(17.24

)

    

(16.93

)

  

Short FTSE China 50

  
Six Months ended
November 30, 2021
(Unaudited)		    

14.18

      

(0.07

)

    

2.19

      

—

      

2.12

      

—

      

—

      

—

      

—

      

16.30

      

14.94

      

15.11

    
Year ended
May 31, 2021		    

18.64

      

(0.14

)

    

(4.32

)

    

—

      

(4.46

)

    

—

      

—

      

—

      

—

      

14.18

      

(23.94

)

    

(24.08

)

  
Year ended
May 31, 2020		    

20.20

      

0.05

      

(1.46

)

    

—

      

(1.41

)

    

(0.14

)

    

—

      

(0.01

)#

    

(0.15

)

    

18.64

      

(6.97

)

    

(6.84

)

  
Year ended
May 31, 2019		    

18.57

      

0.19

      

1.53

      

—

      

1.72

      

(0.09

)

    

—

      

—

      

(0.09

)

    

20.20

      

9.30

      

9.77

    
Year ended
May 31, 2018		    

23.07

      

0.02

      

(4.52

)

    

—

      

(4.50

)

    

—

      

—

      

—

      

—

      

18.57

      

(19.52

)

    

(20.01

)

  
Year ended
May 31, 2017		    

29.44

      

(0.15

)

    

(6.22

)

    

—

      

(6.37

)

    

—

      

—

      

—

      

—

      

23.07

      

(21.64

)

    

(21.62

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Short Financials

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.61

%

    

0.95

%

    

(1.61

)%

    

(0.95

)%

  

$

7,081

      

—

%

  
Year ended
May 31, 2021		    

1.29

      

0.95

      

(1.28

)

    

(0.93

)

    

9,855

      

—

    
Year ended
May 31, 2020		    

1.27

      

0.95

      

0.11

      

0.43

      

32,272

      

—

    
Year ended
May 31, 2019		    

1.27

      

0.95

      

0.68

      

1.01

      

21,956

      

—

    
Year ended
May 31, 2018(r)		    

1.22

      

0.95

      

(0.15

)

    

0.11

      

19,089

      

—

    
Year ended
May 31, 2017(r)		    

1.15

      

0.95

      

(0.80

)

    

(0.60

)

    

29,266

      

—

    

Short FTSE China 50

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.90

      

0.95

      

(1.89

)

    

(0.95

)

    

9,777

      

—

    
Year ended
May 31, 2021		    

2.34

      

0.95

      

(2.33

)

    

(0.94

)

    

2,835

      

—

    
Year ended
May 31, 2020		    

1.98

      

0.95

      

(0.75

)

    

0.28

      

6,524

      

—

    
Year ended
May 31, 2019		    

2.05

      

0.95

      

(0.15

)

    

0.95

      

8,079

      

—

    
Year ended
May 31, 2018		    

2.00

      

0.95

      

(0.94

)

    

0.11

      

5,570

      

—

    
Year ended
May 31, 2017		    

1.62

      

0.95

      

(1.26

)

    

(0.59

)

    

9,228

      

—

    

See accompanying notes to the financial statements.

236 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Short High Yield

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

18.23

    

$

(0.08

)

  

$

(0.27

)

  

$

—

    

$

(0.35

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

17.88

      

(1.94

)%

    

(1.92

)%

  
Year ended
May 31, 2021		    

20.88

      

(0.18

)

    

(2.47

)

    

—

      

(2.65

)

    

—

      

—

      

—

      

—

      

18.23

      

(12.70

)

    

(12.70

)

  
Year ended
May 31, 2020		    

22.17

      

0.10

      

(1.17

)

    

—

      

(1.07

)

    

(0.21

)

    

—

      

(0.01

)#

    

(0.22

)

    

20.88

      

(4.83

)

    

(4.81

)

  
Year ended
May 31, 2019		    

23.25

      

0.24

      

(1.10

)

    

—

      

(0.86

)

    

(0.22

)

    

—

      

—

      

(0.22

)

    

22.17

      

(3.75

)

    

(3.89

)

  
Year ended
May 31, 2018		    

23.58

      

0.08

      

(0.41

)

    

—

      

(0.33

)

    

—

(h)

    

—

      

—

      

—

(h)

    

23.25

      

(1.37

)

    

(1.38

)

  
Year ended
May 31, 2017		    

26.78

      

(0.14

)

    

(3.06

)

    

—

      

(3.20

)

    

—

      

—

      

—

      

—

      

23.58

      

(11.96

)

    

(11.91

)

  

Short MidCap400

  
Six Months ended
November 30, 2021
(Unaudited)		    

24.32

      

(0.11

)

    

(0.29

)

    

—

      

(0.40

)

    

—

      

—

      

—

      

—

      

23.92

      

(1.62

)

    

(1.60

)

  
Year ended
May 31, 2021		    

40.36

      

(0.30

)

    

(15.74

)

    

—

      

(16.04

)

    

—

      

—

      

—

      

—

      

24.32

      

(39.75

)

    

(39.76

)

  
Year ended
May 31, 2020		    

46.08

      

0.09

      

(5.33

)

    

—

      

(5.24

)

    

(0.46

)

    

—

      

(0.02

)#

    

(0.48

)

    

40.36

      

(11.42

)

    

(11.51

)

  
Year ended
May 31, 2019		    

43.50

      

0.57

      

2.32

(i)

    

—

      

2.89

      

(0.31

)

    

—

      

—

      

(0.31

)

    

46.08

      

6.65

      

6.74

    
Year ended
May 31, 2018(q)		    

50.02

      

0.09

      

(6.61

)

    

—

      

(6.52

)

    

—

      

—

      

—

      

—

      

43.50

      

(13.03

)

    

(13.16

)

  
Year ended
May 31, 2017(q)		    

59.62

      

(0.32

)

    

(9.28

)

    

—

      

(9.60

)

    

—

      

—

      

—

      

—

      

50.02

      

(16.11

)

    

(15.97

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Short High Yield

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.08

%

    

0.95

%

    

(1.07

)%

    

(0.95

)%

  

$

60,779

      

—

%

  
Year ended
May 31, 2021		    

1.05

      

0.95

      

(1.01

)

    

(0.91

)

    

54,685

      

—

    
Year ended
May 31, 2020		    

1.02

      

0.95

      

0.42

      

0.48

      

119,021

      

—

    
Year ended
May 31, 2019		    

1.00

      

0.95

      

1.00

      

1.05

      

113,047

      

—

    
Year ended
May 31, 2018		    

0.99

      

0.95

      

0.29

      

0.33

      

140,683

      

—

    
Year ended
May 31, 2017		    

0.99

      

0.95

      

(0.60

)

    

(0.56

)

    

122,618

      

—

    

Short MidCap400

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.53

      

0.95

      

(1.53

)

    

(0.95

)

  

$

10,016

      

—

    
Year ended
May 31, 2021		    

1.22

      

0.95

      

(1.21

)

    

(0.94

)

    

12,004

      

—

    
Year ended
May 31, 2020		    

1.37

      

0.95

      

(0.22

)

    

0.20

      

31,022

      

—

    
Year ended
May 31, 2019		    

1.38

      

0.95

      

0.84

      

1.28

      

14,683

      

—

    
Year ended
May 31, 2018(q)		    

1.40

      

0.95

      

(0.25

)

    

0.20

      

10,600

      

—

    
Year ended
May 31, 2017(q)		    

1.22

      

0.95

      

(0.85

)

    

(0.58

)

    

14,693

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 237

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Short MSCI EAFE

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

18.19

    

$

(0.09

)

  

$

0.53

    

$

—

    

$

0.44

    

$

—

    

$

—

    

$

—

    

$

—

    

$

18.63

      

2.43

%

    

2.48

%

  
Year ended
May 31, 2021		    

26.23

      

(0.21

)

    

(7.83

)

    

—

      

(8.04

)

    

—

      

—

      

—

      

—

      

18.19

      

(30.66

)

    

(30.69

)

  
Year ended
May 31, 2020		    

27.52

      

0.11

      

(1.10

)

    

—

      

(0.99

)

    

(0.29

)

    

—

      

(0.01

)#

    

(0.30

)

    

26.23

      

(3.54

)

    

(3.55

)

  
Year ended
May 31, 2019		    

25.74

      

0.32

      

1.64

      

—

      

1.96

      

(0.18

)

    

—

      

—

      

(0.18

)

    

27.52

      

7.62

      

7.72

    
Year ended
May 31, 2018		    

27.79

      

0.04

      

(2.09

)

    

—

      

(2.05

)

    

—

      

—

      

—

      

—

      

25.74

      

(7.38

)

    

(7.42

)

  
Year ended
May 31, 2017		    

33.20

      

(0.18

)

    

(5.23

)

    

—

      

(5.41

)

    

—

      

—

      

—

      

—

      

27.79

      

(16.30

)

    

(16.24

)

  

Short MSCI Emerging Markets

  
Six Months ended
November 30, 2021
(Unaudited)		    

11.86

      

(0.06

)

    

1.17

      

—

      

1.11

      

—

      

—

      

—

      

—

      

12.97

      

9.41

      

9.19

    
Year ended
May 31, 2021		    

18.52

      

(0.13

)

    

(6.53

)

    

—

      

(6.66

)

    

—

      

—

      

—

      

—

      

11.86

      

(35.98

)

    

(35.96

)

  
Year ended
May 31, 2020		    

19.50

      

0.11

      

(0.89

)

    

—

      

(0.78

)

    

(0.18

)

    

—

      

(0.02

)#

    

(0.20

)

    

18.52

      

(3.96

)

    

(3.83

)

  
Year ended
May 31, 2019		    

18.24

      

0.21

      

1.28

      

—

      

1.49

      

(0.23

)

    

—

      

—

      

(0.23

)

    

19.50

      

8.11

      

7.97

    
Year ended
May 31, 2018		    

21.06

      

0.04

      

(2.86

)

    

—

      

(2.82

)

    

—

      

—

      

—

      

—

      

18.24

      

(13.39

)

    

(13.39

)

  
Year ended
May 31, 2017		    

27.77

      

(0.13

)

    

(6.58

)

    

—

      

(6.71

)

    

—

      

—

      

—

      

—

      

21.06

      

(24.15

)

    

(24.16

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions 		  Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Short MSCI EAFE

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.49

%

    

0.95

%

    

(1.49

)%

    

(0.95

)%

  

$

22,821

      

—

%

  
Year ended
May 31, 2021		    

1.28

      

0.95

      

(1.26

)

    

(0.93

)

    

9,549

      

—

    
Year ended
May 31, 2020		    

1.15

      

0.95

      

0.19

      

0.39

      

45,247

      

—

    
Year ended
May 31, 2019		    

1.12

      

0.95

      

1.00

      

1.16

      

40,588

      

—

    
Year ended
May 31, 2018		    

1.22

      

0.95

      

(0.12

)

    

0.15

      

18,662

      

—

    
Year ended
May 31, 2017		    

1.06

      

0.95

      

(0.69

)

    

(0.57

)

    

32,655

      

—

    

Short MSCI Emerging Markets

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.13

      

0.95

      

(1.13

)

    

(0.95

)

    

42,159

      

—

    
Year ended
May 31, 2021		    

1.12

      

0.95

      

(1.10

)

    

(0.93

)

    

20,747

      

—

    
Year ended
May 31, 2020		    

1.05

      

0.95

      

0.47

      

0.57

      

87,971

      

—

    
Year ended
May 31, 2019		    

0.99

      

0.95

      

1.02

      

1.06

      

95,536

      

—

    
Year ended
May 31, 2018		    

0.98

      

0.95

      

0.19

      

0.22

      

156,881

      

—

    
Year ended
May 31, 2017		    

0.98

      

0.95

      

(0.56

)

    

(0.53

)

    

159,020

      

—

    

See accompanying notes to the financial statements.

238 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Short Oil & Gas

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

17.57

    

$

(0.08

)

  

$

(2.04

)

  

$

—

    

$

(2.12

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

15.45

      

(12.08

)%

    

(11.97

)%

  
Year ended
May 31, 2021		    

29.86

      

(0.25

)

    

(12.04

)

    

—

      

(12.29

)

    

—

      

—

      

—

      

—

      

17.57

      

(41.14

)

    

(41.20

)

  
Year ended
May 31, 2020		    

26.68

      

(0.03

)

    

3.35

(i)

    

—

      

3.32

      

(0.14

)

    

—

      

—

      

(0.14

)

    

29.86

      

12.55

      

12.47

    
Year ended
May 31, 2019		    

21.33

      

0.21

      

5.22

      

—

      

5.43

      

(0.08

)

    

—

      

—

      

(0.08

)

    

26.68

      

25.47

      

25.14

    
Year ended
May 31, 2018		    

26.27

      

0.01

      

(4.95

)

    

—

      

(4.94

)

    

—

      

—

      

—

      

—

      

21.33

      

(18.82

)

    

(18.76

)

  
Year ended
May 31, 2017		    

26.79

      

(0.16

)

    

(0.36

)

    

—

      

(0.52

)

    

—

      

—

      

—

      

—

      

26.27

      

(1.93

)

    

(1.74

)

  

Short QQQ

  
Six Months ended
November 30, 2021
(Unaudited)		    

13.22

      

(0.05

)

    

(2.14

)

    

—

      

(2.19

)

    

—

      

—

      

—

      

—

      

11.03

      

(16.55

)

    

(16.65

)

  
Year ended
May 31, 2021		    

20.33

      

(0.13

)

    

(6.98

)

    

—

      

(7.11

)

    

—

      

—

      

—

      

—

      

13.22

      

(34.99

)

    

(35.09

)

  
Year ended
May 31, 2020		    

30.49

      

0.24

      

(10.03

)

    

—

      

(9.79

)

    

(0.33

)

    

—

      

(0.04

)#

    

(0.37

)

    

20.33

      

(32.40

)

    

(32.33

)

  
Year ended
May 31, 2019		    

32.17

      

0.46

      

(1.75

)

    

—

      

(1.29

)

    

(0.39

)

    

—

      

—

      

(0.39

)

    

30.49

      

(4.03

)

    

(3.97

)

  
Year ended
May 31, 2018		    

39.55

      

0.16

      

(7.49

)

    

—

      

(7.33

)

    

(0.05

)

    

—

      

—

      

(0.05

)

    

32.17

      

(18.55

)

    

(18.62

)

  
Year ended
May 31, 2017		    

51.81

      

(0.24

)

    

(12.02

)

    

—

      

(12.26

)

    

—

      

—

      

—

      

—

      

39.55

      

(23.67

)

    

(23.66

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Short Oil & Gas

  
Six Months ended
November 30, 2021
(Unaudited)		    

2.96

%

    

0.95

%

    

(2.96

)%

    

(0.95

)%

  

$

2,704

      

—

%

  
Year ended
May 31, 2021		    

2.63

      

0.95

      

(2.63

)

    

(0.94

)

    

3,075

      

—

    
Year ended
May 31, 2020		    

3.64

      

0.95

      

(2.79

)

    

(0.10

)

    

3,732

      

—

    
Year ended
May 31, 2019		    

4.80

      

0.95

      

(2.96

)

    

0.89

      

2,001

      

—

    
Year ended
May 31, 2018		    

3.04

      

0.95

      

(2.04

)

    

0.05

      

1,600

      

—

    
Year ended
May 31, 2017		    

2.31

      

0.95

      

(2.00

)

    

(0.64

)

    

3,284

      

—

    

Short QQQ

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.00

      

0.95

      

(0.97

)

    

(0.92

)

    

522,349

      

—

    
Year ended
May 31, 2021		    

1.00

      

0.95

      

(0.90

)

    

(0.85

)

    

595,528

      

—

    
Year ended
May 31, 2020		    

1.02

      

0.95

      

0.86

      

0.92

      

502,349

      

—

    
Year ended
May 31, 2019		    

1.01

      

0.95

      

1.42

      

1.48

      

652,888

      

—

    
Year ended
May 31, 2018		    

1.01

      

0.95

      

0.37

      

0.43

      

330,128

      

—

    
Year ended
May 31, 2017		    

1.03

      

0.95

      

(0.60

)

    

(0.52

)

    

281,284

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 239

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Short Real Estate

  
Six Months ended
November 30, 2021(nn)
(Unaudited)		  

$

19.13

    

$

(0.08

)

  

$

(1.60

)

  

$

—

    

$

(1.68

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

17.45

      

(8.81

)%

    

(8.59

)%

  
Year ended
May 31, 2021(nn)		    

26.61

      

(0.22

)

    

(7.26

)

    

—

      

(7.48

)

    

—

      

—

      

—

      

—

      

19.13

      

(28.07

)

    

(28.20

)

  
Year ended
May 31, 2020(nn)		    

28.38

      

0.02

      

(1.53

)

    

—

      

(1.51

)

    

(0.24

)

    

—

      

(0.02

)#

    

(0.26

)

    

26.61

      

(5.31

)

    

(5.43

)

  
Year ended
May 31, 2019(nn)		    

32.50

      

0.35

      

(4.25

)

    

—

      

(3.90

)

    

(0.22

)

    

—

      

—

      

(0.22

)

    

28.38

      

(12.06

)

    

(11.88

)

  
Year ended
May 31, 2018(nn)		    

33.53

      

0.04

      

(1.07

)

    

—

      

(1.03

)

    

—

      

—

      

—

      

—

      

32.50

      

(3.07

)

    

(3.19

)

  
Year ended
May 31, 2017(nn)		    

36.06

      

(0.20

)

    

(2.33

)

    

—

      

(2.53

)

    

—

      

—

      

—

      

—

      

33.53

      

(7.03

)

    

(7.01

)

  

Short Russell2000

  
Six Months ended
November 30, 2021
(Unaudited)		    

21.42

      

(0.10

)

    

0.17

(i)

    

—

      

0.07

      

—

      

—

      

—

      

—

      

21.49

      

0.31

      

0.51

    
Year ended
May 31, 2021		    

38.01

      

(0.24

)

    

(16.35

)

    

—

      

(16.59

)

    

—

      

—

      

—

      

—

      

21.42

      

(43.66

)

    

(43.71

)

  
Year ended
May 31, 2020		    

42.76

      

0.26

      

(4.49

)

    

—

      

(4.23

)

    

(0.47

)

    

—

      

(0.05

)#

    

(0.52

)

    

38.01

      

(9.94

)

    

(9.96

)

  
Year ended
May 31, 2019		    

39.36

      

0.58

      

3.29

      

—

      

3.87

      

(0.47

)

    

—

      

—

      

(0.47

)

    

42.76

      

9.89

      

9.98

    
Year ended
May 31, 2018		    

47.91

      

0.19

      

(8.67

)

    

—

      

(8.48

)

    

(0.07

)

    

—

      

—

      

(0.07

)

    

39.36

      

(17.71

)

    

(17.75

)

  
Year ended
May 31, 2017		    

59.34

      

(0.26

)

    

(11.17

)

    

—

      

(11.43

)

    

—

      

—

      

—

      

—

      

47.91

      

(19.27

)

    

(19.30

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Short Real Estate

  
Six Months ended
November 30, 2021(nn)
(Unaudited)		    

1.84

%

    

0.95

%

    

(1.84

)%

    

(0.95

)%

  

$

8,291

      

—

%

  
Year ended
May 31, 2021(nn)		    

1.37

      

0.95

      

(1.35

)

    

(0.94

)

    

7,652

      

—

    
Year ended
May 31, 2020(nn)		    

1.60

      

0.95

      

(0.57

)

    

0.08

      

27,274

      

—

    
Year ended
May 31, 2019(nn)		    

1.70

      

0.95

      

0.40

      

1.14

      

8,513

      

—

    
Year ended
May 31, 2018(nn)		    

1.39

      

0.95

      

(0.33

)

    

0.11

      

9,750

      

—

    
Year ended
May 31, 2017(nn)		    

1.30

      

0.95

      

(0.93

)

    

(0.58

)

    

15,088

      

—

    

Short Russell2000

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.01

      

0.95

      

(0.99

)

    

(0.93

)

    

242,064

      

—

    
Year ended
May 31, 2021		    

1.02

      

0.95

      

(0.92

)

    

(0.85

)

    

273,412

      

—

    
Year ended
May 31, 2020		    

1.03

      

0.95

      

0.55

      

0.63

      

485,265

      

—

    
Year ended
May 31, 2019		    

1.02

      

0.95

      

1.36

      

1.43

      

351,303

      

—

    
Year ended
May 31, 2018		    

1.02

      

0.95

      

0.37

      

0.44

      

248,618

      

—

    
Year ended
May 31, 2017		    

1.02

      

0.95

      

(0.56

)

    

(0.49

)

    

345,730

      

—

    

See accompanying notes to the financial statements.

240 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Short S&P500®

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

15.77

    

$

(0.06

)

  

$

(1.43

)

  

$

—

    

$

(1.49

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

14.28

      

(9.47

)%

    

(9.45

)%

  
Year ended
May 31, 2021		    

22.96

      

(0.15

)

    

(7.04

)

    

—

      

(7.19

)

    

—

      

—

      

—

      

—

      

15.77

      

(31.31

)

    

(31.38

)

  
Year ended
May 31, 2020		    

28.53

      

0.16

      

(5.38

)

    

—

      

(5.22

)

    

(0.32

)

    

—

      

(0.03

)#

    

(0.35

)

    

22.96

      

(18.45

)

    

(18.40

)

  
Year ended
May 31, 2019		    

29.53

      

0.44

      

(1.06

)

    

—

      

(0.62

)

    

(0.38

)

    

—

      

—

      

(0.38

)

    

28.53

      

(2.10

)

    

(2.10

)

  
Year ended
May 31, 2018		    

33.69

      

0.15

      

(4.25

)

    

—

      

(4.10

)

    

(0.06

)

    

—

      

—

      

(0.06

)

    

29.53

      

(12.20

)

    

(12.18

)

  
Year ended
May 31, 2017(k)		    

39.87

      

(0.17

)

    

(6.01

)

    

—

      

(6.18

)

    

—

      

—

      

—

      

—

      

33.69

      

(15.49

)

    

(15.45

)

  

Short SmallCap600

  
Six Months ended
November 30, 2021
(Unaudited)		    

17.35

      

(0.08

)

    

(0.07

)

    

—

      

(0.15

)

    

—

      

—

      

—

      

—

      

17.20

      

(0.88

)

    

(0.86

)

  
Year ended
May 31, 2021		    

32.60

      

(0.23

)

    

(15.02

)

    

—

      

(15.25

)

    

—

      

—

      

—

      

—

      

17.35

      

(46.78

)

    

(46.75

)

  
Year ended
May 31, 2020		    

34.96

      

—

(h)

    

(2.08

)

    

—

      

(2.08

)

    

(0.27

)

    

—

      

(0.01

)#

    

(0.28

)

    

32.60

      

(5.93

)

    

(5.96

)

  
Year ended
May 31, 2019		    

31.57

      

0.35

      

3.19

      

—

      

3.54

      

(0.15

)

    

—

      

—

      

(0.15

)

    

34.96

      

11.22

      

11.11

    
Year ended
May 31, 2018		    

39.09

      

0.04

      

(7.56

)

    

—

      

(7.52

)

    

—

      

—

      

—

      

—

      

31.57

      

(19.25

)

    

(19.31

)

  
Year ended
May 31, 2017		    

48.08

      

(0.22

)

    

(8.77

)

    

—

      

(8.99

)

    

—

      

—

      

—

      

—

      

39.09

      

(18.69

)

    

(18.40

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Short S&P500®

  
Six Months ended
November 30, 2021
(Unaudited)		    

0.89

%

    

0.89

%

    

(0.84

)%

    

(0.84

)%

  

$

1,336,398

      

—

%

  
Year ended
May 31, 2021		    

0.88

      

0.88

      

(0.77

)

    

(0.77

)

    

1,404,720

      

—

    
Year ended
May 31, 2020		    

0.90

      

0.90

      

0.63

      

0.63

      

3,697,429

      

—

    
Year ended
May 31, 2019		    

0.89

      

0.89

      

1.52

      

1.52

      

2,060,778

      

—

    
Year ended
May 31, 2018		    

0.89

      

0.89

      

0.46

      

0.46

      

1,374,040

      

—

    
Year ended
May 31, 2017(k)		    

0.89

      

0.89

      

(0.47

)

    

(0.47

)

    

2,013,469

      

—

    

Short SmallCap600

  
Six Months ended
November 30, 2021
(Unaudited)		    

2.44

      

0.95

      

(2.44

)

    

(0.95

)

    

4,621

      

—

    
Year ended
May 31, 2021		    

1.66

      

0.95

      

(1.65

)

    

(0.94

)

    

4,662

      

—

    
Year ended
May 31, 2020		    

2.21

      

0.95

      

(1.27

)

    

(0.01

)

    

13,651

      

—

    
Year ended
May 31, 2019		    

2.63

      

0.95

      

(0.59

)

    

1.08

      

4,149

      

—

    
Year ended
May 31, 2018		    

1.68

      

0.95

      

(0.62

)

    

0.11

      

3,747

      

—

    
Year ended
May 31, 2017		    

1.39

      

0.95

      

(0.98

)

    

(0.54

)

    

17,346

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 241

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra 7-10 Year Treasury

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

67.14

    

$

0.06

    

$

1.72

    

$

—

    

$

1.78

    

$

(0.09

)

  

$

—

    

$

—

    

$

(0.09

)

  

$

68.83

      

2.66

%

    

2.89

%

  
Year ended
May 31, 2021		    

75.97

      

0.29

      

(8.79

)

    

—

      

(8.50

)

    

(0.33

)

    

—

      

—

      

(0.33

)

    

67.14

      

(11.23

)

    

(11.19

)

  
Year ended
May 31, 2020		    

60.72

      

0.68

      

15.28

      

—

      

15.96

      

(0.71

)

    

—

      

—

      

(0.71

)

    

75.97

      

26.49

      

26.24

    
Year ended
May 31, 2019		    

54.31

      

0.94

      

6.56

      

—

      

7.50

      

(1.09

)

    

—

      

—

      

(1.09

)

    

60.72

      

14.05

      

14.70

    
Year ended
May 31, 2018		    

59.02

      

0.63

      

(4.76

)

    

—

      

(4.13

)

    

(0.58

)

    

—

      

—

      

(0.58

)

    

54.31

      

(7.03

)

    

(7.25

)

  
Year ended
May 31, 2017		    

60.90

      

0.37

      

(1.92

)

    

—

      

(1.55

)

    

(0.33

)

    

—

      

—

      

(0.33

)

    

59.02

      

(2.54

)

    

(2.61

)

  

Ultra 20+ Year Treasury

  
Six Months ended
November 30, 2021
(Unaudited)		    

48.00

      

(0.08

)

    

9.37

      

—

      

9.29

      

—

      

—

      

—

      

—

      

57.29

      

19.37

      

20.12

    
Year ended
May 31, 2021(y)		    

66.77

      

(0.17

)

    

(18.60

)

    

—

      

(18.77

)

    

—

      

—

      

—

      

—

      

48.00

      

(28.12

)

    

(28.26

)

  
Year ended
May 31, 2020(y)		    

44.89

      

0.46

      

22.16

      

—

      

22.62

      

(0.74

)

    

—

      

—

      

(0.74

)

    

66.77

      

50.92

      

49.64

    
Year ended
May 31, 2019(y)		    

38.47

      

0.70

      

6.34

      

—

      

7.04

      

(0.62

)

    

—

      

—

      

(0.62

)

    

44.89

      

18.62

      

20.55

    
Year ended
May 31, 2018(y)		    

40.03

      

0.54

      

(1.59

)

    

—

      

(1.05

)

    

(0.51

)

    

—

      

—

      

(0.51

)

    

38.47

      

(2.64

)

    

(3.29

)

  
Year ended
May 31, 2017(y)		    

43.30

      

0.49

      

(3.42

)

    

—

      

(2.93

)

    

(0.34

)

    

—

      

—

      

(0.34

)

    

40.03

      

(6.79

)

    

(6.88

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra 7-10 Year Treasury

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.38

%

    

0.95

%

    

(0.25

)%

    

0.18

%

  

$

20,650

      

27

%

  
Year ended
May 31, 2021		    

1.25

      

0.95

      

0.09

      

0.39

      

18,464

      

56

    
Year ended
May 31, 2020		    

1.20

      

0.95

      

0.77

      

1.02

      

34,187

      

193

    
Year ended
May 31, 2019		    

1.18

      

0.95

      

1.50

      

1.73

      

24,289

      

327

    
Year ended
May 31, 2018		    

1.12

      

0.95

      

0.94

      

1.12

      

24,440

      

234

    
Year ended
May 31, 2017		    

1.12

      

0.95

      

0.44

      

0.61

      

41,311

      

188

    

Ultra 20+ Year Treasury

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.10

      

0.95

      

(0.46

)

    

(0.30

)

    

42,969

      

4

    
Year ended
May 31, 2021(y)		    

1.14

      

0.95

      

(0.47

)

    

(0.28

)

    

28,797

      

5

    
Year ended
May 31, 2020(y)		    

1.17

      

0.95

      

0.61

      

0.84

      

50,076

      

292

    
Year ended
May 31, 2019(y)		    

1.26

      

0.95

      

1.55

      

1.86

      

31,423

      

264

    
Year ended
May 31, 2018(y)		    

1.14

      

0.95

      

1.17

      

1.36

      

23,085

      

75

    
Year ended
May 31, 2017(y)		    

1.12

      

0.95

      

0.97

      

1.14

      

48,035

      

48

    

See accompanying notes to the financial statements.

242 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra Basic Materials

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

107.16

    

$

0.32

    

$

(11.20

)

  

$

—

    

$

(10.88

)

  

$

(0.27

)

  

$

—

    

$

—

    

$

(0.27

)

  

$

96.01

      

(10.14

)%

    

(10.31

)%

  
Year ended
May 31, 2021		    

44.31

      

0.32

      

62.89

      

—

      

63.21

      

(0.36

)

    

—

      

—

      

(0.36

)

    

107.16

      

143.30

      

143.29

    
Year ended
May 31, 2020		    

47.57

      

0.59

      

(3.09

)

    

—

      

(2.50

)

    

(0.76

)

    

—

      

—

      

(0.76

)

    

44.31

      

(5.43

)

    

(5.04

)

  
Year ended
May 31, 2019		    

68.75

      

0.76

      

(21.43

)

    

—

      

(20.67

)

    

(0.51

)

    

—

      

—

      

(0.51

)

    

47.57

      

(30.15

)

    

(30.33

)

  
Year ended
May 31, 2018		    

55.18

      

0.41

      

13.50

      

—

      

13.91

      

(0.34

)

    

—

      

—

      

(0.34

)

    

68.75

      

25.23

      

25.89

    
Year ended
May 31, 2017		    

41.90

      

0.28

      

13.25

      

—

      

13.53

      

(0.25

)

    

—

      

—

      

(0.25

)

    

55.18

      

32.38

      

31.67

    

Ultra Consumer Goods

  
Six Months ended
November 30, 2021(oo)
(Unaudited)		    

22.44

      

0.03

      

4.92

      

—

      

4.95

      

(0.03

)

    

—

      

—

      

(0.03

)

    

27.36

      

22.11

      

22.14

    
Year ended
May 31, 2021(oo)		    

10.78

      

0.05

      

11.67

      

—

      

11.72

      

(0.06

)

    

—

      

—

      

(0.06

)

    

22.44

      

109.16

      

108.35

    
Year ended
May 31, 2020(oo)		    

9.92

      

0.15

      

0.83

      

—

      

0.98

      

(0.12

)

    

—

      

—

      

(0.12

)

    

10.78

      

9.90

      

10.30

    
Year ended
May 31, 2019(oo)		    

9.85

      

0.18

      

(0.04

)(i)

    

—

      

0.14

      

(0.07

)

    

—

      

—

      

(0.07

)

    

9.92

      

1.54

      

1.83

    
Year ended
May 31, 2018(oo)		    

11.32

      

0.13

      

(1.52

)

    

—

      

(1.39

)

    

(0.08

)

    

—

      

—

      

(0.08

)

    

9.85

      

(12.45

)

    

(13.15

)

  
Year ended
May 31, 2017(l)(oo)		    

9.35

      

0.10

      

1.94

      

—

      

2.04

      

(0.07

)

    

—

      

—

      

(0.07

)

    

11.32

      

21.90

      

23.43

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra Basic Materials

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.08

%

    

0.95

%

    

0.54

%

    

0.66

%

  

$

67,204

      

4

%

  
Year ended
May 31, 2021		    

1.15

      

0.95

      

0.25

      

0.45

      

104,477

      

12

    
Year ended
May 31, 2020		    

1.23

      

0.95

      

0.85

      

1.13

      

27,696

      

6

    
Year ended
May 31, 2019		    

1.16

      

0.95

      

1.07

      

1.27

      

35,681

      

38

    
Year ended
May 31, 2018		    

1.11

      

0.95

      

0.45

      

0.61

      

60,156

      

11

    
Year ended
May 31, 2017		    

1.12

      

0.95

      

0.41

      

0.58

      

55,176

      

5

    

Ultra Consumer Goods

  
Six Months ended
November 30, 2021(oo)
(Unaudited)		    

1.72

      

0.95

      

(0.53

)

    

0.24

      

16,417

      

3

    
Year ended
May 31, 2021(oo)		    

1.94

      

0.95

      

(0.69

)

    

0.30

      

13,463

      

4

    
Year ended
May 31, 2020(oo)		    

2.71

      

0.95

      

(0.45

)

    

1.31

      

5,389

      

23

    
Year ended
May 31, 2019(oo)		    

2.35

      

0.95

      

0.36

      

1.76

      

6,946

      

3

    
Year ended
May 31, 2018(oo)		    

1.71

      

0.95

      

0.36

      

1.12

      

9,846

      

8

    
Year ended
May 31, 2017(l)(oo)		    

1.76

      

0.95

      

0.15

      

0.96

      

13,586

      

40

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 243

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra Consumer Services

  
Six Months ended
November 30, 2021(pp)
(Unaudited)		  

$

48.65

    

$

(0.12

)

  

$

2.60

    

$

—

    

$

2.48

    

$

—

    

$

—

    

$

—

    

$

—

    

$

51.13

      

5.09

%

    

5.07

%

  
Year ended
May 31, 2021(y)(pp)		    

26.35

      

(0.16

)

    

22.46

      

—

      

22.30

      

—

      

—

      

—

      

—

      

48.65

      

84.62

      

86.48

    
Year ended
May 31, 2020(y)(pp)		    

24.45

      

0.03

      

1.93

      

—

      

1.96

      

(0.06

)

    

—

      

—

      

(0.06

)

    

26.35

      

8.01

      

6.98

    
Year ended
May 31, 2019(y)(pp)		    

21.69

      

0.03

      

2.76

      

—

      

2.79

      

(0.03

)

    

—

      

—

      

(0.03

)

    

24.45

      

12.92

      

12.99

    
Year ended
May 31, 201(y)(pp)		    

17.65

      

0.03

      

4.04

      

—

      

4.07

      

(0.03

)

    

—

      

—

      

(0.03

)

    

21.69

      

23.05

      

24.53

    
Year ended May 31,
2017(n)(y)(pp)		    

13.23

      

0.03

      

4.42

      

—

      

4.45

      

(0.03

)

    

—

      

—

      

(0.03

)

    

17.65

      

33.62

      

32.44

    

Ultra Dow30SM

  
Six Months ended
November 30, 2021
(Unaudited)		    

72.22

      

0.14

      

(0.19

)

    

—

      

(0.05

)

    

(0.01

)

    

—

      

—

      

(0.01

)

    

72.16

      

(0.08

)

    

(0.21

)

  
Year ended
May 31, 2021		    

39.44

      

0.26

      

32.60

      

—

      

32.86

      

(0.08

)

    

—

      

—

      

(0.08

)

    

72.22

      

83.38

      

83.65

    
Year ended
May 31, 2020		    

42.44

      

0.55

      

(3.17

)

    

—

      

(2.62

)

    

(0.38

)

    

—

      

—

      

(0.38

)

    

39.44

      

(6.20

)

    

(6.29

)

  
Year ended
May 31, 2019		    

42.33

      

0.46

      

0.01

      

—

      

0.47

      

(0.36

)

    

—

      

—

      

(0.36

)

    

42.44

      

1.08

      

1.13

    
Year ended
May 31, 2018(s)		    

31.66

      

0.32

      

10.63

      

—

      

10.95

      

(0.28

)

    

—

      

—

      

(0.28

)

    

42.33

      

34.72

      

34.67

    
Year ended
May 31, 2017(s)		    

22.43

      

0.29

      

9.24

      

—

      

9.53

      

(0.30

)

    

—

      

—

      

(0.30

)

    

31.66

      

42.77

      

42.95

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra Consumer Services

  
Six Months ended
November 30, 2021(pp)
(Unaudited)		    

1.27

%

    

0.95

%

    

(0.77

)%

    

(0.44

)%

  

$

35,791

      

1

%

  
Year ended
May 31, 2021(y)(pp)		    

1.40

      

0.95

      

(0.85

)

    

(0.40

)

    

31,622

      

5

    
Year ended
May 31, 2020(y)(pp)		    

1.51

      

0.95

      

(0.45

)

    

0.11

      

18,447

      

37

    
Year ended
May 31, 2019(y)(pp)		    

1.35

      

0.95

      

(0.30

)

    

0.10

      

22,009

      

9

    
Year ended
May 31, 201(y)(pp)		    

1.47

      

0.95

      

(0.38

)

    

0.14

      

23,856

      

8

    
Year ended May 31,
2017(n)(y)(pp)		    

1.45

      

0.95

      

(0.29

)

    

0.20

      

21,184

      

5

    

Ultra Dow30SM

  
Six Months ended
November 30, 2021
(Unaudited)		    

0.95

      

0.95

      

0.37

      

0.37

      

465,437

      

—

    
Year ended
May 31, 2021		    

0.96

      

0.95

      

0.47

      

0.49

      

498,320

      

18

    
Year ended
May 31, 2020		    

0.98

      

0.95

      

1.15

      

1.18

      

297,783

      

31

    
Year ended
May 31, 2019		    

0.97

      

0.95

      

1.01

      

1.03

      

318,329

      

35

    
Year ended
May 31, 2018(s)		    

0.96

      

0.95

      

0.80

      

0.81

      

421,225

      

6

    
Year ended
May 31, 2017(s)		    

0.98

      

0.95

      

1.06

      

1.09

      

313,391

      

9

    

See accompanying notes to the financial statements.

244 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra Financials

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

63.67

    

$

0.10

    

$

0.63

    

$

—

    

$

0.73

    

$

(0.05

)

  

$

—

    

$

—

    

$

(0.05

)

  

$

64.35

      

1.13

%

    

1.10

%

  
Year ended
May 31, 2021		    

29.48

      

0.17

      

34.21

      

—

      

34.38

      

(0.19

)

    

—

      

—

      

(0.19

)

    

63.67

      

117.16

      

117.29

    
Year ended
May 31, 2020		    

40.74

      

0.45

      

(11.19

)

    

—

      

(10.74

)

    

(0.52

)

    

—

      

—

      

(0.52

)

    

29.48

      

(26.67

)

    

(26.57

)

  
Year ended
May 31, 2019		    

41.06

      

0.43

      

(0.30

)

    

—

      

0.13

      

(0.45

)

    

—

      

—

      

(0.45

)

    

40.74

      

0.42

      

0.40

    
Year ended
May 31, 2018(s)		    

31.67

      

0.34

      

9.31

      

—

      

9.65

      

(0.26

)

    

—

      

—

      

(0.26

)

    

41.06

      

30.49

      

30.49

    
Year ended
May 31, 2017(s)		    

23.58

      

0.22

      

8.07

      

—

      

8.29

      

(0.20

)

    

—

      

—

      

(0.20

)

    

31.67

      

35.28

      

35.23

    

Ultra FTSE China 50

  
Six Months ended
November 30, 2021
(Unaudited)		    

70.23

      

(0.27

)

    

(23.59

)

    

—

      

(23.86

)

    

—

      

—

      

—

      

—

      

46.37

      

(33.98

)

    

(33.84

)

  
Year ended
May 31, 2021		    

50.40

      

(0.66

)

    

20.49

      

—

      

19.83

      

—

      

—

      

—

      

—

      

70.23

      

39.33

      

39.60

    
Year ended
May 31, 2020		    

58.75

      

0.09

      

(5.94

)

    

—

      

(5.85

)

    

(2.50

)

    

—

      

—

      

(2.50

)

    

50.40

      

(10.42

)

    

(10.64

)

  
Year ended
May 31, 2019		    

82.45

      

0.47

      

(23.25

)

    

—

      

(22.78

)

    

(0.18

)

    

(0.74

)

    

—

      

(0.92

)

    

58.75

      

(27.63

)

    

(27.37

)

  
Year ended
May 31, 2018		    

61.80

      

(0.24

)

    

20.89

      

—

      

20.65

      

—

      

—

      

—

      

—

      

82.45

      

33.41

      

32.72

    
Year ended
May 31, 2017		    

42.46

      

(0.36

)

    

19.70

      

—

      

19.34

      

—

      

—

      

—

      

—

      

61.80

      

45.55

      

46.39

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra Financials

  
Six Months ended
November 30, 2021
(Unaudited)		    

0.95

%

    

0.95

%

    

0.31

%

    

0.31

%

  

$

856,312

      

2

%

  
Year ended
May 31, 2021		    

0.95

      

0.95

      

0.40

      

0.40

      

923,717

      

7

    
Year ended
May 31, 2020		    

0.97

      

0.95

      

1.02

      

1.04

      

448,299

      

21

    
Year ended
May 31, 2019		    

0.95

      

0.95

      

1.05

      

1.06

      

735,704

      

10

    
Year ended
May 31, 2018(s)		    

0.95

      

0.95

      

0.86

      

0.86

      

883,120

      

3

    
Year ended
May 31, 2017(s)		    

0.95

      

0.95

      

0.77

      

0.77

      

771,465

      

3

    

Ultra FTSE China 50

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.29

      

0.95

      

(1.29

)

    

(0.95

)

    

16,229

      

—

    
Year ended
May 31, 2021		    

1.19

      

0.95

      

(1.18

)

    

(0.95

)

    

28,091

      

—

    
Year ended
May 31, 2020		    

1.95

      

0.95

      

(0.86

)

    

0.15

      

20,162

      

—

    
Year ended
May 31, 2019		    

1.19

      

0.95

      

0.47

      

0.70

      

38,189

      

—

    
Year ended
May 31, 2018		    

1.11

      

0.95

      

(0.46

)

    

(0.30

)

    

43,285

      

—

    
Year ended
May 31, 2017		    

1.18

      

0.95

      

(0.93

)

    

(0.70

)

    

43,259

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 245

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra FTSE Europe

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

69.86

    

$

(0.33

)

  

$

(5.21

)

  

$

—

    

$

(5.54

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

64.32

      

(7.94

)%

    

(8.64

)%

  
Year ended
May 31, 2021		    

35.00

      

(0.47

)

    

35.33

      

—

      

34.86

      

—

      

—

      

—

      

—

      

69.86

      

99.64

      

100.63

    
Year ended
May 31, 2020		    

43.65

      

0.09

      

(8.46

)

    

—

      

(8.37

)

    

(0.28

)

    

—

      

—

      

(0.28

)

    

35.00

      

(19.36

)

    

(18.74

)

  
Year ended
May 31, 2019		    

55.05

      

0.28

      

(10.16

)

    

—

      

(9.88

)

    

(0.13

)

    

(1.39

)

    

—

      

(1.52

)

    

43.65

      

(17.51

)

    

(18.68

)

  
Year ended
May 31, 2018		    

51.03

      

(0.09

)

    

4.11

      

—

      

4.02

      

—

      

—

      

—

      

—

      

55.05

      

7.88

      

9.22

    
Year ended
May 31, 2017		    

39.03

      

(0.26

)

    

12.26

      

—

      

12.00

      

—

      

—

      

—

      

—

      

51.03

      

30.75

      

30.10

    

Ultra Health Care

  
Six Months ended
November 30, 2021
(Unaudited)		    

88.41

      

0.07

      

7.75

      

—

      

7.82

      

(0.02

)

    

—

      

—

      

(0.02

)

    

96.21

      

8.84

      

8.66

    
Year ended
May 31, 2021(dd)		    

61.51

      

0.12

      

26.86

      

—

      

26.98

      

(0.08

)

    

—

      

—

      

(0.08

)

    

88.41

      

43.89

      

43.81

    
Year ended
May 31, 2020(dd)		    

46.34

      

0.35

      

15.01

      

—

      

15.36

      

(0.19

)

    

—

      

—

      

(0.19

)

    

61.51

      

33.26

      

33.58

    
Year ended
May 31, 2019(dd)		    

43.63

      

0.29

      

2.59

(i)

    

—

      

2.88

      

(0.17

)

    

—

      

—

      

(0.17

)

    

46.34

      

6.58

      

6.48

    
Year ended
May 31, 2018(dd)		    

36.46

      

0.17

      

7.08

      

—

      

7.25

      

(0.08

)

    

—

      

—

      

(0.08

)

    

43.63

      

19.90

      

20.43

    
Year ended
May 31, 2017(dd)		    

31.66

      

0.05

      

4.76

      

—

      

4.81

      

(0.01

)

    

—

      

—

      

(0.01

)

    

36.46

      

15.19

      

14.65

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra FTSE Europe

  
Six Months ended
November 30, 2021
(Unaudited)		    

2.42

%

    

0.95

%

    

(2.42

)%

    

(0.95

)%

  

$

4,824

      

—

%

  
Year ended
May 31, 2021		    

2.94

      

0.95

      

(2.93

)

    

(0.95

)

    

5,239

      

—

    
Year ended
May 31, 2020		    

2.33

      

0.95

      

(1.18

)

    

0.20

      

3,500

      

—

    
Year ended
May 31, 2019		    

1.77

      

0.95

      

(0.24

)

    

0.58

      

5,456

      

—

    
Year ended
May 31, 2018		    

1.37

      

0.95

      

(0.58

)

    

(0.16

)

    

11,010

      

—

    
Year ended
May 31, 2017		    

1.58

      

0.95

      

(1.28

)

    

(0.65

)

    

12,758

      

—

    

Ultra Health Care

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.02

      

0.95

      

0.07

      

0.14

      

149,132

      

7

    
Year ended
May 31, 2021(dd)		    

1.04

      

0.95

      

0.07

      

0.17

      

130,405

      

4

    
Year ended
May 31, 2020(dd)		    

1.08

      

0.95

      

0.50

      

0.63

      

110,716

      

21

    
Year ended
May 31, 2019(dd)		    

1.05

      

0.95

      

0.47

      

0.57

      

99,639

      

11

    
Year ended
May 31, 2018(dd)		    

1.06

      

0.95

      

0.29

      

0.40

      

89,443

      

6

    
Year ended
May 31, 2017(dd)		    

1.09

      

0.95

      

0.02

      

0.16

      

82,030

      

5

    

See accompanying notes to the financial statements.

246 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra High Yield

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

75.77

    

$

(0.37

)

  

$

0.21

(i)

  

$

—

    

$

(0.16

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

75.61

      

(0.22

)%

    

(0.24

)%

  
Year ended
May 31, 2021		    

64.18

      

(0.63

)

    

14.17

      

—

      

13.54

      

(1.95

)

    

—

      

—

      

(1.95

)

    

75.77

      

21.27

      

21.30

    
Year ended
May 31, 2020		    

66.69

      

1.16

      

(0.95

)

    

—

      

0.21

      

(2.72

)

    

—

      

—

      

(2.72

)

    

64.18

      

0.03

      

0.34

    
Year ended
May 31, 2019		    

63.95

      

1.93

      

2.74

      

—

      

4.67

      

(1.93

)

    

—

      

—

      

(1.93

)

    

66.69

      

7.47

      

7.79

    
Year ended
May 31, 2018		    

65.06

      

1.82

      

(1.11

)

    

—

      

0.71

      

(1.82

)

    

—

      

—

      

(1.82

)

    

63.95

      

1.09

      

1.58

    
Year ended
May 31, 2017		    

54.19

      

1.64

      

10.63

      

—

      

12.27

      

(1.40

)

    

—

      

—

      

(1.40

)

    

65.06

      

22.94

      

12.81

    

Ultra Industrials

  
Six Months ended
November 30, 2021
(Unaudited)		    

33.02

      

(0.02

)

    

(2.37

)

    

—

      

(2.39

)

    

—

      

—

      

—

      

—

      

30.63

      

(7.25

)

    

(7.06

)

  
Year ended
May 31, 2021(hh)		    

14.84

      

0.02

      

18.20

      

—

      

18.22

      

(0.04

)

    

—

      

—

      

(0.04

)

    

33.02

      

123.00

      

122.38

    
Year ended
May 31, 2020(hh)		    

17.09

      

0.14

      

(2.26

)

    

—

      

(2.12

)

    

(0.13

)

    

—

      

—

      

(0.13

)

    

14.84

      

(12.47

)

    

(12.37

)

  
Year ended
May 31, 2019(hh)		    

17.59

      

0.12

      

(0.53

)

    

—

      

(0.41

)

    

(0.09

)

    

—

      

—

      

(0.09

)

    

17.09

      

(2.29

)

    

(2.20

)

  
Year ended
May 31, 2018(hh)		    

14.16

      

0.07

      

3.40

      

—

      

3.47

      

(0.04

)

    

—

      

—

      

(0.04

)

    

17.59

      

24.50

      

24.44

    
Year ended
May 31, 2017(l)(hh)		    

9.97

      

0.06

      

4.17

      

—

      

4.23

      

(0.04

)

    

—

      

—

      

(0.04

)

    

14.16

      

42.48

      

42.80

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra High Yield

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.34

%

    

0.95

%

    

(1.34

)%

    

(0.95

)%

  

$

18,903

      

—

%

  
Year ended
May 31, 2021		    

1.95

      

0.97

      

(1.84

)

    

(0.86

)

    

28,414

      

—

    
Year ended
May 31, 2020		    

2.86

      

1.04

      

(0.13

)

    

1.70

      

4,813

      

—

    
Year ended
May 31, 2019		    

5.64

      

0.95

      

(1.74

)

    

2.95

      

3,334

      

1

    
Year ended
May 31, 2018		    

5.35

      

0.95

      

(1.61

)

    

2.79

      

3,198

      

—

    
Year ended
May 31, 2017		    

7.46

      

0.95

      

(3.81

)

    

2.70

      

3,253

      

—

    

Ultra Industrials

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.39

      

0.95

      

(0.57

)

    

(0.13

)

    

28,331

      

3

    
Year ended
May 31, 2021(hh)		    

1.55

      

0.95

      

(0.53

)

    

0.07

      

40,451

      

3

    
Year ended
May 31, 2020(hh)		    

1.61

      

0.95

      

0.09

      

0.74

      

14,838

      

31

    
Year ended
May 31, 2019(hh)		    

1.43

      

0.95

      

0.21

      

0.70

      

18,804

      

5

    
Year ended
May 31, 2018(hh)		    

1.40

      

0.95

      

(0.03

)

    

0.43

      

26,392

      

6

    
Year ended
May 31, 2017(l)(hh)		    

1.51

      

0.95

      

(0.06

)

    

0.50

      

21,242

      

6

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 247

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra MidCap400

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

65.80

    

$

0.06

    

$

(1.45

)

  

$

—

    

$

(1.39

)

  

$

(0.04

)

  

$

—

    

$

—

    

$

(0.04

)

  

$

64.37

      

(2.11

)%

    

(2.22

)%

  
Year ended
May 31, 2021		    

28.58

      

0.06

      

37.24

      

—

      

37.30

      

(0.08

)

    

—

      

—

      

(0.08

)

    

65.80

      

130.66

      

130.86

    
Year ended
May 31, 2020		    

35.41

      

0.26

      

(6.77

)

    

—

      

(6.51

)

    

(0.32

)

    

—

      

—

      

(0.32

)

    

28.58

      

(18.51

)

    

(18.50

)

  
Year ended
May 31, 2019		    

42.46

      

0.22

      

(7.07

)

    

—

      

(6.85

)

    

(0.20

)

    

—

      

—

      

(0.20

)

    

35.41

      

(16.13

)

    

(16.26

)

  
Year ended
May 31, 2018(s)		    

33.70

      

0.15

      

8.71

      

—

      

8.86

      

(0.10

)

    

—

      

—

      

(0.10

)

    

42.46

      

26.30

      

26.46

    
Year ended
May 31, 2017(s)		    

25.54

      

0.10

      

8.18

      

—

      

8.28

      

(0.12

)

    

—

      

—

      

(0.12

)

    

33.70

      

32.49

      

32.44

    

Ultra MSCI Brazil Capped

  
Six Months ended
November 30, 2021
(Unaudited)		    

37.27

      

(0.15

)

    

(16.95

)

    

—

      

(17.10

)

    

—

      

—

      

—

      

—

      

20.17

      

(45.88

)

    

(45.84

)

  
Year ended
May 31, 2021		    

20.23

      

(0.27

)

    

17.31

      

—

      

17.04

      

—

      

—

      

—

      

—

      

37.27

      

84.28

      

85.11

    
Year ended
May 31, 2020		    

70.62

      

0.06

      

(50.07

)

    

—

      

(50.01

)

    

(0.38

)

    

—

      

—

      

(0.38

)

    

20.23

      

(71.21

)

    

(71.30

)

  
Year ended
May 31, 2019		    

57.70

      

0.33

      

12.77

      

—

      

13.10

      

(0.18

)

    

—

      

—

      

(0.18

)

    

70.62

      

22.70

      

21.48

    
Year ended
May 31, 2018		    

59.23

      

(0.07

)

    

(1.46

)

    

—

      

(1.53

)

    

—

      

—

      

—

      

—

      

57.70

      

(2.59

)

    

(1.67

)

  
Year ended
May 31, 2017		    

34.78

      

(0.44

)

    

24.89

      

—

      

24.45

      

—

      

—

      

—

      

—

      

59.23

      

70.32

      

70.47

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra MidCap400

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.00

%

    

0.95

%

    

0.13

%

    

0.18

%

  

$

178,629

      

19

%

  
Year ended
May 31, 2021		    

1.06

      

0.95

      

0.04

      

0.15

      

189,162

      

18

    
Year ended
May 31, 2020		    

1.06

      

0.95

      

0.58

      

0.69

      

105,036

      

73

    
Year ended
May 31, 2019		    

1.04

      

0.95

      

0.47

      

0.56

      

130,137

      

31

    
Year ended
May 31, 2018(s)		    

1.02

      

0.95

      

0.32

      

0.39

      

153,913

      

42

    
Year ended
May 31, 2017(s)		    

1.02

      

0.95

      

0.26

      

0.33

      

113,728

      

40

    

Ultra MSCI Brazil Capped

  
Six Months ended
November 30, 2021
(Unaudited)		    

2.04

      

0.95

      

(2.04

)

    

(0.95

)

    

4,873

      

—

    
Year ended
May 31, 2021		    

2.00

      

0.95

      

(2.00

)

    

(0.95

)

    

7,140

      

—

    
Year ended
May 31, 2020		    

2.10

      

0.96

      

(1.03

)

    

0.10

      

4,886

      

—

    
Year ended
May 31, 2019		    

1.70

      

0.95

      

(0.22

)

    

0.53

      

8,231

      

—

    
Year ended
May 31, 2018		    

1.26

      

0.95

      

(0.40

)

    

(0.09

)

    

9,611

      

—

    
Year ended
May 31, 2017		    

1.22

      

0.95

      

(1.00

)

    

(0.73

)

    

18,751

      

—

    

See accompanying notes to the financial statements.

248 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra MSCI EAFE

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

52.83

    

$

(0.25

)

  

$

(4.32

)

  

$

—

    

$

(4.57

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

48.26

      

(8.67

)%

    

(8.41

)%

  
Year ended
May 31, 2021		    

28.74

      

(0.39

)

    

24.48

      

—

      

24.09

      

—

      

—

      

—

      

—

      

52.83

      

83.86

      

82.35

    
Year ended
May 31, 2020		    

34.62

      

0.01

      

(5.77

)

    

—

      

(5.76

)

    

(0.12

)

    

—

      

—

      

(0.12

)

    

28.74

      

(16.71

)

    

(16.08

)

  
Year ended
May 31, 2019		    

41.92

      

0.15

      

(7.38

)

    

—

      

(7.23

)

    

(0.07

)

    

—

      

—

      

(0.07

)

    

34.62

      

(17.25

)

    

(17.54

)

  
Year ended
May 31, 2018(s)		    

37.71

      

(0.09

)

    

4.30

      

—

      

4.21

      

—

      

—

      

—

      

—

      

41.92

      

11.17

      

11.29

    
Year ended
May 31, 2017(s)		    

28.88

      

(0.19

)

    

9.02

      

—

      

8.83

      

—

      

—

      

—

      

—

      

37.71

      

30.58

      

30.53

    

Ultra MSCI Emerging Markets

  
Six Months ended
November 30, 2021
(Unaudited)		    

105.83

      

(0.46

)

    

(22.30

)

    

—

      

(22.76

)

    

—

      

—

      

—

      

—

      

83.07

      

(21.51

)

    

(21.56

)

  
Year ended
May 31, 2021		    

51.04

      

(0.87

)

    

55.66

      

—

      

54.79

      

—

      

—

      

—

      

—

      

105.83

      

107.34

      

107.36

    
Year ended
May 31, 2020		    

65.46

      

0.22

      

(13.61

)

    

—

      

(13.39

)

    

(1.03

)

    

—

      

—

      

(1.03

)

    

51.04

      

(20.88

)

    

(20.89

)

  
Year ended
May 31, 2019		    

85.50

      

0.63

      

(20.46

)

    

—

      

(19.83

)

    

(0.21

)

    

—

      

—

      

(0.21

)

    

65.46

      

(23.20

)

    

(23.21

)

  
Year ended
May 31, 2018		    

70.55

      

(0.11

)

    

15.06

      

—

      

14.95

      

—

      

—

      

—

      

—

      

85.50

      

21.20

      

21.43

    
Year ended
May 31, 2017		    

46.15

      

(0.39

)

    

24.79

      

—

      

24.40

      

—

      

—

      

—

      

—

      

70.55

      

52.87

      

52.93

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra MSCI EAFE

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.39

%

    

0.95

%

    

(1.39

)%

    

(0.95

)%

  

$

13,271

      

—

%

  
Year ended
May 31, 2021		    

1.56

      

0.95

      

(1.56

)

    

(0.95

)

    

13,208

      

—

    
Year ended
May 31, 2020		    

2.22

      

0.95

      

(1.23

)

    

0.04

      

3,592

      

—

    
Year ended
May 31, 2019		    

1.72

      

0.95

      

(0.37

)

    

0.41

      

6,058

      

—

    
Year ended
May 31, 2018(s)		    

1.35

      

0.95

      

(0.62

)

    

(0.22

)

    

11,528

      

—

    
Year ended
May 31, 2017(s)		    

1.19

      

0.95

      

(0.91

)

    

(0.67

)

    

11,312

      

—

    

Ultra MSCI Emerging Markets

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.06

      

0.95

      

(1.06

)

    

(0.95

)

    

49,845

      

—

    
Year ended
May 31, 2021		    

1.09

      

0.95

      

(1.08

)

    

(0.95

)

    

92,605

      

—

    
Year ended
May 31, 2020		    

1.39

      

0.95

      

(0.10

)

    

0.34

      

12,761

      

—

    
Year ended
May 31, 2019		    

1.13

      

0.95

      

0.69

      

0.87

      

36,005

      

—

    
Year ended
May 31, 2018		    

1.06

      

0.95

      

(0.23

)

    

(0.13

)

    

51,299

      

—

    
Year ended
May 31, 2017		    

1.19

      

0.95

      

(0.92

)

    

(0.68

)

    

29,982

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 249

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra MSCI Japan

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

47.18

    

$

(0.23

)

  

$

(3.21

)

  

$

—

    

$

(3.44

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

43.74

      

(7.30

)%

    

(7.39

)%

  
Year ended
May 31, 2021		    

31.35

      

(0.39

)

    

16.22

      

—

      

15.83

      

—

      

—

      

—

      

—

      

47.18

      

50.48

      

50.81

    
Year ended
May 31, 2020		    

30.01

      

(0.09

)

    

1.48

      

—

      

1.39

      

(0.04

)

    

—

      

(0.01

)

    

(0.05

)

    

31.35

      

4.61

      

4.49

    
Year ended
May 31, 2019		    

41.94

      

0.14

      

(10.73

)

    

—

      

(10.59

)

    

(0.06

)

    

(1.28

)

    

—

      

(1.34

)

    

30.01

      

(25.03

)

    

(25.04

)

  
Year ended
May 31, 2018(s)		    

34.24

      

(0.10

)

    

7.80

      

—

      

7.70

      

—

      

—

      

—

      

—

      

41.94

      

22.51

      

22.82

    
Year ended
May 31, 2017(s)		    

26.70

      

(0.22

)

    

7.76

      

—

      

7.54

      

—

      

—

      

—

      

—

      

34.24

      

28.21

      

27.40

    

Ultra Nasdaq Biotechnology

  
Six Months ended
November 30, 2021
(Unaudited)		    

84.53

      

(0.20

)

    

(0.59

)(i)

    

—

      

(0.79

)

    

—

      

—

      

—

      

—

      

83.74

      

(0.94

)

    

(0.72

)

  
Year ended
May 31, 2021		    

70.76

      

(0.36

)

    

14.13

      

—

      

13.77

      

—

      

—

      

—

      

—

      

84.53

      

19.46

      

19.50

    
Year ended
May 31, 2020		    

43.67

      

(0.09

)

    

27.18

      

—

      

27.09

      

—

      

—

      

—

      

—

      

70.76

      

62.03

      

61.87

    
Year ended
May 31, 2019		    

55.88

      

(0.13

)

    

(12.08

)

    

—

      

(12.21

)

    

—

      

—

      

—

      

—

      

43.67

      

(21.85

)

    

(21.82

)

  
Year ended
May 31, 2018		    

45.61

      

(0.21

)

    

10.48

      

—

      

10.27

      

—

      

—

      

—

      

—

      

55.88

      

22.54

      

22.71

    
Year ended
May 31, 2017		    

46.29

      

(0.20

)

    

(0.48

)(i)

    

—

      

(0.68

)

    

—

      

—

      

—

      

—

      

45.61

      

(1.48

)

    

(1.62

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra MSCI Japan

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.83

%

    

0.95

%

    

(1.83

)%

    

(0.95

)%

  

$

8,747

      

662

%

  
Year ended
May 31, 2021		    

2.34

      

0.95

      

(2.34

)

    

(0.95

)

    

5,897

      

—

    
Year ended
May 31, 2020		    

2.33

      

0.95

      

(1.66

)

    

(0.28

)

    

3,919

      

—

    
Year ended
May 31, 2019		    

4.18

      

0.95

      

(2.82

)

    

0.41

      

5,251

      

—

    
Year ended
May 31, 2018(s)		    

1.42

      

0.95

      

(0.71

)

    

(0.25

)

    

9,437

      

—

    
Year ended
May 31, 2017(s)		    

1.52

      

0.95

      

(1.31

)

    

(0.74

)

    

10,271

      

—

    

Ultra Nasdaq Biotechnology

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.06

      

0.95

      

(0.53

)

    

(0.41

)

    

213,526

      

9

    
Year ended
May 31, 2021		    

1.08

      

0.95

      

(0.58

)

    

(0.45

)

    

287,388

      

27

    
Year ended
May 31, 2020		    

1.10

      

0.95

      

(0.31

)

    

(0.17

)

    

183,980

      

37

    
Year ended
May 31, 2019		    

1.06

      

0.95

      

(0.35

)

    

(0.24

)

    

207,454

      

31

    
Year ended
May 31, 2018		    

1.04

      

0.95

      

(0.46

)

    

(0.37

)

    

363,252

      

25

    
Year ended
May 31, 2017		    

1.04

      

0.95

      

(0.54

)

    

(0.45

)

    

342,040

      

28

    

See accompanying notes to the financial statements.

250 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra Nasdaq Cloud Computing

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

39.18

    

$

(0.10

)

  

$

7.99

    

$

—

    

$

7.89

    

$

—

    

$

—

    

$

—

    

$

—

    

$

47.07

      

20.14

%

    

18.43

%

  
January 19, 2021*
through
May 31, 2021		    

40.00

      

(0.09

)

    

(0.73

)(i)

    

—

      

(0.82

)

    

—

      

—

      

—

      

—

      

39.18

      

(2.04

)

    

(0.95

)

  

Ultra Nasdaq Cybersecurity

  
Six Months ended
November 30, 2021
(Unaudited)		    

37.53

      

(0.23

)

    

12.53

      

—

      

12.30

      

—

      

—

      

—

      

—

      

49.83

      

32.73

      

33.87

    
January 19, 2021*
through
May 31, 2021		    

40.00

      

(0.13

)

    

(2.34

)

    

—

      

(2.47

)

    

—

      

—

      

—

      

—

      

37.53

      

(6.15

)

    

(6.40

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra Nasdaq Cloud Computing

  
Six Months ended
November 30, 2021
(Unaudited)		    

2.62

%

    

0.95

%

    

(2.10

)%

    

(0.43

)%

  

$

2,354

      

22

%

  
January 19, 2021*
through
May 31, 2021		    

3.85

      

0.95

      

(3.47

)

    

(0.57

)

    

1,959

      

6

    

Ultra Nasdaq Cybersecurity

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.95

      

0.95

      

(1.95

)

    

(0.94

)

    

4,983

      

—

    
January 19, 2021*
through
May 31, 2021		    

3.52

      

0.95

      

(3.52

)

    

(0.95

)

    

2,815

      

—

    

*  Commencement of investment operations.

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 251

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra Oil & Gas

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

66.77

    

$

0.81

    

$

7.38

    

$

—

    

$

8.19

    

$

(0.72

)

  

$

—

    

$

—

    

$

(0.72

)

  

$

74.24

      

12.40

%

    

12.48

%

  
Year ended May 31,
2021(ii)		    

39.98

      

1.25

      

26.87

      

—

      

28.12

      

(1.33

)

    

—

      

—

      

(1.33

)

    

66.77

      

73.14

      

72.84

    
Year ended May 31,
2020(w)(ii)		    

119.61

      

2.47

      

(79.19

)

    

—

      

(76.72

)

    

(2.91

)

    

—

      

—

      

(2.91

)

    

39.98

      

(65.49

)

    

(65.44

)

  
Year ended May 31,
2019(w)(ii)		    

216.58

      

2.81

      

(96.96

)

    

—

      

(94.15

)

    

(2.82

)

    

—

      

—

      

(2.82

)

    

119.61

      

(43.83

)

    

(43.77

)

  
Year ended May 31,
2018(w)(ii)		    

160.90

      

3.40

      

55.77

      

—

      

59.17

      

(3.49

)

    

—

      

—

      

(3.49

)

    

216.58

      

37.30

      

37.33

    
Year ended May 31,
2017(w)(ii)		    

177.97

      

2.13

      

(16.90

)

    

—

      

(14.77

)

    

(2.30

)

    

—

      

—

      

(2.30

)

    

160.90

      

(8.49

)

    

(8.54

)

  

Ultra QQQ

  
Six Months ended
November 30, 2021
(Unaudited)		    

63.62

      

(0.16

)

    

23.98

      

—

      

23.82

      

—

      

—

      

—

      

—

      

87.44

      

37.42

      

37.56

    
Year ended May 31,
2021(y)(ii)		    

32.93

      

(0.17

)

    

30.86

      

—

      

30.69

      

—

      

—

      

—

      

—

      

63.62

      

93.20

      

93.78

    
Year ended May 31,
2020(y)(ii)		    

20.83

      

—

      

12.13

      

—

      

12.13

      

(0.03

)

    

—

      

—

      

(0.03

)

    

32.93

      

58.25

      

58.04

    
Year ended May 31,
2019(y)(ii)		    

21.23

      

0.03

      

(0.40

)

    

—

      

(0.37

)

    

(0.03

)

    

—

      

—

      

(0.03

)

    

20.83

      

(1.74

)

    

(1.92

)

  
Year ended May 31,
2018(p)(y)(ii)		    

15.19

      

(0.01

)

    

6.05

      

—

      

6.04

      

—

(h)

    

—

      

—

      

—

(h)

    

21.23

      

39.75

      

39.85

    
Year ended May 31,
2017(p)(y)(ii)		    

9.38

      

0.01

      

5.82

      

—

      

5.83

      

(0.02

)

    

—

      

—

      

(0.02

)

    

15.19

      

62.19

      

62.47

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra Oil & Gas

  
Six Months ended
November 30, 2021
(Unaudited)		    

0.99

%

    

0.95

%

    

2.28

%

    

2.32

%

  

$

175,442

      

21

%

  
Year ended May 31,
2021(ii)		    

1.03

      

0.95

      

2.84

      

2.92

      

211,207

      

24

    
Year ended May 31,
2020(w)(ii)		    

1.14

      

0.95

      

3.27

      

3.47

      

116,476

      

4

    
Year ended May 31,
2019(w)(ii)		    

1.07

      

0.95

      

1.53

      

1.65

      

71,168

      

14

    
Year ended May 31,
2018(w)(ii)		    

1.04

      

0.95

      

1.83

      

1.92

      

126,699

      

14

    
Year ended May 31,
2017(w)(ii)		    

1.04

      

0.95

      

1.03

      

1.12

      

127,915

      

5

    

Ultra QQQ

  
Six Months ended
November 30, 2021
(Unaudited)		    

0.97

      

0.95

      

(0.43

)

    

(0.41

)

    

6,186,609

      

1

    
Year ended May 31,
2021(y)(ii)		    

0.97

      

0.95

      

(0.35

)

    

(0.33

)

    

4,294,521

      

8

    
Year ended May 31,
2020(y)(ii)		    

0.99

      

0.95

      

(0.04

)

    

0.01

      

2,371,112

      

33

    
Year ended May 31,
2019(y)(ii)		    

0.99

      

0.95

      

0.10

      

0.13

      

1,691,571

      

7

    
Year ended May 31,
2018(p)(y)(ii)		    

0.99

      

0.95

      

(0.07

)

    

(0.03

)

    

1,783,133

      

2

    
Year ended May 31,
2017(p)(y)(ii)		    

1.00

      

0.95

      

—

(j)

    

0.05

      

1,257,752

      

4

    

See accompanying notes to the financial statements.

252 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra Real Estate

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

84.64

    

$

0.34

    

$

12.90

    

$

—

    

$

13.24

    

$

(0.22

)

  

$

—

    

$

—

    

$

(0.22

)

  

$

97.66

      

15.64

%

    

15.78

%

  
Year ended
May 31, 2021		    

51.66

      

0.56

      

32.86

      

—

      

33.42

      

(0.44

)

    

—

      

—

      

(0.44

)

    

84.64

      

65.16

      

65.51

    
Year ended
May 31, 2020		    

75.11

      

1.16

      

(23.52

)

    

—

      

(22.36

)

    

(1.09

)

    

—

      

—

      

(1.09

)

    

51.66

      

(30.18

)

    

(30.15

)

  
Year ended
May 31, 2019		    

61.06

      

1.26

      

13.65

      

—

      

14.91

      

(0.86

)

    

—

      

—

      

(0.86

)

    

75.11

      

24.82

      

24.75

    
Year ended
May 31, 2018(p)		    

60.63

      

1.06

      

(0.01

)(i)

    

—

      

1.05

      

(0.62

)

    

—

      

—

      

(0.62

)

    

61.06

      

1.68

      

1.64

    
Year ended
May 31, 2017(p)		    

57.08

      

0.56

      

3.39

      

—

      

3.95

      

(0.40

)

    

—

      

—

      

(0.40

)

    

60.63

      

6.97

      

6.90

    

Ultra Russell2000

  
Six Months ended
November 30, 2021
(Unaudited)		    

57.80

      

(0.05

)

    

(4.20

)

    

—

      

(4.25

)

    

—

      

—

      

—

      

—

      

53.55

      

(7.36

)

    

(7.54

)

  
Year ended
May 31, 2021(ii)		    

23.09

      

(0.11

)

    

34.83

      

—

      

34.72

      

(0.01

)

    

—

      

—

      

(0.01

)

    

57.80

      

150.40

      

151.15

    
Year ended
May 31, 2020(ii)		    

30.32

      

0.16

      

(7.18

)

    

—

      

(7.02

)

    

(0.21

)

    

—

      

—

      

(0.21

)

    

23.09

      

(23.32

)

    

(23.49

)

  
Year ended
May 31, 2019(ii)		    

39.40

      

0.16

      

(9.11

)

    

—

      

(8.95

)

    

(0.13

)

    

—

      

—

      

(0.13

)

    

30.32

      

(22.70

)

    

(22.78

)

  
Year ended
May 31, 2018(p)(ii)		    

28.24

      

0.06

      

11.14

      

—

      

11.20

      

(0.04

)

    

—

      

—

      

(0.04

)

    

39.40

      

39.66

      

39.78

    
Year ended
May 31, 2017(p)(ii)		    

20.29

      

0.05

      

7.97

      

—

      

8.02

      

(0.07

)

    

—

      

—

      

(0.07

)

    

28.24

      

39.55

      

39.58

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra Real Estate

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.03

%

    

0.95

%

    

0.64

%

    

0.71

%

  

$

122,933

      

3

%

  
Year ended
May 31, 2021		    

1.07

      

0.95

      

0.77

      

0.89

      

117,124

      

6

    
Year ended
May 31, 2020		    

1.06

      

0.95

      

1.40

      

1.51

      

76,646

      

41

    
Year ended
May 31, 2019		    

1.04

      

0.95

      

1.79

      

1.88

      

137,733

      

6

    
Year ended
May 31, 2018(p)		    

1.03

      

0.95

      

1.63

      

1.71

      

131,803

      

4

    
Year ended
May 31, 2017(p)		    

1.01

      

0.95

      

0.88

      

0.94

      

167,258

      

5

    

Ultra Russell2000

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.19

      

0.95

      

(0.41

)

    

(0.17

)

    

297,178

      

25

    
Year ended
May 31, 2021(ii)		    

1.15

      

0.95

      

(0.44

)

    

(0.24

)

    

742,689

      

20

    
Year ended
May 31, 2020(ii)		    

1.24

      

0.95

      

0.21

      

0.51

      

124,664

      

73

    
Year ended
May 31, 2019(ii)		    

1.25

      

0.95

      

0.14

      

0.44

      

160,681

      

41

    
Year ended
May 31, 2018(p)(ii)		    

1.37

      

0.95

      

(0.24

)

    

0.18

      

263,967

      

15

    
Year ended
May 31, 2017(p)(ii)		    

1.29

      

0.95

      

(0.14

)

    

0.21

      

158,157

      

62

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 253

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra S&P500®

  
Six Months ended
November 30, 2021(pp)
(Unaudited)		  

$

57.13

    

$

0.07

    

$

10.16

    

$

—

    

$

10.23

    

$

(0.04

)

  

$

—

    

$

—

    

$

(0.04

)

  

$

67.32

      

17.92

%

    

17.73

%

  
Year ended May 31,
2021(y)(pp)		    

30.42

      

0.16

      

26.63

      

—

      

26.79

      

(0.08

)

    

—

      

—

      

(0.08

)

    

57.13

      

88.11

      

88.62

    
Year ended May 31,
2020(y)(pp)		    

27.69

      

0.28

      

2.63

      

—

      

2.91

      

(0.18

)

    

—

      

—

      

(0.18

)

    

30.42

      

10.56

      

10.46

    
Year ended May 31,
2019(y)(pp)		    

27.60

      

0.25

      

0.03

(i)

    

—

      

0.28

      

(0.19

)

    

—

      

—

      

(0.19

)

    

27.69

      

1.04

      

1.00

    
Year ended May 31,
2018(y)(pp)		    

22.15

      

0.19

      

5.38

      

—

      

5.57

      

(0.12

)

    

—

      

—

      

(0.12

)

    

27.60

      

25.17

      

25.13

    
Year ended May 31,
2017(y)(pp)		    

16.59

      

0.12

      

5.52

      

—

      

5.64

      

(0.08

)

    

—

      

—

      

(0.08

)

    

22.15

      

34.15

      

34.37

    

Ultra Semiconductors

  
Six Months ended
November 30, 2021
(Unaudited)		    

31.37

      

(0.03

)

    

22.58

      

—

      

22.55

      

—

      

—

      

—

      

—

      

53.92

      

71.88

      

72.39

    
Year ended May 31,
2021(hh)		    

13.86

      

—

(h)

    

17.53

      

—

      

17.53

      

(0.02

)

    

—

      

—

      

(0.02

)

    

31.37

      

126.56

      

127.69

    
Year ended May 31,
2020(hh)		    

8.19

      

0.10

      

5.68

      

—

      

5.78

      

(0.11

)

    

—

      

—

      

(0.11

)

    

13.86

      

70.79

      

69.70

    
Year ended May 31,
2019(hh)		    

12.28

      

0.10

      

(4.11

)

    

—

      

(4.01

)

    

(0.08

)

    

—

      

—

      

(0.08

)

    

8.19

      

(32.72

)

    

(32.67

)

  
Year ended May 31,
2018(s)(hh)		    

7.50

      

0.06

      

4.76

      

—

      

4.82

      

(0.04

)

    

—

      

—

      

(0.04

)

    

12.28

      

64.38

      

64.91

    
Year ended May 31,
2017(n)(s)(hh)		    

3.66

      

0.04

      

3.83

      

—

      

3.87

      

(0.03

)

    

—

      

—

      

(0.03

)

    

7.50

      

106.03

      

105.09

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra S&P500®

  
Six Months ended
November 30, 2021(pp)
(Unaudited)		    

0.89

%

    

0.88

%

    

0.20

%

    

0.21

%

  

$

4,806,582

      

1

%

  
Year ended May 31,
2021(y)(pp)		    

0.89

      

0.89

      

0.38

      

0.38

      

3,827,456

      

3

    
Year ended May 31,
2020(y)(pp)		    

0.91

      

0.91

      

0.88

      

0.88

      

2,165,829

      

46

    
Year ended May 31,
2019(y)(pp)		    

0.90

      

0.90

      

0.87

      

0.87

      

2,215,265

      

5

    
Year ended May 31,
2018(y)(pp)		    

0.90

      

0.90

      

0.72

      

0.72

      

2,340,284

      

3

    
Year ended May 31,
2017(y)(pp)		    

0.90

      

0.90

      

0.63

      

0.63

      

1,860,832

      

4

    

Ultra Semiconductors

  
Six Months ended
November 30, 2021
(Unaudited)		    

0.96

      

0.95

      

(0.19

)

    

(0.17

)

    

540,579

      

16

    
Year ended May 31,
2021(hh)		    

1.01

      

0.95

      

(0.07

)

    

(0.01

)

    

253,317

      

11

    
Year ended May 31,
2020(hh)		    

1.11

      

0.95

      

0.63

      

0.80

      

77,624

      

58

    
Year ended May 31,
2019(hh)		    

1.13

      

0.95

      

0.84

      

1.02

      

38,511

      

38

    
Year ended May 31,
2018(s)(hh)		    

1.09

      

0.95

      

0.51

      

0.65

      

79,845

      

18

    
Year ended May 31,
2017(n)(s)(hh)		    

1.25

      

0.95

      

0.36

      

0.66

      

45,003

      

24

    

See accompanying notes to the financial statements.

254 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra SmallCap600

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

31.80

    

$

(0.01

)

  

$

(1.68

)

  

$

—

    

$

(1.69

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

30.11

      

(5.32

)%

    

(5.19

)%

  
Year ended
May 31, 2021(jj)		    

11.58

      

(0.02

)

    

20.25

      

—

      

20.23

      

(0.01

)

    

—

      

—

      

(0.01

)

    

31.80

      

174.63

      

173.87

    
Year ended
May 31, 2020(jj)		    

16.91

      

0.10

      

(5.36

)

    

—

      

(5.26

)

    

(0.07

)

    

—

      

—

      

(0.07

)

    

11.58

      

(31.26

)

    

(30.98

)

  
Year ended
May 31, 2019(jj)		    

22.73

      

0.09

      

(5.86

)

    

—

      

(5.77

)

    

(0.05

)

    

—

      

—

      

(0.05

)

    

16.91

      

(25.36

)

    

(25.80

)

  
Year ended
May 31, 2018(jj)		    

15.82

      

0.01

      

6.90

      

—

      

6.91

      

—

      

—

      

—

      

—

      

22.73

      

43.68

      

44.31

    
Year ended
May 31, 2017(jj)		    

11.54

      

—

      

4.29

      

—

      

4.29

      

(0.01

)

    

—

      

—

      

(0.01

)

    

15.82

      

37.12

      

37.54

    

Ultra Technology

  
Six Months ended
November 30, 2021(pp)
(Unaudited)		    

41.71

      

(0.14

)

    

20.50

      

—

      

20.36

      

—

      

—

      

—

      

—

      

62.07

      

48.81

      

48.94

    
Year ended May 31,
2021(z)(pp)		    

20.68

      

(0.13

)

    

21.16

      

—

      

21.03

      

—

      

—

      

—

      

—

      

41.71

      

101.68

      

102.46

    
Year ended May 31,
2020(z)(pp)		    

12.73

      

0.03

      

7.96

      

—

      

7.99

      

(0.04

)

    

—

      

—

      

(0.04

)

    

20.68

      

62.84

      

62.48

    
Year ended May 31,
2019(z)(pp)		    

13.15

      

0.03

      

(0.41

)

    

—

      

(0.38

)

    

(0.04

)

    

—

      

—

      

(0.04

)

    

12.73

      

(2.92

)

    

(3.09

)

  
Year ended May 31,
2018(p)(z)(pp)		    

8.69

      

0.02

      

4.45

      

—

      

4.47

      

(0.01

)

    

—

      

—

      

(0.01

)

    

13.15

      

51.57

      

51.56

    
Year ended May 31,
2017(p)(z)(pp)		    

4.93

      

—

(h)

    

3.77

      

—

      

3.77

      

(0.01

)

    

—

      

—

      

(0.01

)

    

8.69

      

76.56

      

76.97

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra SmallCap600

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.19

%

    

0.95

%

    

(0.31

)%

    

(0.07

)%

  

$

40,649

      

8

%

  
Year ended
May 31, 2021(jj)		    

1.35

      

0.95

      

(0.51

)

    

(0.11

)

    

46,109

      

17

    
Year ended
May 31, 2020(jj)		    

1.59

      

0.95

      

(0.08

)

    

0.56

      

14,478

      

53

    
Year ended
May 31, 2019(jj)		    

1.35

      

0.95

      

0.02

      

0.42

      

23,249

      

18

    
Year ended
May 31, 2018(jj)		    

1.53

      

0.95

      

(0.50

)

    

0.08

      

28,407

      

17

    
Year ended
May 31, 2017(jj)		    

1.48

      

0.95

      

(0.55

)

    

(0.02

)

    

23,724

      

20

    

Ultra Technology

  
Six Months ended
November 30, 2021(pp)
(Unaudited)		    

0.95

      

0.95

      

(0.51

)

    

(0.51

)

    

1,145,193

      

10

    
Year ended May 31,
2021(z)(pp)		    

0.95

      

0.95

      

(0.40

)

    

(0.40

)

    

763,229

      

7

    
Year ended May 31,
2020(z)(pp)		    

0.99

      

0.95

      

0.13

      

0.16

      

417,738

      

31

    
Year ended May 31,
2019(z)(pp)		    

0.99

      

0.95

      

0.21

      

0.25

      

300,442

      

14

    
Year ended May 31,
2018(p)(z)(pp)		    

1.00

      

0.95

      

0.12

      

0.17

      

342,018

      

5

    
Year ended May 31,
2017(p)(z)(pp)		    

1.04

      

0.95

      

(0.08

)

    

0.01

      

229,402

      

16

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 255

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

Ultra Telecommunications

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

47.81

    

$

0.33

    

$

(1.43

)

  

$

—

    

$

(1.10

)

  

$

(0.38

)

  

$

—

    

$

—

    

$

(0.38

)

  

$

46.33

      

(2.34

)%

    

(2.49

)%

  
Year ended
May 31, 2021		    

34.38

      

0.53

      

13.40

      

—

      

13.93

      

(0.50

)

    

—

      

—

      

(0.50

)

    

47.81

      

41.06

      

41.47

    
Year ended
May 31, 2020		    

36.53

      

0.60

      

(2.33

)

    

—

      

(1.73

)

    

(0.42

)

    

—

      

—

      

(0.42

)

    

34.38

      

(4.66

)

    

(5.08

)

  
Year ended
May 31, 2019		    

35.66

      

0.66

      

0.91

      

—

      

1.57

      

(0.70

)

    

—

      

—

      

(0.70

)

    

36.53

      

4.67

      

(0.19

)

  
Year ended
May 31, 2018		    

52.69

      

0.52

      

(16.91

)

    

—

      

(16.39

)

    

(0.64

)

    

—

      

—

      

(0.64

)

    

35.66

      

(31.38

)

    

(27.70

)

  
Year ended
May 31, 2017(n)		    

50.10

      

0.48

      

2.65

(i)

    

—

      

3.13

      

(0.54

)

    

—

      

—

      

(0.54

)

    

52.69

      

6.29

      

7.03

    

Ultra Utilities

  
Six Months ended
November 30, 2021
(Unaudited)		    

61.06

      

0.62

      

1.18

(i)

    

—

      

1.80

      

(0.40

)

    

—

      

—

      

(0.40

)

    

62.46

      

2.97

      

2.98

    
Year ended
May 31, 2021		    

51.05

      

0.72

      

9.69

      

—

      

10.41

      

(0.40

)

    

—

      

—

      

(0.40

)

    

61.06

      

20.47

      

20.81

    
Year ended
May 31, 2020		    

56.78

      

1.06

      

(5.98

)

    

—

      

(4.92

)

    

(0.81

)

    

—

      

—

      

(0.81

)

    

51.05

      

(8.74

)

    

(8.51

)

  
Year ended
May 31, 2019		    

44.68

      

0.94

      

11.97

      

—

      

12.91

      

(0.81

)

    

—

      

—

      

(0.81

)

    

56.78

      

29.38

      

29.52

    
Year ended
May 31, 2018		    

47.88

      

0.85

      

(3.33

)

    

—

      

(2.48

)

    

(0.72

)

    

—

      

—

      

(0.72

)

    

44.68

      

(5.22

)

    

(6.99

)

  
Year ended
May 31, 2017(l)		    

39.34

      

0.65

      

8.51

      

—

      

9.16

      

(0.62

)

    

—

      

—

      

(0.62

)

    

47.88

      

23.56

      

25.81

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

Ultra Telecommunications

  
Six Months ended
November 30, 2021
(Unaudited)		    

5.28

%

    

0.95

%

    

(3.01

)%

    

1.33

%

  

$

2,317

      

23

%

  
Year ended
May 31, 2021		    

8.63

      

0.95

      

(6.37

)

    

1.31

      

2,391

      

18

    
Year ended
May 31, 2020		    

9.92

      

0.95

      

(7.40

)

    

1.57

      

859

      

29

    
Year ended
May 31, 2019		    

7.94

      

0.95

      

(5.29

)

    

1.70

      

913

      

221

    
Year ended
May 31, 2018		    

3.82

      

0.95

      

(1.70

)

    

1.16

      

2,674

      

106

    
Year ended
May 31, 2017(n)		    

2.35

      

0.95

      

(0.53

)

    

0.86

      

5,269

      

157

    

Ultra Utilities

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.48

      

0.95

      

1.41

      

1.94

      

18,739

      

8

    
Year ended
May 31, 2021		    

1.91

      

0.95

      

0.37

      

1.32

      

13,737

      

3

    
Year ended
May 31, 2020		    

1.41

      

0.95

      

1.21

      

1.67

      

15,315

      

13

    
Year ended
May 31, 2019		    

1.65

      

0.95

      

1.14

      

1.85

      

17,035

      

5

    
Year ended
May 31, 2018		    

1.51

      

0.95

      

1.26

      

1.82

      

12,286

      

25

    
Year ended
May 31, 2017(l)		    

1.65

      

0.95

      

0.89

      

1.58

      

15,562

      

6

    

See accompanying notes to the financial statements.

256 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraPro Dow30SM

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

73.42

    

$

0.09

    

$

(0.78

)(i)

  

$

—

    

$

(0.69

)

  

$

(0.05

)

  

$

—

    

$

—

    

$

(0.05

)

  

$

72.68

      

(0.94

)%

    

(1.15

)%

  
Year ended
May 31, 2021(ii)		    

30.92

      

0.23

      

42.39

      

—

      

42.62

      

(0.12

)

    

—

      

—

      

(0.12

)

    

73.42

      

137.92

      

138.58

    
Year ended
May 31, 2020(ii)		    

42.05

      

0.44

      

(11.26

)(i)

    

—

      

(10.82

)

    

(0.31

)

    

—

      

—

      

(0.31

)

    

30.92

      

(25.94

)

    

(25.95

)

  
Year ended
May 31, 2019(ii)		    

43.35

      

0.48

      

(1.48

)(i)

    

—

      

(1.00

)

    

(0.30

)

    

—

      

—

      

(0.30

)

    

42.05

      

(2.33

)

    

(2.46

)

  
Year ended
May 31, 2018(p)(ii)		    

28.73

      

0.31

      

14.43

      

—

      

14.74

      

(0.12

)

    

—

      

—

      

(0.12

)

    

43.35

      

51.32

      

51.32

    
Year ended
May 31, 2017(p)(ii)		    

17.11

      

0.02

      

11.65

      

—

      

11.67

      

(0.05

)

    

—

      

—

      

(0.05

)

    

28.73

      

68.22

      

68.49

    

UltraPro MidCap400

  
Six Months ended
November 30, 2021
(Unaudited)		    

32.13

      

(0.04

)

    

(1.44

)

    

—

      

(1.48

)

    

—

      

—

      

—

      

—

      

30.65

      

(4.62

)

    

(4.26

)

  
Year ended
May 31, 2021(jj)		    

9.86

      

(0.03

)

    

22.30

      

—

      

22.27

      

—

(h)

    

—

      

—

      

—

(h)

    

32.13

      

226.00

      

225.64

    
Year ended
May 31, 2020(jj)		    

17.42

      

0.10

      

(7.57

)

    

—

      

(7.47

)

    

(0.09

)

    

—

      

—

      

(0.09

)

    

9.86

      

(43.06

)

    

(43.03

)

  
Year ended
May 31, 2019(jj)		    

23.84

      

0.12

      

(6.48

)

    

—

      

(6.36

)

    

(0.06

)

    

—

      

—

      

(0.06

)

    

17.42

      

(26.64

)

    

(28.43

)

  
Year ended
May 31, 2018(jj)		    

17.29

      

0.03

      

6.52

      

—

      

6.55

      

—

      

—

      

—

      

—

      

23.84

      

37.87

      

41.22

    
Year ended
May 31, 2017(jj)		    

11.64

      

(0.02

)

    

5.67

      

—

      

5.65

      

—

      

—

      

—

      

—

      

17.29

      

48.57

      

48.78

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraPro Dow30SM

  
Six Months ended
November 30, 2021
(Unaudited)		    

0.95

%

    

0.95

%

    

0.24

%

    

0.24

%

  

$

977,527

      

9

%

  
Year ended
May 31, 2021(ii)		    

0.95

      

0.95

      

0.50

      

0.50

      

958,086

      

15

    
Year ended
May 31, 2020(ii)		    

0.98

      

0.95

      

1.04

      

1.07

      

705,052

      

61

    
Year ended
May 31, 2019(ii)		    

0.96

      

0.95

      

1.02

      

1.04

      

407,844

      

2

    
Year ended
May 31, 2018(p)(ii)		    

0.96

      

0.95

      

0.71

      

0.72

      

576,616

      

1

    
Year ended
May 31, 2017(p)(ii)		    

1.02

      

0.95

      

0.02

      

0.09

      

166,606

      

3

    

UltraPro MidCap400

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.28

      

0.95

      

(0.56

)

    

(0.23

)

    

49,814

      

6

    
Year ended
May 31, 2021(jj)		    

1.23

      

0.95

      

(0.42

)

    

(0.14

)

    

61,859

      

19

    
Year ended
May 31, 2020(jj)		    

1.61

      

0.95

      

(0.08

)

    

0.58

      

20,948

      

51

    
Year ended
May 31, 2019(jj)		    

1.32

      

0.95

      

0.19

      

0.56

      

19,593

      

41

    
Year ended
May 31, 2018(jj)		    

1.28

      

0.95

      

(0.19

)

    

0.14

      

35,754

      

16

    
Year ended
May 31, 2017(jj)		    

1.26

      

0.95

      

(0.47

)

    

(0.16

)

    

36,739

      

61

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 257

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraPro QQQ

  
Six Months ended
November 30, 2021(pp)
(Unaudited)		  

$

51.15

    

$

(0.14

)

  

$

30.35

    

$

—

    

$

30.21

    

$

—

    

$

—

    

$

—

    

$

—

    

$

81.36

      

59.04

%

    

59.36

%

  
Year ended May 31,
2021(dd)(pp)		    

20.71

      

(0.15

)

    

30.59

      

—

      

30.44

      

—

      

—

      

—

      

—

      

51.15

      

147.00

      

147.89

    
Year ended May 31,
2020(dd)(pp)		    

12.55

      

—

(h)

    

8.17

      

—

      

8.17

      

(0.01

)

    

—

      

—

      

(0.01

)

    

20.71

      

65.11

      

64.87

    
Year ended May 31,
2019(dd)(pp)		    

13.94

      

0.03

      

(1.40

)

    

—

      

(1.37

)

    

(0.02

)

    

—

      

—

      

(0.02

)

    

12.55

      

(9.85

)

    

(10.01

)

  
Year ended May 31,
2018(s)(dd)(pp)		    

8.84

      

(0.01

)

    

5.11

      

—

      

5.10

      

—

      

—

      

—

      

—

      

13.94

      

57.64

      

57.84

    
Year ended May 31,
2017(n)(s)(dd)(pp)		    

4.37

      

(0.02

)

    

4.49

      

—

      

4.47

      

—

      

—

      

—

      

—

      

8.84

      

102.57

      

103.31

    

UltraPro Russell2000

  
Six Months ended
November 30, 2021
(Unaudited)		    

110.95

      

(0.15

)

    

(14.22

)

    

—

      

(14.37

)

    

—

      

—

      

—

      

—

      

96.58

      

(12.97

)

    

(13.27

)

  
Year ended
May 31, 2021		    

30.83

      

(0.18

)

    

80.30

      

—

      

80.12

      

—

(h)

    

—

      

—

      

—

(h)

    

110.95

      

259.95

      

261.40

    
Year ended
May 31, 2020		    

60.84

      

0.21

      

(30.10

)(i)

    

—

      

(29.89

)

    

(0.12

)

    

—

      

—

      

(0.12

)

    

30.83

      

(49.27

)

    

(49.46

)

  
Year ended
May 31, 2019		    

95.44

      

0.29

      

(34.72

)

    

—

      

(34.43

)

    

(0.17

)

    

—

      

—

      

(0.17

)

    

60.84

      

(36.03

)

    

(36.02

)

  
Year ended
May 31, 2018(p)		    

59.65

      

—

(h)

    

35.79

      

—

      

35.79

      

—

      

—

      

—

      

—

      

95.44

      

59.98

      

60.17

    
Year ended
May 31, 2017(p)		    

37.53

      

(0.12

)

    

22.26

      

—

      

22.14

      

(0.02

)

    

—

      

—

      

(0.02

)

    

59.65

      

59.00

      

59.15

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraPro QQQ

  
Six Months ended
November 30, 2021(pp)
(Unaudited)		    

0.98

%

    

0.86

%

    

(0.53

)%

    

(0.42

)%

  

$

18,582,015

      

1

%

  
Year ended May 31,
2021(dd)(pp)		    

1.01

      

0.95

      

(0.46

)

    

(0.39

)

    

12,061,878

      

10

    
Year ended May 31,
2020(dd)(pp)		    

0.98

      

0.95

      

(0.06

)

    

(0.03

)

    

5,831,873

      

53

    
Year ended May 31,
2019(dd)(pp)		    

0.98

      

0.95

      

0.22

      

0.25

      

3,189,760

      

15

    
Year ended May 31,
2018(s)(dd)(pp)		    

0.98

      

0.95

      

(0.15

)

    

(0.12

)

    

3,448,958

      

2

    
Year ended May 31,
2017(n)(s)(dd)(pp)		    

1.00

      

0.95

      

(0.41

)

    

(0.36

)

    

1,772,188

      

16

    

UltraPro Russell2000

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.26

      

0.95

      

(0.58

)

    

(0.27

)

    

410,454

      

17

    
Year ended
May 31, 2021		    

1.26

      

0.95

      

(0.58

)

    

(0.27

)

    

410,520

      

43

    
Year ended
May 31, 2020		    

1.99

      

0.95

      

(0.61

)

    

0.43

      

184,956

      

68

    
Year ended
May 31, 2019		    

1.56

      

0.95

      

(0.26

)

    

0.35

      

76,056

      

24

    
Year ended
May 31, 2018(p)		    

1.53

      

0.95

      

(0.58

)

    

—

(j)

    

152,699

      

14

    
Year ended
May 31, 2017(p)		    

1.58

      

0.95

      

(0.86

)

    

(0.23

)

    

113,344

      

24

    

See accompanying notes to the financial statements.

258 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraPro S&P500®

  
Six Months ended
November 30, 2021(pp)
(Unaudited)		  

$

53.12

    

$

(0.01

)

  

$

14.38

    

$

—

    

$

14.37

    

$

—

    

$

—

    

$

—

    

$

—

    

$

67.49

      

27.02

%

    

26.76

%

  
Year ended
May 31, 2021(pp)		    

21.53

      

0.04

      

31.58

      

—

      

31.62

      

(0.03

)

    

—

      

—

      

(0.03

)

    

53.12

      

146.97

      

147.74

    
Year ended
May 31, 2020(pp)		    

22.37

      

0.20

      

(0.91

)(i)

    

—

      

(0.71

)

    

(0.13

)

    

—

      

—

      

(0.13

)

    

21.53

      

(3.23

)

    

(3.33

)

  
Year ended
May 31, 2019(pp)		    

23.16

      

0.21

      

(0.86

)(i)

    

—

      

(0.65

)

    

(0.14

)

    

—

      

—

      

(0.14

)

    

22.37

      

(2.77

)

    

(2.89

)

  
Year ended
May 31, 2018(s)(pp)		    

17.06

      

0.09

      

6.03

      

—

      

6.12

      

(0.02

)

    

—

      

—

      

(0.02

)

    

23.16

      

35.82

      

35.93

    
Year ended
May 31, 2017(s)(pp)		    

11.16

      

(0.03

)

    

5.95

      

—

      

5.92

      

(0.02

)

    

—

      

—

      

(0.02

)

    

17.06

      

53.16

      

53.44

    

UltraPro Short 20+ Year Treasury

  
Six Months ended
November 30, 2021
(Unaudited)		    

41.80

      

(0.16

)

    

(12.41

)

    

—

      

(12.57

)

    

—

      

—

      

—

      

—

      

29.23

      

(30.07

)

    

(30.60

)

  
Year ended
May 31, 2021		    

29.62

      

(0.34

)

    

12.52

      

—

      

12.18

      

—

      

—

      

—

      

—

      

41.80

      

41.13

      

41.82

    
Year ended
May 31, 2020(x)		    

78.88

      

0.71

      

(48.91

)

    

—

      

(48.20

)

    

(0.97

)

    

—

      

(0.09

)#

    

(1.06

)

    

29.62

      

(61.79

)

    

(61.45

)

  
Year ended
May 31, 2019(x)		    

106.43

      

0.94

      

(27.77

)

    

—

      

(26.83

)

    

(0.72

)

    

—

      

—

      

(0.72

)

    

78.88

      

(25.37

)

    

(27.02

)

  
Year ended
May 31, 2018(x)		    

109.74

      

0.17

      

(3.48

)

    

—

      

(3.31

)

    

—

      

—

      

—

      

—

      

106.43

      

(3.02

)

    

(1.89

)

  
Year ended
May 31, 2017(x)		    

111.96

      

(0.65

)

    

(1.57

)(i)

    

—

      

(2.22

)

    

—

      

—

      

—

      

—

      

109.74

      

(1.99

)

    

(2.05

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraPro S&P500®

  
Six Months ended
November 30, 2021(pp)
(Unaudited)		    

0.90

%

    

0.90

%

    

(0.03

)%

    

(0.03

)%

  

$

3,354,102

      

2

%

  
Year ended
May 31, 2021(pp)		    

0.91

      

0.91

      

0.12

      

0.12

      

2,395,903

      

4

    
Year ended
May 31, 2020(pp)		    

0.93

      

0.93

      

0.76

      

0.76

      

1,373,394

      

69

    
Year ended
May 31, 2019(pp)		    

0.92

      

0.92

      

0.87

      

0.87

      

1,105,011

      

15

    
Year ended
May 31, 2018(s)(pp)		    

0.92

      

0.92

      

0.43

      

0.43

      

1,445,225

      

3

    
Year ended
May 31, 2017(s)(pp)		    

0.95

      

0.95

      

(0.21

)

    

(0.21

)

    

880,462

      

93

    

UltraPro Short 20+ Year Treasury

  
Six Months ended
November 30, 2021
(Unaudited)		    

0.95

      

0.95

      

(0.95

)

    

(0.95

)

    

192,740

      

—

    
Year ended
May 31, 2021		    

1.07

      

0.95

      

(1.06

)

    

(0.94

)

    

89,601

      

—

    
Year ended
May 31, 2020(x)		    

1.15

      

0.95

      

1.11

      

1.31

      

23,505

      

—

    
Year ended
May 31, 2019(x)		    

1.00

      

0.95

      

0.82

      

0.87

      

36,975

      

—

    
Year ended
May 31, 2018(x)		    

0.98

      

0.95

      

0.13

      

0.16

      

95,117

      

—

    
Year ended
May 31, 2017(x)		    

0.99

      

0.95

      

(0.63

)

    

(0.59

)

    

84,359

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 259

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraPro Short Dow30SM

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

33.13

    

$

(0.14

)

  

$

(1.99

)

  

$

—

    

$

(2.13

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

31.00

      

(6.44

)%

    

(6.20

)%

  
Year ended May 31,
2021(kk)		    

107.42

      

(0.46

)

    

(73.83

)

    

—

      

(74.29

)

    

—

      

—

      

—

      

—

      

33.13

      

(69.16

)

    

(69.27

)

  
Year ended May 31,
2020(kk)		    

246.00

      

0.86

      

(136.56

)

    

—

      

(135.70

)

    

(2.60

)

    

—

      

(0.28

)#

    

(2.88

)

    

107.42

      

(55.65

)

    

(55.55

)

  
Year ended May 31,
2019(u)(kk)		    

296.19

      

4.43

      

(50.66

)

    

—

      

(46.23

)

    

(3.96

)

    

—

      

—

      

(3.96

)

    

246.00

      

(15.73

)

    

(15.64

)

  
Year ended May 31,
2018(u)(kk)		    

526.84

      

2.54

      

(232.39

)

    

—

      

(229.85

)

    

(0.80

)

    

—

      

—

      

(0.80

)

    

296.19

      

(43.63

)

    

(43.65

)

  
Year ended May 31,
2017(m)(u)(kk)		    

974.06

      

(3.02

)

    

(444.20

)

    

—

      

(447.22

)

    

—

      

—

      

—

      

—

      

526.84

      

(45.92

)

    

(46.03

)

  

UltraPro Short MidCap400

  
Six Months ended
November 30, 2021
(Unaudited)		    

26.87

      

(0.12

)

    

(1.82

)

    

—

      

(1.94

)

    

—

      

—

      

—

      

—

      

24.93

      

(7.20

)

    

(7.04

)

  
Year ended May 31,
2021(ee)(kk)		    

139.56

      

(0.63

)

    

(112.06

)

    

—

      

(112.69

)

    

—

      

—

      

—

      

—

      

26.87

      

(80.75

)

    

(80.78

)

  
Year ended May 31,
2020(x)(ee)(kk)		    

315.61

      

(0.56

)

    

(173.22

)

    

—

      

(173.78

)

    

(2.19

)

    

—

      

(0.08

)#

    

(2.27

)

    

139.56

      

(55.37

)

    

(55.36

)

  
Year ended May 31,
2019(x)(ee)(kk)		    

288.41

      

3.09

      

25.25

(i)

    

—

      

28.34

      

(1.14

)

    

—

      

—

      

(1.14

)

    

315.61

      

9.82

      

12.55

    
Year ended May 31,
2018(x)(ee)(kk)		    

461.94

      

0.11

      

(173.64

)

    

—

      

(173.53

)

    

—

      

—

      

—

      

—

      

288.41

      

(37.57

)

    

(37.90

)

  
Year ended May 31,
2017(x)(ee)(kk)		    

815.61

      

(3.35

)

    

(350.32

)

    

—

      

(353.67

)

    

—

      

—

      

—

      

—

      

461.94

      

(43.36

)

    

(44.34

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraPro Short Dow30SM

  
Six Months ended
November 30, 2021
(Unaudited)		    

0.95

%

    

0.95

%

    

(0.91

)%

    

(0.91

)%

  

$

416,732

      

—

%

  
Year ended May 31,
2021(kk)		    

0.96

      

0.95

      

(0.81

)

    

(0.79

)

    

359,346

      

—

    
Year ended May 31,
2020(kk)		    

0.99

      

0.95

      

0.50

      

0.54

      

815,975

      

—

    
Year ended May 31,
2019(u)(kk)		    

0.98

      

0.95

      

1.77

      

1.81

      

254,249

      

—

    
Year ended May 31,
2018(u)(kk)		    

1.00

      

0.95

      

0.65

      

0.70

      

177,459

      

—

    
Year ended May 31,
2017(m)(u)(kk)		    

0.97

      

0.95

      

(0.45

)

    

(0.43

)

    

202,052

      

—

    

UltraPro Short MidCap400

  
Six Months ended
November 30, 2021
(Unaudited)		    

2.40

      

0.95

      

(2.40

)

    

(0.95

)

    

6,200

      

—

    
Year ended May 31,
2021(ee)(kk)		    

1.67

      

0.95

      

(1.66

)

    

(0.94

)

    

4,002

      

—

    
Year ended May 31,
2020(x)(ee)(kk)		    

2.31

      

0.95

      

(1.61

)

    

(0.24

)

    

14,686

      

—

    
Year ended May 31,
2019(x)(ee)(kk)		    

4.18

      

0.95

      

(2.18

)

    

1.04

      

2,650

      

—

    
Year ended May 31,
2018(x)(ee)(kk)		    

3.42

      

0.95

      

(2.44

)

    

0.03

      

1,971

      

—

    
Year ended May 31,
2017(x)(ee)(kk)		    

2.77

      

0.95

      

(2.40

)

    

(0.58

)

    

3,157

      

—

    

See accompanying notes to the financial statements.

260 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraPro Short QQQ

  
Six Months ended
November 30, 2021(mm)
(Unaudited)		  

$

55.51

    

$

(0.18

)

  

$

(23.66

)

  

$

—

    

$

(23.84

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

31.67

      

(42.94

)%

    

(43.00

)%

  
Year ended May 31,
2021(aa)(mm)		    

235.47

      

(0.69

)

    

(179.27

)

    

—

      

(179.96

)

    

—

      

—

      

—

      

—

      

55.51

      

(76.43

)

    

(76.52

)

  
Year ended May 31,
2020(aa)(mm)		    

1,111.93

      

6.91

      

(868.32

)

    

—

      

(861.41

)

    

(13.45

)

    

—

      

(1.60

)#

    

(15.05

)

    

235.47

      

(78.39

)

    

(78.35

)

  
Year ended May 31,
2019(u)(aa)(mm)		    

1,498.39

      

25.01

      

(387.46

)

    

—

      

(362.45

)

    

(24.01

)

    

—

      

—

      

(24.01

)

    

1,111.93

      

(24.46

)

    

(24.35

)

  
Year ended May 31,
2018(u)(aa)(mm)		    

3,035.67

      

19.52

      

(1,550.24

)

    

—

      

(1,530.72

)

    

(6.56

)

    

—

      

—

      

(6.56

)

    

1,498.39

      

(50.46

)

    

(50.55

)

  
Year ended May 31,
2017(m)(u)
(aa)(mm)		    

7,010.56

      

(20.85

)

    

(3,954.04

)

    

—

      

(3,974.89

)

    

—

      

—

      

—

      

—

      

3,035.67

      

(56.70

)

    

(56.83

)

  

UltraPro Short Russell2000

  
Six Months ended
November 30, 2021(mm)
(Unaudited)		    

48.28

      

(0.21

)

    

(1.45

)(i)

    

—

      

(1.66

)

    

—

      

—

      

—

      

—

      

46.62

      

(3.49

)

    

(3.32

)

  
Year ended May 31,
2021(ff)(mm)		    

324.70

      

(0.90

)

    

(275.52

)

    

—

      

(276.42

)

    

—

      

—

      

—

      

—

      

48.28

      

(85.13

)

    

(85.15

)

  
Year ended May 31,
2020(ff)(mm)		    

723.77

      

2.60

      

(393.61

)

    

—

      

(391.01

)

    

(7.21

)

    

—

      

(0.85

)#

    

(8.06

)

    

324.70

      

(54.50

)

    

(54.49

)

  
Year ended May 31,
2019(ff)(mm)		    

628.62

      

8.71

      

94.25

      

—

      

102.96

      

(7.81

)

    

—

      

—

      

(7.81

)

    

723.77

      

16.43

      

16.48

    
Year ended May 31,
2018(ff)(mm)		    

1,204.26

      

3.94

      

(577.86

)

    

—

      

(573.92

)

    

(1.72

)

    

—

      

—

      

(1.72

)

    

628.62

      

(47.68

)

    

(47.68

)

  
Year ended May 31,
2017(m)(ff)(mm)		    

2,438.26

      

(5.74

)

    

(1,228.26

)

    

—

      

(1,234.00

)

    

—

      

—

      

—

      

—

      

1,204.26

      

(50.61

)

    

(50.78

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraPro Short QQQ

  
Six Months ended
November 30, 2021(mm)
(Unaudited)		    

0.99

%

    

0.95

%

    

(0.93

)%

    

(0.90

)%

  

$

1,641,541

      

—

%

  
Year ended May 31,
2021(aa)(mm)		    

1.00

      

0.95

      

(0.86

)

    

(0.81

)

    

1,758,961

      

—

    
Year ended May 31,
2020(aa)(mm)		    

1.02

      

0.95

      

1.19

      

1.26

      

1,113,509

      

—

    
Year ended May 31,
2019(u)(aa)(mm)		    

1.00

      

0.95

      

2.06

      

2.11

      

1,130,668

      

—

    
Year ended May 31,
2018(u)(aa)(mm)		    

1.01

      

0.95

      

0.84

      

0.89

      

584,899

      

—

    
Year ended May 31,
2017(m)(u)
(aa)(mm)		    

1.01

      

0.95

      

(0.49

)

    

(0.43

)

    

495,886

      

—

    

UltraPro Short Russell2000

  
Six Months ended
November 30, 2021(mm)
(Unaudited)		    

1.05

      

0.95

      

(1.01

)

    

(0.91

)

    

140,704

      

—

    
Year ended May 31,
2021(ff)(mm)		    

1.08

      

0.95

      

(0.97

)

    

(0.84

)

    

107,592

      

—

    
Year ended May 31,
2020(ff)(mm)		    

1.11

      

0.95

      

0.33

      

0.49

      

170,315

      

—

    
Year ended May 31,
2019(ff)(mm)		    

1.11

      

0.95

      

1.21

      

1.36

      

81,442

      

—

    
Year ended May 31,
2018(ff)(mm)		    

1.09

      

0.95

      

0.30

      

0.44

      

69,478

      

—

    
Year ended May 31,
2017(m)(ff)(mm)		    

1.06

      

0.95

      

(0.49

)

    

(0.38

)

    

111,425

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 261

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraPro Short S&P500®

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

19.59

    

$

(0.07

)

  

$

(5.12

)

  

$

—

    

$

(5.19

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

14.40

      

(26.50

)%

    

(26.44

)%

  
Year ended
May 31, 2021(ff)		    

65.05

      

(0.26

)

    

(45.20

)

    

—

      

(45.46

)

    

—

      

—

      

—

      

—

      

19.59

      

(69.88

)

    

(69.98

)

  
Year ended
May 31, 2020(ff)		    

171.06

      

0.75

      

(104.83

)

    

—

      

(104.08

)

    

(1.72

)

    

—

      

(0.21

)#

    

(1.93

)

    

65.05

      

(61.39

)

    

(61.26

)

  
Year ended
May 31, 2019(ff)		    

204.34

      

3.25

      

(33.36

)

    

—

      

(30.11

)

    

(3.17

)

    

—

      

—

      

(3.17

)

    

171.06

      

(14.89

)

    

(14.86

)

  
Year ended
May 31, 2018(q)(ff)		    

319.03

      

1.87

      

(115.79

)

    

—

      

(113.92

)

    

(0.77

)

    

—

      

—

      

(0.77

)

    

204.34

      

(35.72

)

    

(35.76

)

  
Year ended
May 31, 2017(q)(ff)		    

537.92

      

(1.72

)

    

(217.17

)

    

—

      

(218.89

)

    

—

      

—

      

—

      

—

      

319.03

      

(40.70

)

    

(40.88

)

  

UltraShort 7-10 Year Treasury

  
Six Months ended
November 30, 2021
(Unaudited)		    

16.73

      

(0.08

)

    

(0.66

)

    

—

      

(0.74

)

    

—

      

—

      

—

      

—

      

15.99

      

(4.41

)

    

(4.42

)

  
Year ended
May 31, 2021		    

15.32

      

(0.15

)

    

1.56

      

—

      

1.41

      

—

      

—

      

—

      

—

      

16.73

      

9.20

      

9.13

    
Year ended
May 31, 2020		    

19.99

      

0.21

      

(4.57

)

    

—

      

(4.36

)

    

(0.29

)

    

—

      

(0.02

)#

    

(0.31

)

    

15.32

      

(22.11

)

    

(21.90

)

  
Year ended
May 31, 2019		    

22.73

      

0.26

      

(2.79

)

    

—

      

(2.53

)

    

(0.21

)

    

—

      

—

      

(0.21

)

    

19.99

      

(11.21

)

    

(11.83

)

  
Year ended
May 31, 2018		    

21.23

      

0.04

      

1.46

      

—

      

1.50

      

—

      

—

      

—

      

—

      

22.73

      

7.03

      

7.53

    
Year ended
May 31, 2017		    

21.20

      

(0.12

)

    

0.15

      

—

      

0.03

      

—

      

—

      

—

      

—

      

21.23

      

0.14

      

0.09

    

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraPro Short S&P500®

  
Six Months ended
November 30, 2021
(Unaudited)		    

0.90

%

    

0.90

%

    

(0.85

)%

    

(0.85

)%

  

$

619,141

      

—

%

  
Year ended
May 31, 2021(ff)		    

0.90

      

0.90

      

(0.73

)

    

(0.73

)

    

476,012

      

—

    
Year ended
May 31, 2020(ff)		    

0.93

      

0.93

      

0.71

      

0.71

      

1,323,669

      

—

    
Year ended
May 31, 2019(ff)		    

0.91

      

0.91

      

1.84

      

1.84

      

610,645

      

—

    
Year ended
May 31, 2018(q)(ff)		    

0.91

      

0.91

      

0.75

      

0.75

      

463,787

      

—

    
Year ended
May 31, 2017(q)(ff)		    

0.90

      

0.90

      

(0.41

)

    

(0.41

)

    

697,964

      

—

    

UltraShort 7-10 Year Treasury

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.02

      

0.95

      

(1.02

)

    

(0.95

)

    

73,555

      

—

    
Year ended
May 31, 2021		    

1.10

      

0.95

      

(1.08

)

    

(0.92

)

    

43,490

      

—

    
Year ended
May 31, 2020		    

1.06

      

0.95

      

1.03

      

1.15

      

29,871

      

—

    
Year ended
May 31, 2019		    

0.97

      

0.95

      

1.12

      

1.14

      

66,966

      

—

    
Year ended
May 31, 2018		    

0.95

      

0.95

      

0.19

      

0.19

      

142,045

      

—

    
Year ended
May 31, 2017		    

0.97

      

0.95

      

(0.57

)

    

(0.55

)

    

125,279

      

—

    

See accompanying notes to the financial statements.

262 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraShort 20+ Year Treasury

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

20.51

    

$

(0.08

)

  

$

(4.13

)

  

$

—

    

$

(4.21

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

16.30

      

(20.52

)%

    

(21.07

)%

  
Year ended
May 31, 2021		    

16.07

      

(0.15

)

    

4.59

      

—

      

4.44

      

—

(h)

    

—

      

—

(h)

    

—

(h)

    

20.51

      

27.64

      

27.87

    
Year ended
May 31, 2020		    

29.69

      

0.37

      

(13.49

)

    

—

      

(13.12

)

    

(0.45

)

    

—

      

(0.05

)#

    

(0.50

)

    

16.07

      

(44.80

)

    

(44.32

)

  
Year ended
May 31, 2019		    

36.01

      

0.45

      

(6.34

)

    

—

      

(5.89

)

    

(0.43

)

    

—

      

—

      

(0.43

)

    

29.69

      

(16.54

)

    

(17.80

)

  
Year ended
May 31, 2018		    

36.35

      

0.13

      

(0.44

)(i)

    

—

      

(0.31

)

    

(0.03

)

    

—

      

—

      

(0.03

)

    

36.01

      

(0.86

)

    

(0.07

)

  
Year ended
May 31, 2017		    

36.37

      

(0.17

)

    

0.15

      

—

      

(0.02

)

    

—

      

—

      

—

      

—

      

36.35

      

(0.06

)

    

(0.03

)

  

UltraShort Basic Materials

  
Six Months ended
November 30, 2021
(Unaudited)		    

12.71

      

(0.06

)

    

0.45

      

—

      

0.39

      

—

      

—

      

—

      

—

      

13.10

      

3.06

      

3.08

    
Year ended
May 31, 2021(ll)		    

40.12

      

(0.22

)

    

(27.19

)

    

—

      

(27.41

)

    

—

      

—

      

—

      

—

      

12.71

      

(68.32

)

    

(68.30

)

  
Year ended
May 31, 2020(ll)		    

65.72

      

0.08

      

(25.42

)

    

—

      

(25.34

)

    

(0.26

)

    

—

      

—

      

(0.26

)

    

40.12

      

(38.64

)

    

(38.75

)

  
Year ended
May 31, 2019(ll)		    

53.00

      

0.30

      

12.54

      

—

      

12.84

      

(0.12

)

    

—

      

—

      

(0.12

)

    

65.72

      

24.22

      

25.02

    
Year ended
May 31, 2018(r)(ll)		    

73.60

      

(0.06

)

    

(20.54

)

    

—

      

(20.60

)

    

—

      

—

      

—

      

—

      

53.00

      

(27.99

)

    

(29.37

)

  
Year ended
May 31, 2017(r)(ll)		    

107.88

      

(0.61

)

    

(33.67

)

    

—

      

(34.28

)

    

—

      

—

      

—

      

—

      

73.60

      

(31.77

)

    

(30.96

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraShort 20+ Year Treasury

  
Six Months ended
November 30, 2021
(Unaudited)		    

0.89

%

    

0.89

%

    

(0.85

)%

    

(0.85

)%

  

$

1,441,924

      

—

%

  
Year ended
May 31, 2021		    

0.90

      

0.90

      

(0.83

)

    

(0.83

)

    

1,415,115

      

—

    
Year ended
May 31, 2020		    

0.92

      

0.92

      

1.58

      

1.58

      

434,698

      

—

    
Year ended
May 31, 2019		    

0.90

      

0.90

      

1.22

      

1.22

      

886,565

      

—

    
Year ended
May 31, 2018		    

0.89

      

0.89

      

0.35

      

0.35

      

1,843,935

      

—

    
Year ended
May 31, 2017		    

0.90

      

0.90

      

(0.47

)

    

(0.47

)

    

2,053,938

      

—

    

UltraShort Basic Materials

  
Six Months ended
November 30, 2021
(Unaudited)		    

3.73

      

0.95

      

(3.73

)

    

(0.95

)

    

2,425

      

—

    
Year ended
May 31, 2021(ll)		    

3.84

      

0.95

      

(3.84

)

    

(0.94

)

    

1,718

      

—

    
Year ended
May 31, 2020(ll)		    

2.12

      

0.95

      

(1.03

)

    

0.14

      

4,420

      

—

    
Year ended
May 31, 2019(ll)		    

2.15

      

0.95

      

(0.68

)

    

0.51

      

5,598

      

—

    
Year ended
May 31, 2018(r)(ll)		    

2.01

      

0.95

      

(1.16

)

    

(0.10

)

    

4,515

      

—

    
Year ended
May 31, 2017(r)(ll)		    

1.70

      

0.95

      

(1.43

)

    

(0.68

)

    

8,114

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 263

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraShort Consumer Goods

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

15.67

    

$

(0.07

)

  

$

(3.37

)

  

$

—

    

$

(3.44

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

12.23

      

(21.95

)%

    

(21.92

)%

  
Year ended
May 31, 2021(bb)(ll)		    

38.62

      

(0.21

)

    

(22.74

)

    

—

      

(22.95

)

    

—

      

—

      

—

      

—

      

15.67

      

(59.42

)

    

(59.33

)

  
Year ended
May 31, 2020(bb)(ll)		    

60.88

      

0.32

      

(21.98

)

    

—

      

(21.66

)

    

(0.56

)

    

—

      

(0.04

)#

    

(0.60

)

    

38.62

      

(35.81

)

    

(36.03

)

  
Year ended
May 31, 2019(bb)(ll)		    

65.62

      

0.67

      

(4.88

)

    

—

      

(4.21

)

    

(0.53

)

    

—

      

—

      

(0.53

)

    

60.88

      

(6.43

)

    

(6.18

)

  
Year ended
May 31, 2018(bb)(ll)		    

60.79

      

0.16

      

4.67

      

—

      

4.83

      

—

      

—

      

—

      

—

      

65.62

      

7.94

      

7.99

    
Year ended
May 31, 2017(bb)(ll)		    

78.63

      

(0.42

)

    

(17.42

)

    

—

      

(17.84

)

    

—

      

—

      

—

      

—

      

60.79

      

(22.68

)

    

(22.90

)

  

UltraShort Consumer Services

  
Six Months ended
November 30, 2021
(Unaudited)		    

10.04

      

(0.04

)

    

(0.86

)

    

—

      

(0.90

)

    

—

      

—

      

—

      

—

      

9.14

      

(8.98

)

    

(8.97

)

  
Year ended
May 31, 2021(bb)		    

21.74

      

(0.13

)

    

(11.57

)

    

—

      

(11.70

)

    

—

      

—

      

—

      

—

      

10.04

      

(53.81

)

    

(53.74

)

  
Year ended
May 31, 2020(bb)		    

33.39

      

0.14

      

(11.23

)

    

—

      

(11.09

)

    

(0.55

)

    

—

      

(0.01

)#

    

(0.56

)

    

21.74

      

(33.62

)

    

(33.86

)

  
Year ended
May 31, 2019(bb)		    

43.13

      

0.58

      

(9.84

)

    

—

      

(9.26

)

    

(0.48

)

    

—

      

—

      

(0.48

)

    

33.39

      

(21.58

)

    

(21.30

)

  
Year ended
May 31, 2018(bb)		    

57.01

      

0.17

      

(14.01

)

    

—

      

(13.84

)

    

(0.04

)

    

—

      

—

      

(0.04

)

    

43.13

      

(24.27

)

    

(28.36

)

  
Year ended
May 31, 2017(bb)		    

80.63

      

(0.37

)

    

(23.25

)

    

—

      

(23.62

)

    

—

      

—

      

—

      

—

      

57.01

      

(29.29

)

    

(26.49

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraShort Consumer Goods

  
Six Months ended
November 30, 2021
(Unaudited)		    

8.28

%

    

0.95

%

    

(8.27

)%

    

(0.94

)%

  

$

802

      

—

%

  
Year ended
May 31, 2021(bb)(ll)		    

7.90

      

0.95

      

(7.89

)

    

(0.94

)

    

1,028

      

—

    
Year ended
May 31, 2020(bb)(ll)		    

4.28

      

0.95

      

(2.68

)

    

0.66

      

1,568

      

—

    
Year ended
May 31, 2019(bb)(ll)		    

3.75

      

0.95

      

(1.70

)

    

1.10

      

3,234

      

—

    
Year ended
May 31, 2018(bb)(ll)		    

3.75

      

0.95

      

(2.53

)

    

0.27

      

2,665

      

—

    
Year ended
May 31, 2017(bb)(ll)		    

3.67

      

0.95

      

(3.30

)

    

(0.58

)

    

1,709

      

—

    

UltraShort Consumer Services

  
Six Months ended
November 30, 2021
(Unaudited)		    

8.99

      

0.96

      

(8.99

)

    

(0.96

)

    

856

      

—

    
Year ended
May 31, 2021(bb)		    

7.25

      

0.95

      

(7.24

)

    

(0.94

)

    

940

      

—

    
Year ended
May 31, 2020(bb)		    

6.72

      

0.95

      

(5.28

)

    

0.49

      

1,764

      

—

    
Year ended
May 31, 2019(bb)		    

7.14

      

0.95

      

(4.63

)

    

1.57

      

623

      

—

    
Year ended
May 31, 2018(bb)		    

4.82

      

0.95

      

(3.55

)

    

0.32

      

1,344

      

—

    
Year ended
May 31, 2017(bb)		    

4.24

      

0.95

      

(3.81

)

    

(0.52

)

    

1,776

      

—

    

See accompanying notes to the financial statements.

264 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraShort Dow30SM

  
Six Months ended
November 30, 2021(mm)
(Unaudited)		  

$

47.13

    

$

(0.21

)

  

$

(1.52

)

  

$

—

    

$

(1.73

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

45.40

      

(3.69

)%

    

(3.40

)%

  
Year ended May 31,
2021(mm)		    

100.13

      

(0.58

)

    

(52.42

)

    

—

      

(53.00

)

    

—

      

—

      

—

      

—

      

47.13

      

(52.93

)

    

(53.02

)

  
Year ended May 31,
2020(mm)		    

153.73

      

1.02

      

(52.92

)

    

—

      

(51.90

)

    

(1.50

)

    

—

      

(0.20

)#

    

(1.70

)

    

100.13

      

(33.99

)

    

(33.94

)

  
Year ended May 31,
2019(mm)		    

170.27

      

2.52

      

(16.81

)

    

—

      

(14.29

)

    

(2.25

)

    

—

      

—

      

(2.25

)

    

153.73

      

(8.44

)

    

(8.45

)

  
Year ended May 31,
2018(q)(mm)		    

245.94

      

1.23

      

(76.40

)

    

—

      

(75.17

)

    

(0.50

)

    

—

      

—

      

(0.50

)

    

170.27

      

(30.57

)

    

(30.61

)

  
Year ended May 31,
2017(q)(mm)		    

367.44

      

(1.37

)

    

(120.13

)

    

—

      

(121.50

)

    

—

      

—

      

—

      

—

      

245.94

      

(33.07

)

    

(33.08

)

  

UltraShort Financials

  
Six Months ended
November 30, 2021(nn)
(Unaudited)		    

19.91

      

(0.09

)

    

(1.27

)

    

—

      

(1.36

)

    

—

      

—

      

—

      

—

      

18.55

      

(6.85

)

    

(7.13

)

  
Year ended May 31,
2021(ee)(nn)		    

53.76

      

(0.35

)

    

(33.50

)

    

—

      

(33.85

)

    

—

      

—

      

—

      

—

      

19.91

      

(62.96

)

    

(62.84

)

  
Year ended May 31,
2020(ee)(nn)		    

75.89

      

0.23

      

(21.76

)

    

—

      

(21.53

)

    

(0.56

)

    

—

      

(0.04

)#

    

(0.60

)

    

53.76

      

(28.50

)

    

(28.66

)

  
Year ended May 31,
2019(ee)(nn)		    

82.20

      

0.45

      

(6.56

)

    

—

      

(6.11

)

    

(0.20

)

    

—

      

—

      

(0.20

)

    

75.89

      

(7.44

)

    

(7.38

)

  
Year ended May 31,
2018(ee)(nn)		    

116.11

      

0.02

      

(33.93

)

    

—

      

(33.91

)

    

—

      

—

      

—

      

—

      

82.20

      

(29.21

)

    

(29.41

)

  
Year ended May 31,
2017(ee)(nn)		    

171.05

      

(0.68

)

    

(54.26

)

    

—

      

(54.94

)

    

—

      

—

      

—

      

—

      

116.11

      

(32.12

)

    

(31.82

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraShort Dow30SM

  
Six Months ended
November 30, 2021(mm)
(Unaudited)		    

1.01

%

    

0.95

%

    

(1.00

)%

    

(0.94

)%

  

$

108,990

      

—

%

  
Year ended May 31,
2021(mm)		    

1.00

      

0.95

      

(0.90

)

    

(0.84

)

    

100,430

      

—

    
Year ended May 31,
2020(mm)		    

1.01

      

0.95

      

0.75

      

0.81

      

210,350

      

—

    
Year ended May 31,
2019(mm)		    

1.01

      

0.95

      

1.59

      

1.64

      

143,100

      

—

    
Year ended May 31,
2018(q)(mm)		    

0.99

      

0.95

      

0.59

      

0.63

      

143,173

      

—

    
Year ended May 31,
2017(q)(mm)		    

0.98

      

0.95

      

(0.50

)

    

(0.46

)

    

229,012

      

—

    

UltraShort Financials

  
Six Months ended
November 30, 2021(nn)
(Unaudited)		    

1.51

      

0.95

      

(1.51

)

    

(0.95

)

    

13,417

      

—

    
Year ended May 31,
2021(ee)(nn)		    

1.21

      

0.95

      

(1.20

)

    

(0.94

)

    

12,909

      

—

    
Year ended May 31,
2020(ee)(nn)		    

1.20

      

0.95

      

0.11

      

0.36

      

42,263

      

—

    
Year ended May 31,
2019(ee)(nn)		    

1.20

      

0.95

      

0.32

      

0.57

      

27,413

      

—

    
Year ended May 31,
2018(ee)(nn)		    

1.13

      

0.95

      

(0.16

)

    

0.02

      

27,635

      

—

    
Year ended May 31,
2017(ee)(nn)		    

1.10

      

0.95

      

(0.64

)

    

(0.49

)

    

49,924

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 265

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraShort FTSE China 50

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

30.07

    

$

(0.16

)

  

$

8.69

    

$

—

    

$

8.53

    

$

—

    

$

—

    

$

—

    

$

—

    

$

38.60

      

28.32

%

    

28.20

%

  
Year ended
May 31, 2021		    

54.73

      

(0.34

)

    

(24.32

)

    

—

      

(24.66

)

    

—

      

—

      

—

      

—

      

30.07

      

(45.04

)

    

(45.15

)

  
Year ended
May 31, 2020		    

69.54

      

0.19

      

(14.48

)

    

—

      

(14.29

)

    

(0.50

)

    

—

      

(0.02

)#

    

(0.52

)

    

54.73

      

(20.64

)

    

(20.38

)

  
Year ended
May 31, 2019		    

61.78

      

0.63

      

7.39

      

—

      

8.02

      

(0.26

)

    

—

      

—

      

(0.26

)

    

69.54

      

13.02

      

12.97

    
Year ended
May 31, 2018(q)		    

99.51

      

0.03

      

(37.76

)

    

—

      

(37.73

)

    

—

      

—

      

—

      

—

      

61.78

      

(37.91

)

    

(38.02

)

  
Year ended
May 31, 2017(q)		    

165.98

      

(0.71

)

    

(65.76

)

    

—

      

(66.47

)

    

—

      

—

      

—

      

—

      

99.51

      

(40.05

)

    

(40.27

)

  

UltraShort FTSE Europe

  
Six Months ended
November 30, 2021
(Unaudited)		    

11.93

      

(0.06

)

    

0.47

      

—

      

0.41

      

—

      

—

      

—

      

—

      

12.34

      

3.44

      

3.69

    
Year ended
May 31, 2021		    

28.23

      

(0.18

)

    

(16.12

)

    

—

      

(16.30

)

    

—

      

—

      

—

      

—

      

11.93

      

(57.75

)

    

(57.48

)

  
Year ended
May 31, 2020		    

34.43

      

0.06

      

(6.03

)

    

—

      

(5.97

)

    

(0.22

)

    

—

      

(0.01

)#

    

(0.23

)

    

28.23

      

(17.37

)

    

(17.90

)

  
Year ended
May 31, 2019		    

31.32

      

0.27

      

2.98

      

—

      

3.25

      

(0.14

)

    

—

      

—

      

(0.14

)

    

34.43

      

10.37

      

10.13

    
Year ended
May 31, 2018		    

36.36

      

0.04

      

(5.08

)

    

—

      

(5.04

)

    

—

      

—

      

—

      

—

      

31.32

      

(13.87

)

    

(13.74

)

  
Year ended
May 31, 2017		    

55.55

      

(0.30

)

    

(18.89

)

    

—

      

(19.19

)

    

—

      

—

      

—

      

—

      

36.36

      

(34.56

)

    

(34.56

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraShort FTSE China 50

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.32

%

    

0.95

%

    

(1.32

)%

    

(0.95

)%

  

$

23,234

      

—

%

  
Year ended
May 31, 2021		    

1.26

      

0.95

      

(1.24

)

    

(0.93

)

    

16,599

      

—

    
Year ended
May 31, 2020		    

1.17

      

0.95

      

0.08

      

0.30

      

41,152

      

—

    
Year ended
May 31, 2019		    

1.20

      

0.95

      

0.68

      

0.93

      

38,384

      

—

    
Year ended
May 31, 2018(q)		    

1.20

      

0.95

      

(0.21

)

    

0.04

      

27,923

      

—

    
Year ended
May 31, 2017(q)		    

1.15

      

0.95

      

(0.77

)

    

(0.57

)

    

43,798

      

—

    

UltraShort FTSE Europe

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.82

      

0.95

      

(1.82

)

    

(0.95

)

    

8,477

      

—

    
Year ended
May 31, 2021		    

1.48

      

0.95

      

(1.46

)

    

(0.93

)

    

7,300

      

—

    
Year ended
May 31, 2020		    

1.37

      

0.95

      

(0.24

)

    

0.17

      

22,924

      

—

    
Year ended
May 31, 2019		    

1.31

      

0.95

      

0.43

      

0.79

      

16,770

      

—

    
Year ended
May 31, 2018		    

1.17

      

0.95

      

(0.11

)

    

0.11

      

18,386

      

—

    
Year ended
May 31, 2017		    

1.09

      

0.95

      

(0.74

)

    

(0.60

)

    

32,254

      

—

    

See accompanying notes to the financial statements.

266 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraShort Health Care

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

15.75

    

$

(0.07

)

  

$

(1.79

)

  

$

—

    

$

(1.86

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

13.89

      

(11.82

)%

    

(11.79

)%

  
Year ended
May 31, 2021(ll)		    

25.83

      

(0.20

)

    

(9.88

)

    

—

      

(10.08

)

    

—

      

—

      

—

      

—

      

15.75

      

(39.01

)

    

(38.97

)

  
Year ended
May 31, 2020(ll)		    

49.12

      

0.27

      

(23.06

)

    

—

      

(22.79

)

    

(0.46

)

    

—

      

(0.04

)#

    

(0.50

)

    

25.83

      

(46.77

)

    

(46.67

)

  
Year ended
May 31, 2019(ll)		    

57.71

      

0.62

      

(8.97

)

    

—

      

(8.35

)

    

(0.24

)

    

—

      

—

      

(0.24

)

    

49.12

      

(14.46

)

    

(13.10

)

  
Year ended
May 31, 2018(ll)		    

75.14

      

0.09

      

(17.52

)

    

—

      

(17.43

)

    

—

      

—

      

—

      

—

      

57.71

      

(23.19

)

    

(26.26

)

  
Year ended
May 31, 2017(ll)		    

93.42

      

(0.55

)

    

(17.73

)

    

—

      

(18.28

)

    

—

      

—

      

—

      

—

      

75.14

      

(19.56

)

    

(17.22

)

  

UltraShort Industrials

  
Six Months ended
November 30, 2021
(Unaudited)		    

14.47

      

(0.07

)

    

0.41

(i)

    

—

      

0.34

      

—

      

—

      

—

      

—

      

14.81

      

2.38

      

2.49

    
Year ended
May 31, 2021(ee)(ll)		    

38.93

      

(0.23

)

    

(24.23

)

    

—

      

(24.46

)

    

—

      

—

      

—

      

—

      

14.47

      

(62.83

)

    

(62.72

)

  
Year ended
May 31, 2020(ee)(ll)		    

59.34

      

0.09

      

(19.98

)

    

—

      

(19.89

)

    

(0.52

)

    

—

      

—

      

(0.52

)

    

38.93

      

(33.71

)

    

(34.02

)

  
Year ended
May 31, 2019(ee)(ll)		    

65.48

      

0.64

      

(6.33

)

    

—

      

(5.69

)

    

(0.45

)

    

—

      

—

      

(0.45

)

    

59.34

      

(8.75

)

    

(8.49

)

  
Year ended
May 31, 2018(ee)(ll)		    

88.41

      

0.15

      

(23.08

)

    

—

      

(22.93

)

    

—

      

—

      

—

      

—

      

65.48

      

(25.93

)

    

(26.47

)

  
Year ended
May 31, 2017(ee)(ll)		    

135.91

      

(0.61

)

    

(46.89

)

    

—

      

(47.50

)

    

—

      

—

      

—

      

—

      

88.41

      

(34.95

)

    

(34.83

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraShort Health Care

  
Six Months ended
November 30, 2021
(Unaudited)		    

5.49

%

    

0.95

%

    

(5.49

)%

    

(0.95

)%

  

$

2,854

      

—

%

  
Year ended
May 31, 2021(ll)		    

4.61

      

0.95

      

(4.60

)

    

(0.94

)

    

1,267

      

—

    
Year ended
May 31, 2020(ll)		    

4.01

      

0.95

      

(2.36

)

    

0.70

      

2,078

      

—

    
Year ended
May 31, 2019(ll)		    

4.94

      

0.95

      

(2.67

)

    

1.32

      

2,724

      

—

    
Year ended
May 31, 2018(ll)		    

6.35

      

0.95

      

(5.25

)

    

0.14

      

1,036

      

—

    
Year ended
May 31, 2017(ll)		    

3.49

      

0.95

      

(3.17

)

    

(0.64

)

    

1,349

      

—

    

UltraShort Industrials

  
Six Months ended
November 30, 2021
(Unaudited)		    

5.38

      

0.95

      

(5.38

)

    

(0.94

)

    

1,706

      

—

    
Year ended
May 31, 2021(ee)(ll)		    

5.16

      

0.95

      

(5.15

)

    

(0.94

)

    

943

      

—

    
Year ended
May 31, 2020(ee)(ll)		    

3.89

      

0.95

      

(2.76

)

    

0.18

      

3,268

      

—

    
Year ended
May 31, 2019(ee)(ll)		    

3.38

      

0.95

      

(1.41

)

    

1.02

      

2,386

      

—

    
Year ended
May 31, 2018(ee)(ll)		    

3.16

      

0.95

      

(2.00

)

    

0.21

      

3,042

      

—

    
Year ended
May 31, 2017(ee)(ll)		    

2.81

      

0.95

      

(2.41

)

    

(0.55

)

    

3,002

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 267

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraShort MidCap400

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

17.67

    

$

(0.08

)

  

$

(0.61

)

  

$

—

    

$

(0.69

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

16.98

      

(3.92

)%

    

(3.85

)%

  
Year ended
May 31, 2021(ee)(ll)		    

50.69

      

(0.30

)

    

(32.72

)

    

—

      

(33.02

)

    

—

      

—

      

—

      

—

      

17.67

      

(65.14

)

    

(65.04

)

  
Year ended
May 31, 2020(ee)(ll)		    

75.68

      

0.17

      

(24.45

)

    

—

      

(24.28

)

    

(0.65

)

    

—

      

(0.06

)#

    

(0.71

)

    

50.69

      

(32.29

)

    

(32.63

)

  
Year ended
May 31, 2019(ee)(ll)		    

69.55

      

0.88

      

5.94

      

—

      

6.82

      

(0.69

)

    

—

      

—

      

(0.69

)

    

75.68

      

9.83

      

11.13

    
Year ended
May 31, 2018(ee)(ll)		    

93.64

      

0.17

      

(24.26

)

    

—

      

(24.09

)

    

—

      

—

      

—

      

—

      

69.55

      

(25.73

)

    

(26.36

)

  
Year ended
May 31, 2017(ee)(ll)		    

134.76

      

(0.67

)

    

(40.45

)

    

—

      

(41.12

)

    

—

      

—

      

—

      

—

      

93.64

      

(30.51

)

    

(30.63

)

  

UltraShort MSCI Brazil Capped

  
Six Months ended
November 30, 2021
(Unaudited)		    

13.55

      

(0.07

)

    

6.83

      

—

      

6.76

      

—

      

—

      

—

      

—

      

20.31

      

49.80

      

49.67

    
Year ended
May 31, 2021(ll)		    

43.46

      

(0.22

)

    

(29.69

)

    

—

      

(29.91

)

    

—

      

—

      

—

      

—

      

13.55

      

(68.80

)

    

(68.92

)

  
Year ended
May 31, 2020(ll)		    

54.60

      

0.36

      

(10.90

)(i)

    

—

      

(10.54

)

    

(0.56

)

    

—

      

(0.04

)#

    

(0.60

)

    

43.46

      

(19.34

)

    

(19.03

)

  
Year ended
May 31, 2019(ll)		    

107.77

      

0.83

      

(53.60

)

    

—

      

(52.77

)

    

(0.40

)

    

—

      

—

      

(0.40

)

    

54.60

      

(49.00

)

    

(49.02

)

  
Year ended
May 31, 2018(t)(ll)		    

136.48

      

0.11

      

(28.82

)

    

—

      

(28.71

)

    

—

      

—

      

—

      

—

      

107.77

      

(21.04

)

    

(21.01

)

  
Year ended
May 31, 2017(t)(ll)		    

400.20

      

(0.92

)

    

(262.80

)

    

—

      

(263.72

)

    

—

      

—

      

—

      

—

      

136.48

      

(65.90

)

    

(65.93

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraShort MidCap400

  
Six Months ended
November 30, 2021
(Unaudited)		    

4.73

%

    

0.95

%

    

(4.73

)%

    

(0.95

)%

  

$

1,927

      

—

%

  
Year ended
May 31, 2021(ee)(ll)		    

2.78

      

0.95

      

(2.77

)

    

(0.94

)

    

2,007

      

—

    
Year ended
May 31, 2020(ee)(ll)		    

2.95

      

0.95

      

(1.74

)

    

0.26

      

6,393

      

—

    
Year ended
May 31, 2019(ee)(ll)		    

2.90

      

0.95

      

(0.72

)

    

1.23

      

2,923

      

—

    
Year ended
May 31, 2018(ee)(ll)		    

2.39

      

0.95

      

(1.23

)

    

0.22

      

3,556

      

—

    
Year ended
May 31, 2017(ee)(ll)		    

1.93

      

0.95

      

(1.57

)

    

(0.60

)

    

4,787

      

—

    

UltraShort MSCI Brazil Capped

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.39

      

0.95

      

(1.39

)

    

(0.95

)

    

22,188

      

—

    
Year ended
May 31, 2021(ll)		    

1.27

      

0.95

      

(1.26

)

    

(0.93

)

    

12,435

      

—

    
Year ended
May 31, 2020(ll)		    

1.16

      

0.95

      

0.52

      

0.72

      

37,698

      

—

    
Year ended
May 31, 2019(ll)		    

1.14

      

0.95

      

0.96

      

1.15

      

29,616

      

—

    
Year ended
May 31, 2018(t)(ll)		    

1.18

      

0.95

      

(0.11

)

    

0.12

      

30,170

      

—

    
Year ended
May 31, 2017(t)(ll)		    

1.12

      

0.95

      

(0.69

)

    

(0.52

)

    

30,707

      

—

    

See accompanying notes to the financial statements.

268 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraShort MSCI EAFE

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

10.26

    

$

(0.05

)

  

$

0.53

    

$

—

    

$

0.48

    

$

—

    

$

—

    

$

—

    

$

—

    

$

10.74

      

4.67

%

    

5.27

%

  
Year ended
May 31, 2021		    

21.84

      

(0.14

)

    

(11.44

)

    

—

      

(11.58

)

    

—

      

—

      

—

      

—

      

10.26

      

(53.01

)

    

(52.98

)

  
Year ended
May 31, 2020		    

25.89

      

0.03

      

(3.92

)

    

—

      

(3.89

)

    

(0.15

)

    

—

      

(0.01

)#

    

(0.16

)

    

21.84

      

(15.05

)

    

(15.10

)

  
Year ended
May 31, 2019		    

23.15

      

0.18

      

2.65

      

—

      

2.83

      

(0.09

)

    

—

      

—

      

(0.09

)

    

25.89

      

12.24

      

12.11

    
Year ended
May 31, 2018		    

27.32

      

0.03

      

(4.20

)

    

—

      

(4.17

)

    

—

      

—

      

—

      

—

      

23.15

      

(15.26

)

    

(15.09

)

  
Year ended
May 31, 2017		    

39.69

      

(0.23

)

    

(12.14

)

    

—

      

(12.37

)

    

—

      

—

      

—

      

—

      

27.32

      

(31.18

)

    

(31.29

)

  

UltraShort MSCI Emerging Markets

  
Six Months ended
November 30, 2021
(Unaudited)		    

15.03

      

(0.08

)

    

2.89

      

—

      

2.81

      

—

      

—

      

—

      

—

      

17.84

      

18.71

      

18.81

    
Year ended
May 31, 2021		    

37.97

      

(0.20

)

    

(22.74

)

    

—

      

(22.94

)

    

—

      

—

      

—

      

—

      

15.03

      

(60.42

)

    

(60.55

)

  
Year ended
May 31, 2020		    

46.57

      

0.15

      

(8.37

)

    

—

      

(8.22

)

    

(0.36

)

    

—

      

(0.02

)#

    

(0.38

)

    

37.97

      

(17.70

)

    

(17.50

)

  
Year ended
May 31, 2019		    

42.20

      

0.47

      

4.21

      

—

      

4.68

      

(0.31

)

    

—

      

—

      

(0.31

)

    

46.57

      

11.11

      

11.05

    
Year ended
May 31, 2018(t)		    

58.06

      

0.10

      

(15.96

)

    

—

      

(15.86

)

    

—

      

—

      

—

      

—

      

42.20

      

(27.31

)

    

(27.45

)

  
Year ended
May 31, 2017(t)		    

103.71

      

(0.40

)

    

(45.25

)

    

—

      

(45.65

)

    

—

      

—

      

—

      

—

      

58.06

      

(44.02

)

    

(44.03

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraShort MSCI EAFE

  
Six Months ended
November 30, 2021
(Unaudited)		    

6.48

%

    

0.95

%

    

(6.48

)%

    

(0.95

)%

  

$

939

      

—

%

  
Year ended
May 31, 2021		    

4.29

      

0.95

      

(4.28

)

    

(0.94

)

    

1,410

      

—

    
Year ended
May 31, 2020		    

3.83

      

0.95

      

(2.76

)

    

0.12

      

3,001

      

—

    
Year ended
May 31, 2019		    

2.87

      

0.95

      

(1.23

)

    

0.70

      

3,557

      

—

    
Year ended
May 31, 2018		    

3.00

      

0.95

      

(1.94

)

    

0.11

      

3,181

      

—

    
Year ended
May 31, 2017		    

2.11

      

0.95

      

(1.82

)

    

(0.66

)

    

3,754

      

—

    

UltraShort MSCI Emerging Markets

  
Six Months ended
November 30, 2021
(Unaudited)		    

2.07

      

0.95

      

(2.07

)

    

(0.95

)

    

6,936

      

—

    
Year ended
May 31, 2021		    

1.71

      

0.95

      

(1.69

)

    

(0.93

)

    

5,467

      

—

    
Year ended
May 31, 2020		    

1.31

      

0.95

      

(0.01

)

    

0.35

      

16,662

      

—

    
Year ended
May 31, 2019		    

1.26

      

0.95

      

0.70

      

1.01

      

19,271

      

—

    
Year ended
May 31, 2018(t)		    

1.18

      

0.95

      

(0.01

)

    

0.22

      

15,352

      

—

    
Year ended
May 31, 2017(t)		    

1.12

      

0.95

      

(0.69

)

    

(0.52

)

    

32,161

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 269

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraShort MSCI Japan

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

13.72

    

$

(0.06

)

  

$

0.19

    

$

—

    

$

0.13

    

$

—

    

$

—

    

$

—

    

$

—

    

$

13.85

      

0.98

%

    

1.24

%

  
Year ended
May 31, 2021		    

23.61

      

(0.17

)

    

(9.72

)

    

—

      

(9.89

)

    

—

      

—

      

—

      

—

      

13.72

      

(41.91

)

    

(41.84

)

  
Year ended
May 31, 2020		    

31.53

      

(0.06

)

    

(7.79

)

    

—

      

(7.85

)

    

(0.07

)

    

—

      

—

      

(0.07

)

    

23.61

      

(24.89

)

    

(24.92

)

  
Year ended
May 31, 2019		    

26.01

      

0.02

      

5.51

      

—

      

5.53

      

(0.01

)

    

—

      

—

      

(0.01

)

    

31.53

      

21.26

      

21.50

    
Year ended
May 31, 2018		    

34.57

      

(0.04

)

    

(8.52

)

    

—

      

(8.56

)

    

—

      

—

      

—

      

—

      

26.01

      

(24.78

)

    

(25.42

)

  
Year ended
May 31, 2017		    

48.16

      

(0.27

)

    

(13.32

)

    

—

      

(13.59

)

    

—

      

—

      

—

      

—

      

34.57

      

(28.22

)

    

(27.90

)

  

UltraShort Nasdaq Biotechnology

  
Six Months ended
November 30, 2021
(Unaudited)		    

21.67

      

(0.09

)

    

(1.61

)

    

—

      

(1.70

)

    

—

      

—

      

—

      

—

      

19.97

      

(7.84

)

    

(7.67

)

  
Year ended
May 31, 2021(cc)		    

33.82

      

(0.24

)

    

(11.91

)

    

—

      

(12.15

)

    

—

      

—

      

—

      

—

      

21.67

      

(35.93

)

    

(36.17

)

  
Year ended
May 31, 2020(cc)		    

82.20

      

0.58

      

(47.98

)

    

—

      

(47.40

)

    

(0.88

)

    

—

      

(0.10

)#

    

(0.98

)

    

33.82

      

(58.25

)

    

(58.11

)

  
Year ended
May 31, 2019(cc)		    

80.47

      

0.94

      

1.39

      

—

      

2.33

      

(0.60

)

    

—

      

—

      

(0.60

)

    

82.20

      

2.95

      

3.15

    
Year ended
May 31, 2018(cc)		    

116.10

      

0.09

      

(35.72

)

    

—

      

(35.63

)

    

—

      

—

      

—

      

—

      

80.47

      

(30.69

)

    

(30.75

)

  
Year ended
May 31, 2017(cc)		    

144.47

      

(0.70

)

    

(27.67

)

    

—

      

(28.37

)

    

—

      

—

      

—

      

—

      

116.10

      

(19.64

)

    

(19.61

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraShort MSCI Japan

  
Six Months ended
November 30, 2021
(Unaudited)		    

2.51

%

    

0.95

%

    

(2.51

)%

    

(0.95

)%

  

$

3,808

      

—

%

  
Year ended
May 31, 2021		    

1.98

      

0.95

      

(1.97

)

    

(0.94

)

    

4,800

      

—

    
Year ended
May 31, 2020		    

1.78

      

0.95

      

(1.03

)

    

(0.21

)

    

11,215

      

—

    
Year ended
May 31, 2019		    

2.01

      

0.95

      

(1.00

)

    

0.06

      

7,091

      

—

    
Year ended
May 31, 2018		    

1.66

      

0.95

      

(0.84

)

    

(0.13

)

    

5,199

      

—

    
Year ended
May 31, 2017		    

1.48

      

0.95

      

(1.18

)

    

(0.66

)

    

10,369

      

—

    

UltraShort Nasdaq Biotechnology

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.82

      

0.95

      

(1.82

)

    

(0.95

)

    

6,912

      

—

    
Year ended
May 31, 2021(cc)		    

1.55

      

0.95

      

(1.53

)

    

(0.93

)

    

9,666

      

—

    
Year ended
May 31, 2020(cc)		    

1.31

      

0.95

      

0.59

      

0.94

      

12,556

      

—

    
Year ended
May 31, 2019(cc)		    

1.21

      

0.95

      

1.03

      

1.28

      

26,408

      

—

    
Year ended
May 31, 2018(cc)		    

1.12

      

0.95

      

(0.06

)

    

0.10

      

31,888

      

—

    
Year ended
May 31, 2017(cc)		    

1.11

      

0.95

      

(0.70

)

    

(0.54

)

    

54,714

      

—

    

See accompanying notes to the financial statements.

270 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraShort Oil & Gas

  
Six Months ended
November 30, 2021(mm)
(Unaudited)		  

$

65.50

    

$

(0.27

)

  

$

(16.44

)

  

$

—

    

$

(16.71

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

48.79

      

(25.52

)%

    

(25.48

)%

  
Year ended
May 31, 2021(mm)		    

223.38

      

(1.23

)

    

(156.65

)

    

—

      

(157.88

)

    

—

      

—

      

—

      

—

      

65.50

      

(70.68

)

    

(70.58

)

  
Year ended
May 31, 2020(mm)		    

230.37

      

0.36

      

(6.35

)(i)

    

—

      

(5.99

)

    

(0.85

)

    

—

      

(0.15

)#

    

(1.00

)

    

223.38

      

(2.59

)

    

(3.03

)

  
Year ended
May 31, 2019(mm)		    

155.14

      

1.30

      

74.88

      

—

      

76.18

      

(0.95

)

    

—

      

—

      

(0.95

)

    

230.37

      

49.15

      

49.61

    
Year ended
May 31, 2018(mm)		    

242.00

      

0.17

      

(87.03

)

    

—

      

(86.86

)

    

—

      

—

      

—

      

—

      

155.14

      

(35.89

)

    

(35.92

)

  
Year ended
May 31, 2017(mm)		    

258.34

      

(1.15

)

    

(15.19

)

    

—

      

(16.34

)

    

—

      

—

      

—

      

—

      

242.00

      

(6.33

)

    

(6.41

)

  

UltraShort QQQ

  
Six Months ended
November 30, 2021
(Unaudited)		    

23.47

      

(0.09

)

    

(7.11

)

    

—

      

(7.20

)

    

—

      

—

      

—

      

—

      

16.27

      

(30.68

)

    

(30.78

)

  
Year ended
May 31, 2021(gg)		    

58.32

      

(0.26

)

    

(34.59

)

    

—

      

(34.85

)

    

—

      

—

      

—

      

—

      

23.47

      

(59.75

)

    

(59.83

)

  
Year ended
May 31, 2020(gg)		    

146.74

      

1.26

      

(87.51

)

    

—

      

(86.25

)

    

(1.91

)

    

—

      

(0.26

)#

    

(2.17

)

    

58.32

      

(59.49

)

    

(59.44

)

  
Year ended
May 31, 2019(gg)		    

171.61

      

2.98

      

(25.10

)

    

—

      

(22.12

)

    

(2.75

)

    

—

      

—

      

(2.75

)

    

146.74

      

(13.01

)

    

(12.94

)

  
Year ended
May 31,
2018(q)(gg)		    

267.36

      

1.44

      

(96.67

)

    

—

      

(95.23

)

    

(0.52

)

    

—

      

—

      

(0.52

)

    

171.61

      

(35.64

)

    

(35.63

)

  
Year ended
May 31,
2017(q)(gg)		    

462.33

      

(1.78

)

    

(193.19

)

    

—

      

(194.97

)

    

—

      

—

      

—

      

—

      

267.36

      

(42.17

)

    

(42.27

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraShort Oil & Gas

  
Six Months ended
November 30, 2021(mm)
(Unaudited)		    

1.28

%

    

0.95

%

    

(1.28

)%

    

(0.95

)%

  

$

21,633

      

—

%

  
Year ended
May 31, 2021(mm)		    

1.32

      

0.95

      

(1.31

)

    

(0.94

)

    

17,254

      

—

    
Year ended
May 31, 2020(mm)		    

1.33

      

0.95

      

(0.23

)

    

0.15

      

16,401

      

—

    
Year ended
May 31, 2019(mm)		    

1.31

      

0.95

      

0.37

      

0.74

      

19,218

      

—

    
Year ended
May 31, 2018(mm)		    

1.18

      

0.95

      

(0.15

)

    

0.08

      

23,801

      

—

    
Year ended
May 31, 2017(mm)		    

1.11

      

0.95

      

(0.68

)

    

(0.52

)

    

34,708

      

—

    

UltraShort QQQ

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.03

      

0.95

      

(1.00

)

    

(0.92

)

    

222,858

      

—

    
Year ended
May 31, 2021(gg)		    

1.03

      

0.95

      

(0.90

)

    

(0.82

)

    

221,703

      

—

    
Year ended
May 31, 2020(gg)		    

1.04

      

0.95

      

1.18

      

1.27

      

248,507

      

—

    
Year ended
May 31, 2019(gg)		    

1.03

      

0.95

      

1.88

      

1.95

      

355,626

      

—

    
Year ended
May 31,
2018(q)(gg)		    

1.02

      

0.95

      

0.59

      

0.66

      

257,160

      

—

    
Year ended
May 31,
2017(q)(gg)		    

1.03

      

0.95

      

(0.56

)

    

(0.48

)

    

281,358

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 271

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraShort Real Estate

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

17.33

    

$

(0.07

)

  

$

(2.90

)

  

$

—

    

$

(2.97

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

14.36

      

(17.15

)%

    

(16.94

)%

  
Year ended
May 31, 2021(ll)		    

34.76

      

(0.24

)

    

(17.19

)

    

—

      

(17.43

)

    

—

      

—

      

—

      

—

      

17.33

      

(50.14

)

    

(50.29

)

  
Year ended
May 31, 2020(ll)		    

45.29

      

0.17

      

(10.12

)

    

—

      

(9.95

)

    

(0.54

)

    

—

      

(0.04

)#

    

(0.58

)

    

34.76

      

(22.18

)

    

(22.10

)

  
Year ended
May 31, 2019(ll)		    

60.82

      

0.66

      

(15.75

)

    

—

      

(15.09

)

    

(0.44

)

    

—

      

—

      

(0.44

)

    

45.29

      

(24.94

)

    

(24.88

)

  
Year ended
May 31, 2018(ll)		    

65.72

      

0.10

      

(5.00

)

    

—

      

(4.90

)

    

—

      

—

      

—

      

—

      

60.82

      

(7.45

)

    

(7.63

)

  
Year ended
May 31, 2017(ll)		    

76.92

      

(0.37

)

    

(10.83

)

    

—

      

(11.20

)

    

—

      

—

      

—

      

—

      

65.72

      

(14.57

)

    

(14.50

)

  

UltraShort Russell2000

  
Six Months ended
November 30, 2021
(Unaudited)		    

13.88

      

(0.06

)

    

(0.04

)

    

—

      

(0.10

)

    

—

      

—

      

—

      

—

      

13.78

      

(0.71

)

    

(0.58

)

  
Year ended
May 31, 2021(gg)		    

46.41

      

(0.20

)

    

(32.33

)

    

—

      

(32.53

)

    

—

      

—

      

—

      

—

      

13.88

      

(70.09

)

    

(70.11

)

  
Year ended
May 31, 2020(gg)		    

67.88

      

0.31

      

(21.10

)

    

—

      

(20.79

)

    

(0.60

)

    

—

      

(0.08

)#

    

(0.68

)

    

46.41

      

(30.85

)

    

(30.72

)

  
Year ended
May 31, 2019(gg)		    

59.72

      

0.71

      

8.10

      

—

      

8.81

      

(0.65

)

    

—

      

—

      

(0.65

)

    

67.88

      

14.83

      

14.83

    
Year ended
May 31, 2018(gg)		    

90.34

      

0.35

      

(30.84

)

    

—

      

(30.49

)

    

(0.13

)

    

—

      

—

      

(0.13

)

    

59.72

      

(33.77

)

    

(33.84

)

  
Year ended
May 31, 2017(gg)		    

141.37

      

(0.43

)

    

(50.60

)

    

—

      

(51.03

)

    

—

      

—

      

—

      

—

      

90.34

      

(36.10

)

    

(36.12

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraShort Real Estate

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.46

%

    

0.95

%

    

(1.46

)%

    

(0.95

)%

  

$

16,470

      

—

%

  
Year ended
May 31, 2021(ll)		    

1.20

      

0.95

      

(1.19

)

    

(0.94

)

    

16,427

      

—

    
Year ended
May 31, 2020(ll)		    

1.31

      

0.95

      

0.06

      

0.42

      

54,669

      

—

    
Year ended
May 31, 2019(ll)		    

1.32

      

0.95

      

0.88

      

1.25

      

21,421

      

—

    
Year ended
May 31, 2018(ll)		    

1.18

      

0.95

      

(0.07

)

    

0.16

      

21,160

      

—

    
Year ended
May 31, 2017(ll)		    

1.19

      

0.95

      

(0.78

)

    

(0.53

)

    

34,364

      

—

    

UltraShort Russell2000

  
Six Months ended
November 30, 2021
(Unaudited)		    

1.08

      

0.95

      

(1.07

)

    

(0.94

)

    

71,183

      

—

    
Year ended
May 31, 2021(gg)		    

1.09

      

0.95

      

(0.98

)

    

(0.85

)

    

73,770

      

—

    
Year ended
May 31, 2020(gg)		    

1.09

      

0.95

      

0.38

      

0.52

      

132,947

      

—

    
Year ended
May 31, 2019(gg)		    

1.08

      

0.95

      

1.03

      

1.16

      

98,592

      

—

    
Year ended
May 31, 2018(gg)		    

1.06

      

0.95

      

0.36

      

0.47

      

88,972

      

—

    
Year ended
May 31, 2017(gg)		    

1.05

      

0.95

      

(0.51

)

    

(0.41

)

    

174,120

      

—

    

See accompanying notes to the financial statements.

272 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraShort S&P500®

  
Six Months ended
November 30, 2021(mm)
(Unaudited)		  

$

47.49

    

$

(0.18

)

  

$

(8.45

)

  

$

—

    

$

(8.63

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

38.86

      

(18.17

)%

    

(18.11

)%

  
Year ended May 31,
2021(mm)		    

102.86

      

(0.53

)

    

(54.84

)

    

—

      

(55.37

)

    

—

      

—

      

—

      

—

      

47.49

      

(53.83

)

    

(53.86

)

  
Year ended May 31,
2020(mm)		    

176.27

      

1.13

      

(72.44

)

    

—

      

(71.31

)

    

(1.80

)

    

—

      

(0.30

)#

    

(2.10

)

    

102.86

      

(40.80

)

    

(40.72

)

  
Year ended May 31,
2019(mm)		    

193.67

      

2.94

      

(17.54

)

    

—

      

(14.60

)

    

(2.80

)

    

—

      

—

      

(2.80

)

    

176.27

      

(7.60

)

    

(7.60

)

  
Year ended May 31,
2018(o)(mm)		    

256.60

      

1.38

      

(63.76

)

    

—

      

(62.38

)

    

(0.55

)

    

—

      

—

      

(0.55

)

    

193.67

      

(24.31

)

    

(24.33

)

  
Year ended May 31,
2017(o)(mm)		    

360.87

      

(0.34

)

    

(103.93

)

    

—

      

(104.27

)

    

—

      

—

      

—

      

—

      

256.60

      

(28.89

)

    

(29.00

)

  

UltraShort Semiconductors

  
Six Months ended
November 30, 2021
(Unaudited)		    

36.65

      

(0.14

)

    

(17.79

)

    

—

      

(17.93

)

    

—

      

—

      

—

      

—

      

18.72

      

(48.94

)

    

(48.84

)

  
Year ended May 31,
2021(cc)(kk)		    

128.03

      

(0.62

)

    

(90.76

)

    

—

      

(91.38

)

    

—

      

—

      

—

      

—

      

36.65

      

(71.37

)

    

(71.48

)

  
Year ended May 31,
2020(cc)(kk)		    

520.18

      

1.17

      

(390.11

)

    

—

      

(388.94

)

    

(3.01

)

    

—

      

(0.20

)#

    

(3.21

)

    

128.03

      

(75.16

)

    

(75.02

)

  
Year ended May 31,
2019(v)(cc)(kk)		    

477.08

      

5.91

      

42.55

(i)

    

—

      

48.46

      

(5.36

)

    

—

      

—

      

(5.36

)

    

520.18

      

10.15

      

9.44

    
Year ended May 31,
2018(r)(v)(cc)(kk)		    

986.67

      

1.87

      

(511.46

)

    

—

      

(509.59

)

    

—

      

—

      

—

      

—

      

477.08

      

(51.65

)

    

(51.57

)

  
Year ended May 31,
2017(r)(v)(cc)(kk)		    

2,351.44

      

(7.71

)

    

(1,357.06

)

    

—

      

(1,364.77

)

    

—

      

—

      

—

      

—

      

986.67

      

(58.04

)

    

(58.54

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraShort S&P500®

  
Six Months ended
November 30, 2021(mm)
(Unaudited)		    

0.91

%

    

0.91

%

    

(0.87

)%

    

(0.87

)%

  

$

524,252

      

—

%

  
Year ended May 31,
2021(mm)		    

0.90

      

0.90

      

(0.75

)

    

(0.75

)

    

582,648

      

—

    
Year ended May 31,
2020(mm)		    

0.91

      

0.91

      

0.83

      

0.83

      

1,480,039

      

—

    
Year ended May 31,
2019(mm)		    

0.89

      

0.89

      

1.65

      

1.65

      

1,131,491

      

—

    
Year ended May 31,
2018(o)(mm)		    

0.90

      

0.90

      

0.63

      

0.63

      

848,104

      

—

    
Year ended May 31,
2017(o)(mm)		    

0.89

      

0.89

      

(0.44

)

    

(0.44

)

    

1,418,175

      

—

    

UltraShort Semiconductors

  
Six Months ended
November 30, 2021
(Unaudited)		    

3.61

      

0.95

      

(3.61

)

    

(0.95

)

    

2,330

      

—

    
Year ended May 31,
2021(cc)(kk)		    

2.52

      

0.95

      

(2.51

)

    

(0.94

)

    

2,734

      

—

    
Year ended May 31,
2020(cc)(kk)		    

1.85

      

0.95

      

(0.45

)

    

0.45

      

7,554

      

—

    
Year ended May 31,
2019(v)(cc)(kk)		    

2.47

      

0.95

      

(0.33

)

    

1.19

      

7,119

      

—

    
Year ended May 31,
2018(r)(v)(cc)(kk)		    

2.71

      

0.95

      

(1.50

)

    

0.26

      

3,920

      

—

    
Year ended May 31,
2017(r)(v)(cc)(kk)		    

2.33

      

0.95

      

(1.90

)

    

(0.52

)

    

4,255

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 273

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraShort SmallCap600

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

24.53

    

$

(0.11

)

  

$

(0.66

)

  

$

—

    

$

(0.77

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

23.76

      

(3.18

)%

    

(3.22

)%

  
Year ended May 31,
2021(ee)(kk)		    

92.30

      

(0.49

)

    

(67.28

)

    

—

      

(67.77

)

    

—

      

—

      

—

      

—

      

24.53

      

(73.42

)

    

(73.28

)

  
Year ended May 31,
2020(ee)(kk)		    

123.90

      

(0.13

)

    

(30.72

)

    

—

      

(30.85

)

    

(0.75

)

    

—

      

—

      

(0.75

)

    

92.30

      

(24.97

)

    

(25.26

)

  
Year ended May 31,
2019(ee)(kk)		    

105.26

      

1.33

      

18.37

      

—

      

19.70

      

(1.06

)

    

—

      

—

      

(1.06

)

    

123.90

      

18.83

      

17.33

    
Year ended May 31,
2018(ee)(kk)		    

164.75

      

0.28

      

(59.77

)

    

—

      

(59.49

)

    

—

      

—

      

—

      

—

      

105.26

      

(36.11

)

    

(35.88

)

  
Year ended May 31,
2017(ee)(kk)		    

254.31

      

(1.15

)

    

(88.41

)

    

—

      

(89.56

)

    

—

      

—

      

—

      

—

      

164.75

      

(35.22

)

    

(34.72

)

  

UltraShort Technology

  
Six Months ended
November 30, 2021(nn)
(Unaudited)		    

22.23

      

(0.08

)

    

(8.12

)

    

—

      

(8.20

)

    

—

      

—

      

—

      

—

      

14.03

      

(36.88

)

    

(36.85

)

  
Year ended May 31,
2021(cc)(nn)		    

59.62

      

(0.29

)

    

(37.10

)

    

—

      

(37.39

)

    

—

      

—

      

—

      

—

      

22.23

      

(62.71

)

    

(62.60

)

  
Year ended May 31,
2020(cc)(nn)		    

170.28

      

0.53

      

(109.86

)

    

—

      

(109.33

)

    

(1.25

)

    

—

      

(0.08

)#

    

(1.33

)

    

59.62

      

(64.62

)

    

(64.72

)

  
Year ended May 31,
2019(v)(cc)(nn)		    

203.06

      

2.42

      

(33.45

)

    

—

      

(31.03

)

    

(1.75

)

    

—

      

—

      

(1.75

)

    

170.28

      

(15.34

)

    

(15.28

)

  
Year ended May 31,
2018(v)(cc)(nn)		    

352.34

      

0.56

      

(149.84

)

    

—

      

(149.28

)

    

—

      

—

      

—

      

—

      

203.06

      

(42.37

)

    

(42.74

)

  
Year ended May 31,
2017(v)(cc)(nn)		    

675.60

      

(3.05

)

    

(320.21

)

    

—

      

(323.26

)

    

—

      

—

      

—

      

—

      

352.34

      

(47.85

)

    

(47.52

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraShort SmallCap600

  
Six Months ended
November 30, 2021
(Unaudited)		    

3.53

%

    

0.95

%

    

(3.53

)%

    

(0.95

)%

  

$

3,182

      

—

%

  
Year ended May 31,
2021(ee)(kk)		    

2.41

      

0.95

      

(2.40

)

    

(0.94

)

    

2,064

      

—

    
Year ended May 31,
2020(ee)(kk)		    

2.65

      

0.95

      

(1.82

)

    

(0.11

)

    

9,499

      

—

    
Year ended May 31,
2019(ee)(kk)		    

3.39

      

0.95

      

(1.22

)

    

1.22

      

3,459

      

—

    
Year ended May 31,
2018(ee)(kk)		    

3.37

      

0.95

      

(2.21

)

    

0.22

      

2,281

      

—

    
Year ended May 31,
2017(ee)(kk)		    

3.22

      

0.95

      

(2.86

)

    

(0.59

)

    

2,540

      

—

    

UltraShort Technology

  
Six Months ended
November 30, 2021(nn)
(Unaudited)		    

2.69

      

0.95

      

(2.69

)

    

(0.95

)

    

3,422

      

—

    
Year ended May 31,
2021(cc)(nn)		    

2.18

      

0.95

      

(2.17

)

    

(0.94

)

    

4,866

      

—

    
Year ended May 31,
2020(cc)(nn)		    

2.40

      

0.95

      

(0.95

)

    

0.50

      

4,856

      

—

    
Year ended May 31,
2019(v)(cc)(nn)		    

2.68

      

0.95

      

(0.43

)

    

1.30

      

5,354

      

—

    
Year ended May 31,
2018(v)(cc)(nn)		    

2.87

      

0.95

      

(1.71

)

    

0.21

      

3,212

      

—

    
Year ended May 31,
2017(v)(cc)(nn)		    

2.78

      

0.95

      

(2.43

)

    

(0.59

)

    

2,270

      

—

    

See accompanying notes to the financial statements.

274 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

ProShares Trust Financial Highlights FOR THE PERIODS INDICATED

   

SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED

  
   

PER SHARE OPERATING PERFORMANCE

  
   

INVESTMENT OPERATIONS

  

DISTRIBUTIONS

       TOTAL
RETURN (c)		  
    Net asset
value,
beginning
of period		   Net
investment
income
(loss) (a)		   Net
realized
and
unrealized
gains
(losses) on
investments		   Transaction
fees (b)		   Total from
investment
operations		   Net
investment
income		   Net
realized
gains		   Tax
return
of
capital		   Total
distributions		   Net
asset
value,
end of
period		   Net
asset
value (d)		   Market
value (e)		  

UltraShort Utilities

  
Six Months ended
November 30, 2021
(Unaudited)		  

$

16.33

    

$

(0.07

)

  

$

(1.24

)

  

$

—

    

$

(1.31

)

  

$

—

    

$

—

    

$

—

    

$

—

    

$

15.02

      

(8.02

)%

    

(7.91

)%

  
Year ended
May 31, 2021(ee)		    

23.04

      

(0.18

)

    

(6.53

)

    

—

      

(6.71

)

    

—

      

—

      

—

      

—

      

16.33

      

(29.11

)

    

(29.19

)

  
Year ended
May 31, 2020(ee)		    

37.28

      

0.10

      

(14.11

)

    

—

      

(14.01

)

    

(0.21

)

    

—

      

(0.02

)#

    

(0.23

)

    

23.04

      

(37.75

)

    

(37.77

)

  
Year ended
May 31, 2019(ee)		    

51.64

      

0.21

      

(14.50

)

    

—

      

(14.29

)

    

(0.07

)

    

—

      

—

      

(0.07

)

    

37.28

      

(27.69

)

    

(27.75

)

  
Year ended
May 31, 2018(ee)		    

51.81

      

(0.08

)

    

(0.09

)(i)

    

—

      

(0.17

)

    

—

      

—

      

—

      

—

      

51.64

      

(0.32

)

    

0.00

(j)

  
Year ended
May 31, 2017(ee)		    

70.34

      

(0.39

)

    

(18.14

)

    

—

      

(18.53

)

    

—

      

—

      

—

      

—

      

51.81

      

(26.35

)

    

(26.83

)

  

 

       
   

RATIOS/SUPPLEMENTAL DATA

  
   

RATIOS TO AVERAGE NET ASSETS (f)

   SUPPLEMENTAL
DATA		  
    Expenses
before
expense
reductions		   Expenses
net of
waivers,
if any		   Net
investment
income
(loss)
before
expense
reductions		   Net
investment
income
(loss) net
of waivers,
if any		   Net
assets,
end of
period
(000)		   Portfolio
turnover
rate (c)(g)		  

UltraShort Utilities

  
Six Months ended
November 30, 2021
(Unaudited)		    

4.16

%

    

0.95

%

    

(4.16

)%

    

(0.95

)%

  

$

1,408

      

—

%

  
Year ended
May 31, 2021(ee)		    

4.17

      

0.95

      

(4.16

)

    

(0.95

)

    

2,347

      

—

    
Year ended
May 31, 2020(ee)		    

2.66

      

0.95

      

(1.39

)

    

0.33

      

1,872

      

—

    
Year ended
May 31, 2019(ee)		    

2.41

      

0.95

      

(0.98

)

    

0.49

      

4,427

      

—

    
Year ended
May 31, 2018(ee)		    

1.78

      

0.95

      

(0.98

)

    

(0.15

)

    

5,487

      

—

    
Year ended
May 31, 2017(ee)		    

1.72

      

0.95

      

(1.39

)

    

(0.62

)

    

7,447

      

—

    

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 275

ProShares Trust Notes to Financial Highlights:

(a)  Per share net investment income (loss) has been calculated using the average daily shares method.

(b)  Includes transaction fees associated with the issuance and redemption of Creation Units.

(c)  Not annualized for periods less than one year.

(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(e)  Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., NYSE and NASDAQ) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund's closing price on the listing market.

(f)  Annualized for periods less than one year.

(g)  Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the sales and purchases of fund shares during the period. In-Kind transactions are not included in the portfolio turnover calculations.

(h)  Per share amount is less than $0.005.

(i)  The amount shown for a share outstanding throughout the period is not in accordance with the aggregate net realized and unrealized gain (loss) for that period because of the timing of sales and repurchases of the Fund shares in relation to fluctuating market value of the investments in the Fund.

(j)  Less than 0.05%.

(k)  Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective June 24, 2016.

(l)  Per share amounts have been restated on a retroactive basis to reflect a 3:1 stock split effective July 25, 2016.

(m)  Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective January 12, 2017.

(n)  Per share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective January 12, 2017.

(o)  Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective July 17, 2017.

(p)  Per share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective July 17, 2017.

(q)  Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective May 24, 2018.

(r)  Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective May 24, 2018.

(s)  Per share amounts have been restated on a retroactive basis to reflect a 3:1 stock split effective May 24, 2018.

(t)  Per share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective May 24, 2018.

(u)  Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective May 24, 2019.

(v)  Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective May 24, 2019.

(w)  Per share amounts have been restated on a retroactive basis to reflect a 1:10 reverse stock split effective April 21, 2020.

(x)  Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective April 21, 2020.

(y)  Per share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective August 18, 2020.

(z)  Per share amounts have been restated on a retroactive basis to reflect a 4:1 stock split effective August 18, 2020.

(aa)  Per share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective August 18, 2020.

(bb)  Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective August 18, 2020.

(cc)  Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective August 18, 2020.

(dd)  Per share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective January 21, 2021.

(ee)  Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective January 21, 2021.

(ff)  Per share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective January 21, 2021.

(gg)  Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective January 21, 2021.

(hh)  Per share amounts have been restated on a retroactive basis to reflect a 4:1 stock split effective May 25, 2021.

(ii)  Per share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective May 25, 2021.

(jj)  Per share amounts have been restated on a retroactive basis to reflect a 5:1 stock split effective May 25, 2021.

(kk)  Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective May 25, 2021.

(ll)  Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective May 25, 2021.

(mm)  Per share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective January 13, 2022.

(nn)  Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective January 13, 2022.

(oo)  Per share amounts have been restated on a retroactive basis to reflect a 4:1 stock split effective January 13, 2022.

(pp)  Per share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective January 13, 2022.

#  Amount has been reclassified based on the tax character of the distributions for the tax year ended October 31, 2020.

See accompanying notes to the financial statements.

276 :: FINANCIAL HIGHLIGHTSPROSHARES TRUST

NOTES TO FINANCIAL STATEMENTS

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 277

1. Organization

ProShares Trust (the "Trust") is registered as an open-end management investment company under the Investment Company Act of 1940 ("1940 Act"). The Trust was formed as a Delaware statutory trust on May 29, 2002, has authorized capital of an unlimited number of shares at no par value and is comprised of 123 operational funds. These accompanying Notes to Financial Statements relate to the portfolios of the Trust included in this report (collectively, the "Funds" and individually, a "Fund"). Each Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946 — Financial Services — Investment Companies. Each Fund is a "non-diversified" series of the Trust pursuant to the 1940 Act.

2. Significant Accounting Policies

The net asset value per share ("NAV") of each Fund is generally determined as of the close of the regular trading session of the exchange on which it is listed (is typically calculated as of 4:00 p.m. Eastern Time) on each business day.

The following is a summary of significant accounting policies followed by each Fund in preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts. The actual results could differ from those estimates.

Investment Valuation

The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The securities in the portfolio of a Fund that are listed or traded on a stock exchange or the NASDAQ Stock Market, except as otherwise noted, are generally valued at the closing price, if available, or the last sale price on the exchange or system where the security is principally traded, generally using information provided by a third party pricing service, or market quotations. These valuations are typically categorized as Level 1 in the fair value hierarchy described below. If there have been no sales for that day on the exchange or system where the security is principally traded, then fair value may be determined with reference to the mean of the latest bid and asked quotes, if applicable, on the exchange or system. If there have been no sales or quotes of the security for that day on the exchange or system, the security will be valued in accordance with procedures approved by the Trust's Board of Trustees (the "Board").

Exchange traded funds are generally valued at the closing price, if available, or at the last sale price as described above, and are typically categorized as Level 1 in the fair value hierarchy.

Securities regularly traded in the over-the-counter ("OTC") markets, including securities listed on an exchange but that are primarily traded OTC, other than those traded on the NASDAQ Stock Market, are valued on the basis of the mean between the bid and asked quotes furnished by primary market makers for those instruments. U.S. Treasury securities are valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes. In

each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Exchange traded equity and bond futures contracts are generally valued at the official futures settlement price. These valuations are typically categorized as Level 1 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described below may be applied. Non-exchange traded derivatives (e.g. non-exchange traded swap agreements) are generally valued using independent sources and/or agreement with counterparties or other procedures approved by the Board and are typically categorized as Level 2 in the fair value hierarchy.

When ProShare Advisors LLC (the "Advisor") determines that the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain prices become stale, or an event occurs that materially affects the furnished price), the Advisor may, in good faith, establish a fair value for that security in accordance with procedures established by and under the general supervision and responsibility of the Board. Fair value pricing may require subjective determinations about the value of a security. While the Trust's policy is intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Advisor or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

The Funds disclose the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions which are developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds' own assumptions about market participant assumptions which are developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

•  Level 1 — Quoted prices in active markets for identical assets.

•  Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•  Level 3 — Significant unobservable inputs (including assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt securities maturing in sixty days or less may be valued at amortized cost. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Fair value measurements may also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly.

278 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

The following is a summary of the valuations as of November 30, 2021, for each Fund based upon the three levels defined above:

Please refer to the Schedules of Portfolio Investments to view equity and debt securities segregated by industry type.

   

LEVEL 1 - Quoted Prices

  

LEVEL 2 - Other Significant Observable Inputs

  

Total

  
    Common
Stocks/
Shares of
Beneficial
Interest		   Securities
Lending
Reinvestments		   Futures
Contracts*		   Rights/
Warrants		   U.S.
Treasury
Obligations		   Corporate
Bonds		   Repurchase
Agreements		   Swap
Agreements*		   Investment
Securities,
including
Repurchase
Agreements		   Other
Financial
Instruments,
including
Futures
Contracts
and Swap
Agreements*		  
Short 7-10 Year
Treasury		    

—

      

—

    

$

(2,823

)

    

—

      

—

      

—

    

$

98,359,814

    

$

578,584

    

$

98,359,814

    

$

575,761

    
Short 20+ Year
Treasury		    

—

      

—

      

(38,479

)

    

—

    

$

439,844,309

      

—

      

277,143,375

      

(20,392,793

)

    

716,987,684

      

(20,431,272

)

  
Short Basic
Materials		    

—

      

—

      

—

      

—

      

—

      

—

      

1,749,373

      

66,337

      

1,749,373

      

66,337

    

Short Dow30SM

    

—

      

—

      

376,760

      

—

      

224,884,872

      

—

      

37,123,207

      

(6,342,953

)

    

262,008,079

      

(5,966,193

)

  

Short Financials

    

—

      

—

      

—

      

—

      

—

      

—

      

7,019,970

      

(773,944

)

    

7,019,970

      

(773,944

)

  
Short FTSE
China 50		    

—

      

—

      

—

      

—

      

—

      

—

      

7,835,465

      

353,141

      

7,835,465

      

353,141

    

Short High Yield

    

—

      

—

      

—

      

—

      

9,999,108

      

—

      

40,408,431

      

964,101

      

50,407,539

      

964,101

    

Short MidCap400

    

—

      

—

      

(3,325

)

    

—

      

—

      

—

      

9,250,771

      

18,926

      

9,250,771

      

15,601

    

Short MSCI EAFE

    

—

      

—

      

—

      

—

      

—

      

—

      

12,520,102

      

838,441

      

12,520,102

      

838,441

    
Short MSCI
Emerging
Markets		    

—

      

—

      

—

      

—

      

—

      

—

      

32,593,896

      

1,713,165

      

32,593,896

      

1,713,165

    

Short Oil & Gas

    

—

      

—

      

—

      

—

      

—

      

—

      

2,440,028

      

(521,537

)

    

2,440,028

      

(521,537

)

  

Short QQQ

    

—

      

—

      

(788,659

)

    

—

      

479,871,347

      

—

      

57,415,506

      

(18,508,988

)

    

537,286,853

      

(19,297,647

)

  

Short Real Estate

    

—

      

—

      

—

      

—

      

—

      

—

      

9,281,295

      

(1,293,449

)

    

9,281,295

      

(1,293,449

)

  

Short Russell2000

    

—

      

—

      

636,450

      

—

      

159,961,724

      

—

      

62,105,186

      

16,725,945

      

222,066,910

      

17,362,395

    

Short S&P500®

    

—

      

—

      

(1,864,214

)

    

—

      

1,314,595,492

      

—

      

97,360,247

      

(143,789,711

)

    

1,411,955,739

      

(145,653,925

)

  
Short
SmallCap600		    

—

      

—

      

—

      

—

      

—

      

—

      

4,473,647

      

(376,450

)

    

4,473,647

      

(376,450

)

  
Ultra 7-10 Year
Treasury		    

—

    

$

1,751,062

      

451

      

—

      

16,330,778

      

—

      

3,740,699

      

(206,633

)

    

21,822,539

      

(206,182

)

  
Ultra 20+ Year
Treasury		    

—

      

—

      

14,982

      

—

      

17,659,008

      

—

      

21,067,831

      

2,628,872

      

38,726,839

      

2,643,854

    
Ultra Basic
Materials		  

$

57,663,277

      

433,569

      

—

      

—

      

—

      

—

      

12,186,281

      

(4,398,594

)

    

70,283,127

      

(4,398,594

)

  
Ultra Consumer
Goods		    

12,402,837

      

13,409

      

—

      

—

      

—

      

—

      

3,460,350

      

701,351

      

15,876,596

      

701,351

    
Ultra Consumer
Services		    

29,063,603

      

133,228

      

—

      

—

      

—

      

—

      

6,670,113

      

(817,230

)

    

35,866,944

      

(817,230

)

  

Ultra Dow30SM

    

392,301,768

      

—

      

28,315

      

—

      

—

      

—

      

115,026,190

      

(20,261,502

)

    

507,327,958

      

(20,233,187

)

  

Ultra Financials

    

573,102,168

      

125,687

      

—

      

—

      

—

      

—

      

170,115,236

      

107,298,275

      

743,343,091

      

107,298,275

    
Ultra FTSE
China 50		    

—

      

—

      

—

      

—

      

—

      

—

      

10,585,239

      

(6,374,872

)

    

10,585,239

      

(6,374,872

)

  

Ultra FTSE Europe

    

—

      

—

      

—

      

—

      

—

      

—

      

4,068,474

      

(518,506

)

    

4,068,474

      

(518,506

)

  

Ultra Health Care

    

123,465,937

      

21,238

      

—

      

—

      

—

      

—

      

30,525,162

      

(7,729,764

)

    

154,012,337

      

(7,729,764

)

  

Ultra High Yield

    

—

      

—

      

—

      

—

      

—

      

—

      

18,047,233

      

(876,327

)

    

18,047,233

      

(876,327

)

  

Ultra Industrials

    

22,513,648

      

2,635

      

—

      

—

      

—

      

—

      

4,588,429

      

(1,986,870

)

    

27,104,712

      

(1,986,870

)

  

Ultra MidCap400

    

162,191,773

      

409,081

      

149,210

      

—

      

—

      

—

      

29,672,451

      

(13,656,378

)

    

192,273,305

      

(13,507,168

)

  
Ultra MSCI Brazil
Capped		    

—

      

—

      

—

      

—

      

—

      

—

      

3,512,594

      

(1,821,032

)

    

3,512,594

      

(1,821,032

)

  

Ultra MSCI EAFE

    

—

      

—

      

—

      

—

      

—

      

—

      

10,025,687

      

(1,033,094

)

    

10,025,687

      

(1,033,094

)

  
Ultra MSCI
Emerging
Markets		    

—

      

—

      

—

      

—

      

—

      

—

      

37,207,859

      

(8,567,844

)

    

37,207,859

      

(8,567,844

)

  

Ultra MSCI Japan

    

1,094,444

      

—

      

—

      

—

      

—

      

—

      

5,286,488

      

(602,517

)

    

6,380,932

      

(602,517

)

  

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 279

   

LEVEL 1 - Quoted Prices

  

LEVEL 2 - Other Significant Observable Inputs

  

Total

  
    Common
Stocks/
Shares of
Beneficial
Interest		   Securities
Lending
Reinvestments		   Futures
Contracts*		   Rights/
Warrants		   U.S.
Treasury
Obligations		   Corporate
Bonds		   Repurchase
Agreements		   Swap
Agreements*		   Investment
Securities,
including
Repurchase
Agreements		   Other
Financial
Instruments,
including
Futures
Contracts
and Swap
Agreements*		  
Ultra Nasdaq
Biotechnology		  

$

198,284,743

    

$

1,763,417

      

—

    

$

11,641

      

—

      

—

    

$

16,260,723

    

$

(8,103,025

)

  

$

216,320,524

    

$

(8,103,025

)

  
Ultra Nasdaq Cloud
Computing		    

1,361,168

      

—

      

—

      

—

      

—

      

—

      

37,532

      

196,660

      

1,398,700

      

196,660

    
Ultra Nasdaq
Cybersecurity		    

155,521

      

—

      

—

      

—

      

—

      

—

      

3,132,276

      

174,661

      

3,287,797

      

174,661

    

Ultra Oil & Gas

    

153,411,648

      

159,838

      

—

      

—

      

—

      

—

      

33,459,556

      

(13,118,768

)

    

187,031,042

      

(13,118,768

)

  

Ultra QQQ

    

5,573,207,837

      

6,158,913

    

$

30,881,162

      

—

    

$

399,724,376

      

—

      

97,108,684

      

44,000,992

      

6,076,199,810

      

74,882,154

    

Ultra Real Estate

    

98,309,933

      

—

      

—

      

—

      

—

      

—

      

24,228,473

      

(2,043,340

)

    

122,538,406

      

(2,043,340

)

  

Ultra Russell2000

    

233,476,380

      

3,751,230

      

(401,691

)

    

1,222

      

—

    

$

1,980

      

135,948,857

      

(27,200,894

)

    

373,179,669

      

(27,602,585

)

  

Ultra S&P500®

    

4,045,212,710

      

390,817

      

10,817,816

      

—

      

799,742,812

      

—

      

86,874,882

      

(161,259,554

)

    

4,932,221,221

      

(150,441,738

)

  
Ultra
Semiconductors		    

451,340,205

      

—

      

—

      

—

      

—

      

—

      

13,574,541

      

75,582,466

      

464,914,746

      

75,582,466

    
Ultra
SmallCap600		    

29,820,558

      

98,464

      

—

      

—

      

—

      

—

      

10,862,637

      

(531,786

)

    

40,781,659

      

(531,786

)

  

Ultra Technology

    

876,072,250

      

240,988

      

—

      

—

      

—

      

—

      

319,982,756

      

(5,066,971

)

    

1,196,295,994

      

(5,066,971

)

  
Ultra
Telecommuni-
cations		    

1,740,465

      

4,860

      

—

      

—

      

—

      

—

      

468,854

      

(147,585

)

    

2,214,179

      

(147,585

)

  

Ultra Utilities

    

18,139,036

      

—

      

—

      

—

      

—

      

—

      

373,592

      

(143,903

)

    

18,512,628

      

(143,903

)

  
UltraPro
Dow30SM		    

904,767,409

      

—

      

568,672

      

—

      

—

      

—

      

126,986,958

      

(37,152,123

)

    

1,031,754,367

      

(36,583,451

)

  
UltraPro
MidCap400		    

47,375,852

      

124,808

      

49,222

      

—

      

—

      

—

      

6,137,671

      

(5,632,919

)

    

53,638,331

      

(5,583,697

)

  

UltraPro QQQ

    

15,121,764,135

      

12,281,410

      

156,167,214

      

—

      

3,499,305,449

      

—

      

278,150,784

      

(4,017,030

)

    

18,911,501,778

      

152,150,184

    
UltraPro
Russell2000		    

354,020,530

      

4,901,219

      

(70,069

)

    

537

      

—

      

—

      

167,587,252

      

(70,367,947

)

    

526,509,538

      

(70,438,016

)

  
UltraPro
S&P500®		    

3,001,851,800

      

80,245

      

7,691,358

      

—

      

299,793,282

      

—

      

129,694,157

      

(211,563,172

)

    

3,431,419,484

      

(203,871,814

)

  
UltraPro
Short 20+ Year
Treasury		    

—

      

—

      

(26,062

)

    

—

      

—

      

—

      

191,688,291

      

(22,783,401

)

    

191,688,291

      

(22,809,463

)

  
UltraPro Short
Dow30SM		    

—

      

—

      

1,728,298

      

—

      

379,863,969

      

—

      

49,595,934

      

(19,135,100

)

    

429,459,903

      

(17,406,802

)

  
UltraPro Short
MidCap400		    

—

      

—

      

(2,432

)

    

—

      

—

      

—

      

4,512,406

      

625,254

      

4,512,406

      

622,822

    
UltraPro
Short QQQ		    

—

      

—

      

3,634

      

—

      

1,349,562,634

      

—

      

417,058,322

      

(155,429,704

)

    

1,766,620,956

      

(155,426,070

)

  
UltraPro Short
Russell2000		    

—

      

—

      

605,231

      

—

      

75,822,549

      

—

      

32,367,796

      

9,691,199

      

108,190,345

      

10,296,430

    
UltraPro Short
S&P500®		    

—

      

—

      

(305,579

)

    

—

      

499,821,583

      

—

      

96,899,371

      

3,960,357

      

596,720,954

      

3,654,778

    
UltraShort 7-10
Year Treasury		    

—

      

—

      

(7,528

)

    

—

      

—

      

—

      

70,906,148

      

(116,757

)

    

70,906,148

      

(124,285

)

  
UltraShort 20+
Year Treasury		    

—

      

—

      

(21,616

)

    

—

      

1,209,582,456

      

—

      

296,789,550

      

(74,367,802

)

    

1,506,372,006

      

(74,389,418

)

  
UltraShort Basic
Materials		    

—

      

—

      

—

      

—

      

—

      

—

      

1,587,592

      

132,598

      

1,587,592

      

132,598

    
UltraShort
Consumer
Goods		    

—

      

—

      

—

      

—

      

—

      

—

      

1,054,769

      

(305,493

)

    

1,054,769

      

(305,493

)

  
UltraShort
Consumer
Services		    

—

      

—

      

—

      

—

      

—

      

—

      

895,533

      

(154,133

)

    

895,533

      

(154,133

)

  

280 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

   

LEVEL 1 - Quoted Prices

  

LEVEL 2 - Other Significant Observable Inputs

  

Total

  
    Common
Stocks/
Shares of
Beneficial
Interest		   Securities
Lending
Reinvestments		   Futures
Contracts*		   Rights/
Warrants		   U.S.
Treasury
Obligations		   Corporate
Bonds		   Repurchase
Agreements		   Swap
Agreements*		   Investment
Securities,
including
Repurchase
Agreements		   Other
Financial
Instruments,
including
Futures
Contracts
and Swap
Agreements*		  
UltraShort
Dow30SM		    

—

      

—

    

$

360,191

      

—

    

$

34,997,831

      

—

    

$

49,844,573

    

$

1,182,463

    

$

84,842,404

    

$

1,542,654

    
UltraShort
Financials		    

—

      

—

      

—

      

—

      

—

      

—

      

8,467,546

      

(2,894,231

)

    

8,467,546

      

(2,894,231

)

  
UltraShort FTSE
China 50		    

—

      

—

      

—

      

—

      

—

      

—

      

14,273,971

      

1,798,986

      

14,273,971

      

1,798,986

    
UltraShort FTSE
Europe		    

—

      

—

      

—

      

—

      

—

      

—

      

5,565,138

      

7,596

      

5,565,138

      

7,596

    
UltraShort Health
Care		    

—

      

—

      

—

      

—

      

—

      

—

      

2,015,647

      

(293,715

)

    

2,015,647

      

(293,715

)

  
UltraShort
Industrials		    

—

      

—

      

—

      

—

      

—

      

—

      

1,557,253

      

(272,259

)

    

1,557,253

      

(272,259

)

  
UltraShort
MidCap400		    

—

      

—

      

(2,432

)

    

—

      

—

      

—

      

1,483,725

      

(137,776

)

    

1,483,725

      

(140,208

)

  
UltraShort
MSCI Brazil
Capped		    

—

      

—

      

—

      

—

      

—

      

—

      

13,153,447

      

1,767,694

      

13,153,447

      

1,767,694

    
UltraShort
MSCI EAFE		    

—

      

—

      

—

      

—

      

—

      

—

      

723,994

      

(8,595

)

    

723,994

      

(8,595

)

  
UltraShort MSCI
Emerging
Markets		    

—

      

—

      

—

      

—

      

—

      

—

      

4,582,177

      

576,022

      

4,582,177

      

576,022

    
UltraShort MSCI
Japan		    

—

      

—

      

—

      

—

      

—

      

—

      

2,404,058

      

150,171

      

2,404,058

      

150,171

    
UltraShort Nasdaq
Biotechnology		    

—

      

—

      

—

      

—

      

—

      

—

      

5,224,150

      

170,115

      

5,224,150

      

170,115

    
UltraShort
Oil & Gas		    

—

      

—

      

—

      

—

      

—

      

—

      

18,572,171

      

(7,323,862

)

    

18,572,171

      

(7,323,862

)

  

UltraShort QQQ

    

—

      

—

      

126,999

      

—

      

154,950,724

      

—

      

85,847,095

      

(37,812,500

)

    

240,797,819

      

(37,685,501

)

  
UltraShort Real
Estate		    

—

      

—

      

—

      

—

      

—

      

—

      

14,355,580

      

(4,229,579

)

    

14,355,580

      

(4,229,579

)

  
UltraShort
Russell2000		    

—

      

—

      

430,703

      

—

      

9,998,653

      

—

      

57,269,586

      

(917,428

)

    

67,268,239

      

(486,725

)

  
UltraShort
S&P500®		    

—

      

—

      

(288,362

)

    

—

      

534,833,528

      

—

      

30,110,565

      

(46,347,292

)

    

564,944,093

      

(46,635,654

)

  
UltraShort
Semiconductors		    

—

      

—

      

—

      

—

      

—

      

—

      

2,514,176

      

(1,281,167

)

    

2,514,176

      

(1,281,167

)

  
UltraShort
SmallCap600		    

—

      

—

      

—

      

—

      

—

      

—

      

2,971,200

      

(897,624

)

    

2,971,200

      

(897,624

)

  
UltraShort
Technology		    

—

      

—

      

—

      

—

      

—

      

—

      

3,186,443

      

(1,676,770

)

    

3,186,443

      

(1,676,770

)

  

UltraShort Utilities

    

—

      

—

      

—

      

—

      

—

      

—

      

1,362,116

      

(72,872

)

    

1,362,116

      

(72,872

)

  

Foreign Currency Translation

Each Fund's accounting records are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency exchange contracts are translated into U.S. dollars as of the close of London world markets. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Repurchase Agreements

Each of the Funds may enter into repurchase agreements. Repurchase agreements are primarily used by the Funds as short-term investments for cash positions. Under a repurchase agreement, a Fund purchases one or more debt securities and simultaneously agrees to sell those

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 281

securities back to the seller at a mutually agreed-upon future price and date, normally one day or a few days later. The resale price is greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser's holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions generally with major global financial institutions whose creditworthiness is monitored by the Advisor. In addition, the value of the collateral underlying the repurchase agreement is required to be at least equal to the repurchase price, including any accrued interest income earned on the repurchase agreement. The Funds may invest in repurchase agreements through joint account arrangements; in such cases, each Fund holds a pro rata share of the collateral and interest income based upon the dollar amount of the repurchase agreements entered into by each Fund. The collateral underlying the repurchase agreement is held by the Fund's custodian. A repurchase agreement is subject to the risk that the counterparty to the repurchase agreement that sells the securities may default on its obligation to repurchase them. In this circumstance, a Fund may lose money because it may not be able to sell the securities at the agreed upon time and price, the securities may lose value before they can be sold, the selling institution may declare bankruptcy or the Fund may have difficulty exercising rights to the collateral. During periods of high demand for repurchase agreements, the Funds may be unable to invest available cash in these instruments to the extent desired by the Advisor.

On November 30, 2021, the Funds had interest in joint repurchase agreements with the following counterparties, for the time periods and rates indicated. Amounts shown in the table below represent Principal Amount, Cost and Value for each respective repurchase agreement.

Fund Name

   Barclays
Capital, Inc.,
0.01%, dated
11/30/2021 due
12/01/2021 (a)		   BNP Paribas
Securities Corp.,
0.04%, dated
11/30/2021 due
12/01/2021 (b)		   ING Financial
Markets LLC,
0.05%, dated
11/30/2021 due
12/01/2021 (c)		  

Total

  

Short 7-10 Year Treasury

  

$

43,254,270

    

$

41,329,158

    

$

13,776,386

    

$

98,359,814

    

Short 20+ Year Treasury

    

121,875,322

      

116,451,040

      

38,817,013

      

277,143,375

    

Short Basic Materials

    

769,296

      

735,057

      

245,020

      

1,749,373

    

Short Dow30SM

    

16,325,134

      

15,598,555

      

5,199,518

      

37,123,207

    

Short Financials

    

3,087,070

      

2,949,674

      

983,226

      

7,019,970

    

Short FTSE China 50

    

3,445,689

      

3,292,332

      

1,097,444

      

7,835,465

    

Short High Yield

    

17,769,830

      

16,978,951

      

5,659,650

      

40,408,431

    

Short MidCap400

    

4,068,077

      

3,887,020

      

1,295,674

      

9,250,771

    

Short MSCI EAFE

    

5,505,784

      

5,260,738

      

1,753,580

      

12,520,102

    

Short MSCI Emerging Markets

    

14,333,345

      

13,695,413

      

4,565,138

      

32,593,896

    

Short Oil & Gas

    

1,073,015

      

1,025,260

      

341,753

      

2,440,028

    

Short QQQ

    

25,248,784

      

24,125,042

      

8,041,680

      

57,415,506

    

Short Real Estate

    

4,081,501

      

3,899,846

      

1,299,948

      

9,281,295

    

Short Russell2000

    

27,311,097

      

26,095,566

      

8,698,523

      

62,105,186

    

Short S&P500®

    

42,814,704

      

40,909,158

      

13,636,385

      

97,360,247

    

Short SmallCap600

    

1,967,310

      

1,879,753

      

626,584

      

4,473,647

    

Ultra 7-10 Year Treasury

    

1,644,993

      

1,571,780

      

523,926

      

3,740,699

    

Ultra 20+ Year Treasury

    

9,264,694

      

8,852,353

      

2,950,784

      

21,067,831

    

Ultra Basic Materials

    

5,358,984

      

5,120,473

      

1,706,824

      

12,186,281

    

Ultra Consumer Goods

    

1,521,707

      

1,453,982

      

484,661

      

3,460,350

    

Ultra Consumer Services

    

2,933,218

      

2,802,671

      

934,224

      

6,670,113

    

Ultra Dow30SM

    

50,583,401

      

48,332,092

      

16,110,697

      

115,026,190

    

Ultra Financials

    

74,809,110

      

71,479,594

      

23,826,532

      

170,115,236

    

Ultra FTSE China 50

    

4,654,916

      

4,447,742

      

1,482,581

      

10,585,239

    

Ultra FTSE Europe

    

1,789,134

      

1,709,505

      

569,835

      

4,068,474

    

Ultra Health Care

    

13,423,607

      

12,826,166

      

4,275,389

      

30,525,162

    

Ultra High Yield

    

7,936,369

      

7,583,148

      

2,527,716

      

18,047,233

    

Ultra Industrials

    

2,017,787

      

1,927,981

      

642,661

      

4,588,429

    

Ultra MidCap400

    

13,048,624

      

12,467,870

      

4,155,957

      

29,672,451

    

Ultra MSCI Brazil Capped

    

1,544,683

      

1,475,933

      

491,978

      

3,512,594

    

Ultra MSCI EAFE

    

4,408,851

      

4,212,627

      

1,404,209

      

10,025,687

    

Ultra MSCI Emerging Markets

    

16,362,361

      

15,634,124

      

5,211,374

      

37,207,859

    

Ultra MSCI Japan

    

2,324,762

      

2,221,295

      

740,431

      

5,286,488

    

Ultra Nasdaq Biotechnology

    

7,150,743

      

6,832,485

      

2,277,495

      

16,260,723

    

Ultra Nasdaq Cloud Computing

    

16,505

      

15,770

      

5,257

      

37,532

    

282 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

Fund Name

   Barclays
Capital, Inc.,
0.01%, dated
11/30/2021 due
12/01/2021 (a)		   BNP Paribas
Securities Corp.,
0.04%, dated
11/30/2021 due
12/01/2021 (b)		   ING Financial
Markets LLC,
0.05%, dated
11/30/2021 due
12/01/2021 (c)		  

Total

  

Ultra Nasdaq Cybersecurity

  

$

1,377,436

    

$

1,316,130

    

$

438,710

    

$

3,132,276

    

Ultra Oil & Gas

    

14,714,023

      

14,059,150

      

4,686,383

      

33,459,556

    

Ultra QQQ

    

42,704,078

      

40,803,454

      

13,601,152

      

97,108,684

    

Ultra Real Estate

    

10,654,604

      

10,180,402

      

3,393,467

      

24,228,473

    

Ultra Russell2000

    

59,784,257

      

57,123,450

      

19,041,150

      

135,948,857

    

Ultra S&P500®

    

38,203,707

      

36,503,381

      

12,167,794

      

86,874,882

    

Ultra Semiconductors

    

5,969,479

      

5,703,796

      

1,901,266

      

13,574,541

    

Ultra SmallCap600

    

4,776,904

      

4,564,300

      

1,521,433

      

10,862,637

    

Ultra Technology

    

140,714,176

      

134,451,435

      

44,817,145

      

319,982,756

    

Ultra Telecommunications

    

206,181

      

197,004

      

65,669

      

468,854

    

Ultra Utilities

    

164,289

      

156,978

      

52,325

      

373,592

    

UltraPro Dow30SM

    

55,843,213

      

53,357,809

      

17,785,936

      

126,986,958

    

UltraPro MidCap400

    

2,699,074

      

2,578,948

      

859,649

      

6,137,671

    

UltraPro QQQ

    

122,318,335

      

116,874,336

      

38,958,113

      

278,150,784

    

UltraPro Russell2000

    

73,697,415

      

70,417,378

      

23,472,459

      

167,587,252

    

UltraPro S&P500®

    

57,033,718

      

54,495,330

      

18,165,109

      

129,694,157

    

UltraPro Short 20+ Year Treasury

    

84,295,980

      

80,544,234

      

26,848,077

      

191,688,291

    

UltraPro Short Dow30SM

    

21,810,085

      

20,839,387

      

6,946,462

      

49,595,934

    

UltraPro Short MidCap400

    

1,984,355

      

1,896,039

      

632,012

      

4,512,406

    

UltraPro Short QQQ

    

183,403,691

      

175,240,973

      

58,413,658

      

417,058,322

    

UltraPro Short Russell2000

    

14,233,916

      

13,600,410

      

4,533,470

      

32,367,796

    

UltraPro Short S&P500®

    

42,612,030

      

40,715,505

      

13,571,836

      

96,899,371

    

UltraShort 7-10 Year Treasury

    

31,181,369

      

29,793,584

      

9,931,195

      

70,906,148

    

UltraShort 20+ Year Treasury

    

130,514,836

      

124,706,036

      

41,568,678

      

296,789,550

    

UltraShort Basic Materials

    

698,153

      

667,079

      

222,360

      

1,587,592

    

UltraShort Consumer Goods

    

463,841

      

443,196

      

147,732

      

1,054,769

    

UltraShort Consumer Services

    

393,816

      

376,288

      

125,429

      

895,533

    

UltraShort Dow30SM

    

21,919,425

      

20,943,862

      

6,981,286

      

49,844,573

    

UltraShort Financials

    

3,723,651

      

3,557,921

      

1,185,974

      

8,467,546

    

UltraShort FTSE China 50

    

6,277,057

      

5,997,686

      

1,999,228

      

14,273,971

    

UltraShort FTSE Europe

    

2,447,300

      

2,338,378

      

779,460

      

5,565,138

    

UltraShort Health Care

    

886,392

      

846,942

      

282,313

      

2,015,647

    

UltraShort Industrials

    

684,810

      

654,332

      

218,111

      

1,557,253

    

UltraShort MidCap400

    

652,476

      

623,437

      

207,812

      

1,483,725

    

UltraShort MSCI Brazil Capped

    

5,784,301

      

5,526,859

      

1,842,287

      

13,153,447

    

UltraShort MSCI EAFE

    

318,381

      

304,210

      

101,403

      

723,994

    

UltraShort MSCI Emerging Markets

    

2,015,037

      

1,925,355

      

641,785

      

4,582,177

    

UltraShort MSCI Japan

    

1,057,198

      

1,010,145

      

336,715

      

2,404,058

    

UltraShort Nasdaq Biotechnology

    

2,297,348

      

2,195,101

      

731,701

      

5,224,150

    

UltraShort Oil & Gas

    

8,167,214

      

7,803,717

      

2,601,240

      

18,572,171

    

UltraShort QQQ

    

37,751,732

      

36,071,523

      

12,023,840

      

85,847,095

    

UltraShort Real Estate

    

6,312,945

      

6,031,976

      

2,010,659

      

14,355,580

    

UltraShort Russell2000

    

25,184,615

      

24,063,728

      

8,021,243

      

57,269,586

    

UltraShort S&P500®

    

13,241,285

      

12,651,960

      

4,217,320

      

30,110,565

    

UltraShort Semiconductors

    

1,105,623

      

1,056,414

      

352,139

      

2,514,176

    

UltraShort SmallCap600

    

1,306,601

      

1,248,449

      

416,150

      

2,971,200

    

UltraShort Technology

    

1,401,256

      

1,338,890

      

446,297

      

3,186,443

    

UltraShort Utilities

    

598,999

      

572,337

      

190,780

      

1,362,116

    
   

$

1,839,311,284

    

$

1,757,449,388

    

$

585,816,465

    

$

4,182,577,137

    

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 283

Each Repurchase Agreement was fully collateralized by U.S. government and/or agency securities at November 30, 2021 as follows:

(a)  U.S. Treasury Bonds, 0% to 3.88%, due 2/15/2022 to 11/15/2051; U.S. Treasury Notes, 0.13% to 0.25%, due 4/15/2022 to 7/15/2031, which had an aggregate value at the Trust level of $1,921,520,947.

(b)  U.S. Treasury Bills, 0%, due 12/30/2021 to 11/3/2022; U.S. Treasury Bonds, 0% to 5.25%, due 1/15/2026 to 2/15/2051; U.S. Treasury Notes, 0.11% to 2.75%, due 12/15/2021 to 11/15/2029, which had an aggregate value at the Trust level of $1,836,000,000.

(c)  Federal Farm Credit Bank, 0.13% to 3.10%, due 5/2/2022 to 1/4/2035; Federal Home Loan Bank, 0.11% to 5.50%, due 5/20/2024 to 7/15/2036; Federal Home Loan Mortgage Corp., 0% to 6.75%, due 1/13/2022 to 3/15/2031; Federal National Mortgage Association, 0% to 6.63%, due 1/5/2022 to 11/15/2030; U.S. Treasury Bills, 0%, due 1/6/2022; U.S. Treasury Bonds, 0.63% to 3.75%, due 2/15/2041 to 8/15/2051; U.S. Treasury Notes, 1.25% due 7/31/2023, which had an aggregate value at the Trust level of $612,001,053.

Equity Securities

Certain Funds may invest in or seek leveraged, inverse, or inverse leveraged exposure to equity securities, including shares of foreign or U.S. common stock, Real Estate Investment Trusts, Depositary Receipts, and shares of other Investment Companies, including other exchange traded funds ("ETFs").

Real Estate Investment Trusts ("REITs")

REITs report information on the source of their distributions annually. A portion of distributions received from REITs during the period is estimated to be dividend income, realized gain or return of capital. These estimates are adjusted when the actual source of distributions is disclosed by the REITs.

Debt Instruments

Certain Funds may invest in or seek leveraged, inverse, or inverse leveraged exposure to debt instruments, including U.S. government securities. Additionally, certain Funds may invest in or seek leveraged or inverse exposure to (lower rated) debt instruments (also known as "junk bonds"), that are rated below "investment grade" by Moody's, Standard and Poor's and/or Fitch, Inc.

Securities Lending

Each Fund may lend securities to brokers, dealers and financial organizations in exchange for collateral in the amount of at least 102% of the value of U.S. dollar-denominated securities loaned or at least 105% of the value of non-U.S. dollar-denominated securities loaned, marked to market daily. Each security loaned will be secured continuously by collateral in the form of cash, Money Market Instruments or U.S. Government securities. When a Fund lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the reinvestment of the cash collateral. Any cash collateral received by the Fund in connection with these loans may be reinvested in a variety of short-term investments. Any securities collateral received by the Fund in connection with these loans may not be sold or pledged by the Fund and, accordingly, are not reflected in the Fund's assets and liabilities. The Funds may incur fees and expenses in connection with the reinvestment of cash collateral. For security loans collateralized by cash, borrowers may be entitled to receive a fee based on the amount of collateral. The Funds are typically compensated by the difference between the amount earned on the reinvestment of cash collateral and any fees paid to the borrower. Although voting and other rights attendant to securities loaned pass to the borrower, such loans may be recalled so that the securities may be voted on by the Fund if a material event affecting

the Fund's investment in the securities on loan is to occur. Security loans are subject to termination by the Fund or the borrower at any time. Not all Funds may participate in securities lending at any given time. No securities loan shall be made on behalf of a Fund if, as a result, the aggregate value of all securities loaned by the particular Fund exceeds one-third of the value of such Fund's total assets (including the value of the collateral received).

Securities lending involves exposure to certain risks, including "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and any fees a Fund has agreed to pay a borrower), operational risk (i.e., the risk of losses resulting from problems in the settlement and the accounting process), legal, counterparty and credit risk. If a securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return a Fund's securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for a Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market. A Fund could lose money if its short-term reinvestment of the collateral declines in value over the period of the loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day.

Accounting for Derivatives Instruments

In seeking to achieve the investment objectives of Funds, the Advisor uses a passive or mathematical approach to investing. Using this approach, the Advisor determines the type, quantity and mix of investment positions, including derivative positions, that a Fund should hold to approximate, on a daily basis, the corresponding performance, inverse, multiple, or inverse multiple of the performance of its index or benchmark, as appropriate, based upon each Fund's investment objective.

In connection with its management of certain series of the Trust included in this report (ProShares Ultra Basic Materials, ProShares Ultra Consumer Good, ProShares Ultra Consumer Services, ProShares Ultra Financials, ProShares Ultra Health Care, ProShares Ultra Industrials, ProShares Ultra Nasdaq Biotechnology, ProShares Ultra Nasdaq Cloud Computing, ProShares Ultra Nasdaq Cybersecurity, ProShares Ultra

284 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

Oil and Gas, ProShares Ultra Real Estate, ProShares Ultra Technology, ProShares Ultra Telecommunications, ProShares Ultra Utilities, ProShares UltraPro Dow30SM, ProShares UltraPro MidCap400, ProShares UltraPro QQQ, ProShares UltraPro Russell2000, ProShares UltraPro S&P500®, ProShares UltraPro Short Dow 30SM, ProShares UltraPro Short MidCap400, ProShares UltraPro Short QQQ, ProShares UltraPro Short Russell2000, ProShares UltraPro Short S&P500®, ProShares UltraShort Basic Materials, ProShares UltraShort Consumer Goods, ProShares UltraShort Consumer Services, ProShares UltraShort Dow30SM, ProShares UltraShort Financials, ProShares UltraShort Health Care, ProShares UltraShort Industrials, ProShares UltraShort MidCap400, ProShares UltraShort Nasdaq Biotechnology, ProShares UltraShort Oil & Gas, ProShares UltraShort QQQ, ProShares UltraShort Real Estate, ProShares UltraShort S&P500®, ProShares UltraShort SmallCap600, ProShares UltraShort Technology and ProShares UltraShort Utilities (the "Commodity Pools")), the Advisor has registered as a commodity pool operator (a "CPO") and the Commodity Pools are commodity pools under the Commodity Exchange Act (the "CEA"). Accordingly, the Advisor is subject to registration and regulation as a CPO under the CEA, and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission ("CFTC") and the National Futures Association ("NFA"), including investor protection requirements, antifraud provisions, disclosure requirements and reporting and record keeping requirements. The Advisor is also subject to periodic inspections and audits by the CFTC and NFA. Compliance with these regulatory requirements could adversely affect the Commodity Pools' total return. In this regard, any further amendment to the CEA or its related regulations that subject the Advisor or the Commodity Pools to additional regulation may have adverse impacts on the Commodity Pools' operations and expenses.

All open derivative positions at period end are reflected on each respective Fund's Schedule of Portfolio Investments. Certain Funds utilized a varying level of derivative instruments in conjunction with investment securities in seeking to meet their investment objective during the period. While the volume of open positions may vary on a daily basis as each Fund transacts derivative contracts in order to achieve the appropriate exposure to meet its investment objective, with the exception of the Funds listed below, the volume of these open positions relative to the net assets of each respective Fund at the date of this report is generally representative of open positions throughout the reporting period.

    Average quarterly exposure to
derivatives (notional amounts
in comparison to net assets)		  

Ultra MSCI Japan

    

198

%

  

Ultra Nasdaq Biotechnology

    

118

%

  

Ultra Russell2000

    

134

%

  

Ultra Utilities

    

119

%

  

UltraPro Dow30SM

    

224

%

  

UltraPro MidCap400

    

239

%

  

UltraPro Russell2000

    

237

%

  

UltraPro S&P500®

    

232

%

  

For financial reporting purposes, the Trust can offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements in the Statement of Assets and Liabilities. Funds holding non-exchange traded swap agreements present the gross amounts of these assets and liabilities on their Schedule of Portfolio Investments. Information concerning the value of and amounts due under Repurchase Agreement transactions may be found on each Fund's Schedule of Portfolio Investments. Information concerning the counterparties to each Repurchase Agreement and levels of collateralization may be found above, under the caption "Repurchase Agreements."

Following is a description of the Funds' use of derivative instruments, the types of derivatives utilized by the Funds during the reporting period, as well as the primary underlying risk exposures related to each instrument type.

Futures Contracts

Each Fund may purchase or sell futures contracts and options thereon as a substitute for a comparable market position in the underlying securities or to satisfy regulatory requirements. A physical-settlement futures contract generally obligates the seller to deliver (and the purchaser to take delivery of) the specified asset on the expiration date of the contract. A cash-settled futures contract obligates the seller to deliver (and the purchaser to accept) an amount of cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the final settlement price of a specific futures contract and the price at which the agreement is made. No physical delivery of the underlying asset is made.

The Funds generally engage in closing or offsetting transactions before final settlement of a futures contract, wherein a second identical futures contract is sold to offset a long position (or bought to offset a short position). In such cases, the obligation is to deliver (or take delivery of) cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the price of the offsetting transaction and the price at which the original contract was entered into. If the original position entered into is a long position (futures contract purchased) there will be a gain (loss) if the offsetting sell transaction is carried out at a higher (lower) price, inclusive of commissions. If the original position entered into is a short position (futures contract sold) there will be a gain (loss) if the offsetting buy transaction is carried out at a lower (higher) price, inclusive of commissions.

Whether a Fund realizes a gain or loss from futures activities depends generally upon movements in the underlying security or index. The extent of the Fund's loss from an unhedged short position in futures contracts or from writing options on futures contracts is potentially unlimited. Each Fund will engage in transactions in futures contracts and related options that are traded on a U.S. exchange or board of trade or that have been approved for sale in the U.S. by the CFTC.

Upon entering into a futures contract, each Fund will be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 5% to 10% of the contract amount for equity, index futures and in the range of approximately 1% to 3% of the contract amount for bond futures (these amounts are subject to change by the exchange on which the contract is traded). This amount, known

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 285

as "initial margin," is in the nature of a performance bond or good faith deposit on the contract and is returned to the Fund upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker will be made as the price of the security or index underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking-to-market." At any time prior to expiration of a futures contract, a Fund may elect to close its position by taking an opposite position, which will operate to terminate the Fund's existing position in the contract.

The primary risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures and the market value of the underlying assets, and the possibility of an illiquid market for a futures contract. Although each Fund intends to sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit, or trading may be suspended for specified periods during the day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible, or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund will be required to make daily cash payments of variation margin. The risk that the Fund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. In addition, although the counterparty to a futures contract is often a clearing organization, backed by a group of financial institutions, there may be instances in which the counterparty could fail to perform its obligations, causing significant losses to a Fund.

Forward Currency Contracts

Each Fund may invest in forward currency contracts for investment or risk management purposes. A forward currency contract is an obligation to buy or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are entered into on the interbank market conducted directly between currency traders (usually large commercial banks) and their customers.

At or before the maturity of a forward currency contract, a Fund may either sell a portfolio security and make delivery of the currency, or retain the security and terminate its contractual obligation to deliver the currency by buying an "offsetting" contract obligating it to buy, on the same maturity date, the same amount of the currency. If the Fund engages in an offsetting transaction, it may later enter into a new forward currency contract to sell the currency.

If a Fund engages in offsetting transactions, the Fund will incur a gain or loss, to the extent that there has been movement in forward currency contract prices. If forward prices go down during the period between

the date a Fund enters into a forward currency contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent that the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to buy. If forward prices go up, the Fund will suffer a loss to the extent the price of the currency it has agreed to buy exceeds the price of the currency it has agreed to sell.

Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

Swap Agreements

Each Fund may enter into swap agreements to gain exposure to an underlying asset without actually purchasing such asset (or shorting such asset), or to hedge a position, including in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on a particular pre-determined investment or instrument. The gross return to be exchanged or "swapped" between the parties is calculated with respect to a "notional amount," e.g., the return on or change in value of a particular dollar amount invested in a "basket" of securities or an ETF representing a particular index or group of securities.

Most swap agreements entered into by a Fund calculate and settle the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, a Fund's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount").

When investing in swap agreements, the Funds may hold or gain exposure to only a representative sample of the securities in an index, or to a component of the index.

On a typical long swap, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular underlying assets (e.g., an ETF, or securities comprising an index), plus any dividends or interest that would have been received on those assets. The Fund will agree to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such assets plus, in certain circumstances, commissions or trading spreads on the notional amount. Therefore, the return to the Fund on a long swap should be the gain or loss on the notional amount plus dividends or interest on the assets less the interest paid by the Fund on the notional amount. As a trading technique, the Advisor may substitute physical securities with a swap agreement having investment characteristics substantially similar to the underlying securities.

Some Funds may also enter into swap agreements that provide the opposite return of their index or a security. These swaps are similar to the long swaps disclosed above except that the counterparty pays

286 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

interest to each Fund on the notional amount outstanding and that dividends or interest on the underlying instruments reduce the value of the swap. In addition, in certain instances, each Fund will agree to pay to the counterparty commissions or trading spreads on the notional amount. These amounts are netted with any unrealized gain or loss to determine the value of the swap.

A Fund's current obligations under most swap agreements (total return swaps, equity/index swaps, interest rate swaps) will be accrued daily (offset against any amounts owed to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating or earmarking cash and/or securities determined to be liquid, but typically no payments will be made until the settlement date.

A Fund will not enter into uncleared swap agreements (i.e., not cleared by a central counterparty) unless the Advisor believes that the counterparty to the transaction is creditworthy. The counterparty to an uncleared swap agreement will typically be a major global financial institution. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. If such a default occurs, a Fund will have contractual remedies pursuant to the swap agreements, but such remedies may be subject to bankruptcy and insolvency laws that could affect the Fund's rights as a creditor.

In the normal course of business, a Fund enters into International Swaps and Derivatives Association ("ISDA") agreements with certain counterparties for derivative transactions. These agreements contain, among other conditions, events of default and termination events, and various covenants and representations. Certain of the Fund's ISDA agreements contain provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund's NAV over specific periods of time, which may or may not be exclusive of redemptions. If the Fund were to trigger such provisions and have open derivative positions at that time, counterparties to the ISDA agreements could elect to terminate such ISDA agreements and request immediate payment in an amount equal to the net liability positions, if any, under the relevant ISDA agreement. Pursuant to the terms of its ISDA agreements, the Fund will have already collateralized its liability under such agreements, in some cases only in excess of certain threshold amounts. The Funds seek to mitigate risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to certain minimum thresholds, although the Funds may not always be successful. To the extent any such collateral is

insufficient or there are delays in accessing the collateral, the Funds will be exposed to risks, including possible delays in recovering amounts as a result of bankruptcy proceedings.

The use of swaps is a highly specialized activity which involves investment techniques and risks in addition to, and in some cases different from, those associated with ordinary portfolio securities transactions. The primary risks associated with the use of swap agreements are mispricing or improper valuation, imperfect correlation between movements in the notional amount and the price of the underlying investments, and the inability of counterparties or clearing organizations to perform. A Fund may use a combination of swaps on an underlying index and swaps on an ETF that is designed to track the performance of that index, or it may solely use swaps on an ETF to achieve its desired investment exposure. The performance of an ETF may not track the performance of its underlying index due to embedded costs and other factors. Thus, to the extent a Fund invests in swaps that use an ETF as the reference asset, that Fund may be subject to greater correlation risk and may not achieve as high a degree of correlation with its index as it would if the Fund used only swaps on the underlying index. The Advisor, under supervision from the Board, is responsible for determining and monitoring the liquidity of the Funds' transactions in swap agreements.

All of the outstanding swap agreements held by the Funds on November 30, 2021 contractually terminate within 25 months but may be terminated without penalty by either party daily. Upon termination, the Fund is entitled to receive or pay the "unrealized appreciation or depreciation" amount existing at the date of termination.

The Financial Accounting Standards Board, pursuant to Accounting Standards Codification 815-10 ("ASC 815-10"), requires companies (including the Trust) to disclose information intended to enable financial statement users to understand how derivative instruments affect the Statements of Assets and Liabilities as well as the affect of derivative instruments on the Statements of Operations during the reporting period, in the context of each entity's risk exposure. ASC 815-10 provides examples of risk exposure, including interest rate, foreign exchange, equity and credit.

As the Funds' investment objective is to approximate, on a daily basis, the corresponding performance, inverse, multiple, or inverse multiple of the performance of its index, the derivatives utilized are aligned to the same primary risk. The primary risk exposure for those Funds benchmarked to an equity index is equity risk, for Funds benchmarked to a fixed-income index the primary risk is interest rate risk.

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 287

The following tables indicate the location of derivative-related items on the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations during the reporting period.

Fair Value of Derivative Instruments as of November 30, 2021

Asset Derivatives

  

Liabilities Derivatives

  
Derivatives not
accounted for as
hedging
instruments under
ASC 815		   Statements of
Assets
and Liabilities
Location		  

Fund

   Unrealized
Appreciation*		   Statements of
Assets
and Liabilities
Location		  

Fund

   Unrealized
Depreciation*		  
Equity and Bond
index futures
contracts/
Non-exchange
traded swap
agreements		   Net assets consist of:
Net unrealized
appreciation
(depreciation) on:
futures contracts*;
Assets: Unrealized
appreciation on
non-exchange
traded swap
agreements		           Net assets consist of:
Net unrealized
appreciation
(depreciation) on:
futures contracts*;
Liabilities: Unrealized
depreciation on
non-exchange
traded swap
agreements		          
       

Short 7-10 Year Treasury

  

$

578,584

    

 

  

Short 7-10 Year Treasury

  

$

2,823

    
       

Short 20+ Year Treasury

    

—

        

Short 20+ Year Treasury

    

20,431,272

    
       

Short Basic Materials

    

98,905

        

Short Basic Materials

    

32,568

    
       

Short Dow30SM

    

9,363,864

        

Short Dow30SM

    

15,330,057

    
       

Short Financials

    

238,023

        

Short Financials

    

1,011,967

    
       

Short FTSE China 50

    

353,141

        

Short FTSE China 50

    

—

    
       

Short High Yield

    

964,101

        

Short High Yield

    

—

    
       

Short MidCap400

    

491,848

        

Short MidCap400

    

476,247

    
       

Short MSCI EAFE

    

838,441

        

Short MSCI EAFE

    

—

    
        Short MSCI Emerging
Markets		    

1,713,165

         Short MSCI Emerging
Markets		    

—

    
       

Short Oil & Gas

    

67,970

        

Short Oil & Gas

    

589,507

    
       

Short QQQ

    

4,434,775

        

Short QQQ

    

23,732,422

    
       

Short Real Estate

    

95,672

        

Short Real Estate

    

1,389,121

    
       

Short Russell2000

    

18,356,222

        

Short Russell2000

    

993,827

    
       

Short S&P500®

    

17,866,750

        

Short S&P500®

    

163,520,675

    
       

Short SmallCap600

    

174,790

        

Short SmallCap600

    

551,240

    
       

Ultra 7-10 Year Treasury

    

80,142

        

Ultra 7-10 Year Treasury

    

286,324

    
       

Ultra 20+ Year Treasury

    

2,643,854

        

Ultra 20+ Year Treasury

    

—

    
       

Ultra Basic Materials

    

14,814

        

Ultra Basic Materials

    

4,413,408

    
       

Ultra Consumer Goods

    

1,279,305

        

Ultra Consumer Goods

    

577,954

    
       

Ultra Consumer Services

    

887,155

        

Ultra Consumer Services

    

1,704,385

    
       

Ultra Dow30SM

    

3,099,747

        

Ultra Dow30SM

    

23,332,934

    
       

Ultra Financials

    

130,636,292

        

Ultra Financials

    

23,338,017

    
       

Ultra FTSE China 50

    

—

        

Ultra FTSE China 50

    

6,374,872

    
       

Ultra FTSE Europe

    

—

        

Ultra FTSE Europe

    

518,506

    
       

Ultra Health Care

    

54,022

        

Ultra Health Care

    

7,783,786

    
       

Ultra High Yield

    

—

        

Ultra High Yield

    

876,327

    
       

Ultra Industrials

    

—

        

Ultra Industrials

    

1,986,870

    
       

Ultra MidCap400

    

420,099

        

Ultra MidCap400

    

13,927,267

    
       

Ultra MSCI Brazil Capped

    

—

        

Ultra MSCI Brazil Capped

    

1,821,032

    
       

Ultra MSCI EAFE

    

95,194

        

Ultra MSCI EAFE

    

1,128,288

    
        Ultra MSCI Emerging
Markets		    

—

         Ultra MSCI Emerging
Markets		    

8,567,844

    
       

Ultra MSCI Japan

    

—

        

Ultra MSCI Japan

    

602,517

    

288 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

Asset Derivatives

  

Liabilities Derivatives

  
Derivatives not
accounted for as
hedging
instruments under
ASC 815		   Statements of
Assets
and Liabilities
Location		  

Fund

   Unrealized
Appreciation*		   Statements of
Assets
and Liabilities
Location		  

Fund

   Unrealized
Depreciation*		  
Equity and Bond
index futures
contracts/
Non-exchange
traded swap
agreements		   Net assets consist of:
Net unrealized
appreciation
(depreciation) on:
futures contracts*;
Assets: Unrealized
appreciation on
non-exchange
traded swap
agreements		           Net assets consist of:
Net unrealized
appreciation
(depreciation) on:
futures contracts*;
Liabilities: Unrealized
depreciation on
non-exchange
traded swap
agreements		          
       

Ultra Nasdaq Biotechnology

    

—

    

 

  

Ultra Nasdaq Biotechnology

  

$

8,103,025

    
        Ultra Nasdaq Cloud
Computing		  

$

352,611

         Ultra Nasdaq Cloud
Computing		    

155,951

    
       

Ultra Nasdaq Cybersecurity

    

424,053

        

Ultra Nasdaq Cybersecurity

    

249,392

    
       

Ultra Oil & Gas

    

1,982,352

        

Ultra Oil & Gas

    

15,101,120

    
       

Ultra QQQ

    

161,628,762

        

Ultra QQQ

    

86,746,608

    
       

Ultra Real Estate

    

1,303,405

        

Ultra Real Estate

    

3,346,745

    
       

Ultra Russell2000

    

4,732,545

        

Ultra Russell2000

    

32,335,130

    
       

Ultra S&P500®

    

10,817,816

        

Ultra S&P500®

    

161,259,554

    
       

Ultra Semiconductors

    

75,582,466

        

Ultra Semiconductors

    

—

    
       

Ultra SmallCap600

    

727,967

        

Ultra SmallCap600

    

1,259,753

    
       

Ultra Technology

    

4,754,692

        

Ultra Technology

    

9,821,663

    
       

Ultra Telecommunications

    

5,848

        

Ultra Telecommunications

    

153,433

    
       

Ultra Utilities

    

46,599

        

Ultra Utilities

    

190,502

    
       

UltraPro Dow30SM

    

42,992,803

        

UltraPro Dow30SM

    

79,576,254

    
       

UltraPro MidCap400

    

49,222

        

UltraPro MidCap400

    

5,632,919

    
       

UltraPro QQQ

    

605,858,928

        

UltraPro QQQ

    

453,708,744

    
       

UltraPro Russell2000

    

—

        

UltraPro Russell2000

    

70,438,016

    
       

UltraPro S&P500®

    

7,691,358

        

UltraPro S&P500®

    

211,563,172

    
        UltraPro Short 20+ Year
Treasury		    

—

         UltraPro Short 20+ Year
Treasury		    

22,809,463

    
       

UltraPro Short Dow30SM

    

51,097,873

        

UltraPro Short Dow30SM

    

68,504,675

    
       

UltraPro Short MidCap400

    

828,318

        

UltraPro Short MidCap400

    

205,496

    
       

UltraPro Short QQQ

    

39,254,743

        

UltraPro Short QQQ

    

194,680,813

    
       

UltraPro Short Russell2000

    

26,692,369

        

UltraPro Short Russell2000

    

16,395,939

    
       

UltraPro Short S&P500®

    

42,447,925

        

UltraPro Short S&P500®

    

38,793,147

    
        UltraShort 7-10 Year
Treasury		    

29,894

         UltraShort 7-10 Year
Treasury		    

154,179

    
        UltraShort 20+ Year
Treasury		    

—

         UltraShort 20+ Year
Treasury		    

74,389,418

    
       

UltraShort Basic Materials

    

217,155

        

UltraShort Basic Materials

    

84,557

    
        UltraShort Consumer
Goods		    

4,234

         UltraShort Consumer
Goods		    

309,727

    
        UltraShort Consumer
Services		    

15,746

         UltraShort Consumer
Services		    

169,879

    
       

UltraShort Dow30SM

    

8,607,567

        

UltraShort Dow30SM

    

7,064,913

    
       

UltraShort Financials

    

654,117

        

UltraShort Financials

    

3,548,348

    
       

UltraShort FTSE China 50

    

1,798,986

        

UltraShort FTSE China 50

    

—

    
       

UltraShort FTSE Europe

    

633,070

        

UltraShort FTSE Europe

    

625,474

    

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 289

Asset Derivatives

  

Liabilities Derivatives

  
Derivatives not
accounted for as
hedging
instruments under
ASC 815		   Statements of
Assets
and Liabilities
Location		  

Fund

   Unrealized
Appreciation*		   Statements of
Assets
and Liabilities
Location		  

Fund

   Unrealized
Depreciation*		  
Equity and Bond
index futures
contracts/
Non-exchange
traded swap
agreements		   Net assets consist of:
Net unrealized
appreciation
(depreciation) on:
futures contracts*;
Assets: Unrealized
appreciation on
non-exchange
traded swap
agreements		           Net assets consist of:
Net unrealized
appreciation
(depreciation) on:
futures contracts*;
Liabilities: Unrealized
depreciation on
non-exchange
traded swap
agreements		          
       

UltraShort Health Care

  

$

61,822

        

UltraShort Health Care

  

$

355,537

    
       

UltraShort Industrials

    

104,114

        

UltraShort Industrials

    

376,373

    
       

UltraShort MidCap400

    

167,718

        

UltraShort MidCap400

    

307,926

    
        UltraShort MSCI Brazil
Capped		    

1,767,694

         UltraShort MSCI Brazil
Capped		    

—

    
       

UltraShort MSCI EAFE

    

79,694

        

UltraShort MSCI EAFE

    

88,289

    
        UltraShort MSCI Emerging
Markets		    

576,022

         UltraShort MSCI Emerging
Markets		    

—

    
       

UltraShort MSCI Japan

    

209,367

        

UltraShort MSCI Japan

    

59,196

    
        UltraShort Nasdaq
Biotechnology		    

607,769

         UltraShort Nasdaq
Biotechnology		    

437,654

    
       

UltraShort Oil & Gas

    

1,587,389

        

UltraShort Oil & Gas

    

8,911,251

    
       

UltraShort QQQ

    

4,259,214

        

UltraShort QQQ

    

41,944,715

    
       

UltraShort Real Estate

    

344,894

        

UltraShort Real Estate

    

4,574,473

    
       

UltraShort Russell2000

    

7,365,075

        

UltraShort Russell2000

    

7,851,800

    
       

UltraShort S&P500®

    

18,498,717

        

UltraShort S&P500®

    

65,134,371

    
       

UltraShort Semiconductors

    

—

        

UltraShort Semiconductors

    

1,281,167

    
       

UltraShort SmallCap600

    

111,219

        

UltraShort SmallCap600

    

1,008,843

    
       

UltraShort Technology

    

12,577

        

UltraShort Technology

    

1,689,347

    
       

UltraShort Utilities

    

2,919

        

UltraShort Utilities

    

75,791

    

*  Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. For these securities, only the variation margin is reported within the asset and liability sections of the Statements of Assets and Liabilities.

290 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

The Effect of Derivative Instruments on the Statements of Operations for the Six Month Ended November 30, 2021

       
Derivatives not
accounted for as
hedging
instruments under
ASC 815		   Location of Gain or (Loss) on
Derivatives on the
Statements of Operations		  

Fund

   Realized Gain or
(Loss) on
Derivatives		   Change in
Unrealized
Appreciation or
(Depreciation) on
Derivatives		  
Equity and Bond
index futures
contracts/
Non-exchange traded
swap agreements		   Net realized gain (loss)
on Expiration or closing of:
futures contracts and
non-exchange traded
swap agreements; Change in
net unrealized appreciation
(depreciation) on: Futures
contracts and Non-exchange
traded swap agreements		              
       

Short 7-10 Year Treasury

  

$

(2,612,247

)

  

$

1,399,776

    
       

Short 20+ Year Treasury

    

(55,763,788

)

    

(11,436,185

)

  
       

Short Basic Materials

    

(356,865

)

    

337,806

    
       

Short Dow30SM

    

(40,758,613

)

    

35,674,078

    
       

Short Financials

    

(3,412,001

)

    

3,193,514

    
       

Short FTSE China 50

    

(524,968

)

    

1,278,790

    
       

Short High Yield

    

2,776,015

      

(3,525,043

)

  
       

Short MidCap400

    

(3,953,835

)

    

3,839,592

    
       

Short MSCI EAFE

    

(2,815,363

)

    

2,987,019

    
       

Short MSCI Emerging Markets

    

(646,020

)

    

3,287,860

    
       

Short Oil & Gas

    

(523,088

)

    

206,939

    
       

Short QQQ

    

(131,311,970

)

    

26,860,365

    
       

Short Real Estate

    

(1,578,541

)

    

887,717

    
       

Short Russell2000

    

(47,128,554

)

    

45,805,444

    
       

Short S&P500®

    

(264,822,264

)

    

124,681,287

    
       

Short SmallCap600

    

(773,134

)

    

754,478

    
       

Ultra 7-10 Year Treasury

    

452,082

      

(365,474

)

  
       

Ultra 20+ Year Treasury

    

3,333,866

      

2,011,693

    
       

Ultra Basic Materials

    

12,690,990

      

(18,566,175

)

  
       

Ultra Consumer Goods

    

4,568,993

      

(2,450,085

)

  
       

Ultra Consumer Services

    

6,576,577

      

(5,646,504

)

  
       

Ultra Dow30SM

    

103,991,562

      

(103,095,676

)

  
       

Ultra Financials

    

91,985,469

      

(83,457,440

)

  
       

Ultra FTSE China 50

    

248,528

      

(9,071,440

)

  
       

Ultra FTSE Europe

    

1,391,855

      

(1,729,129

)

  
       

Ultra Health Care

    

31,187,271

      

(22,516,645

)

  
       

Ultra High Yield

    

2,079,332

      

(2,127,192

)

  
       

Ultra Industrials

    

5,508,221

      

(6,576,196

)

  
       

Ultra MidCap400

    

39,073,419

      

(42,172,331

)

  
       

Ultra MSCI Brazil Capped

    

(282,903

)

    

(3,280,395

)

  
       

Ultra MSCI EAFE

    

3,370,033

      

(4,739,980

)

  
       

Ultra MSCI Emerging Markets

    

2,159,833

      

(18,580,237

)

  
       

Ultra MSCI Japan

    

2,031,191

      

(2,995,647

)

  
       

Ultra Nasdaq Biotechnology

    

20,792,442

      

(19,857,671

)

  
       

Ultra Nasdaq Cloud Computing

    

202,173

      

114,943

    
       

Ultra Nasdaq Cybersecurity

    

428,661

      

335,059

    
       

Ultra Oil & Gas

    

68,038,457

      

(55,380,892

)

  
       

Ultra QQQ

    

1,388,699,005

      

(407,031,274

)

  

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 291

Derivatives not
accounted for as
hedging
instruments under
ASC 815		   Location of Gain or (Loss) on
Derivatives on the
Statements of Operations		  

Fund

   Realized Gain or
(Loss) on
Derivatives		   Change in
Unrealized
Appreciation or
(Depreciation) on
Derivatives		  
Equity and Bond
index futures
contracts/
Non-exchange traded
swap agreements		   Net realized gain (loss)
on Expiration or closing of:
futures contracts and
non-exchange traded
swap agreements; Change in
net unrealized appreciation
(depreciation) on: Futures
contracts and Non-exchange
traded swap agreements		              
       

Ultra Real Estate

  

$

29,228,239

    

$

(17,540,499

)

  
       

Ultra Russell2000

    

107,743,125

      

(131,598,106

)

  
       

Ultra S&P500®

    

1,198,821,790

      

(766,352,318

)

  
       

Ultra Semiconductors

    

82,940,546

      

40,869,000

    
       

Ultra SmallCap600

    

10,452,186

      

(11,853,032

)

  
       

Ultra Technology

    

428,193,973

      

(181,354,876

)

  
       

Ultra Telecommunications

    

194,294

      

(231,973

)

  
       

Ultra Utilities

    

(652,261

)

    

359,521

    
       

UltraPro Dow30SM

    

280,798,225

      

(254,106,399

)

  
       

UltraPro MidCap400

    

29,636,546

      

(30,536,112

)

  
       

UltraPro QQQ

    

8,225,060,066

      

(2,932,667,598

)

  
       

UltraPro Russell2000

    

216,246,251

      

(245,990,146

)

  
       

UltraPro S&P500®

    

1,442,159,938

      

(893,470,322

)

  
       

UltraPro Short 20+ Year Treasury

    

(31,347,015

)

    

(17,729,936

)

  
       

UltraPro Short Dow30SM

    

(217,525,153

)

    

198,052,915

    
       

UltraPro Short MidCap400

    

(5,476,548

)

    

4,994,455

    
       

UltraPro Short QQQ

    

(1,137,805,960

)

    

241,662,932

    
       

UltraPro Short Russell2000

    

(68,730,691

)

    

70,820,020

    
       

UltraPro Short S&P500®

    

(389,173,694

)

    

240,936,185

    
       

UltraShort 7-10 Year Treasury

    

(2,423,810

)

    

511,900

    
       

UltraShort 20+ Year Treasury

    

(299,770,690

)

    

(26,469,038

)

  
       

UltraShort Basic Materials

    

(1,081,800

)

    

1,115,410

    
       

UltraShort Consumer Goods

    

(131,327

)

    

(89,697

)

  
       

UltraShort Consumer Services

    

(76,844

)

    

(3,338

)

  
       

UltraShort Dow30SM

    

(35,670,046

)

    

32,199,838

    
       

UltraShort Financials

    

(6,942,411

)

    

6,094,408

    
       

UltraShort FTSE China 50

    

(7,376,315

)

    

11,990,890

    
       

UltraShort FTSE Europe

    

(3,555,074

)

    

3,885,433

    
       

UltraShort Health Care

    

(227,111

)

    

53,983

    
       

UltraShort Industrials

    

(154,907

)

    

92,107

    
       

UltraShort MidCap400

    

(759,561

)

    

690,333

    
       

UltraShort MSCI Brazil Capped

    

(6,012,333

)

    

12,748,061

    
       

UltraShort MSCI EAFE

    

(540,316

)

    

603,607

    
       

UltraShort MSCI Emerging Markets

    

71,922

      

916,847

    
       

UltraShort MSCI Japan

    

(1,876,802

)

    

1,900,887

    
       

UltraShort Nasdaq Biotechnology

    

(6,853,902

)

    

6,046,829

    
       

UltraShort Oil & Gas

    

(5,349,443

)

    

1,097,925

    
       

UltraShort QQQ

    

(79,911,696

)

    

5,758,032

    

292 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

Derivatives not
accounted for as
hedging
instruments under
ASC 815		   Location of Gain or (Loss) on
Derivatives on the
Statements of Operations		  

Fund

   Realized Gain or
(Loss) on
Derivatives		   Change in
Unrealized
Appreciation or
(Depreciation) on
Derivatives		  
Equity and Bond
index futures
contracts/
Non-exchange traded
swap agreements		   Net realized gain (loss)
on Expiration or closing of:
futures contracts and
non-exchange traded
swap agreements; Change in
net unrealized appreciation
(depreciation) on: Futures
contracts and Non-exchange
traded swap agreements		              
       

UltraShort Real Estate

  

$

(15,589,143

)

  

$

12,991,361

    
       

UltraShort Russell2000

    

(29,482,713

)

    

29,373,936

    
       

UltraShort S&P500®

    

(285,313,942

)

    

169,184,893

    
       

UltraShort Semiconductors

    

(1,821,640

)

    

173,506

    
       

UltraShort SmallCap600

    

(267,815

)

    

155,780

    
       

UltraShort Technology

    

(2,522,616

)

    

687,240

    
       

UltraShort Utilities

    

(1,364,621

)

    

1,177,936

    

Taxes and Distributions

Each of the Funds intends to qualify or continue to qualify as a regulated investment company and distribute substantially all of its net investment income and capital gains to shareholders. Accordingly, no provision for Federal income taxes is required in the financial statements.

As of November 30, 2021, management of the Funds has reviewed all open tax years and major jurisdictions (the last four tax year ends including the interim tax periods since then, as applicable) and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

Distributions to shareholders from net investment income and net capital gain, if any, are declared and paid at least annually. The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales, 1256 mark-to-market, partnerships, passive foreign investment companies mark-to-market, constructive sales adjustments and qualified late-year loss deferrals) do not require a reclassification. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. While subject to management's discretion, any available tax equalization is typically applied first to short term capital gains, next to long term capital gains and then to ordinary income. To the extent distributions exceed net investment income and net realized capital gains for tax purposes, they are reported as a tax return of capital.

The Funds' tax year end is October 31st and the tax character of current year distributions and current components of accumulated earnings (deficit) will be determined at the end of the current tax year.

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 293

The tax character of distributions paid for the most recent tax years ended October 31, 2021 and October 31, 2020, were as follows:

   

Year Ended October 31, 2021

  

Year Ended October 31, 2020

  

Fund

   Distributions
paid from
ordinary
income		   Distributions
paid from
net long-term
capital gains		   Tax
return of
capital		   Total
Distributions		   Distributions
paid from
ordinary
income		   Distributions
paid from
net long-term
capital gains		   Tax
return of
capital		   Total
Distributions		  
Short 7-10 Year
Treasury		    

—

      

—

      

—

      

—

    

$

54,086

      

—

    

$

22,311

    

$

76,397

    
Short 20+ Year
Treasury		    

—

      

—

      

—

      

—

      

879,111

      

—

      

388,121

      

1,267,232

    

Short Basic Materials

    

—

      

—

      

—

      

—

      

3,205

      

—

      

464

      

3,669

    

Short Dow30SM

    

—

      

—

      

—

      

—

      

692,560

      

—

      

299,826

      

992,386

    

Short Financials

    

—

      

—

      

—

      

—

      

44,754

      

—

      

17,082

      

61,836

    

Short FTSE China 50

    

—

      

—

      

—

      

—

      

9,487

      

—

      

4,194

      

13,681

    

Short High Yield

    

—

      

—

      

—

      

—

      

302,084

      

—

      

107,021

      

409,105

    

Short MidCap400

    

—

      

—

      

—

      

—

      

23,730

      

—

      

8,940

      

32,670

    

Short MSCI EAFE

    

—

      

—

      

—

      

—

      

79,942

      

—

      

17,510

      

97,452

    
Short MSCI Emerging
Markets		    

—

      

—

      

—

      

—

      

158,786

      

—

      

69,744

      

228,530

    

Short Oil & Gas

    

—

      

—

      

—

      

—

      

1,725

      

—

      

—

      

1,725

    

Short QQQ

    

—

      

—

      

—

      

—

      

1,731,258

      

—

      

896,864

      

2,628,122

    

Short Real Estate

    

—

      

—

      

—

      

—

      

14,657

      

—

      

6,297

      

20,954

    

Short Russell2000

    

—

      

—

      

—

      

—

      

878,934

      

—

      

335,476

      

1,214,410

    

Short S&P500®

    

—

      

—

      

—

      

—

      

6,384,895

      

—

      

2,968,113

      

9,353,008

    

Short SmallCap600

    

—

      

—

      

—

      

—

      

6,248

      

—

      

1,608

      

7,856

    
Ultra 7-10 Year
Treasury		  

$

76,339

      

—

      

—

    

$

76,339

      

276,412

      

—

      

—

      

276,412

    
Ultra 20+ Year
Treasury		    

—

      

—

      

—

      

—

      

254,346

      

—

      

—

      

254,346

    

Ultra Basic Materials

    

356,640

      

—

      

—

      

356,640

      

324,363

      

—

      

—

      

324,363

    
Ultra Consumer
Goods		    

34,045

      

—

      

—

      

34,045

      

60,331

      

—

      

—

      

60,331

    
Ultra Consumer
Services		    

—

      

—

      

—

      

—

      

25,345

      

—

      

—

      

25,345

    

Ultra Dow30SM

    

539,482

      

—

      

—

      

539,482

      

2,020,171

      

—

      

—

      

2,020,171

    

Ultra Financials

    

2,220,362

      

—

      

—

      

2,220,362

      

5,671,937

      

—

      

—

      

5,671,937

    

Ultra FTSE China 50

    

—

      

—

      

—

      

—

      

70,696

      

—

      

—

      

70,696

    

Ultra FTSE Europe

    

—

      

—

      

—

      

—

      

6,679

      

—

      

—

      

6,679

    

Ultra Health Care

    

163,582

      

—

      

—

      

163,582

      

264,768

      

—

      

—

      

264,768

    

Ultra High Yield

    

303,414

      

—

      

—

      

303,414

      

141,213

      

—

      

—

      

141,213

    

Ultra Industrials

    

17,531

      

—

      

—

      

17,531

      

91,881

      

—

      

—

      

91,881

    

Ultra MidCap400

    

301,030

      

—

      

—

      

301,030

      

601,053

      

—

      

—

      

601,053

    
Ultra MSCI Brazil
Capped		    

—

      

—

      

—

      

—

      

2,936

      

—

      

—

      

2,936

    

Ultra MSCI EAFE

    

—

      

—

      

—

      

—

      

1,483

      

—

      

—

      

1,483

    
Ultra MSCI Emerging
Markets		    

—

      

—

      

—

      

—

      

104,695

      

—

      

—

      

104,695

    

Ultra Oil & Gas

    

4,379,052

      

—

      

—

      

4,379,052

      

3,012,678

      

—

      

—

      

3,012,678

    

Ultra QQQ

    

—

      

—

      

—

      

—

      

1,126,908

      

—

      

—

      

1,126,908

    

Ultra Real Estate

    

713,114

      

—

      

—

      

713,114

      

1,133,608

      

—

      

—

      

1,133,608

    

Ultra Russell2000

    

46,322

      

—

      

—

      

46,322

      

545,106

      

—

      

—

      

545,106

    

Ultra S&P500®

    

8,141,946

      

—

      

—

      

8,141,946

      

8,847,651

      

—

      

—

      

8,847,651

    

Ultra Semiconductors

    

42,050

      

—

      

—

      

42,050

      

371,052

      

—

      

—

      

371,052

    

Ultra SmallCap600

    

7,958

      

—

      

—

      

7,958

      

40,638

      

—

      

—

      

40,638

    

294 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

   

Year Ended October 31, 2021

  

Year Ended October 31, 2020

  

Fund

   Distributions
paid from
ordinary
income		   Distributions
paid from
net long-term
capital gains		   Tax
return of
capital		   Total
Distributions		   Distributions
paid from
ordinary
income		   Distributions
paid from
net long-term
capital gains		   Tax
return of
capital		   Total
Distributions		  

Ultra Technology

    

—

      

—

      

—

      

—

    

$

642,135

      

—

      

—

    

$

642,135

    
Ultra
Telecommunications		  

$

27,025

      

—

      

—

    

$

27,025

      

19,409

      

—

      

—

      

19,409

    

Ultra Utilities

    

241,675

      

—

      

—

      

241,675

      

275,313

      

—

      

—

      

275,313

    

UltraPro Dow30SM

    

2,353,835

      

—

      

—

      

2,353,835

      

1,951,971

      

—

      

—

      

1,951,971

    

UltraPro MidCap400

    

9,726

      

—

      

—

      

9,726

      

49,563

      

—

      

—

      

49,563

    

UltraPro QQQ

    

15,367

      

—

      

—

      

15,367

      

1,544,886

      

—

      

—

      

1,544,886

    

UltraPro Russell2000

    

11,923

      

—

      

—

      

11,923

      

153,599

      

—

      

—

      

153,599

    

UltraPro S&P500®

    

1,265,472

      

—

      

—

      

1,265,472

      

4,356,878

      

—

      

—

      

4,356,878

    
UltraPro Short 20+
Year Treasury		    

—

      

—

      

—

      

—

      

158,351

      

—

    

$

51,453

      

209,804

    
UltraPro Short
Dow30SM		    

—

      

—

      

—

      

—

      

938,825

      

—

      

425,931

      

1,364,756

    
UltraPro Short
MidCap400		    

—

      

—

      

—

      

—

      

5,194

      

—

      

1,633

      

6,827

    

UltraPro Short QQQ

    

—

      

—

      

—

      

—

      

5,126,703

      

—

      

2,946,926

      

8,073,629

    
UltraPro Short
Russell2000		    

—

      

—

      

—

      

—

      

260,849

      

—

      

83,391

      

344,240

    
UltraPro Short
S&P500®		    

—

      

—

      

—

      

—

      

2,403,669

      

—

      

1,267,615

      

3,671,284

    
UltraShort 7-10 Year
Treasury		    

—

      

—

      

—

      

—

      

197,830

      

—

      

34,057

      

231,887

    
UltraShort 20+ Year
Treasury		    

—

      

—

      

—

      

—

      

3,480,826

      

—

      

1,226,432

      

4,707,258

    
UltraShort Basic
Materials		    

—

      

—

      

—

      

—

      

4,529

      

—

      

—

      

4,529

    
UltraShort Consumer
Goods		    

—

      

—

      

—

      

—

      

4,583

      

—

      

1,337

      

5,920

    
UltraShort Consumer
Services		    

—

      

—

      

—

      

—

      

2,741

      

—

      

542

      

3,283

    

UltraShort Dow30SM

    

—

      

—

      

—

      

—

      

558,781

      

—

      

236,306

      

795,087

    

UltraShort Financials

    

—

      

—

      

—

      

—

      

79,465

      

—

      

13,854

      

93,319

    
UltraShort FTSE
China 50		    

—

      

—

      

—

      

—

      

65,860

      

—

      

16,419

      

82,279

    
UltraShort FTSE
Europe		    

—

      

—

      

—

      

—

      

26,995

      

—

      

9,432

      

36,427

    
UltraShort
Health Care		    

—

      

—

      

—

      

—

      

5,765

      

—

      

2,217

      

7,982

    

UltraShort Industrials

    

—

      

—

      

—

      

—

      

3,504

      

—

      

—

      

3,504

    
UltraShort
MidCap400		    

—

      

—

      

—

      

—

      

6,545

      

—

      

2,882

      

9,427

    
UltraShort MSCI Brazil
Capped		    

—

      

—

      

—

      

—

      

113,488

      

—

      

10,347

      

123,835

    
UltraShort MSCI
EAFE		    

—

      

—

      

—

      

—

      

2,111

      

—

      

689

      

2,800

    
UltraShort MSCI
Emerging Markets		    

—

      

—

      

—

      

—

      

33,851

      

—

      

11,162

      

45,013

    
UltraShort MSCI
Japan		    

—

      

—

      

—

      

—

      

2,160

      

—

      

—

      

2,160

    
UltraShort Nasdaq
Biotechnology		    

—

      

—

      

—

      

—

      

66,167

      

—

      

29,312

      

95,479

    

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 295

   

Year Ended October 31, 2021

  

Year Ended October 31, 2020

  

Fund

   Distributions
paid from
ordinary
income		   Distributions
paid from
net long-term
capital gains		   Tax
return of
capital		   Total
Distributions		   Distributions
paid from
ordinary
income		   Distributions
paid from
net long-term
capital gains		   Tax
return of
capital		   Total
Distributions		  

UltraShort Oil & Gas

    

—

      

—

      

—

      

—

    

$

20,933

      

—

    

$

5,805

    

$

26,738

    

UltraShort QQQ

    

—

      

—

      

—

      

—

      

1,270,736

      

—

      

640,719

      

1,911,455

    
UltraShort Real
Estate		    

—

      

—

      

—

      

—

      

62,894

      

—

      

22,372

      

85,266

    
UltraShort
Russell2000		    

—

      

—

      

—

      

—

      

233,372

      

—

      

99,748

      

333,120

    

UltraShort S&P500®

    

—

      

—

      

—

      

—

      

3,761,361

      

—

      

2,070,245

      

5,831,606

    
UltraShort
Semiconductors		    

—

      

—

      

—

      

—

      

17,435

      

—

      

4,589

      

22,024

    
UltraShort
SmallCap600		    

—

      

—

      

—

      

—

      

3,167

      

—

      

—

      

3,167

    
UltraShort
Technology		    

—

      

—

      

—

      

—

      

9,324

      

—

      

4,809

      

14,133

    

UltraShort Utilities

    

—

      

—

      

—

      

—

      

3,607

      

—

      

2,040

      

5,647

    

At October 31, 2021 (the Funds' most recent tax year end), the components of accumulated earnings (deficit) on a tax basis were as follows:

Fund

   Undistributed
Ordinary
Income		   Undistributed
Long-Term
Capital Gain		   Accumulated
Capital and
Other Losses		   Unrealized
Appreciation/
(Depreciation)		  

Short 7-10 Year Treasury

    

—

      

—

    

$

(15,538,627

)

  

$

1,657,141

    

Short 20+ Year Treasury

    

—

      

—

      

(659,477,920

)

    

(38,065,899

)

  

Short Basic Materials

    

—

      

—

      

(8,042,469

)

    

(305,110

)

  

Short Dow30SM

    

—

      

—

      

(486,663,972

)

    

(53,013,882

)

  

Short Financials

    

—

      

—

      

(91,611,463

)

    

(4,548,018

)

  

Short FTSE China 50

    

—

      

—

      

(12,320,927

)

    

(630,166

)

  

Short High Yield

    

—

      

—

      

(77,750,855

)

    

3,180,488

    

Short MidCap400

    

—

      

—

      

(51,141,092

)

    

(4,147,240

)

  

Short MSCI EAFE

    

—

      

—

      

(129,485,993

)

    

(2,580,468

)

  

Short MSCI Emerging Markets

    

—

      

—

      

(196,802,884

)

    

(372,617

)

  

Short Oil & Gas

    

—

      

—

      

(4,873,379

)

    

(1,161,732

)

  

Short QQQ

    

—

      

—

      

(868,934,375

)

    

(130,116,547

)

  

Short Real Estate

    

—

      

—

      

(34,368,118

)

    

(3,045,025

)

  

Short Russell2000

    

—

      

—

      

(752,714,307

)

    

(37,124,022

)

  

Short S&P500®

    

—

      

—

      

(3,836,035,723

)

    

(384,978,106

)

  

Short SmallCap600

    

—

      

—

      

(39,808,003

)

    

(1,237,647

)

  

Ultra 7-10 Year Treasury

  

$

5,741

      

—

      

(127,541,318

)

    

(207,722

)

  

Ultra 20+ Year Treasury

    

—

      

—

      

(420,732

)

    

255,659

    

Ultra Basic Materials

    

15,788

      

—

      

(4,025,251

)

    

7,577,303

    

Ultra Consumer Goods

    

—

      

—

      

—

      

5,599,172

    

Ultra Consumer Services

    

—

      

—

      

(117,414

)

    

6,304,388

    

Ultra Dow30SM

    

—

      

—

      

—

      

112,170,502

    

Ultra Financials

    

40,585,129

      

—

      

—

      

274,897,016

    

Ultra FTSE China 50

    

—

      

—

      

(526,222

)

    

(8,253,450

)

  

Ultra FTSE Europe

    

—

      

—

      

(378,752

)

    

1,442,389

    

Ultra Health Care

    

—

      

—

      

—

      

19,283,006

    

Ultra High Yield

    

135,724

      

—

      

—

      

1,159,443

    

Ultra Industrials

    

—

      

—

      

(25,469

)

    

2,226,522

    

Ultra MidCap400

    

—

      

—

      

(138,552,680

)

    

55,052,382

    

296 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

Fund

   Undistributed
Ordinary
Income		   Undistributed
Long-Term
Capital Gain		   Accumulated
Capital and
Other Losses		   Unrealized
Appreciation/
(Depreciation)		  

Ultra MSCI Brazil Capped

    

—

      

—

    

$

(13,404,947

)

  

$

(1,975,070

)

  

Ultra MSCI EAFE

    

—

      

—

      

(6,009,572

)

    

3,003,597

    

Ultra MSCI Emerging Markets

    

—

      

—

      

(3,276,589

)

    

(2,051,673

)

  

Ultra MSCI Japan

    

—

      

—

      

—

      

747,996

    

Ultra Nasdaq Biotechnology

    

—

      

—

      

(64,067,900

)

    

(14,307,770

)

  

Ultra Nasdaq Cloud Computing

    

—

      

—

      

(12,524

)

    

692,500

    

Ultra Nasdaq Cybersecurity

  

$

29,506

      

—

      

—

      

974,608

    

Ultra Oil & Gas

    

74,743

      

—

      

(110,599,961

)

    

79,065,373

    

Ultra QQQ

    

—

      

—

      

(15,623,825

)

    

1,665,868,737

    

Ultra Real Estate

    

—

      

—

      

(4,902,634

)

    

28,791,750

    

Ultra Russell2000

    

—

      

—

      

(132,616,110

)

    

75,988,748

    

Ultra S&P500®

    

—

      

—

      

—

      

1,106,552,657

    

Ultra Semiconductors

    

—

      

—

      

(238,434

)

    

100,004,403

    

Ultra SmallCap600

    

—

      

—

      

(5,828,943

)

    

12,518,302

    

Ultra Technology

    

—

      

—

      

(3,564,746

)

    

456,885,903

    

Ultra Telecommunications

    

9,268

      

—

      

(708,142

)

    

213,553

    

Ultra Utilities

    

—

      

—

      

(1,172,929

)

    

(1,374,461

)

  

UltraPro Dow30SM

    

—

      

—

      

—

      

282,716,021

    

UltraPro MidCap400

    

—

      

—

      

—

      

25,618,478

    

UltraPro QQQ

    

—

      

—

      

(46,154,294

)

    

7,064,553,590

    

UltraPro Russell2000

    

—

      

—

      

(1,405,962

)

    

126,524,167

    

UltraPro S&P500®

    

—

      

—

      

(542,405

)

    

1,076,695,032

    

UltraPro Short 20+ Year Treasury

    

—

      

—

      

(147,535,449

)

    

(13,274,898

)

  

UltraPro Short Dow30SM

    

—

      

—

      

(1,316,389,169

)

    

(274,410,779

)

  

UltraPro Short MidCap400

    

—

      

—

      

(50,948,360

)

    

(5,267,807

)

  

UltraPro Short QQQ

    

—

      

—

      

(4,644,369,497

)

    

(1,074,458,169

)

  

UltraPro Short Russell2000

    

—

      

—

      

(545,887,628

)

    

(73,572,672

)

  

UltraPro Short S&P500®

    

—

      

—

      

(3,721,859,224

)

    

(373,533,668

)

  

UltraShort 7-10 Year Treasury

    

—

      

—

      

(152,398,785

)

    

1,251,867

    

UltraShort 20+ Year Treasury

    

—

      

—

      

(5,427,344,256

)

    

(124,219,365

)

  

UltraShort Basic Materials

    

—

      

—

      

(83,585,300

)

    

(1,035,769

)

  

UltraShort Consumer Goods

    

—

      

—

      

(8,912,890

)

    

(427,388

)

  

UltraShort Consumer Services

    

—

      

—

      

(20,164,285

)

    

(249,279

)

  

UltraShort Dow30SM

    

—

      

—

      

(694,994,076

)

    

(40,144,849

)

  

UltraShort Financials

    

—

      

—

      

(493,849,490

)

    

(11,042,846

)

  

UltraShort FTSE China 50

    

—

      

—

      

(248,254,376

)

    

(7,596,598

)

  

UltraShort FTSE Europe

    

—

      

—

      

(214,302,742

)

    

(5,227,847

)

  

UltraShort Health Care

    

—

      

—

      

(10,681,088

)

    

(629,534

)

  

UltraShort Industrials

    

—

      

—

      

(20,753,011

)

    

(501,620

)

  

UltraShort MidCap400

    

—

      

—

      

(53,319,435

)

    

(976,953

)

  

UltraShort MSCI Brazil Capped

    

—

      

—

      

(79,841,323

)

    

(4,553,808

)

  

UltraShort MSCI EAFE

    

—

      

—

      

(20,315,999

)

    

(628,268

)

  

UltraShort MSCI Emerging Markets

    

—

      

—

      

(167,962,028

)

    

139,688

    

UltraShort MSCI Japan

    

—

      

—

      

(26,204,465

)

    

(1,929,338

)

  

UltraShort Nasdaq Biotechnology

    

—

      

—

      

(73,309,426

)

    

(1,283,986

)

  

UltraShort Oil & Gas

    

—

      

—

      

(93,743,115

)

    

(13,236,083

)

  

UltraShort QQQ

    

—

      

—

      

(1,565,997,752

)

    

(106,726,761

)

  

UltraShort Real Estate

    

—

      

—

      

(239,538,722

)

    

(7,816,244

)

  

UltraShort Russell2000

    

—

      

—

      

(739,873,532

)

    

(35,612,908

)

  

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 297

Fund

   Undistributed
Ordinary
Income		   Undistributed
Long-Term
Capital Gain		   Accumulated
Capital and
Other Losses		   Unrealized
Appreciation/
(Depreciation)		  

UltraShort S&P500®

    

—

      

—

    

$

(4,976,242,361

)

  

$

(311,147,999

)

  

UltraShort Semiconductors

    

—

      

—

      

(42,789,883

)

    

(2,349,081

)

  

UltraShort SmallCap600

    

—

      

—

      

(30,626,003

)

    

(1,272,905

)

  

UltraShort Technology

    

—

      

—

      

(29,097,064

)

    

(3,959,740

)

  

UltraShort Utilities

    

—

      

—

      

(10,941,598

)

    

(1,483,895

)

  

Temporary differences are generally due to differing book and tax treatments for the timing of the recognition of gains and losses on certain investment transactions and the timing and the deductibility of certain expenses. Permanent differences, primarily due to gain (loss) on in-kind redemptions, reclassification on sale of derivatives, designation of taxable distributions in excess, utilization of earnings and profits distributed to the shareholders on redemption of shares and nondeductible expenses, resulted in reclassifications as of October 31, 2021 (the Funds' most recent tax year end), among the Funds' components of net assets.

As of October 31, 2021 (the Funds' most recent tax year end), the Funds had capital loss carry forwards ("CLCFs") available to offset future realized gains, if any, to the extent provided for by regulations and to thereby reduce the amount of future taxable capital gain distributions. Under current tax law, CLCFs retain their character as either short-term or long-term capital losses, and are not subject to expiration.

At October 31, 2021 (the Funds' most recent tax year end), the following Funds had available CLCFs:

   

No Expiration Date

  

Short 7-10 Year Treasury

  

$

14,949,159

    

Short 20+ Year Treasury

    

655,428,513

    

Short Basic Materials

    

8,031,808

    

Short Dow30SM

    

484,641,501

    

Short Financials

    

91,519,944

    

Short FTSE China 50

    

12,277,892

    

Short High Yield

    

77,289,288

    

Short MidCap400

    

51,032,054

    

Short MSCI EAFE

    

129,395,577

    

Short MSCI Emerging Markets

    

196,588,496

    

Short Oil & Gas

    

4,847,854

    

Short QQQ

    

864,551,562

    

Short Real Estate

    

34,300,325

    

Short Russell2000

    

750,605,516

    

Short S&P500®

    

3,825,535,994

    

Short SmallCap600

    

39,767,261

    

Ultra 7-10 Year Treasury

    

127,541,318

    

Ultra 20+ Year Treasury

    

318,208

    

Ultra Basic Materials

    

4,025,251

    

Ultra FTSE China 50

    

383,233

    

Ultra FTSE Europe

    

339,746

    

Ultra MidCap400

    

138,552,680

    

Ultra MSCI Brazil Capped

    

13,349,906

    

Ultra MSCI EAFE

    

5,899,371

    

Ultra MSCI Emerging Markets

    

2,671,517

    

Ultra Nasdaq Biotechnology

    

63,154,375

    

Ultra Oil & Gas

    

110,599,961

    

Ultra Real Estate

    

4,902,634

    

Ultra Russell2000

    

131,225,454

    

Ultra SmallCap600

    

5,773,733

    

Ultra Telecommunications

    

708,142

    

Ultra Utilities

    

1,172,929

    

298 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

   

No Expiration Date

  

UltraPro Short 20+ Year Treasury

  

$

146,818,742

    

UltraPro Short Dow30SM

    

1,313,236,058

    

UltraPro Short MidCap400

    

50,908,536

    

UltraPro Short QQQ

    

4,632,109,934

    

UltraPro Short Russell2000

    

545,015,542

    

UltraPro Short S&P500®

    

3,717,966,668

    

UltraShort 7-10 Year Treasury

    

152,043,643

    

UltraShort 20+ Year Treasury

    

5,418,290,993

    

UltraShort Basic Materials

    

83,567,720

    

UltraShort Consumer Goods

    

8,905,621

    

UltraShort Consumer Services

    

20,156,940

    

UltraShort Dow30SM

    

694,154,987

    

UltraShort Financials

    

493,732,351

    

UltraShort FTSE China 50

    

248,100,972

    

UltraShort FTSE Europe

    

214,239,033

    

UltraShort Health Care

    

10,669,813

    

UltraShort Industrials

    

20,742,767

    

UltraShort MidCap400

    

53,302,353

    

UltraShort MSCI Brazil Capped

    

79,724,699

    

UltraShort MSCI EAFE

    

20,304,451

    

UltraShort MSCI Emerging Markets

    

167,915,221

    

UltraShort MSCI Japan

    

26,167,346

    

UltraShort Nasdaq Biotechnology

    

73,237,852

    

UltraShort Oil & Gas

    

93,605,511

    

UltraShort QQQ

    

1,564,304,736

    

UltraShort Real Estate

    

239,394,947

    

UltraShort Russell2000

    

739,255,646

    

UltraShort S&P500®

    

4,971,788,244

    

UltraShort Semiconductors

    

42,766,272

    

UltraShort SmallCap600

    

30,605,605

    

UltraShort Technology

    

29,057,293

    

UltraShort Utilities

    

10,924,492

    

At October 31, 2021 (the Funds' most recent tax year end), the following Funds utilized CLCFs and/or elected to defer late-year ordinary losses to November 1, 2021:

Fund

  

CLCFs Utilized

   Ordinary Late Year
Loss Deferrals		  

Short 7-10 Year Treasury

  

$

7,915

    

$

589,468

    

Short 20+ Year Treasury

    

43,392,202

      

4,049,407

    

Short Basic Materials

    

—

      

10,661

    

Short Dow30SM

    

—

      

2,022,471

    

Short Financials

    

—

      

91,519

    

Short FTSE China 50

    

—

      

43,035

    

Short High Yield

    

—

      

461,567

    

Short MidCap400

    

—

      

109,038

    

Short MSCI EAFE

    

—

      

90,416

    

Short MSCI Emerging Markets

    

—

      

214,388

    

Short Oil & Gas

    

—

      

25,525

    

Short QQQ

    

—

      

4,382,813

    

Short Real Estate

    

—

      

67,793

    

Short Russell2000

    

—

      

2,108,791

    

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 299

Fund

  

CLCFs Utilized

   Ordinary Late Year
Loss Deferrals		  

Short S&P500®

    

—

    

$

10,499,729

    

Short SmallCap600

    

—

      

40,742

    

Ultra 7-10 Year Treasury

  

$

1,255,177

      

—

    

Ultra 20+ Year Treasury

    

—

      

102,524

    

Ultra Basic Materials

    

6,824,555

      

—

    

Ultra Consumer Goods

    

110,266

      

—

    

Ultra Consumer Services

    

—

      

117,414

    

Ultra Financials

    

195,889,303

      

—

    

Ultra FTSE China 50

    

2,661,945

      

142,989

    

Ultra FTSE Europe

    

1,282,110

      

39,006

    

Ultra Health Care

    

3,927,208

      

—

    

Ultra High Yield

    

339,304

      

—

    

Ultra Industrials

    

665,904

      

25,469

    

Ultra MidCap400

    

21,534,595

      

—

    

Ultra MSCI Brazil Capped

    

—

      

55,041

    

Ultra MSCI EAFE

    

2,299,439

      

110,201

    

Ultra MSCI Emerging Markets

    

10,412,235

      

605,072

    

Ultra MSCI Japan

    

504,548

      

—

    

Ultra Nasdaq Biotechnology

    

50,776,483

      

913,525

    

Ultra Nasdaq Cloud Computing

    

—

      

12,524

    

Ultra Oil & Gas

    

18,146,516

      

—

    

Ultra QQQ

    

—

      

15,623,825

    

Ultra Russell2000

    

90,880,285

      

1,390,656

    

Ultra Semiconductors

    

—

      

238,434

    

Ultra SmallCap600

    

351,892

      

55,210

    

Ultra Technology

    

—

      

3,564,746

    

Ultra Telecommunications

    

26,960

      

—

    

UltraPro MidCap400

    

3,619,159

      

—

    

UltraPro QQQ

    

—

      

46,154,294

    

UltraPro Russell2000

    

8,487,658

      

1,405,962

    

UltraPro S&P500®

    

—

      

542,405

    

UltraPro Short 20+ Year Treasury

    

—

      

716,707

    

UltraPro Short Dow30SM

    

—

      

3,153,111

    

UltraPro Short MidCap400

    

—

      

39,824

    

UltraPro Short QQQ

    

—

      

12,259,563

    

UltraPro Short Russell2000

    

—

      

872,086

    

UltraPro Short S&P500®

    

—

      

3,892,556

    

UltraShort 7-10 Year Treasury

    

12,125

      

355,142

    

UltraShort 20+ Year Treasury

    

186,606

      

9,053,263

    

UltraShort Basic Materials

    

—

      

17,580

    

UltraShort Consumer Goods

    

—

      

7,269

    

UltraShort Consumer Services

    

—

      

7,345

    

UltraShort Dow30SM

    

—

      

839,089

    

UltraShort Financials

    

—

      

117,139

    

UltraShort FTSE China 50

    

—

      

153,404

    

UltraShort FTSE Europe

    

—

      

63,709

    

UltraShort Health Care

    

—

      

11,275

    

UltraShort Industrials

    

—

      

10,244

    

UltraShort MidCap400

    

—

      

17,082

    

300 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

Fund

  

CLCFs Utilized

   Ordinary Late Year
Loss Deferrals		  

UltraShort MSCI Brazil Capped

    

—

    

$

116,624

    

UltraShort MSCI EAFE

    

—

      

11,548

    

UltraShort MSCI Emerging Markets

    

—

      

46,807

    

UltraShort MSCI Japan

    

—

      

37,119

    

UltraShort Nasdaq Biotechnology

    

—

      

71,574

    

UltraShort Oil & Gas

    

—

      

137,604

    

UltraShort QQQ

    

—

      

1,693,016

    

UltraShort Real Estate

    

—

      

143,775

    

UltraShort Russell2000

    

—

      

617,886

    

UltraShort S&P500®

    

—

      

4,454,117

    

UltraShort Semiconductors

    

—

      

23,611

    

UltraShort SmallCap600

    

—

      

20,398

    

UltraShort Technology

    

—

      

39,771

    

UltraShort Utilities

    

—

      

17,106

    

3. Investment Transactions, Income and Expense Allocations

Throughout the reporting period, investment transactions are generally accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions on the last business day of the reporting period are accounted for on the trade date.

Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount. Dividend income is recorded on the ex-dividend date except for certain foreign dividends that may be recorded as soon as such information becomes available. Non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

Expenses directly attributable to a Fund are charged to that Fund, while expenses which are attributable to more than one Fund or jointly with an affiliate, are allocated among the respective Funds and/or affiliates based upon relative net assets or another reasonable basis.

4. Advisory and Management Service Fees and Transactions with Affiliates

The Advisor serves as the investment adviser to each Fund pursuant to an Investment Advisory Agreement. For its investment advisory services, each Fund pays the Advisor a monthly fee, accrued daily at an annualized rate based on its average daily net assets. Pursuant to a separate Management Services Agreement, the Advisor performs certain administrative services on behalf of the Funds, such as negotiating, coordinating and implementing the Trust's contractual obligations with the Funds' service providers; monitoring, overseeing and reviewing the performance of such service providers to ensure adherence to applicable contractual obligations; and preparing or coordinating reports and presentations to the Board of Trustees with respect to such service providers. For these and other services, each Fund pays the Advisor monthly management services fees, accrued daily at an annualized rate based on its average daily net assets.

The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses, in order to limit the annual operating expenses of each Fund. These expense limitations remain in effect until the dates specified in the table below, after which they may be terminated or revised.

For the period ended November 30, 2021, advisory and management services fees, waivers, reimbursements, and expense limitations were as follows:

Fund

   Investment
Advisory
Fee Rate*		   Management
Services
Fee Rate		   Advisory
Fees Waived		   Management
Services
Fees Waived		   Expense
Reimbursements		   Expense
Limitation		   Expense Limitation
Effective Through		  

Short 7-10 Year Treasury

    

0.75

%

    

0.10

%

  

$

12,378

      

—

      

—

      

0.95

%

  

September 30, 2022

  

Short 20+ Year Treasury

    

0.75

      

0.10

      

—

      

—

      

—

      

0.95

    

September 30, 2022

  

Short Basic Materials

    

0.75

      

0.10

      

6,148

    

$

820

    

$

27,361

      

0.95

    

September 30, 2022

  

Short Dow30SM

    

0.75

      

0.10

      

14,369

      

—

      

—

      

0.95

    

September 30, 2022

  

Short Financials

    

0.75

      

0.10

      

34,006

      

—

      

—

      

0.95

    

September 30, 2022

  

Short FTSE China 50

    

0.75

      

0.10

      

28,108

      

3,748

      

3,607

      

0.95

    

September 30, 2022

  

Short High Yield

    

0.75

      

0.10

      

36,418

      

—

      

—

      

0.95

    

September 30, 2022

  

Short MidCap400

    

0.75

      

0.10

      

33,000

      

—

      

—

      

0.95

    

September 30, 2022

  

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 301

Fund

   Investment
Advisory
Fee Rate*		   Management
Services
Fee Rate		   Advisory
Fees Waived		   Management
Services
Fees Waived		   Expense
Reimbursements		   Expense
Limitation		   Expense Limitation
Effective Through		  

Short MSCI EAFE

    

0.75

%

    

0.10

%

  

$

33,266

      

—

      

—

      

0.95

%

  

September 30, 2022

  

Short MSCI Emerging Markets

    

0.75

      

0.10

      

30,660

      

—

      

—

      

0.95

    

September 30, 2022

  

Short Oil & Gas

    

0.75

      

0.10

      

12,769

    

$

1,703

    

$

19,813

      

0.95

    

September 30, 2022

  

Short QQQ

    

0.75

      

0.10

      

140,152

      

—

      

—

      

0.95

    

September 30, 2022

  

Short Real Estate

    

0.75

      

0.10

      

29,024

      

3,870

      

1,473

      

0.95

    

September 30, 2022

  

Short Russell2000

    

0.75

      

0.10

      

86,182

      

—

      

—

      

0.95

    

September 30, 2022

  

Short S&P500®

    

0.75

      

0.10

      

—

      

—

      

—

      

0.95

    

September 30, 2022

  

Short SmallCap600

    

0.75

      

0.10

      

17,355

      

2,314

      

14,768

      

0.95

    

September 30, 2022

  

Ultra 7-10 Year Treasury

    

0.75

      

0.10

      

47,176

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra 20+ Year Treasury

    

0.75

      

0.10

      

39,424

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra Basic Materials

    

0.75

      

0.10

      

50,330

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra Consumer Goods

    

0.75

      

0.10

      

55,823

      

1,290

      

—

      

0.95

    

September 30, 2022

  

Ultra Consumer Services

    

0.75

      

0.10

      

54,815

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra Dow30SM

    

0.75

      

0.10

      

1,055

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra Financials

    

0.75

      

0.10

      

—

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra FTSE China 50

    

0.75

      

0.10

      

38,256

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra FTSE Europe

    

0.75

      

0.10

      

19,865

      

2,649

      

16,481

      

0.95

    

September 30, 2022

  

Ultra Health Care

    

0.75

      

0.10

      

58,292

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra High Yield

    

0.75

      

0.10

      

54,921

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra Industrials

    

0.75

      

0.10

      

74,262

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra MidCap400

    

0.75

      

0.10

      

43,167

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra MSCI Brazil Capped

    

0.75

      

0.10

      

24,588

      

3,279

      

7,867

      

0.95

    

September 30, 2022

  

Ultra MSCI EAFE

    

0.75

      

0.10

      

31,684

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra MSCI Emerging Markets

    

0.75

      

0.10

      

37,916

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra MSCI Japan

    

0.75

      

0.10

      

30,534

      

4,071

      

1,287

      

0.95

    

September 30, 2022

  

Ultra Nasdaq Biotechnology

    

0.75

      

0.10

      

156,684

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra Nasdaq Cloud Computing

    

0.75

      

0.10

      

8,993

      

1,199

      

9,877

      

0.95

    

September 30, 2022

  

Ultra Nasdaq Cybersecurity

    

0.75

      

0.10

      

14,793

      

1,973

      

3,046

      

0.95

    

September 30, 2022

  

Ultra Oil & Gas

    

0.75

      

0.10

      

43,930

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra QQQ

    

0.75

      

0.10

      

554,445

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra Real Estate

    

0.75

      

0.10

      

49,642

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra Russell2000

    

0.75

      

0.10

      

563,937

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra S&P500®

    

0.75

      

0.10

      

139,531

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra Semiconductors

    

0.75

      

0.10

      

16,431

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra SmallCap600

    

0.75

      

0.10

      

53,022

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra Technology

    

0.75

      

0.10

      

—

      

—

      

—

      

0.95

    

September 30, 2022

  

Ultra Telecommunications

    

0.75

      

0.10

      

9,281

      

1,238

      

43,104

      

0.95

    

September 30, 2022

  

Ultra Utilities

    

0.75

      

0.10

      

59,890

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraPro Dow30SM

    

0.75

      

0.10

      

—

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraPro MidCap400

    

0.75

      

0.10

      

90,213

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraPro QQQ

    

0.75

      

0.10

      

8,693,543

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraPro Russell2000

    

0.75

      

0.10

      

615,746

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraPro S&P500®

    

0.75

      

0.10

      

—

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraPro Short 20+ Year Treasury

    

0.75

      

0.10

      

1,024

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraPro Short Dow30SM

    

0.75

      

0.10

      

—

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraPro Short MidCap400

    

0.75

      

0.10

      

18,522

      

2,470

      

14,838

      

0.95

    

September 30, 2022

  

UltraPro Short QQQ

    

0.75

      

0.10

      

307,399

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraPro Short Russell2000

    

0.75

      

0.10

      

62,136

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraPro Short S&P500®

    

0.75

      

0.10

      

—

      

—

      

—

      

0.95

    

September 30, 2022

  

302 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

Fund

   Investment
Advisory
Fee Rate*		   Management
Services
Fee Rate		   Advisory
Fees Waived		   Management
Services
Fees Waived		   Expense
Reimbursements		   Expense
Limitation		   Expense Limitation
Effective Through		  

UltraShort 7-10 Year Treasury

    

0.75

%

    

0.10

%

  

$

20,142

      

—

      

—

      

0.95

%

  

September 30, 2022

  

UltraShort 20+ Year Treasury

    

0.75

      

0.10

      

—

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraShort Basic Materials

    

0.75

      

0.10

      

9,358

    

$

1,248

    

$

24,100

      

0.95

    

September 30, 2022

  

UltraShort Consumer Goods

    

0.75

      

0.10

      

3,545

      

473

      

30,569

      

0.95

    

September 30, 2022

  

UltraShort Consumer Services

    

0.75

      

0.10

      

3,256

      

434

      

31,157

      

0.95

    

September 30, 2022

  

UltraShort Dow30SM

    

0.75

      

0.10

      

32,608

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraShort Financials

    

0.75

      

0.10

      

36,494

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraShort FTSE China 50

    

0.75

      

0.10

      

37,287

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraShort FTSE Europe

    

0.75

      

0.10

      

28,985

      

3,865

      

892

      

0.95

    

September 30, 2022

  

UltraShort Health Care

    

0.75

      

0.10

      

5,691

      

759

      

27,935

      

0.95

    

September 30, 2022

  

UltraShort Industrials

    

0.75

      

0.10

      

5,916

      

789

      

28,249

      

0.95

    

September 30, 2022

  

UltraShort MidCap400

    

0.75

      

0.10

      

7,330

      

977

      

28,594

      

0.95

    

September 30, 2022

  

UltraShort MSCI Brazil Capped

    

0.75

      

0.10

      

32,861

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraShort MSCI EAFE

    

0.75

      

0.10

      

4,704

      

627

      

29,385

      

0.95

    

September 30, 2022

  

UltraShort MSCI Emerging Markets

    

0.75

      

0.10

      

23,022

      

3,070

      

8,427

      

0.95

    

September 30, 2022

  

UltraShort MSCI Japan

    

0.75

      

0.10

      

16,434

      

2,191

      

15,576

      

0.95

    

September 30, 2022

  

UltraShort Nasdaq Biotechnology

    

0.75

      

0.10

      

29,021

      

3,869

      

882

      

0.95

    

September 30, 2022

  

UltraShort Oil & Gas

    

0.75

      

0.10

      

31,555

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraShort QQQ

    

0.75

      

0.10

      

89,730

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraShort Real Estate

    

0.75

      

0.10

      

36,806

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraShort Russell2000

    

0.75

      

0.10

      

53,522

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraShort S&P500®

    

0.75

      

0.10

      

—

      

—

      

—

      

0.95

    

September 30, 2022

  

UltraShort Semiconductors

    

0.75

      

0.10

      

9,837

      

1,312

      

23,648

      

0.95

    

September 30, 2022

  

UltraShort SmallCap600

    

0.75

      

0.10

      

10,357

      

1,381

      

23,804

      

0.95

    

September 30, 2022

  

UltraShort Technology

    

0.75

      

0.10

      

15,018

      

2,002

      

17,650

      

0.95

    

September 30, 2022

  

UltraShort Utilities

    

0.75

      

0.10

      

8,112

      

1,082

      

25,488

      

0.95

    

September 30, 2022

  

*  In addition to the expense limitations disclosed above, the Advisor has entered into an Advisory Fee Waiver Agreement for each Fund that reduces the annualized advisory fee rate subject to the following breakpoints: 0.75% of the first $4.0 billion of average daily net assets of the Fund, 0.70% of the next $1.5 billion, 0.65% of the next $1.5 billion, 0.60% of the next $1.5 billion and 0.55% of average daily net assets of the Fund over $8.5 billion. To the extent that a Fund achieves an asset breakpoint, the Advisor will waive fees in order to match the corresponding reduction in the tiered advisory fee limit. Any such waivers are reflected as a component of "Expenses waived and/or reimbursed by Advisor" on the Statements of Operations, and are not subject to subsequent recoupment by the Advisor. During the period ended November 30, 2021, advisory fees of $408,359 were waived for Ultra QQQ pursuant to this agreement, resulting in a net advisory fee of 0.73%. During the period ended November 30, 2021, advisory fees of $139,531 were waived for Ultra S&P500 pursuant to this agreement, resulting in a net advisory fee of 0.74%.During the period ended November 30, 2021, advisory fees of $8,693,543 were waived for UltraPro QQQ pursuant to this agreement, resulting in a net advisory fee of 0.63%.

For each Fund, amounts waived or reimbursed by the Advisor may be recouped by the Advisor within five years of the end of the applicable contractual period to the extent that such recoupments would not cause a Fund's annualized operating expenses to exceed the lesser of (1) the expense limitation in effect at the time of waiver, and (2) the expense limitation in effect at the time of recoupment. Any amounts recouped by the Advisor during the period are reflected in the Statements of Operations as "Recoupment of prior expenses waived and/or reimbursed by Advisor". As of November 30, 2021, the amounts eligible for recoupment and the date of expiration are as follows:

   

Expires September 30,

   Total Amount
Eligible for 		 

Fund

  

2022

  

2023

  

2024

  

2025

  

2026

  

2027

  

Recoupment

  

Short 7-10 Year Treasury

  

$

37,209

    

$

30,777

    

$

68,440

    

$

58,236

    

$

39,494

    

$

2,726

    

$

236,882

    

Short Basic Materials

    

68,669

      

60,770

      

69,309

      

68,792

      

67,674

      

11,389

      

346,603

    

Short Dow30SM

    

76,354

      

56,819

      

58,252

      

81,443

      

71,181

      

—

      

344,049

    

Short Financials

    

60,938

      

56,880

      

67,106

      

66,465

      

67,738

      

11,127

      

330,254

    

Short FTSE China 50

    

63,961

      

64,014

      

72,169

      

73,907

      

69,478

      

11,898

      

355,427

    

Short High Yield

    

74,384

      

47,725

      

67,482

      

89,319

      

73,328

      

9,307

      

361,545

    

Short MidCap400

    

54,461

      

59,003

      

64,470

      

62,288

      

64,925

      

10,736

      

315,883

    

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 303

   

Expires September 30,

   Total Amount
Eligible for 		 

Fund

  

2022

  

2023

  

2024

  

2025

  

2026

  

2027

  

Recoupment

  

Short MSCI EAFE

  

$

75,099

    

$

50,861

    

$

65,324

    

$

67,005

    

$

77,986

    

$

9,744

    

$

346,019

    

Short MSCI Emerging Markets

    

53,542

      

33,973

      

67,720

      

74,764

      

73,663

      

7,794

      

311,456

    

Short Oil & Gas

    

62,887

      

61,322

      

69,720

      

68,835

      

68,010

      

11,441

      

342,215

    

Short QQQ

    

239,709

      

217,677

      

289,992

      

356,298

      

296,075

      

46,815

      

1,446,566

    

Short Real Estate

    

59,167

      

60,323

      

68,486

      

68,631

      

72,237

      

10,869

      

339,713

    

Short Russell2000

    

249,456

      

199,443

      

188,717

      

278,667

      

231,769

      

20,741

      

1,168,793

    

Short SmallCap600

    

53,416

      

60,957

      

69,876

      

67,242

      

69,001

      

11,255

      

331,747

    

Ultra 7-10 Year Treasury

    

62,536

      

71,959

      

89,428

      

90,240

      

91,778

      

15,459

      

421,400

    

Ultra 20+ Year Treasury

    

76,690

      

73,005

      

92,526

      

88,560

      

86,760

      

12,680

      

430,221

    

Ultra Basic Materials

    

88,772

      

101,200

      

101,333

      

104,481

      

92,884

      

16,893

      

505,563

    

Ultra Consumer Goods

    

97,284

      

106,550

      

105,592

      

122,429

      

108,679

      

22,445

      

562,979

    

Ultra Consumer Services

    

96,358

      

110,784

      

103,519

      

125,868

      

117,859

      

17,817

      

572,205

    

Ultra Dow30SM

    

55,670

      

42,175

      

83,496

      

88,574

      

44,098

      

—

      

314,013

    

Ultra Financials

    

—

      

—

      

52,020

      

123,291

      

—

      

—

      

175,311

    

Ultra FTSE China 50

    

68,253

      

87,846

      

77,866

      

88,086

      

79,216

      

12,237

      

413,504

    

Ultra FTSE Europe

    

53,612

      

57,464

      

67,523

      

68,397

      

91,549

      

12,951

      

351,496

    

Ultra Health Care

    

93,516

      

119,750

      

135,285

      

131,973

      

94,412

      

31,180

      

606,116

    

Ultra High Yield

    

144,442

      

143,367

      

157,016

      

76,009

      

127,422

      

18,476

      

666,732

    

Ultra Industrials

    

99,560

      

117,943

      

101,797

      

124,278

      

143,038

      

32,088

      

618,704

    

Ultra MidCap400

    

86,553

      

98,454

      

149,145

      

129,159

      

153,030

      

7,109

      

623,450

    

Ultra MSCI Brazil Capped

    

57,727

      

57,780

      

68,922

      

68,903

      

73,357

      

11,962

      

338,651

    

Ultra MSCI EAFE

    

58,174

      

58,330

      

68,038

      

67,971

      

61,981

      

10,577

      

325,071

    

Ultra MSCI Emerging Markets

    

53,106

      

55,431

      

64,469

      

67,179

      

74,970

      

15,004

      

330,159

    

Ultra MSCI Japan

    

54,716

      

58,663

      

78,351

      

68,707

      

76,205

      

11,892

      

348,534

    

Ultra Nasdaq Biotechnology

    

352,874

      

357,572

      

348,301

      

239,152

      

310,901

      

50,707

      

1,659,507

    

Ultra Nasdaq Cloud Computing

    

—

      

—

      

—

      

—

      

40,946

      

6,957

      

47,903

    

Ultra Nasdaq Cybersecurity

    

—

      

—

      

—

      

—

      

39,101

      

7,181

      

46,282

    

Ultra Oil & Gas

    

121,239

      

107,939

      

128,797

      

139,377

      

103,663

      

12,561

      

613,576

    

Ultra QQQ

    

476,999

      

627,801

      

734,603

      

856,753

      

721,976

      

—

      

3,418,132

    

Ultra Real Estate

    

100,745

      

122,540

      

116,571

      

141,016

      

99,269

      

16,161

      

596,302

    

Ultra Russell2000

    

678,331

      

826,508

      

598,481

      

325,953

      

1,190,983

      

139,074

      

3,759,330

    

Ultra Semiconductors

    

76,598

      

96,820

      

104,479

      

116,117

      

78,673

      

—

      

472,687

    

Ultra SmallCap600

    

115,280

      

150,594

      

112,888

      

144,160

      

105,717

      

16,725

      

645,364

    

Ultra Technology

    

50,783

      

134,585

      

135,521

      

100,676

      

—

      

—

      

421,565

    

Ultra Telecommunications

    

93,855

      

91,919

      

108,608

      

107,921

      

108,243

      

17,823

      

528,369

    

Ultra Utilities

    

94,203

      

92,407

      

102,810

      

121,341

      

137,989

      

21,140

      

569,890

    

UltraPro Dow30SM

    

58,343

      

19,082

      

91,917

      

78,444

      

—

      

—

      

247,786

    

UltraPro MidCap400

    

79,187

      

135,605

      

112,697

      

132,762

      

108,219

      

54,252

      

622,722

    

UltraPro Russell2000

    

812,931

      

764,947

      

827,229

      

823,180

      

1,251,635

      

159,446

      

4,639,368

    

UltraPro Short 20+ Year Treasury

    

18,318

      

22,175

      

46,924

      

61,705

      

33,554

      

—

      

182,676

    

UltraPro Short Dow30SM

    

26,704

      

91,602

      

68,233

      

105,555

      

100,678

      

—

      

392,772

    

UltraPro Short MidCap400

    

62,493

      

65,192

      

72,678

      

70,658

      

73,860

      

11,698

      

356,579

    

UltraPro Short QQQ

    

359,287

      

290,662

      

465,760

      

788,628

      

705,136

      

109,359

      

2,718,832

    

UltraPro Short Russell2000

    

103,833

      

112,751

      

98,638

      

150,084

      

160,458

      

19,072

      

644,836

    

UltraShort 7-10 Year Treasury

    

3,327

      

—

      

38,596

      

53,252

      

46,329

      

5,727

      

147,231

    

UltraShort Basic Materials

    

64,799

      

63,073

      

70,451

      

71,277

      

68,121

      

11,531

      

349,252

    

UltraShort Consumer Goods

    

64,050

      

61,744

      

69,385

      

69,579

      

68,984

      

11,498

      

345,240

    

UltraShort Consumer Services

    

64,734

      

62,218

      

70,715

      

70,585

      

69,905

      

11,558

      

349,715

    

UltraShort Dow30SM

    

77,135

      

82,051

      

73,406

      

98,336

      

79,732

      

7,520

      

418,180

    

304 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

   

Expires September 30,

   Total Amount
Eligible for 		 

Fund

  

2022

  

2023

  

2024

  

2025

  

2026

  

2027

  

Recoupment

  

UltraShort Financials

  

$

67,185

    

$

61,995

    

$

69,598

    

$

74,558

    

$

71,867

    

$

11,634

    

$

356,837

    

UltraShort FTSE China 50

    

90,082

      

76,673

      

84,460

      

90,775

      

74,667

      

11,829

      

428,486

    

UltraShort FTSE Europe

    

62,101

      

55,794

      

66,712

      

68,772

      

66,885

      

10,795

      

331,059

    

UltraShort Health Care

    

62,982

      

61,997

      

68,921

      

69,051

      

68,004

      

11,343

      

342,298

    

UltraShort Industrials

    

61,627

      

61,531

      

69,530

      

70,135

      

68,882

      

11,702

      

343,407

    

UltraShort MidCap400

    

61,997

      

64,164

      

72,713

      

72,300

      

72,191

      

12,324

      

355,689

    

UltraShort MSCI Brazil Capped

    

63,937

      

54,325

      

62,331

      

63,948

      

70,621

      

9,783

      

324,945

    

UltraShort MSCI EAFE

    

59,845

      

61,180

      

69,545

      

70,471

      

68,132

      

11,533

      

340,706

    

UltraShort MSCI Emerging Markets

    

62,095

      

59,291

      

67,151

      

69,292

      

69,189

      

11,111

      

338,129

    

UltraShort MSCI Japan

    

57,556

      

60,345

      

68,641

      

68,361

      

68,340

      

11,285

      

334,528

    

UltraShort Nasdaq Biotechnology

    

85,111

      

67,576

      

73,296

      

73,070

      

67,920

      

11,006

      

377,979

    

UltraShort Oil & Gas

    

62,586

      

57,364

      

67,749

      

67,234

      

64,443

      

10,112

      

329,488

    

UltraShort QQQ

    

246,278

      

213,623

      

230,252

      

263,220

      

185,861

      

29,998

      

1,169,232

    

UltraShort Real Estate

    

76,125

      

68,322

      

81,940

      

87,665

      

74,474

      

11,214

      

399,740

    

UltraShort Russell2000

    

152,686

      

127,910

      

115,973

      

148,967

      

123,449

      

15,682

      

684,667

    

UltraShort Semiconductors

    

61,295

      

62,679

      

70,672

      

72,127

      

69,723

      

11,475

      

347,971

    

UltraShort SmallCap600

    

60,768

      

62,947

      

70,540

      

69,711

      

71,020

      

11,777

      

346,763

    

UltraShort Technology

    

63,735

      

62,504

      

71,059

      

72,086

      

68,752

      

11,497

      

349,633

    

UltraShort Utilities

    

60,181

      

60,800

      

68,277

      

69,238

      

67,517

      

11,632

      

337,645

    

Employees of the Advisor serve in the roles of Interested Trustee, President, Chief Legal Officer and Secretary of the Trust. These individuals receive no compensation directly from the Trust. Another employee of the Advisor serves as Chief Compliance Officer and Anti-Money Laundering Officer. This individual's related compensation, along with the compensation of staff who administer the Funds' compliance program, and certain other expenses are reimbursed to the Advisor by the Funds and are reflected on the Statements of Operations as "Compliance services fees".

5. Administration Fees

JPMorgan Chase Bank, N.A. acts as the Trust's administrator (the "Administrator"). The Administrator provides certain administrative services to the Funds, including fund accounting, fund administration and certain compliance services, pursuant to a Fund Services Agreement. For these services, each Fund shall pay the Administrator monthly, a fee accrued daily and based on average net assets. Each Fund may also reimburse the Administrator for such out-of-pocket expenses as incurred by the Administrator in the performance of its duties. Such fees are reflected on the Statements of Operations as "Administration Fees". Certain employees of the Administrator are also officers of the Trust.

6. Custodian Fees

JPMorgan Chase Bank, N.A. acts as custodian for the Funds in accordance with a Custody Agreement. The custodian holds cash, securities and other assets of the Funds as required by the 1940 Act. Custodian fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses. Such fees are reflected on the Statements of Operations as "Custodian Fees".

7. Listing, Data and Related Fees

The Funds may incur costs relating to their initial and ongoing listing on an exchange and for the calculation and dissemination of Indicative Optimized Portfolio Values (IOPVs). Additionally, a Fund may enter into a license agreement for the right to use an Index and the related Trade Mark(s) and to receive data related to the index from the index provider. The portion of such costs attributed to each Fund is reflected on the Statements of Operations as "Listing, Data and related fees".

8. Trustees Fees

The Trust, together with other affiliated trusts, pay each Independent Trustee an aggregate fee consisting of a $325,000 annual retainer (paid in quarterly increments) for services provided as a Board member. Prior to July 1, 2021, each Independent trustee was paid a $185,000 annual retainer for services provided as a Board member, plus a quarterly in-person meeting fee of $10,000, an in-person special meeting fee of $3,000 and a telephonic meeting fee of $3,000. Such fees are allocated between the Funds and other affiliated funds. Each Fund's share of these fees, together with reimbursable expenses of the Trustees, is reflected on the Statements of Operations as "Trustees Fees".

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 305

9. Distribution and Service Plan

SEI Investments Distribution Co. serves as the Funds' distributor. The Trust has adopted a Distribution and Service (12b-1) Plan pursuant to which each Fund may bear a 12b-1 fee not to exceed 0.25% per annum of the Fund's average daily net assets. No 12b-1 fees are currently paid by the Funds, and there are currently no plans to impose these fees.

10. Issuance and Redemption of Fund Shares

Each Fund issues and redeems its shares only to Authorized Participants (typically broker-dealers) in exchange for the deposit or delivery of a basket of assets (securities and/or cash), in large blocks known as Creation Units, each of which is comprised of a specified number of shares.

To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued in advance of receipt by the Fund of all or a portion of the applicable Deposit Securities. In these circumstances, the Fund may require the Authorized Participant to maintain with the Trust an amount up to 115% and/or 125% of the daily mark-to-market value of the missing Deposit Securities.

Retail investors may only purchase and sell Fund shares on a national securities exchange through a broker-dealer and such transactions may be subject to customary commission rates imposed by the broker-dealer.

Authorized Participants may pay transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Transaction fees related to unsettled Creation Unit transactions are included in the receivable for capital shares issued on the Statements of Assets and Liabilities. None of the Funds had any transaction fees for the period ended November 30, 2021 or the year ended May 31, 2021.

11. Investment Transactions

For the period ended November 30, 2021, the cost of securities purchased and proceeds from sales of securities (U.S. government securities for the ProShares Ultra 7-10 Year Treasury and ProShares Ultra 20+ Year Treasury Funds), excluding short-term securities, derivatives and in-kind transactions, were:

Fund

  

Purchases

  

Sales

  

Ultra 7-10 Year Treasury

  

$

5,081,163

    

$

4,409,714

    

Ultra 20+ Year Treasury

    

21,699,779

      

894,107

    

Ultra Basic Materials

    

6,715,859

      

2,394,674

    

Ultra Consumer Goods

    

27,939,191

      

309,463

    

Ultra Consumer Services

    

20,384,191

      

163,501

    

Ultra Dow30SM

    

139,850,147

      

616,454

    

Ultra Financials

    

1,206,265,784

      

14,837,817

    

Ultra Health Care

    

264,189,713

      

9,882,277

    

Ultra Industrials

    

37,435,054

      

740,807

    

Ultra MidCap400

    

40,572,193

      

27,689,240

    

Ultra MSCI Japan

    

23,241,426

      

15,674,619

    

Ultra Nasdaq Biotechnology

    

21,876,008

      

44,250,798

    

Ultra Nasdaq Cloud Computing

    

547,167

      

238,311

    

Ultra Oil & Gas

    

87,459,556

      

32,166,478

    

Ultra QQQ

    

3,280,271,913

      

64,536,024

    

Ultra Real Estate

    

33,044,218

      

2,587,599

    

Ultra Russell2000

    

387,818,971

      

83,945,758

    

Ultra S&P500®

    

2,243,379,993

      

43,823,759

    

Ultra Semiconductors

    

315,200,350

      

42,449,940

    

Ultra SmallCap600

    

7,238,169

      

2,288,187

    

Ultra Technology

    

632,130,444

      

68,254,358

    

Ultra Telecommunications

    

415,924

      

426,033

    

Ultra Utilities

    

8,169,719

      

1,499,841

    

UltraPro Dow30SM

    

940,226,565

      

60,512,000

    

UltraPro MidCap400

    

50,031,904

      

1,809,284

    

UltraPro QQQ

    

9,232,866,727

      

110,310,653

    

UltraPro Russell2000

    

541,130,350

      

38,769,902

    

UltraPro S&P500®

    

2,562,260,129

      

32,279,411

    

306 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

12. In-Kind Transactions

During the period presented in this report, certain Funds delivered portfolio securities in exchange for the redemption of shares (redemption-in-kind). Cash and securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each transaction.

For the period ended November 30, 2021, the fair value of the securities transferred for redemptions, and the net realized gains (losses) recorded in connection with the transactions were as follows:

Fund

  

Fair Value

   Net Realized
Gains (Losses)		  

Ultra 20+ Year Treasury

  

$

13,587,713

    

$

(84,769

)

  

Ultra Basic Materials

    

27,223,510

      

7,110,133

    

Ultra Consumer Goods

    

25,332,831

      

1,614,213

    

Ultra Consumer Services

    

15,031,941

      

2,010,445

    

Ultra Dow30SM

    

115,112,668

      

16,343,711

    

Ultra Financials

    

1,199,786,850

      

176,741,004

    

Ultra Health Care

    

275,544,207

      

27,428,525

    

Ultra Industrials

    

44,537,351

      

6,070,817

    

Ultra MidCap400

    

16,089,107

      

4,777,101

    

Ultra MSCI Japan

    

5,955,059

      

12,470

    

Ultra Nasdaq Biotechnology

    

118,384,406

      

18,278,976

    

Ultra Nasdaq Cybersecurity

    

105,831

      

14,938

    

Ultra Oil & Gas

    

88,841,218

      

25,978,915

    

Ultra QQQ

    

2,676,771,527

      

694,374,088

    

Ultra Real Estate

    

21,865,050

      

4,523,621

    

Ultra Russell2000

    

633,307,043

      

33,709,171

    

Ultra S&P500®

    

2,885,297,034

      

475,795,366

    

Ultra Semiconductors

    

191,322,191

      

37,412,967

    

Ultra SmallCap600

    

4,540,842

      

1,369,426

    

Ultra Technology

    

407,765,489

      

122,559,331

    

Ultra Utilities

    

9,328,079

      

594,324

    

UltraPro Dow30SM

    

1,439,644,452

      

77,326,548

    

UltraPro MidCap400

    

31,533,371

      

3,554,423

    

UltraPro QQQ

    

8,695,176,572

      

1,302,675,531

    

UltraPro Russell2000

    

348,248,544

      

21,357,751

    

UltraPro S&P500®

    

2,916,504,136

      

226,614,949

    

In addition, during the period, certain Funds received securities in exchange for subscriptions of shares (subscriptions-in-kind). For the period ended November 30, 2021, the fair value of the securities received for subscriptions were as follows:

Fund

  

Fair Value

  

Ultra Health Care

  

$

43,154,345

    

Ultra Industrials

    

1,690,987

    

Ultra MidCap400

    

10,076,483

    

Ultra Nasdaq Biotechnology

    

80,945,666

    

Ultra Nasdaq Cybersecurity

    

53,898

    

Ultra Oil & Gas

    

24,919,973

    

Ultra QQQ

    

639,222,982

    

Ultra Real Estate

    

2,531,011

    

Ultra Russell2000

    

5,156,000

    

Ultra S&P500®

    

1,322,544,652

    

Ultra Semiconductors

    

96,571,365

    

Ultra SmallCap600

    

1,575,686

    

Ultra Technology

    

46,063,027

    

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 307

Fund

  

Fair Value

  

Ultra Utilities

  

$

11,244,809

    

UltraPro Dow30SM

    

769,124,630

    

UltraPro MidCap400

    

4,210,545

    

UltraPro QQQ

    

4,427,085,447

    

UltraPro S&P500®

    

1,873,626,222

    

13. Risk

Some risks apply to all Funds, while others are specific to the investment strategy of certain Funds. Each Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Funds.

•  Risks Associated with the Use of Derivatives

Certain Funds obtain investment exposure through derivatives (including investing in futures contracts, options on futures contracts, securities and indexes, forward contracts, swap agreements and similar instruments). Investing in derivatives may be considered aggressive and may expose a Fund to risks different from, or possibly greater than, the risks associated with investing directly in securities underlying the derivative, including: 1) the risk that there may be imperfect correlation between the price of financial instruments and movements in the prices of the underlying reference asset(s); 2) the risk that an instrument is mispriced; 3) credit or counterparty risk on the amount each Fund expects to receive from a counterparty; 4) the risk that securities prices, interest rates and currency markets will move adversely and a Fund will incur significant losses; 5) the risk that the cost of holding a financial instrument might exceed its total return; and 6) the possible absence of a liquid secondary market for a particular instrument and possible exchange-imposed price fluctuation limits, either of which may make it difficult or impossible to adjust a Fund's position in a particular instrument when desired. The occurrence of any of these factors may prevent the Fund from achieving its investment objective. Because derivatives often require limited initial investment, the use of derivatives also may expose the Fund to losses in excess of those amounts initially invested.

Certain Funds may use a combination of swaps on an underlying index or swaps on an ETF that is designed to track the performance of that index. The performance of an ETF may not track the performance of its underlying index due to embedded costs and other factors. Thus, to the extent a Fund invests in swaps that use an ETF as the reference asset, that Fund may be subject to greater correlation risk and may not achieve as high a degree of correlation with its index as it would if the Fund used only swaps on the underlying index.

Moreover, with respect to the use of swap agreements, if an index has a dramatic intraday move that causes a material decline in a Fund's net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the Fund's investment objective. This, in turn, may prevent the Fund from achieving its investment objective, even if the Index reverses all or a portion of its intraday move by the end of the day. Any costs associated with using derivatives will also have the effect of lowering the Fund's return.

•  Leverage Risk

Certain Funds utilize leverage (i.e., obtain investment exposure in excess of their assets) in seeking to achieve their investment objective and will lose more money in market environments adverse to their daily objective than similar funds that do not employ leverage.

Because the Funds that utilize leverage include either a -3x or 3x multiplier or a -2x or 2x multiplier, a single day adverse price movement approaching 33% or 50%, respectively, in a relevant benchmark, could result in the total loss of an investor's investment.

•  Concentration Risk

Certain Funds may typically concentrate their investments in issuers of one or more particular industries to the same extent that their underlying indexes are so concentrated and to the extent permitted by applicable regulatory guidance. There is a risk that those issuers (or industry sectors) will perform poorly and negatively impact a Fund. Concentration risk results from maintaining exposure (long or short) to issuers conducting business in a specific industry. The risk of concentrating investments in a limited number of issuers in a particular industry is that a Fund will be more susceptible to the risks associated with that industry than a Fund that does not concentrate its investments.

•  Correlation Risk

There is no guarantee that a Fund will achieve a high degree of correlation with its index or a multiple or inverse thereof. Failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. The percentage change of the Fund's NAV each day may differ, perhaps significantly in amount, and possibly even direction, from the percentage change of the Fund's index on such day. A number of other factors may adversely affect a Fund's correlation with its index, including material over- or under-exposure, fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, infrequent trading in the

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securities underlying its index, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which a Fund invests. While each Fund generally attempts to track the performance of the Index by investing all, or substantially all, of its assets in the securities that make up the Index in approximately the same proportion as their weighting in the Index, at times a Fund may not have investment exposure to all securities in its index, or, with respect to equity funds, its weighting of investment exposure to such securities, financial investments or industries may be different from that of the index. In addition, a Fund may invest in securities or financial investments not included in the index or in financial instruments. Each Fund may take or refrain from taking positions in order to improve tax efficiency or comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund's correlation with its index. A Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or underexposed to its index and may be impacted by index reconstitutions and index rebalancing events. Additionally, a Fund's underlying investments may trade on markets that may or may not be open on the same day as the Fund. Furthermore, a Fund's currency holdings may be valued at a different time than the level of its index. In addition, the Funds with a foreign currency hedging strategy may also be unable to perfectly match the Index and will introduce additional costs, both sources of additional correlation risk. Any of these factors could decrease correlation between the performance of a Fund and the index and may hinder a Fund's ability to meet its investment objective.

•  Counterparty Risk

A Fund will be subject to credit risk (i.e., the risk that a counterparty is unwilling or unable to make timely payments or otherwise meet its contractual obligations) with respect to the amount the Fund expects to receive from counterparties to financial instruments (including derivatives and repurchase agreements) entered into by the Fund. A Fund generally structures the agreements such that either party can terminate the contract without penalty prior to the termination date. If a counterparty terminates a contract, a Fund may not be able to invest in other derivatives to achieve the desired exposure, or achieving such exposure may be more expensive. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations under such an agreement.

At November 30, 2021, the ProShares Ultra Consumer Goods, ProShares Ultra Financials, ProShares Ultra Nasdaq Cloud Computing, ProShares Ultra Nasdaq Cybersecurity, ProShares Ultra Semiconductors, ProShares UltraShort Industrials and ProShares UltraShort Nasdaq Biotechnology funds had net unrealized appreciation on swaps with a single counterparty which exceeded 5% of each Fund's net assets.

•  Geographic Concentration Risk

Certain Funds that focus their investments in companies economically tied to particular foreign countries or geographic regions may be particularly susceptible to political, social, economic or regulatory events affecting those countries or regions. The performance of such Funds may be more volatile than a more geographically diversified fund.

•  Foreign Currency Risk

Certain Funds may seek leveraged, inverse, or inverse leveraged exposure to investments denominated in foreign currencies. Investments denominated in foreign currencies are exposed to more risk than those investments denominated in U.S. dollars. The value of an investment denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign currency losses could offset or exceed any potential gains, or add to losses, in the related investments. Regulatory fees or higher custody fees maybe imposed on foreign currency holdings.

•  LIBOR Risk

The terms of many investments, financings or other transactions to which a Fund may be a party have been historically tied to the London Interbank Offered Rate, or "LIBOR." LIBOR is the offered rate at which major international banks can obtain wholesale, unsecured funding, and LIBOR may be available for different durations (e.g., 1 month or 3 months) and for different currencies. LIBOR may be a significant factor in determining a Fund's payment obligations under a derivative investment, the cost of financing to a Fund or an investment's value or return to a Fund, and may be used in other ways that affect a Fund's investment performance. In July 2017, the Financial Conduct Authority (the "FCA"), the United Kingdom's financial regulatory body, announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. On March 5, 2021, the FCA and LIBOR's administrator, ICE Benchmark Administration ("IBA"), announced that most LIBOR settings will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR settings will no longer be published after June 30, 2023. It is possible that the FCA may compel the IBA to publish a subset of LIBOR settings after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate, which is intended to replace the U.S. dollar LIBOR). Alternative reference rates can differ significantly from LIBOR — both in the actual rate and how it is calculated — and it is unclear whether and when markets will adopt these rates as a widely accepted replacement for LIBOR. Various financial industry groups have begun planning for transition away from LIBOR, but there are also obstacles to converting certain securities and transactions to new reference rates. Markets are developing slowly and questions around liquidity in these rates and how to appropriately adjust these rates to mitigate any economic value transfer at the time of transition remain a significant concern. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 309

illiquidity in markets for instruments whose terms currently include LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies, resulting in prolonged adverse market conditions for a Fund. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. All of the aforementioned may adversely affect a Fund's performance or NAV.

•  Liquidity Risk

In certain circumstances, such as the disruption of the orderly markets for the securities and/or financial instruments in which a Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Advisor. Markets for the securities and/or financial instruments in which a Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes inside or outside of the U.S. For example, regulation limiting the ability of certain financial institutions to invest in certain securities would likely reduce the liquidity of those securities. These situations may prevent a Fund from limiting losses, realizing gains or achieving a high correlation with its index.

•  Debt Instrument Risk

Certain Funds invest in, or seek leveraged, inverse, or inverse leveraged exposure to, debt instruments. Debt instruments may have varying levels of sensitivity to changes in interest rates and other factors. In addition, changes in the credit quality of the issuer of a debt instrument (including a default) can also affect the price of a debt instrument, as can an issuer's default on its payment obligations. These factors may cause the value of an investment in a Fund to change.

•  Natural Disaster/Epidemic Risk

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus COVID-19), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Fund may have difficulty achieving its investment objectives which may adversely impact Fund performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Fund's investment advisor, third party service providers and counterparties), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. These factors can cause substantial market volatility, exchange trading suspensions and closures, changes in the availability of and the margin requirements for certain instruments, and can impact the ability of the Fund to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis would also affect the global economy in ways that cannot necessarily be foreseen. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these could have a significant impact on a Fund's performance, resulting in losses to your investment.

•  Risk that Current Assumptions and Expectations Could Become Outdated as a Result of Global Economic Shock

The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19. These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. Financial markets across the globe are experiencing severe distress at least equal to what was experienced during the global financial crisis in 2008. In March 2020, U.S. equity markets entered a bear market in the fastest such move in the history of U.S. financial markets. Contemporaneous with the onset of the COVID-19 pandemic in the US, oil experienced shocks to supply and demand, impacting the price and volatility of oil. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Funds to become outdated quickly or inaccurate, resulting in significant losses.

310 :: NOVEMBER 30, 2021 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

14. Indemnifications

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business the Trust enters into contracts that contain a variety of general indemnifications. The Trust's maximum exposure under these arrangements cannot be known; however, the Trust expects risk of significant loss to be remote.

15. Transactions with Lehman Brothers Holdings, Inc.

On September 15, 2008, Lehman Brothers Holdings, Inc. filed a petition for Chapter 11 bankruptcy. Prior thereto, the Funds transacted business with subsidiaries of Lehman (together with Lehman Brothers Holdings, Inc., "Lehman") whereby Lehman acted as a counterparty to certain derivative transactions and as a broker-dealer for certain investment transactions. All derivative and brokerage transactions with Lehman were terminated and executed, respectively, prior to September 15, 2008, but certain settlement payments related to such transactions were not due to be made until on or after September 15. Settlement of these transactions has been delayed due to Lehman's bankruptcy proceedings.

To the extent that Lehman, the Securities Investor Protection Corporation ("SIPC") and/or any clearing agency (the "Potential Paying Parties") fail to pay the Funds in connection with the settlement of such transactions, the Advisor has agreed to reimburse the Funds for any such losses. Specifically, the Receivables Agreement among the Advisor, ProFund Advisors LLC (an investment adviser affiliated with the Advisor), ProFunds Trust, and the Trust (collectively, the "PF Trusts") (each affiliated and under common controls with the other PF Trusts) provides that the investment adviser to specified funds of the PF Trusts will contribute cash to any such fund, equal to the amounts owed to the fund from Lehman for brokerage transactions and/or written over-the-counter derivatives agreements as of September 15, 2008 (the "Lehman Obligations"). The Receivable Agreement will not terminate until all Lehman Obligations are paid. Payments under the Receivable Agreement are triggered if any specified fund of a PF Trust does not recover the full amounts owed to it by Lehman following conclusion of all bankruptcy, liquidation and SIPC proceedings relating to Lehman. Management has determined that the Advisor has a sufficient financial ability to cover any shortfall in payments from the Potential Paying Parties, including the full amount of such outstanding balances if necessary. Accordingly, no loss is expected to be realized by the Funds. The outstanding swap agreement and brokerage transaction balances due from Lehman are included in "Due from (to) counterparty" and "Receivable for investments sold", respectively, on the Statements of Assets and Liabilities.

16. Subsequent Events

Effective January 13, 2022, each of ProShares Ultra Consumer Services, ProShares Ultra S&P500®, ProShares Ultra Technology, ProShares UltraPro QQQ and ProShares UltraPro S&P500®, underwent a 2-for-1 share split; ProShares Ultra Consumer Goods underwent a 4-for-1 share split; ProShares Short Real Estate, ProShares UltraShort Financials and ProShares UltraShort Technology underwent a 1-for-2 reverse share split and cusip change and ProShares Short Basic Materials, ProShares UltraPro Short QQQ, ProShares UltraPro Short Russell2000, ProShares UltraShort Dow30SM, ProShares UltraShort Oil & Gas and UltraShort S&P500® underwent a 1-for-5 reverse share split and cusip change.

The effect of the share split transactions was to multiply the number of outstanding shares of the Funds by the split factor, with a corresponding decrease in the net asset value per share; and the effect of the reverse share split transactions was to divide the number of outstanding shares of the Funds by the reverse split factor, with a corresponding increase in the net asset value per share. These transactions did not change the net assets of the Funds or the value of a shareholder's investment. The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the share splits and reverse share splits. Additionally, when the application of reverse share splits resulted in fractional shares for beneficial shareholders, a portion of the cost of shares redeemed, as presented in the Statements of Changes in Net Assets, reflects payment of fractional share balances on beneficial shareholder accounts.

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2021 (UNAUDITED) :: 311

Liquidity Risk Management Program

ProShares Trust (the "Trust") has implemented a liquidity risk management program ("Liquidity Program") to identify illiquid investments pursuant to Rule 22e-4 of the Investment Company Act of 1940, as amended. The Board of Trustees of the Trust ("the Board") has approved the designation of ProShare Advisors LLC (the "Program Administrator") to administer the Trust's Liquidity Program, subject to the oversight of the Board.

On September 13-14, 2021, during a meeting of the Board, the Chief Compliance Officer of the Trust provided to the Board the annual report on the Trust's Liquidity Program (the "Annual Liquidity Report"). The Annual Liquidity Report, which covered the period from July 1, 2020 through June 30, 2021, addressed the operation of the Trust's Liquidity Program and assessed the adequacy and effectiveness of the Liquidity Program's implementation. The Annual Liquidity Report affirmed that the Program Administrator believes that: (1) the Liquidity Program continues to be reasonably designed to effectively assess and manage each Fund's liquidity risk; (2) each Fund's liquidity risk continues to be appropriate in light of the Fund's investment objective and strategies and each Fund's investment strategies continue to be appropriate for an open-end management investment company; and (3) the Liquidity Program has been adequately and effectively implemented with respect to each Fund during the reporting period. The Annual Liquidity Report also affirmed that there have been no material changes to the Liquidity Program since its initial approval and that no material changes were being recommended at that time.

312 :: LIQUIDITY RISK MANAGEMENT PROGRAM PROSHARES TRUST

At a meeting held on September 13-14, 2021, the Board of Trustees (the "Board") of ProShares Trust (the "Trust") considered the renewal of the Investment Advisory Agreement (the "Advisory Agreement") and the Investment Advisory and Management Agreement (the "Unitary Fee Agreement") (collectively, the "Advisory Agreements"), each for certain series of ProShares Trust (the "Trust"), between the Trust and ProShare Advisors LLC (the "Advisor"), on behalf of each of its operational series (the "Funds"). Certain Funds are designed to track, before fees and expenses, the performance of an underlying index (each a "Matching Fund" and, collectively, the "Matching Funds"). Certain other Funds are actively managed and are designed to meet a specified investment objective (each an "Active Fund" and, collectively, the "Active Funds"). All other Funds are "geared" funds (each, a "Geared Fund" and, collectively, the "Geared Funds") that are designed to seek daily investment results, before fees and expenses, that correspond to a multiple (i.e., 3x or 2x), the inverse (i.e., -1x) or an inverse multiple (i.e., -3x or -2x) of the return of an underlying index for a single day, not for any other period.

The Board did not identify any particular information that was most relevant to its consideration to approve the continuation of the Advisory Agreements and each Trustee may have afforded different weight to the various factors.

The Board received a memorandum from independent legal counsel to the Independent Trustees regarding the Board's responsibilities under state and federal law with respect to the Board's consideration of the renewal or approval of investment advisory agreements. The Independent Trustees were advised by their independent legal counsel throughout the process, including about the legal standards applicable to their review.

In response to a request from Independent Legal Counsel on behalf of the Independent Trustees, the Advisor provided information for the Board to consider relating to the continuation of the Advisory Agreements, including information that addressed, among other things:

(i)  the nature, extent and quality of the services that were provided or proposed to be provided by the Advisor;

(ii)  the costs of the services to be provided and the profits realized by the Advisor;

(iii)  the investment performance of the Funds and the Advisor;

(iv)  the extent to which economies of scale might be realized as the Funds grow and whether fee levels reflect economies of scale, if any, for the benefit of Fund shareholders; and

(v)  other benefits to the Advisor and/or its affiliates from the relationship to the Funds.

It was noted that the Independent Trustees requested, and received, information from the Advisor concerning the Funds. In response to the request from the Independent Trustees, the Advisor provided information and reports relevant to the continuation of the Advisory Agreements, including, among other things:

(i)  information about the advisory services that were being provided by the Advisor with respect to the Funds;

(ii)  the Advisor's Form ADV;

(iii)  biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the Funds;

(iv)  information regarding each component of the contractual fee rates and actual fee rates for the prior fiscal year;

(v)  information regarding advisory fees earned versus advisory fees waived for previous periods;

(vi)  performance information for prior periods;

(vii)  comparative industry fee data;

(viii)  information about fees and other amounts that were received by the Advisor and its affiliates for non-advisory services with respect to the Funds;

(ix)  information regarding the Advisor's trade allocation and best execution policies and procedures;

(x)  information about the financial condition of the Advisor;

(xi)  information regarding how the Advisor monitors each Fund's compliance with regulatory requirements and Trust procedures; and

(xii)  the Advisor's reputation, expertise and resources.

The Independent Trustees retained the services of an independent consultant to assist in selecting a universe of peer group funds (the "Peer Group") with similar investment strategies, as well as to help them in evaluating information with respect to certain aspects of their review, including the reasonableness of fees paid by the Funds. The Board evaluated all information available to it on a Fund-by-Fund basis, and their determinations were made separately with respect to each Fund.

In addition to the information provided and discussions that occurred at the meeting, at which the Board took action regarding the renewal of the Advisory Agreements, the Board also considered information they received throughout the year as part of their regular oversight of the Funds.

Nature, Extent and Quality of the Advisor's Services

The Board reviewed the nature, extent and quality of the investment advisory services performed by the Advisor with respect to the Funds. The Board noted there would be no significant differences between the scope of services provided by the Advisor in the past year and those to be

PROSHARES TRUST BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT :: 313

provided in the upcoming year. The Board focused on the quality of the personnel and operations at the Advisor and the systems and processes required to manage the Funds effectively. In particular, the Board considered the following:

(i)  the investment objective of each Fund, the Advisor's description of the skills needed to manage each Fund and the Advisor's success in achieving the investment objectives of each Fund;

(ii)  the unique features of the Funds, including the unique asset classes and investment strategies of certain Funds, as well as the employment of optimization/sampling techniques necessary to manage certain Funds and develop creation and redemption baskets for certain Funds, and the actively managed strategies utilized by certain Funds;

(iii)  with respect to the Geared Funds, the fact that to maintain exposure consistent with each Geared Fund's daily investment objective, each Geared Fund needs to be rebalanced each day, an activity not typical of traditional ETFs or index funds;

(iv)  the size and experience of the Advisor's portfolio staff and the Advisor's ability to recruit, train and retain personnel with relevant experience and the specific expertise necessary to manage the Funds;

(v)  the structure of the portfolio staff compensation program and the incentives it is intended to provide;

(vi)  the collateral, credit and cash management functions at the Advisor and the enhancements made in these areas;

(vii)  the Advisor's development of investment strategies, including those involving the use of complex financial instruments and processes that maximize the Funds' ability to meet their stated investment objectives and minimize counterparty risk;

(viii)  a significant investment in personnel and state-of-the-art technology that the Advisor has made over the course of several years and, recently, instituting certain technological upgrades that would generally improve capacity and document production capabilities as well as technological upgrades that have continued to contribute to successful remote working conditions during the COVID-19 pandemic;

(ix)  information regarding allocation of Fund brokerage and the selection of counterparties for Fund portfolio transactions, as well as favorable terms of derivatives transactions the Advisor was able to negotiate with swap counterparties on behalf of various Funds; and

(x)  the Advisor's ability to manage the Funds in a tax efficient manner, which is more challenging for Geared ETFs than for traditional ETFs.

The Board considered that the Advisor oversees the operations of the Funds and provides compliance services to the Funds. The Board also reviewed the Advisor's compliance program, including specific activities associated with the Funds. The Board discussed the compliance program with the Funds' Chief Compliance Officer (the "CCO"). The Board and the CCO discussed the CCO's evaluation of the operation of the Advisor's compliance program and efforts with respect to the Funds, changes made to the Advisor's compliance program since the CCO's last annual report to the Board, and whether the CCO believed additional enhancements to the compliance program were warranted. The Board discussed compliance issues reported to the Board during the prior years and the remediation of such issues. The Board discussed key risk areas identified by the CCO and how such risks are addressed by the compliance program.

Based upon its review, the Board, including all of the Independent Trustees, concluded that (i) the investment advisory services provided by the Advisor with respect to each Fund were of high quality, (ii) the Advisor achieved the investment goals of the Funds, (iii) the Advisor's services benefited the Funds' shareholders, particularly in light of the nature of the Funds and the services required to support each such Fund and (iv) it was generally satisfied with the nature, quality and extent of services provided by the Advisor to the Funds.

Comparison of Services and Fees

The Advisor presented information about the fairness and reasonableness of the investment advisory fees payable to the Advisor in light of the investment advisory services provided to the Funds at the expense of the Advisor, the costs of these services and the comparability to the fees paid by other investment companies, including ETFs and in certain cases mutual funds, offering strategies similar in nature and extent to the Funds. The Board discussed the methodology used to prepare the comparative fee data for each Fund and the potential limitations of such data. The Board discussed the difficulty in compiling the comparative data and Peer Group information because, by design, many of the Funds are unique, because they are geared funds or because they are based on "thematic" strategies or newer indices, and few, if any, fund complexes with funds offering substantially similar investment objectives and strategies exist. The Board considered the Advisor's representation that it found the Peer Group compiled by the independent consultant to be appropriate but acknowledged the existence of certain differences between the Funds and their peers that limited the usefulness of comparisons. The Board noted that the methodology used to compile the Peer Group and comparative data was identical to that used in prior years. Notwithstanding the challenge associated with Peer Group and data compilation, the Board found the comparative information it received to be useful in its evaluation of the reasonableness of the Advisor's fee. The Advisor presented information about the significant drivers of cost and also examined the costs to investors to achieve the objectives of the Funds on their own and noted that it would be more expensive or impractical to do so.

The Board reviewed information prepared by the independent consultant comparing management and expense information for each Fund to that of its Peer Group. The Board reviewed Peer Group information prepared by the consultant comparing the contractual advisory fee rate to be paid by the Funds to other funds with investment objectives most similar to the Funds. The Board also considered the fee waiver and/or

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expense reimbursement arrangements currently in place for each Fund covered under the Advisory Agreement and the net advisory fees paid by each such Fund after taking waivers and reimbursements into account.

The Board considered and discussed the sub-advisory fees charged and the services provided by the Advisor to the five mutual funds it serves as sub-adviser. The Board recognized that the scope of services provided by the Advisor as sub-adviser to the mutual funds is narrower than the services provided to the Funds for several reasons, including that the Advisor performs only services delegated to it by the investment adviser to the mutual funds and does not provide other services like daily cash management, collateral management and counterparty management. The Board noted that for these reasons it is difficult to make comparisons of fees charged to the sub-advised mutual funds and the Funds.

The Board also recognized that it is difficult to make comparisons of fees across fund complexes because there may be variations in services that are included in the fees paid by other ETFs.

The Board, including all of the Independent Trustees, concluded that, with respect to the Funds, the investment advisory fees and any other compensation payable to the Advisor were reasonable in relation to the nature and quality of the services provided and that the continuation of the Advisory Agreement and the Unitary Fee Agreement was in the best interests of the shareholders of the Funds.

Investment Performance of the Funds and the Advisor

The Board considered total return information for each operational Fund and focused on the correlation of returns to benchmark information for each Geared Fund for the 3-month, 1-year, 3-year, 5-year, 10-year and since inception periods ended June 30, 2021, as applicable. The Board also considered performance information provided at regular Board meetings throughout the year. The Board noted that correlation of returns for each Geared Fund remained strong during the applicable periods and that Geared Fund performance versus target performance was generally within expected ranges. The Board further noted that Matching Fund and Active Fund performance versus benchmark index performance was also generally within expected ranges during the applicable periods.

The Board also noted that given the nature of the Matching Funds and the Geared Funds, the correlation of performance versus the benchmark (or relevant inverse or multiple thereof) was more meaningful than a Fund's total return.

With regard to ProShares Managed Futures Strategy, the Board noted that for the one- and three- year periods ended June 30, 2021, the Fund underperformed its Peer Group average and universe average and underperformed its benchmark index, and for the five-year period ended June 30, 2021, slightly outperformed its Peer Group average and universe average and underperformed its benchmark index. The Board noted that the ProShares K-1 Crude Oil Strategy is no longer an Active Fund but became a Matching Fund in March of 2021. The Board noted that for the quarter ended June 30, 2021, the Fund closely tracked its benchmark index. The Board further noted that for the one-year period ended June 30, 2021, the Fund outperformed its universe average and slightly outperformed its benchmark index, and for the three-year period ended June 30, 2021, the Fund underperformed its universe average and underperformed its benchmark index.

After reviewing the performance of the Funds, the Board, including all of the Independent Trustees, concluded, in light of the foregoing factors, that the performance of the Funds was satisfactory.

Profitability

The Board considered and discussed the significant drivers of cost incurred by or expected to be incurred by the Advisor in managing the Funds, including, but not limited to, intellectual capital, regulatory compliance, daily portfolio rebalancing of the Geared Funds, and entrepreneurial risk, and considered the costs that investors likely would incur if they independently sought to achieve the objectives of the Funds. The Board considered and discussed with representatives of the Advisor the profitability to the Advisor of its management of each of the Funds. The Board also discussed the Advisor's profit margin, including the expense allocation methodology used in the Advisor's profitability analysis. It was noted that the methodology for determining profitability was conducted in a similar fashion as the prior year.

The Independent Trustees met in executive session to discuss and evaluate the information provided by the Advisor and the independent consultant, as well as of the information provided by a separate independent consultant retained to review profitability and the Advisor's methodology to calculate profitability. Among other things, the Independent Trustees reviewed information regarding the financial condition and profitability of the Advisor, including the methodologies involved in calculating profitability. The Independent Trustees also met with the independent consultant in executive session to discuss the profitability analysis

Based on its review, the Board, including all of the Independent Trustees, concluded that the profitability to the Advisor of the Advisory Agreement and the Unitary Fee Agreement was reasonable in light of the services and benefits provided to each Fund.

Economies of Scale

The Board discussed with representatives of the Advisor potential economies of scale in connection with the management and operation of each Fund as well as the effect of the contractual expense limitations undertaken by the Advisor. The Board considered that each Fund covered by the Advisory Agreement pays the Advisor an annual investment advisory fee of 0.75% of average daily net assets (other than the ProShares Morningstar Alternatives Solution ETF, which pays 0.07%, the ProShares Global Listed Private Equity ETF, and the ProShares Short Term USD Emerging Markets Bond ETF, each of which pays 0.50%, and the ProShares Inflation Expectations ETF, which pays 0.55%), and that, pursuant

PROSHARES TRUST BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT :: 315

to a contractual three year waiver, the Advisor has agreed to reduce each such Fund's annual investment advisory fee by 0.05% on assets in excess of $4.0 billion up to $5.5 billion, 0.10% on assets in excess of $5.5 billion up to $7.0 billion, 0.15% on assets in excess of $7.0 billion up to $8.5 billion, and 0.20% on assets in excess of $8.5 billion, through at least September 30, 2022. The Board considered that ProShares UltraPro QQQ was the only Fund subject to investment advisory fee reductions as a result of breakpoint fee reductions, reaching asset levels above $4 billion but less than $5.5 billion at various dates during the fiscal period.

The Board considered that the Funds covered by the Unitary Fee Agreement pay an advisory fee that remains the same (as a percentage of such a Fund's net assets) as asset levels increase. The Board also noted that under the Unitary Fee Agreement the Advisor was contractually obligated to pay actual costs above the Unitary Fee (other than excluded costs) and that the Unitary Fee Agreement provides an effective cap on each subject Fund's normal operating expenses, which otherwise would be higher if a Fund does not achieve sufficient size. The Board also noted the Advisor's representation that such an arrangement provides important distribution benefits for the Funds and addresses competitive pressures within the ETF industry, particularly with "strategic" or "matching" funds.

The Board also considered the asset levels of the other Funds that have no breakpoints in their contractual advisory fees and determined that it would not be necessary to implement breakpoints at this time. The Board noted that the asset levels of some Funds increase and decrease sometimes significantly and, therefore, economies of scale may be elusive.

The Board considered that certain Funds may benefit from the expense limitation arrangements in place for certain of the Funds.

The Board indicated to the Advisor that it will continue to consider and evaluate on an ongoing basis potential economies of scale and how Fund shareholders might benefit from those economies of scale.

Other Benefits

The Board also considered the Advisor's non-advisory services, including those performed under a separate Management Services Agreement for Funds covered under the Advisory Agreement. The Board considered the fact that the Geared Funds' shareholders, and the shareholders of certain Matching Funds, tend to be active traders, which adds a level of complexity to the management of those Funds as the Advisor needs to account for significant flows in and out of the Funds. The Board also considered any indirect, or "fall-out," benefits that the Advisor or its affiliates derived from their relationship to the Funds but concluded that such benefits were relatively insignificant.

Conclusions

Based on, but not limited to, the above considerations and determinations, the Board, including all of the Independent Trustees, determined that the Agreements for the Funds are fair and reasonable in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Advisor's expenses and such other matters as the Board considered relevant in the exercise of its business judgement. Accordingly, the Board concluded that the continuation of the Advisory Agreements was in the best interests of the shareholders of the Funds. On this basis, the Board unanimously voted in favor of the renewal of the Advisory Agreements.

316 :: BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT PROSHARES TRUST

Federal Tax Information

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the percentages of ordinary dividends paid during the tax year ended October 31, 2021 are designated as "qualified dividend income" (QDI), as defined in the Act, subject to reduced tax rates in 2021. The Funds also qualify for the dividends received deduction (DRD) for corporate shareholders. The Funds designated up to the maximum amount of qualified interest income (QII) from ordinary distributions paid during the tax year ended October 31, 2021.

As of October 31, 2021, the Funds federal tax information is as follows:

Funds

  

QDI

  

DRD

  

QII

  

Ultra 7-10 Year Treasury

    

0.00

%

    

0.00

%

    

90.44

%

  

Ultra Basic Materials

    

100.00

      

100.00

      

0.01

    

Ultra Consumer Goods

    

100.00

      

100.00

      

0.01

    

Ultra Dow30SM

    

100.00

      

100.00

      

0.20

    

Ultra Financials

    

100.00

      

100.00

      

0.01

    

Ultra Health Care

    

100.00

      

100.00

      

0.03

    

Ultra Industrials

    

100.00

      

100.00

      

0.03

    

Ultra MidCap400

    

100.00

      

100.00

      

0.02

    

Ultra Oil & Gas

    

100.00

      

100.00

      

0.01

    

Ultra Real Estate

    

0.00

      

0.00

      

0.05

    

Ultra Russell 2000

    

100.00

      

100.00

      

0.00

    

Ultra S&P500®

    

100.00

      

100.00

      

0.02

    

Ultra Semiconductors

    

100.00

      

100.00

      

0.00

    

Ultra SmallCap600

    

100.00

      

100.00

      

0.00

    

Ultra Telecommunications

    

100.00

      

100.00

      

0.00

    

Ultra Utilities

    

100.00

      

100.00

      

0.03

    

UltraPro Dow30SM

    

100.00

      

100.00

      

0.02

    

UltraPro MidCap400

    

100.00

      

100.00

      

0.00

    

UltraPro QQQ

    

100.00

      

100.00

      

0.00

    

UltraPro Russell2000

    

100.00

      

100.00

      

0.00

    

UltraPro S&P500®

    

100.00

      

100.00

      

0.00

    

Funds with Short-Term Capital Gain Designation

For the tax year ended October 31, 2021, the Trust does not have any ordinary distributions paid during the Trust's tax year that are from qualified short-term capital gain. The funds designate up to the maximum amount of Qualified Short Term Gains.

Funds with Equalization

For the tax year ended October 31, 2021, the following Funds utilized equalization to offset long-term capital gains with the amounts stated below:

Fund

  

Long-Term

  

Ultra Consumer Services

  

$

6,993

    

Ultra Dow30SM

    

4,540,122

    

Ultra MSCI Japan

    

1,047,452

    

Ultra QQQ

    

44,589,425

    

Ultra S&P500®

    

39,313,247

    

Ultra Semiconductors

    

1

    

Ultra Technology

    

66,478

    

UltraPro Dow30SM

    

7,968,810

    

UltraPro QQQ

    

129,111,385

    

UltraPro S&P500®

    

23,742,512

    

PROSHARES TRUST MISC. INFORMATION (UNAUDITED) :: 317

Proxy Voting Information

A description of the Trust's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Trust voted any proxies related to portfolio securities for the prior twelve-month period ended June 30, is available by August 31 of each year, without charge, upon request by contacting the Fund directly at 1-866-PRO-5125 or on the Securities and Exchange Commission ("SEC") Website (http://www.sec.gov).

Quarterly Portfolio Holdings Information

The Funds will file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT (Form N-Q for filings prior to March 1, 2019). The Funds' Form N-PORT will be available on the SEC's Website at http://www.sec.gov. The Funds' Form N-PORT may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Premium/Discount Information

Information about the differences between the daily market price on the secondary markets for shares of a Fund and the Fund's net asset value may be found on the website at www.ProShares.com

318 :: MISC. INFORMATION (UNAUDITED) PROSHARES TRUST

ProShares Trust

7272 Wisconsin Avenue, 21st Floor, Bethesda, MD 20814

866.PRO.5125 866.776.5125

ProShares.com

Geared ETFs seek returns that are either 3x, 2x, -1x, -2x or -3x the return of an index or other benchmark (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus.

This report is submitted for the general information of the shareholders of ProShares. It is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. To obtain the most recent month end performance information for each ETF, visit ProShares.com.

"QQQ", "NASDAQ-100®" and "NASDAQ Biotechnology Index®" are trademarks of The NASDAQ OMX Group, Inc. "Standard & Poor's®", "S&P®", "S&P 500®", "S&P MidCap 400®", "S&P SmallCap 600®", "Standard & Poor's 500®", "S&P 500® VIX® Short-Term Futures IndexTM", "S&P 500® VIX® Mid-Term Futures IndexTM", certain "S&P Select Industry Indices", "Dow Jones Index", "DJ", "Dow Jones Industrial AverageSM", "The Dow 30SM", "Dow Jones U.S. Sector Indexes", "Dow Jones Select Sector Indexes" are products of S&P Dow Jones Indices LLC and its affiliates. The "Russell 2000® Index" and "Russell®" are trademarks of Russell Investment Group. "MSCI", "MSCI Inc.", "MSCI Index" and "EAFE" are service marks of MSCI. "ICE U.S. 7-10 Year Bond IndexTM" and "ICE U.S. 20+ Year Bond IndexTM" are trademarks of Intercontinental Exchange, Inc. "iBoxx®" is a registered trademark of Markit Indices Limited. The "NYSE Arca Gold Miners IndexSM" is a service mark of NYSE or its affiliates. All have been licensed for use by ProShares. "VIX®" is a trademark of the Chicago Board Options Exchange, Incorporated ("CBOE") and CBOE has agreed that S&P Dow Jones Indices LLC may use the "VIX®" trademark in the names of the Indexes as licensed to ProShares. "S&P®" is a registered trademark of Standard & Poor's Financial Services LLC ("S&P") and "Dow Jones®" is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates. "FTSE®" is a trademark of the London Stock Exchange plc and The Financial Times Limited and is used by FTSE International Limited ("FTSE") under license. ProShares have not been passed on by these entities or their subsidiaries or affiliates as to their legality or suitability. ProShares are not sponsored, endorsed, sold or promoted by these entities or their subsidiaries or affiliates, and they make no representation regarding the advisability of investing in ProShares. THESE ENTITIES AND THEIR SUBSIDIARIES AND AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

© 2021 ProShare Advisors LLC. All rights reserved.   PSGSA1121

 

(b)Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

 

Not applicable.

 

Item 2. Code of Ethics.

 

Disclosure required in Registrant’s annual Form N-CSR filing.

 

Item 3. Audit Committee Financial Expert.

 

Disclosure required in Registrant’s annual Form N-CSR filing.

 

Item 4. Principal Accountant Fees and Services.

 

Disclosure required in Registrant’s annual Form N-CSR filing.

 

Item 5. Audit Committee of Listed Registrants.

 

Disclosure required in Registrant’s annual Form N-CSR filing.

 

Item 6. Investments

 

(a)Schedule I – Investments in securities of unaffiliated issuers

 

For those Funds which included a Summary Schedule of Investments in the semi-annual report, full schedules of investments are included below.

 

 

 

 

 

 

Hedge Replication ETF
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
COMMON STOCKS - 23.8%          
           
Aerospace & Defense - 0.1%          
AAR Corp.*   120    3,919 
Aerojet Rocketdyne Holdings, Inc.   270    11,351 
AeroVironment, Inc.*   85    6,865 
AerSale Corp.*   41    742 
Astronics Corp.*   94    983 
Byrna Technologies, Inc.*   67    986 
Ducommun, Inc.*   32    1,360 
Kaman Corp.   108    3,996 
Kratos Defense & Security Solutions, Inc.*   454    8,948 
Maxar Technologies, Inc.   257    7,075 
Moog, Inc., Class A   97    6,710 
National Presto Industries, Inc.   22    1,799 
PAE, Inc.*   247    2,450 
Park Aerospace Corp.   73    942 
Parsons Corp.*   102    3,385 
Triumph Group, Inc.*   237    3,972 
Vectrus, Inc.*   35    1,465 
         66,948 
Air Freight & Logistics - 0.1%          
Air Transport Services Group, Inc.*   217    5,358 
Atlas Air Worldwide Holdings, Inc.*   97    8,498 
Forward Air Corp.   106    10,467 
Hub Group, Inc., Class A*   118    9,165 
Radiant Logistics, Inc.*   144    1,086 
         34,574 
Airlines - 0.1%          
Allegiant Travel Co.*   52    9,008 
Frontier Group Holdings, Inc.*   124    1,655 
Hawaiian Holdings, Inc.*   180    3,290 
Mesa Air Group, Inc.*   121    854 
SkyWest, Inc.*   175    6,855 
Spirit Airlines, Inc.*   359    7,507 
Sun Country Airlines Holdings, Inc.*   100    2,743 
         31,912 
Auto Components - 0.3%          
Adient plc*   343    14,560 
American Axle & Manufacturing Holdings, Inc.*   409    3,624 
Cooper-Standard Holdings, Inc.*   59    1,362 
Dana, Inc.   523    11,244 
Dorman Products, Inc.*   105    11,653 
Fox Factory Holding Corp.*   157    27,596 
Gentherm, Inc.*   118    9,965 
Goodyear Tire & Rubber Co. (The)*   1,000    20,110 
LCI Industries   95    14,466 
Modine Manufacturing Co.*   177    1,834 
Motorcar Parts of America, Inc.*   68    1,091 
Patrick Industries, Inc.   85    6,780 
Standard Motor Products, Inc.   78    3,903 
Stoneridge, Inc.*   102    2,227 
Tenneco, Inc., Class A*   243    2,552 
Visteon Corp.*   108    11,439 
XL Fleet Corp.*   124    563 
XPEL, Inc.*(a)   66    4,745 
         149,714 
Automobiles - 0.1%          
Arcimoto, Inc.*   107    1,095 
Canoo, Inc.*   381    4,560 
Fisker, Inc.*   588    12,577 
Lordstown Motors Corp.*   351    1,643 
Winnebago Industries, Inc.   113    8,161 
Workhorse Group, Inc.*   445    2,599 
         30,635 
Banks - 2.0%          
1st Source Corp.   59    2,729 
Allegiance Bancshares, Inc.   69    2,790 
Amalgamated Financial Corp.   45    761 
Amerant Bancorp, Inc.*   98    2,759 
American National Bankshares, Inc.   31    1,134 
Ameris Bancorp   250    12,168 
Arrow Financial Corp.   47    1,622 
Associated Banc-Corp.   549    12,023 
Atlantic Capital Bancshares, Inc.*   72    2,012 
Atlantic Union Bankshares Corp.   280    9,103 
Banc of California, Inc.   198    3,879 
BancFirst Corp.   61    3,881 
Bancorp, Inc. (The)*   186    5,258 
Bank First Corp.   30    2,107 
Bank of Marin Bancorp   56    1,940 
Bank of NT Butterfield & Son Ltd. (The)   177    6,519 
BankUnited, Inc.   338    13,398 
Banner Corp.   123    7,045 
Bar Harbor Bankshares   51    1,457 
Berkshire Hills Bancorp, Inc.   171    4,567 
Blue Ridge Bankshares, Inc.   61    1,086 
Brookline Bancorp, Inc.   280    4,320 
Bryn Mawr Bank Corp.   73    3,256 
Business First Bancshares, Inc.   69    1,898 
Byline Bancorp, Inc.   96    2,493 
Cadence Bank   686    20,045 
Cambridge Bancorp   31    2,752 
Camden National Corp.   51    2,337 
Capital Bancorp, Inc.   36    957 
Capital City Bank Group, Inc.   45    1,193 
Capstar Financial Holdings, Inc.   77    1,604 
Carter Bankshares, Inc.*   100    1,451 
Cathay General Bancorp   272    11,400 
CBTX, Inc.   67    1,863 
Central Pacific Financial Corp.   108    2,891 
CIT Group, Inc.   364    17,858 
Citizens & Northern Corp.   53    1,311 
City Holding Co.   52    4,080 
Civista Bancshares, Inc.   51    1,200 
CNB Financial Corp.   56    1,476 
Coastal Financial Corp.*   41    1,793 
Columbia Banking System, Inc.   287    9,431 
Community Bank System, Inc.   192    13,567 
Community Trust Bancorp, Inc.   53    2,226 
ConnectOne Bancorp, Inc.   136    4,420 
CrossFirst Bankshares, Inc.*   178    2,490 
Customers Bancorp, Inc.*   102    5,879 
CVB Financial Corp.   467    8,924 
Dime Community Bancshares, Inc.   123    4,219 
Eagle Bancorp, Inc.   110    6,199 
Eastern Bankshares, Inc.   626    12,601 
Enterprise Bancorp, Inc.   41    1,616 
Enterprise Financial Services Corp.   126    5,843 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Equity Bancshares, Inc., Class A   45    1,463 
Farmers National Banc Corp.   100    1,759 
FB Financial Corp.   118    5,062 
Fidelity D&D Bancorp, Inc.   17    867 
Financial Institutions, Inc.   53    1,632 
First Bancorp, Inc. (The)   30    908 
First Bancorp/NC   123    5,466 
First Bancorp/PR   746    9,914 
First Bancshares, Inc. (The)   76    2,953 
First Bank   53    767 
First Busey Corp.   181    4,652 
First Commonwealth Financial Corp.   348    5,231 
First Community Bankshares, Inc.   59    1,929 
First Financial Bancorp   343    7,889 
First Financial Bankshares, Inc.   470    23,462 
First Financial Corp.   37    1,608 
First Foundation, Inc.   146    3,711 
First Internet Bancorp   41    1,776 
First Interstate BancSystem, Inc., Class A   150    6,120 
First Merchants Corp.   196    7,818 
First Mid Bancshares, Inc.   58    2,438 
First Midwest Bancorp, Inc.   414    8,168 
First of Long Island Corp. (The)   87    1,823 
Five Star Bancorp   25    742 
Flushing Financial Corp.   100    2,362 
Fulton Financial Corp.   585    9,237 
German American Bancorp, Inc.   95    3,717 
Glacier Bancorp, Inc.   398    21,611 
Great Southern Bancorp, Inc.   31    1,725 
Great Western Bancorp, Inc.   200    6,710 
Guaranty Bancshares, Inc.   36    1,323 
Hancock Whitney Corp.   308    14,716 
Hanmi Financial Corp.   104    2,337 
HarborOne Bancorp, Inc.   176    2,445 
HBT Financial, Inc.   27    486 
Heartland Financial USA, Inc.   148    7,030 
Heritage Commerce Corp.   214    2,345 
Heritage Financial Corp.   128    2,999 
Hilltop Holdings, Inc.(b)   237    8,065 
Home BancShares, Inc.   555    13,281 
HomeStreet, Inc.   76    3,752 
HomeTrust Bancshares, Inc.   52    1,562 
Hope Bancorp, Inc.   437    6,271 
Horizon Bancorp, Inc.   160    3,104 
Howard Bancorp, Inc.*   43    888 
Independent Bank Corp.   167    13,203 
Independent Bank Corp./MI   77    1,736 
Independent Bank Group, Inc.   138    9,581 
International Bancshares Corp.   192    8,066 
Investors Bancorp, Inc.   834    12,418 
Lakeland Bancorp, Inc.   171    3,059 
Lakeland Financial Corp.   94    6,638 
Live Oak Bancshares, Inc.   110    9,801 
Macatawa Bank Corp.   103    867 
Mercantile Bank Corp.   53    1,780 
Meta Financial Group, Inc.   109    6,515 
Metrocity Bankshares, Inc.   69    1,856 
Metropolitan Bank Holding Corp.*   36    3,418 
Mid Penn Bancorp, Inc.   52    1,636 
Midland States Bancorp, Inc.   81    1,928 
MidWestOne Financial Group, Inc.   50    1,540 
MVB Financial Corp.   29    1,191 
National Bank Holdings Corp., Class A   100    4,262 
NBT Bancorp, Inc.   157    5,669 
Nicolet Bankshares, Inc.*   32    2,282 
Northrim Bancorp, Inc.   27    1,095 
OceanFirst Financial Corp.   217    4,472 
OFG Bancorp   181    4,362 
Old National Bancorp   597    10,543 
Old Second Bancorp, Inc.   109    1,346 
Origin Bancorp, Inc.   82    3,460 
Orrstown Financial Services, Inc.   32    749 
Pacific Premier Bancorp, Inc.   339    13,136 
Park National Corp.   50    6,505 
Peapack-Gladstone Financial Corp.   66    2,183 
Peoples Bancorp, Inc.   97    2,992 
Peoples Financial Services Corp.   31    1,469 
Preferred Bank   47    3,203 
Primis Financial Corp.   92    1,406 
QCR Holdings, Inc.   52    2,805 
RBB Bancorp   48    1,174 
Red River Bancshares, Inc.   20    1,056 
Reliant Bancorp, Inc.   52    1,730 
Renasant Corp.   199    7,250 
Republic Bancorp, Inc., Class A   41    2,100 
Republic First Bancorp, Inc.*   169    571 
S&T Bancorp, Inc.   142    4,247 
Sandy Spring Bancorp, Inc.   176    8,260 
Seacoast Banking Corp. of Florida   197    6,653 
ServisFirst Bancshares, Inc.   177    14,229 
Sierra Bancorp   48    1,209 
Silvergate Capital Corp., Class A*   94    19,221 
Simmons First National Corp., Class A   384    11,178 
SmartFinancial, Inc.   47    1,207 
South Plains Financial, Inc.   31    775 
Southern First Bancshares, Inc.*   35    2,049 
Southside Bancshares, Inc.   108    4,401 
SouthState Corp.   250    19,535 
Spirit of Texas Bancshares, Inc.   42    1,168 
Stock Yards Bancorp, Inc.   92    5,504 
Summit Financial Group, Inc.   35    875 
Texas Capital Bancshares, Inc.*   180    10,138 
Tompkins Financial Corp.   48    3,752 
Towne Bank   237    7,250 
TriCo Bancshares   106    4,469 
TriState Capital Holdings, Inc.*   97    2,901 
Triumph Bancorp, Inc.*   89    11,334 
Trustmark Corp.   230    7,040 
UMB Financial Corp.   165    16,596 
United Bankshares, Inc.   447    15,971 
United Community Banks, Inc.   310    10,624 
Univest Financial Corp.   97    2,674 
Valley National Bancorp   1,460    19,622 
Veritex Holdings, Inc.   165    6,539 
Washington Trust Bancorp, Inc.   61    3,282 
WesBanco, Inc.   237    7,714 
West Bancorp, Inc.   56    1,738 
Westamerica Bancorp   100    5,378 
         894,541 
Beverages - 0.1%          
Celsius Holdings, Inc.*   193    13,203 
Coca-Cola Consolidated, Inc.   21    11,982 
Duckhorn Portfolio, Inc. (The)*   76    1,460 
MGP Ingredients, Inc.   48    3,743 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
National Beverage Corp.   89    4,623 
NewAge, Inc.*   492    556 
Primo Water Corp.   577    9,590 
Zevia PBC, Class A*   31    237 
         45,394 
Biotechnology - 2.1%          
2seventy bio, Inc.*   79    2,081 
4D Molecular Therapeutics, Inc.*   78    1,794 
89bio, Inc.*(b)   27    357 
ACADIA Pharmaceuticals, Inc.*   440    8,448 
Acumen Pharmaceuticals, Inc.*   27    213 
Adagio Therapeutics, Inc.*   78    3,669 
Adicet Bio, Inc.*   77    819 
Adverum Biotechnologies, Inc.*   311    541 
Aeglea BioTherapeutics, Inc.*   149    930 
Aerovate Therapeutics, Inc.*   29    398 
Affimed NV*   424    2,892 
Agenus, Inc.*   749    2,359 
Agios Pharmaceuticals, Inc.*   217    7,730 
Akebia Therapeutics, Inc.*   638    1,729 
Akero Therapeutics, Inc.*   99    2,105 
Akouos, Inc.*   92    707 
Albireo Pharma, Inc.*   59    1,415 
Aldeyra Therapeutics, Inc.*   170    1,304 
Alector, Inc.*   214    4,419 
Aligos Therapeutics, Inc.*   78    1,195 
Alkermes plc*   591    12,955 
Allakos, Inc.*   124    9,715 
Allogene Therapeutics, Inc.*   242    4,475 
Allovir, Inc.*   100    1,746 
Alpine Immune Sciences, Inc.*   37    401 
Altimmune, Inc.*   146    1,532 
ALX Oncology Holdings, Inc.*   63    2,026 
Amicus Therapeutics, Inc.*   954    10,217 
AnaptysBio, Inc.*   71    2,297 
Anavex Life Sciences Corp.*   238    4,617 
Anika Therapeutics, Inc.*   50    1,956 
Annexon, Inc.*   108    1,759 
Apellis Pharmaceuticals, Inc.*   260    10,941 
Applied Molecular Transport, Inc.*   96    1,632 
Applied Therapeutics, Inc.*   63    723 
AquaBounty Technologies, Inc.*   186    487 
Arbutus Biopharma Corp.*   296    947 
Arcturus Therapeutics Holdings, Inc.*   78    3,100 
Arcus Biosciences, Inc.*   171    7,490 
Arcutis Biotherapeutics, Inc.*   108    1,790 
Ardelyx, Inc.*   319    364 
Arena Pharmaceuticals, Inc.*   227    12,369 
Arrowhead Pharmaceuticals, Inc.*   374    26,199 
Atara Biotherapeutics, Inc.*   306    5,474 
Athenex, Inc.*   308    545 
Athersys, Inc.*   742    787 
Atossa Therapeutics, Inc.*   428    972 
Atreca, Inc., Class A*   100    359 
Avalo Therapeutics, Inc.*   191    382 
Avid Bioservices, Inc.*   221    6,754 
Avidity Biosciences, Inc.*   138    3,082 
Avita Medical, Inc.*   94    1,293 
Avrobio, Inc.*   138    530 
Beam Therapeutics, Inc.*   175    13,851 
Beyondspring, Inc.*   84    1,073 
BioAtla, Inc.*   52    1,313 
BioCryst Pharmaceuticals, Inc.*   654    7,887 
Biohaven Pharmaceutical Holding Co. Ltd.*   201    22,560 
Biomea Fusion, Inc.*   40    483 
Bioxcel Therapeutics, Inc.*   61    1,399 
Black Diamond Therapeutics, Inc.*   87    522 
Bluebird Bio, Inc.*   238    2,406 
Blueprint Medicines Corp.*   214    20,587 
Bolt Biotherapeutics, Inc.*(b)   88    816 
Bridgebio Pharma, Inc.*   387    15,674 
Brooklyn ImmunoTherapeutics, Inc.*   101    601 
C4 Therapeutics, Inc.*   141    5,234 
Cardiff Oncology, Inc.*   139    781 
CareDx, Inc.*   180    7,765 
Caribou Biosciences, Inc.*   71    1,320 
Catalyst Pharmaceuticals, Inc.*   354    2,478 
Celcuity, Inc.*   27    408 
Celldex Therapeutics, Inc.*   175    6,668 
CEL-SCI Corp.*   129    1,325 
Century Therapeutics, Inc.*   37    707 
Cerevel Therapeutics Holdings, Inc.*   147    4,585 
ChemoCentryx, Inc.*   193    7,002 
Chimerix, Inc.*   263    1,654 
Chinook Therapeutics, Inc.*   119    1,905 
Clene, Inc.*   72    410 
Clovis Oncology, Inc.*   408    1,289 
Codiak Biosciences, Inc.*   56    714 
Cogent Biosciences, Inc.*   134    1,061 
Coherus Biosciences, Inc.*   238    4,420 
Cortexyme, Inc.*   73    950 
Crinetics Pharmaceuticals, Inc.*   136    3,716 
Cue Biopharma, Inc.*   108    1,324 
Cullinan Oncology, Inc.*   100    1,800 
Curis, Inc.*   308    1,503 
Cytokinetics, Inc.*   290    11,409 
CytomX Therapeutics, Inc.*   243    1,606 
Day One Biopharmaceuticals, Inc.*   33    606 
Deciphera Pharmaceuticals, Inc.*   145    1,251 
Denali Therapeutics, Inc.*   327    15,127 
DermTech, Inc.*   94    1,888 
Design Therapeutics, Inc.*   47    787 
Dicerna Pharmaceuticals, Inc.*   249    9,464 
Dynavax Technologies Corp.*   388    6,266 
Dyne Therapeutics, Inc.*   104    1,478 
Eagle Pharmaceuticals, Inc.*   37    1,764 
Editas Medicine, Inc.*   243    7,936 
Eiger BioPharmaceuticals, Inc.*   112    689 
Eliem Therapeutics, Inc.*   31    446 
Emergent BioSolutions, Inc.*   172    7,589 
Enanta Pharmaceuticals, Inc.*   71    6,268 
Epizyme, Inc.*   323    1,056 
Erasca, Inc.*   78    1,105 
Evelo Biosciences, Inc.*   104    896 
Exagen, Inc.*   31    319 
Fate Therapeutics, Inc.*   300    16,503 
FibroGen, Inc.*   307    3,841 
Finch Therapeutics Group, Inc.*   36    598 
Foghorn Therapeutics, Inc.*   73    845 
Forma Therapeutics Holdings, Inc.*   120    1,739 
Forte Biosciences, Inc.*   34    90 
Fortress Biotech, Inc.*   257    732 
Frequency Therapeutics, Inc.*   112    571 
G1 Therapeutics, Inc.*(b)   145    1,871 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Gemini Therapeutics, Inc.*   83    229 
Generation Bio Co.*   165    2,833 
Geron Corp.*   1,097    1,624 
Global Blood Therapeutics, Inc.*   219    6,189 
Gossamer Bio, Inc.*   231    2,504 
Graphite Bio, Inc.*   57    514 
Greenwich Lifesciences, Inc.*   17    534 
Gritstone bio, Inc.*   149    1,967 
GT Biopharma, Inc.*   64    260 
Halozyme Therapeutics, Inc.*   520    17,098 
Harpoon Therapeutics, Inc.*   68    418 
Heron Therapeutics, Inc.*   334    3,156 
Homology Medicines, Inc.*   156    788 
Hookipa Pharma, Inc.*   71    229 
Humanigen, Inc.*   172    1,042 
iBio, Inc.*   794    592 
Icosavax, Inc.*   43    910 
Ideaya Biosciences, Inc.*   114    2,508 
IGM Biosciences, Inc.*   37    1,847 
Imago Biosciences, Inc.*   27    604 
Immuneering Corp., Class A*   37    837 
Immunic, Inc.*   69    589 
ImmunityBio, Inc.*   243    1,893 
ImmunoGen, Inc.*   726    4,479 
Immunovant, Inc.*   147    1,132 
Impel Neuropharma, Inc.*   25    231 
Infinity Pharmaceuticals, Inc.*   312    677 
Inhibrx, Inc.*   109    4,407 
Inovio Pharmaceuticals, Inc.*   750    5,430 
Inozyme Pharma, Inc.*   51    405 
Insmed, Inc.*   418    11,503 
Instil Bio, Inc.*   63    1,385 
Intellia Therapeutics, Inc.*   247    28,407 
Intercept Pharmaceuticals, Inc.*   109    1,876 
Invitae Corp.*   721    12,257 
Ironwood Pharmaceuticals, Inc.*   524    5,811 
iTeos Therapeutics, Inc.*   76    2,683 
IVERIC bio, Inc.*   388    5,673 
Janux Therapeutics, Inc.*   43    765 
Jounce Therapeutics, Inc.*   115    882 
KalVista Pharmaceuticals, Inc.*   73    1,059 
Karuna Therapeutics, Inc.*   84    10,744 
Karyopharm Therapeutics, Inc.*   258    1,793 
Keros Therapeutics, Inc.*   53    2,957 
Kezar Life Sciences, Inc.*   121    1,677 
Kiniksa Pharmaceuticals Ltd., Class A*   100    1,162 
Kinnate Biopharma, Inc.*   99    1,978 
Kodiak Sciences, Inc.*   118    10,837 
Kronos Bio, Inc.*   142    1,677 
Krystal Biotech, Inc.*   63    5,075 
Kura Oncology, Inc.*   237    3,309 
Kymera Therapeutics, Inc.*   121    6,718 
Lexicon Pharmaceuticals, Inc.*   238    1,090 
Ligand Pharmaceuticals, Inc.*   52    8,420 
Lineage Cell Therapeutics, Inc.*   450    1,017 
Lyell Immunopharma, Inc.*   89    850 
MacroGenics, Inc.*   219    3,854 
Madrigal Pharmaceuticals, Inc.*   35    2,895 
Magenta Therapeutics, Inc.*   102    574 
MannKind Corp.*(b)   898    4,158 
MEI Pharma, Inc.*   390    1,314 
MeiraGTx Holdings plc*   102    1,803 
Mersana Therapeutics, Inc.*   256    1,725 
MiMedx Group, Inc.*   402    2,818 
Mirum Pharmaceuticals, Inc.*   16    228 
Molecular Templates, Inc.*   133    533 
Monte Rosa Therapeutics, Inc.*   35    679 
Morphic Holding, Inc.*   78    3,721 
Mustang Bio, Inc.*   250    505 
Myriad Genetics, Inc.*   284    7,344 
Neoleukin Therapeutics, Inc.*   125    670 
NexImmune, Inc.*   64    506 
Nkarta, Inc.*   48    763 
Nurix Therapeutics, Inc.*   109    3,141 
Nuvalent, Inc., Class A*   32    683 
Ocugen, Inc.*   668    4,235 
Olema Pharmaceuticals, Inc.*   97    849 
Omega Therapeutics, Inc.*   35    633 
Oncocyte Corp.*   221    497 
Oncorus, Inc.*(b)   77    427 
Oncternal Therapeutics, Inc.*   165    487 
OPKO Health, Inc.*   1,455    5,718 
Organogenesis Holdings, Inc.*   141    1,418 
ORIC Pharmaceuticals, Inc.*   110    1,522 
Outlook Therapeutics, Inc.*   319    482 
Oyster Point Pharma, Inc.*   34    355 
Passage Bio, Inc.*   134    977 
PMV Pharmaceuticals, Inc.*   102    2,219 
Portage Biotech, Inc.*   22    324 
Poseida Therapeutics, Inc.*   96    667 
Praxis Precision Medicines, Inc.*   113    1,933 
Precigen, Inc.*   345    1,359 
Precision BioSciences, Inc.*   174    1,576 
Prelude Therapeutics, Inc.*   32    457 
Prometheus Biosciences, Inc.*   33    980 
Protagonist Therapeutics, Inc.*   169    5,682 
Prothena Corp. plc*   124    6,219 
PTC Therapeutics, Inc.*   248    9,216 
Puma Biotechnology, Inc.*   112    347 
Radius Health, Inc.*   177    2,913 
Rallybio Corp.*   32    412 
RAPT Therapeutics, Inc.*   78    2,547 
Recursion Pharmaceuticals, Inc., Class A*   109    2,084 
REGENXBIO, Inc.*   145    4,640 
Relay Therapeutics, Inc.*   219    6,443 
Reneo Pharmaceuticals, Inc.*   29    200 
Replimune Group, Inc.*   102    2,906 
REVOLUTION Medicines, Inc.*   217    6,002 
Rhythm Pharmaceuticals, Inc.*   166    1,486 
Rigel Pharmaceuticals, Inc.*   623    1,663 
Rocket Pharmaceuticals, Inc.*   149    3,640 
Rubius Therapeutics, Inc.*   173    2,138 
Sana Biotechnology, Inc.*   306    5,817 
Sangamo Therapeutics, Inc.*   435    3,606 
Scholar Rock Holding Corp.*   108    2,867 
Selecta Biosciences, Inc.*   327    981 
Sensei Biotherapeutics, Inc.*   78    537 
Sera Prognostics, Inc., Class A*   21    223 
Seres Therapeutics, Inc.*   248    2,668 
Sesen Bio, Inc.*   728    764 
Shattuck Labs, Inc.*   104    882 
Sigilon Therapeutics, Inc.*   52    196 
Silverback Therapeutics, Inc.*   77    541 
Solid Biosciences, Inc.*   220    385 
Sorrento Therapeutics, Inc.*   1,004    5,984 
Spectrum Pharmaceuticals, Inc.*   587    927 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Spero Therapeutics, Inc.*   92    1,311 
SpringWorks Therapeutics, Inc.*   99    7,113 
Spruce Biosciences, Inc.*   40    103 
SQZ Biotechnologies Co.*   88    1,158 
Stoke Therapeutics, Inc.*   69    1,718 
Summit Therapeutics, Inc.*   102    518 
Surface Oncology, Inc.*   124    715 
Sutro Biopharma, Inc.*   162    2,767 
Syndax Pharmaceuticals, Inc.*   169    2,699 
Syros Pharmaceuticals, Inc.*   211    836 
Talaris Therapeutics, Inc.*   41    531 
Taysha Gene Therapies, Inc.*   84    1,090 
TCR2 Therapeutics, Inc.*   104    536 
Tenaya Therapeutics, Inc.*   47    924 
TG Therapeutics, Inc.*   461    7,007 
Tonix Pharmaceuticals Holding Corp.*   1,313    616 
Travere Therapeutics, Inc.*   212    6,053 
Trevena, Inc.*   591    402 
Turning Point Therapeutics, Inc.*   175    6,661 
Twist Bioscience Corp.*   180    17,190 
UroGen Pharma Ltd.*   72    870 
Vanda Pharmaceuticals, Inc.*   198    3,208 
Vaxart, Inc.*   439    3,494 
Vaxcyte, Inc.*   148    3,016 
VBI Vaccines, Inc.*   675    2,052 
Vera Therapeutics, Inc.*   31    1,110 
Veracyte, Inc.*   238    9,872 
Verastem, Inc.*   629    1,679 
Vericel Corp.*   176    6,549 
Verve Therapeutics, Inc.*   53    1,806 
Viking Therapeutics, Inc.*(b)   243    1,290 
Vincerx Pharma, Inc.*   41    430 
Vir Biotechnology, Inc.*   219    10,385 
Viracta Therapeutics, Inc.*   130    599 
VistaGen Therapeutics, Inc.*   711    1,372 
Vor BioPharma, Inc.*   69    796 
Werewolf Therapeutics, Inc.*   35    507 
XBiotech, Inc.   52    656 
Xencor, Inc.*   207    7,498 
XOMA Corp.*   27    554 
Y-mAbs Therapeutics, Inc.*   124    2,118 
Zentalis Pharmaceuticals, Inc.*   129    10,584 
ZIOPHARM Oncology, Inc.*(b)   764    1,062 
         916,883 
Building Products - 0.3%          
AAON, Inc.   156    12,168 
American Woodmark Corp.*   59    3,637 
Apogee Enterprises, Inc.   97    4,006 
Caesarstone Ltd.   86    961 
Cornerstone Building Brands, Inc.*   198    3,112 
CSW Industrials, Inc.   51    6,130 
Gibraltar Industries, Inc.*   114    7,741 
Griffon Corp.   176    4,630 
Insteel Industries, Inc.   68    2,867 
JELD-WEN Holding, Inc.*   312    7,560 
Masonite International Corp.*   92    9,844 
PGT Innovations, Inc.*   211    4,334 
Quanex Building Products Corp.   118    2,522 
Resideo Technologies, Inc.*   519    13,541 
Simpson Manufacturing Co., Inc.   165    19,034 
UFP Industries, Inc.   221    18,405 
View, Inc.*   359    1,515 
Zurn Water Solutions Corp.   447    15,667 
         137,674 
Capital Markets - 0.4%          
Artisan Partners Asset Management, Inc., Class A   214    9,572 
AssetMark Financial Holdings, Inc.*   66    1,674 
Associated Capital Group, Inc., Class A   9    356 
B Riley Financial, Inc.   76    5,885 
BGC Partners, Inc., Class A   1,214    5,427 
Blucora, Inc.*   169    2,736 
Brightsphere Investment Group, Inc.   211    6,336 
Cohen & Steers, Inc.   96    8,618 
Cowen, Inc., Class A   109    3,856 
Diamond Hill Investment Group, Inc.   14    2,689 
Donnelley Financial Solutions, Inc.*   100    4,672 
Federated Hermes, Inc.   343    11,563 
Focus Financial Partners, Inc., Class A*   218    13,416 
GAMCO Investors, Inc., Class A   22    539 
GCM Grosvenor, Inc., Class A   161    1,845 
Greenhill & Co., Inc.   50    853 
Hamilton Lane, Inc., Class A   120    12,692 
Houlihan Lokey, Inc.   182    19,754 
Moelis & Co., Class A   227    13,917 
Open Lending Corp., Class A*   388    9,017 
Oppenheimer Holdings, Inc., Class A   41    2,011 
Piper Sandler Cos.   61    10,111 
PJT Partners, Inc., Class A   92    6,999 
Pzena Investment Management, Inc., Class A   59    553 
Sculptor Capital Management, Inc.   82    1,486 
StepStone Group, Inc., Class A   148    6,123 
StoneX Group, Inc.*   59    3,314 
Value Line, Inc.   4    162 
Virtus Investment Partners, Inc.   32    9,516 
WisdomTree Investments, Inc.   491    3,015 
         178,707 
Chemicals - 0.5%          
AdvanSix, Inc.   106    4,801 
American Vanguard Corp.   99    1,417 
Amyris, Inc.*   623    4,274 
Avient Corp.   327    17,988 
Balchem Corp.   113    17,854 
Cabot Corp.   202    10,601 
Chase Corp.   35    3,451 
Danimer Scientific, Inc.*   251    3,348 
Ecovyst, Inc.   182    1,742 
Ferro Corp.*   304    6,420 
FutureFuel Corp.   101    762 
GCP Applied Technologies, Inc.*   172    4,014 
Hawkins, Inc.   71    2,356 
HB Fuller Co.   185    13,535 
Ingevity Corp.*   146    10,499 
Innospec, Inc.   94    7,633 
Intrepid Potash, Inc.*   29    1,192 
Koppers Holdings, Inc.*   78    2,356 
Kraton Corp.*   109    5,021 
Kronos Worldwide, Inc.   85    1,190 

 

See accompanying notes to the financial statements.

 

 

 

 

 

Hedge Replication ETF
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Livent Corp.*   581    17,598 
Marrone Bio Innovations, Inc.*   370    261 
Minerals Technologies, Inc.   119    7,815 
Orion Engineered Carbons SA*   224    3,931 
PureCycle Technologies, Inc.*   115    1,414 
Quaker Chemical Corp.   45    10,253 
Rayonier Advanced Materials, Inc.*   229    1,255 
Sensient Technologies Corp.   157    15,274 
Stepan Co.   81    9,129 
Tredegar Corp.   103    1,133 
Trinseo plc   142    6,707 
Tronox Holdings plc, Class A   416    9,148 
Valhi, Inc.   11    290 
Zymergen, Inc.*   69    625 
         205,287 
Commercial Services & Supplies - 0.4%          
ABM Industries, Inc.   238    10,710 
ACCO Brands Corp.   338    2,792 
Brady Corp., Class A   180    9,045 
BrightView Holdings, Inc.*   150    2,040 
Brink's Co. (The)   169    10,336 
Casella Waste Systems, Inc., Class A*   172    14,582 
CECO Environmental Corp.*   107    634 
Cimpress plc*   59    4,592 
CompX International, Inc.   7    156 
CoreCivic, Inc., REIT*   441    4,750 
Deluxe Corp.   157    5,313 
Ennis, Inc.   99    1,883 
Harsco Corp.*   287    4,184 
Healthcare Services Group, Inc.   272    4,760 
Heritage-Crystal Clean, Inc.*   53    1,701 
HNI Corp.   162    6,401 
Interface, Inc.   212    3,023 
KAR Auction Services, Inc.*   436    6,536 
Kimball International, Inc., Class B   130    1,331 
Matthews International Corp., Class A   108    3,744 
MillerKnoll, Inc.   269    10,206 
Montrose Environmental Group, Inc.*   88    6,444 
NL Industries, Inc.   38    234 
Pitney Bowes, Inc.   644    4,398 
RR Donnelley & Sons Co.*   253    2,672 
SP Plus Corp.*   88    2,386 
Steelcase, Inc., Class A   318    3,558 
Team, Inc.*   104    140 
Tetra Tech, Inc.   193    35,643 
UniFirst Corp.   52    9,966 
US Ecology, Inc.*(b)   110    3,748 
Viad Corp.*   76    3,216 
VSE Corp.   31    1,697 
         182,821 
Communications Equipment - 0.2%          
ADTRAN, Inc.   168    3,424 
Aviat Networks, Inc.*   27    846 
CalAmp Corp.*   124    1,138 
Calix, Inc.*   199    13,325 
Cambium Networks Corp.*   31    843 
Casa Systems, Inc.*   108    539 
Clearfield, Inc.*   35    2,266 
Comtech Telecommunications Corp.   99    2,514 
Digi International, Inc.*   119    2,562 
DZS, Inc.*   59    765 
EMCORE Corp.*   131    965 
Extreme Networks, Inc.*   458    6,183 
Harmonic, Inc.*   320    3,440 
Infinera Corp.*(b)   651    5,293 
Inseego Corp.*   307    1,983 
KVH Industries, Inc.*   53    529 
NETGEAR, Inc.*   103    2,754 
NetScout Systems, Inc.*   250    7,475 
Plantronics, Inc.*   157    4,007 
Ribbon Communications, Inc.*   251    1,368 
Viavi Solutions, Inc.*   834    12,352 
         74,571 
Construction & Engineering - 0.4%          
Ameresco, Inc., Class A*   108    9,756 
API Group Corp.*   726    16,923 
Arcosa, Inc.   169    8,648 
Argan, Inc.   51    2,004 
Comfort Systems USA, Inc.   128    12,143 
Concrete Pumping Holdings, Inc.*   101    825 
Construction Partners, Inc., Class A*   99    3,419 
Dycom Industries, Inc.*   102    9,535 
EMCOR Group, Inc.   191    22,794 
Fluor Corp.*   524    11,586 
Granite Construction, Inc.   173    6,726 
Great Lakes Dredge & Dock Corp.*   244    3,606 
IES Holdings, Inc.*   40    1,920 
Infrastructure and Energy Alternatives, Inc.*   107    1,012 
INNOVATE Corp.*   180    686 
Matrix Service Co.*   101    878 
MYR Group, Inc.*   58    6,421 
Northwest Pipe Co.*   27    777 
NV5 Global, Inc.*   43    5,655 
Primoris Services Corp.   191    4,282 
Sterling Construction Co., Inc.*   108    2,783 
Tutor Perini Corp.*   152    1,955 
WillScot Mobile Mini Holdings Corp.*   762    29,025 
         163,359 
Construction Materials - 0.0%(c)          
Forterra, Inc.*   99    2,355 
Summit Materials, Inc., Class A*   435    16,226 
United States Lime & Minerals, Inc.   10    1,191 
         19,772 
Consumer Finance - 0.2%          
Atlanticus Holdings Corp.*   25    1,486 
Curo Group Holdings Corp.   78    1,294 
Encore Capital Group, Inc.*   103    6,009 
Enova International, Inc.*   130    4,955 
EZCORP, Inc., Class A*   173    1,280 
FirstCash, Inc.   146    9,321 
Green Dot Corp., Class A*   191    6,857 
LendingClub Corp.*   358    11,714 
LendingTree, Inc.*   37    4,195 
Navient Corp.   595    11,739 
Nelnet, Inc., Class A   59    5,086 
Oportun Financial Corp.*   78    1,675 
PRA Group, Inc.*   172    7,303 
PROG Holdings, Inc.*   249    11,235 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Regional Management Corp.   36    2,036 
World Acceptance Corp.*   19    3,903 
         90,088 
Containers & Packaging - 0.1%          
Greif, Inc., Class A   100    6,068 
Greif, Inc., Class B   27    1,598 
Myers Industries, Inc.   130    2,532 
O-I Glass, Inc.*   580    6,421 
Pactiv Evergreen, Inc.   162    2,010 
Ranpak Holdings Corp.*   138    5,469 
TriMas Corp.   161    5,332 
UFP Technologies, Inc.*   31    2,073 
         31,503 
Distributors - 0.0%(c)          
Funko, Inc., Class A*(b)   104    1,699 
Greenlane Holdings, Inc., Class A*   59    71 
         1,770 
Diversified Consumer Services - 0.1%          
2U, Inc.*   257    6,114 
Adtalem Global Education, Inc.*   173    5,133 
American Public Education, Inc.*   68    1,285 
Carriage Services, Inc.   58    3,001 
Coursera, Inc.*   211    6,328 
European Wax Center, Inc., Class A*   30    809 
Graham Holdings Co., Class B   17    9,631 
Houghton Mifflin Harcourt Co.*   459    7,142 
Laureate Education, Inc., Class A   364    3,640 
OneSpaWorld Holdings Ltd.*   188    1,773 
Perdoceo Education Corp.*   250    2,462 
PowerSchool Holdings, Inc., Class A*   161    3,228 
Regis Corp.*   90    245 
StoneMor, Inc.*   114    280 
Strategic Education, Inc.   94    5,029 
Stride, Inc.*   148    5,051 
Vivint Smart Home, Inc.*   331    3,489 
WW International, Inc.*   187    3,145 
         67,785 
Diversified Financial Services - 0.0%(c)          
Alerus Financial Corp.   52    1,566 
A-Mark Precious Metals, Inc.   40    2,770 
Banco Latinoamericano de Comercio Exterior SA, Class E   108    1,755 
Cannae Holdings, Inc.*   316    9,344 
Marlin Business Services Corp.   37    849 
         16,284 
Diversified Telecommunication Services - 0.1%          
Anterix, Inc.*   35    2,106 
ATN International, Inc.   33    1,261 
Bandwidth, Inc., Class A*   88    6,306 
Cogent Communications Holdings, Inc.   160    11,989 
Consolidated Communications Holdings, Inc.*   263    1,978 
EchoStar Corp., Class A*   145    3,969 
Globalstar, Inc.*   2,208    3,069 
IDT Corp., Class B*   73    3,962 
Iridium Communications, Inc.*   434    16,687 
Liberty Latin America Ltd., Class A*   157    1,783 
Liberty Latin America Ltd., Class C*   566    6,362 
Ooma, Inc.*   81    1,524 
Radius Global Infrastructure, Inc.*   217    3,580 
         64,576 
Electric Utilities - 0.1%          
ALLETE, Inc.   186    10,905 
MGE Energy, Inc.   130    9,437 
Otter Tail Corp.   151    9,874 
PNM Resources, Inc.   304    14,969 
Portland General Electric Co.   324    15,769 
Via Renewables, Inc.   39    435 
         61,389 
Electrical Equipment - 0.3%          
Advent Technologies Holdings, Inc.*   53    406 
Allied Motion Technologies, Inc.   37    1,460 
American Superconductor Corp.*   108    1,382 
Array Technologies, Inc.*   461    8,305 
Atkore, Inc.*   175    18,638 
AZZ, Inc.   96    4,981 
Babcock & Wilcox Enterprises, Inc.*   201    1,829 
Beam Global*   40    1,062 
Blink Charging Co.*   130    4,996 
Bloom Energy Corp., Class A*   513    14,097 
Encore Wire Corp.   76    10,675 
EnerSys   160    11,854 
Eos Energy Enterprises, Inc.*   161    1,602 
FTC Solar, Inc.*   70    599 
FuelCell Energy, Inc.*   1,186    10,295 
GrafTech International Ltd.   736    8,574 
Powell Industries, Inc.   41    1,001 
Preformed Line Products Co.   14    884 
Romeo Power, Inc.*   453    1,794 
Stem, Inc.*   169    3,586 
Thermon Group Holdings, Inc.*   114    1,968 
TPI Composites, Inc.*   130    2,318 
Vicor Corp.*   78    11,190 
         123,496 
Electronic Equipment, Instruments & Components - 0.5%          
908 Devices, Inc.*   42    1,008 
Advanced Energy Industries, Inc.   141    12,364 
Aeva Technologies, Inc.*   279    2,776 
Akoustis Technologies, Inc.*   162    1,124 
Arlo Technologies, Inc.*   308    2,387 
Badger Meter, Inc.   99    10,134 
Belden, Inc.   166    10,237 
Benchmark Electronics, Inc.   129    3,042 
CTS Corp.   112    3,902 
Daktronics, Inc.*   132    644 
ePlus, Inc.*   43    4,536 
Fabrinet*   133    14,704 
FARO Technologies, Inc.*   66    4,584 
Identiv, Inc.*   78    1,793 
II-VI, Inc.*   389    24,324 
Insight Enterprises, Inc.*   121    11,933 
Iteris, Inc.*   157    713 
Itron, Inc.*   171    10,587 
Kimball Electronics, Inc.*   92    1,952 
Knowles Corp.*   318    6,907 
Luna Innovations, Inc.*   106    887 
Methode Electronics, Inc.   139    6,181 
MicroVision, Inc.*   592    4,191 
Napco Security Technologies, Inc.*   50    2,324 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
nLight, Inc.*   159    3,958 
Novanta, Inc.*   126    20,343 
OSI Systems, Inc.*   59    5,365 
Ouster, Inc.*   97    660 
PAR Technology Corp.*   94    4,923 
PC Connection, Inc.   33    1,447 
Plexus Corp.*   109    9,171 
Rogers Corp.*   68    18,538 
Sanmina Corp.*   238    8,697 
ScanSource, Inc.*   96    3,000 
TTM Technologies, Inc.*   383    5,278 
Velodyne Lidar, Inc.*   274    1,513 
Vishay Intertechnology, Inc.   485    9,879 
Vishay Precision Group, Inc.*   40    1,373 
         237,379 
Energy Equipment & Services - 0.2%          
Archrock, Inc.   491    3,628 
Aspen Aerogels, Inc.*   82    4,687 
Bristow Group, Inc.*   89    2,643 
Cactus, Inc., Class A   197    7,191 
ChampionX Corp.*   735    15,001 
DMC Global, Inc.*   68    2,482 
Dril-Quip, Inc.*   124    2,370 
Expro Group Holdings NV*   108    1,513 
FTS International, Inc., Class A*   40    1,054 
Helix Energy Solutions Group, Inc.*   514    1,563 
Helmerich & Payne, Inc.   376    8,441 
Liberty Oilfield Services, Inc., Class A*   328    3,018 
Nabors Industries Ltd.*   31    2,525 
National Energy Services Reunited Corp.*   140    1,387 
Newpark Resources, Inc.*   325    887 
NexTier Oilfield Solutions, Inc.*   631    2,272 
Oceaneering International, Inc.*   367    3,923 
Oil States International, Inc.*   222    1,123 
Patterson-UTI Energy, Inc.   676    4,773 
ProPetro Holding Corp.*   318    2,614 
RPC, Inc.*   237    955 
Select Energy Services, Inc., Class A*   228    1,306 
Solaris Oilfield Infrastructure, Inc., Class A   108    739 
TETRA Technologies, Inc.*   454    1,185 
Tidewater, Inc.*   151    1,575 
US Silica Holdings, Inc.*   265    2,571 
         81,426 
Entertainment - 0.2%          
AMC Entertainment Holdings, Inc., Class A*(b)   1,878    63,739 
Chicken Soup For The Soul Entertainment, Inc.*   32    421 
Cinemark Holdings, Inc.*   389    6,037 
CuriosityStream, Inc.*   101    732 
Eros STX Global Corp.*   1,154    419 
IMAX Corp.*   175    2,886 
Liberty Media Corp.-Liberty Braves, Class A*   29    808 
Liberty Media Corp.-Liberty Braves, Class C*   130    3,576 
Lions Gate Entertainment Corp., Class A*   213    3,121 
Lions Gate Entertainment Corp., Class B*   435    5,938 
LiveOne, Inc.*   213    390 
Madison Square Garden Entertainment Corp.*   102    6,744 
Marcus Corp. (The)*   87    1,520 
         96,331 
Equity Real Estate Investment Trusts (REITs) - 1.5%          
Acadia Realty Trust   309    6,239 
Agree Realty Corp.   242    16,349 
Alexander & Baldwin, Inc.   260    5,728 
Alexander's, Inc.   10    2,556 
American Assets Trust, Inc.   177    6,089 
American Finance Trust, Inc.   435    3,454 
Apartment Investment and Management Co., Class A*   539    3,994 
Apple Hospitality REIT, Inc.   785    11,791 
Armada Hoffler Properties, Inc.   222    3,097 
Ashford Hospitality Trust, Inc.*   59    628 
Braemar Hotels & Resorts, Inc.*   189    824 
Brandywine Realty Trust   616    7,916 
Broadstone Net Lease, Inc.   565    14,125 
BRT Apartments Corp.   35    659 
CareTrust REIT, Inc.   352    7,114 
CatchMark Timber Trust, Inc., Class A   172    1,323 
Centerspace REIT   48    4,905 
Chatham Lodging Trust*   167    1,989 
City Office REIT, Inc.   160    2,669 
Clipper Realty, Inc.   37    323 
Columbia Property Trust, Inc.   416    7,987 
Community Healthcare Trust, Inc.   89    3,830 
CorePoint Lodging, Inc.*   145    2,237 
Corporate Office Properties Trust   409    10,495 
CTO Realty Growth, Inc.   26    1,428 
DiamondRock Hospitality Co.*   758    6,602 
DigitalBridge Group, Inc.*   1,757    13,986 
Diversified Healthcare Trust   872    2,433 
Easterly Government Properties, Inc.   315    6,606 
EastGroup Properties, Inc.   146    29,740 
Empire State Realty Trust, Inc., Class A   513    4,663 
Equity Commonwealth*   429    10,918 
Essential Properties Realty Trust, Inc.   428    11,569 
Farmland Partners, Inc.   97    1,124 
Four Corners Property Trust, Inc.   276    7,458 
Franklin Street Properties Corp.   382    2,200 
GEO Group, Inc. (The)   432    3,629 
Getty Realty Corp.   146    4,457 
Gladstone Commercial Corp.   130    2,889 
Gladstone Land Corp.   96    2,743 
Global Medical REIT, Inc.   219    3,578 
Global Net Lease, Inc.   373    5,297 
Healthcare Realty Trust, Inc.   524    16,412 
Hersha Hospitality Trust*   113    998 
Independence Realty Trust, Inc.   376    9,212 
Indus Realty Trust, Inc.   19    1,406 
Industrial Logistics Properties Trust   244    5,407 
Innovative Industrial Properties, Inc.   90    23,115 
iStar, Inc.(b)   248    6,036 
Kite Realty Group Trust   795    15,995 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Lexington Realty Trust   1,005    15,125 
LTC Properties, Inc.   142    4,510 
Macerich Co. (The)   783    14,767 
Mack-Cali Realty Corp.*   312    5,213 
Monmouth Real Estate Investment Corp.   346    7,186 
National Health Investors, Inc.   165    8,620 
National Storage Affiliates Trust   301    18,475 
NETSTREIT Corp.   146    3,116 
NexPoint Residential Trust, Inc.   84    6,265 
Office Properties Income Trust   166    3,939 
One Liberty Properties, Inc.(b)   56    1,822 
Outfront Media, Inc.   524    13,095 
Paramount Group, Inc.   676    5,381 
Pebblebrook Hotel Trust   470    9,846 
Phillips Edison & Co., Inc.   68    2,133 
Physicians Realty Trust   792    14,121 
Piedmont Office Realty Trust, Inc., Class A   445    7,734 
Plymouth Industrial REIT, Inc.   99    2,945 
Postal Realty Trust, Inc., Class A   40    694 
PotlatchDeltic Corp.   248    13,427 
Preferred Apartment Communities, Inc., Class A   183    2,412 
PS Business Parks, Inc.   76    13,315 
Retail Opportunity Investments Corp.   435    7,639 
Retail Value, Inc.   61    371 
RLJ Lodging Trust   598    7,529 
RPT Realty   300    3,816 
Ryman Hospitality Properties, Inc.*   192    14,861 
Sabra Health Care REIT, Inc.   798    10,318 
Safehold, Inc.   63    4,507 
Saul Centers, Inc.   37    1,821 
Seritage Growth Properties, Class A*   136    1,957 
Service Properties Trust   592    5,038 
SITE Centers Corp.   633    9,533 
STAG Industrial, Inc.   587    25,581 
Summit Hotel Properties, Inc.*   385    3,446 
Sunstone Hotel Investors, Inc.*   800    8,696 
Tanger Factory Outlet Centers, Inc.   377    7,468 
Terreno Realty Corp.   249    18,961 
UMH Properties, Inc.   159    3,670 
Uniti Group, Inc.   712    9,448 
Universal Health Realty Income Trust   42    2,338 
Urban Edge Properties   424    7,306 
Urstadt Biddle Properties, Inc., Class A   102    1,926 
Washington REIT   316    7,963 
Whitestone REIT   162    1,500 
Xenia Hotels & Resorts, Inc.*   414    6,487 
         672,543 
Food & Staples Retailing - 0.2%          
Andersons, Inc. (The)   109    3,704 
BJ's Wholesale Club Holdings, Inc.*   502    33,207 
Chefs' Warehouse, Inc. (The)*   109    3,387 
HF Foods Group, Inc.*   130    928 
Ingles Markets, Inc., Class A   48    3,685 
MedAvail Holdings, Inc.*   39    68 
Natural Grocers by Vitamin Cottage, Inc.   41    527 
Performance Food Group Co.*   551    22,211 
PriceSmart, Inc.   89    6,383 
Rite Aid Corp.*(b)   198    2,439 
SpartanNash Co.   129    3,087 
Sprouts Farmers Market, Inc.*   418    11,060 
United Natural Foods, Inc.*   201    9,994 
Village Super Market, Inc., Class A   38    808 
Weis Markets, Inc.   58    3,651 
         105,139 
Food Products - 0.2%          
AppHarvest, Inc.*   249    1,247 
B&G Foods, Inc.   238    7,171 
Calavo Growers, Inc.   61    2,473 
Cal-Maine Foods, Inc.   128    4,616 
Fresh Del Monte Produce, Inc.   118    2,922 
Hostess Brands, Inc.*   476    8,087 
J & J Snack Foods Corp.   51    6,966 
John B Sanfilippo & Son, Inc.   40    3,296 
Laird Superfood, Inc.*   28    373 
Lancaster Colony Corp.   69    10,088 
Landec Corp.*   103    819 
Limoneira Co.   53    775 
Mission Produce, Inc.*   133    2,355 
Sanderson Farms, Inc.   76    14,271 
Seneca Foods Corp., Class A*   28    1,196 
Simply Good Foods Co. (The)*   318    11,756 
Tattooed Chef, Inc.*   180    2,896 
Tootsie Roll Industries, Inc.   53    1,667 
TreeHouse Foods, Inc.*   185    6,789 
Utz Brands, Inc.   209    2,949 
Vital Farms, Inc.*   94    1,590 
Whole Earth Brands, Inc.*   137    1,447 
         95,749 
Gas Utilities - 0.2%          
Brookfield Infrastructure Corp., Class A   192    11,365 
Chesapeake Utilities Corp.   61    7,769 
New Jersey Resources Corp.   354    13,020 
Northwest Natural Holding Co.   104    4,484 
ONE Gas, Inc.   187    12,125 
South Jersey Industries, Inc.   382    8,977 
Southwest Gas Holdings, Inc.   217    14,281 
Spire, Inc.   180    10,773 
         82,794 
Health Care Equipment & Supplies - 0.8%          
Accelerate Diagnostics, Inc.*   114    570 
Accuray, Inc.*   335    1,611 
Acutus Medical, Inc.*   69    228 
Alphatec Holdings, Inc.*   253    2,808 
AngioDynamics, Inc.*   133    3,425 
Apyx Medical Corp.*   109    1,464 
Asensus Surgical, Inc.*   858    1,150 
Aspira Women's Health, Inc.*(b)   262    545 
AtriCure, Inc.*   169    10,715 
Atrion Corp.   7    4,970 
Avanos Medical, Inc.*   168    5,069 
Axogen, Inc.*   141    1,349 
Axonics, Inc.*   173    9,413 
BioLife Solutions, Inc.*   94    3,587 
Bioventus, Inc., Class A*   105    1,305 
Butterfly Network, Inc.*   659    4,646 
Cardiovascular Systems, Inc.*   144    2,880 
Cerus Corp.*   610    4,203 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
ClearPoint Neuro, Inc.*   69    947 
CONMED Corp.   97    12,752 
CryoLife, Inc.*   139    2,389 
CryoPort, Inc.*   149    9,900 
Cutera, Inc.*   61    2,126 
CVRx, Inc.*   37    428 
CytoSorbents Corp.*(b)   151    743 
DarioHealth Corp.*   45    703 
Eargo, Inc.*   72    373 
Glaukos Corp.*   169    7,272 
Haemonetics Corp.*   178    9,123 
Heska Corp.*   27    4,346 
Inari Medical, Inc.*   120    9,905 
Inogen, Inc.*   72    2,200 
Integer Holdings Corp.*   114    9,090 
Intersect ENT, Inc.*   118    3,159 
Invacare Corp.*(b)   119    326 
iRadimed Corp.*   28    1,260 
iRhythm Technologies, Inc.*   100    10,560 
Lantheus Holdings, Inc.*(b)   237    6,347 
LeMaitre Vascular, Inc.   69    3,229 
LivaNova plc*   191    15,311 
Meridian Bioscience, Inc.*   159    3,166 
Merit Medical Systems, Inc.*   182    11,441 
Mesa Laboratories, Inc.   21    6,485 
Natus Medical, Inc.*   119    2,689 
Neogen Corp.*   387    15,530 
Neuronetics, Inc.*   99    383 
NeuroPace, Inc.*   32    320 
Nevro Corp.*   123    10,711 
NuVasive, Inc.*   183    8,795 
OraSure Technologies, Inc.*(b)   256    2,388 
Ortho Clinical Diagnostics Holdings plc*   399    7,637 
Orthofix Medical, Inc.*   69    2,112 
OrthoPediatrics Corp.*   47    2,618 
Outset Medical, Inc.*   173    8,200 
PAVmed, Inc.*   257    943 
Pulmonx Corp.*   102    3,295 
Pulse Biosciences, Inc.*   47    954 
Quotient Ltd.*   287    608 
Retractable Technologies, Inc.*   62    537 
RxSight, Inc.*   39    423 
SeaSpine Holdings Corp.*   110    1,477 
Senseonics Holdings, Inc.*   1,570    4,930 
Shockwave Medical, Inc.*   119    21,449 
SI-BONE, Inc.*   113    2,175 
Sientra, Inc.*   211    848 
Sight Sciences, Inc.*   33    691 
Silk Road Medical, Inc.*   119    4,829 
Soliton, Inc.*   37    760 
STAAR Surgical Co.*   181    17,229 
Stereotaxis, Inc.*   175    1,027 
Surmodics, Inc.*   45    1,977 
Tactile Systems Technology, Inc.*   71    1,385 
Talis Biomedical Corp.*   50    234 
TransMedics Group, Inc.*   100    2,204 
Treace Medical Concepts, Inc.*   33    571 
Utah Medical Products, Inc.   15    1,673 
Vapotherm, Inc.*   85    1,870 
Varex Imaging Corp.*   140    3,997 
ViewRay, Inc.*   507    2,606 
Wright Medical Group NV*(d)   431    — 
Zynex, Inc.*   73    934 
         334,528 
Health Care Providers & Services - 0.7%          
1Life Healthcare, Inc.*   426    6,786 
Accolade, Inc.*   178    4,569 
AdaptHealth Corp.*   257    5,045 
Addus HomeCare Corp.*   52    4,536 
Agiliti, Inc.*   89    1,874 
Alignment Healthcare, Inc.*   102    1,654 
AMN Healthcare Services, Inc.*   180    20,522 
Apollo Medical Holdings, Inc.*   138    12,927 
Apria, Inc.*   52    1,463 
Aveanna Healthcare Holdings, Inc.*   145    934 
Biodesix, Inc.*   40    273 
Brookdale Senior Living, Inc.*   669    3,920 
Castle Biosciences, Inc.*   78    3,224 
Community Health Systems, Inc.*   446    5,365 
CorVel Corp.*   40    7,520 
Covetrus, Inc.*   383    6,886 
Cross Country Healthcare, Inc.*   129    3,375 
Ensign Group, Inc. (The)   186    14,197 
Fulgent Genetics, Inc.*   78    7,295 
Hanger, Inc.*   136    2,294 
HealthEquity, Inc.*   303    16,568 
InfuSystem Holdings, Inc.*   66    1,092 
Innovage Holding Corp.*   67    534 
Joint Corp. (The)*   47    3,756 
LHC Group, Inc.*   104    11,931 
LifeStance Health Group, Inc.*   177    1,405 
Magellan Health, Inc.*   90    8,531 
MEDNAX, Inc.*   276    6,779 
ModivCare, Inc.*   40    5,481 
National HealthCare Corp.   41    2,644 
National Research Corp.   47    1,882 
Ontrak, Inc.*   41    249 
Option Care Health, Inc.*   543    13,743 
Owens & Minor, Inc.   261    10,440 
Patterson Cos., Inc.   304    9,567 
Pennant Group, Inc. (The)*   99    2,013 
PetIQ, Inc.*   105    2,097 
Privia Health Group, Inc.*   76    1,756 
Progyny, Inc.*   235    11,931 
R1 RCM, Inc.*   435    10,362 
RadNet, Inc.*   172    4,637 
Select Medical Holdings Corp.   399    10,713 
Sharps Compliance Corp.*   51    376 
SOC Telemed, Inc.*   225    457 
Surgery Partners, Inc.*   110    4,880 
Tenet Healthcare Corp.*   379    27,618 
Tivity Health, Inc.*   165    3,930 
Triple-S Management Corp.*   85    3,019 
US Physical Therapy, Inc.   41    3,525 
Viemed Healthcare, Inc.*   125    631 
         297,206 
Health Care Technology - 0.3%          
Allscripts Healthcare Solutions, Inc.*   444    7,384 
American Well Corp., Class A*   660    4,290 
Castlight Health, Inc., Class B*   449    687 
Computer Programs and Systems, Inc.*   48    1,415 
Convey Health Solutions Holdings, Inc.*   46    300 

 

See accompanying notes to the financial statements.

 

 

 

 

 

Hedge Replication ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Evolent Health, Inc., Class A*   284    7,384 
Forian, Inc.   69    592 
Health Catalyst, Inc.*   177    7,680 
HealthStream, Inc.*   97    2,252 
iCAD, Inc.*   83    612 
Inspire Medical Systems, Inc.*   105    23,443 
Multiplan Corp.*   825    3,333 
NantHealth, Inc.*   107    120 
NextGen Healthcare, Inc.*   202    3,131 
Omnicell, Inc.*   161    28,497 
OptimizeRx Corp.*   61    3,965 
Phreesia, Inc.*   171    9,863 
Schrodinger, Inc.*   171    6,700 
Simulations Plus, Inc.(b)   52    2,442 
Tabula Rasa HealthCare, Inc.*   85    967 
Vocera Communications, Inc.*   121    7,059 
         122,116 
Hotels, Restaurants & Leisure - 0.5%
Accel Entertainment, Inc.*   207    2,635 
Bally's Corp.*   113    4,332 
Biglari Holdings, Inc., Class B*   4    567 
BJ's Restaurants, Inc.*   85    2,538 
Bloomin' Brands, Inc.*   317    5,601 
Bluegreen Vacations Holding Corp.*   52    1,546 
Brinker International, Inc.*   172    5,951 
Carrols Restaurant Group, Inc.   118    337 
Century Casinos, Inc.*   106    1,383 
Cheesecake Factory, Inc. (The)*   175    6,706 
Chuy's Holdings, Inc.*   73    2,092 
Cracker Barrel Old Country Store, Inc.   90    10,982 
Dave & Buster's Entertainment, Inc.*   161    5,229 
Del Taco Restaurants, Inc.   103    789 
Denny's Corp.*   234    3,241 
Dine Brands Global, Inc.*   57    4,094 
Drive Shack, Inc.*   306    523 
El Pollo Loco Holdings, Inc.*   69    871 
Esports Technologies, Inc.*   33    955 
Everi Holdings, Inc.*   318    6,595 
F45 Training Holdings, Inc.*   77    819 
Fiesta Restaurant Group, Inc.*   64    597 
Full House Resorts, Inc.*   115    1,030 
GAN Ltd.*   146    1,412 
Golden Entertainment, Inc.*   61    2,801 
Golden Nugget Online Gaming, Inc.*   146    1,821 
Hall of Fame Resort & Entertainment Co.*   199    370 
Hilton Grand Vacations, Inc.*   320    15,200 
International Game Technology plc   369    9,970 
Jack in the Box, Inc.   81    6,691 
Krispy Kreme, Inc.   83    1,208 
Kura Sushi USA, Inc., Class A*   17    1,081 
Lindblad Expeditions Holdings, Inc.*   107    1,499 
Monarch Casino & Resort, Inc.*   42    2,830 
Nathan's Famous, Inc.   12    739 
NEOGAMES SA*   26    866 
Noodles & Co.*   150    1,544 
ONE Group Hospitality, Inc. (The)*   78    1,023 
Papa John's International, Inc.   118    14,387 
PlayAGS, Inc.*   108    778 
RCI Hospitality Holdings, Inc.   38    2,406 
Red Robin Gourmet Burgers, Inc.*   53    864 
Red Rock Resorts, Inc., Class A   229    10,887 
Rush Street Interactive, Inc.*   193    3,443 
Ruth's Hospitality Group, Inc.*   119    2,023 
Scientific Games Corp.*   351    22,436 
SeaWorld Entertainment, Inc.*   183    10,795 
Shake Shack, Inc., Class A*   136    9,927 
Target Hospitality Corp.*   96    354 
Texas Roadhouse, Inc.   250    20,735 
Wingstop, Inc.   102    16,381 
Xponential Fitness, Inc., Class A*   41    797 
         234,681 
Household Durables - 0.5%
Aterian, Inc.*   100    488 
Bassett Furniture Industries, Inc.   41    625 
Beazer Homes USA, Inc.*   99    1,944 
Casper Sleep, Inc.*   97    634 
Cavco Industries, Inc.*   41    12,197 
Century Communities, Inc.   103    7,320 
Ethan Allen Interiors, Inc.   85    1,913 
Flexsteel Industries, Inc.   30    851 
GoPro, Inc., Class A*   452    4,520 
Green Brick Partners, Inc.*   107    2,670 
Hamilton Beach Brands Holding Co., Class A   35    525 
Helen of Troy Ltd.*   92    22,126 
Hooker Furnishings Corp.   37    878 
Hovnanian Enterprises, Inc., Class A*   22    2,101 
Installed Building Products, Inc.   90    11,618 
iRobot Corp.*   109    8,274 
KB Home   311    12,437 
Landsea Homes Corp.*   33    250 
La-Z-Boy, Inc.   169    5,643 
Legacy Housing Corp.*   37    924 
LGI Homes, Inc.*(b)   82    11,780 
Lifetime Brands, Inc.   41    666 
Lovesac Co. (The)*   41    2,595 
M/I Homes, Inc.*   96    5,365 
MDC Holdings, Inc.   209    9,999 
Meritage Homes Corp.*   136    15,349 
Purple Innovation, Inc.*   211    2,178 
Skyline Champion Corp.*   186    14,555 
Snap One Holdings Corp.*   42    922 
Sonos, Inc.*   443    14,021 
Taylor Morrison Home Corp.*   451    14,008 
Traeger, Inc.*   85    1,097 
Tri Pointe Homes, Inc.*   409    10,213 
Tupperware Brands Corp.*   175    2,737 
Universal Electronics, Inc.*   42    1,520 
VOXX International Corp.*   54    556 
Vuzix Corp.*   216    2,326 
Weber, Inc., Class A*   59    794 
         208,619 
Household Products - 0.1%
Central Garden & Pet Co.*   29    1,397 
Central Garden & Pet Co., Class A*   148    6,416 
Energizer Holdings, Inc.   242    9,000 
Oil-Dri Corp. of America   22    732 
WD-40 Co.   45    10,096 
         27,641 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
Independent Power and Renewable Electricity Producers - 0.1%
Clearway Energy, Inc., Class A   156    5,387 
Clearway Energy, Inc., Class C, Class C(b)   304    11,345 
Ormat Technologies, Inc.(b)   171    12,910 
Sunnova Energy International, Inc.*   306    11,313 
         40,955 
Insurance - 0.5%
Ambac Financial Group, Inc.*   172    2,570 
American Equity Investment Life Holding Co.   305    10,257 
American National Group, Inc.   35    6,624 
AMERISAFE, Inc.   71    3,769 
Argo Group International Holdings Ltd.   110    5,971 
Bright Health Group, Inc.*   191    636 
BRP Group, Inc., Class A*   177    6,556 
Citizens, Inc.*   176    998 
CNO Financial Group, Inc.   460    10,424 
Crawford & Co., Class A   57    416 
Donegal Group, Inc., Class A   51    694 
eHealth, Inc.*   94    2,075 
Employers Holdings, Inc.   113    4,363 
Enstar Group Ltd.*   40    8,924 
Genworth Financial, Inc., Class A*   1,839    7,025 
Goosehead Insurance, Inc., Class A   63    8,273 
Greenlight Capital Re Ltd., Class A*   102    689 
HCI Group, Inc.   26    2,870 
Heritage Insurance Holdings, Inc.   100    666 
Horace Mann Educators Corp.   155    5,746 
Independence Holding Co.   19    1,073 
Investors Title Co.   6    1,296 
James River Group Holdings Ltd.   130    3,437 
Kinsale Capital Group, Inc.   78    16,224 
Maiden Holdings Ltd.*   248    744 
MBIA, Inc.*   166    1,952 
MetroMile, Inc.*   142    361 
National Western Life Group, Inc., Class A   12    2,444 
NI Holdings, Inc.*   38    704 
Palomar Holdings, Inc.*(b)   95    6,943 
ProAssurance Corp.   192    4,416 
RLI Corp.   147    15,109 
Safety Insurance Group, Inc.   50    3,863 
Selective Insurance Group, Inc.   217    16,392 
Selectquote, Inc.*   488    4,392 
SiriusPoint Ltd.*   317    2,441 
State Auto Financial Corp.   63    3,242 
Stewart Information Services Corp.   105    7,478 
Tiptree, Inc.   88    1,147 
Trean Insurance Group, Inc.*   64    538 
Trupanion, Inc.*   140    17,265 
United Fire Group, Inc.   78    1,632 
United Insurance Holdings Corp.   75    310 
Universal Insurance Holdings, Inc.   107    1,612 
         204,561 
Interactive Media & Services - 0.1%
Cargurus, Inc.*   343    12,863 
Cars.com, Inc.*   244    4,070 
Eventbrite, Inc., Class A*   272    4,107 
EverQuote, Inc., Class A*   71    936 
fuboTV, Inc.*   477    9,359 
Liberty TripAdvisor Holdings, Inc., Class A*   263    568 
MediaAlpha, Inc., Class A*   78    1,203 
Outbrain, Inc.*   37    558 
QuinStreet, Inc.*   176    2,695 
TrueCar, Inc.*   346    1,138 
Yelp, Inc.*   255    8,741 
Ziff Davis, Inc.*   162    18,447 
         64,685 
Internet & Direct Marketing Retail - 0.1%
1-800-Flowers.com, Inc., Class A*   104    3,097 
1stdibs.com, Inc.*   30    387 
CarParts.com, Inc.*   171    2,115 
Duluth Holdings, Inc., Class B*   38    527 
Groupon, Inc.*   89    1,839 
Lands' End, Inc.*   50    1,150 
Liquidity Services, Inc.*   104    2,358 
Overstock.com, Inc.*   161    14,371 
PetMed Express, Inc.   72    1,970 
Porch Group, Inc.*   281    5,912 
Quotient Technology, Inc.*   320    2,243 
RealReal, Inc. (The)*   289    4,500 
Revolve Group, Inc.*   129    9,826 
Shutterstock, Inc.   89    10,147 
Stitch Fix, Inc., Class A*   217    5,403 
Xometry, Inc., Class A*   37    1,839 
         67,684 
IT Services - 0.4%
BigCommerce Holdings, Inc., Series 1*   169    7,651 
Brightcove, Inc.*   150    1,445 
Cantaloupe, Inc.*   213    1,921 
Cass Information Systems, Inc.   48    1,928 
Conduent, Inc.*   607    3,059 
CSG Systems International, Inc.   113    5,956 
DigitalOcean Holdings, Inc.*   173    17,440 
EVERTEC, Inc.   224    9,406 
Evo Payments, Inc., Class A*   180    3,832 
ExlService Holdings, Inc.*   114    14,805 
Flywire Corp.*   38    1,544 
GreenBox POS*   68    354 
GreenSky, Inc., Class A*   258    2,926 
Grid Dynamics Holdings, Inc.*   157    6,159 
Hackett Group, Inc. (The)   94    1,923 
I3 Verticals, Inc., Class A*   78    1,455 
IBEX Holdings Ltd.*   26    344 
International Money Express, Inc.*   112    1,692 
Limelight Networks, Inc.*   449    1,235 
LiveRamp Holdings, Inc.*   248    11,639 
Maximus, Inc.   227    17,127 
MoneyGram International, Inc.*   321    1,904 
Paya Holdings, Inc.*   305    1,964 
Perficient, Inc.*   113    15,484 
Priority Technology Holdings, Inc.*   29    187 
Rackspace Technology, Inc.*   198    2,824 
Repay Holdings Corp.*   308    5,039 
StarTek, Inc.*   60    241 
TTEC Holdings, Inc.   67    5,654 
Tucows, Inc., Class A*   27    2,196 
Unisys Corp.*   246    4,467 
Verra Mobility Corp.*   489    7,037 
         160,838 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
Leisure Products - 0.1%
Acushnet Holdings Corp.   121    6,580 
American Outdoor Brands, Inc.*   48    1,132 
AMMO, Inc.*   305    1,891 
Callaway Golf Co.*   424    11,431 
Clarus Corp.   92    2,428 
Escalade, Inc.   30    510 
Genius Brands International, Inc.*   1,026    1,272 
Johnson Outdoors, Inc., Class A   22    2,289 
Latham Group, Inc.*   88    2,268 
Malibu Boats, Inc., Class A*   78    5,419 
Marine Products Corp.   38    449 
MasterCraft Boat Holdings, Inc.*   68    1,861 
Nautilus, Inc.*(b)   104    712 
Smith & Wesson Brands, Inc.   166    3,777 
Sturm Ruger & Co., Inc.   61    4,373 
Vista Outdoor, Inc.*   211    9,214 
         55,606 
Life Sciences Tools & Services - 0.2%
Absci Corp.*   48    506 
Akoya Biosciences, Inc.*   37    480 
Alpha Teknova, Inc.*   31    693 
Berkeley Lights, Inc.*   169    3,527 
Bionano Genomics, Inc.*   1,019    3,984 
ChromaDex Corp.*(b)   177    830 
Codex DNA, Inc.*   37    253 
Codexis, Inc.*   221    7,671 
Cytek Biosciences, Inc.*   56    1,130 
Fluidigm Corp.*   279    1,286 
Harvard Bioscience, Inc.*   144    963 
Inotiv, Inc.*   42    2,184 
MaxCyte, Inc.*   54    539 
Medpace Holdings, Inc.*   97    20,119 
NanoString Technologies, Inc.*   171    7,028 
NeoGenomics, Inc.*   410    14,047 
Pacific Biosciences of California, Inc.*   711    16,502 
Personalis, Inc.*   129    1,748 
Quanterix Corp.*   107    4,277 
Rapid Micro Biosystems, Inc., Class A*   37    456 
Seer, Inc.*   155    3,458 
Singular Genomics Systems, Inc.*   37    423 
         92,104 
Machinery - 0.9%
AgEagle Aerial Systems, Inc.*   241    545 
Alamo Group, Inc.   29    4,124 
Albany International Corp., Class A   107    8,659 
Altra Industrial Motion Corp.   243    12,809 
Astec Industries, Inc.   85    5,328 
Barnes Group, Inc.   180    7,821 
Blue Bird Corp.*   53    1,073 
Chart Industries, Inc.*   130    22,691 
CIRCOR International, Inc.*   67    1,806 
Columbus McKinnon Corp.   108    4,797 
Commercial Vehicle Group, Inc.*   112    940 
Desktop Metal, Inc., Class A*   682    4,447 
Douglas Dynamics, Inc.   85    3,379 
Energy Recovery, Inc.*   157    3,336 
Enerpac Tool Group Corp.   221    4,665 
EnPro Industries, Inc.   78    7,956 
ESCO Technologies, Inc.   99    8,092 
Evoqua Water Technologies Corp.*   424    19,072 
Federal Signal Corp.   221    9,377 
Franklin Electric Co., Inc.   176    15,497 
Gorman-Rupp Co. (The)   85    3,675 
Greenbrier Cos., Inc. (The)   112    4,479 
Helios Technologies, Inc.   113    11,337 
Hillenbrand, Inc.   263    11,730 
Hydrofarm Holdings Group, Inc.*   142    4,686 
Hyliion Holdings Corp.*   430    2,851 
Hyster-Yale Materials Handling, Inc.   29    1,139 
Ideanomics, Inc.*   1,510    2,431 
John Bean Technologies Corp.   109    17,197 
Kadant, Inc.   35    8,206 
Kennametal, Inc.   309    10,929 
Lindsay Corp.   32    4,657 
Luxfer Holdings plc   106    2,012 
Manitowoc Co., Inc. (The)*   121    2,306 
Mayville Engineering Co., Inc.*   41    609 
Meritor, Inc.*   239    6,044 
Miller Industries, Inc.   33    1,079 
Mueller Industries, Inc.   202    11,177 
Mueller Water Products, Inc., Class A   578    7,884 
Nikola Corp.*   818    8,360 
NN, Inc.*   160    712 
Omega Flex, Inc.   14    1,652 
Park-Ohio Holdings Corp.   38    802 
Proto Labs, Inc.*   108    5,413 
RBC Bearings, Inc.*   109    21,548 
REV Group, Inc.   110    1,727 
Shyft Group, Inc. (The)   123    5,979 
SPX Corp.*   165    9,595 
SPX FLOW, Inc.   155    12,944 
Standex International Corp.   38    3,914 
Tennant Co.   67    5,270 
Terex Corp.   243    10,298 
Titan International, Inc.*   181    1,247 
Trinity Industries, Inc.   288    7,632 
Wabash National Corp.   177    2,956 
Watts Water Technologies, Inc., Class A   106    20,003 
Welbilt, Inc.*   473    11,144 
         392,038 
Marine - 0.0%(c)
Costamare, Inc.   188    2,256 
Eagle Bulk Shipping, Inc.   41    1,643 
Genco Shipping & Trading Ltd.   113    1,741 
Matson, Inc.   161    13,126 
Safe Bulkers, Inc.*   232    840 
         19,606 
Media - 0.3%
Advantage Solutions, Inc.*   277    2,003 
AMC Networks, Inc., Class A*   99    3,822 
Boston Omaha Corp., Class A*   63    1,805 
Cardlytics, Inc.*   112    7,569 
Clear Channel Outdoor Holdings, Inc.*   1,324    4,065 
comScore, Inc.*   250    868 
Daily Journal Corp.*   6    2,186 
Digital Media Solutions, Inc.*   15    68 
Emerald Holding, Inc.*   91    359 
Entercom Communications Corp.*   432    1,067 
Entravision Communications Corp., Class A   222    1,650 
EW Scripps Co. (The), Class A   209    3,873 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Fluent, Inc.*   163    303 
Gannett Co., Inc.*   518    2,647 
Gray Television, Inc.   320    6,598 
Hemisphere Media Group, Inc.*   57    433 
iHeartMedia, Inc., Class A*   408    8,001 
Integral Ad Science Holding Corp.*   59    1,324 
John Wiley & Sons, Inc., Class A   161    8,369 
Magnite, Inc.*   470    8,286 
Meredith Corp.*   146    8,614 
National CineMedia, Inc.   220    616 
Scholastic Corp.   102    3,839 
Sinclair Broadcast Group, Inc., Class A(b)   173    4,036 
Stagwell, Inc.*   229    1,768 
TechTarget, Inc.*   99    9,566 
TEGNA, Inc.   800    15,800 
Thryv Holdings, Inc.*   35    1,368 
WideOpenWest, Inc.*   186    3,460 
         114,363 
Metals & Mining - 0.3%
Allegheny Technologies, Inc.*   461    6,565 
Arconic Corp.*   398    10,634 
Carpenter Technology Corp.   165    4,534 
Century Aluminum Co.*   181    2,395 
Coeur Mining, Inc.*   937    5,247 
Commercial Metals Co.   442    13,658 
Compass Minerals International, Inc.   120    5,838 
Constellium SE*   454    7,977 
Gatos Silver, Inc.*   177    2,391 
Haynes International, Inc.   40    1,603 
Hecla Mining Co.   1,934    10,714 
Kaiser Aluminum Corp.   53    4,729 
Materion Corp.   77    6,519 
MP Materials Corp.*   263    11,556 
Novagold Resources, Inc.*   874    5,899 
Olympic Steel, Inc.   41    834 
Perpetua Resources Corp.*   104    525 
PolyMet Mining Corp.*   99    298 
Ryerson Holding Corp.   58    1,359 
Schnitzer Steel Industries, Inc., Class A   100    4,810 
SunCoke Energy, Inc.   309    1,882 
TimkenSteel Corp.*   174    2,492 
Warrior Met Coal, Inc.   183    3,933 
Worthington Industries, Inc.   119    5,710 
         122,102 
Mortgage Real Estate Investment Trusts (REITs) - 0.3%
AFC Gamma, Inc.   41    887 
Angel Oak Mortgage, Inc.   32    522 
Apollo Commercial Real Estate Finance, Inc.   518    7,009 
Arbor Realty Trust, Inc.   497    8,722 
Ares Commercial Real Estate Corp.   164    2,414 
ARMOUR Residential REIT, Inc.   306    2,996 
Blackstone Mortgage Trust, Inc., Class A   573    17,190 
BrightSpire Capital, Inc.   315    2,945 
Broadmark Realty Capital, Inc.   463    4,167 
Chimera Investment Corp.   864    13,738 
Dynex Capital, Inc.   120    2,006 
Ellington Financial, Inc.   177    2,933 
Franklin BSP Realty Trust, Inc.*   109    1,672 
Granite Point Mortgage Trust, Inc.   197    2,429 
Great Ajax Corp.   81    1,024 
Hannon Armstrong Sustainable Infrastructure Capital, Inc.   279    15,869 
Invesco Mortgage Capital, Inc.   1,068    3,204 
KKR Real Estate Finance Trust, Inc.   113    2,331 
Ladder Capital Corp.   414    4,715 
MFA Financial, Inc.   1,616    6,933 
New York Mortgage Trust, Inc.   1,381    5,151 
Orchid Island Capital, Inc.   459    2,075 
PennyMac Mortgage Investment Trust   358    6,218 
Ready Capital Corp.   211    3,241 
Redwood Trust, Inc.   410    5,256 
TPG RE Finance Trust, Inc.   220    2,684 
Two Harbors Investment Corp.   1,136    6,680 
         135,011 
Multiline Retail - 0.1%
Big Lots, Inc.   121    5,249 
Dillard's, Inc., Class A   27    7,395 
Franchise Group, Inc.   110    5,252 
Macy's, Inc.   1,135    32,348 
         50,244 
Multi-Utilities - 0.1%
Avista Corp.   248    9,551 
Black Hills Corp.   235    15,068 
NorthWestern Corp.   183    10,120 
Unitil Corp.   53    2,196 
         36,935 
Oil, Gas & Consumable Fuels - 0.9%
Aemetis, Inc.*   106    1,989 
Alto Ingredients, Inc.*   256    1,334 
Altus Midstream Co.   15    951 
Antero Resources Corp.*   1,042    18,297 
Arch Resources, Inc.   52    4,029 
Berry Corp.   238    1,937 
Brigham Minerals, Inc., Class A   165    3,425 
California Resources Corp.   305    11,916 
Callon Petroleum Co.*   146    7,423 
Centennial Resource Development, Inc., Class A*   651    4,056 
Centrus Energy Corp., Class A*   27    1,498 
Chesapeake Energy Corp.   383    22,804 
Civitas Resources, Inc.   169    8,638 
Clean Energy Fuels Corp.*   567    4,065 
CNX Resources Corp.*   793    10,817 
Comstock Resources, Inc.*   331    2,678 
CONSOL Energy, Inc.*   121    2,656 
Contango Oil & Gas Co.*   529    1,841 
CVR Energy, Inc.   100    1,561 
Delek US Holdings, Inc.*   246    3,857 
Denbury, Inc.*   178    14,172 
DHT Holdings, Inc.   522    2,897 
Dorian LPG Ltd.   109    1,342 
Earthstone Energy, Inc., Class A*   92    940 
Energy Fuels, Inc.*   534    4,651 
Equitrans Midstream Corp.   1,497    14,401 
Falcon Minerals Corp.   145    673 
Frontline Ltd.*   437    2,993 
Gevo, Inc.*   715    4,111 
Golar LNG Ltd.*   380    4,484 
Green Plains, Inc.*   165    6,377 
HighPeak Energy, Inc.   23    313 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
International Seaways, Inc.   175    2,555 
Kosmos Energy Ltd.*   1,480    5,417 
Laredo Petroleum, Inc.*   41    2,415 
Magnolia Oil & Gas Corp., Class A   513    9,732 
Matador Resources Co.   399    15,669 
Murphy Oil Corp.   529    14,061 
Nordic American Tankers Ltd.   556    1,101 
Northern Oil and Gas, Inc.   186    3,791 
Oasis Petroleum, Inc.   76    9,112 
Ovintiv, Inc.   951    33,057 
Par Pacific Holdings, Inc.*   167    2,261 
PBF Energy, Inc., Class A*   353    4,423 
PDC Energy, Inc.   366    18,457 
Peabody Energy Corp.*   298    2,968 
Range Resources Corp.*   863    16,880 
Ranger Oil Corp.*   52    1,400 
Renewable Energy Group, Inc.*   169    8,075 
REX American Resources Corp.*   25    2,275 
Riley Exploration Permian, Inc.   11    193 
Scorpio Tankers, Inc.   171    2,379 
SFL Corp. Ltd.   389    3,244 
SM Energy Co.   442    12,818 
Southwestern Energy Co.*   2,461    11,025 
Talos Energy, Inc.*   133    1,326 
Teekay Corp.*   247    820 
Teekay Tankers Ltd., Class A*   91    1,022 
Tellurian, Inc.*   1,310    4,271 
Uranium Energy Corp.*   842    3,301 
Ur-Energy, Inc.*   651    970 
W&T Offshore, Inc.*   339    1,166 
Whiting Petroleum Corp.*   145    9,380 
World Fuel Services Corp.   232    5,798 
         384,488 
Paper & Forest Products - 0.0%(c)
Clearwater Paper Corp.*   58    2,334 
Glatfelter Corp.   165    2,718 
Neenah, Inc.   59    2,743 
Schweitzer-Mauduit International, Inc.   109    3,128 
Verso Corp., Class A   106    2,241 
         13,164 
Personal Products - 0.1%
Beauty Health Co. (The)*   310    8,048 
BellRing Brands, Inc., Class A*   146    3,142 
Edgewell Personal Care Co.   196    8,322 
elf Beauty, Inc.*   168    5,060 
Honest Co., Inc. (The)*   95    811 
Inter Parfums, Inc.   63    5,533 
Medifast, Inc.   37    7,613 
Nature's Sunshine Products, Inc.   37    629 
Nu Skin Enterprises, Inc., Class A   175    7,679 
Revlon, Inc., Class A*   33    375 
USANA Health Sciences, Inc.*   40    3,989 
Veru, Inc.*   240    1,800 
         53,001 
Pharmaceuticals - 0.3%
9 Meters Biopharma, Inc.*   809    841 
Aclaris Therapeutics, Inc.*   181    2,317 
Aerie Pharmaceuticals, Inc.*   158    1,596 
Amneal Pharmaceuticals, Inc.*   366    1,530 
Amphastar Pharmaceuticals, Inc.*   133    2,601 
Ampio Pharmaceuticals, Inc.*   713    806 
Angion Biomedica Corp.*   81    292 
ANI Pharmaceuticals, Inc.*   27    1,111 
Antares Pharma, Inc.*   604    1,951 
Arvinas, Inc.*   165    12,476 
Atea Pharmaceuticals, Inc.*   240    1,942 
Athira Pharma, Inc.*   113    1,523 
Axsome Therapeutics, Inc.*   108    3,730 
BioDelivery Sciences International, Inc.*   337    937 
Cara Therapeutics, Inc.*   167    2,201 
Cassava Sciences, Inc.*   140    7,489 
Citius Pharmaceuticals, Inc.*   415    701 
Collegium Pharmaceutical, Inc.*   126    2,215 
Corcept Therapeutics, Inc.*   354    7,434 
CorMedix, Inc.*   137    682 
Cymabay Therapeutics, Inc.*(b)   247    818 
Cyteir Therapeutics, Inc.*   38    631 
Durect Corp.*   824    816 
Edgewise Therapeutics, Inc.*   41    714 
Endo International plc*   834    4,670 
Esperion Therapeutics, Inc.*   103    899 
Evolus, Inc.*   114    632 
EyePoint Pharmaceuticals, Inc.*   79    1,248 
Fulcrum Therapeutics, Inc.*   104    1,508 
Harmony Biosciences Holdings, Inc.*   84    2,864 
Ikena Oncology, Inc.*   31    443 
Innoviva, Inc.*   162    2,709 
Intra-Cellular Therapies, Inc.*   252    10,201 
Kala Pharmaceuticals, Inc.*   170    323 
Kaleido Biosciences, Inc.*   71    255 
KemPharm, Inc.*   95    744 
Landos Biopharma, Inc.*   21    152 
Marinus Pharmaceuticals, Inc.*   134    1,489 
Mind Medicine MindMed, Inc.*   1,272    2,519 
NGM Biopharmaceuticals, Inc.*   110    1,982 
Nuvation Bio, Inc.*   234    2,099 
Ocular Therapeutix, Inc.*   279    1,908 
Omeros Corp.*   221    1,591 
Oramed Pharmaceuticals, Inc.*   104    1,999 
Pacira BioSciences, Inc.*   165    8,682 
Paratek Pharmaceuticals, Inc.*   165    696 
Phathom Pharmaceuticals, Inc.*   76    1,363 
Phibro Animal Health Corp., Class A   77    1,508 
Pliant Therapeutics, Inc.*   92    1,304 
Prestige Consumer Healthcare, Inc.*   177    9,903 
Provention Bio, Inc.*(b)   201    1,387 
Rain Therapeutics, Inc.*   35    453 
Reata Pharmaceuticals, Inc., Class A*   106    9,074 
Relmada Therapeutics, Inc.*   53    947 
Revance Therapeutics, Inc.*   250    3,420 
Seelos Therapeutics, Inc.*   361    624 
SIGA Technologies, Inc.*   171    1,395 
Supernus Pharmaceuticals, Inc.*   172    5,155 
Tarsus Pharmaceuticals, Inc.*   38    1,011 
Terns Pharmaceuticals, Inc.*   47    355 
TherapeuticsMD, Inc.*   1,428    707 
Theravance Biopharma, Inc.*   220    1,848 
Verrica Pharmaceuticals, Inc.*   42    435 
WaVe Life Sciences Ltd.*   140    546 
Zogenix, Inc.*   202    2,272 
         150,674 

 

See accompanying notes to the financial statements.

 

 

 

 

 

Hedge Replication ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
Professional Services - 0.4%
Acacia Research Corp.*   172    843 
ASGN, Inc.*   183    22,267 
Atlas Technical Consultants, Inc.*   47    431 
Barrett Business Services, Inc.   35    2,471 
CBIZ, Inc.*   177    6,377 
CRA International, Inc.   32    2,946 
Exponent, Inc.   183    21,320 
First Advantage Corp.*   163    2,826 
Forrester Research, Inc.*   33    1,863 
Franklin Covey Co.*   40    1,759 
Heidrick & Struggles International, Inc.   71    3,065 
HireQuest, Inc.(b)   22    502 
Huron Consulting Group, Inc.*   84    3,838 
ICF International, Inc.   67    6,482 
Insperity, Inc.   130    15,046 
KBR, Inc.   522    22,968 
Kelly Services, Inc., Class A   126    2,124 
Kforce, Inc.   76    5,824 
Korn Ferry   199    14,475 
ManTech International Corp., Class A   106    7,203 
Mistras Group, Inc.*   73    582 
Resources Connection, Inc.   110    1,890 
TriNet Group, Inc.*   148    14,844 
TrueBlue, Inc.*   124    3,226 
Upwork, Inc.*   433    16,134 
Willdan Group, Inc.*   33    1,320 
         182,626 
Real Estate Management & Development - 0.2%
Cushman & Wakefield plc*   508    8,981 
eXp World Holdings, Inc.   234    8,590 
Fathom Holdings, Inc.*   22    519 
Forestar Group, Inc.*   61    1,209 
FRP Holdings, Inc.*   30    1,759 
Kennedy-Wilson Holdings, Inc.   442    9,587 
Marcus & Millichap, Inc.*   90    3,857 
Newmark Group, Inc., Class A   540    8,672 
Rafael Holdings, Inc., Class B*   27    148 
RE/MAX Holdings, Inc., Class A   67    1,842 
Realogy Holdings Corp.*   419    6,365 
Redfin Corp.*   376    15,300 
RMR Group, Inc. (The), Class A   52    1,699 
St Joe Co. (The)   118    5,665 
Tejon Ranch Co.*   78    1,427 
         75,620 
Road & Rail - 0.3%
ArcBest Corp.   97    9,999 
Avis Budget Group, Inc.*   171    46,955 
Covenant Logistics Group, Inc.*   38    953 
Daseke, Inc.*   147    1,418 
Heartland Express, Inc.   165    2,762 
HyreCar, Inc.*   62    328 
Marten Transport Ltd.   217    3,489 
PAM Transportation Services, Inc.*   16    1,037 
Saia, Inc.*   104    34,443 
Universal Logistics Holdings, Inc.   35    651 
US Xpress Enterprises, Inc., Class A*   104    817 
Werner Enterprises, Inc.   234    10,556 
Yellow Corp.*   177    2,329 
         115,737 
Semiconductors & Semiconductor Equipment - 0.9%
Alpha & Omega Semiconductor Ltd.*   78    3,831 
Ambarella, Inc.*   124    22,260 
Amkor Technology, Inc.   377    8,128 
Atomera, Inc.*   76    1,831 
Axcelis Technologies, Inc.*   118    7,295 
AXT, Inc.*(b)   145    1,192 
CEVA, Inc.*   85    3,749 
CMC Materials, Inc.   99    13,147 
Cohu, Inc.*   166    5,473 
Diodes, Inc.*   165    17,548 
DSP Group, Inc.*   85    1,869 
FormFactor, Inc.*   285    11,947 
Ichor Holdings Ltd.*   108    5,172 
Impinj, Inc.*   68    5,098 
Kopin Corp.*   284    1,483 
Kulicke & Soffa Industries, Inc.   227    13,089 
Lattice Semiconductor Corp.*   496    37,661 
MACOM Technology Solutions Holdings, Inc.*   171    12,297 
MaxLinear, Inc.*   252    16,967 
Meta Materials, Inc.*   790    2,899 
NeoPhotonics Corp.*   182    2,797 
NVE Corp.   21    1,413 
Onto Innovation, Inc.*   171    16,101 
PDF Solutions, Inc.*   100    2,993 
Photronics, Inc.*   222    2,933 
Power Integrations, Inc.   221    22,107 
Rambus, Inc.*   390    10,491 
Semtech Corp.*   243    20,818 
Silicon Laboratories, Inc.*   166    32,581 
SiTime Corp.*   54    16,118 
SkyWater Technology, Inc.*   37    692 
SMART Global Holdings, Inc.*   61    3,478 
SunPower Corp.*(b)   294    8,423 
Synaptics, Inc.*   126    35,562 
Ultra Clean Holdings, Inc.*   166    9,098 
Veeco Instruments, Inc.*   175    4,652 
         383,193 
Software - 1.5%
8x8, Inc.*   400    8,620 
A10 Networks, Inc.   220    3,392 
ACI Worldwide, Inc.*   433    12,618 
Agilysys, Inc.*   73    3,179 
Alarm.com Holdings, Inc.*   180    14,362 
Alkami Technology, Inc.*   32    918 
Altair Engineering, Inc., Class A*   175    13,029 
American Software, Inc., Class A   109    2,485 
Appfolio, Inc., Class A*   68    8,193 
Appian Corp.*   145    10,781 
Asana, Inc., Class A*   268    27,859 
Avaya Holdings Corp.*   305    5,938 
Benefitfocus, Inc.*   97    976 
Blackbaud, Inc.*   169    12,753 
Blackline, Inc.*   192    21,130 
Bottomline Technologies DE, Inc.*   166    7,443 
Box, Inc., Class A*   527    12,337 
BTRS Holdings, Inc.*   243    1,813 
Cerence, Inc.*   139    10,450 
ChannelAdvisor Corp.*   99    2,476 
Cleanspark, Inc.*   118    2,098 
CommVault Systems, Inc.*   173    10,878 
Consensus Cloud Solutions, Inc.*   48    3,007 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
Couchbase, Inc.*   27    892 
CS Disco, Inc.*   42    1,541 
Digimarc Corp.*(b)   41    1,759 
Digital Turbine, Inc.*   326    17,298 
Domo, Inc., Class B*   106    7,669 
E2open Parent Holdings, Inc.*   581    7,077 
Ebix, Inc.   104    3,178 
eGain Corp.*   77    809 
Envestnet, Inc.*   196    15,027 
EverCommerce, Inc.*   58    944 
GTY Technology Holdings, Inc.*   113    744 
Instructure Holdings, Inc.*   38    846 
Intapp, Inc.*   29    794 
Intelligent Systems Corp.*   32    1,298 
InterDigital, Inc.   108    7,334 
JFrog Ltd.*   190    6,072 
Kaltura, Inc.*   62    294 
LivePerson, Inc.*(b)   243    9,394 
Marathon Digital Holdings, Inc.*   347    17,721 
MeridianLink, Inc.*   41    904 
MicroStrategy, Inc., Class A*   36    25,972 
Mimecast Ltd.*   225    18,225 
Mitek Systems, Inc.*   160    2,741 
Model N, Inc.*   128    3,597 
Momentive Global, Inc.*   470    9,602 
ON24, Inc.*   105    1,663 
OneSpan, Inc.*   126    2,153 
PagerDuty, Inc.*   299    10,600 
Ping Identity Holding Corp.*(b)   217    5,167 
Progress Software Corp.   165    7,994 
PROS Holdings, Inc.*   147    5,339 
Q2 Holdings, Inc.*   198    15,899 
Qualys, Inc.*   120    15,635 
Rapid7, Inc.*(b)   200    24,812 
Rekor Systems, Inc.*   110    739 
Rimini Street, Inc.*   163    1,077 
Riot Blockchain, Inc.*   315    11,772 
Sailpoint Technologies Holdings, Inc.*   330    17,355 
Sapiens International Corp. NV   108    3,831 
SecureWorks Corp., Class A*   29    515 
ShotSpotter, Inc.*   38    1,335 
Smith Micro Software, Inc.*   175    959 
Sprout Social, Inc., Class A*   167    18,651 
SPS Commerce, Inc.*   130    18,329 
Sumo Logic, Inc.*   305    4,313 
Telos Corp.*   146    2,300 
Tenable Holdings, Inc.*   326    16,104 
Upland Software, Inc.*   97    1,899 
Varonis Systems, Inc.*   378    19,584 
Verint Systems, Inc.*   239    11,374 
Veritone, Inc.*   110    2,820 
Viant Technology, Inc., Class A*   36    353 
VirnetX Holding Corp.*   235    705 
Vonage Holdings Corp.*   876    18,063 
Workiva, Inc.*   160    22,315 
Xperi Holding Corp.   374    6,702 
Yext, Inc.*   403    3,893 
Zix Corp.*   192    1,626 
Zuora, Inc., Class A*   405    8,023 
         642,366 
Specialty Retail - 0.6%
Aaron's Co., Inc. (The)   113    2,509 
Abercrombie & Fitch Co., Class A*   228    8,208 
Academy Sports & Outdoors, Inc.*   285    12,717 
American Eagle Outfitters, Inc.   554    14,343 
America's Car-Mart, Inc.*   28    2,748 
Arko Corp.*   446    4,206 
Asbury Automotive Group, Inc.*   83    13,582 
Barnes & Noble Education, Inc.*   141    990 
Bed Bath & Beyond, Inc.*   377    6,910 
Big 5 Sporting Goods Corp.   78    1,851 
Boot Barn Holdings, Inc.*   99    12,112 
Buckle, Inc. (The)   102    4,798 
Caleres, Inc.   132    3,117 
Camping World Holdings, Inc., Class A   160    7,018 
CarLotz, Inc.*   256    758 
Cato Corp. (The), Class A   73    1,201 
Chico's FAS, Inc.*   443    2,538 
Children's Place, Inc. (The)*   48    4,153 
Citi Trends, Inc.*   40    3,392 
Conn's, Inc.*   63    1,378 
Container Store Group, Inc. (The)*   110    1,279 
Designer Brands, Inc., Class A*   220    3,010 
Genesco, Inc.*   51    3,223 
Group 1 Automotive, Inc.   61    11,880 
GrowGeneration Corp.*   193    3,146 
Guess?, Inc.   148    3,337 
Haverty Furniture Cos., Inc.   58    1,735 
Hibbett, Inc.   56    4,365 
JOANN, Inc.   38    347 
Kirkland's, Inc.*   47    1,015 
Lazydays Holdings, Inc.*   32    647 
Lumber Liquidators Holdings, Inc.*   96    1,473 
MarineMax, Inc.*   78    4,155 
Monro, Inc.   118    6,610 
Murphy USA, Inc.   92    15,946 
National Vision Holdings, Inc.*(b)   303    14,556 
ODP Corp. (The)*   165    6,230 
OneWater Marine, Inc., Class A   30    1,535 
Party City Holdco, Inc.*   399    2,195 
Rent-A-Center, Inc.   248    10,954 
Sally Beauty Holdings, Inc.*   409    8,012 
Shift Technologies, Inc.*   230    1,060 
Shoe Carnival, Inc.   63    2,463 
Signet Jewelers Ltd.   185    17,971 
Sleep Number Corp.*   88    7,021 
Sonic Automotive, Inc., Class A   82    3,683 
Sportsman's Warehouse Holdings, Inc.*   162    2,759 
Tilly's, Inc., Class A   86    1,292 
Torrid Holdings, Inc.*   41    667 
TravelCenters of America, Inc.*   40    2,089 
Urban Outfitters, Inc.*   244    7,727 
Winmark Corp.   15    3,782 
Zumiez, Inc.*   81    3,707 
         268,400 
Technology Hardware, Storage & Peripherals - 0.1%
3D Systems Corp.*   447    10,183 
Avid Technology, Inc.*   130    4,168 
Corsair Gaming, Inc.*   106    2,374 
Diebold Nixdorf, Inc.*   259    2,101 
Eastman Kodak Co.*   169    1,012 
Quantum Corp.*   211    1,154 
Super Micro Computer, Inc.*   161    6,665 
Turtle Beach Corp.*   52    1,394 
         29,051 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
Textiles, Apparel & Luxury Goods - 0.2%
Crocs, Inc.*   229    37,561 
Fossil Group, Inc.*   165    1,972 
G-III Apparel Group Ltd.*   165    4,891 
Kontoor Brands, Inc.   183    9,867 
Movado Group, Inc.   56    2,513 
Oxford Industries, Inc.   56    5,350 
PLBY Group, Inc.*   89    3,413 
Rocky Brands, Inc.   31    1,101 
Steven Madden Ltd.   304    14,425 
Superior Group of Cos., Inc.   37    827 
Unifi, Inc.*   43    876 
Vera Bradley, Inc.*   101    961 
Wolverine World Wide, Inc.   301    9,370 
         93,127 
Thrifts & Mortgage Finance - 0.4%
Axos Financial, Inc.*   208    11,775 
Blue Foundry Bancorp*   110    1,603 
Bridgewater Bancshares, Inc.*   78    1,333 
Capitol Federal Financial, Inc.   471    5,351 
Columbia Financial, Inc.*   144    2,627 
Essent Group Ltd.   399    16,590 
Federal Agricultural Mortgage Corp., Class C   41    4,990 
Finance of America Cos., Inc., Class A*   125    512 
Flagstar Bancorp, Inc.   185    8,610 
FS Bancorp, Inc.   32    1,039 
Hingham Institution For Savings (The)   7    2,734 
Home Bancorp, Inc.   35    1,415 
Home Point Capital, Inc.   31    119 
Kearny Financial Corp.   264    3,355 
Luther Burbank Corp.   54    745 
Merchants Bancorp   29    1,323 
Mr Cooper Group, Inc.*   252    9,896 
NMI Holdings, Inc., Class A*   312    6,115 
Northfield Bancorp, Inc.   171    2,881 
Northwest Bancshares, Inc.   453    6,016 
Ocwen Financial Corp.*   37    1,180 
PCSB Financial Corp.   45    819 
PennyMac Financial Services, Inc.   114    7,220 
Pioneer Bancorp, Inc.*   38    474 
Premier Financial Corp.   133    3,910 
Provident Bancorp, Inc.   52    942 
Provident Financial Services, Inc.   276    6,497 
Radian Group, Inc.   675    13,750 
Southern Missouri Bancorp, Inc.   36    1,923 
TrustCo Bank Corp.   69    2,254 
Velocity Financial, Inc.*   39    471 
Walker & Dunlop, Inc.   99    13,928 
Washington Federal, Inc.   239    7,765 
Waterstone Financial, Inc.   81    1,681 
WSFS Financial Corp.   178    8,850 
         160,693 
Tobacco - 0.0%(c)
22nd Century Group, Inc.*(b)   593    1,488 
Turning Point Brands, Inc.   50    1,900 
Universal Corp.   92    4,285 
Vector Group Ltd.   517    8,034 
         15,707 
Trading Companies & Distributors - 0.4%
Alta Equipment Group, Inc.*   69    1,008 
Applied Industrial Technologies, Inc.   142    13,496 
Beacon Roofing Supply, Inc.*   201    10,032 
BlueLinx Holdings, Inc.*   41    2,892 
Boise Cascade Co.   145    9,400 
Custom Truck One Source, Inc.*   175    1,316 
DXP Enterprises, Inc.*   63    1,741 
EVI Industries, Inc.*   26    887 
GATX Corp.   126    12,411 
Global Industrial Co.   41    1,643 
GMS, Inc.*   160    8,939 
H&E Equipment Services, Inc.   113    4,757 
Herc Holdings, Inc.   96    16,363 
Karat Packaging, Inc.*   20    440 
Lawson Products, Inc.*   21    1,011 
McGrath RentCorp   92    7,112 
MRC Global, Inc.*   297    2,043 
NOW, Inc.*   398    3,327 
Rush Enterprises, Inc., Class A   157    8,001 
Rush Enterprises, Inc., Class B   30    1,463 
Textainer Group Holdings Ltd.*   166    5,423 
Titan Machinery, Inc.*   71    2,360 
Transcat, Inc.*   31    2,758 
Triton International Ltd.   234    13,097 
Veritiv Corp.*   51    6,428 
WESCO International, Inc.*   167    20,730 
Willis Lease Finance Corp.*   12    411 
         159,489 
Water Utilities - 0.1%
American States Water Co.   132    12,432 
Artesian Resources Corp., Class A   37    1,582 
Cadiz, Inc.*   79    320 
California Water Service Group   183    11,531 
Global Water Resources, Inc.   41    706 
Middlesex Water Co.   61    6,285 
Pure Cycle Corp.*   71    1,034 
SJW Group   108    7,274 
York Water Co. (The)   42    1,968 
         43,132 
Wireless Telecommunication Services - 0.0%(c)
Gogo, Inc.*   217    2,782 
Shenandoah Telecommunications Co.   168    4,265 
Telephone and Data Systems, Inc.   373    6,595 
Telesat Corp.*   42    1,293 
United States Cellular Corp.*   52    1,514 
         16,449 
TOTAL COMMON STOCKS
(Cost $9,845,271)		        10,529,484 

 

Investments  Number of
Rights		   Value ($) 
         
RIGHTS - 0.0%
           
Biotechnology - 0.0%
Contra Aduro Biotech I, CVR*(d)(e)   39    — 

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Number of
Rights		   Value ($) 
Tobira Therapeutics, Inc., CVR*(d)(e)   10    — 
           
TOTAL RIGHTS
(Cost $117)		        — 

 

Investments  Shares   Value ($) 
SECURITIES LENDING REINVESTMENTS(f) - 0.1%                
           
INVESTMENT COMPANIES - 0.1%                
BlackRock Liquidity FedFund, Institutional Class 0.03% (Cost $31,495)   31,495    31,495 

 

Investments  Principal Amount ($)   Value ($) 
         
SHORT-TERM INVESTMENTS - 76.2%
           
REPURCHASE AGREEMENTS(g) - 11.5%
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $5,097,315          
(Cost $5,097,312)   5,097,312    5,097,312 
           
U.S. TREASURY OBLIGATIONS - 64.7%
U.S. Treasury Bills          
0.04%, 2/3/2022(h) (Cost $28,567,725)   28,570,000    28,567,786 
           
TOTAL SHORT-TERM INVESTMENTS
    (Cost $33,665,037)		        33,665,098 
           
Total Investments - 100.1%
(Cost $43,541,920)		        44,226,077 
Liabilities in excess of other assets - (0.1%)        (54,552)
Net Assets - 100.0%        44,171,525 

 

* Non-income producing security.
(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $118,010, collateralized in the form of cash with a value of $31,495 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $95,747 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.88%, and maturity dates ranging from December 9, 2021 – May 15, 2051. The total value of collateral is $127,242.
(c) Represents less than 0.05% of net assets.
(d) Security fair valued as of November 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2021 amounted to $0, which represents approximately 0.00% of net assets of the Fund.
(e) Illiquid security.
(f) The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $31,495.
(g) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(h) The rate shown was the current yield as of November 30, 2021.

 

Abbreviations
CVR Contingent Value Rights - No defined expiration

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation  $1,327,505 
Aggregate gross unrealized depreciation   (1,305,268)
Net unrealized appreciation  $22,237 
Federal income tax cost  $43,716,758 

 

Futures Contracts Purchased

Hedge Replication ETF had the following open long futures contracts as of November 30, 2021:

 

   Number of
Contracts		   Expiration
Date		  Trading
Currency		  Notional Amount   Value and
Unrealized
Depreciation		 
E-Mini Euro   50   12/13/2021  USD  $3,544,688   $(101,037)

 

See accompanying notes to the financial statements.

 

 

 

 

Hedge Replication ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Swap Agreementsa

Hedge Replication ETF had the following open non-exchange traded total return swap agreements as of November 30, 2021:

 

Notional
Amount ($)		   Termination
Dateb		  Counterparty  Rate Paid
(Received)c		   Underlying Instrument  Value and Unrealized
Depreciationd ($)		   Financial Instruments for the Benefit of (the Fund)/ the Counterparty ($)   Cash Collateral for the Benefit of (the Fund)/ the Counterparty ($)   Net Amounte ($) 
 68,166   4/10/2023  Credit Suisse International   0.52%  Russell 2000® Total Return Index   (7,518)               
 675,916   4/10/2023  Credit Suisse International   0.67%  S&P 500® Total Return Index   (16,167)               
 937,624   4/10/2023  Credit Suisse International   0.37%  iShares® MSCI Emerging Markets ETFf   (49,189)               
 1,681,706                  (72,874)   —    72,874    — 
 288,316   4/10/2023  Morgan Stanley & Co. International plc   0.32%  iShares® MSCI Emerging Markets ETFf   (12,698)         —    12,698    — 
                                     
 492,556   3/7/2023  Societe Generale   0.42%  Russell 2000® Total Return Index   (54,289)               
 511,082   3/7/2023  Societe Generale   0.57%  iShares® MSCI EAFE ETFf   (33,317)               
 662,215   3/7/2023  Societe Generale   0.47%  S&P 500® Total Return Index   (18,945)               
 1,408,223   3/7/2023  Societe Generale   (0.18)%  iShares® MSCI Emerging Markets ETFf   (73,378)               
 3,074,076                  (179,929)   —    40,000    (139,929)
 212,599   1/8/2024  UBS AG   0.27%  iShares® MSCI EAFE ETFf   (11,836)               
 646,480   3/7/2023  UBS AG   0.07%  Russell 2000® Total Return Index   (71,101)               
 885,203   11/6/2023  UBS AG   (0.13)%  iShares® MSCI Emerging Markets ETFf   (37,607)               
 1,744,282                  (120,544)   —    120,544    — 
                                     
 6,788,380                  (386,045)               
                Total Unrealized  Depreciation   (386,045)               

 

a The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.
b Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
c Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).
d The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.
e Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.
f In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

 

Abbreviations
 
USD U.S. Dollar

 

See accompanying notes to the financial statements.

 

 

 

 

 

Large Cap Core Plus
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
COMMON STOCKS(a) - 93.5%          
           
Aerospace & Defense - 1.6%          
Boeing Co. (The)*   8,541    1,689,837 
General Dynamics Corp.   9,534    1,801,640 
Huntington Ingalls Industries, Inc.   6,986    1,240,085 
Lockheed Martin Corp.   5,754    1,917,923 
Northrop Grumman Corp.   2,921    1,018,845 
Textron, Inc.   7,518    532,274 
         8,200,604 
Air Freight & Logistics - 0.7%          
CH Robinson Worldwide, Inc.   15,403    1,464,671 
Expeditors International of Washington, Inc.   3,215    391,008 
United Parcel Service, Inc., Class B   7,758    1,538,955 
         3,394,634 
Airlines - 0.6%          
Alaska Air Group, Inc.*   26,956    1,309,253 
Delta Air Lines, Inc.*   10,115    366,163 
Southwest Airlines Co.*   35,461    1,574,468 
         3,249,884 
Auto Components - 0.4%          
Aptiv plc*   3,783    606,604 
BorgWarner, Inc.   33,630    1,455,507 
         2,062,111 
Automobiles - 1.9%          
Ford Motor Co.   76,998    1,477,592 
General Motors Co.*   26,050    1,507,513 
Tesla, Inc.*   5,845    6,691,122 
         9,676,227 
Banks - 2.7%          
Bank of America Corp.   37,016    1,646,102 
Citigroup, Inc.   40,534    2,582,016 
Citizens Financial Group, Inc.   34,808    1,645,374 
JPMorgan Chase & Co.   19,858    3,154,046 
KeyCorp   64,171    1,439,997 
People's United Financial, Inc.   17,672    301,131 
Regions Financial Corp.   70,254    1,598,278 
SVB Financial Group*   848    587,096 
Wells Fargo & Co.   10,155    485,206 
         13,439,246 
Beverages - 0.9%          
Coca-Cola Co. (The)   11,792    618,490 
Constellation Brands, Inc., Class A   5,678    1,279,424 
Monster Beverage Corp.*   17,131    1,435,235 
PepsiCo, Inc.   6,623    1,058,223 
         4,391,372 
Biotechnology - 2.4%          
AbbVie, Inc.   23,608    2,721,530 
Amgen, Inc.   1,980    393,783 
Gilead Sciences, Inc.   29,470    2,031,367 
Incyte Corp.*   23,243    1,574,016 
Moderna, Inc.*   4,738    1,669,813 
Regeneron Pharmaceuticals, Inc.*   3,357    2,136,831 
Vertex Pharmaceuticals, Inc.*   7,680    1,435,699 
         11,963,039 
Building Products - 0.1%          
Fortune Brands Home & Security, Inc.   4,564    458,819 
           
Capital Markets - 2.3%          
Cboe Global Markets, Inc.   12,171    1,569,329 
Franklin Resources, Inc.   44,999    1,457,968 
Goldman Sachs Group, Inc. (The)   5,423    2,066,109 
Invesco Ltd.   59,634    1,331,627 
Morgan Stanley   29,014    2,751,107 
Nasdaq, Inc.   8,259    1,678,477 
T. Rowe Price Group, Inc.   2,171    434,091 
         11,288,708 
Chemicals - 1.7%          
Air Products and Chemicals, Inc.   3,261    937,342 
Celanese Corp.   9,824    1,486,961 
Corteva, Inc.   36,699    1,651,455 
Linde plc   2,103    669,048 
LyondellBasell Industries NV, Class A   18,419    1,604,847 
Mosaic Co. (The)   35,113    1,201,567 
PPG Industries, Inc.   5,470    843,310 
         8,394,530 
Commercial Services & Supplies - 0.2%          
Rollins, Inc.   25,321    842,683 
           
Communications Equipment - 0.6%          
Arista Networks, Inc.*   9,939    1,233,032 
Cisco Systems, Inc.   15,178    832,362 
Motorola Solutions, Inc.   3,623    917,271 
         2,982,665 
Consumer Finance - 0.7%          
American Express Co.   10,682    1,626,869 
Capital One Financial Corp.   8,221    1,155,297 
Synchrony Financial   15,193    680,494 
         3,462,660 
Containers & Packaging - 0.7%          
Ball Corp.   11,663    1,089,907 
International Paper Co.   20,009    910,810 
Packaging Corp. of America   11,735    1,532,474 
         3,533,191 
Distributors - 0.5%          
LKQ Corp.   28,621    1,599,914 
Pool Corp.   1,284    711,490 
         2,311,404 
Diversified Financial Services - 0.7%          
Berkshire Hathaway, Inc., Class B*   12,117    3,352,653 
           
Diversified Telecommunication Services - 0.8%          
AT&T, Inc.   52,916    1,208,072 
Lumen Technologies, Inc.   108,675    1,341,049 
Verizon Communications, Inc.   28,221    1,418,670 
         3,967,791 
Electric Utilities - 1.3%          
Alliant Energy Corp.   4,420    242,172 
Entergy Corp.   13,938    1,398,539 
FirstEnergy Corp.   16,025    603,501 
NextEra Energy, Inc.   2,173    188,573 
NRG Energy, Inc.   44,657    1,608,545 
Pinnacle West Capital Corp.   9,292    604,445 
Southern Co. (The)   29,753    1,817,908 
         6,463,683 
Electrical Equipment - 0.5%          
AMETEK, Inc.   11,083    1,512,829 
Emerson Electric Co.   11,370    998,741 
         2,511,570 
Electronic Equipment, Instruments & Components - 1.2%          
Corning, Inc.   8,185    303,582 
Keysight Technologies, Inc.*   9,803    1,906,488 

 

See accompanying notes to the financial statements.

 

 

 

 

Large Cap Core Plus
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
TE Connectivity Ltd.   3,626    558,150 
Teledyne Technologies, Inc.*   1,901    789,466 
Trimble, Inc.*   5,089    436,992 
Zebra Technologies Corp., Class A*   3,049    1,795,190 
         5,789,868 
Energy Equipment & Services - 0.0%(b)          
Halliburton Co.   9,930    214,389 
           
Entertainment - 0.8%          
Activision Blizzard, Inc.   11,172    654,679 
Electronic Arts, Inc.   1,611    200,118 
Netflix, Inc.*   2,125    1,364,038 
Take-Two Interactive Software, Inc.*   1,825    302,731 
Walt Disney Co. (The)*   10,752    1,557,965 
         4,079,531 
Equity Real Estate Investment Trusts (REITs) - 4.1%          
AvalonBay Communities, Inc.   7,431    1,775,043 
Digital Realty Trust, Inc.   11,306    1,896,468 
Duke Realty Corp.   29,398    1,714,785 
Equity Residential   19,802    1,689,309 
Extra Space Storage, Inc.   8,774    1,754,800 
Federal Realty Investment Trust   2,168    265,949 
Healthpeak Properties, Inc.   18,232    599,104 
Iron Mountain, Inc.   3,947    179,352 
Kimco Realty Corp.   62,402    1,399,053 
Mid-America Apartment Communities, Inc.   8,294    1,710,637 
SBA Communications Corp.   5,231    1,798,418 
Simon Property Group, Inc.   4,647    710,247 
UDR, Inc.   15,143    859,062 
Ventas, Inc.   20,114    943,749 
Vornado Realty Trust   33,811    1,357,174 
Weyerhaeuser Co.   46,613    1,753,115 
         20,406,265 
Food & Staples Retailing - 1.3%          
Costco Wholesale Corp.   1,199    646,717 
Kroger Co. (The)   37,841    1,571,537 
Sysco Corp.   3,455    241,988 
Walgreens Boots Alliance, Inc.   34,993    1,567,686 
Walmart, Inc.   16,515    2,322,504 
         6,350,432 
Food Products - 1.9%          
Archer-Daniels-Midland Co.   27,788    1,728,691 
Campbell Soup Co.   29,309    1,182,032 
Conagra Brands, Inc.   41,698    1,273,874 
Hershey Co. (The)   8,934    1,585,696 
Hormel Foods Corp.   15,288    632,923 
Kellogg Co.   23,731    1,451,863 
Kraft Heinz Co. (The)   7,698    258,730 
Tyson Foods, Inc., Class A   20,661    1,631,392 
         9,745,201 
Health Care Equipment & Supplies - 2.9%          
Abbott Laboratories   21,865    2,749,961 
Align Technology, Inc.*   2,354    1,439,541 
Baxter International, Inc.   23,323    1,739,196 
Becton Dickinson and Co.   5,855    1,388,455 
Boston Scientific Corp.*   5,636    214,562 
Cooper Cos., Inc. (The)   3,612    1,359,810 
DENTSPLY SIRONA, Inc.   11,754    572,890 
Hologic, Inc.*   23,100    1,726,263 
IDEXX Laboratories, Inc.*   2,895    1,760,363 
Medtronic plc   2,414    257,574 
Teleflex, Inc.   4,764    1,416,909 
         14,625,524 
Health Care Providers & Services - 2.7%          
AmerisourceBergen Corp.   9,204    1,065,363 
Anthem, Inc.   607    246,582 
Centene Corp.*   11,277    805,291 
Cigna Corp.   4,529    869,115 
CVS Health Corp.   26,483    2,358,576 
HCA Healthcare, Inc.   6,826    1,539,877 
McKesson Corp.   7,949    1,723,025 
Quest Diagnostics, Inc.   7,176    1,066,928 
UnitedHealth Group, Inc.   5,632    2,501,847 
Universal Health Services, Inc., Class B   11,129    1,321,346 
         13,497,950 
Health Care Technology - 0.3%          
Cerner Corp.   22,665    1,596,749 
           
Hotels, Restaurants & Leisure - 3.2%          
Booking Holdings, Inc.*   815    1,713,008 
Caesars Entertainment, Inc.*   14,591    1,314,211 
Darden Restaurants, Inc.   10,312    1,422,540 
Expedia Group, Inc.*   9,345    1,505,386 
Hilton Worldwide Holdings, Inc.*   12,748    1,721,872 
Las Vegas Sands Corp.*   15,882    565,717 
Marriott International, Inc., Class A*   11,793    1,740,175 
McDonald's Corp.   2,844    695,643 
MGM Resorts International   36,004    1,425,038 
Penn National Gaming, Inc.*   16,204    830,131 
Starbucks Corp.   16,573    1,817,064 
Yum! Brands, Inc.   10,777    1,323,847 
         16,074,632 
Household Durables - 0.8%          
DR Horton, Inc.   9,677    945,443 
Lennar Corp., Class A   16,113    1,692,671 
PulteGroup, Inc.   12,859    643,336 
Whirlpool Corp.   4,384    954,572 
         4,236,022 
Household Products - 1.0%          
Church & Dwight Co., Inc.   18,381    1,642,894 
Clorox Co. (The)   6,651    1,083,115 
Procter & Gamble Co. (The)   17,344    2,507,596 
         5,233,605 
Independent Power and Renewable Electricity Producers - 0.3%          
AES Corp. (The)   61,968    1,448,812 
           
Industrial Conglomerates - 0.9%          
3M Co.   12,871    2,188,585 
General Electric Co.   24,029    2,282,515 
Honeywell International, Inc.   1,097    221,857 
         4,692,957 
Insurance - 3.6%          
Allstate Corp. (The)   12,544    1,363,784 
Aon plc, Class A   2,217    655,722 
Arthur J Gallagher & Co.   10,076    1,641,380 
Assurant, Inc.   8,458    1,286,462 
Chubb Ltd.   3,949    708,727 
Cincinnati Financial Corp.   12,886    1,467,715 
Everest Re Group Ltd.   5,727    1,468,288 
Globe Life, Inc.   11,287    976,777 

 

See accompanying notes to the financial statements.

 

 

 

 

Large Cap Core Plus
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Hartford Financial Services Group, Inc. (The)   20,936    1,383,870 
Loews Corp.   23,670    1,265,398 
MetLife, Inc.   27,452    1,610,334 
Principal Financial Group, Inc.   6,794    465,933 
Progressive Corp. (The)   7,387    686,548 
Travelers Cos., Inc. (The)   10,546    1,549,735 
W R Berkley Corp.   18,232    1,397,301 
Willis Towers Watson plc   810    182,930 
         18,110,904 
Interactive Media & Services - 4.1%          
Alphabet, Inc., Class A*   2,357    6,689,048 
Alphabet, Inc., Class C*   2,157    6,145,380 
Meta Platforms, Inc., Class A*   20,844    6,763,044 
Twitter, Inc.*   27,329    1,200,836 
         20,798,308 
Internet & Direct Marketing Retail - 2.9%          
Amazon.com, Inc.*   3,744    13,130,470 
eBay, Inc.   22,620    1,525,945 
         14,656,415 
IT Services - 2.5%          
Accenture plc, Class A   4,293    1,534,318 
Akamai Technologies, Inc.*   1,686    190,012 
Automatic Data Processing, Inc.   2,908    671,428 
Broadridge Financial Solutions, Inc.   8,674    1,462,176 
DXC Technology Co.*   9,924    297,621 
Gartner, Inc.*   5,296    1,653,676 
Jack Henry & Associates, Inc.   5,940    900,682 
Mastercard, Inc., Class A   4,661    1,467,842 
PayPal Holdings, Inc.*   6,186    1,143,730 
Visa, Inc., Class A   9,978    1,933,437 
Western Union Co. (The)   83,561    1,321,935 
         12,576,857 
Leisure Products - 0.1%          
Hasbro, Inc.   3,007    291,408 
           
Life Sciences Tools & Services - 3.0%          
Agilent Technologies, Inc.   1,724    260,151 
Bio-Rad Laboratories, Inc., Class A*   2,224    1,675,117 
Danaher Corp.   10,124    3,256,283 
Illumina, Inc.*   903    329,893 
IQVIA Holdings, Inc.*   7,651    1,982,604 
Mettler-Toledo International, Inc.*   1,182    1,789,702 
PerkinElmer, Inc.   9,143    1,665,489 
Thermo Fisher Scientific, Inc.   3,289    2,081,378 
West Pharmaceutical Services, Inc.   4,095    1,812,693 
         14,853,310 
Machinery - 2.1%          
Deere & Co.   5,056    1,747,050 
Dover Corp.   9,384    1,537,568 
Otis Worldwide Corp.   6,794    546,238 
PACCAR, Inc.   19,746    1,647,211 
Parker-Hannifin Corp.   4,661    1,407,902 
Pentair plc(c)   19,317    1,423,470 
Snap-on, Inc.   5,546    1,141,977 
Stanley Black & Decker, Inc.   7,578    1,324,331 
         10,775,747 
Media - 2.1%          
Charter Communications, Inc., Class A*   3,036    1,962,106 
Comcast Corp., Class A   26,324    1,315,674 
Discovery, Inc., Class A*(c)   6,770    157,538 
Discovery, Inc., Class C*(c)   49,708    1,128,869 
DISH Network Corp., Class A*   33,782    1,055,687 
Fox Corp., Class A   4,553    162,588 
Interpublic Group of Cos., Inc. (The)   40,816    1,354,683 
News Corp., Class A   55,147    1,192,278 
News Corp., Class B   41,466    893,592 
Omnicom Group, Inc.   20,194    1,359,258 
         10,582,273 
Metals & Mining - 0.4%          
Freeport-McMoRan, Inc.   37,037    1,373,332 
Newmont Corp.   13,624    748,230 
         2,121,562 
Multiline Retail - 0.3%          
Dollar Tree, Inc.*   8,765    1,173,020 
Target Corp.   1,207    294,315 
         1,467,335 
Multi-Utilities - 0.7%          
CMS Energy Corp.   23,830    1,402,396 
DTE Energy Co.   13,766    1,491,408 
WEC Energy Group, Inc.   6,862    596,514 
         3,490,318 
Oil, Gas & Consumable Fuels - 3.6%          
APA Corp.   30,271    780,084 
Chevron Corp.   17,997    2,031,321 
ConocoPhillips   6,765    474,429 
Coterra Energy, Inc.   40,429    811,814 
Devon Energy Corp.   29,087    1,223,399 
Diamondback Energy, Inc.   8,720    930,686 
EOG Resources, Inc.   21,318    1,854,666 
Exxon Mobil Corp.   50,662    3,031,614 
Kinder Morgan, Inc.(c)   78,428    1,212,497 
Marathon Petroleum Corp.   14,071    856,220 
ONEOK, Inc.   9,739    582,782 
Phillips 66   23,276    1,610,001 
Pioneer Natural Resources Co.   6,400    1,141,248 
Valero Energy Corp.   23,155    1,549,996 
         18,090,757 
Pharmaceuticals - 2.0%          
Catalent, Inc.*   1,974    253,975 
Eli Lilly & Co.   2,274    564,043 
Johnson & Johnson   22,147    3,453,382 
Merck & Co., Inc.   6,777    507,665 
Organon & Co.   11,915    348,275 
Pfizer, Inc.   51,530    2,768,707 
Zoetis, Inc.   10,583    2,349,849 
         10,245,896 
Professional Services - 0.5%          
Jacobs Engineering Group, Inc.   4,929    702,678 
Leidos Holdings, Inc.   8,673    762,444 
Nielsen Holdings plc   45,119    864,480 
Robert Half International, Inc.   3,265    362,970 
         2,692,572 
Real Estate Management & Development - 0.0%(b)          
CBRE Group, Inc., Class A*   2,120    202,608 
           
Road & Rail - 0.9%          
CSX Corp.   14,174    491,271 
JB Hunt Transport Services, Inc.   8,442    1,613,773 
Norfolk Southern Corp.   7,582    2,011,277 
Union Pacific Corp.   821    193,460 
         4,309,781 

 

See accompanying notes to the financial statements.

 

 

 

 

Large Cap Core Plus
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Semiconductors & Semiconductor Equipment - 4.7%          
Advanced Micro Devices, Inc.*   22,614    3,581,379 
Applied Materials, Inc.   15,884    2,337,966 
Broadcom, Inc.   1,182    654,450 
Intel Corp.   46,301    2,278,009 
Micron Technology, Inc.   27,302    2,293,368 
NVIDIA Corp.   19,109    6,244,057 
Qorvo, Inc.*   9,680    1,415,506 
QUALCOMM, Inc.   14,591    2,634,551 
Skyworks Solutions, Inc.   7,266    1,101,962 
Teradyne, Inc.   3,344    511,197 
Texas Instruments, Inc.   2,096    403,208 
         23,455,653 
Software - 8.2%          
Adobe, Inc.*   6,780    4,541,583 
ANSYS, Inc.*   3,383    1,324,377 
Autodesk, Inc.*   6,725    1,709,428 
Cadence Design Systems, Inc.*   10,990    1,950,285 
Citrix Systems, Inc.   11,032    887,304 
Intuit, Inc.   1,069    697,309 
Microsoft Corp.   66,543    21,998,450 
NortonLifeLock, Inc.   64,759    1,609,261 
Oracle Corp.   7,272    659,861 
salesforce.com, Inc.*   8,860    2,524,746 
ServiceNow, Inc.*   1,808    1,171,041 
Synopsys, Inc.*   2,760    941,160 
Tyler Technologies, Inc.*   2,158    1,119,959 
         41,134,764 
Specialty Retail - 1.6%          
Bath & Body Works, Inc.   5,671    426,062 
Best Buy Co., Inc.   6,464    690,743 
Gap, Inc. (The)   15,917    263,108 
Home Depot, Inc. (The)   5,929    2,375,217 
Lowe's Cos., Inc.   796    194,694 
Ross Stores, Inc.   15,834    1,727,331 
TJX Cos., Inc. (The)   32,834    2,278,679 
         7,955,834 
Technology Hardware, Storage & Peripherals - 5.1%          
Apple, Inc.   138,972    22,972,072 
Hewlett Packard Enterprise Co.   36,491    523,646 
HP, Inc.   58,284    2,056,259 
Western Digital Corp.*   3,854    222,915 
         25,774,892 
Textiles, Apparel & Luxury Goods - 1.6%          
Hanesbrands, Inc.   73,000    1,178,950 
NIKE, Inc., Class B   13,003    2,200,628 
Ralph Lauren Corp.   12,206    1,416,384 
Tapestry, Inc.   20,394    818,207 
Under Armour, Inc., Class A*   58,772    1,386,432 
Under Armour, Inc., Class C*   61,768    1,239,684 
         8,240,285 
Tobacco - 0.4%          
Philip Morris International, Inc.   21,065    1,810,326 
           
Wireless Telecommunication Services - 0.4%          
T-Mobile US, Inc.*   16,391    1,783,505 
           
TOTAL COMMON STOCKS
(Cost $359,184,108)		        469,360,721 
           
SECURITIES LENDING REINVESTMENTS(d) - 0.0%(b)          
           
INVESTMENT COMPANIES - 0.0%(b)          
BlackRock Liquidity FedFund, Institutional Class 0.03% (Cost $116,188)   116,188    116,188 

 

Investments  Principal
Amount ($)		   Value ($) 
SHORT-TERM INVESTMENTS - 6.1%          
           
REPURCHASE AGREEMENTS(e) - 6.1%          
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $30,511,016          
(Cost $30,510,992)   30,510,992    30,510,992 
           
Total Investments - 99.6%
 (Cost $389,811,288)		        499,987,901 
Other assets less liabilities - 0.4%        2,205,426 
Net Assets - 100.0%        502,193,327 

  

* Non-income producing security.
(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $45,791,616.
(b) Represents less than 0.05% of net assets.
(c) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $811,269, collateralized in the form of cash with a value of $116,188 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $764,438 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from December 30, 2021 – May 15, 2051. The total value of collateral is $880,626.
(d) The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $116,188.
(e) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation  $126,282,080 
Aggregate gross unrealized depreciation   (15,688,292)
Net unrealized appreciation  $110,593,788 
Federal income tax cost  $390,620,205 

 

See accompanying notes to the financial statements.

 

 

 

 

Large Cap Core Plus
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Swap Agreementsa

Large Cap Core Plus had the following open non-exchange traded total return swap agreements as of November 30, 2021:

 

Notional
Amount ($)		  Termination
Dateb		  Counterparty  Rate Paid
(Received)c		   Underlying Instrument  Value and
Unrealized
Appreciation/
(Depreciation)d ($)		  Financial
Instruments
for the
Benefit of (the
Fund)/ the
Counterparty
($)		  Cash
Collateral for
the Benefit of
(the Fund)/
the
Counterparty
($)		  Net Amounte
 ($)		 
 (58,148,206) 3/7/2023  Goldman Sachs International  (0.17)%  Credit Suisse 130/30 Large Cap Index (short portion)f  3,574,202  (1,959,745) —  1,614,457 
                            
 (28,459,985) 3/7/2023  Societe Generale  0.08%  Credit Suisse 130/30 Large Cap Index (short portion)f  1,757,908          
 120,267,650  3/7/2023  Societe Generale  0.82%  Credit Suisse 130/30 Large Cap Index (long portion)g  (4,139,102)         
 91,807,665               (2,381,194) 2,280,492  100,702  — 
 (58,939,137) 11/6/2023  UBS AG  (0.17)%  Credit Suisse 130/30 Large Cap Index (short portion)f  2,018,507          
 57,910,493  3/7/2023  UBS AG  0.62%  Credit Suisse 130/30 Large Cap Index (long portion)g  (1,985,423)         
 (1,028,644)              33,084  —  —  33,084 
                            
 32,630,815               1,226,092          
              Total Unrealized  Appreciation  7,350,617          
              Total Unrealized  Depreciation  (6,124,525)         

 

a The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.
b Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
c Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).
d The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.
e Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.
f Certain underlying short component disclosures related to this index may be found on the website at www.proshares.com/media/Large_Cap_Short_November.pdf.
g See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative long components of the underlying reference instrument and their relative weightings.

 

See accompanying notes to the financial statements.

 

 

 

 

 

RAFITM Long/Short
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
COMMON STOCKS(a) - 90.7%          
           
Aerospace & Defense - 1.5%          
Boeing Co. (The)*   90    17,806 
Curtiss-Wright Corp.   6    755 
General Dynamics Corp.   48    9,071 
Hexcel Corp.*   11    565 
Howmet Aerospace, Inc.   64    1,800 
Huntington Ingalls Industries, Inc.   9    1,598 
L3Harris Technologies, Inc.   23    4,809 
Lockheed Martin Corp.   34    11,333 
Northrop Grumman Corp.   21    7,325 
Raytheon Technologies Corp.   150    12,138 
Spirit AeroSystems Holdings, Inc., Class A   29    1,098 
Textron, Inc.   49    3,469 
TransDigm Group, Inc.*   6    3,468 
         75,235 
Air Freight & Logistics - 0.7%          
Atlas Air Worldwide Holdings, Inc.*   10    876 
CH Robinson Worldwide, Inc.   27    2,567 
Expeditors International of Washington, Inc.   16    1,946 
FedEx Corp.   42    9,676 
GXO Logistics, Inc.*   22    2,113 
Hub Group, Inc., Class A*   10    777 
United Parcel Service, Inc., Class B   89    17,655 
         35,610 
Airlines - 0.1%          
Alaska Air Group, Inc.*   9    437 
American Airlines Group, Inc.*   75    1,327 
Delta Air Lines, Inc.*   56    2,027 
JetBlue Airways Corp.*   29    389 
Southwest Airlines Co.*   26    1,155 
United Airlines Holdings, Inc.*   46    1,944 
         7,279 
Auto Components - 0.4%          
Adient plc*   41    1,740 
American Axle & Manufacturing Holdings, Inc.*   94    833 
Aptiv plc*   19    3,047 
Autoliv, Inc.   17    1,639 
BorgWarner, Inc.   50    2,164 
Dana, Inc.   49    1,053 
Gentex Corp.   24    826 
Goodyear Tire & Rubber Co. (The)*   112    2,252 
Lear Corp.   19    3,188 
Tenneco, Inc., Class A*   45    473 
Visteon Corp.*   10    1,059 
         18,274 
Automobiles - 1.7%          
Ford Motor Co.   2,425    46,536 
General Motors Co.*   498    28,819 
Harley-Davidson, Inc.   49    1,795 
Tesla, Inc.*   3    3,434 
Thor Industries, Inc.   10    1,057 
         81,641 
Banks - 8.0%          
Associated Banc-Corp.   42    920 
Bank of America Corp.   1,501    66,749 
Bank of Hawaii Corp.   6    479 
Bank OZK   21    939 
BankUnited, Inc.   20    793 
BOK Financial Corp.   7    722 
Cadence Bank   17    497 
Cathay General Bancorp   14    587 
CIT Group, Inc.   32    1,570 
Citigroup, Inc.   731    46,565 
Citizens Financial Group, Inc.   111    5,247 
Columbia Banking System, Inc.   11    361 
Comerica, Inc.   33    2,723 
Commerce Bancshares, Inc.   11    768 
Credicorp Ltd.   17    2,006 
Cullen/Frost Bankers, Inc.   10    1,259 
East West Bancorp, Inc.   19    1,463 
Fifth Third Bancorp   155    6,533 
First Citizens BancShares, Inc., Class A   1    804 
First Hawaiian, Inc.   24    630 
First Horizon Corp.   64    1,032 
First Midwest Bancorp, Inc.   25    493 
First Republic Bank   11    2,306 
FNB Corp.   92    1,073 
Fulton Financial Corp.   38    600 
Glacier Bancorp, Inc.   10    543 
Hancock Whitney Corp.   22    1,051 
Home BancShares, Inc.   22    526 
Huntington Bancshares, Inc.   279    4,140 
Investors Bancorp, Inc.   50    745 
JPMorgan Chase & Co.   512    81,321 
KeyCorp   204    4,578 
M&T Bank Corp.   28    4,105 
Old National Bancorp   31    547 
PacWest Bancorp   39    1,745 
People's United Financial, Inc.   96    1,636 
Pinnacle Financial Partners, Inc.   10    954 
PNC Financial Services Group, Inc. (The)   79    15,563 
Popular, Inc.   21    1,634 
Prosperity Bancshares, Inc.   14    998 
Regions Financial Corp.   203    4,618 
Signature Bank   5    1,512 
Simmons First National Corp., Class A   20    582 
Sterling Bancorp   37    918 
SVB Financial Group*   4    2,769 
Synovus Financial Corp.   26    1,178 
Texas Capital Bancshares, Inc.*   10    563 
Truist Financial Corp.   202    11,981 
UMB Financial Corp.   8    805 
Umpqua Holdings Corp.   62    1,182 
United Bankshares, Inc.   22    786 
US Bancorp   290    16,049 
Valley National Bancorp   76    1,021 
Webster Financial Corp.   16    862 
Wells Fargo & Co.   1,515    72,387 
Western Alliance Bancorp   7    768 
Wintrust Financial Corp.   11    963 
Zions Bancorp NA   32    2,019 
         388,168 
Beverages - 1.3%          
Brown-Forman Corp., Class B   10    704 
Coca-Cola Co. (The)   452    23,707 
Coca-Cola Europacific Partners plc   52    2,567 

 

See accompanying notes to the financial statements.

 

 

 

 

RAFITM Long/Short
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Constellation Brands, Inc., Class A   15    3,380 
Keurig Dr Pepper, Inc.   65    2,209 
Molson Coors Beverage Co., Class B   71    3,155 
Monster Beverage Corp.*   13    1,089 
PepsiCo, Inc.   180    28,761 
         65,572 
Biotechnology - 1.4%          
AbbVie, Inc.   178    20,520 
Amgen, Inc.   70    13,922 
Biogen, Inc.*   25    5,893 
BioMarin Pharmaceutical, Inc.*   8    690 
Gilead Sciences, Inc.   270    18,611 
Incyte Corp.*   7    474 
Regeneron Pharmaceuticals, Inc.*   8    5,092 
United Therapeutics Corp.*   6    1,137 
Vertex Pharmaceuticals, Inc.*   7    1,309 
         67,648 
Building Products - 0.7%          
A O Smith Corp.   11    869 
Allegion plc   7    865 
Builders FirstSource, Inc.*   25    1,736 
Carlisle Cos., Inc.   8    1,802 
Carrier Global Corp.   163    8,822 
Fortune Brands Home & Security, Inc.   14    1,407 
Johnson Controls International plc   125    9,345 
Lennox International, Inc.   3    927 
Masco Corp.   27    1,779 
Owens Corning   21    1,782 
Resideo Technologies, Inc.*   31    809 
Trane Technologies plc   20    3,733 
UFP Industries, Inc.   10    833 
Zurn Water Solutions Corp.   12    421 
         35,130 
Capital Markets - 3.0%          
Affiliated Managers Group, Inc.   7    1,191 
Ameriprise Financial, Inc.   17    4,923 
Apollo Global Management, Inc.   11    779 
Bank of New York Mellon Corp. (The)   217    11,889 
BlackRock, Inc.   15    13,569 
Cboe Global Markets, Inc.   10    1,289 
Charles Schwab Corp. (The)   71    5,495 
CME Group, Inc.   34    7,498 
Evercore, Inc., Class A   5    693 
FactSet Research Systems, Inc.   2    937 
Federated Hermes, Inc.   22    742 
Franklin Resources, Inc.   94    3,046 
Goldman Sachs Group, Inc. (The)   63    24,002 
Intercontinental Exchange, Inc.   38    4,967 
Invesco Ltd.   131    2,925 
Janus Henderson Group plc   40    1,709 
Jefferies Financial Group, Inc.   63    2,368 
KKR & Co., Inc.   55    4,095 
Lazard Ltd., Class A   30    1,279 
LPL Financial Holdings, Inc.   8    1,261 
Moody's Corp.   7    2,734 
Morgan Stanley   208    19,723 
MSCI, Inc.   2    1,259 
Nasdaq, Inc.   10    2,032 
Northern Trust Corp.   34    3,934 
Raymond James Financial, Inc.   23    2,261 
S&P Global, Inc.   10    4,557 
SEI Investments Co.   10    596 
State Street Corp.   80    7,118 
Stifel Financial Corp.   12    852 
T. Rowe Price Group, Inc.   24    4,799 
         144,522 
Chemicals - 1.9%          
Air Products and Chemicals, Inc.   18    5,174 
Albemarle Corp.   10    2,665 
Ashland Global Holdings, Inc.   10    1,011 
Avient Corp.   13    715 
Axalta Coating Systems Ltd.*   34    1,031 
Cabot Corp.   12    630 
Celanese Corp.   13    1,968 
CF Industries Holdings, Inc.   43    2,605 
Chemours Co. (The)   42    1,247 
Corteva, Inc.   82    3,690 
Dow, Inc.   119    6,537 
DuPont de Nemours, Inc.   169    12,499 
Eastman Chemical Co.   27    2,816 
Ecolab, Inc.   19    4,208 
Element Solutions, Inc.   35    800 
FMC Corp.   10    1,002 
HB Fuller Co.   10    732 
Huntsman Corp.   53    1,680 
International Flavors & Fragrances, Inc.   12    1,706 
Linde plc   53    16,861 
LyondellBasell Industries NV, Class A   75    6,535 
Mosaic Co. (The)   83    2,840 
Olin Corp.   39    2,120 
PPG Industries, Inc.   30    4,625 
RPM International, Inc.   14    1,274 
Scotts Miracle-Gro Co. (The)   3    435 
Sherwin-Williams Co. (The)   13    4,306 
Trinseo plc   10    472 
Westlake Chemical Corp.   7    650 
         92,834 
Commercial Services & Supplies - 0.4%          
ABM Industries, Inc.   15    675 
Brink's Co. (The)   7    428 
Cintas Corp.   5    2,111 
Clean Harbors, Inc.*   9    913 
Copart, Inc.*   6    871 
CoreCivic, Inc., REIT*   129    1,389 
Deluxe Corp.   12    406 
KAR Auction Services, Inc.*   42    630 
Pitney Bowes, Inc.   100    683 
Republic Services, Inc.   30    3,968 
Stericycle, Inc.*   12    678 
Waste Management, Inc.   50    8,033 
         20,785 
Communications Equipment - 0.9%          
Arista Networks, Inc.*   8    992 
Ciena Corp.*   14    843 
Cisco Systems, Inc.   600    32,904 
CommScope Holding Co., Inc.*   77    767 
F5, Inc.*   5    1,138 
Juniper Networks, Inc.   74    2,304 
Motorola Solutions, Inc.   11    2,785 
Viasat, Inc.*   9    399 
         42,132 

 

See accompanying notes to the financial statements.

 

 

 

 

RAFITM Long/Short
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Construction & Engineering - 0.2%          
AECOM*   48    3,309 
Dycom Industries, Inc.*   9    841 
EMCOR Group, Inc.   11    1,313 
Fluor Corp.*   87    1,924 
MasTec, Inc.*   11    1,014 
Quanta Services, Inc.   19    2,162 
Valmont Industries, Inc.   3    717 
         11,280 
Construction Materials - 0.1%          
Martin Marietta Materials, Inc.   5    2,018 
Summit Materials, Inc., Class A*   24    895 
Vulcan Materials Co.   10    1,916 
         4,829 
Consumer Finance - 1.2%          
Ally Financial, Inc.   114    5,225 
American Express Co.   85    12,945 
Capital One Financial Corp.   137    19,253 
Discover Financial Services   64    6,902 
Navient Corp.   101    1,993 
OneMain Holdings, Inc.   17    846 
PROG Holdings, Inc.*   10    451 
Santander Consumer USA Holdings, Inc.   28    1,169 
SLM Corp.   52    925 
Synchrony Financial   196    8,779 
         58,488 
Containers & Packaging - 0.5%          
AptarGroup, Inc.   7    837 
Avery Dennison Corp.   9    1,846 
Ball Corp.   23    2,149 
Berry Global Group, Inc.*   30    2,072 
Crown Holdings, Inc.   21    2,222 
Graphic Packaging Holding Co.   68    1,342 
International Paper Co.   120    5,462 
O-I Glass, Inc.*   50    553 
Packaging Corp. of America   14    1,828 
Sealed Air Corp.   25    1,553 
Silgan Holdings, Inc.   14    581 
Sonoco Products Co.   21    1,221 
WestRock Co.   97    4,209 
         25,875 
Distributors - 0.2%          
Genuine Parts Co.   31    3,960 
LKQ Corp.   61    3,410 
Pool Corp.   2    1,108 
         8,478 
Diversified Consumer Services - 0.1%          
Bright Horizons Family Solutions, Inc.*   3    369 
Graham Holdings Co., Class B   1    567 
H&R Block, Inc.   55    1,302 
Laureate Education, Inc., Class A   35    350 
Service Corp. International   21    1,389 
Terminix Global Holdings, Inc.*   13    485 
         4,462 
Diversified Financial Services - 1.2%          
Berkshire Hathaway, Inc., Class B*   194    53,678 
Equitable Holdings, Inc.   90    2,831 
Voya Financial, Inc.   36    2,237 
         58,746 
Diversified Telecommunication Services - 2.4%          
AT&T, Inc.   2,411    55,043 
EchoStar Corp., Class A*   21    575 
Liberty Global plc, Class A*   68    1,795 
Liberty Global plc, Class C*   144    3,836 
Liberty Latin America Ltd., Class A*   9    102 
Liberty Latin America Ltd., Class C*   38    427 
Lumen Technologies, Inc.   638    7,873 
Verizon Communications, Inc.   959    48,209 
         117,860 
Electric Utilities - 2.5%          
ALLETE, Inc.   12    703 
Alliant Energy Corp.   44    2,411 
American Electric Power Co., Inc.   111    8,996 
Avangrid, Inc.   16    810 
Duke Energy Corp.   165    16,007 
Edison International   95    6,202 
Entergy Corp.   53    5,318 
Evergy, Inc.   60    3,798 
Eversource Energy   59    4,854 
Exelon Corp.   279    14,712 
FirstEnergy Corp.   153    5,762 
Hawaiian Electric Industries, Inc.   24    912 
IDACORP, Inc.   10    1,046 
NextEra Energy, Inc.   183    15,881 
NRG Energy, Inc.   39    1,405 
OGE Energy Corp.   51    1,750 
PG&E Corp.*   191    2,269 
Pinnacle West Capital Corp.   30    1,951 
PNM Resources, Inc.   13    640 
Portland General Electric Co.   25    1,217 
PPL Corp.   218    6,067 
Southern Co. (The)   199    12,159 
Xcel Energy, Inc.   97    6,182 
         121,052 
Electrical Equipment - 0.6%          
Acuity Brands, Inc.   7    1,409 
AMETEK, Inc.   13    1,775 
Eaton Corp. plc   58    9,400 
Emerson Electric Co.   80    7,027 
EnerSys   7    519 
Generac Holdings, Inc.*   2    842 
Hubbell, Inc.   7    1,370 
nVent Electric plc   28    975 
Regal Rexnord Corp.   10    1,581 
Rockwell Automation, Inc.   10    3,362 
Sensata Technologies Holding plc*   20    1,114 
         29,374 
Electronic Equipment, Instruments & Components - 0.8%          
Amphenol Corp., Class A   35    2,820 
Arrow Electronics, Inc.*   22    2,676 
Avnet, Inc.   47    1,705 
CDW Corp.   13    2,462 
Coherent, Inc.*   2    518 
Corning, Inc.   117    4,339 
Flex Ltd.*   199    3,403 
Insight Enterprises, Inc.*   9    888 
IPG Photonics Corp.*   2    328 
Jabil, Inc.   46    2,689 
Keysight Technologies, Inc.*   9    1,750 
National Instruments Corp.   12    498 
Plexus Corp.*   7    589 
Sanmina Corp.*   15    548 

 

See accompanying notes to the financial statements.

 

 

 

 

RAFITM Long/Short
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
TD SYNNEX Corp.   10    1,035 
TE Connectivity Ltd.   35    5,388 
Teledyne Technologies, Inc.*   4    1,661 
Trimble, Inc.*   13    1,116 
TTM Technologies, Inc.*   41    565 
Vishay Intertechnology, Inc.   24    489 
Zebra Technologies Corp., Class A*   2    1,178 
         36,645 
Energy Equipment & Services - 0.6%          
Baker Hughes Co.   252    5,882 
Halliburton Co.   210    4,534 
Helmerich & Payne, Inc.   57    1,280 
Nabors Industries Ltd.*   10    814 
NOV, Inc.*   138    1,645 
Oceaneering International, Inc.*   49    524 
Patterson-UTI Energy, Inc.   106    748 
Schlumberger NV   464    13,307 
Transocean Ltd.*   494    1,492 
         30,226 
Entertainment - 0.7%          
Activision Blizzard, Inc.   36    2,110 
Cinemark Holdings, Inc.*   38    590 
Electronic Arts, Inc.   16    1,988 
Liberty Media Corp.-Liberty Formula One, Class A*   3    173 
Liberty Media Corp.-Liberty Formula One, Class C*   21    1,279 
Lions Gate Entertainment Corp., Class A*   11    161 
Lions Gate Entertainment Corp., Class B*   25    341 
Live Nation Entertainment, Inc.*   11    1,173 
Netflix, Inc.*   6    3,851 
Spotify Technology SA*   2    477 
Take-Two Interactive Software, Inc.*   5    830 
Walt Disney Co. (The)*   148    21,445 
         34,418 
Equity Real Estate Investment Trusts (REITs) - 3.3%          
Alexandria Real Estate Equities, Inc.   11    2,201 
American Campus Communities, Inc.   26    1,345 
American Homes 4 Rent, Class A   25    1,002 
American Tower Corp.   24    6,300 
Apartment Income REIT Corp.   14    711 
Apple Hospitality REIT, Inc.   76    1,142 
AvalonBay Communities, Inc.   19    4,539 
Boston Properties, Inc.   28    3,020 
Brandywine Realty Trust   50    642 
Brixmor Property Group, Inc.   70    1,592 
Camden Property Trust   12    1,983 
Columbia Property Trust, Inc.   35    672 
Corporate Office Properties Trust   21    539 
Cousins Properties, Inc.   24    906 
Crown Castle International Corp.   34    6,176 
CubeSmart   21    1,132 
CyrusOne, Inc.   11    979 
DiamondRock Hospitality Co.*   64    557 
Digital Realty Trust, Inc.   24    4,026 
DigitalBridge Group, Inc.*   193    1,536 
Douglas Emmett, Inc.   28    918 
Duke Realty Corp.   35    2,042 
EPR Properties   19    876 
Equinix, Inc.   6    4,873 
Equity Commonwealth*   17    433 
Equity LifeStyle Properties, Inc.   12    976 
Equity Residential   56    4,777 
Essex Property Trust, Inc.   8    2,716 
Extra Space Storage, Inc.   11    2,200 
Federal Realty Investment Trust   11    1,349 
First Industrial Realty Trust, Inc.   12    725 
Gaming and Leisure Properties, Inc.   26    1,173 
GEO Group, Inc. (The)   126    1,058 
Healthcare Realty Trust, Inc.   22    689 
Healthcare Trust of America, Inc., Class A   33    1,121 
Healthpeak Properties, Inc.   87    2,859 
Highwoods Properties, Inc.   22    950 
Host Hotels & Resorts, Inc.*   199    3,124 
Hudson Pacific Properties, Inc.   33    803 
Invitation Homes, Inc.   58    2,346 
Iron Mountain, Inc.   75    3,408 
JBG SMITH Properties   20    556 
Kilroy Realty Corp.   19    1,226 
Kimco Realty Corp.   124    2,780 
Lamar Advertising Co., Class A   12    1,311 
Lexington Realty Trust   50    752 
Life Storage, Inc.   10    1,321 
Macerich Co. (The)   100    1,886 
Medical Properties Trust, Inc.   62    1,320 
Mid-America Apartment Communities, Inc.   13    2,681 
National Retail Properties, Inc.   23    1,014 
Omega Healthcare Investors, Inc.   34    950 
Orion Office REIT, Inc.*   6    107 
Outfront Media, Inc.   39    975 
Paramount Group, Inc.   71    565 
Park Hotels & Resorts, Inc.*   87    1,448 
Pebblebrook Hotel Trust   34    712 
Physicians Realty Trust   30    535 
Piedmont Office Realty Trust, Inc., Class A   34    591 
Prologis, Inc.   50    7,537 
Public Storage   11    3,601 
Rayonier, Inc.   18    680 
Realty Income Corp.   72    4,890 
Regency Centers Corp.   30    2,080 
RLJ Lodging Trust   45    567 
Ryman Hospitality Properties, Inc.*   9    697 
Sabra Health Care REIT, Inc.   42    543 
SBA Communications Corp.   3    1,031 
Service Properties Trust   47    400 
Simon Property Group, Inc.   54    8,253 
SITE Centers Corp.   50    753 
SL Green Realty Corp.   26    1,805 
Spirit Realty Capital, Inc.   19    847 
STAG Industrial, Inc.   15    654 
STORE Capital Corp.   25    823 
Sun Communities, Inc.   8    1,509 
Sunstone Hotel Investors, Inc.*   72    783 
UDR, Inc.   32    1,815 
Uniti Group, Inc.   63    836 
Ventas, Inc.   89    4,176 
VICI Properties, Inc.   52    1,414 
Vornado Realty Trust   55    2,208 

 

See accompanying notes to the financial statements.

 

 

 

 

RAFITM Long/Short
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Welltower, Inc.   86    6,847 
Weyerhaeuser Co.   118    4,438 
WP Carey, Inc.   25    1,909 
Xenia Hotels & Resorts, Inc.*   25    392 
         162,634 
Food & Staples Retailing - 2.5%          
BJ's Wholesale Club Holdings, Inc.*   36    2,381 
Casey's General Stores, Inc.   6    1,166 
Costco Wholesale Corp.   55    29,666 
Kroger Co. (The)   412    17,110 
Performance Food Group Co.*   39    1,572 
Rite Aid Corp.*   121    1,491 
Sprouts Farmers Market, Inc.*   34    900 
Sysco Corp.   93    6,514 
United Natural Foods, Inc.*   59    2,933 
US Foods Holding Corp.*   93    2,922 
Walgreens Boots Alliance, Inc.   330    14,784 
Walmart, Inc.   279    39,236 
         120,675 
Food Products - 1.4%          
Archer-Daniels-Midland Co.   121    7,527 
B&G Foods, Inc.   18    542 
Bunge Ltd.   53    4,588 
Campbell Soup Co.   33    1,331 
Conagra Brands, Inc.   86    2,627 
Darling Ingredients, Inc.*   15    1,013 
Flowers Foods, Inc.   38    981 
General Mills, Inc.   115    7,104 
Hershey Co. (The)   13    2,307 
Hormel Foods Corp.   30    1,242 
Ingredion, Inc.   17    1,583 
J M Smucker Co. (The)   26    3,288 
Kellogg Co.   50    3,059 
Kraft Heinz Co. (The)   213    7,159 
Lamb Weston Holdings, Inc.   10    519 
McCormick & Co., Inc. (Non-Voting)   19    1,631 
Mondelez International, Inc., Class A   192    11,317 
Nomad Foods Ltd.*   20    478 
Post Holdings, Inc.*   13    1,256 
Sanderson Farms, Inc.   4    751 
TreeHouse Foods, Inc.*   18    661 
Tyson Foods, Inc., Class A   90    7,106 
         68,070 
Gas Utilities - 0.2%          
Atmos Energy Corp.   20    1,807 
National Fuel Gas Co.   18    1,041 
New Jersey Resources Corp.   18    662 
ONE Gas, Inc.   11    713 
South Jersey Industries, Inc.   22    517 
Southwest Gas Holdings, Inc.   15    987 
Spire, Inc.   11    658 
UGI Corp.   47    1,939 
         8,324 
Health Care Equipment & Supplies - 1.3%          
Abbott Laboratories   101    12,703 
Align Technology, Inc.*   1    612 
Baxter International, Inc.   46    3,430 
Becton Dickinson and Co.   23    5,454 
Boston Scientific Corp.*   101    3,845 
Cooper Cos., Inc. (The)   2    753 
DENTSPLY SIRONA, Inc.   18    877 
Edwards Lifesciences Corp.*   18    1,932 
Envista Holdings Corp.*   27    1,048 
Hill-Rom Holdings, Inc.   7    1,088 
Hologic, Inc.*   15    1,121 
IDEXX Laboratories, Inc.*   1    608 
Intuitive Surgical, Inc.*   9    2,919 
Medtronic plc   153    16,325 
ResMed, Inc.   6    1,529 
STERIS plc   7    1,530 
Stryker Corp.   20    4,733 
Teleflex, Inc.   2    595 
Zimmer Biomet Holdings, Inc.   19    2,272 
         63,374 
Health Care Providers & Services - 3.9%          
Acadia Healthcare Co., Inc.*   16    899 
AmerisourceBergen Corp.   57    6,598 
Anthem, Inc.   52    21,124 
Cardinal Health, Inc.   103    4,762 
Centene Corp.*   136    9,712 
Cigna Corp.   58    11,130 
Community Health Systems, Inc.*   108    1,299 
Covetrus, Inc.*   12    216 
CVS Health Corp.   376    33,486 
DaVita, Inc.*   20    1,890 
Encompass Health Corp.   13    749 
HCA Healthcare, Inc.   36    8,121 
Henry Schein, Inc.*   27    1,919 
Humana, Inc.   21    8,814 
Laboratory Corp. of America Holdings*   13    3,709 
Magellan Health, Inc.*   10    948 
McKesson Corp.   51    11,055 
MEDNAX, Inc.*   26    639 
Molina Healthcare, Inc.*   11    3,137 
Owens & Minor, Inc.   37    1,480 
Patterson Cos., Inc.   22    692 
Premier, Inc., Class A   18    667 
Quest Diagnostics, Inc.   22    3,271 
Select Medical Holdings Corp.   21    564 
Tenet Healthcare Corp.*   53    3,862 
UnitedHealth Group, Inc.   113    50,197 
Universal Health Services, Inc., Class B   14    1,662 
         192,602 
Health Care Technology - 0.0%(b)          
Cerner Corp.   23    1,620 
Change Healthcare, Inc.*   27    548 
         2,168 
Hotels, Restaurants & Leisure - 1.4%          
Aramark   56    1,870 
Bloomin' Brands, Inc.*   21    371 
Booking Holdings, Inc.*   2    4,204 
Brinker International, Inc.*   7    242 
Carnival Corp.*   159    2,802 
Chipotle Mexican Grill, Inc.*   1    1,644 
Cracker Barrel Old Country Store, Inc.   6    732 
Darden Restaurants, Inc.   15    2,069 
Domino's Pizza, Inc.   2    1,048 
Expedia Group, Inc.*   13    2,094 
Hilton Grand Vacations, Inc.*   12    570 
Hilton Worldwide Holdings, Inc.*   13    1,756 

 

See accompanying notes to the financial statements.

 

 

 

 

 

RAFITM Long/Short

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
International Game Technology plc(c)   39    1,054 
Las Vegas Sands Corp.*   65    2,315 
Marriott International, Inc., Class A*   21    3,099 
Marriott Vacations Worldwide Corp.   5    763 
McDonald's Corp.   69    16,877 
MGM Resorts International   86    3,404 
Norwegian Cruise Line Holdings Ltd.*(c)   84    1,639 
Penn National Gaming, Inc.*   10    512 
Royal Caribbean Cruises Ltd.*   41    2,863 
Scientific Games Corp.*   10    639 
Six Flags Entertainment Corp.*   19    695 
Starbucks Corp.   78    8,552 
Texas Roadhouse, Inc.   6    498 
Travel + Leisure Co.   14    689 
Vail Resorts, Inc.   3    995 
Wyndham Hotels & Resorts, Inc.   9    715 
Wynn Resorts Ltd.*   13    1,053 
Yum China Holdings, Inc.   27    1,353 
Yum! Brands, Inc.   26    3,194 
         70,311 
Household Durables - 0.6%
DR Horton, Inc.   39    3,810 
Garmin Ltd.   12    1,603 
KB Home   15    600 
Leggett & Platt, Inc.   28    1,131 
Lennar Corp., Class A   39    4,097 
Lennar Corp., Class B   2    172 
MDC Holdings, Inc.   9    431 
Meritage Homes Corp.*   10    1,129 
Mohawk Industries, Inc.*   14    2,350 
Newell Brands, Inc.   79    1,696 
PulteGroup, Inc.   46    2,301 
Taylor Morrison Home Corp.*   33    1,025 
Tempur Sealy International, Inc.   17    728 
Toll Brothers, Inc.   24    1,523 
Tri Pointe Homes, Inc.*   42    1,049 
Tupperware Brands Corp.*   16    250 
Whirlpool Corp.   18    3,919 
         27,814 
Household Products - 1.2%
Church & Dwight Co., Inc.   18    1,609 
Clorox Co. (The)   11    1,791 
Colgate-Palmolive Co.   84    6,302 
Kimberly-Clark Corp.   50    6,516 
Procter & Gamble Co. (The)   271    39,181 
Spectrum Brands Holdings, Inc.   10    1,001 
         56,400 
Independent Power and Renewable Electricity Producers - 0.1%
AES Corp. (The)   128    2,993 
Vistra Corp.   129    2,564 
         5,557 
Industrial Conglomerates - 1.1%
3M Co.   81    13,773 
General Electric Co.   262    24,887 
Honeywell International, Inc.   66    13,348 
Roper Technologies, Inc.   7    3,249 
         55,257 
Insurance - 3.5%
Aflac, Inc.   171    9,258 
Alleghany Corp.*   3    1,941 
Allstate Corp. (The)   86    9,350 
American Equity Investment Life Holding Co.   36    1,211 
American Financial Group, Inc.   18    2,405 
American International Group, Inc.   245    12,887 
Aon plc, Class A   13    3,845 
Arch Capital Group Ltd.*   77    3,109 
Arthur J Gallagher & Co.   18    2,932 
Assurant, Inc.   14    2,129 
Assured Guaranty Ltd.   32    1,567 
Athene Holding Ltd., Class A*   44    3,605 
Axis Capital Holdings Ltd.   20    994 
Brighthouse Financial, Inc.*   36    1,750 
Brown & Brown, Inc.   17    1,095 
Chubb Ltd.   75    13,460 
Cincinnati Financial Corp.   29    3,303 
CNO Financial Group, Inc.   38    861 
Everest Re Group Ltd.   10    2,564 
Fidelity National Financial, Inc.   52    2,543 
First American Financial Corp.   29    2,151 
Genworth Financial, Inc., Class A*   287    1,096 
Globe Life, Inc.   19    1,644 
Hanover Insurance Group, Inc. (The)   10    1,218 
Hartford Financial Services Group, Inc. (The)   108    7,139 
Kemper Corp.   10    553 
Lincoln National Corp.   77    5,107 
Loews Corp.   38    2,032 
Markel Corp.*   3    3,584 
Marsh & McLennan Cos., Inc.   44    7,217 
MetLife, Inc.   241    14,137 
Old Republic International Corp.   96    2,300 
Primerica, Inc.   5    736 
Principal Financial Group, Inc.   61    4,183 
Progressive Corp. (The)   78    7,249 
Prudential Financial, Inc.   96    9,817 
Reinsurance Group of America, Inc.   19    1,803 
RenaissanceRe Holdings Ltd.   7    1,079 
Selective Insurance Group, Inc.   10    755 
Travelers Cos., Inc. (The)   66    9,699 
Unum Group   109    2,518 
W R Berkley Corp.   26    1,993 
Willis Towers Watson plc   13    2,936 
         171,755 
Interactive Media & Services - 2.1%
Alphabet, Inc., Class A*   12    34,055 
Alphabet, Inc., Class C*   12    34,189 
Match Group, Inc.*   5    650 
Meta Platforms, Inc., Class A*   103    33,419 
Twitter, Inc.*   24    1,055 
Yandex NV, Class A*   11    791 
Ziff Davis, Inc.*   5    569 
         104,728 
Internet & Direct Marketing Retail - 0.9%
Amazon.com, Inc.*   11    38,578 
eBay, Inc.   42    2,833 
Qurate Retail, Inc., Series A   196    1,568 
         42,979 
IT Services - 2.3%
Accenture plc, Class A   44    15,726 

 

See accompanying notes to the financial statements.

 

 

 

 

RAFITM Long/Short

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Akamai Technologies, Inc.*   12    1,352 
Alliance Data Systems Corp.   20    1,363 
Amdocs Ltd.   16    1,117 
Automatic Data Processing, Inc.   32    7,388 
Broadridge Financial Solutions, Inc.   9    1,517 
Cognizant Technology Solutions Corp., Class A   57    4,445 
Concentrix Corp.   6    996 
DXC Technology Co.*   111    3,329 
EPAM Systems, Inc.*   1    609 
Euronet Worldwide, Inc.*   5    507 
Fidelity National Information Services, Inc.   59    6,165 
Fiserv, Inc.*   50    4,826 
FleetCor Technologies, Inc.*   5    1,036 
Gartner, Inc.*   4    1,249 
Genpact Ltd.   17    821 
Global Payments, Inc.   18    2,143 
GoDaddy, Inc., Class A*   7    491 
International Business Machines Corp.   246    28,807 
Jack Henry & Associates, Inc.   5    758 
Kyndryl Holdings, Inc.*   48    758 
Mastercard, Inc., Class A   18    5,669 
Maximus, Inc.   7    528 
Paychex, Inc.   30    3,576 
PayPal Holdings, Inc.*   20    3,698 
Sabre Corp.*   75    565 
Twilio, Inc., Class A*   2    572 
Visa, Inc., Class A   46    8,913 
Western Union Co. (The)   71    1,123 
WEX, Inc.*   3    379 
         110,426 
Leisure Products - 0.1%
Brunswick Corp.   10    939 
Hasbro, Inc.   18    1,745 
Mattel, Inc.*   63    1,336 
Polaris, Inc.   10    1,118 
         5,138 
Life Sciences Tools & Services - 0.8%
Agilent Technologies, Inc.   13    1,962 
Avantor, Inc.*   25    987 
Bio-Rad Laboratories, Inc., Class A*   2    1,506 
Charles River Laboratories International, Inc.*   3    1,098 
Danaher Corp.   28    9,006 
ICON plc*   6    1,623 
Illumina, Inc.*   3    1,096 
IQVIA Holdings, Inc.*   13    3,369 
Mettler-Toledo International, Inc.*   1    1,514 
PerkinElmer, Inc.   6    1,093 
Syneos Health, Inc.*   10    971 
Thermo Fisher Scientific, Inc.   17    10,758 
Waters Corp.*   3    984 
West Pharmaceutical Services, Inc.   2    885 
         36,852 
Machinery - 1.6%
AGCO Corp.   10    1,102 
Allison Transmission Holdings, Inc.   23    796 
Caterpillar, Inc.   63    12,181 
Colfax Corp.*   19    882 
Crane Co.   8    772 
Cummins, Inc.   22    4,615 
Deere & Co.   26    8,984 
Donaldson Co., Inc.   11    621 
Dover Corp.   15    2,458 
Flowserve Corp.   24    720 
Fortive Corp.   23    1,699 
Graco, Inc.   10    729 
Greenbrier Cos., Inc. (The)   11    440 
IDEX Corp.   5    1,123 
Illinois Tool Works, Inc.   29    6,732 
Ingersoll Rand, Inc.   13    758 
ITT, Inc.   10    946 
Kennametal, Inc.   14    495 
Lincoln Electric Holdings, Inc.   7    945 
Meritor, Inc.*   18    455 
Middleby Corp. (The)*   7    1,223 
Nordson Corp.   4    1,017 
Oshkosh Corp.   12    1,291 
Otis Worldwide Corp.   46    3,698 
PACCAR, Inc.   66    5,506 
Parker-Hannifin Corp.   11    3,323 
Pentair plc   18    1,326 
Snap-on, Inc.   9    1,853 
Stanley Black & Decker, Inc.   20    3,495 
Terex Corp.   15    636 
Timken Co. (The)   10    658 
Toro Co. (The)   7    704 
Trinity Industries, Inc.   20    530 
Westinghouse Air Brake Technologies Corp.   23    2,042 
Woodward, Inc.   5    529 
Xylem, Inc.   13    1,574 
         76,858 
Marine - 0.0%(b)
Kirby Corp.*   15    783 
           
Media - 1.5%
Altice USA, Inc., Class A*   61    966 
AMC Networks, Inc., Class A*   10    386 
Charter Communications, Inc., Class A*   16    10,340 
Comcast Corp., Class A   696    34,786 
Discovery, Inc., Class A*   17    396 
Discovery, Inc., Class C*   36    818 
DISH Network Corp., Class A*   69    2,156 
Fox Corp., Class A   65    2,321 
Fox Corp., Class B   30    1,008 
Gray Television, Inc.   25    515 
iHeartMedia, Inc., Class A*   39    765 
Interpublic Group of Cos., Inc. (The)   83    2,755 
Liberty Broadband Corp., Class A*   1    152 
Liberty Broadband Corp., Class C*   7    1,084 
Liberty Media Corp.-Liberty SiriusXM, Class A*   18    878 
Liberty Media Corp.-Liberty SiriusXM, Class C*   39    1,908 
Loyalty Ventures, Inc.*   7    212 
Meredith Corp.*   22    1,298 
News Corp., Class A   59    1,276 
News Corp., Class B   16    345 
Nexstar Media Group, Inc., Class A   7    1,047 

 

See accompanying notes to the financial statements.

 

 

 

 

RAFITM Long/Short

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Omnicom Group, Inc.   55    3,702 
Sinclair Broadcast Group, Inc., Class A   16    373 
TEGNA, Inc.   41    810 
ViacomCBS, Inc.   73    2,259 
         72,556 
Metals & Mining - 0.7%
Alcoa Corp.   82    3,816 
Allegheny Technologies, Inc.*   29    413 
Arconic Corp.*   42    1,122 
Carpenter Technology Corp.   12    330 
Commercial Metals Co.   34    1,051 
Compass Minerals International, Inc.   9    438 
Constellium SE*   34    597 
Freeport-McMoRan, Inc.   84    3,115 
Newmont Corp.   84    4,613 
Nucor Corp.   82    8,713 
Reliance Steel & Aluminum Co.   14    2,081 
Steel Dynamics, Inc.   49    2,930 
United States Steel Corp.   90    2,035 
Warrior Met Coal, Inc.   29    623 
         31,877 
Mortgage Real Estate Investment Trusts (REITs) - 0.3%
AGNC Investment Corp.   148    2,263 
Annaly Capital Management, Inc.   369    2,989 
Apollo Commercial Real Estate Finance, Inc.   43    582 
Blackstone Mortgage Trust, Inc., Class A   32    960 
Chimera Investment Corp.   96    1,526 
Invesco Mortgage Capital, Inc.   187    561 
MFA Financial, Inc.   196    841 
New Residential Investment Corp.   198    2,105 
New York Mortgage Trust, Inc.   128    477 
PennyMac Mortgage Investment Trust   32    556 
Redwood Trust, Inc.   53    679 
Starwood Property Trust, Inc.   75    1,872 
Two Harbors Investment Corp.   142    835 
         16,246 
Multiline Retail - 0.9%
Big Lots, Inc.   12    521 
Dollar General Corp.   23    5,090 
Dollar Tree, Inc.*   38    5,085 
Kohl's Corp.   74    3,791 
Macy's, Inc.   332    9,462 
Nordstrom, Inc.*   57    1,207 
Target Corp.   73    17,800 
         42,956 
Multi-Utilities - 1.2%
Ameren Corp.   49    3,998 
Avista Corp.   19    732 
Black Hills Corp.   14    898 
CenterPoint Energy, Inc.   157    4,068 
CMS Energy Corp.   54    3,178 
Consolidated Edison, Inc.   101    7,842 
Dominion Energy, Inc.   167    11,890 
DTE Energy Co.   40    4,334 
MDU Resources Group, Inc.   45    1,225 
NiSource, Inc.   96    2,353 
NorthWestern Corp.   13    719 
Public Service Enterprise Group, Inc.   108    6,749 
Sempra Energy   51    6,113 
WEC Energy Group, Inc.   52    4,520 
         58,619 
Oil, Gas & Consumable Fuels - 5.9%
Antero Resources Corp.*   172    3,020 
APA Corp.   90    2,319 
Callon Petroleum Co.*   24    1,220 
Cheniere Energy, Inc.   19    1,991 
Chevron Corp.   491    55,419 
CNX Resources Corp.*   52    709 
ConocoPhillips   282    19,777 
Coterra Energy, Inc.   97    1,948 
Delek US Holdings, Inc.*   36    565 
Devon Energy Corp.   71    2,986 
Diamondback Energy, Inc.   36    3,842 
DT Midstream, Inc.   20    917 
EOG Resources, Inc.   92    8,004 
EQT Corp.*   74    1,438 
Equitrans Midstream Corp.   106    1,020 
Exxon Mobil Corp.   1,283    76,775 
Hess Corp.   32    2,385 
HollyFrontier Corp.   72    2,327 
Kinder Morgan, Inc.   687    10,621 
Marathon Oil Corp.   307    4,755 
Marathon Petroleum Corp.   270    16,430 
Murphy Oil Corp.   86    2,286 
Occidental Petroleum Corp.   379    11,237 
ONEOK, Inc.   101    6,044 
Ovintiv, Inc.   77    2,677 
PBF Energy, Inc., Class A*   147    1,842 
PDC Energy, Inc.   22    1,109 
Peabody Energy Corp.*   155    1,544 
Phillips 66   142    9,822 
Pioneer Natural Resources Co.   19    3,388 
SM Energy Co.   49    1,421 
Southwestern Energy Co.*   175    784 
Targa Resources Corp.   100    5,163 
Valero Energy Corp.   188    12,585 
Williams Cos., Inc. (The)   297    7,957 
World Fuel Services Corp.   17    425 
         286,752 
Paper & Forest Products - 0.0%(b)
Louisiana-Pacific Corp.   12    784 
Sylvamo Corp.*   9    273 
         1,057 
Personal Products - 0.1%
Coty, Inc., Class A*   71    691 
Estee Lauder Cos., Inc. (The), Class A   9    2,989 
Herbalife Nutrition Ltd.*   13    486 
Nu Skin Enterprises, Inc., Class A   12    526 
         4,692 
Pharmaceuticals - 3.4%
Bristol-Myers Squibb Co.   260    13,944 
Catalent, Inc.*   7    901 
Elanco Animal Health, Inc.*   38    1,092 
Eli Lilly & Co.   43    10,666 
Jazz Pharmaceuticals plc*   7    839 
Johnson & Johnson   286    44,596 
Merck & Co., Inc.   333    24,945 
Organon & Co.   32    935 

 

See accompanying notes to the financial statements.

 

 

 

 

RAFITM Long/Short

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Perrigo Co. plc   31    1,138 
Pfizer, Inc.   1,082    58,136 
Viatris, Inc.   291    3,582 
Zoetis, Inc.   13    2,886 
         163,660 
Professional Services - 0.5%
ASGN, Inc.*   8    974 
Booz Allen Hamilton Holding Corp.   14    1,175 
CACI International, Inc., Class A*   5    1,297 
CoStar Group, Inc.*   9    700 
Equifax, Inc.   8    2,229 
FTI Consulting, Inc.*   6    877 
IHS Markit Ltd.   21    2,684 
Jacobs Engineering Group, Inc.   15    2,138 
KBR, Inc.   27    1,188 
Leidos Holdings, Inc.   23    2,022 
ManpowerGroup, Inc.   20    1,793 
Nielsen Holdings plc   100    1,916 
Robert Half International, Inc.   13    1,445 
Science Applications International Corp.   10    839 
TransUnion   10    1,112 
Verisk Analytics, Inc.   6    1,349 
         23,738 
Real Estate Management & Development - 0.2%
CBRE Group, Inc., Class A*   48    4,587 
Howard Hughes Corp. (The)*   6    492 
Jones Lang LaSalle, Inc.*   11    2,584 
Realogy Holdings Corp.*   55    835 
Zillow Group, Inc., Class A*   1    54 
Zillow Group, Inc., Class C*   2    109 
         8,661 
Road & Rail - 1.1%
AMERCO   1    705 
Avis Budget Group, Inc.*   43    11,807 
CSX Corp.   208    7,209 
JB Hunt Transport Services, Inc.   10    1,912 
Kansas City Southern   8    2,327 
Knight-Swift Transportation Holdings, Inc.   21    1,202 
Landstar System, Inc.   4    674 
Norfolk Southern Corp.   25    6,632 
Old Dominion Freight Line, Inc.   5    1,776 
Ryder System, Inc.   20    1,662 
Uber Technologies, Inc.*   37    1,406 
Union Pacific Corp.   66    15,552 
Werner Enterprises, Inc.   13    586 
XPO Logistics, Inc.*   22    1,594 
         55,044 
Semiconductors & Semiconductor Equipment - 2.8%
Advanced Micro Devices, Inc.*   12    1,900 
Analog Devices, Inc.   34    6,129 
Applied Materials, Inc.   43    6,329 
Broadcom, Inc.   23    12,735 
First Solar, Inc.*   11    1,140 
Intel Corp.   635    31,242 
KLA Corp.   11    4,489 
Lam Research Corp.   6    4,079 
Marvell Technology, Inc.   30    2,135 
Microchip Technology, Inc.   30    2,503 
Micron Technology, Inc.   158    13,272 
MKS Instruments, Inc.   4    609 
NVIDIA Corp.   28    9,149 
NXP Semiconductors NV   18    4,021 
ON Semiconductor Corp.*   38    2,334 
Qorvo, Inc.*   9    1,316 
QUALCOMM, Inc.   93    16,792 
Skyworks Solutions, Inc.   10    1,517 
Teradyne, Inc.   6    917 
Texas Instruments, Inc.   60    11,542 
Wolfspeed, Inc.*   5    613 
Xilinx, Inc.   12    2,741 
         137,504 
Software - 3.0%
Adobe, Inc.*   9    6,029 
ANSYS, Inc.*   3    1,174 
Avaya Holdings Corp.*   17    331 
Black Knight, Inc.*   9    643 
Cadence Design Systems, Inc.*   6    1,065 
CDK Global, Inc.   10    386 
Check Point Software Technologies Ltd.*   9    1,002 
Citrix Systems, Inc.   6    483 
Consensus Cloud Solutions, Inc.*   1    63 
Intuit, Inc.   7    4,566 
Microsoft Corp.   283    93,557 
NCR Corp.*   37    1,439 
NortonLifeLock, Inc.   123    3,057 
Nuance Communications, Inc.*   11    610 
Oracle Corp.   184    16,696 
salesforce.com, Inc.*   27    7,694 
ServiceNow, Inc.*   1    648 
SS&C Technologies Holdings, Inc.   16    1,221 
Synopsys, Inc.*   5    1,705 
VMware, Inc., Class A   26    3,035 
         145,404 
Specialty Retail - 2.5%
Abercrombie & Fitch Co., Class A*   24    864 
Advance Auto Parts, Inc.   10    2,207 
American Eagle Outfitters, Inc.   31    803 
Asbury Automotive Group, Inc.*   7    1,145 
AutoNation, Inc.*   28    3,468 
AutoZone, Inc.*   2    3,634 
Bath & Body Works, Inc.   65    4,883 
Bed Bath & Beyond, Inc.*   62    1,136 
Best Buy Co., Inc.   46    4,916 
Burlington Stores, Inc.*   5    1,466 
CarMax, Inc.*   27    3,814 
Designer Brands, Inc., Class A*   39    534 
Dick's Sporting Goods, Inc.   12    1,411 
Foot Locker, Inc.   30    1,369 
GameStop Corp., Class A*   20    3,924 
Gap, Inc. (The)   65    1,074 
Group 1 Automotive, Inc.   9    1,753 
Home Depot, Inc. (The)   95    38,058 
Lithia Motors, Inc.   4    1,165 
Lowe's Cos., Inc.   70    17,121 
Murphy USA, Inc.   11    1,907 
ODP Corp. (The)*   30    1,133 
O'Reilly Automotive, Inc.*   5    3,191 
Penske Automotive Group, Inc.   14    1,395 
Ross Stores, Inc.   26    2,836 
Sally Beauty Holdings, Inc.*   47    921 
Signet Jewelers Ltd.   21    2,040 
Sonic Automotive, Inc., Class A   12    539 
TJX Cos., Inc. (The)   111    7,703 

 

See accompanying notes to the financial statements.

 

 

 

 

RAFITM Long/Short

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Tractor Supply Co.   10    2,253 
Ulta Beauty, Inc.*   5    1,920 
Urban Outfitters, Inc.*   19    602 
Victoria's Secret & Co.*   22    1,194 
Williams-Sonoma, Inc.   10    1,948 
         124,327 
Technology Hardware, Storage & Peripherals - 3.1%
Apple, Inc.   719    118,852 
Dell Technologies, Inc., Class C*   49    2,767 
Hewlett Packard Enterprise Co.   447    6,414 
HP, Inc.   287    10,125 
NetApp, Inc.   25    2,222 
Seagate Technology Holdings plc   46    4,723 
Western Digital Corp.*   76    4,396 
Xerox Holdings Corp.   81    1,492 
         150,991 
Textiles, Apparel & Luxury Goods - 0.5%
Capri Holdings Ltd.*   28    1,658 
Carter's, Inc.   9    909 
Deckers Outdoor Corp.*   2    811 
G-III Apparel Group Ltd.*   18    534 
Hanesbrands, Inc.   82    1,324 
Lululemon Athletica, Inc.*   3    1,363 
NIKE, Inc., Class B   52    8,801 
PVH Corp.   18    1,922 
Ralph Lauren Corp.   9    1,044 
Skechers USA, Inc., Class A*   25    1,123 
Tapestry, Inc.   51    2,046 
Under Armour, Inc., Class A*   19    448 
Under Armour, Inc., Class C*   21    421 
VF Corp.   35    2,511 
         24,915 
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp.   81    1,142 
New York Community Bancorp, Inc.   149    1,785 
Radian Group, Inc.   39    795 
Washington Federal, Inc.   17    552 
         4,274 
Tobacco - 0.8%
Altria Group, Inc.   414    17,653 
Philip Morris International, Inc.   241    20,711 
         38,364 
Trading Companies & Distributors - 0.5%
AerCap Holdings NV*   65    3,643 
Air Lease Corp.   23    934 
Applied Industrial Technologies, Inc.   7    665 
Beacon Roofing Supply, Inc.*   16    798 
Boise Cascade Co.   10    648 
Fastenal Co.   45    2,663 
GATX Corp.   8    788 
MSC Industrial Direct Co., Inc., Class A   10    787 
Triton International Ltd.   12    672 
United Rentals, Inc.*   11    3,726 
Univar Solutions, Inc.*   58    1,503 
Watsco, Inc.   4    1,171 
WESCO International, Inc.*   16    1,986 
WW Grainger, Inc.   6    2,888 
         22,872 
Water Utilities - 0.1%
American Water Works Co., Inc.   15    2,529 
Essential Utilities, Inc.   23    1,087 
         3,616 
Wireless Telecommunication Services - 0.1%
Telephone and Data Systems, Inc.   52    920 
T-Mobile US, Inc.*   56    6,093 
         7,013 
TOTAL COMMON STOCKS
(Cost $2,630,428)		        4,424,406 

 

Investments  Principal Amount ($)   Value ($) 
         
SHORT-TERM INVESTMENTS - 6.1%
           
REPURCHASE AGREEMENTS(d) - 6.1%
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $298,561          
(Cost $298,561)   298,561    298,561 
           
Total Investments - 96.8%
(Cost $2,928,989)		        4,722,967 
Other assets less liabilities - 3.2%        155,693 
Net Assets - 100.0%        4,878,660 

 

* Non-income producing security.
(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $75,629.
(b) Represents less than 0.05% of net assets.
(c) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $1,243, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 4.38%, and maturity dates ranging from December 30, 2021 – August 15, 2050. The total value of collateral is $1,316.
(d) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation  $2,026,342 
Aggregate gross unrealized depreciation   (91,768)
Net unrealized appreciation  $1,934,574 
Federal income tax cost  $2,938,922 

 

See accompanying notes to the financial statements.

 

 

 

 

RAFITM Long/Short

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Swap Agreementsa

RAFITM Long/Short had the following open non-exchange traded total return swap agreements as of November 30, 2021:

 

Notional
Amount ($)		   Termination
Dateb		  Counterparty  Rate Paid
(Received)c		   Underlying Instrument  Value and Unrealized
Appreciation/
(Depreciation)d ($)		   Financial Instruments for the Benefit of (the Fund)/ the Counterparty ($)   Cash Collateral for the Benefit of (the Fund)/ the Counterparty ($)   Net
Amounte ($)		 
 (533,980)  3/7/2023  Goldman Sachs International   (0.32)%  Russell 1000 Total Return Index   18,708                
 34,063   3/7/2023  Goldman Sachs International   0.57%  FTSE RAFI US 1000 Total Return Index   (1,684)               
 (499,917)                 17,024        —        —    17,024 
 (4,192,900)  3/7/2023  Societe Generale   0.18%  Russell 1000 Total Return Index   146,542                
 264,567   3/7/2023  Societe Generale   0.32%  FTSE RAFI US 1000 Total Return Index   (13,037)               
 (3,928,333)                 133,505    —    —    133,505 
                                     
 (4,428,250)                 150,529                
                Total Unrealized  Appreciation   165,250                
                Total Unrealized  Depreciation   (14,721)               

 

a The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.
b Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
c Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).
d The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.
e Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

 

See accompanying notes to the financial statements.

 

 

 

 

 

S&P 500® Ex-Energy ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
COMMON STOCKS - 99.6%
           
Aerospace & Defense - 1.4%
Boeing Co. (The)*   439    86,856 
General Dynamics Corp.   185    34,960 
Howmet Aerospace, Inc.   307    8,636 
Huntington Ingalls Industries, Inc.   32    5,680 
L3Harris Technologies, Inc.   160    33,453 
Lockheed Martin Corp.   196    65,331 
Northrop Grumman Corp.   120    41,856 
Raytheon Technologies Corp.   1,204    97,428 
Textron, Inc.   178    12,602 
TransDigm Group, Inc.*   41    23,700 
         410,502 
Air Freight & Logistics - 0.6%
CH Robinson Worldwide, Inc.   103    9,794 
Expeditors International of Washington, Inc.   135    16,419 
FedEx Corp.   196    45,153 
United Parcel Service, Inc., Class B   581    115,253 
         186,619 
Airlines - 0.2%
Alaska Air Group, Inc.*   99    4,808 
American Airlines Group, Inc.*   516    9,128 
Delta Air Lines, Inc.*   510    18,462 
Southwest Airlines Co.*   472    20,957 
United Airlines Holdings, Inc.*   257    10,861 
         64,216 
Auto Components - 0.1%
Aptiv plc*   216    34,636 
BorgWarner, Inc.   190    8,223 
         42,859 
Automobiles - 2.9%
Ford Motor Co.   3,133    60,122 
General Motors Co.*   1,158    67,013 
Tesla, Inc.*   647    740,660 
         867,795 
Banks - 4.2%
Bank of America Corp.   5,911    262,862 
Citigroup, Inc.   1,617    103,003 
Citizens Financial Group, Inc.   339    16,025 
Comerica, Inc.   107    8,831 
Fifth Third Bancorp   550    23,182 
First Republic Bank   142    29,772 
Huntington Bancshares, Inc.   1,178    17,482 
JPMorgan Chase & Co.   2,386    378,968 
KeyCorp   763    17,122 
M&T Bank Corp.   102    14,954 
People's United Financial, Inc.   341    5,811 
PNC Financial Services Group, Inc. (The)   340    66,980 
Regions Financial Corp.   762    17,335 
SVB Financial Group*   46    31,847 
Truist Financial Corp.   1,065    63,165 
US Bancorp   1,076    59,546 
Wells Fargo & Co.   3,278    156,623 
Zions Bancorp NA   128    8,074 
         1,281,582 
Beverages - 1.4%
Brown-Forman Corp., Class B   146    10,273 
Coca-Cola Co. (The)   3,102    162,700 
Constellation Brands, Inc., Class A   134    30,194 
Molson Coors Beverage Co., Class B   150    6,666 
Monster Beverage Corp.*   300    25,134 
PepsiCo, Inc.   1,103    176,237 
         411,204 
Biotechnology - 1.8%
AbbVie, Inc.   1,410    162,545 
Amgen, Inc.   453    90,093 
Biogen, Inc.*   119    28,053 
Gilead Sciences, Inc.   1,001    68,999 
Incyte Corp.*   150    10,158 
Moderna, Inc.*   280    98,680 
Regeneron Pharmaceuticals, Inc.*   83    52,832 
Vertex Pharmaceuticals, Inc.*   208    38,883 
         550,243 
Building Products - 0.5%
A O Smith Corp.   105    8,300 
Allegion plc   71    8,779 
Carrier Global Corp.   692    37,451 
Fortune Brands Home & Security, Inc.   110    11,058 
Johnson Controls International plc   569    42,538 
Masco Corp.   196    12,916 
Trane Technologies plc   190    35,464 
         156,506 
Capital Markets - 3.1%
Ameriprise Financial, Inc.   89    25,775 
Bank of New York Mellon Corp. (The)   633    34,682 
BlackRock, Inc.   115    104,030 
Cboe Global Markets, Inc.   84    10,831 
Charles Schwab Corp. (The)   1,198    92,713 
CME Group, Inc.   286    63,069 
Franklin Resources, Inc.   223    7,225 
Goldman Sachs Group, Inc. (The)   270    102,867 
Intercontinental Exchange, Inc.   450    58,824 
Invesco Ltd.   272    6,074 
MarketAxess Holdings, Inc.   28    9,875 
Moody's Corp.   129    50,393 
Morgan Stanley   1,165    110,465 
MSCI, Inc.   66    41,544 
Nasdaq, Inc.   93    18,900 
Northern Trust Corp.   165    19,091 
Raymond James Financial, Inc.   148    14,547 
S&P Global, Inc.   192    87,500 
State Street Corp.   293    26,068 
T. Rowe Price Group, Inc.   182    36,391 
         920,864 
Chemicals - 1.8%
Air Products and Chemicals, Inc.   177    50,877 
Albemarle Corp.   93    24,784 
Celanese Corp.   87    13,168 
CF Industries Holdings, Inc.   172    10,422 
Corteva, Inc.   585    26,325 
Dow, Inc.   595    32,683 
DuPont de Nemours, Inc.   418    30,915 
Eastman Chemical Co.   108    11,263 
Ecolab, Inc.   200    44,294 
FMC Corp.   101    10,119 
International Flavors & Fragrances, Inc.   200    28,434 
Linde plc   413    131,392 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Energy ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
LyondellBasell Industries NV, Class A   211    18,385 
Mosaic Co. (The)   296    10,129 
PPG Industries, Inc.   189    29,138 
Sherwin-Williams Co. (The)   193    63,929 
         536,257 
Commercial Services & Supplies - 0.4%
Cintas Corp.   69    29,131 
Copart, Inc.*   171    24,822 
Republic Services, Inc.   169    22,352 
Rollins, Inc.   180    5,991 
Waste Management, Inc.   309    49,647 
         131,943 
Communications Equipment - 0.9%
Arista Networks, Inc.*   176    21,835 
Cisco Systems, Inc.   3,365    184,537 
F5, Inc.*   47    10,696 
Juniper Networks, Inc.   260    8,094 
Motorola Solutions, Inc.   135    34,179 
         259,341 
Construction & Engineering - 0.0%(a)
Quanta Services, Inc.   112    12,743 
           
Construction Materials - 0.1%
Martin Marietta Materials, Inc.   49    19,772 
Vulcan Materials Co.   105    20,122 
         39,894 
Consumer Finance - 0.6%
American Express Co.   514    78,282 
Capital One Financial Corp.   356    50,029 
Discover Financial Services   239    25,776 
Synchrony Financial   454    20,335 
         174,422 
Containers & Packaging - 0.3%
Amcor plc   1,229    13,912 
Avery Dennison Corp.   66    13,535 
Ball Corp.   261    24,390 
International Paper Co.   311    14,157 
Packaging Corp. of America   75    9,794 
Sealed Air Corp.   119    7,392 
WestRock Co.   212    9,199 
         92,379 
Distributors - 0.1%
Genuine Parts Co.   115    14,690 
LKQ Corp.   215    12,018 
Pool Corp.   32    17,732 
         44,440 
Diversified Financial Services - 1.4%
Berkshire Hathaway, Inc., Class B*   1,481    409,778 
           
Diversified Telecommunication Services - 1.0%
AT&T, Inc.   5,699    130,108 
Lumen Technologies, Inc.   793    9,786 
Verizon Communications, Inc.   3,305    166,142 
         306,036 
Electric Utilities - 1.6%
Alliant Energy Corp.   200    10,958 
American Electric Power Co., Inc.   399    32,339 
Duke Energy Corp.   613    59,467 
Edison International   303    19,780 
Entergy Corp.   159    15,954 
Evergy, Inc.   182    11,521 
Eversource Energy   274    22,542 
Exelon Corp.   781    41,182 
FirstEnergy Corp.   433    16,307 
NextEra Energy, Inc.   1,564    135,724 
NRG Energy, Inc.   194    6,988 
Pinnacle West Capital Corp.   87    5,659 
PPL Corp.   613    17,060 
Southern Co. (The)   845    51,629 
Xcel Energy, Inc.   429    27,340 
         474,450 
Electrical Equipment - 0.6%
AMETEK, Inc.   185    25,252 
Eaton Corp. plc   317    51,373 
Emerson Electric Co.   478    41,987 
Generac Holdings, Inc.*   49    20,641 
Rockwell Automation, Inc.   93    31,267 
         170,520 
Electronic Equipment, Instruments & Components - 0.7%
Amphenol Corp., Class A   478    38,517 
CDW Corp.   111    21,019 
Corning, Inc.   612    22,699 
IPG Photonics Corp.*   27    4,433 
Keysight Technologies, Inc.*   148    28,783 
TE Connectivity Ltd.   263    40,483 
Teledyne Technologies, Inc.*   37    15,366 
Trimble, Inc.*   201    17,260 
Zebra Technologies Corp., Class A*   42    24,729 
         213,289 
Entertainment - 1.8%
Activision Blizzard, Inc.   619    36,273 
Electronic Arts, Inc.   226    28,074 
Live Nation Entertainment, Inc.*(b)   103    10,985 
Netflix, Inc.*   355    227,874 
Take-Two Interactive Software, Inc.*   93    15,427 
Walt Disney Co. (The)*   1,452    210,395 
         529,028 
Equity Real Estate Investment Trusts (REITs) - 2.6%
Alexandria Real Estate Equities, Inc.   112    22,408 
American Tower Corp.   363    95,280 
AvalonBay Communities, Inc.   112    26,753 
Boston Properties, Inc.   114    12,294 
Crown Castle International Corp.   345    62,669 
Digital Realty Trust, Inc.   225    37,742 
Duke Realty Corp.   302    17,616 
Equinix, Inc.   71    57,666 
Equity Residential   272    23,204 
Essex Property Trust, Inc.   51    17,311 
Extra Space Storage, Inc.   108    21,600 
Federal Realty Investment Trust   54    6,624 
Healthpeak Properties, Inc.   429    14,097 
Host Hotels & Resorts, Inc.*   569    8,933 
Iron Mountain, Inc.   231    10,497 
Kimco Realty Corp.   488    10,941 
Mid-America Apartment Communities, Inc.   93    19,181 
Prologis, Inc.   589    88,792 
Public Storage   122    39,940 
Realty Income Corp.   439    29,817 
Regency Centers Corp.   121    8,390 
SBA Communications Corp.   86    29,567 
Simon Property Group, Inc.   263    40,197 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Energy ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
UDR, Inc.   221    12,537 
Ventas, Inc.   303    14,217 
Vornado Realty Trust   126    5,058 
Welltower, Inc.   337    26,832 
Weyerhaeuser Co.   598    22,491 
         782,654 
Food & Staples Retailing - 1.4%
Costco Wholesale Corp.   354    190,941 
Kroger Co. (The)   542    22,509 
Sysco Corp.   407    28,506 
Walgreens Boots Alliance, Inc.   572    25,626 
Walmart, Inc.   1,140    160,318 
         427,900 
Food Products - 0.8%
Archer-Daniels-Midland Co.   446    27,746 
Campbell Soup Co.   161    6,493 
Conagra Brands, Inc.   383    11,701 
General Mills, Inc.   483    29,835 
Hershey Co. (The)   117    20,766 
Hormel Foods Corp.   224    9,273 
J M Smucker Co. (The)   85    10,750 
Kellogg Co.   204    12,481 
Kraft Heinz Co. (The)   566    19,023 
Lamb Weston Holdings, Inc.   115    5,971 
McCormick & Co., Inc. (Non-Voting)   199    17,078 
Mondelez International, Inc., Class A   1,115    65,718 
Tyson Foods, Inc., Class A   235    18,556 
         255,391 
Gas Utilities - 0.0%(a)
Atmos Energy Corp.   103    9,303 
           
Health Care Equipment & Supplies - 2.9%
Abbott Laboratories   1,414    177,839 
ABIOMED, Inc.*   36    11,332 
Align Technology, Inc.*   57    34,857 
Baxter International, Inc.   398    29,679 
Becton Dickinson and Co.   231    54,779 
Boston Scientific Corp.*   1,135    43,209 
Cooper Cos., Inc. (The)   39    14,682 
DENTSPLY SIRONA, Inc.   174    8,481 
Dexcom, Inc.*   76    42,757 
Edwards Lifesciences Corp.*   497    53,333 
Hologic, Inc.*   202    15,095 
IDEXX Laboratories, Inc.*   68    41,349 
Intuitive Surgical, Inc.*   285    92,437 
Medtronic plc   1,072    114,382 
ResMed, Inc.   117    29,817 
STERIS plc   79    17,264 
Stryker Corp.   269    63,654 
Teleflex, Inc.   37    11,005 
Zimmer Biomet Holdings, Inc.   166    19,854 
         875,805 
Health Care Providers & Services - 2.6%
AmerisourceBergen Corp.   120    13,890 
Anthem, Inc.   194    78,809 
Cardinal Health, Inc.   232    10,725 
Centene Corp.*   464    33,134 
Cigna Corp.   272    52,197 
CVS Health Corp.   1,054    93,869 
DaVita, Inc.*   52    4,914 
HCA Healthcare, Inc.   196    44,216 
Henry Schein, Inc.*   111    7,888 
Humana, Inc.   102    42,810 
Laboratory Corp. of America Holdings*   76    21,685 
McKesson Corp.   124    26,878 
Quest Diagnostics, Inc.   97    14,422 
UnitedHealth Group, Inc.   753    334,498 
Universal Health Services, Inc., Class B   59    7,005 
         786,940 
Health Care Technology - 0.1%
Cerner Corp.   236    16,626 
           
Hotels, Restaurants & Leisure - 1.9%
Booking Holdings, Inc.*   33    69,361 
Caesars Entertainment, Inc.*   170    15,312 
Carnival Corp.*(b)   637    11,224 
Chipotle Mexican Grill, Inc.*   21    34,512 
Darden Restaurants, Inc.   103    14,209 
Domino's Pizza, Inc.   28    14,676 
Expedia Group, Inc.*   117    18,848 
Hilton Worldwide Holdings, Inc.*   222    29,986 
Las Vegas Sands Corp.*   274    9,760 
Marriott International, Inc., Class A*   218    32,168 
McDonald's Corp.   597    146,026 
MGM Resorts International   318    12,586 
Norwegian Cruise Line Holdings Ltd.*(b)   295    5,755 
Penn National Gaming, Inc.*   132    6,762 
Royal Caribbean Cruises Ltd.*   178    12,428 
Starbucks Corp.   941    103,171 
Wynn Resorts Ltd.*(b)   82    6,643 
Yum! Brands, Inc.   236    28,990 
         572,417 
Household Durables - 0.4%
DR Horton, Inc.   261    25,500 
Garmin Ltd.   122    16,292 
Leggett & Platt, Inc.   105    4,241 
Lennar Corp., Class A   218    22,901 
Mohawk Industries, Inc.*   44    7,386 
Newell Brands, Inc.   302    6,484 
NVR, Inc.*   3    15,676 
PulteGroup, Inc.   207    10,356 
Whirlpool Corp.   49    10,669 
         119,505 
Household Products - 1.3%
Church & Dwight Co., Inc.   194    17,340 
Clorox Co. (The)   98    15,959 
Colgate-Palmolive Co.   672    50,414 
Kimberly-Clark Corp.   269    35,053 
Procter & Gamble Co. (The)   1,938    280,196 
         398,962 
Independent Power and Renewable Electricity Producers - 0.0%(a)
AES Corp. (The)   530    12,391 
           
Industrial Conglomerates - 1.0%
3M Co.   461    78,388 
General Electric Co.   876    83,211 
Honeywell International, Inc.   551    111,434 
Roper Technologies, Inc.   83    38,525 
         311,558 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Energy ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
Insurance - 1.9%
Aflac, Inc.   491    26,583 
Allstate Corp. (The)   237    25,767 
American International Group, Inc.   681    35,821 
Aon plc, Class A   181    53,534 
Arthur J Gallagher & Co.   164    26,716 
Assurant, Inc.   46    6,997 
Brown & Brown, Inc.   186    11,980 
Chubb Ltd.   352    63,173 
Cincinnati Financial Corp.   120    13,668 
Everest Re Group Ltd.   32    8,204 
Globe Life, Inc.   73    6,317 
Hartford Financial Services Group, Inc. (The)   276    18,243 
Lincoln National Corp.   141    9,352 
Loews Corp.   161    8,607 
Marsh & McLennan Cos., Inc.   404    66,264 
MetLife, Inc.   580    34,023 
Principal Financial Group, Inc.   200    13,716 
Progressive Corp. (The)   466    43,310 
Prudential Financial, Inc.   308    31,496 
Travelers Cos., Inc. (The)   200    29,390 
W R Berkley Corp.   112    8,584 
Willis Towers Watson plc   102    23,036 
         564,781 
Interactive Media & Services - 6.6%
Alphabet, Inc., Class A*   241    683,946 
Alphabet, Inc., Class C*   224    638,185 
Match Group, Inc.*   221    28,728 
Meta Platforms, Inc., Class A*   1,905    618,096 
Twitter, Inc.*   636    27,946 
         1,996,901 
Internet & Direct Marketing Retail - 4.3%
Amazon.com, Inc.*   348    1,220,460 
eBay, Inc.   519    35,012 
Etsy, Inc.*   101    27,733 
         1,283,205 
IT Services - 4.3%
Accenture plc, Class A   507    181,202 
Akamai Technologies, Inc.*   130    14,651 
Automatic Data Processing, Inc.   338    78,041 
Broadridge Financial Solutions, Inc.   93    15,677 
Cognizant Technology Solutions Corp., Class A   420    32,752 
DXC Technology Co.*   201    6,028 
Fidelity National Information Services, Inc.   492    51,414 
Fiserv, Inc.*   476    45,943 
FleetCor Technologies, Inc.*   66    13,671 
Gartner, Inc.*   66    20,608 
Global Payments, Inc.   235    27,974 
International Business Machines Corp.   716    83,844 
Jack Henry & Associates, Inc.   57    8,643 
Mastercard, Inc., Class A   696    219,184 
Paychex, Inc.   254    30,277 
PayPal Holdings, Inc.*   939    173,612 
VeriSign, Inc.*   77    18,473 
Visa, Inc., Class A   1,347    261,008 
Western Union Co. (The)   325    5,141 
         1,288,143 
Leisure Products - 0.0%(a)
Hasbro, Inc.   102    9,885 
           
Life Sciences Tools & Services - 2.0%
Agilent Technologies, Inc.   243    36,669 
Bio-Rad Laboratories, Inc., Class A*   16    12,051 
Bio-Techne Corp.   31    14,633 
Charles River Laboratories International, Inc.*   40    14,635 
Danaher Corp.   508    163,393 
Illumina, Inc.*   118    43,109 
IQVIA Holdings, Inc.*   153    39,647 
Mettler-Toledo International, Inc.*   17    25,740 
PerkinElmer, Inc.   88    16,030 
Thermo Fisher Scientific, Inc.   314    198,709 
Waters Corp.*   48    15,747 
West Pharmaceutical Services, Inc.   57    25,232 
         605,595 
Machinery - 1.5%
Caterpillar, Inc.   436    84,301 
Cummins, Inc.   115    24,121 
Deere & Co.   226    78,092 
Dover Corp.   116    19,007 
Fortive Corp.   285    21,053 
IDEX Corp.   59    13,251 
Illinois Tool Works, Inc.   230    53,395 
Ingersoll Rand, Inc.   324    18,902 
Otis Worldwide Corp.   340    27,336 
PACCAR, Inc.   276    23,024 
Parker-Hannifin Corp.   102    30,810 
Pentair plc(b)   131    9,653 
Snap-on, Inc.   42    8,648 
Stanley Black & Decker, Inc.   130    22,719 
Westinghouse Air Brake Technologies Corp.   150    13,315 
Xylem, Inc.   145    17,561 
         465,188 
Media - 1.1%
Charter Communications, Inc., Class A*(b)   101    65,274 
Comcast Corp., Class A   3,656    182,727 
Discovery, Inc., Class A*(b)   133    3,095 
Discovery, Inc., Class C*   242    5,496 
DISH Network Corp., Class A*   199    6,219 
Fox Corp., Class A   257    9,177 
Fox Corp., Class B   118    3,965 
Interpublic Group of Cos., Inc. (The)   313    10,388 
News Corp., Class A   311    6,724 
News Corp., Class B   96    2,069 
Omnicom Group, Inc.   171    11,510 
ViacomCBS, Inc.   483    14,949 
         321,593 
Metals & Mining - 0.3%
Freeport-McMoRan, Inc.   1,172    43,458 
Newmont Corp.   637    34,984 
Nucor Corp.   234    24,865 
         103,307 
Multiline Retail - 0.5%
Dollar General Corp.   188    41,604 
Dollar Tree, Inc.*   184    24,625 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Energy ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
Target Corp.   395    96,317 
         162,546 
Multi-Utilities - 0.7%
Ameren Corp.   205    16,726 
CenterPoint Energy, Inc.   473    12,255 
CMS Energy Corp.   231    13,594 
Consolidated Edison, Inc.   281    21,817 
Dominion Energy, Inc.   644    45,853 
DTE Energy Co.   155    16,793 
NiSource, Inc.   312    7,647 
Public Service Enterprise Group, Inc.   403    25,184 
Sempra Energy   254    30,447 
WEC Energy Group, Inc.   251    21,819 
         212,135 
Personal Products - 0.2%
Estee Lauder Cos., Inc. (The), Class A   185    61,433 
           
Pharmaceuticals - 3.6%
Bristol-Myers Squibb Co.   1,773    95,086 
Catalent, Inc.*   135    17,369 
Eli Lilly & Co.   634    157,257 
Johnson & Johnson   2,102    327,765 
Merck & Co., Inc.   2,019    151,243 
Organon & Co.   202    5,905 
Pfizer, Inc.   4,481    240,764 
Viatris, Inc.   965    11,879 
Zoetis, Inc.   377    83,709 
         1,090,977 
Professional Services - 0.5%
Equifax, Inc.   97    27,029 
IHS Markit Ltd.   317    40,519 
Jacobs Engineering Group, Inc.   103    14,684 
Leidos Holdings, Inc.   113    9,934 
Nielsen Holdings plc   285    5,460 
Robert Half International, Inc.   88    9,783 
Verisk Analytics, Inc.   129    29,008 
         136,417 
Real Estate Management & Development - 0.1%
CBRE Group, Inc., Class A*   268    25,613 
           
Road & Rail - 1.0%
CSX Corp.   1,799    62,353 
JB Hunt Transport Services, Inc.   67    12,808 
Kansas City Southern   72    20,941 
Norfolk Southern Corp.   196    51,993 
Old Dominion Freight Line, Inc.   74    26,283 
Union Pacific Corp.   520    122,533 
         296,911 
Semiconductors & Semiconductor Equipment - 6.8%
Advanced Micro Devices, Inc.*   968    153,302 
Analog Devices, Inc.   429    77,327 
Applied Materials, Inc.   730    107,449 
Broadcom, Inc.   328    181,607 
Enphase Energy, Inc.*   109    27,250 
Intel Corp.   3,238    159,310 
KLA Corp.   122    49,792 
Lam Research Corp.   114    77,503 
Microchip Technology, Inc.   438    36,542 
Micron Technology, Inc.   899    75,516 
Monolithic Power Systems, Inc.   34    18,818 
NVIDIA Corp.   1,988    649,599 
NXP Semiconductors NV   212    47,352 
Qorvo, Inc.*   87    12,722 
QUALCOMM, Inc.   902    162,865 
Skyworks Solutions, Inc.   131    19,867 
Teradyne, Inc.   131    20,026 
Texas Instruments, Inc.   737    141,777 
Xilinx, Inc.   197    45,005 
         2,063,629 
Software - 10.2%
Adobe, Inc.*   379    253,873 
ANSYS, Inc.*   69    27,012 
Autodesk, Inc.*   176    44,737 
Cadence Design Systems, Inc.*   221    39,219 
Ceridian HCM Holding, Inc.*   109    11,925 
Citrix Systems, Inc.   99    7,963 
Fortinet, Inc.*   109    36,200 
Intuit, Inc.   218    142,201 
Microsoft Corp.   6,000    1,983,540 
NortonLifeLock, Inc.   462    11,481 
Oracle Corp.   1,314    119,232 
Paycom Software, Inc.*   38    16,624 
PTC, Inc.*   83    9,095 
salesforce.com, Inc.*   775    220,844 
ServiceNow, Inc.*   158    102,337 
Synopsys, Inc.*   122    41,602 
Tyler Technologies, Inc.*   33    17,126 
         3,085,011 
Specialty Retail - 2.5%
Advance Auto Parts, Inc.   51    11,257 
AutoZone, Inc.*   16    29,073 
Bath & Body Works, Inc.   211    15,852 
Best Buy Co., Inc.   180    19,235 
CarMax, Inc.*   130    18,363 
Gap, Inc. (The)   172    2,843 
Home Depot, Inc. (The)   849    340,118 
Lowe's Cos., Inc.   565    138,193 
O'Reilly Automotive, Inc.*   54    34,461 
Ross Stores, Inc.   284    30,982 
TJX Cos., Inc. (The)   963    66,832 
Tractor Supply Co.   89    20,054 
Ulta Beauty, Inc.*   43    16,510 
         743,773 
Technology Hardware, Storage & Peripherals - 7.2%
Apple, Inc.   12,539    2,072,696 
Hewlett Packard Enterprise Co.   1,042    14,953 
HP, Inc.   959    33,833 
NetApp, Inc.   178    15,821 
Seagate Technology Holdings plc(b)   165    16,940 
Western Digital Corp.*   244    14,113 
         2,168,356 
Textiles, Apparel & Luxury Goods - 0.7%
Hanesbrands, Inc.   278    4,490 
NIKE, Inc., Class B   1,022    172,963 
PVH Corp.   55    5,873 
Ralph Lauren Corp.   38    4,409 
Tapestry, Inc.   221    8,867 
Under Armour, Inc., Class A*   150    3,538 
Under Armour, Inc., Class C*   165    3,312 
VF Corp.   261    18,722 
         222,174 
Tobacco - 0.6%
Altria Group, Inc.   1,471    62,724 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Energy ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
Philip Morris International, Inc.   1,244    106,909 
         169,633 
Trading Companies & Distributors - 0.2%
Fastenal Co.   457    27,041 
United Rentals, Inc.*   56    18,970 
WW Grainger, Inc.   35    16,849 
         62,860 
Water Utilities - 0.1%
American Water Works Co., Inc.   146    24,611 
           
Wireless Telecommunication Services - 0.2%
T-Mobile US, Inc.*   467    50,814 
           
TOTAL COMMON STOCKS
(Cost $27,525,316)		        30,071,853 

 

Investments  Principal
Amount ($)		   Value ($) 
         
SHORT-TERM INVESTMENTS - 0.3%
           
REPURCHASE AGREEMENTS(c) - 0.3%
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $94,396          
(Cost $94,395)   94,395    94,395 
           
Total Investments - 99.9%
(Cost $27,619,711)		        30,166,248 
Other assets less liabilities - 0.1%        24,613 
Net Assets - 100.0%        30,190,861 

 

* Non-income producing security.
(a) Represents less than 0.05% of net assets.
(b) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $95,100, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.88%, and maturity dates ranging from December 9, 2021 – May 15, 2051. The total value of collateral is $102,551.
(c) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation  $3,798,977 
Aggregate gross unrealized depreciation   (1,265,347)
Net unrealized appreciation  $2,533,630 
Federal income tax cost  $27,632,618 

 

See accompanying notes to the financial statements.

 

 

 

 

 

S&P 500® Ex-Financials ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
COMMON STOCKS - 99.6%
           
Aerospace & Defense - 1.5%
Boeing Co. (The)*   151    29,875 
General Dynamics Corp.   64    12,094 
Howmet Aerospace, Inc.   104    2,926 
Huntington Ingalls Industries, Inc.   11    1,953 
L3Harris Technologies, Inc.   55    11,499 
Lockheed Martin Corp.   67    22,332 
Northrop Grumman Corp.   41    14,301 
Raytheon Technologies Corp.   411    33,258 
Textron, Inc.   60    4,248 
TransDigm Group, Inc.*   14    8,093 
         140,579 
Air Freight & Logistics - 0.7%
CH Robinson Worldwide, Inc.   36    3,423 
Expeditors International of Washington, Inc.   47    5,716 
FedEx Corp.   67    15,435 
United Parcel Service, Inc., Class B   199    39,476 
         64,050 
Airlines - 0.2%
Alaska Air Group, Inc.*   34    1,651 
American Airlines Group, Inc.*   176    3,114 
Delta Air Lines, Inc.*   174    6,299 
Southwest Airlines Co.*   161    7,148 
United Airlines Holdings, Inc.*   87    3,677 
         21,889 
Auto Components - 0.2%
Aptiv plc*   74    11,866 
BorgWarner, Inc.   65    2,813 
         14,679 
Automobiles - 3.2%
Ford Motor Co.   1,070    20,533 
General Motors Co.*   395    22,859 
Tesla, Inc.*   222    254,137 
         297,529 
Beverages - 1.5%
Brown-Forman Corp., Class B   49    3,448 
Coca-Cola Co. (The)   1,059    55,545 
Constellation Brands, Inc., Class A   46    10,365 
Molson Coors Beverage Co., Class B   50    2,222 
Monster Beverage Corp.*   103    8,629 
PepsiCo, Inc.   377    60,237 
         140,446 
Biotechnology - 2.1%
AbbVie, Inc.   482    55,565 
Amgen, Inc.   155    30,826 
Biogen, Inc.*   40    9,430 
Gilead Sciences, Inc.   342    23,574 
Incyte Corp.*   51    3,454 
Moderna, Inc.*   96    33,833 
Regeneron Pharmaceuticals, Inc.*   29    18,459 
Vertex Pharmaceuticals, Inc.*   70    13,086 
         188,227 
Building Products - 0.6%
A O Smith Corp.   36    2,846 
Allegion plc   24    2,967 
Carrier Global Corp.   236    12,772 
Fortune Brands Home & Security, Inc.   38    3,820 
Johnson Controls International plc   193    14,429 
Masco Corp.   66    4,350 
Trane Technologies plc   65    12,132 
         53,316 
Chemicals - 2.0%
Air Products and Chemicals, Inc.   60    17,246 
Albemarle Corp.   32    8,528 
Celanese Corp.   30    4,541 
CF Industries Holdings, Inc.   58    3,514 
Corteva, Inc.   200    9,000 
Dow, Inc.   203    11,151 
DuPont de Nemours, Inc.   142    10,502 
Eastman Chemical Co.   37    3,859 
Ecolab, Inc.   68    15,060 
FMC Corp.   35    3,507 
International Flavors & Fragrances, Inc.   68    9,667 
Linde plc   141    44,858 
LyondellBasell Industries NV, Class A   73    6,360 
Mosaic Co. (The)   101    3,456 
PPG Industries, Inc.   65    10,021 
Sherwin-Williams Co. (The)   66    21,862 
         183,132 
Commercial Services & Supplies - 0.5%
Cintas Corp.   23    9,711 
Copart, Inc.*   58    8,419 
Republic Services, Inc.   57    7,539 
Rollins, Inc.   61    2,030 
Waste Management, Inc.   106    17,031 
         44,730 
Communications Equipment - 1.0%
Arista Networks, Inc.*   60    7,444 
Cisco Systems, Inc.   1,149    63,011 
F5, Inc.*   16    3,641 
Juniper Networks, Inc.   88    2,740 
Motorola Solutions, Inc.   46    11,646 
         88,482 
Construction & Engineering - 0.0%(a)
Quanta Services, Inc.   38    4,324 
           
Construction Materials - 0.1%
Martin Marietta Materials, Inc.   16    6,456 
Vulcan Materials Co.   36    6,899 
         13,355 
Containers & Packaging - 0.3%
Amcor plc   419    4,743 
Avery Dennison Corp.   22    4,511 
Ball Corp.   89    8,317 
International Paper Co.   106    4,825 
Packaging Corp. of America   25    3,265 
Sealed Air Corp.   40    2,485 
WestRock Co.   72    3,124 
         31,270 
Distributors - 0.2%
Genuine Parts Co.   39    4,982 
LKQ Corp.   73    4,081 
Pool Corp.   11    6,095 
         15,158 
Diversified Telecommunication Services - 1.1%
AT&T, Inc.   1,948    44,473 
Lumen Technologies, Inc.   270    3,331 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Financials ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Verizon Communications, Inc.   1,129    56,755 
         104,559 
Electric Utilities - 1.8%
Alliant Energy Corp.   67    3,671 
American Electric Power Co., Inc.   135    10,942 
Duke Energy Corp.   209    20,275 
Edison International   103    6,724 
Entergy Corp.   55    5,519 
Evergy, Inc.   62    3,925 
Eversource Energy   93    7,651 
Exelon Corp.   266    14,026 
FirstEnergy Corp.   148    5,574 
NextEra Energy, Inc.   535    46,427 
NRG Energy, Inc.   66    2,377 
Pinnacle West Capital Corp.   30    1,951 
PPL Corp.   209    5,816 
Southern Co. (The)   288    17,597 
Xcel Energy, Inc.   146    9,305 
         161,780 
Electrical Equipment - 0.6%
AMETEK, Inc.   64    8,736 
Eaton Corp. plc   109    17,665 
Emerson Electric Co.   162    14,230 
Generac Holdings, Inc.*   16    6,740 
Rockwell Automation, Inc.   31    10,422 
         57,793 
Electronic Equipment, Instruments & Components - 0.8%
Amphenol Corp., Class A   162    13,054 
CDW Corp.   38    7,196 
Corning, Inc.   209    7,752 
IPG Photonics Corp.*   10    1,642 
Keysight Technologies, Inc.*   50    9,724 
TE Connectivity Ltd.   89    13,700 
Teledyne Technologies, Inc.*   12    4,983 
Trimble, Inc.*   69    5,925 
Zebra Technologies Corp., Class A*   14    8,243 
         72,219 
Energy Equipment & Services - 0.2%
Baker Hughes Co.   226    5,275 
Halliburton Co.   243    5,246 
Schlumberger NV   380    10,899 
         21,420 
Entertainment - 2.0%
Activision Blizzard, Inc.   211    12,365 
Electronic Arts, Inc.   78    9,689 
Live Nation Entertainment, Inc.*   36    3,840 
Netflix, Inc.*   121    77,670 
Take-Two Interactive Software, Inc.*   31    5,142 
Walt Disney Co. (The)*   496    71,870 
         180,576 
Food & Staples Retailing - 1.6%
Costco Wholesale Corp.   121    65,265 
Kroger Co. (The)   185    7,683 
Sysco Corp.   139    9,735 
Walgreens Boots Alliance, Inc.   196    8,781 
Walmart, Inc.   390    54,846 
         146,310 
Food Products - 1.0%
Archer-Daniels-Midland Co.   152    9,456 
Campbell Soup Co.   55    2,218 
Conagra Brands, Inc.   131    4,002 
General Mills, Inc.   164    10,130 
Hershey Co. (The)   40    7,100 
Hormel Foods Corp.   76    3,146 
J M Smucker Co. (The)   29    3,668 
Kellogg Co.   69    4,221 
Kraft Heinz Co. (The)   194    6,520 
Lamb Weston Holdings, Inc.   39    2,025 
McCormick & Co., Inc. (Non-Voting)   68    5,836 
Mondelez International, Inc., Class A   381    22,456 
Tyson Foods, Inc., Class A   79    6,238 
         87,016 
Gas Utilities - 0.0%(a)
Atmos Energy Corp.   36    3,251 
           
Health Care Equipment & Supplies - 3.3%
Abbott Laboratories   484    60,873 
ABIOMED, Inc.*   12    3,777 
Align Technology, Inc.*   20    12,230 
Baxter International, Inc.   135    10,067 
Becton Dickinson and Co.   78    18,497 
Boston Scientific Corp.*   387    14,733 
Cooper Cos., Inc. (The)   13    4,894 
DENTSPLY SIRONA, Inc.   58    2,827 
Dexcom, Inc.*   26    14,627 
Edwards Lifesciences Corp.*   170    18,243 
Hologic, Inc.*   68    5,082 
IDEXX Laboratories, Inc.*   23    13,986 
Intuitive Surgical, Inc.*   97    31,461 
Medtronic plc   367    39,159 
ResMed, Inc.   40    10,194 
STERIS plc   26    5,682 
Stryker Corp.   92    21,770 
Teleflex, Inc.   12    3,569 
Zimmer Biomet Holdings, Inc.   57    6,817 
         298,488 
Health Care Providers & Services - 2.9%
AmerisourceBergen Corp.   41    4,746 
Anthem, Inc.   67    27,217 
Cardinal Health, Inc.   78    3,606 
Centene Corp.*   159    11,354 
Cigna Corp.   93    17,847 
CVS Health Corp.   360    32,062 
DaVita, Inc.*   17    1,606 
HCA Healthcare, Inc.   67    15,114 
Henry Schein, Inc.*   37    2,629 
Humana, Inc.   35    14,690 
Laboratory Corp. of America Holdings*   26    7,419 
McKesson Corp.   42    9,104 
Quest Diagnostics, Inc.   34    5,055 
UnitedHealth Group, Inc.   258    114,609 
Universal Health Services, Inc., Class B   21    2,493 
         269,551 
Health Care Technology - 0.1%
Cerner Corp.   80    5,636 
           
Hotels, Restaurants & Leisure - 2.1%
Booking Holdings, Inc.*   11    23,120 
Caesars Entertainment, Inc.*   58    5,224 
Carnival Corp.*(b)   217    3,824 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Financials ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Chipotle Mexican Grill, Inc.*   7    11,504 
Darden Restaurants, Inc.   36    4,966 
Domino's Pizza, Inc.   10    5,241 
Expedia Group, Inc.*   40    6,444 
Hilton Worldwide Holdings, Inc.*   76    10,265 
Las Vegas Sands Corp.*   93    3,313 
Marriott International, Inc., Class A*   75    11,067 
McDonald's Corp.   204    49,898 
MGM Resorts International   109    4,314 
Norwegian Cruise Line Holdings Ltd.*(b)   101    1,971 
Penn National Gaming, Inc.*   45    2,305 
Royal Caribbean Cruises Ltd.*   61    4,259 
Starbucks Corp.   321    35,195 
Wynn Resorts Ltd.*(b)   29    2,349 
Yum! Brands, Inc.   81    9,950 
         195,209 
Household Durables - 0.4%
DR Horton, Inc.   89    8,695 
Garmin Ltd.   41    5,475 
Leggett & Platt, Inc.   36    1,454 
Lennar Corp., Class A   75    7,879 
Mohawk Industries, Inc.*   15    2,518 
Newell Brands, Inc.   103    2,212 
NVR, Inc.*   1    5,225 
PulteGroup, Inc.   69    3,452 
Whirlpool Corp.   16    3,484 
         40,394 
Household Products - 1.5%
Church & Dwight Co., Inc.   67    5,988 
Clorox Co. (The)   34    5,537 
Colgate-Palmolive Co.   229    17,180 
Kimberly-Clark Corp.   92    11,988 
Procter & Gamble Co. (The)   663    95,857 
         136,550 
Independent Power and Renewable Electricity Producers - 0.0%(a)
AES Corp. (The)   181    4,232 
           
Industrial Conglomerates - 1.2%
3M Co.   158    26,866 
General Electric Co.   299    28,402 
Honeywell International, Inc.   189    38,224 
Roper Technologies, Inc.   29    13,460 
         106,952 
Interactive Media & Services - 7.5%
Alphabet, Inc., Class A*   83    235,550 
Alphabet, Inc., Class C*   77    219,376 
Match Group, Inc.*   76    9,879 
Meta Platforms, Inc., Class A*   651    211,224 
Twitter, Inc.*   217    9,535 
         685,564 
Internet & Direct Marketing Retail - 4.8%
Amazon.com, Inc.*   120    420,848 
eBay, Inc.   177    11,941 
Etsy, Inc.*   35    9,610 
         442,399 
IT Services - 4.8%
Accenture plc, Class A   173    61,830 
Akamai Technologies, Inc.*   45    5,072 
Automatic Data Processing, Inc.   116    26,783 
Broadridge Financial Solutions, Inc.   31    5,226 
Cognizant Technology Solutions Corp., Class A   143    11,151 
DXC Technology Co.*   68    2,039 
Fidelity National Information Services, Inc.   169    17,660 
Fiserv, Inc.*   163    15,733 
FleetCor Technologies, Inc.*   22    4,557 
Gartner, Inc.*   22    6,869 
Global Payments, Inc.   80    9,523 
International Business Machines Corp.   245    28,690 
Jack Henry & Associates, Inc.   20    3,033 
Mastercard, Inc., Class A   238    74,951 
Paychex, Inc.   87    10,370 
PayPal Holdings, Inc.*   320    59,165 
VeriSign, Inc.*   26    6,238 
Visa, Inc., Class A   461    89,328 
Western Union Co. (The)   110    1,740 
         439,958 
Leisure Products - 0.0%(a)
Hasbro, Inc.   36    3,489 
           
Life Sciences Tools & Services - 2.3%
Agilent Technologies, Inc.   83    12,525 
Bio-Rad Laboratories, Inc., Class A*   5    3,766 
Bio-Techne Corp.   11    5,192 
Charles River Laboratories International, Inc.*   13    4,756 
Danaher Corp.   173    55,644 
Illumina, Inc.*   40    14,613 
IQVIA Holdings, Inc.*   53    13,734 
Mettler-Toledo International, Inc.*   6    9,085 
PerkinElmer, Inc.   30    5,465 
Thermo Fisher Scientific, Inc.   107    67,713 
Waters Corp.*   16    5,249 
West Pharmaceutical Services, Inc.   20    8,853 
         206,595 
Machinery - 1.7%
Caterpillar, Inc.   150    29,003 
Cummins, Inc.   39    8,180 
Deere & Co.   77    26,607 
Dover Corp.   39    6,390 
Fortive Corp.   97    7,165 
IDEX Corp.   21    4,716 
Illinois Tool Works, Inc.   78    18,108 
Ingersoll Rand, Inc.   110    6,418 
Otis Worldwide Corp.   115    9,246 
PACCAR, Inc.   94    7,842 
Parker-Hannifin Corp.   36    10,874 
Pentair plc(b)   45    3,316 
Snap-on, Inc.   14    2,883 
Stanley Black & Decker, Inc.   45    7,864 
Westinghouse Air Brake Technologies Corp.   51    4,527 
Xylem, Inc.   49    5,934 
         159,073 
Media - 1.2%
Charter Communications, Inc., Class A*(b)   35    22,620 
Comcast Corp., Class A   1,251    62,525 
Discovery, Inc., Class A*(b)   45    1,047 
Discovery, Inc., Class C*   82    1,862 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Financials ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
DISH Network Corp., Class A*   67    2,094 
Fox Corp., Class A   87    3,107 
Fox Corp., Class B   39    1,310 
Interpublic Group of Cos., Inc. (The)   106    3,518 
News Corp., Class A   106    2,292 
News Corp., Class B   33    711 
Omnicom Group, Inc.   57    3,837 
ViacomCBS, Inc.   164    5,076 
         109,999 
Metals & Mining - 0.4%
Freeport-McMoRan, Inc.   399    14,795 
Newmont Corp.   217    11,917 
Nucor Corp.   80    8,501 
         35,213 
Multiline Retail - 0.6%
Dollar General Corp.   65    14,385 
Dollar Tree, Inc.*   64    8,565 
Target Corp.   135    32,918 
         55,868 
Multi-Utilities - 0.8%
Ameren Corp.   70    5,711 
CenterPoint Energy, Inc.   161    4,171 
CMS Energy Corp.   78    4,590 
Consolidated Edison, Inc.   95    7,376 
Dominion Energy, Inc.   220    15,664 
DTE Energy Co.   53    5,742 
NiSource, Inc.   106    2,598 
Public Service Enterprise Group, Inc.   138    8,624 
Sempra Energy   87    10,429 
WEC Energy Group, Inc.   86    7,476 
         72,381 
Oil, Gas & Consumable Fuels - 2.9%
APA Corp.   102    2,629 
Chevron Corp.   528    59,595 
ConocoPhillips   366    25,668 
Coterra Energy, Inc.   221    4,438 
Devon Energy Corp.   171    7,192 
Diamondback Energy, Inc.   47    5,016 
EOG Resources, Inc.   159    13,833 
Exxon Mobil Corp.   1,155    69,115 
Hess Corp.   74    5,515 
Kinder Morgan, Inc.   531    8,209 
Marathon Oil Corp.   214    3,315 
Marathon Petroleum Corp.   173    10,527 
Occidental Petroleum Corp.   242    7,175 
ONEOK, Inc.   121    7,241 
Phillips 66   119    8,231 
Pioneer Natural Resources Co.   63    11,234 
Valero Energy Corp.   111    7,430 
Williams Cos., Inc. (The)   330    8,841 
         265,204 
Personal Products - 0.2%
Estee Lauder Cos., Inc. (The), Class A   64    21,252 
           
Pharmaceuticals - 4.1%
Bristol-Myers Squibb Co.   606    32,500 
Catalent, Inc.*   47    6,047 
Eli Lilly & Co.   217    53,825 
Johnson & Johnson   719    112,114 
Merck & Co., Inc.   690    51,688 
Organon & Co.   68    1,987 
Pfizer, Inc.   1,531    82,260 
Viatris, Inc.   329    4,050 
Zoetis, Inc.   130    28,865 
         373,336 
Professional Services - 0.5%
Equifax, Inc.   34    9,474 
IHS Markit Ltd.   109    13,932 
Jacobs Engineering Group, Inc.   36    5,132 
Leidos Holdings, Inc.   39    3,429 
Nielsen Holdings plc   97    1,859 
Robert Half International, Inc.   30    3,335 
Verisk Analytics, Inc.   44    9,894 
         47,055 
Road & Rail - 1.1%
CSX Corp.   615    21,316 
JB Hunt Transport Services, Inc.   23    4,397 
Kansas City Southern   24    6,980 
Norfolk Southern Corp.   67    17,773 
Old Dominion Freight Line, Inc.   25    8,879 
Union Pacific Corp.   179    42,180 
         101,525 
Semiconductors & Semiconductor Equipment - 7.7%
Advanced Micro Devices, Inc.*   331    52,420 
Analog Devices, Inc.   147    26,497 
Applied Materials, Inc.   250    36,798 
Broadcom, Inc.   112    62,012 
Enphase Energy, Inc.*   37    9,250 
Intel Corp.   1,107    54,464 
KLA Corp.   41    16,733 
Lam Research Corp.   39    26,514 
Microchip Technology, Inc.   150    12,514 
Micron Technology, Inc.   306    25,704 
Monolithic Power Systems, Inc.   12    6,642 
NVIDIA Corp.   680    222,197 
NXP Semiconductors NV   73    16,305 
Qorvo, Inc.*   30    4,387 
QUALCOMM, Inc.   307    55,432 
Skyworks Solutions, Inc.   45    6,825 
Teradyne, Inc.   45    6,879 
Texas Instruments, Inc.   253    48,670 
Xilinx, Inc.   68    15,535 
         705,778 
Software - 11.5%
Adobe, Inc.*   131    87,750 
ANSYS, Inc.*   23    9,004 
Autodesk, Inc.*   60    15,251 
Cadence Design Systems, Inc.*   76    13,487 
Ceridian HCM Holding, Inc.*   37    4,048 
Citrix Systems, Inc.   34    2,735 
Fortinet, Inc.*   37    12,288 
Intuit, Inc.   75    48,923 
Microsoft Corp.   2,051    678,040 
NortonLifeLock, Inc.   158    3,926 
Oracle Corp.   449    40,742 
Paycom Software, Inc.*   13    5,687 
PTC, Inc.*   29    3,178 
salesforce.com, Inc.*   266    75,799 
ServiceNow, Inc.*   54    34,976 
Synopsys, Inc.*   41    13,981 
Tyler Technologies, Inc.*   11    5,709 
         1,055,524 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Financials ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
Specialty Retail - 2.8%
Advance Auto Parts, Inc.   17    3,752 
AutoZone, Inc.*   5    9,085 
Bath & Body Works, Inc.   72    5,409 
Best Buy Co., Inc.   61    6,518 
CarMax, Inc.*   45    6,356 
Gap, Inc. (The)   58    959 
Home Depot, Inc. (The)   291    116,578 
Lowe's Cos., Inc.   193    47,206 
O'Reilly Automotive, Inc.*   18    11,487 
Ross Stores, Inc.   97    10,582 
TJX Cos., Inc. (The)   329    22,833 
Tractor Supply Co.   31    6,985 
Ulta Beauty, Inc.*   14    5,375 
         253,125 
Technology Hardware, Storage & Peripherals - 8.1%
Apple, Inc.   4,287    708,640 
Hewlett Packard Enterprise Co.   356    5,109 
HP, Inc.   327    11,536 
NetApp, Inc.   61    5,422 
Seagate Technology Holdings plc   57    5,852 
Western Digital Corp.*   83    4,801 
         741,360 
Textiles, Apparel & Luxury Goods - 0.8%
Hanesbrands, Inc.   94    1,518 
NIKE, Inc., Class B   349    59,065 
PVH Corp.   19    2,029 
Ralph Lauren Corp.   13    1,509 
Tapestry, Inc.   75    3,009 
Under Armour, Inc., Class A*   50    1,179 
Under Armour, Inc., Class C*   56    1,124 
VF Corp.   88    6,312 
         75,745 
Tobacco - 0.6%
Altria Group, Inc.   502    21,405 
Philip Morris International, Inc.   425    36,525 
         57,930 
Trading Companies & Distributors - 0.2%
Fastenal Co.   157    9,289 
United Rentals, Inc.*   20    6,775 
WW Grainger, Inc.   12    5,777 
         21,841 
Water Utilities - 0.1%
American Water Works Co., Inc.   49    8,260 
           
Wireless Telecommunication Services - 0.2%
T-Mobile US, Inc.*   161    17,518 
           
TOTAL COMMON STOCKS
(Cost $8,253,991)		        9,149,094 
           
SECURITIES LENDING REINVESTMENTS(c) - 0.0%(a)
           
INVESTMENT COMPANIES - 0.0%(a)
BlackRock Liquidity FedFund, Institutional Class 0.03% (Cost $979)   979    979 

 

Investments  Principal
Amount ($)		   Value ($) 
         
SHORT-TERM INVESTMENTS - 0.3%
           
REPURCHASE AGREEMENTS(d) - 0.3%
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $27,457          
(Cost $27,457)   27,457    27,457 
           
Total Investments - 99.9%
(Cost $8,282,427)		        9,177,530 
Other assets less liabilities - 0.1%        9,176 
Net Assets - 100.0%        9,186,706 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Financials ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

* Non-income producing security.
(a) Represents less than 0.05% of net assets.
(b) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $26,139, collateralized in the form of cash with a value of $979 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $27,259 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.88%, and maturity dates ranging from December 9, 2021 – May 15, 2051. The total value of collateral is $28,238.
(c) The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $979.
(d) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation  $1,260,032 
Aggregate gross unrealized depreciation   (371,827)
Net unrealized appreciation  $888,205 
Federal income tax cost  $8,289,325 

 

See accompanying notes to the financial statements.

 

 

 

 

 

S&P 500® Ex-Health Care ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
COMMON STOCKS - 99.7%
           
Aerospace & Defense - 1.5%
Boeing Co. (The)*   71    14,047 
General Dynamics Corp.   30    5,669 
Howmet Aerospace, Inc.   48    1,350 
Huntington Ingalls Industries, Inc.   5    888 
L3Harris Technologies, Inc.   26    5,436 
Lockheed Martin Corp.   32    10,666 
Northrop Grumman Corp.   19    6,627 
Raytheon Technologies Corp.   193    15,618 
Textron, Inc.   29    2,053 
TransDigm Group, Inc.*   7    4,047 
         66,401 
Air Freight & Logistics - 0.7%
CH Robinson Worldwide, Inc.   17    1,616 
Expeditors International of Washington, Inc.   22    2,676 
FedEx Corp.   32    7,372 
United Parcel Service, Inc., Class B   93    18,448 
         30,112 
Airlines - 0.2%
Alaska Air Group, Inc.*   16    777 
American Airlines Group, Inc.*   82    1,451 
Delta Air Lines, Inc.*   81    2,932 
Southwest Airlines Co.*   75    3,330 
United Airlines Holdings, Inc.*   40    1,690 
         10,180 
Auto Components - 0.2%
Aptiv plc*   35    5,612 
BorgWarner, Inc.   30    1,299 
         6,911 
Automobiles - 3.2%
Ford Motor Co.   501    9,614 
General Motors Co.*   185    10,706 
Tesla, Inc.*   104    119,055 
         139,375 
Banks - 4.7%
Bank of America Corp.   947    42,113 
Citigroup, Inc.   259    16,498 
Citizens Financial Group, Inc.   54    2,552 
Comerica, Inc.   17    1,403 
Fifth Third Bancorp   87    3,667 
First Republic Bank   23    4,822 
Huntington Bancshares, Inc.   188    2,790 
JPMorgan Chase & Co.   383    60,832 
KeyCorp   122    2,738 
M&T Bank Corp.   16    2,346 
People's United Financial, Inc.   54    920 
PNC Financial Services Group, Inc. (The)   54    10,638 
Regions Financial Corp.   121    2,753 
SVB Financial Group*   8    5,539 
Truist Financial Corp.   170    10,083 
US Bancorp   172    9,518 
Wells Fargo & Co.   525    25,084 
Zions Bancorp NA   21    1,325 
         205,621 
Beverages - 1.5%
Brown-Forman Corp., Class B   23    1,618 
Coca-Cola Co. (The)   497    26,068 
Constellation Brands, Inc., Class A   22    4,957 
Molson Coors Beverage Co., Class B   23    1,022 
Monster Beverage Corp.*   48    4,022 
PepsiCo, Inc.   177    28,281 
         65,968 
Building Products - 0.6%
A O Smith Corp.   17    1,344 
Allegion plc   11    1,360 
Carrier Global Corp.   110    5,953 
Fortune Brands Home & Security, Inc.   18    1,810 
Johnson Controls International plc   91    6,803 
Masco Corp.   32    2,109 
Trane Technologies plc   30    5,599 
         24,978 
Capital Markets - 3.4%
Ameriprise Financial, Inc.   15    4,344 
Bank of New York Mellon Corp. (The)   101    5,534 
BlackRock, Inc.   18    16,283 
Cboe Global Markets, Inc.   14    1,805 
Charles Schwab Corp. (The)   192    14,859 
CME Group, Inc.   46    10,144 
Franklin Resources, Inc.   35    1,134 
Goldman Sachs Group, Inc. (The)   43    16,383 
Intercontinental Exchange, Inc.   72    9,412 
Invesco Ltd.   43    960 
MarketAxess Holdings, Inc.   5    1,763 
Moody's Corp.   21    8,203 
Morgan Stanley   187    17,731 
MSCI, Inc.   11    6,924 
Nasdaq, Inc.   15    3,048 
Northern Trust Corp.   27    3,124 
Raymond James Financial, Inc.   24    2,359 
S&P Global, Inc.   31    14,128 
State Street Corp.   47    4,182 
T. Rowe Price Group, Inc.   29    5,799 
         148,119 
Chemicals - 2.0%
Air Products and Chemicals, Inc.   28    8,048 
Albemarle Corp.   15    3,997 
Celanese Corp.   14    2,119 
CF Industries Holdings, Inc.   27    1,636 
Corteva, Inc.   93    4,185 
Dow, Inc.   95    5,218 
DuPont de Nemours, Inc.   67    4,955 
Eastman Chemical Co.   17    1,773 
Ecolab, Inc.   32    7,087 
FMC Corp.   16    1,603 
International Flavors & Fragrances, Inc.   32    4,550 
Linde plc   66    20,997 
LyondellBasell Industries NV, Class A   34    2,963 
Mosaic Co. (The)   47    1,608 
PPG Industries, Inc.   30    4,625 
Sherwin-Williams Co. (The)   31    10,269 
         85,633 
Commercial Services & Supplies - 0.5%
Cintas Corp.   11    4,644 
Copart, Inc.*   27    3,919 
Republic Services, Inc.   27    3,571 
Rollins, Inc.   28    932 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Health Care ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Waste Management, Inc.   50    8,034 
         21,100 
Communications Equipment - 1.0%
Arista Networks, Inc.*   28    3,474 
Cisco Systems, Inc.   539    29,559 
F5, Inc.*   8    1,820 
Juniper Networks, Inc.   41    1,276 
Motorola Solutions, Inc.   22    5,570 
         41,699 
Construction & Engineering - 0.0%(a)
Quanta Services, Inc.   18    2,048 
           
Construction Materials - 0.2%
Martin Marietta Materials, Inc.   8    3,228 
Vulcan Materials Co.   17    3,258 
         6,486 
Consumer Finance - 0.6%
American Express Co.   82    12,489 
Capital One Financial Corp.   57    8,010 
Discover Financial Services   38    4,098 
Synchrony Financial   72    3,225 
         27,822 
Containers & Packaging - 0.3%
Amcor plc   196    2,219 
Avery Dennison Corp.   11    2,256 
Ball Corp.   42    3,925 
International Paper Co.   49    2,230 
Packaging Corp. of America   12    1,567 
Sealed Air Corp.   19    1,180 
WestRock Co.   33    1,432 
         14,809 
Distributors - 0.2%
Genuine Parts Co.   18    2,299 
LKQ Corp.   34    1,901 
Pool Corp.   5    2,771 
         6,971 
Diversified Financial Services - 1.5%
Berkshire Hathaway, Inc., Class B*   237    65,576 
           
Diversified Telecommunication Services - 1.1%
AT&T, Inc.   913    20,843 
Lumen Technologies, Inc.   126    1,555 
Verizon Communications, Inc.   529    26,593 
         48,991 
Electric Utilities - 1.8%
Alliant Energy Corp.   32    1,753 
American Electric Power Co., Inc.   64    5,187 
Duke Energy Corp.   98    9,507 
Edison International   49    3,199 
Entergy Corp.   26    2,609 
Evergy, Inc.   29    1,836 
Eversource Energy   44    3,620 
Exelon Corp.   124    6,538 
FirstEnergy Corp.   69    2,598 
NextEra Energy, Inc.   251    21,782 
NRG Energy, Inc.   30    1,081 
Pinnacle West Capital Corp.   14    911 
PPL Corp.   98    2,727 
Southern Co. (The)   136    8,310 
Xcel Energy, Inc.   69    4,397 
         76,055 
Electrical Equipment - 0.6%
AMETEK, Inc.   30    4,095 
Eaton Corp. plc   51    8,265 
Emerson Electric Co.   77    6,764 
Generac Holdings, Inc.*   8    3,370 
Rockwell Automation, Inc.   15    5,043 
         27,537 
Electronic Equipment, Instruments & Components - 0.8%
Amphenol Corp., Class A   77    6,205 
CDW Corp.   18    3,408 
Corning, Inc.   97    3,598 
IPG Photonics Corp.*   5    821 
Keysight Technologies, Inc.*   24    4,667 
TE Connectivity Ltd.   42    6,465 
Teledyne Technologies, Inc.*   6    2,492 
Trimble, Inc.*   32    2,748 
Zebra Technologies Corp., Class A*   7    4,121 
         34,525 
Energy Equipment & Services - 0.2%
Baker Hughes Co.   105    2,451 
Halliburton Co.   113    2,439 
Schlumberger NV   178    5,105 
         9,995 
Entertainment - 2.0%
Activision Blizzard, Inc.   100    5,860 
Electronic Arts, Inc.   36    4,472 
Live Nation Entertainment, Inc.*   17    1,813 
Netflix, Inc.*   57    36,588 
Take-Two Interactive Software, Inc.*   15    2,488 
Walt Disney Co. (The)*   233    33,762 
         84,983 
Equity Real Estate Investment Trusts (REITs) - 2.9%
Alexandria Real Estate Equities, Inc.   18    3,601 
American Tower Corp.   58    15,224 
AvalonBay Communities, Inc.   18    4,300 
Boston Properties, Inc.   18    1,941 
Crown Castle International Corp.   55    9,991 
Digital Realty Trust, Inc.   36    6,039 
Duke Realty Corp.   47    2,741 
Equinix, Inc.   11    8,934 
Equity Residential   44    3,754 
Essex Property Trust, Inc.   8    2,715 
Extra Space Storage, Inc.   17    3,400 
Federal Realty Investment Trust   9    1,104 
Healthpeak Properties, Inc.   68    2,234 
Host Hotels & Resorts, Inc.*   90    1,413 
Iron Mountain, Inc.   36    1,636 
Kimco Realty Corp.   78    1,749 
Mid-America Apartment Communities, Inc.   15    3,094 
Prologis, Inc.   95    14,321 
Public Storage   20    6,548 
Realty Income Corp.   70    4,754 
Regency Centers Corp.   20    1,387 
SBA Communications Corp.   14    4,813 
Simon Property Group, Inc.   42    6,419 
UDR, Inc.   35    1,986 
Ventas, Inc.   49    2,299 
Vornado Realty Trust   19    763 
Welltower, Inc.   54    4,299 
Weyerhaeuser Co.   95    3,573 
         125,032 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Health Care ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
Food & Staples Retailing - 1.6%
Costco Wholesale Corp.   57    30,745 
Kroger Co. (The)   86    3,571 
Sysco Corp.   66    4,623 
Walgreens Boots Alliance, Inc.   91    4,077 
Walmart, Inc.   183    25,735 
         68,751 
Food Products - 0.9%
Archer-Daniels-Midland Co.   72    4,479 
Campbell Soup Co.   25    1,008 
Conagra Brands, Inc.   61    1,864 
General Mills, Inc.   77    4,756 
Hershey Co. (The)   19    3,372 
Hormel Foods Corp.   35    1,449 
J M Smucker Co. (The)   14    1,771 
Kellogg Co.   33    2,019 
Kraft Heinz Co. (The)   91    3,059 
Lamb Weston Holdings, Inc.   19    987 
McCormick & Co., Inc. (Non-Voting)   32    2,746 
Mondelez International, Inc., Class A   178    10,491 
Tyson Foods, Inc., Class A   38    3,000 
         41,001 
Gas Utilities - 0.0%(a)
Atmos Energy Corp.   17    1,535 
           
Hotels, Restaurants & Leisure - 2.1%
Booking Holdings, Inc.*   5    10,509 
Caesars Entertainment, Inc.*   27    2,432 
Carnival Corp.*(b)   101    1,780 
Chipotle Mexican Grill, Inc.*   4    6,574 
Darden Restaurants, Inc.   17    2,345 
Domino's Pizza, Inc.   5    2,621 
Expedia Group, Inc.*   19    3,061 
Hilton Worldwide Holdings, Inc.*   36    4,862 
Las Vegas Sands Corp.*   43    1,532 
Marriott International, Inc., Class A*   35    5,164 
McDonald's Corp.   96    23,481 
MGM Resorts International   50    1,979 
Norwegian Cruise Line Holdings Ltd.*   46    897 
Penn National Gaming, Inc.*   21    1,076 
Royal Caribbean Cruises Ltd.*   29    2,025 
Starbucks Corp.   151    16,556 
Wynn Resorts Ltd.*(b)   13    1,053 
Yum! Brands, Inc.   38    4,668 
         92,615 
Household Durables - 0.4%
DR Horton, Inc.   42    4,104 
Garmin Ltd.   19    2,537 
Leggett & Platt, Inc.   16    646 
Lennar Corp., Class A   35    3,677 
Mohawk Industries, Inc.*   7    1,175 
Newell Brands, Inc.   47    1,009 
PulteGroup, Inc.   32    1,601 
Whirlpool Corp.   8    1,742 
         16,491 
Household Products - 1.5%
Church & Dwight Co., Inc.   31    2,771 
Clorox Co. (The)   16    2,606 
Colgate-Palmolive Co.   108    8,102 
Kimberly-Clark Corp.   43    5,603 
Procter & Gamble Co. (The)   311    44,964 
         64,046 
Independent Power and Renewable Electricity Producers - 0.0%(a)
AES Corp. (The)   84    1,964 
           
Industrial Conglomerates - 1.2%
3M Co.   74    12,583 
General Electric Co.   141    13,394 
Honeywell International, Inc.   88    17,797 
Roper Technologies, Inc.   14    6,498 
         50,272 
Insurance - 2.1%
Aflac, Inc.   78    4,223 
Allstate Corp. (The)   38    4,131 
American International Group, Inc.   109    5,733 
Aon plc, Class A   29    8,577 
Arthur J Gallagher & Co.   26    4,235 
Assurant, Inc.   8    1,217 
Brown & Brown, Inc.   30    1,932 
Chubb Ltd.   56    10,050 
Cincinnati Financial Corp.   19    2,164 
Everest Re Group Ltd.   5    1,282 
Globe Life, Inc.   12    1,039 
Hartford Financial Services Group, Inc. (The)   44    2,908 
Lincoln National Corp.   23    1,526 
Loews Corp.   25    1,337 
Marsh & McLennan Cos., Inc.   65    10,661 
MetLife, Inc.   92    5,397 
Principal Financial Group, Inc.   32    2,195 
Progressive Corp. (The)   75    6,971 
Prudential Financial, Inc.   50    5,113 
Travelers Cos., Inc. (The)   32    4,702 
W R Berkley Corp.   18    1,380 
Willis Towers Watson plc   17    3,839 
         90,612 
Interactive Media & Services - 7.4%
Alphabet, Inc., Class A*   39    110,680 
Alphabet, Inc., Class C*   36    102,565 
Match Group, Inc.*   35    4,550 
Meta Platforms, Inc., Class A*   305    98,960 
Twitter, Inc.*   102    4,482 
         321,237 
Internet & Direct Marketing Retail - 4.8%
Amazon.com, Inc.*   56    196,396 
eBay, Inc.   83    5,599 
Etsy, Inc.*   16    4,393 
         206,388 
IT Services - 4.8%
Accenture plc, Class A   81    28,949 
Akamai Technologies, Inc.*   21    2,367 
Automatic Data Processing, Inc.   54    12,468 
Broadridge Financial Solutions, Inc.   15    2,529 
Cognizant Technology Solutions Corp., Class A   67    5,225 
DXC Technology Co.*   31    930 
Fidelity National Information Services, Inc.   79    8,255 
Fiserv, Inc.*   76    7,336 
FleetCor Technologies, Inc.*   11    2,278 
Gartner, Inc.*   11    3,435 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Health Care ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
Global Payments, Inc.   38    4,524 
International Business Machines Corp.   115    13,466 
Jack Henry & Associates, Inc.   10    1,516 
Mastercard, Inc., Class A   112    35,271 
Paychex, Inc.   41    4,887 
PayPal Holdings, Inc.*   151    27,918 
VeriSign, Inc.*   12    2,879 
Visa, Inc., Class A   216    41,854 
Western Union Co. (The)   51    807 
         206,894 
Leisure Products - 0.0%(a)
Hasbro, Inc.   17    1,648 
           
Machinery - 1.7%
Caterpillar, Inc.   70    13,535 
Cummins, Inc.   18    3,776 
Deere & Co.   36    12,439 
Dover Corp.   18    2,949 
Fortive Corp.   46    3,398 
IDEX Corp.   10    2,246 
Illinois Tool Works, Inc.   37    8,590 
Ingersoll Rand, Inc.   51    2,975 
Otis Worldwide Corp.   55    4,422 
PACCAR, Inc.   44    3,670 
Parker-Hannifin Corp.   17    5,135 
Pentair plc(b)   21    1,548 
Snap-on, Inc.   7    1,441 
Stanley Black & Decker, Inc.   21    3,670 
Westinghouse Air Brake Technologies Corp.   24    2,130 
Xylem, Inc.   23    2,786 
         74,710 
Media - 1.2%
Charter Communications, Inc., Class A*(b)   16    10,341 
Comcast Corp., Class A   586    29,288 
Discovery, Inc., Class A*(b)   21    489 
Discovery, Inc., Class C*   38    863 
DISH Network Corp., Class A*   31    969 
Fox Corp., Class A   40    1,428 
Fox Corp., Class B   18    605 
Interpublic Group of Cos., Inc. (The)   49    1,626 
News Corp., Class A   49    1,059 
News Corp., Class B   16    345 
Omnicom Group, Inc.   27    1,817 
ViacomCBS, Inc.   77    2,383 
         51,213 
Metals & Mining - 0.4%
Freeport-McMoRan, Inc.   187    6,934 
Newmont Corp.   101    5,547 
Nucor Corp.   38    4,038 
         16,519 
Multiline Retail - 0.6%
Dollar General Corp.   30    6,639 
Dollar Tree, Inc.*   30    4,015 
Target Corp.   63    15,362 
         26,016 
Multi-Utilities - 0.8%
Ameren Corp.   33    2,692 
CenterPoint Energy, Inc.   75    1,943 
CMS Energy Corp.   37    2,177 
Consolidated Edison, Inc.   45    3,494 
Dominion Energy, Inc.   104    7,405 
DTE Energy Co.   25    2,709 
NiSource, Inc.   49    1,201 
Public Service Enterprise Group, Inc.   65    4,062 
Sempra Energy   41    4,915 
WEC Energy Group, Inc.   40    3,477 
         34,075 
Oil, Gas & Consumable Fuels - 2.9%
APA Corp.   47    1,211 
Chevron Corp.   248    27,992 
ConocoPhillips   171    11,992 
Coterra Energy, Inc.   104    2,088 
Devon Energy Corp.   80    3,365 
Diamondback Energy, Inc.   22    2,348 
EOG Resources, Inc.   75    6,525 
Exxon Mobil Corp.   541    32,373 
Hess Corp.   35    2,608 
Kinder Morgan, Inc.   249    3,850 
Marathon Oil Corp.   101    1,565 
Marathon Petroleum Corp.   81    4,929 
Occidental Petroleum Corp.   113    3,351 
ONEOK, Inc.   56    3,351 
Phillips 66   56    3,874 
Pioneer Natural Resources Co.   29    5,171 
Valero Energy Corp.   52    3,481 
Williams Cos., Inc. (The)   155    4,152 
         124,226 
Personal Products - 0.2%
Estee Lauder Cos., Inc. (The), Class A   30    9,962 
           
Professional Services - 0.5%
Equifax, Inc.   16    4,459 
IHS Markit Ltd.   51    6,519 
Jacobs Engineering Group, Inc.   17    2,424 
Leidos Holdings, Inc.   18    1,582 
Nielsen Holdings plc   45    862 
Robert Half International, Inc.   14    1,556 
Verisk Analytics, Inc.   21    4,722 
         22,124 
Real Estate Management & Development - 0.1%
CBRE Group, Inc., Class A*   43    4,110 
           
Road & Rail - 1.1%
CSX Corp.   288    9,982 
JB Hunt Transport Services, Inc.   11    2,103 
Kansas City Southern   12    3,490 
Norfolk Southern Corp.   32    8,489 
Old Dominion Freight Line, Inc.   12    4,262 
Union Pacific Corp.   84    19,794 
         48,120 
Semiconductors & Semiconductor Equipment - 7.6%
Advanced Micro Devices, Inc.*   155    24,547 
Analog Devices, Inc.   69    12,437 
Applied Materials, Inc.   117    17,221 
Broadcom, Inc.   53    29,345 
Enphase Energy, Inc.*   17    4,250 
Intel Corp.   519    25,535 
KLA Corp.   20    8,163 
Lam Research Corp.   18    12,237 
Microchip Technology, Inc.   70    5,840 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Health Care ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
Micron Technology, Inc.   144    12,096 
Monolithic Power Systems, Inc.   6    3,321 
NVIDIA Corp.   319    104,237 
NXP Semiconductors NV   34    7,594 
Qorvo, Inc.*   14    2,047 
QUALCOMM, Inc.   144    26,001 
Skyworks Solutions, Inc.   21    3,185 
Teradyne, Inc.   21    3,210 
Texas Instruments, Inc.   118    22,700 
Xilinx, Inc.   32    7,310 
         331,276 
Software - 11.4%
Adobe, Inc.*   61    40,861 
ANSYS, Inc.*   11    4,306 
Autodesk, Inc.*   28    7,117 
Cadence Design Systems, Inc.*   35    6,211 
Ceridian HCM Holding, Inc.*   17    1,860 
Citrix Systems, Inc.   16    1,287 
Fortinet, Inc.*   17    5,646 
Intuit, Inc.   35    22,831 
Microsoft Corp.   962    318,028 
NortonLifeLock, Inc.   73    1,814 
Oracle Corp.   211    19,146 
Paycom Software, Inc.*   6    2,625 
PTC, Inc.*   14    1,534 
salesforce.com, Inc.*   124    35,335 
ServiceNow, Inc.*   25    16,192 
Synopsys, Inc.*   20    6,820 
Tyler Technologies, Inc.*   5    2,595 
         494,208 
Specialty Retail - 2.8%
Advance Auto Parts, Inc.   8    1,766 
AutoZone, Inc.*   3    5,451 
Bath & Body Works, Inc.   34    2,554 
Best Buy Co., Inc.   29    3,099 
CarMax, Inc.*   21    2,966 
Gap, Inc. (The)   27    446 
Home Depot, Inc. (The)   136    54,483 
Lowe's Cos., Inc.   91    22,258 
O'Reilly Automotive, Inc.*   9    5,744 
Ross Stores, Inc.   46    5,018 
TJX Cos., Inc. (The)   155    10,757 
Tractor Supply Co.   15    3,380 
Ulta Beauty, Inc.*   7    2,688 
         120,610 
Technology Hardware, Storage & Peripherals - 8.0%
Apple, Inc.   2,009    332,087 
Hewlett Packard Enterprise Co.   166    2,382 
HP, Inc.   153    5,398 
NetApp, Inc.   29    2,577 
Seagate Technology Holdings plc   27    2,772 
Western Digital Corp.*   38    2,198 
         347,414 
Textiles, Apparel & Luxury Goods - 0.8%
Hanesbrands, Inc.   44    711 
NIKE, Inc., Class B   164    27,755 
PVH Corp.   9    961 
Ralph Lauren Corp.   6    696 
Tapestry, Inc.   35    1,404 
Under Armour, Inc., Class A*   23    543 
Under Armour, Inc., Class C*   26    522 
VF Corp.   42    3,013 
         35,605 
Tobacco - 0.6%
Altria Group, Inc.   235    10,020 
Philip Morris International, Inc.   200    17,188 
         27,208 
Trading Companies & Distributors - 0.2%
Fastenal Co.   73    4,319 
United Rentals, Inc.*   9    3,049 
WW Grainger, Inc.   6    2,889 
         10,257 
Water Utilities - 0.1%
American Water Works Co., Inc.   23    3,877 
           
Wireless Telecommunication Services - 0.2%
T-Mobile US, Inc.*   75    8,161 
           
TOTAL COMMON STOCKS
(Cost $3,893,538)		        4,330,072 
           
SECURITIES LENDING REINVESTMENTS(c) - 0.0%(a)
           
INVESTMENT COMPANIES - 0.0%(a)
BlackRock Liquidity FedFund, Institutional Class 0.03% (Cost $326)   326    326 

 

Investments  Principal
Amount ($)		   Value ($) 
         
SHORT-TERM INVESTMENTS - 0.2%
           
REPURCHASE AGREEMENTS(d) - 0.2%
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $10,813          
(Cost $10,813)   10,813    10,813 
           
Total Investments - 99.9%
(Cost $3,904,677)		        4,341,211 
Other assets less liabilities - 0.1%        4,067 
Net Assets - 100.0%        4,345,278 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Health Care ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

* Non-income producing security.
(a) Represents less than 0.05% of net assets.
(b) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $13,207, collateralized in the form of cash with a value of $326 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $13,935 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.88%, and maturity dates ranging from December 9, 2021 – May 15, 2051. The total value of collateral is $14,261.
(c) The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $326.
(d) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation  $602,055 
Aggregate gross unrealized depreciation   (181,473)
Net unrealized appreciation  $420,582 
Federal income tax cost  $3,920,629 

 

See accompanying notes to the financial statements.

 

 

 

 

 

S&P 500® Ex-Technology ETF
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
COMMON STOCKS - 99.6%          
           
Aerospace & Defense - 1.9%          
Boeing Co. (The)*   184    36,404 
General Dynamics Corp.   77    14,551 
Howmet Aerospace, Inc.   129    3,629 
Huntington Ingalls Industries, Inc.   13    2,308 
L3Harris Technologies, Inc.   68    14,217 
Lockheed Martin Corp.   83    27,665 
Northrop Grumman Corp.   50    17,440 
Raytheon Technologies Corp.   503    40,703 
Textron, Inc.   74    5,239 
TransDigm Group, Inc.*   17    9,827 
         171,983 
Air Freight & Logistics - 0.8%
CH Robinson Worldwide, Inc.   44    4,184 
Expeditors International of Washington, Inc.   57    6,932 
FedEx Corp.   83    19,121 
United Parcel Service, Inc., Class B   243    48,204 
         78,441 
Airlines - 0.3%
Alaska Air Group, Inc.*   42    2,040 
American Airlines Group, Inc.*   216    3,821 
Delta Air Lines, Inc.*   214    7,747 
Southwest Airlines Co.*   198    8,791 
United Airlines Holdings, Inc.*   107    4,522 
         26,921 
Auto Components - 0.2%
Aptiv plc*   91    14,592 
BorgWarner, Inc.   80    3,462 
         18,054 
Automobiles - 3.9%
Ford Motor Co.   1,312    25,177 
General Motors Co.*   485    28,067 
Tesla, Inc.*   271    310,230 
         363,474 
Banks - 5.8%
Bank of America Corp.   2,476    110,108 
Citigroup, Inc.   678    43,189 
Citizens Financial Group, Inc.   142    6,712 
Comerica, Inc.   44    3,631 
Fifth Third Bancorp   229    9,652 
First Republic Bank   59    12,370 
Huntington Bancshares, Inc.   493    7,316 
JPMorgan Chase & Co.   1,001    158,989 
KeyCorp   319    7,158 
M&T Bank Corp.   44    6,451 
People's United Financial, Inc.   143    2,437 
PNC Financial Services Group, Inc. (The)   143    28,171 
Regions Financial Corp.   318    7,235 
SVB Financial Group*   19    13,154 
Truist Financial Corp.   445    26,393 
US Bancorp   451    24,958 
Wells Fargo & Co.   1,373    65,602 
Zions Bancorp NA   54    3,406 
         536,932 
Beverages - 1.9%
Brown-Forman Corp., Class B   60    4,222 
Coca-Cola Co. (The)   1,299    68,132 
Constellation Brands, Inc., Class A   57    12,844 
Molson Coors Beverage Co., Class B   62    2,755 
Monster Beverage Corp.*   124    10,389 
PepsiCo, Inc.   463    73,978 
         172,320 
Biotechnology - 2.5%
AbbVie, Inc.   591    68,130 
Amgen, Inc.   191    37,986 
Biogen, Inc.*   50    11,787 
Gilead Sciences, Inc.   419    28,882 
Incyte Corp.*   63    4,266 
Moderna, Inc.*   118    41,587 
Regeneron Pharmaceuticals, Inc.*   34    21,642 
Vertex Pharmaceuticals, Inc.*   87    16,264 
         230,544 
Building Products - 0.7%
A O Smith Corp.   44    3,478 
Allegion plc   30    3,709 
Carrier Global Corp.   289    15,641 
Fortune Brands Home & Security, Inc.   46    4,624 
Johnson Controls International plc   238    17,793 
Masco Corp.   82    5,404 
Trane Technologies plc   80    14,932 
         65,581 
Capital Markets - 4.2%
Ameriprise Financial, Inc.   38    11,005 
Bank of New York Mellon Corp. (The)   264    14,465 
BlackRock, Inc.   48    43,421 
Cboe Global Markets, Inc.   35    4,513 
Charles Schwab Corp. (The)   501    38,772 
CME Group, Inc.   120    26,463 
Franklin Resources, Inc.   94    3,046 
Goldman Sachs Group, Inc. (The)   113    43,052 
Intercontinental Exchange, Inc.   188    24,575 
Invesco Ltd.   114    2,546 
MarketAxess Holdings, Inc.   13    4,585 
Moody's Corp.   55    21,485 
Morgan Stanley   489    46,367 
MSCI, Inc.   27    16,995 
Nasdaq, Inc.   39    7,926 
Northern Trust Corp.   70    8,099 
Raymond James Financial, Inc.   62    6,094 
S&P Global, Inc.   81    36,914 
State Street Corp.   122    10,854 
T. Rowe Price Group, Inc.   76    15,196 
         386,373 
Chemicals - 2.4%
Air Products and Chemicals, Inc.   74    21,271 
Albemarle Corp.   39    10,393 
Celanese Corp.   37    5,600 
CF Industries Holdings, Inc.   71    4,302 
Corteva, Inc.   245    11,025 
Dow, Inc.   249    13,678 
DuPont de Nemours, Inc.   175    12,943 
Eastman Chemical Co.   46    4,797 
Ecolab, Inc.   83    18,382 
FMC Corp.   44    4,408 
International Flavors & Fragrances, Inc.   84    11,942 
Linde plc   173    55,038 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Technology ETF
Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
LyondellBasell Industries NV, Class A   87    7,580 
Mosaic Co. (The)   124    4,243 
PPG Industries, Inc.   80    12,334 
Sherwin-Williams Co. (The)   81    26,831 
         224,767 
Commercial Services & Supplies - 0.6%
Cintas Corp.   29    12,244 
Copart, Inc.*   71    10,306 
Republic Services, Inc.   71    9,390 
Rollins, Inc.   75    2,496 
Waste Management, Inc.   130    20,887 
         55,323 
Construction & Engineering - 0.1%
Quanta Services, Inc.   47    5,348 
           
Construction Materials - 0.2%
Martin Marietta Materials, Inc.   20    8,070 
Vulcan Materials Co.   45    8,624 
         16,694 
Consumer Finance - 0.8%
American Express Co.   216    32,897 
Capital One Financial Corp.   149    20,939 
Discover Financial Services   100    10,785 
Synchrony Financial   190    8,510 
         73,131 
Containers & Packaging - 0.4%
Amcor plc   514    5,818 
Avery Dennison Corp.   27    5,537 
Ball Corp.   108    10,093 
International Paper Co.   130    5,918 
Packaging Corp. of America   31    4,048 
Sealed Air Corp.   49    3,044 
WestRock Co.   88    3,818 
         38,276 
Distributors - 0.2%
Genuine Parts Co.   48    6,131 
LKQ Corp.   90    5,031 
Pool Corp.   13    7,204 
         18,366 
Diversified Financial Services - 1.9%
Berkshire Hathaway, Inc., Class B*   621    171,825 
           
Diversified Telecommunication Services - 1.4%
AT&T, Inc.   2,389    54,541 
Lumen Technologies, Inc.   332    4,097 
Verizon Communications, Inc.   1,384    69,573 
         128,211 
Electric Utilities - 2.2%
Alliant Energy Corp.   83    4,548 
American Electric Power Co., Inc.   167    13,535 
Duke Energy Corp.   257    24,932 
Edison International   127    8,291 
Entergy Corp.   68    6,823 
Evergy, Inc.   75    4,747 
Eversource Energy   115    9,461 
Exelon Corp.   326    17,190 
FirstEnergy Corp.   181    6,816 
NextEra Energy, Inc.   656    56,928 
NRG Energy, Inc.   81    2,918 
Pinnacle West Capital Corp.   37    2,407 
PPL Corp.   257    7,152 
Southern Co. (The)   354    21,629 
Xcel Energy, Inc.   179    11,408 
         198,785 
Electrical Equipment - 0.8%
AMETEK, Inc.   77    10,510 
Eaton Corp. plc   134    21,716 
Emerson Electric Co.   200    17,568 
Generac Holdings, Inc.*   20    8,425 
Rockwell Automation, Inc.   39    13,112 
         71,331 
Energy Equipment & Services - 0.3%
Baker Hughes Co.   276    6,442 
Halliburton Co.   297    6,412 
Schlumberger NV   467    13,394 
         26,248 
Entertainment - 2.4%
Activision Blizzard, Inc.   260    15,236 
Electronic Arts, Inc.   95    11,801 
Live Nation Entertainment, Inc.*   44    4,693 
Netflix, Inc.*   148    95,001 
Take-Two Interactive Software, Inc.*   39    6,469 
Walt Disney Co. (The)*   609    88,244 
         221,444 
Equity Real Estate Investment Trusts (REITs) - 3.6%
Alexandria Real Estate Equities, Inc.   47    9,403 
American Tower Corp.   153    40,160 
AvalonBay Communities, Inc.   47    11,227 
Boston Properties, Inc.   48    5,176 
Crown Castle International Corp.   145    26,339 
Digital Realty Trust, Inc.   95    15,935 
Duke Realty Corp.   126    7,350 
Equinix, Inc.   30    24,366 
Equity Residential   114    9,725 
Essex Property Trust, Inc.   21    7,128 
Extra Space Storage, Inc.   45    9,000 
Federal Realty Investment Trust   23    2,822 
Healthpeak Properties, Inc.   180    5,915 
Host Hotels & Resorts, Inc.*   237    3,721 
Iron Mountain, Inc.   96    4,362 
Kimco Realty Corp.   205    4,596 
Mid-America Apartment Communities, Inc.   39    8,044 
Prologis, Inc.   247    37,235 
Public Storage   51    16,696 
Realty Income Corp.   184    12,497 
Regency Centers Corp.   50    3,467 
SBA Communications Corp.   37    12,721 
Simon Property Group, Inc.   110    16,812 
UDR, Inc.   93    5,276 
Ventas, Inc.   127    5,959 
Vornado Realty Trust   52    2,087 
Welltower, Inc.   141    11,227 
Weyerhaeuser Co.   249    9,365 
         328,611 
Food & Staples Retailing - 1.9%
Costco Wholesale Corp.   148    79,828 
Kroger Co. (The)   226    9,386 
Sysco Corp.   170    11,907 
Walgreens Boots Alliance, Inc.   239    10,707 
Walmart, Inc.   478    67,221 
         179,049 

 

See accompanying notes to the financial statements.

 

 

 

S&P 500® Ex-Technology ETF
Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Food Products - 1.2%          
Archer-Daniels-Midland Co.   187    11,633 
Campbell Soup Co.   67    2,702 
Conagra Brands, Inc.   160    4,888 
General Mills, Inc.   202    12,478 
Hershey Co. (The)   49    8,697 
Hormel Foods Corp.   94    3,892 
J M Smucker Co. (The)   36    4,553 
Kellogg Co.   85    5,200 
Kraft Heinz Co. (The)   237    7,966 
Lamb Weston Holdings, Inc.   48    2,492 
McCormick & Co., Inc. (Non-Voting)   83    7,123 
Mondelez International, Inc., Class A   467    27,525 
Tyson Foods, Inc., Class A   98    7,738 
         106,887 
Gas Utilities - 0.0%(a)          
Atmos Energy Corp.   44    3,974 
           
Health Care Equipment & Supplies - 4.0%          
Abbott Laboratories   594    74,707 
ABIOMED, Inc.*   15    4,722 
Align Technology, Inc.*   25    15,288 
Baxter International, Inc.   167    12,453 
Becton Dickinson and Co.   96    22,765 
Boston Scientific Corp.*   476    18,121 
Cooper Cos., Inc. (The)   16    6,024 
DENTSPLY SIRONA, Inc.   72    3,509 
Dexcom, Inc.*   32    18,003 
Edwards Lifesciences Corp.*   208    22,321 
Hologic, Inc.*   84    6,277 
IDEXX Laboratories, Inc.*   28    17,026 
Intuitive Surgical, Inc.*   121    39,245 
Medtronic plc   450    48,015 
ResMed, Inc.   49    12,488 
STERIS plc   33    7,212 
Stryker Corp.   112    26,503 
Teleflex, Inc.   15    4,461 
Zimmer Biomet Holdings, Inc.   70    8,372 
         367,512 
Health Care Providers & Services - 3.6%          
AmerisourceBergen Corp.   50    5,787 
Anthem, Inc.   82    33,311 
Cardinal Health, Inc.   96    4,438 
Centene Corp.*   194    13,854 
Cigna Corp.   115    22,068 
CVS Health Corp.   442    39,364 
DaVita, Inc.*   22    2,079 
HCA Healthcare, Inc.   83    18,724 
Henry Schein, Inc.*   46    3,269 
Humana, Inc.   43    18,048 
Laboratory Corp. of America Holdings*   32    9,131 
McKesson Corp.   52    11,272 
Quest Diagnostics, Inc.   41    6,096 
UnitedHealth Group, Inc.   315    139,929 
Universal Health Services, Inc., Class B   25    2,968 
         330,338 
Health Care Technology - 0.1%          
Cerner Corp.   98    6,904 
           
Hotels, Restaurants & Leisure - 2.6%          
Booking Holdings, Inc.*   14    29,426 
Caesars Entertainment, Inc.*   72    6,485 
Carnival Corp.*(b)   265    4,669 
Chipotle Mexican Grill, Inc.*   9    14,791 
Darden Restaurants, Inc.   44    6,070 
Domino's Pizza, Inc.   12    6,290 
Expedia Group, Inc.*   49    7,893 
Hilton Worldwide Holdings, Inc.*   94    12,697 
Las Vegas Sands Corp.*   115    4,096 
Marriott International, Inc., Class A*   92    13,576 
McDonald's Corp.   249    60,905 
MGM Resorts International   133    5,264 
Norwegian Cruise Line Holdings Ltd.*(b)   123    2,400 
Penn National Gaming, Inc.*   56    2,869 
Royal Caribbean Cruises Ltd.*   74    5,167 
Starbucks Corp.   394    43,198 
Wynn Resorts Ltd.*(b)   34    2,754 
Yum! Brands, Inc.   99    12,161 
         240,711 
Household Durables - 0.5%          
DR Horton, Inc.   108    10,552 
Garmin Ltd.   51    6,810 
Leggett & Platt, Inc.   44    1,777 
Lennar Corp., Class A   92    9,665 
Mohawk Industries, Inc.*   18    3,022 
Newell Brands, Inc.   126    2,705 
NVR, Inc.*   1    5,225 
PulteGroup, Inc.   86    4,303 
Whirlpool Corp.   20    4,355 
         48,414 
Household Products - 1.8%          
Church & Dwight Co., Inc.   81    7,240 
Clorox Co. (The)   41    6,677 
Colgate-Palmolive Co.   282    21,155 
Kimberly-Clark Corp.   113    14,725 
Procter & Gamble Co. (The)   812    117,399 
         167,196 
Independent Power and Renewable Electricity Producers - 0.1%          
AES Corp. (The)   223    5,214 
           
Industrial Conglomerates - 1.4%          
3M Co.   194    32,988 
General Electric Co.   367    34,861 
Honeywell International, Inc.   230    46,515 
Roper Technologies, Inc.   34    15,781 
         130,145 
Insurance - 2.6%          
Aflac, Inc.   206    11,153 
Allstate Corp. (The)   99    10,763 
American International Group, Inc.   285    14,991 
Aon plc, Class A   75    22,183 
Arthur J Gallagher & Co.   70    11,403 
Assurant, Inc.   19    2,890 
Brown & Brown, Inc.   78    5,024 
Chubb Ltd.   147    26,382 
Cincinnati Financial Corp.   50    5,695 
Everest Re Group Ltd.   13    3,333 
Globe Life, Inc.   31    2,683 
Hartford Financial Services Group, Inc. (The)   116    7,668 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Technology ETF
Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Lincoln National Corp.   58    3,847 
Loews Corp.   67    3,582 
Marsh & McLennan Cos., Inc.   170    27,883 
MetLife, Inc.   243    14,254 
Principal Financial Group, Inc.   83    5,692 
Progressive Corp. (The)   195    18,123 
Prudential Financial, Inc.   129    13,192 
Travelers Cos., Inc. (The)   84    12,344 
W R Berkley Corp.   46    3,525 
Willis Towers Watson plc   44    9,937 
         236,547 
Interactive Media & Services - 9.1%          
Alphabet, Inc., Class A*   101    286,633 
Alphabet, Inc., Class C*   95    270,659 
Match Group, Inc.*   93    12,089 
Meta Platforms, Inc., Class A*   798    258,919 
Twitter, Inc.*   266    11,688 
         839,988 
Internet & Direct Marketing Retail - 5.9%          
Amazon.com, Inc.*   146    512,032 
eBay, Inc.   217    14,639 
Etsy, Inc.*   43    11,807 
         538,478 
Leisure Products - 0.0%(a)          
Hasbro, Inc.   44    4,264 
           
Life Sciences Tools & Services - 2.8%          
Agilent Technologies, Inc.   101    15,241 
Bio-Rad Laboratories, Inc., Class A*   7    5,273 
Bio-Techne Corp.   13    6,136 
Charles River Laboratories International, Inc.*   16    5,854 
Danaher Corp.   213    68,509 
Illumina, Inc.*   49    17,901 
IQVIA Holdings, Inc.*   64    16,584 
Mettler-Toledo International, Inc.*   7    10,599 
PerkinElmer, Inc.   37    6,740 
Thermo Fisher Scientific, Inc.   132    83,534 
Waters Corp.*   20    6,561 
West Pharmaceutical Services, Inc.   25    11,067 
         253,999 
Machinery - 2.1%          
Caterpillar, Inc.   183    35,383 
Cummins, Inc.   48    10,068 
Deere & Co.   95    32,826 
Dover Corp.   48    7,865 
Fortive Corp.   119    8,790 
IDEX Corp.   25    5,615 
Illinois Tool Works, Inc.   96    22,286 
Ingersoll Rand, Inc.   135    7,876 
Otis Worldwide Corp.   142    11,417 
PACCAR, Inc.   116    9,677 
Parker-Hannifin Corp.   44    13,291 
Pentair plc(b)   55    4,053 
Snap-on, Inc.   18    3,706 
Stanley Black & Decker, Inc.   55    9,612 
Westinghouse Air Brake Technologies Corp.   63    5,592 
Xylem, Inc.   60    7,267 
         195,324 
Media - 1.5%          
Charter Communications, Inc., Class A*(b)   43    27,790 
Comcast Corp., Class A   1,532    76,569 
Discovery, Inc., Class A*(b)   56    1,303 
Discovery, Inc., Class C*   100    2,271 
DISH Network Corp., Class A*   83    2,594 
Fox Corp., Class A   107    3,821 
Fox Corp., Class B   49    1,646 
Interpublic Group of Cos., Inc. (The)   131    4,348 
News Corp., Class A   130    2,811 
News Corp., Class B   39    841 
Omnicom Group, Inc.   71    4,779 
ViacomCBS, Inc.   202    6,252 
         135,025 
Metals & Mining - 0.5%          
Freeport-McMoRan, Inc.   490    18,169 
Newmont Corp.   267    14,664 
Nucor Corp.   98    10,413 
         43,246 
Multiline Retail - 0.7%          
Dollar General Corp.   80    17,704 
Dollar Tree, Inc.*   76    10,171 
Target Corp.   166    40,478 
         68,353 
Multi-Utilities - 1.0%          
Ameren Corp.   85    6,935 
CenterPoint Energy, Inc.   198    5,130 
CMS Energy Corp.   96    5,650 
Consolidated Edison, Inc.   118    9,161 
Dominion Energy, Inc.   270    19,224 
DTE Energy Co.   65    7,042 
NiSource, Inc.   131    3,211 
Public Service Enterprise Group, Inc.   168    10,498 
Sempra Energy   107    12,826 
WEC Energy Group, Inc.   105    9,128 
         88,805 
Oil, Gas & Consumable Fuels - 3.5%          
APA Corp.   126    3,247 
Chevron Corp.   646    72,914 
ConocoPhillips   448    31,418 
Coterra Energy, Inc.   272    5,462 
Devon Energy Corp.   211    8,875 
Diamondback Energy, Inc.   56    5,977 
EOG Resources, Inc.   194    16,878 
Exxon Mobil Corp.   1,415    84,674 
Hess Corp.   92    6,856 
Kinder Morgan, Inc.   650    10,049 
Marathon Oil Corp.   262    4,058 
Marathon Petroleum Corp.   213    12,961 
Occidental Petroleum Corp.   296    8,776 
ONEOK, Inc.   148    8,856 
Phillips 66   146    10,099 
Pioneer Natural Resources Co.   76    13,552 
Valero Energy Corp.   136    9,104 
Williams Cos., Inc. (The)   405    10,850 
         324,606 
Personal Products - 0.3%          
Estee Lauder Cos., Inc. (The), Class A   77    25,569 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Technology ETF

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
Pharmaceuticals - 5.0%
Bristol-Myers Squibb Co.   743    39,847 
Catalent, Inc.*   57    7,334 
Eli Lilly & Co.   265    65,731 
Johnson & Johnson   881    137,374 
Merck & Co., Inc.   847    63,449 
Organon & Co.   84    2,455 
Pfizer, Inc.   1,877    100,851 
Viatris, Inc.   404    4,973 
Zoetis, Inc.   159    35,305 
         457,319 
Professional Services - 0.6%          
Equifax, Inc.   40    11,146 
IHS Markit Ltd.   134    17,128 
Jacobs Engineering Group, Inc.   44    6,272 
Leidos Holdings, Inc.   48    4,220 
Nielsen Holdings plc   119    2,280 
Robert Half International, Inc.   37    4,113 
Verisk Analytics, Inc.   55    12,368 
         57,527 
Real Estate Management & Development - 0.1%          
CBRE Group, Inc., Class A*   111    10,608 
           
Road & Rail - 1.4%          
CSX Corp.   753    26,099 
JB Hunt Transport Services, Inc.   28    5,352 
Kansas City Southern   30    8,726 
Norfolk Southern Corp.   83    22,017 
Old Dominion Freight Line, Inc.   31    11,010 
Union Pacific Corp.   218    51,370 
         124,574 
Specialty Retail - 3.4%          
Advance Auto Parts, Inc.   21    4,635 
AutoZone, Inc.*   7    12,719 
Bath & Body Works, Inc.   87    6,536 
Best Buy Co., Inc.   75    8,014 
CarMax, Inc.*   55    7,769 
Gap, Inc. (The)   71    1,174 
Home Depot, Inc. (The)   356    142,617 
Lowe's Cos., Inc.   236    57,723 
O'Reilly Automotive, Inc.*   22    14,040 
Ross Stores, Inc.   120    13,091 
TJX Cos., Inc. (The)   404    28,038 
Tractor Supply Co.   38    8,563 
Ulta Beauty, Inc.*   18    6,911 
         311,830 
Textiles, Apparel & Luxury Goods - 1.0%          
Hanesbrands, Inc.   116    1,873 
NIKE, Inc., Class B   428    72,435 
PVH Corp.   23    2,456 
Ralph Lauren Corp.   16    1,857 
Tapestry, Inc.   93    3,731 
Under Armour, Inc., Class A*   62    1,462 
Under Armour, Inc., Class C*   69    1,385 
VF Corp.   108    7,747 
         92,946 
Tobacco - 0.8%          
Altria Group, Inc.   617    26,309 
Philip Morris International, Inc.   522    44,861 
         71,170 
Trading Companies & Distributors - 0.3%          
Fastenal Co.   192    11,360 
United Rentals, Inc.*   24    8,130 
WW Grainger, Inc.   14    6,740 
         26,230 
Water Utilities - 0.1%          
American Water Works Co., Inc.   61    10,283 
           
Wireless Telecommunication Services - 0.2%          
T-Mobile US, Inc.*   195    21,218 
           
TOTAL COMMON STOCKS
(Cost $8,879,344)		        9,153,236 

 

Investments   

Principal Amount ($)

    

Value ($)

 
SHORT-TERM INVESTMENTS - 0.3%          
           
REPURCHASE AGREEMENTS(c) - 0.3%          
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $29,697          
(Cost $29,697)   29,697    29,697 
           
Total Investments - 99.9%
 (Cost $8,909,041)		        9,182,933 
Other assets less liabilities - 0.1%        11,133 
Net Assets - 100.0%        9,194,066 

 

See accompanying notes to the financial statements.

 

 

 

 

S&P 500® Ex-Technology ETF
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

* Non-income producing security.
(a) Represents less than 0.05% of net assets.
(b) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $30,454, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.88%, and maturity dates ranging from December 9, 2021 – May 15, 2051. The total value of collateral is $32,928.
(c) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation  $673,698 
Aggregate gross unrealized depreciation   (419,959)
Net unrealized appreciation  $253,739 
Federal income tax cost  $8,929,194 

 

See accompanying notes to the financial statements.

 

 

 

 

 

Ultra Financials

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
COMMON STOCKS(a) - 66.9%
           
Banks - 17.0%
Bank of America Corp.   637,626    28,355,228 
Bank OZK   10,003    447,234 
BOK Financial Corp.   2,493    257,303 
Citigroup, Inc.   166,149    10,583,691 
Citizens Financial Group, Inc.   34,936    1,651,425 
Comerica, Inc.   10,974    905,684 
Commerce Bancshares, Inc.   8,723    608,866 
Cullen/Frost Bankers, Inc.   4,653    585,766 
East West Bancorp, Inc.   11,618    894,586 
Fifth Third Bancorp   56,608    2,386,027 
First Citizens BancShares, Inc., Class A(b)   603    484,800 
First Financial Bankshares, Inc.   10,515    524,909 
First Horizon Corp.   45,041    726,511 
First Republic Bank   14,436    3,026,652 
FNB Corp.   26,190    305,375 
Glacier Bancorp, Inc.   8,890    482,727 
Home BancShares, Inc.   12,368    295,966 
Huntington Bancshares, Inc.   121,016    1,795,878 
JPMorgan Chase & Co.   244,961    38,907,156 
KeyCorp   78,383    1,758,915 
M&T Bank Corp.   10,528    1,543,510 
People's United Financial, Inc.   35,085    597,848 
Pinnacle Financial Partners, Inc.   6,249    596,217 
PNC Financial Services Group, Inc. (The)   34,825    6,860,525 
Popular, Inc.   6,628    515,791 
Prosperity Bancshares, Inc.   7,615    542,797 
Regions Financial Corp.   78,241    1,779,983 
Signature Bank   4,972    1,503,036 
SVB Financial Group*   4,815    3,333,569 
Synovus Financial Corp.   11,992    543,118 
Truist Financial Corp.   109,390    6,487,921 
UMB Financial Corp.   3,523    354,343 
Umpqua Holdings Corp.   18,039    343,823 
United Bankshares, Inc.   10,584    378,166 
US Bancorp   110,550    6,117,837 
Valley National Bancorp   33,341    448,103 
Webster Financial Corp.   7,422    399,972 
Wells Fargo & Co.   336,609    16,083,178 
Western Alliance Bancorp   8,553    938,948 
Wintrust Financial Corp.   4,695    410,953 
Zions Bancorp NA   13,289    838,270 
         145,602,607 
Capital Markets - 13.8%
Affiliated Managers Group, Inc.   3,382    575,380 
Ameriprise Financial, Inc.   9,306    2,695,018 
Apollo Global Management, Inc.(b)   17,182    1,216,142 
Ares Management Corp.   13,383    1,086,164 
Bank of New York Mellon Corp. (The)   65,079    3,565,678 
BlackRock, Inc.   11,738    10,618,312 
Blackstone, Inc.   56,209    7,950,763 
Carlyle Group, Inc. (The)   11,329    619,583 
Cboe Global Markets, Inc.   8,759    1,129,385 
Charles Schwab Corp. (The)   123,058    9,523,459 
CME Group, Inc.   29,450    6,494,314 
Coinbase Global, Inc., Class A*   2,364    744,660 
FactSet Research Systems, Inc.   3,117    1,460,533 
Federated Hermes, Inc.   8,003    269,781 
Franklin Resources, Inc.   23,096    748,310 
Goldman Sachs Group, Inc. (The)   27,636    10,529,040 
Houlihan Lokey, Inc.   4,174    453,046 
Interactive Brokers Group, Inc., Class A   7,179    529,954 
Intercontinental Exchange, Inc.   46,149    6,032,597 
Invesco Ltd.   27,985    624,905 
Janus Henderson Group plc   14,120    603,348 
Jefferies Financial Group, Inc.   16,222    609,623 
KKR & Co., Inc.   47,786    3,557,668 
Lazard Ltd., Class A   9,255    394,448 
LPL Financial Holdings, Inc.   6,584    1,037,704 
MarketAxess Holdings, Inc.   3,096    1,091,928 
Moody's Corp.   13,280    5,187,699 
Morgan Stanley   119,636    11,343,886 
Morningstar, Inc.   1,940    602,040 
MSCI, Inc.   6,765    4,258,229 
Nasdaq, Inc.   9,605    1,952,024 
Northern Trust Corp.   17,106    1,979,164 
Raymond James Financial, Inc.   15,170    1,491,059 
S&P Global, Inc.   19,737    8,994,743 
SEI Investments Co.   8,770    522,955 
State Street Corp.   29,983    2,667,588 
Stifel Financial Corp.   8,571    608,627 
T. Rowe Price Group, Inc.   18,604    3,719,870 
Tradeweb Markets, Inc., Class A   8,618    827,328 
Virtu Financial, Inc., Class A   9,602    270,584 
         118,587,539 
Consumer Finance - 2.5%
Ally Financial, Inc.   29,546    1,354,093 
American Express Co.   52,743    8,032,759 
Capital One Financial Corp.   36,548    5,136,091 
Credit Acceptance Corp.*(b)   741    463,051 
Discover Financial Services   24,531    2,645,668 
FirstCash, Inc.   3,305    210,991 
OneMain Holdings, Inc.   9,074    451,795 
PROG Holdings, Inc.*   5,440    245,453 
SLM Corp.   25,048    445,353 
Synchrony Financial   46,689    2,091,200 
Upstart Holdings, Inc.*(b)   3,797    777,967 
         21,854,421 
Diversified Financial Services - 5.1%
Berkshire Hathaway, Inc., Class B*   151,953    42,043,875 
Equitable Holdings, Inc.   31,410    988,159 
Jackson Financial, Inc., Class A   5,374    170,141 
Voya Financial, Inc.   9,274    576,286 
         43,778,461 
Equity Real Estate Investment Trusts (REITs) - 12.9%
Alexandria Real Estate Equities, Inc.   11,373    2,275,396 
American Campus Communities, Inc.   11,422    590,974 
American Homes 4 Rent, Class A   22,440    899,620 
American Tower Corp.   37,296    9,789,454 
Americold Realty Trust   21,393    698,268 
Apartment Income REIT Corp.   12,849    652,215 
AvalonBay Communities, Inc.   11,430    2,730,284 
Boston Properties, Inc.   11,640    1,255,258 
Brixmor Property Group, Inc.   24,367    554,106 
Camden Property Trust   8,228    1,359,348 
CoreSite Realty Corp.   3,644    623,306 
Corporate Office Properties Trust   9,209    236,303 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Financials

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Cousins Properties, Inc.   12,178    459,841 
Crown Castle International Corp.   35,431    6,436,041 
CubeSmart   17,668    952,659 
CyrusOne, Inc.   10,183    906,491 
Digital Realty Trust, Inc.   23,159    3,884,691 
Douglas Emmett, Inc.   14,391    471,593 
Duke Realty Corp.   31,022    1,809,513 
EastGroup Properties, Inc.   3,300    672,210 
Equinix, Inc.   7,338    5,959,924 
Equity Commonwealth*   10,014    254,856 
Equity LifeStyle Properties, Inc.   14,015    1,139,419 
Equity Residential   27,922    2,382,026 
Essex Property Trust, Inc.   5,336    1,811,252 
Extra Space Storage, Inc.   10,966    2,193,200 
Federal Realty Investment Trust   5,755    705,966 
First Industrial Realty Trust, Inc.   10,576    638,896 
Gaming and Leisure Properties, Inc.   18,248    823,350 
Healthcare Realty Trust, Inc.   11,948    374,211 
Healthcare Trust of America, Inc., Class A   17,956    609,786 
Healthpeak Properties, Inc.   44,155    1,450,933 
Highwoods Properties, Inc.   8,554    369,533 
Host Hotels & Resorts, Inc.*   58,502    918,481 
Hudson Pacific Properties, Inc.   12,480    303,763 
Invitation Homes, Inc.   47,250    1,910,790 
Iron Mountain, Inc.   23,729    1,078,246 
JBG SMITH Properties   9,505    264,144 
Kilroy Realty Corp.   8,574    553,280 
Kimco Realty Corp.   50,295    1,127,614 
Lamar Advertising Co., Class A   7,120    777,931 
Lexington Realty Trust   22,739    342,222 
Life Storage, Inc.   6,431    849,792 
Medical Properties Trust, Inc.   48,819    1,039,357 
Mid-America Apartment Communities, Inc.   9,495    1,958,344 
National Health Investors, Inc.   3,770    196,945 
National Retail Properties, Inc.   14,405    635,260 
National Storage Affiliates Trust   6,671    409,466 
Omega Healthcare Investors, Inc.   19,563    546,590 
Orion Office REIT, Inc.*   4,504    80,035 
Physicians Realty Trust(b)   17,806    317,481 
PotlatchDeltic Corp.   5,497    297,608 
Prologis, Inc.   60,608    9,136,656 
PS Business Parks, Inc.   1,661    291,007 
Public Storage   12,477    4,084,720 
Rayonier, Inc.   11,604    438,283 
Realty Income Corp.   45,059    3,060,407 
Regency Centers Corp.   12,520    868,137 
Rexford Industrial Realty, Inc.   11,283    790,713 
Sabra Health Care REIT, Inc.   18,113    234,201 
SBA Communications Corp.   8,964    3,081,823 
Simon Property Group, Inc.   26,942    4,117,815 
SL Green Realty Corp.   5,509    382,490 
Spirit Realty Capital, Inc.   9,772    435,440 
STAG Industrial, Inc.   13,285    578,960 
STORE Capital Corp.   20,051    660,480 
Sun Communities, Inc.   9,483    1,788,304 
UDR, Inc.   22,890    1,298,550 
Ventas, Inc.   32,258    1,513,545 
VICI Properties, Inc.(b)   50,333    1,369,058 
Vornado Realty Trust   13,013    522,342 
Welltower, Inc.   34,619    2,756,365 
Weyerhaeuser Co.   61,466    2,311,736 
WP Carey, Inc.   15,118    1,154,259 
         110,453,563 
Insurance - 8.2%
Aflac, Inc.   50,571    2,737,914 
Alleghany Corp.*   1,153    745,853 
Allstate Corp. (The)   24,233    2,634,612 
American Financial Group, Inc.   5,402    721,761 
American International Group, Inc.   70,098    3,687,155 
Aon plc, Class A   18,482    5,466,421 
Arch Capital Group Ltd.*   32,479    1,311,502 
Arthur J Gallagher & Co.   16,935    2,758,712 
Assurant, Inc.   4,831    734,795 
Athene Holding Ltd., Class A*   10,720    878,182 
Axis Capital Holdings Ltd.   6,311    313,531 
Brighthouse Financial, Inc.*   6,833    332,152 
Brown & Brown, Inc.   19,169    1,234,675 
Chubb Ltd.   35,971    6,455,715 
Cincinnati Financial Corp.   12,307    1,401,767 
CNA Financial Corp.   2,206    91,858 
Enstar Group Ltd.*   1,007    224,662 
Erie Indemnity Co., Class A   2,025    376,265 
Everest Re Group Ltd.   3,288    842,977 
Fidelity National Financial, Inc.   23,392    1,144,103 
First American Financial Corp.   9,004    667,917 
Globe Life, Inc.   7,685    665,060 
Hanover Insurance Group, Inc. (The)   2,908    354,049 
Hartford Financial Services Group, Inc. (The)   28,449    1,880,479 
Kemper Corp.   4,889    270,460 
Lincoln National Corp.   14,469    959,729 
Loews Corp.   16,661    890,697 
Markel Corp.*   1,139    1,360,900 
Marsh & McLennan Cos., Inc.   41,513    6,808,962 
Mercury General Corp.   2,191    111,785 
MetLife, Inc.   59,711    3,502,647 
Old Republic International Corp.   23,291    558,052 
Primerica, Inc.   3,248    477,943 
Principal Financial Group, Inc.   20,443    1,401,981 
Progressive Corp. (The)   47,960    4,457,402 
Prudential Financial, Inc.   31,712    3,242,869 
Reinsurance Group of America, Inc.   5,596    531,116 
RenaissanceRe Holdings Ltd.   3,852    593,632 
RLI Corp.   3,284    337,530 
Selective Insurance Group, Inc.   4,921    371,732 
Travelers Cos., Inc. (The)   20,476    3,008,948 
Unum Group   16,740    386,694 
W R Berkley Corp.   11,490    880,594 
White Mountains Insurance Group Ltd.   275    275,798 
Willis Towers Watson plc   10,567    2,386,451 
         70,478,039 
IT Services - 5.8%
Mastercard, Inc., Class A   71,420    22,491,587 
Visa, Inc., Class A   138,352    26,808,467 
         49,300,054 
Mortgage Real Estate Investment Trusts (REITs) - 0.4%
AGNC Investment Corp.   43,027    657,883 
Annaly Capital Management, Inc.   118,370    958,797 
Blackstone Mortgage Trust, Inc., Class A   13,725    411,750 
New Residential Investment Corp.   38,246    406,555 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Financials

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Starwood Property Trust, Inc.   23,650    590,304 
         3,025,289 
Professional Services - 0.3%
CoStar Group, Inc.*   32,370    2,517,091 
           
Real Estate Management & Development - 0.7%
CBRE Group, Inc., Class A*   27,540    2,631,998 
Compass, Inc., Class A*(b)   2,253    21,538 
Howard Hughes Corp. (The)*   3,397    278,520 
Jones Lang LaSalle, Inc.*   4,178    981,454 
Opendoor Technologies, Inc.*   31,219    494,509 
Redfin Corp.*(b)   8,581    349,161 
Zillow Group, Inc., Class A*   3,009    162,817 
Zillow Group, Inc., Class C*   13,836    750,880 
         5,670,877 
Thrifts & Mortgage Finance - 0.2%
Essent Group Ltd.   9,159    380,831 
MGIC Investment Corp.   27,820    392,262 
New York Community Bancorp, Inc.   38,131    456,810 
Radian Group, Inc.   15,208    309,787 
Rocket Cos., Inc., Class A(b)   11,194    173,507 
TFS Financial Corp.   3,917    70,506 
UWM Holdings Corp.(b)   7,333    50,524 
         1,834,227 
TOTAL COMMON STOCKS
(Cost $593,699,395)		        573,102,168 
           
SECURITIES LENDING REINVESTMENTS(c) - 0.0%(d)
           
INVESTMENT COMPANIES - 0.0%(d)
BlackRock Liquidity FedFund, Institutional Class
0.03% (Cost $125,687)		   125,687    125,687 

 

Investments  Principal
Amount ($)		   Value ($) 
         
SHORT-TERM INVESTMENTS - 19.9%
           
REPURCHASE AGREEMENTS(e) - 19.9%
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $170,115,370          
(Cost $170,115,236)   170,115,236    170,115,236 
           
Total Investments - 86.8%
(Cost $763,940,318)		        743,343,091 
Other assets less liabilities - 13.2%        112,969,262 
Net Assets - 100.0%        856,312,353 

 

* Non-income producing security.
(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $231,331,935.
(b) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $2,202,416, collateralized in the form of cash with a value of $125,687 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $2,354,892 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from December 9, 2021 – November 15, 2050. The total value of collateral is $2,480,579.
(c) The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $125,687.
(d) Represents less than 0.05% of net assets.
(e) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation  $144,678,314 
Aggregate gross unrealized depreciation   (58,317,355)
Net unrealized appreciation  $86,360,959 
Federal income tax cost  $764,280,407 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Financials

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Swap Agreementsa

Ultra Financials had the following open non-exchange traded total return swap agreements as of November 30, 2021:

 

Notional
Amount ($)		   Termination
Dateb		  Counterparty  Rate Paid
(Received)c		   Underlying
Instrument		  Value and
Unrealized
Appreciation/
(Depreciation)d
 ($)		   Financial
Instruments
for the
Benefit of
(the Fund)/ the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/ the
Counterparty
($)		   Net Amounte
 ($)		 
 157,043,449   11/7/2022  Bank of America NA   0.62%  Dow Jones U.S. FinancialsSM Indexf   51,191,220    (51,191,220)   —    — 
 145,878,805   11/7/2022  BNP Paribas SA   0.67%  Dow Jones U.S. FinancialsSM Indexf   22,518,529    (22,518,520)   (9)   — 
 163,074,951   11/6/2023  Citibank NA   0.77%  Dow Jones U.S. FinancialsSM Indexf   25,681,508    —    (25,681,508)   — 
 92,426,736   4/10/2023  Credit Suisse International   0.62%  Dow Jones U.S. FinancialsSM Indexf   (5,465,491)   5,422,806    42,685    — 
 104,793,274   3/7/2023  Goldman Sachs International   0.67%  Dow Jones U.S. FinancialsSM Indexf   (6,200,158)   6,110,486    89,672    — 
 127,422,832   11/7/2022  Morgan Stanley & Co. International plc   0.14%  Dow Jones U.S. FinancialsSM Indexf   9,381,841    —    (9,381,841)   — 
 201,170,841   3/7/2023  Societe Generale   0.82%  Dow Jones U.S. FinancialsSM Indexf   (11,672,368)   11,469,723    202,645    — 
 147,229,202   11/7/2022  UBS AG   0.72%  Dow Jones U.S. FinancialsSM Indexf   21,863,194    —    (21,863,194)   — 
                                     
 1,139,040,090                  107,298,275                
                Total Unrealized Appreciation   130,636,292                
                Total Unrealized Depreciation   (23,338,017)               

 

a The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.
b Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
c Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).
d The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.
e Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.
f See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings.

 

See accompanying notes to the financial statements.

 

 

 

 

 

Ultra Industrials

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
COMMON STOCKS(a) - 79.5%          
           
Aerospace & Defense - 9.0%          
Axon Enterprise, Inc.*   300    50,637 
Boeing Co. (The)*   2,511    496,801 
BWX Technologies, Inc.   433    20,654 
Curtiss-Wright Corp.   188    23,654 
General Dynamics Corp.   1,057    199,741 
HEICO Corp.   190    26,319 
HEICO Corp., Class A   337    41,856 
Hexcel Corp.*   384    19,730 
Howmet Aerospace, Inc.   1,761    49,537 
Huntington Ingalls Industries, Inc.   184    32,662 
L3Harris Technologies, Inc.   917    191,726 
Lockheed Martin Corp.   1,124    374,652 
Mercury Systems, Inc.*   257    12,580 
Northrop Grumman Corp.   686    239,277 
Raytheon Technologies Corp.   6,877    556,487 
Textron, Inc.   1,020    72,216 
TransDigm Group, Inc.*   238    137,576 
Virgin Galactic Holdings, Inc.*(b)   814    13,024 
         2,559,129 
Air Freight & Logistics - 3.9%          
CH Robinson Worldwide, Inc.   603    57,339 
Expeditors International of Washington, Inc.   775    94,256 
FedEx Corp.   1,121    258,245 
GXO Logistics, Inc.*   450    43,222 
United Parcel Service, Inc., Class B   3,317    657,993 
         1,111,055 
Building Products - 4.4%          
A O Smith Corp.   605    47,825 
Advanced Drainage Systems, Inc.   251    31,051 
Allegion plc   409    50,569 
Armstrong World Industries, Inc.   220    23,313 
Builders FirstSource, Inc.*   945    65,621 
Carlisle Cos., Inc.   238    53,598 
Carrier Global Corp.   3,957    214,153 
Fortune Brands Home & Security, Inc.   630    63,334 
Johnson Controls International plc   3,247    242,746 
Lennox International, Inc.   157    48,516 
Masco Corp.   1,129    74,401 
Owens Corning   470    39,875 
Trane Technologies plc   1,082    201,955 
Trex Co., Inc.*   525    69,704 
Zurn Water Solutions Corp.   649    22,748 
         1,249,409 
Chemicals - 1.3%          
Sherwin-Williams Co. (The)   1,107    366,683 
           
Commercial Services & Supplies - 2.5%          
ADT, Inc.   670    5,568 
Cimpress plc*   86    6,693 
Cintas Corp.   396    167,187 
Clean Harbors, Inc.*   228    23,128 
MSA Safety, Inc.   164    23,504 
Republic Services, Inc.   960    126,970 
Stericycle, Inc.*   422    23,843 
Tetra Tech, Inc.   248    45,801 
Waste Management, Inc.   1,764    283,422 
         706,116 
Construction & Engineering - 0.8%          
AECOM*   660    45,500 
EMCOR Group, Inc.   245    29,238 
MasTec, Inc.*   260    23,964 
Quanta Services, Inc.   637    72,478 
Valmont Industries, Inc.   97    23,186 
WillScot Mobile Mini Holdings Corp.*   1,019    38,814 
         233,180 
Construction Materials - 0.9%          
Eagle Materials, Inc.   194    29,919 
Martin Marietta Materials, Inc.   282    113,790 
Vulcan Materials Co.   607    116,325 
         260,034 
Containers & Packaging - 2.6%          
Amcor plc   7,032    79,602 
AptarGroup, Inc.   302    36,116 
Avery Dennison Corp.   376    77,106 
Ball Corp.   1,490    139,241 
Berry Global Group, Inc.*   618    42,673 
Crown Holdings, Inc.   600    63,480 
Graphic Packaging Holding Co.   1,290    25,465 
International Paper Co.   1,785    81,253 
Packaging Corp. of America   431    56,284 
Sealed Air Corp.   685    42,552 
Silgan Holdings, Inc.   385    15,966 
Sonoco Products Co.   450    26,159 
WestRock Co.   1,220    52,936 
         738,833 
Electrical Equipment - 4.6%          
Acuity Brands, Inc.   159    32,015 
AMETEK, Inc.   1,052    143,598 
ChargePoint Holdings, Inc.*   783    19,982 
Eaton Corp. plc   1,815    294,139 
Emerson Electric Co.   2,727    239,540 
EnerSys   191    14,151 
Generac Holdings, Inc.*   286    120,475 
Hubbell, Inc.   249    48,729 
nVent Electric plc   770    26,819 
Regal Rexnord Corp.   360    56,916 
Rockwell Automation, Inc.   527    177,177 
Sensata Technologies Holding plc*   724    40,327 
Shoals Technologies Group, Inc., Class A*   467    13,123 
Sunrun, Inc.*(b)   940    43,277 
Vertiv Holdings Co.   1,384    35,486 
         1,305,754 
Electronic Equipment, Instruments & Components - 5.0%          
Amphenol Corp., Class A   2,729    219,903 
Arrow Electronics, Inc.*   328    39,901 
Avnet, Inc.   459    16,648 
Cognex Corp.   808    62,418 
Coherent, Inc.*   110    28,482 
Corning, Inc.   3,507    130,075 
II-VI, Inc.*   480    30,014 
IPG Photonics Corp.*   161    26,435 
Itron, Inc.*   206    12,753 
Jabil, Inc.   663    38,759 
Keysight Technologies, Inc.*   842    163,752 
Littelfuse, Inc.   111    33,131 
National Instruments Corp.   605    25,120 
TE Connectivity Ltd.   1,493    229,817 
Teledyne Technologies, Inc.*   213    88,457 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Industrials

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Trimble, Inc.*   1,148    98,579 
Vontier Corp.   774    24,389 
Zebra Technologies Corp., Class A*   244    143,662 
         1,412,295 
Industrial Conglomerates - 6.3%          
3M Co.   2,639    448,735 
General Electric Co.   5,001    475,045 
Honeywell International, Inc.   3,145    636,045 
Roper Technologies, Inc.   481    223,256 
         1,783,081 
IT Services - 14.8%          
Accenture plc, Class A   2,891    1,033,242 
Affirm Holdings, Inc.*   426    53,966 
Automatic Data Processing, Inc.   1,930    445,618 
Broadridge Financial Solutions, Inc.   528    89,005 
Concentrix Corp.   194    32,204 
Euronet Worldwide, Inc.*   241    24,430 
Fidelity National Information Services, Inc.   2,817    294,376 
Fiserv, Inc.*   2,718    262,341 
FleetCor Technologies, Inc.*   375    77,674 
Genpact Ltd.   788    38,037 
Global Payments, Inc.   1,342    159,752 
Jack Henry & Associates, Inc.   341    51,706 
Maximus, Inc.   283    21,352 
Paychex, Inc.   1,463    174,390 
PayPal Holdings, Inc.*   5,354    989,901 
Shift4 Payments, Inc., Class A*(b)   219    11,392 
Square, Inc., Class A*   1,814    377,911 
Western Union Co. (The)   1,855    29,346 
WEX, Inc.*   203    25,663 
         4,192,306 
Life Sciences Tools & Services - 0.3%          
PerkinElmer, Inc.   513    93,448 
           
Machinery - 11.0%          
AGCO Corp.   280    30,859 
Allison Transmission Holdings, Inc.   486    16,811 
Caterpillar, Inc.   2,493    482,022 
Chart Industries, Inc.*   159    27,754 
Colfax Corp.*   591    27,446 
Crane Co.   227    21,915 
Cummins, Inc.   655    137,386 
Deere & Co.   1,292    446,438 
Donaldson Co., Inc.   574    32,391 
Dover Corp.   658    107,813 
Flowserve Corp.   597    17,898 
Fortive Corp.   1,636    120,851 
Gates Industrial Corp. plc*   443    7,101 
Graco, Inc.   775    56,490 
IDEX Corp.   345    77,484 
Illinois Tool Works, Inc.   1,307    303,420 
Ingersoll Rand, Inc.   1,845    107,637 
ITT, Inc.   394    37,265 
Lincoln Electric Holdings, Inc.   273    36,844 
Middleby Corp. (The)*   251    43,845 
Nikola Corp.*(b)   932    9,525 
Nordson Corp.   248    63,039 
Oshkosh Corp.   310    33,356 
Otis Worldwide Corp.   1,945    156,378 
PACCAR, Inc.   1,581    131,887 
Parker-Hannifin Corp.   588    177,611 
Pentair plc(b)   755    55,636 
RBC Bearings, Inc.*   115    22,734 
Snap-on, Inc.   246    50,654 
Timken Co. (The)   316    20,802 
Toro Co. (The)   486    48,872 
Westinghouse Air Brake Technologies Corp.   864    76,697 
Woodward, Inc.   289    30,576 
Xylem, Inc.   820    99,310 
         3,116,747 
Marine - 0.1%          
Kirby Corp.*   277    14,465 
           
Paper & Forest Products - 0.1%          
Louisiana-Pacific Corp.   433    28,297 
           
Professional Services - 3.4%          
ASGN, Inc.*   242    29,447 
Booz Allen Hamilton Holding Corp.   615    51,623 
CACI International, Inc., Class A*   105    27,240 
Clarivate plc*   1,702    39,725 
Dun & Bradstreet Holdings, Inc.*   693    13,167 
Equifax, Inc.   554    154,372 
FTI Consulting, Inc.*   157    22,936 
Insperity, Inc.   161    18,634 
Jacobs Engineering Group, Inc.   595    84,823 
KBR, Inc.   643    28,292 
Leidos Holdings, Inc.   644    56,614 
ManpowerGroup, Inc.   250    22,408 
Nielsen Holdings plc   1,640    31,422 
Robert Half International, Inc.   512    56,919 
Science Applications International Corp.   266    22,315 
TransUnion   871    96,847 
TriNet Group, Inc.*   184    18,455 
Upwork, Inc.*   547    20,381 
Verisk Analytics, Inc.   735    165,279 
         960,899 
Road & Rail - 6.6%          
CSX Corp.   10,281    356,340 
JB Hunt Transport Services, Inc.   384    73,405 
Kansas City Southern   415    120,703 
Knight-Swift Transportation Holdings, Inc.   756    43,281 
Landstar System, Inc.   174    29,328 
Norfolk Southern Corp.   1,126    298,694 
Old Dominion Freight Line, Inc.   430    152,723 
Saia, Inc.*   121    40,073 
TuSimple Holdings, Inc., Class A*   155    6,198 
Union Pacific Corp.   2,971    700,086 
XPO Logistics, Inc.*   450    32,598 
         1,853,429 
Trading Companies & Distributors - 1.9%          
Air Lease Corp.   488    19,808 
Applied Industrial Technologies, Inc.   178    16,917 
Fastenal Co.   2,619    154,966 
MSC Industrial Direct Co., Inc., Class A   215    16,921 
SiteOne Landscape Supply, Inc.*   202    48,553 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Industrials

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
United Rentals, Inc.*   330    111,784 
Univar Solutions, Inc.*   784    20,313 
Watsco, Inc.   150    43,907 
WW Grainger, Inc.   198    95,319 
         528,488 
TOTAL COMMON STOCKS
(Cost $24,822,921)		        22,513,648 
           
SECURITIES LENDING REINVESTMENTS(c) - 0.0%(d)          
           
INVESTMENT COMPANIES - 0.0%(d)          
BlackRock Liquidity FedFund, Institutional Class
0.03% (Cost $2,635)		   2,635    2,635 

 

Investments  Principal
Amount ($)		   Value ($) 
SHORT-TERM INVESTMENTS - 16.2%          
           
REPURCHASE AGREEMENTS(e) - 16.2%          
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $4,588,433          
(Cost $4,588,429)   4,588,429    4,588,429 
           
Total Investments - 95.7%
 (Cost $29,413,985)		        27,104,712 
Other assets less liabilities - 4.3%        1,226,490 
Net Assets - 100.0%        28,331,202 

 

* Non-income producing security.
(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $8,752,412.
(b) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $62,729, collateralized in the form of cash with a value of $2,635 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $64,477 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.88%, and maturity dates ranging from December 30, 2021 – May 15, 2051. The total value of collateral is $67,112.
(c) The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $2,635.
(d) Represents less than 0.05% of net assets.
(e) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:
 
Aggregate gross unrealized appreciation  $483,115 
Aggregate gross unrealized depreciation   (4,794,752)
Net unrealized depreciation  $(4,311,637)
Federal income tax cost  $29,429,479 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Industrials

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Swap Agreementsa

Ultra Industrials had the following open non-exchange traded total return swap agreements as of November 30, 2021:

  

Notional
Amount  ($)		   Termination
Dateb		  Counterparty  Rate Paid
(Received)c		   Underlying
Instrument		  Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the
Benefit of (the
Fund)/ the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/ the
Counterparty
($)		   Net Amounte
($)		 
 9,475,442   5/8/2023  Bank of America NA   0.37%  Dow Jones U.S. IndustrialsSM Index   (681,530)   681,505    25    — 
 8,829,840   11/7/2022  Citibank NA   0.37%  Dow Jones U.S. IndustrialsSM Index   (249,729)   152,360    97,369    — 
 12,411,686   3/7/2023  Goldman Sachs International   0.67%  Dow Jones U.S. IndustrialsSM Index   (768,571)   —    768,571    — 
 526,372   4/10/2023  Morgan Stanley & Co. International plc   0.67%  Dow Jones U.S. IndustrialsSM Index   (26,836)   25,163    1,673    — 
 1,992,245   3/7/2023  Societe Generale   0.62%  Dow Jones U.S. IndustrialsSM Index   (205,099)   —    82,443    (122,656)
 870,297   3/7/2023  UBS AG   0.42%  Dow Jones U.S. IndustrialsSM Index   (55,105)   31,635    23,470    — 
                                     
 34,105,882                  (1,986,870)               
                Total Unrealized Depreciation   (1,986,870)               

 

a   The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.
b   Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
c   Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).
d   The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.
e   Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.
                                     

See accompanying notes to the financial statements.

 

 

 

 

 

Ultra MidCap400

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
COMMON STOCKS(a) - 90.8%                
         
Aerospace & Defense - 0.9%          
Axon Enterprise, Inc.*   4,486    757,192 
Curtiss-Wright Corp.   2,792    351,290 
Hexcel Corp.*   5,727    294,253 
Mercury Systems, Inc.*   3,836    187,772 
         1,590,507 
Air Freight & Logistics - 0.4%          
GXO Logistics, Inc.*   6,733    646,705 
           
Airlines - 0.2%          
JetBlue Airways Corp.*   21,721    291,496 
           
Auto Components - 1.6%          
Adient plc*   6,435    273,166 
Dana, Inc.   9,919    213,258 
Fox Factory Holding Corp.*   2,876    505,515 
Gentex Corp.   16,321    561,932 
Goodyear Tire & Rubber Co. (The)*   19,191    385,931 
Lear Corp.   4,080    684,583 
Visteon Corp.*   1,911    202,413 
         2,826,798 
Automobiles - 0.4%          
Harley-Davidson, Inc.   10,508    384,908 
Thor Industries, Inc.(b)   3,782    399,795 
         784,703 
Banks - 6.5%          
Associated Banc-Corp.   10,448    228,811 
Bank of Hawaii Corp.(b)   2,765    220,592 
Bank OZK   8,322    372,077 
Cadence Bank   13,383    391,051 
Cathay General Bancorp   5,339    223,758 
CIT Group, Inc.   6,772    332,234 
Commerce Bancshares, Inc.   7,260    506,748 
Cullen/Frost Bankers, Inc.   3,869    487,068 
East West Bancorp, Inc.   9,691    746,207 
First Financial Bankshares, Inc.   8,751    436,850 
First Horizon Corp.   37,520    605,198 
FNB Corp.   21,824    254,468 
Fulton Financial Corp.   11,138    175,869 
Glacier Bancorp, Inc.   7,401    401,874 
Hancock Whitney Corp.   5,932    283,431 
Home BancShares, Inc.   10,311    246,742 
International Bancshares Corp.   3,636    152,748 
PacWest Bancorp   8,006    358,189 
Pinnacle Financial Partners, Inc.   5,198    495,941 
Prosperity Bancshares, Inc.   6,347    452,414 
Signature Bank   4,142    1,252,127 
Sterling Bancorp   13,161    326,524 
Synovus Financial Corp.   10,003    453,036 
Texas Capital Bancshares, Inc.*   3,456    194,642 
UMB Financial Corp.   2,939    295,605 
Umpqua Holdings Corp.   15,035    286,567 
United Bankshares, Inc.   8,825    315,317 
Valley National Bancorp   27,772    373,256 
Webster Financial Corp.   6,188    333,471 
Wintrust Financial Corp.   3,896    341,017 
         11,543,832 
Beverages - 0.2%          
Boston Beer Co., Inc. (The), Class A*   641    289,200 
           
Biotechnology - 1.3%          
Arrowhead Pharmaceuticals, Inc.*   7,121    498,826 
Exelixis, Inc.*   21,518    361,287 
Halozyme Therapeutics, Inc.*   9,722    319,660 
Neurocrine Biosciences, Inc.*   6,464    538,128 
United Therapeutics Corp.*   3,066    581,007 
         2,298,908 
Building Products - 2.5%          
Builders FirstSource, Inc.*   14,153    982,784 
Carlisle Cos., Inc.   3,560    801,712 
Lennox International, Inc.   2,335    721,562 
Owens Corning   7,044    597,613 
Simpson Manufacturing Co., Inc.   2,967    342,273 
Trex Co., Inc.*   7,878    1,045,962 
         4,491,906 
Capital Markets - 2.6%          
Affiliated Managers Group, Inc.   2,814    478,746 
Evercore, Inc., Class A   2,709    375,738 
FactSet Research Systems, Inc.   2,580    1,208,911 
Federated Hermes, Inc.   6,663    224,610 
Interactive Brokers Group, Inc., Class A   5,966    440,410 
Janus Henderson Group plc   11,772    503,017 
Jefferies Financial Group, Inc.   13,498    507,255 
SEI Investments Co.   7,323    436,670 
Stifel Financial Corp.   7,157    508,219 
         4,683,576 
Chemicals - 2.4%          
Ashland Global Holdings, Inc.   3,858    389,928 
Avient Corp.   6,236    343,042 
Cabot Corp.   3,874    203,308 
Chemours Co. (The)   11,281    335,046 
Ingevity Corp.*   2,699    194,085 
Minerals Technologies, Inc.   2,294    150,647 
NewMarket Corp.   493    163,331 
Olin Corp.   9,864    536,108 
RPM International, Inc.   8,864    806,979 
Scotts Miracle-Gro Co. (The)   2,782    403,084 
Sensient Technologies Corp.   2,879    280,098 
Valvoline, Inc.   12,346    420,628 
         4,226,284 
Commercial Services & Supplies - 1.5%          
Brink's Co. (The)   3,401    208,005 
Clean Harbors, Inc.*   3,419    346,823 
IAA, Inc.*(b)   9,207    444,698 
KAR Auction Services, Inc.*   8,140    122,019 
MillerKnoll, Inc.   5,144    195,163 
MSA Safety, Inc.   2,489    356,724 
Stericycle, Inc.*   6,274    354,481 
Tetra Tech, Inc.   3,693    682,023 
         2,709,936 
Communications Equipment - 0.7%          
Ciena Corp.*   10,571    636,691 
Lumentum Holdings, Inc.*(b)   5,184    449,816 
Viasat, Inc.*   5,008    221,804 
         1,308,311 
Construction & Engineering - 1.3%          
AECOM*   9,840    678,370 
Dycom Industries, Inc.*   2,102    196,495 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra MidCap400

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
EMCOR Group, Inc.   3,671    438,097 
Fluor Corp.*   9,659    213,561 
MasTec, Inc.*   3,908    360,200 
Valmont Industries, Inc.   1,449    346,354 
         2,233,077 
Construction Materials - 0.2%          
Eagle Materials, Inc.   2,861    441,223 
           
Consumer Finance - 0.5%          
FirstCash, Inc.   2,763    176,390 
Navient Corp.   11,464    226,185 
PROG Holdings, Inc.*   4,542    204,935 
SLM Corp.   20,887    371,371 
         978,881 
Containers & Packaging - 0.7%          
AptarGroup, Inc.   4,505    538,753 
Greif, Inc., Class A   1,813    110,013 
Silgan Holdings, Inc.   5,731    237,664 
Sonoco Products Co.   6,716    390,401 
         1,276,831 
Diversified Consumer Services - 0.8%          
Graham Holdings Co., Class B   276    156,360 
Grand Canyon Education, Inc.*   3,086    223,642 
H&R Block, Inc.   12,161    287,973 
Service Corp. International   11,446    757,267 
         1,425,242 
Diversified Telecommunication Services - 0.2%          
Iridium Communications, Inc.*   9,011    346,473 
           
Electric Utilities - 0.9%          
ALLETE, Inc.   3,570    209,309 
Hawaiian Electric Industries, Inc.   7,466    283,634 
IDACORP, Inc.   3,450    360,939 
OGE Energy Corp.   13,672    469,223 
PNM Resources, Inc.   5,863    288,694 
         1,611,799 
Electrical Equipment - 1.8%          
Acuity Brands, Inc.   2,439    491,093 
EnerSys   2,904    215,157 
Hubbell, Inc.   3,714    726,830 
nVent Electric plc   11,482    399,918 
Regal Rexnord Corp.   4,624    731,054 
Sunrun, Inc.*(b)   14,066    647,599 
         3,211,651 
Electronic Equipment, Instruments & Components - 2.9%          
Arrow Electronics, Inc.*   4,905    596,693 
Avnet, Inc.   6,796    246,491 
Belden, Inc.   3,064    188,957 
Cognex Corp.   12,069    932,330 
Coherent, Inc.*   1,676    433,967 
II-VI, Inc.*   7,164    447,965 
Jabil, Inc.   9,960    582,262 
Littelfuse, Inc.   1,681    501,745 
National Instruments Corp.   9,083    377,126 
TD SYNNEX Corp.   2,838    293,619 
Vishay Intertechnology, Inc.   9,064    184,634 
Vontier Corp.   11,538    363,562 
         5,149,351 
Energy Equipment & Services - 0.3%          
ChampionX Corp.*   13,783    281,311 
NOV, Inc.*   26,686    318,097 
         599,408 
Entertainment - 0.1%          
World Wrestling Entertainment, Inc., Class A(b)   3,083    152,177 
           
Equity Real Estate Investment Trusts (REITs) - 8.8%          
American Campus Communities, Inc.   9,501    491,582 
Apartment Income REIT Corp.   10,721    544,198 
Brixmor Property Group, Inc.   20,284    461,258 
Camden Property Trust   6,869    1,134,827 
CoreSite Realty Corp.   3,019    516,400 
Corporate Office Properties Trust   7,673    196,889 
Cousins Properties, Inc.   10,156    383,491 
CyrusOne, Inc.   8,471    754,088 
Douglas Emmett, Inc.   11,985    392,748 
EastGroup Properties, Inc.   2,760    562,212 
EPR Properties   5,109    235,627 
First Industrial Realty Trust, Inc.   8,820    532,816 
Healthcare Realty Trust, Inc.   9,940    311,321 
Highwoods Properties, Inc.   7,118    307,498 
Hudson Pacific Properties, Inc.   10,415    253,501 
JBG SMITH Properties   7,930    220,375 
Kilroy Realty Corp.   7,159    461,970 
Kite Realty Group Trust   14,915    300,090 
Lamar Advertising Co., Class A   5,926    647,475 
Life Storage, Inc.   5,349    706,817 
Macerich Co. (The)   14,549    274,394 
Medical Properties Trust, Inc.   40,687    866,226 
National Retail Properties, Inc.   11,994    528,935 
National Storage Affiliates Trust   5,571    341,948 
Omega Healthcare Investors, Inc.   16,316    455,869 
Park Hotels & Resorts, Inc.*   16,153    268,786 
Pebblebrook Hotel Trust   8,974    188,005 
Physicians Realty Trust(b)   14,849    264,758 
PotlatchDeltic Corp.   4,579    247,907 
PS Business Parks, Inc.   1,373    240,550 
Rayonier, Inc.   9,653    364,594 
Rexford Industrial Realty, Inc.   9,408    659,313 
Sabra Health Care REIT, Inc.   15,083    195,023 
SL Green Realty Corp.   4,587    318,475 
Spirit Realty Capital, Inc.   8,135    362,496 
STORE Capital Corp.   16,701    550,131 
Urban Edge Properties   7,521    129,587 
         15,672,180 
Food & Staples Retailing - 1.1%          
BJ's Wholesale Club Holdings, Inc.*   9,366    619,561 
Casey's General Stores, Inc.   2,529    491,359 
Grocery Outlet Holding Corp.*   5,962    172,659 
Performance Food Group Co.*   10,496    423,094 
Sprouts Farmers Market, Inc.*   7,799    206,362 
         1,913,035 
Food Products - 1.5%          
Darling Ingredients, Inc.*   11,070    747,446 
Flowers Foods, Inc.   13,595    351,023 
Hain Celestial Group, Inc. (The)*   6,427    253,417 
Ingredion, Inc.   4,577    426,256 
Lancaster Colony Corp.   1,355    198,101 
Pilgrim's Pride Corp.*   3,329    93,478 
Post Holdings, Inc.*   4,003    386,690 
Sanderson Farms, Inc.   1,449    272,093 
Tootsie Roll Industries, Inc.   1,193    37,520 
         2,766,024 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra MidCap400

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Gas Utilities - 1.1%          
National Fuel Gas Co.   6,228    360,041 
New Jersey Resources Corp.   6,587    242,270 
ONE Gas, Inc.   3,654    236,925 
Southwest Gas Holdings, Inc.   4,036    265,609 
Spire, Inc.   3,530    211,271 
UGI Corp.   14,282    589,132 
         1,905,248 
Health Care Equipment & Supplies - 3.2%          
Envista Holdings Corp.*   11,014    427,343 
Globus Medical, Inc., Class A*   5,348    334,892 
Haemonetics Corp.*   3,481    178,401 
Hill-Rom Holdings, Inc.   4,495    698,973 
ICU Medical, Inc.*   1,362    308,098 
Integra LifeSciences Holdings Corp.*   4,968    317,704 
LivaNova plc*   3,634    291,301 
Masimo Corp.*   3,460    962,295 
Neogen Corp.*   7,341    294,594 
NuVasive, Inc.*   3,529    169,604 
Penumbra, Inc.*   2,349    577,032 
Quidel Corp.*(b)   2,588    381,885 
STAAR Surgical Co.*   3,237    308,130 
Tandem Diabetes Care, Inc.*   4,305    553,279 
         5,803,531 
Health Care Providers & Services - 2.6%          
Acadia Healthcare Co., Inc.*   6,138    344,772 
Amedisys, Inc.*   2,229    311,280 
Chemed Corp.   1,074    499,936 
Encompass Health Corp.   6,796    391,586 
HealthEquity, Inc.*   5,696    311,457 
LHC Group, Inc.*   2,163    248,139 
Molina Healthcare, Inc.*   3,989    1,137,583 
Option Care Health, Inc.*   9,460    239,433 
Patterson Cos., Inc.   5,889    185,327 
Progyny, Inc.*   4,701    238,670 
R1 RCM, Inc.*   9,143    217,786 
Tenet Healthcare Corp.*   7,312    532,825 
         4,658,794 
Hotels, Restaurants & Leisure - 2.6%          
Boyd Gaming Corp.*   5,596    327,982 
Choice Hotels International, Inc.   2,242    321,839 
Churchill Downs, Inc.   2,368    530,953 
Cracker Barrel Old Country Store, Inc.   1,621    197,794 
Jack in the Box, Inc.   1,480    122,248 
Marriott Vacations Worldwide Corp.   2,917    445,280 
Papa John's International, Inc.   2,223    271,028 
Scientific Games Corp.*   6,582    420,722 
Six Flags Entertainment Corp.*   5,279    193,053 
Texas Roadhouse, Inc.   4,770    395,624 
Travel + Leisure Co.   5,894    290,103 
Wendy's Co. (The)   12,173    250,520 
Wingstop, Inc.   2,032    326,339 
Wyndham Hotels & Resorts, Inc.   6,388    507,718 
         4,601,203 
Household Durables - 1.6%          
Helen of Troy Ltd.*   1,646    395,863 
KB Home   6,144    245,699 
Taylor Morrison Home Corp.*   8,557    265,780 
Tempur Sealy International, Inc.   13,421    574,956 
Toll Brothers, Inc.   7,921    502,746 
TopBuild Corp.*(b)   2,250    607,027 
Tri Pointe Homes, Inc.*   7,772    194,067 
         2,786,138 
Household Products - 0.1%          
Energizer Holdings, Inc.   4,296    159,768 
           
Insurance - 3.3%          
Alleghany Corp.*   947    612,595 
American Financial Group, Inc.   4,515    603,249 
Brighthouse Financial, Inc.*   5,677    275,959 
CNO Financial Group, Inc.   8,728    197,777 
First American Financial Corp.   7,508    556,944 
Hanover Insurance Group, Inc. (The)   2,439    296,948 
Kemper Corp.   4,085    225,982 
Kinsale Capital Group, Inc.   1,464    304,512 
Mercury General Corp.   1,815    92,601 
Old Republic International Corp.   19,421    465,327 
Primerica, Inc.   2,696    396,716 
Reinsurance Group of America, Inc.   4,644    440,762 
RenaissanceRe Holdings Ltd.   3,217    495,772 
RLI Corp.   2,718    279,356 
Selective Insurance Group, Inc.   4,105    310,092 
Unum Group   13,960    322,476 
         5,877,068 
Interactive Media & Services - 0.4%          
TripAdvisor, Inc.*   6,724    173,883 
Yelp, Inc.*   4,723    161,904 
Ziff Davis, Inc.*   3,292    374,860 
         710,647 
IT Services - 1.4%          
Alliance Data Systems Corp.   3,398    231,608 
Concentrix Corp.   2,925    485,550 
Genpact Ltd.   11,797    569,441 
Kyndryl Holdings, Inc.*   12,244    193,455 
LiveRamp Holdings, Inc.*   4,639    217,708 
Maximus, Inc.   4,199    316,815 
Sabre Corp.*   22,038    165,946 
WEX, Inc.*   3,060    386,845 
         2,567,368 
Leisure Products - 1.2%          
Brunswick Corp.   5,293    497,066 
Callaway Golf Co.*   8,001    215,707 
Mattel, Inc.*   23,835    505,540 
Polaris, Inc.   3,890    434,863 
YETI Holdings, Inc.*   5,972    550,380 
         2,203,556 
Life Sciences Tools & Services - 1.2%          
Medpace Holdings, Inc.*   1,957    405,901 
Repligen Corp.*   3,492    1,000,458 
Syneos Health, Inc.*   7,068    686,727 
         2,093,086 
Machinery - 4.5%          
AGCO Corp.   4,222    465,307 
Colfax Corp.*   8,847    410,855 
Crane Co.   3,404    328,622 
Donaldson Co., Inc.   8,578    484,057 
Flowserve Corp.   8,897    266,732 
Graco, Inc.   11,594    845,087 
ITT, Inc.   5,881    556,225 
Kennametal, Inc.   5,711    201,998 
Lincoln Electric Holdings, Inc.   4,056    547,398 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra MidCap400

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Middleby Corp. (The)*   3,799    663,609 
Nordson Corp.   3,692    938,469 
Oshkosh Corp.   4,688    504,429 
Terex Corp.   4,767    202,025 
Timken Co. (The)   4,740    312,034 
Toro Co. (The)   7,313    735,395 
Trinity Industries, Inc.   5,698    150,997 
Woodward, Inc.   4,344    459,595 
         8,072,834 
Marine - 0.1%          
Kirby Corp.*   4,106    214,415 
           
Media - 0.9%          
Cable One, Inc.   338    598,956 
John Wiley & Sons, Inc., Class A   2,974    154,554 
New York Times Co. (The), Class A   11,413    542,117 
TEGNA, Inc.   15,100    298,225 
         1,593,852 
Metals & Mining - 1.9%          
Cleveland-Cliffs, Inc.*(b)   31,061    632,091 
Commercial Metals Co.   8,236    254,492 
Compass Minerals International, Inc.   2,325    113,111 
Reliance Steel & Aluminum Co.   4,336    644,460 
Royal Gold, Inc.   4,481    448,235 
Steel Dynamics, Inc.   13,244    791,991 
United States Steel Corp.   18,450    417,155 
Worthington Industries, Inc.   2,262    108,531 
         3,410,066 
Multiline Retail - 0.5%          
Kohl's Corp.   10,671    546,675 
Nordstrom, Inc.*   7,597    160,829 
Ollie's Bargain Outlet Holdings, Inc.*(b)   4,147    256,658 
         964,162 
Multi-Utilities - 0.5%          
Black Hills Corp.   4,336    278,024 
MDU Resources Group, Inc.   13,826    376,482 
NorthWestern Corp.   3,522    194,767 
         849,273 
Oil, Gas & Consumable Fuels - 1.6%          
Antero Midstream Corp.(b)   22,176    215,329 
CNX Resources Corp.*   14,884    203,018 
DT Midstream, Inc.   6,616    303,476 
EQT Corp.*   20,655    401,326 
Equitrans Midstream Corp.   27,769    267,138 
HollyFrontier Corp.   10,210    329,987 
Murphy Oil Corp.   9,915    263,541 
Targa Resources Corp.   15,618    806,357 
         2,790,172 
Paper & Forest Products - 0.2%          
Louisiana-Pacific Corp.   6,504    425,036 
           
Personal Products - 0.2%          
Coty, Inc., Class A*   22,854    222,370 
Nu Skin Enterprises, Inc., Class A   3,424    150,245 
         372,615 
Pharmaceuticals - 0.5%          
Jazz Pharmaceuticals plc*   4,177    500,697 
Nektar Therapeutics*   12,554    141,358 
Perrigo Co. plc   9,133    335,272 
         977,327 
Professional Services - 1.4%          
ASGN, Inc.*   3,613    439,630 
CACI International, Inc., Class A*   1,609    417,423 
FTI Consulting, Inc.*   2,341    341,997 
Insperity, Inc.   2,452    283,794 
KBR, Inc.   9,616    423,104 
ManpowerGroup, Inc.   3,704    331,990 
Science Applications International Corp.   3,959    332,120 
         2,570,058 
Real Estate Management & Development - 0.5%          
Jones Lang LaSalle, Inc.*   3,463    813,493 
           
Road & Rail - 2.0%          
Avis Budget Group, Inc.*   3,227    886,102 
Knight-Swift Transportation Holdings, Inc.   11,336    648,986 
Landstar System, Inc.   2,614    440,590 
Ryder System, Inc.   3,673    305,153 
Saia, Inc.*   1,799    595,793 
Werner Enterprises, Inc.   4,222    190,454 
XPO Logistics, Inc.*   6,733    487,738 
         3,554,816 
Semiconductors & Semiconductor Equipment - 4.4%          
Amkor Technology, Inc.   6,843    147,535 
Brooks Automation, Inc.   5,075    573,983 
Cirrus Logic, Inc.*   3,934    315,428 
CMC Materials, Inc.   1,996    265,069 
First Solar, Inc.*   6,753    699,611 
Lattice Semiconductor Corp.*   9,315    707,288 
MKS Instruments, Inc.   3,787    576,230 
Semtech Corp.*   4,435    379,946 
Silicon Laboratories, Inc.*   2,774    544,453 
SiTime Corp.*   1,013    302,360 
SolarEdge Technologies, Inc.*   3,570    1,170,103 
SunPower Corp.*   5,667    162,360 
Synaptics, Inc.*   2,404    678,505 
Universal Display Corp.   2,961    423,571 
Wolfspeed, Inc.*   7,887    967,104 
         7,913,546 
Software - 3.4%          
ACI Worldwide, Inc.*   8,024    233,819 
Aspen Technology, Inc.*   4,639    672,794 
Blackbaud, Inc.*   2,871    216,646 
CDK Global, Inc.   8,317    321,369 
Cerence, Inc.*(b)   2,596    195,167 
CommVault Systems, Inc.*   3,133    197,003 
Digital Turbine, Inc.*   5,973    316,927 
Envestnet, Inc.*   3,723    285,442 
Fair Isaac Corp.*   1,939    684,719 
Manhattan Associates, Inc.*   4,330    676,173 
Mimecast Ltd.*   4,176    338,256 
NCR Corp.*(b)   8,975    349,128 
Paylocity Holding Corp.*   2,685    677,533 
Qualys, Inc.*   2,288    298,104 
Sailpoint Technologies Holdings, Inc.*   6,348    333,841 
Teradata Corp.*   7,452    323,566 
         6,120,487 
Specialty Retail - 3.4%          
American Eagle Outfitters, Inc.   10,424    269,877 
AutoNation, Inc.*   2,983    369,445 
Dick's Sporting Goods, Inc.(b)   4,476    526,199 

 

See accompanying notes to the financial statements.

 

 

 

 

 

 

Ultra MidCap400
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Five Below, Inc.*   3,824    777,955 
Foot Locker, Inc.   6,153    280,823 
GameStop Corp., Class A*   4,250    833,892 
Lithia Motors, Inc.   2,066    601,888 
Murphy USA, Inc.   1,624    281,488 
RH*   1,163    678,238 
Urban Outfitters, Inc.*   4,500    142,515 
Victoria's Secret & Co.*   5,129    278,402 
Williams-Sonoma, Inc.   5,131    999,724 
         6,040,446 
Technology Hardware, Storage & Peripherals - 0.1%          
Xerox Holdings Corp.   9,387    172,909 
           
Textiles, Apparel & Luxury Goods - 1.7%          
Capri Holdings Ltd.*   10,383    614,881 
Carter's, Inc.   3,006    303,696 
Columbia Sportswear Co.   2,388    232,902 
Crocs, Inc.*   4,261    698,889 
Deckers Outdoor Corp.*   1,889    765,801 
Skechers USA, Inc., Class A*   9,213    413,848 
         3,030,017 
Thrifts & Mortgage Finance - 0.7%          
Essent Group Ltd.   7,641    317,713 
MGIC Investment Corp.   23,176    326,781 
New York Community Bancorp, Inc.   31,763    380,521 
Washington Federal, Inc.   4,641    150,786 
         1,175,801 
Trading Companies & Distributors - 0.8%          
GATX Corp.   2,425    238,863 
MSC Industrial Direct Co., Inc., Class A   3,210    252,627 
Univar Solutions, Inc.*   11,673    302,447 
Watsco, Inc.   2,252    659,183 
         1,453,120 
Water Utilities - 0.4%          
Essential Utilities, Inc.   15,275    722,049 
           
Wireless Telecommunication Services - 0.1%          
Telephone and Data Systems, Inc.   6,751    119,358 
           
TOTAL COMMON STOCKS
(COST $142,849,584)		        162,191,773 
           
SECURITIES LENDING REINVESTMENTS(c) - 0.2%          
           
INVESTMENT COMPANIES - 0.2%          
BlackRock Liquidity FedFund, Institutional Class          
    0.03% (Cost $409,081)   409,081    409,081 

 

Investments  Principal
Amount ($)		   Value ($) 
SHORT-TERM INVESTMENTS - 16.6%          
           
REPURCHASE AGREEMENTS(d) - 16.6%          
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $29,672,474          
(Cost $29,672,451)   29,672,451    29,672,451 
           
Total Investments - 107.6%
(Cost $172,931,116)		        192,273,305 
Liabilities in excess of other assets - (7.6%)        (13,644,154)
Net Assets - 100.0%        178,629,151 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra MidCap400
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

* Non-income producing security.
(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $55,121,904.
(b) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $2,436,020, collateralized in the form of cash with a value of $409,081 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $2,186,678 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from December 9, 2021 – May 15, 2051. The total value of collateral is $2,595,759.
(c) The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $409,081.
(d) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation  $25,943,862 
Aggregate gross unrealized depreciation   (20,961,032)
Net unrealized appreciation  $4,982,830 
Federal income tax cost  $173,783,307 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra MidCap400
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Futures Contracts Purchased

Ultra MidCap400 had the following open long futures contracts as of November 30, 2021:  

 

   Number of
Contracts		   Expiration
Date		  Trading
Currency		  Notional Amount   Value and
Unrealized
Appreciation		 
S&P Midcap 400 E-Mini Index   33   12/17/2021  USD  $8,930,460   $149,210 

 

Swap Agreementsa

Ultra MidCap400 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

 

Notional
Amount ($)		   Termination
Dateb		  Counterparty  Rate Paid
(Received)c		   Underlying 
Instrument		  Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of (the
Fund)/ the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/
the
Counterparty
($)		   Net Amounte
($)		 
 25,358,381   5/8/2023  Bank of America NA   0.47%   S&P MidCap 400®   (1,583,991)   1,571,840    12,151    — 
                                     
 54,378,857   5/8/2023  BNP Paribas SA   0.52%   S&P MidCap 400®   (4,116,468)   4,080,610    35,858    — 
                                     
 19,767,728   4/10/2023  Citibank NA   0.47%   S&P MidCap 400®   (1,324,341)   1,287,823    36,518    — 
                                     
 16,669,032   3/7/2023  Goldman Sachs International   0.57%   S&P MidCap 400®   (1,242,842)               
 25,422,112   3/7/2023  Goldman Sachs International   0.34%   SPDR® S&P MidCap 400® ETF Trust   (2,817,263)               
 42,091,144                  (4,060,105)   3,754,939    305,166    — 
 2,489,249   11/7/2022  Morgan Stanley & Co. International plc   0.00%   S&P MidCap 400®   270,889    —    (270,889)   — 
                                     
 20,084,640   3/7/2023  Societe Generale   0.34%   S&P MidCap 400®   (1,417,838)   1,412,384    5,454    — 
                                     
 21,959,026   3/7/2023  UBS AG   0.42%   S&P MidCap 400®   (1,424,524)   1,383,711    40,813    — 
                                     
 186,129,025                  (13,656,378)               
                Total Unrealized Appreciation   270,889                
                Total Unrealized Depreciation   (13,927,267)               

 

a The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.
b Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
c Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).
d The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.
e Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

 

Abbreviations
USD U.S. Dollar

 

See accompanying notes to the financial statements.

 

 

 

 

 

Ultra Nasdaq Biotechnology
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
COMMON STOCKS(a) - 92.9%          
           
Biotechnology - 76.8%          
2seventy bio, Inc.*   4,105    108,126 
AC Immune SA*(b)   14,543    74,606 
ACADIA Pharmaceuticals, Inc.*   29,288    562,330 
Adaptimmune Therapeutics plc, ADR*(b)   24,980    103,667 
Adicet Bio, Inc.*   5,804    61,755 
Adverum Biotechnologies, Inc.*   17,893    31,134 
Aeglea BioTherapeutics, Inc.*   8,944    55,811 
Affimed NV*   21,685    147,892 
Agios Pharmaceuticals, Inc.*   10,745    382,737 
Akebia Therapeutics, Inc.*   31,826    86,248 
Akero Therapeutics, Inc.*   6,360    135,214 
Akouos, Inc.*(b)   6,287    48,347 
Alector, Inc.*   14,742    304,422 
Alkermes plc*(b)   29,411    644,689 
Allakos, Inc.*   9,849    771,669 
Allogene Therapeutics, Inc.*   25,919    479,242 
Allovir, Inc.*   11,870    207,250 
Alnylam Pharmaceuticals, Inc.*   21,674    3,983,681 
Altimmune, Inc.*   7,245    76,000 
ALX Oncology Holdings, Inc.*   7,357    236,601 
Amarin Corp. plc, ADR*(b)   71,139    256,100 
Amgen, Inc.   79,712    15,853,124 
Amicus Therapeutics, Inc.*   48,595    520,452 
AnaptysBio, Inc.*   5,006    161,944 
Annexon, Inc.*   6,990    113,867 
Apellis Pharmaceuticals, Inc.*   17,505    736,610 
Applied Molecular Transport, Inc.*(b)   7,009    119,153 
Applied Therapeutics, Inc.*   4,779    54,863 
Aprea Therapeutics, Inc.*(b)   3,864    15,611 
Arbutus Biopharma Corp.*   24,646    78,867 
Arcturus Therapeutics Holdings, Inc.*   4,800    190,800 
Arcutis Biotherapeutics, Inc.*   9,155    151,698 
Ardelyx, Inc.*   18,799    21,431 
Arena Pharmaceuticals, Inc.*   11,136    606,806 
Argenx SE, ADR*   5,069    1,415,315 
Arrowhead Pharmaceuticals, Inc.*   19,012    1,331,791 
Ascendis Pharma A/S, ADR*   9,538    1,306,897 
Assembly Biosciences, Inc.*   8,199    18,858 
Atara Biotherapeutics, Inc.*   15,451    276,418 
Athenex, Inc.*(b)   19,929    35,274 
Atreca, Inc., Class A*(b)   5,506    19,767 
Aurinia Pharmaceuticals, Inc.*(b)   23,407    440,988 
Autolus Therapeutics plc, ADR*(b)   10,411    66,943 
Avidity Biosciences, Inc.*   8,325    185,897 
Avrobio, Inc.*   7,950    30,528 
Beam Therapeutics, Inc.*   12,097    957,478 
BeiGene Ltd., ADR*   9,285    3,226,816 
BioCryst Pharmaceuticals, Inc.*   32,615    393,337 
Biogen, Inc.*   26,518    6,251,353 
BioMarin Pharmaceutical, Inc.*   33,427    2,884,416 
BioNTech SE, ADR*(b)   14,983    5,270,120 
Black Diamond Therapeutics, Inc.*(b)   6,600    39,600 
Bluebird Bio, Inc.*   12,318    124,535 
Blueprint Medicines Corp.*   10,684    1,027,801 
Bridgebio Pharma, Inc.*   27,308    1,105,974 
Cabaletta Bio, Inc.*   5,164    59,799 
Calithera Biosciences, Inc.*   13,513    11,183 
Cellectis SA, ADR*   3,789    32,661 
ChemoCentryx, Inc.*(b)   12,744    462,352 
Chinook Therapeutics, Inc.*   9,640    154,336 
Clovis Oncology, Inc.*(b)   21,585    68,209 
Coherus Biosciences, Inc.*   13,947    258,996 
Concert Pharmaceuticals, Inc.*   5,865    19,824 
Cortexyme, Inc.*(b)   5,417    70,475 
Crinetics Pharmaceuticals, Inc.*   8,410    229,761 
CRISPR Therapeutics AG*   13,897    1,110,370 
Cytokinetics, Inc.*   15,226    598,991 
CytomX Therapeutics, Inc.*   11,882    78,540 
Deciphera Pharmaceuticals, Inc.*   10,583    91,331 
Denali Therapeutics, Inc.*   22,179    1,026,001 
Dicerna Pharmaceuticals, Inc.*   14,178    538,906 
Eagle Pharmaceuticals, Inc.*   2,389    113,908 
Editas Medicine, Inc.*   12,450    406,617 
Eiger BioPharmaceuticals, Inc.*   6,191    38,075 
Enanta Pharmaceuticals, Inc.*   3,684    325,224 
Epizyme, Inc.*   18,645    60,969 
Exelixis, Inc.*   57,435    964,334 
Fate Therapeutics, Inc.*   17,347    954,258 
FibroGen, Inc.*   16,886    211,244 
Forma Therapeutics Holdings, Inc.*   8,634    125,107 
Frequency Therapeutics, Inc.*(b)   6,274    31,997 
Fusion Pharmaceuticals, Inc.*(b)   7,848    45,518 
G1 Therapeutics, Inc.*(b)   7,719    99,575 
Galapagos NV, ADR*   1,694    82,295 
Gamida Cell Ltd.*   10,809    27,671 
Generation Bio Co.*   10,355    177,795 
Genmab A/S, ADR*   8,778    338,129 
Geron Corp.*   58,456    86,515 
Gilead Sciences, Inc.   227,519    15,682,885 
Global Blood Therapeutics, Inc.*   11,383    321,684 
Gossamer Bio, Inc.*   13,850    150,134 
Grifols SA, ADR   21,208    227,562 
Halozyme Therapeutics, Inc.*   25,955    853,400 
Harpoon Therapeutics, Inc.*   5,954    36,558 
Homology Medicines, Inc.*   10,403    52,535 
Horizon Therapeutics plc*   41,190    4,273,874 
Ideaya Biosciences, Inc.*   7,004    154,088 
IGM Biosciences, Inc.*   4,675    233,376 
I-Mab, ADR*   7,643    462,096 
Immunic, Inc.*   4,785    40,816 
ImmunityBio, Inc.*(b)   71,312    555,520 
ImmunoGen, Inc.*   36,909    227,729 
Immunovant, Inc.*   20,968    161,454 
Incyte Corp.*   40,261    2,726,475 
Inovio Pharmaceuticals, Inc.*   38,350    277,654 
Inozyme Pharma, Inc.*   4,310    34,221 
Insmed, Inc.*   21,013    578,278 
Intellia Therapeutics, Inc.*   13,397    1,540,789 
Intercept Pharmaceuticals, Inc.*(b)   5,383    92,641 
Ionis Pharmaceuticals, Inc.*   25,731    681,871 
Iovance Biotherapeutics, Inc.*   28,268    529,177 
Ironwood Pharmaceuticals, Inc.*   29,699    329,362 
iTeos Therapeutics, Inc.*   6,418    226,555 
IVERIC bio, Inc.*   20,885    305,339 
Jounce Therapeutics, Inc.*   9,338    71,622 
KalVista Pharmaceuticals, Inc.*   4,451    64,539 
Kamada Ltd.*(b)   8,158    50,824 
Karuna Therapeutics, Inc.*   5,385    688,741 
Karyopharm Therapeutics, Inc.*   13,760    95,632 
Keros Therapeutics, Inc.*   4,260    237,665 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Nasdaq Biotechnology
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Kezar Life Sciences, Inc.*   8,785    121,760 
Kiniksa Pharmaceuticals Ltd., Class A*   5,946    69,093 
Kodiak Sciences, Inc.*   9,388    862,194 
Krystal Biotech, Inc.*   4,048    326,066 
Kura Oncology, Inc.*   12,081    168,651 
Larimar Therapeutics, Inc.*(b)   3,234    29,720 
Legend Biotech Corp., ADR*   5,826    300,097 
Ligand Pharmaceuticals, Inc.*   3,045    493,046 
MacroGenics, Inc.*   11,142    196,099 
Madrigal Pharmaceuticals, Inc.*   3,026    250,280 
Magenta Therapeutics, Inc.*   10,683    60,145 
MannKind Corp.*(b)   45,516    210,739 
MediciNova, Inc.*(b)   8,925    29,274 
MeiraGTx Holdings plc*   8,073    142,731 
Mersana Therapeutics, Inc.*   13,082    88,173 
Mirati Therapeutics, Inc.*   9,413    1,287,416 
Moderna, Inc.*   47,724    16,819,369 
Myriad Genetics, Inc.*   14,227    367,910 
Neoleukin Therapeutics, Inc.*   7,734    41,454 
Neurocrine Biosciences, Inc.*   17,251    1,436,146 
NextCure, Inc.*   5,036    31,475 
Nkarta, Inc.*   5,997    95,292 
Novavax, Inc.*(b)   13,577    2,832,570 
Nurix Therapeutics, Inc.*   8,100    233,442 
Orchard Therapeutics plc, ADR*(b)   13,437    18,140 
ORIC Pharmaceuticals, Inc.*   7,168    99,205 
Ovid therapeutics, Inc.*   12,384    41,486 
Passage Bio, Inc.*   9,861    71,887 
Poseida Therapeutics, Inc.*   11,369    79,015 
Precigen, Inc.*   37,678    148,451 
Precision BioSciences, Inc.*   10,866    98,446 
Protagonist Therapeutics, Inc.*   8,671    291,519 
Prothena Corp. plc*   8,214    411,932 
PTC Therapeutics, Inc.*   12,879    478,584 
Puma Biotechnology, Inc.*   7,429    23,030 
Radius Health, Inc.*   8,619    141,869 
RAPT Therapeutics, Inc.*   5,383    175,755 
Regeneron Pharmaceuticals, Inc.*   19,064    12,134,808 
REGENXBIO, Inc.*   7,765    248,480 
Relay Therapeutics, Inc.*   19,661    578,427 
Repare Therapeutics, Inc.*(b)   7,605    178,489 
Replimune Group, Inc.*   8,530    243,020 
REVOLUTION Medicines, Inc.*   13,416    371,087 
Rhythm Pharmaceuticals, Inc.*   9,152    81,910 
Rigel Pharmaceuticals, Inc.*   31,147    83,162 
Rocket Pharmaceuticals, Inc.*(b)   11,600    283,388 
Rubius Therapeutics, Inc.*   16,374    202,383 
Sage Therapeutics, Inc.*   10,727    417,388 
Sangamo Therapeutics, Inc.*   26,500    219,685 
Sarepta Therapeutics, Inc.*   14,555    1,176,190 
Scholar Rock Holding Corp.*   6,283    166,814 
Seagen, Inc.*   33,173    5,307,680 
Selecta Biosciences, Inc.*   20,979    62,937 
Seres Therapeutics, Inc.*   16,724    179,950 
Spectrum Pharmaceuticals, Inc.*   29,919    47,272 
Spero Therapeutics, Inc.*(b)   5,860    83,505 
SpringWorks Therapeutics, Inc.*   8,962    643,920 
Stoke Therapeutics, Inc.*   6,697    166,755 
Summit Therapeutics, Inc.*   17,759    90,216 
Surface Oncology, Inc.*   8,286    47,810 
Sutro Biopharma, Inc.*   8,411    143,660 
Syndax Pharmaceuticals, Inc.*   8,872    141,686 
Syros Pharmaceuticals, Inc.*   11,297    44,736 
TCR2 Therapeutics, Inc.*   6,980    35,947 
Travere Therapeutics, Inc.*   11,068    315,991 
Turning Point Therapeutics, Inc.*   9,014    343,073 
Twist Bioscience Corp.*   8,985    858,068 
Ultragenyx Pharmaceutical, Inc.*   12,365    930,219 
uniQure NV*   8,404    234,051 
United Therapeutics Corp.*   8,190    1,552,005 
UNITY Biotechnology, Inc.*   10,044    22,097 
UroGen Pharma Ltd.*(b)   4,075    49,267 
Vanda Pharmaceuticals, Inc.*   10,142    164,300 
Vaxcyte, Inc.*(b)   9,521    194,038 
Veracyte, Inc.*   12,924    536,088 
Verastem, Inc.*   32,953    87,985 
Vertex Pharmaceuticals, Inc.*   44,876    8,389,119 
Vir Biotechnology, Inc.*   23,817    1,129,402 
Voyager Therapeutics, Inc.*(b)   6,909    21,003 
XBiotech, Inc.(b)   5,536    69,864 
Xencor, Inc.*   10,639    385,345 
Xenon Pharmaceuticals, Inc.*   9,040    241,368 
Y-mAbs Therapeutics, Inc.*   7,939    135,598 
Zai Lab Ltd., ADR*   12,642    875,459 
Zentalis Pharmaceuticals, Inc.*   8,219    674,369 
ZIOPHARM Oncology, Inc.*(b)   39,303    54,631 
         163,876,021 
Health Care Providers & Services - 1.1%          
Castle Biosciences, Inc.*   4,582    189,374 
Guardant Health, Inc.*(b)   18,463    1,940,830 
PetIQ, Inc.*(b)   5,274    105,322 
         2,235,526 
Life Sciences Tools & Services - 7.5%          
Adaptive Biotechnologies Corp.*   25,665    669,600 
Codexis, Inc.*   11,784    409,023 
Compugen Ltd.*(b)   15,301    67,630 
Illumina, Inc.*   28,397    10,374,276 
Medpace Holdings, Inc.*   6,532    1,354,802 
NanoString Technologies, Inc.*   8,300    341,130 
Pacific Biosciences of California, Inc.*   40,193    932,880 
Personalis, Inc.*   8,097    109,714 
Syneos Health, Inc.*   18,871    1,833,506 
         16,092,561 
Pharmaceuticals - 7.5%          
Aerie Pharmaceuticals, Inc.*   8,612    86,981 
Amphastar Pharmaceuticals, Inc.*   8,757    171,287 
ANI Pharmaceuticals, Inc.*   2,595    106,758 
Arvinas, Inc.*   8,965    677,844 
AstraZeneca plc, ADR   56,944    3,122,240 
Avadel Pharmaceuticals plc, ADR*(b)   10,646    95,388 
Axsome Therapeutics, Inc.*(b)   6,863    237,048 
BioDelivery Sciences International, Inc.*   17,977    49,976 
Cara Therapeutics, Inc.*   9,134    120,386 
Collegium Pharmaceutical, Inc.*   6,486    114,024 
Cymabay Therapeutics, Inc.*   12,583    41,650 
Endo International plc*   42,574    238,414 
Esperion Therapeutics, Inc.*(b)   5,154    44,994 
Fulcrum Therapeutics, Inc.*   7,343    106,474 
Hutchmed China Ltd., ADR*   9,868    334,131 
Innoviva, Inc.*   12,672    211,876 
Intra-Cellular Therapies, Inc.*   14,836    600,561 
Jazz Pharmaceuticals plc*   11,189    1,341,226 
Kala Pharmaceuticals, Inc.*(b)   11,851    22,517 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Nasdaq Biotechnology
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Kaleido Biosciences, Inc.*(b)   7,760    27,858 
Marinus Pharmaceuticals, Inc.*   6,694    74,370 
Nektar Therapeutics*   33,508    377,300 
NGM Biopharmaceuticals, Inc.*   14,098    254,046 
Ocular Therapeutix, Inc.*   13,962    95,500 
Odonate Therapeutics, Inc.*(b)   7,016    11,647 
Omeros Corp.*(b)   11,390    82,008 
Osmotica Pharmaceuticals plc*(b)   14,061    18,701 
Pacira BioSciences, Inc.*   8,106    426,538 
Paratek Pharmaceuticals, Inc.*   8,895    37,537 
Phibro Animal Health Corp., Class A   3,705    72,581 
Pliant Therapeutics, Inc.*   6,549    92,865 
Provention Bio, Inc.*(b)   11,556    79,736 
Reata Pharmaceuticals, Inc., Class A*(b)   5,738    491,173 
Redhill Biopharma Ltd., ADR*(b)   8,520    24,878 
Relmada Therapeutics, Inc.*   3,191    56,991 
Revance Therapeutics, Inc.*   13,100    179,208 
Royalty Pharma plc, Class A   77,853    3,096,214 
Sanofi, ADR   42,495    2,021,487 
SIGA Technologies, Inc.*   13,685    111,670 
Supernus Pharmaceuticals, Inc.*   9,691    290,439 
TherapeuticsMD, Inc.*(b)   77,276    38,252 
Theravance Biopharma, Inc.*   13,392    112,493 
Tricida, Inc.*(b)   9,199    69,820 
VYNE Therapeutics, Inc.*(b)   9,389    9,671 
WaVe Life Sciences Ltd.*   10,719    41,804 
Xeris Biopharma Holdings, Inc.*(b)   22,702    47,447 
Zogenix, Inc.*   10,189    114,626 
         16,080,635 
TOTAL COMMON STOCKS
(Cost $238,086,819)		        198,284,743 

 

Investments  Number of
Rights		   Value ($) 
RIGHTS - 0.0%(c)          
           
Biotechnology - 0.0%(c)          
Achillion Pharmaceuticals, Inc., CVR*(d)(e)   25,307    11,641 
Diversified Financial Services - 0.0%          
Contra Costa County Board of Education, CVR*(b)(d)(e)   835    — 
TOTAL RIGHTS
(Cost $11,641)		        11,641 

 

Investments  Shares   Value ($) 
SECURITIES LENDING REINVESTMENTS(f) - 0.8%          
           
INVESTMENT COMPANIES - 0.8%          
BlackRock Liquidity FedFund, Institutional Class          
0.03% (Cost $1,763,417)   1,763,417    1,763,417 

 

Investments  Principal
Amount ($)		   Value ($) 
SHORT-TERM INVESTMENTS - 7.6%          
           
REPURCHASE AGREEMENTS(g) - 7.6%          
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $16,260,737          
(Cost $16,260,723)   16,260,723    16,260,723 
           
Total Investments - 101.3%
 (Cost $256,122,600)		        216,320,524 
Liabilities in excess of other assets - (1.3%)        (2,794,542)
Net Assets - 100.0%        213,525,982 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Nasdaq Biotechnology
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

* Non-income producing security.
(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $57,282,972.
(b) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $4,766,994, collateralized in the form of cash with a value of $1,763,417 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $3,070,684 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from December 9, 2021 – November 15, 2050. The total value of collateral is $4,834,101.
(c) Represents less than 0.05% of net assets.
(d) Security fair valued as of November 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2021 amounted to $11,641, which represents approximately 0.01% of net assets of the Fund.
(e) Illiquid security.
(f) The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $1,763,417.
(g) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

 

Abbreviations
ADR American Depositary Receipt
CVR Contingent Value Rights - No defined expiration

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation  $13,717,294 
Aggregate gross unrealized depreciation   (64,355,533)
Net unrealized depreciation  $(50,638,239)
Federal income tax cost  $258,855,738 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Nasdaq Biotechnology
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Swap Agreementsa

Ultra Nasdaq Biotechnology had the following open non-exchange traded total return swap agreements as of November 30, 2021:

 

Notional
Amount ($)		  Termination
Dateb		  Counterparty  Rate Paid
(Received)c		   Underlying 
Instrument		  Value and
Unrealized
Depreciationd
 ($)		  Financial
Instruments
for the Benefit
of (the Fund)/the
Counterparty
($)		  Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		  Net Amounte
($)		 
33,518,991  5/8/2023  Bank of America NA  0.22%   NASDAQ Biotechnology Index®  (2,169,183) 1,680,631  488,552  — 
45,872,380  4/10/2023  Citibank NA  0.22%   NASDAQ Biotechnology Index®  (253,682) 216,612  37,070  — 
39,005,659  3/7/2023  Goldman Sachs International  0.67%   NASDAQ Biotechnology Index®  (1,960,158) —  1,960,158  — 
10,201,848  11/7/2022  Morgan Stanley & Co. International plc  0.52%   NASDAQ Biotechnology Index®  (1,457) —  1,457  — 
35,052,383  3/7/2023  Societe Generale  0.42%   NASDAQ Biotechnology Index®  (1,285,406) 1,277,423  7,983  — 
65,610,010  3/7/2023  UBS AG  0.07%   NASDAQ Biotechnology Index®  (2,433,139) 2,307,511  125,628  — 
                           
229,261,271               (8,103,025)         
             Total Unrealized Depreciation  (8,103,025)         

 

a The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.
b Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
c Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).
d The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.
e Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

 

See accompanying notes to the financial statements.

 

 

 

 

  

Ultra Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
COMMON STOCKS(a) - 78.6%          
           
Aerospace & Defense - 0.5%          
AAR Corp.*   2,749    89,782 
Aerojet Rocketdyne Holdings, Inc.   6,051    254,384 
AeroVironment, Inc.*   1,816    146,660 
AerSale Corp.*(b)   728    13,170 
Astronics Corp.*   1,973    20,638 
Byrna Technologies, Inc.*(b)   1,490    21,933 
Ducommun, Inc.*   879    37,366 
Kaman Corp.   2,233    82,621 
Kratos Defense & Security Solutions, Inc.*   9,914    195,405 
Maxar Technologies, Inc.   5,796    159,564 
Moog, Inc., Class A   2,333    161,374 
National Presto Industries, Inc.   414    33,857 
PAE, Inc.*   5,611    55,661 
Park Aerospace Corp.   1,578    20,356 
Parsons Corp.*   2,128    70,628 
Triumph Group, Inc.*   5,148    86,280 
Vectrus, Inc.*   931    38,953 
         1,488,632 
Air Freight & Logistics - 0.3%          
Air Transport Services Group, Inc.*   4,769    117,746 
Atlas Air Worldwide Holdings, Inc.*   2,326    203,781 
Forward Air Corp.   2,197    216,954 
Hub Group, Inc., Class A*   2,676    207,845 
Radiant Logistics, Inc.*   3,171    23,909 
         770,235 
Airlines - 0.3%          
Allegiant Travel Co.*   1,240    214,793 
Frontier Group Holdings, Inc.*   2,813    37,554 
Hawaiian Holdings, Inc.*   4,086    74,692 
Mesa Air Group, Inc.*   2,772    19,570 
SkyWest, Inc.*   4,025    157,659 
Spirit Airlines, Inc.*   7,946    166,151 
Sun Country Airlines Holdings, Inc.*   2,095    57,466 
         727,885 
Auto Components - 1.1%          
Adient plc*   7,655    324,955 
American Axle & Manufacturing Holdings, Inc.*   9,114    80,750 
Cooper-Standard Holdings, Inc.*   1,359    31,379 
Dana, Inc.   11,748    252,582 
Dorman Products, Inc.*   2,161    239,828 
Fox Factory Holding Corp.*   3,414    600,079 
Gentherm, Inc.*   2,688    227,002 
Goodyear Tire & Rubber Co. (The)*   22,331    449,076 
LCI Industries   2,004    305,149 
Modine Manufacturing Co.*   4,043    41,885 
Motorcar Parts of America, Inc.*   1,517    24,333 
Patrick Industries, Inc.   1,836    146,458 
Standard Motor Products, Inc.   1,686    84,367 
Stoneridge, Inc.*   2,108    46,018 
Tenneco, Inc., Class A*   5,497    57,718 
Visteon Corp.*(b)   2,244    237,684 
XL Fleet Corp.*   2,825    12,826 
XPEL, Inc.*(c)   1,450    104,241 
         3,266,330 
Automobiles - 0.2%          
Arcimoto, Inc.*(b)   2,212    22,629 
Canoo, Inc.*(b)   8,597    102,906 
Fisker, Inc.*(b)   13,191    282,155 
Lordstown Motors Corp.*(b)   7,769    36,359 
Winnebago Industries, Inc.   2,616    188,928 
Workhorse Group, Inc.*(b)   9,747    56,922 
         689,899 
Banks - 6.7%          
1st Source Corp.   1,367    63,224 
Allegiance Bancshares, Inc.   1,536    62,100 
Amalgamated Financial Corp.   1,101    18,629 
Amerant Bancorp, Inc.*   2,182    61,423 
American National Bankshares, Inc.   857    31,349 
Ameris Bancorp   5,374    261,553 
Arrow Financial Corp.   1,117    38,536 
Associated Banc-Corp.   12,230    267,837 
Atlantic Capital Bancshares, Inc.*   1,590    44,425 
Atlantic Union Bankshares Corp.   6,199    201,529 
Banc of California, Inc.   4,421    86,607 
BancFirst Corp.   1,385    88,128 
Bancorp, Inc. (The)*   4,229    119,554 
Bank First Corp.(b)   540    37,924 
Bank of Marin Bancorp   1,287    44,582 
Bank of NT Butterfield & Son Ltd. (The)   4,055    149,346 
BankUnited, Inc.   7,529    298,450 
Banner Corp.   2,802    160,499 
Bar Harbor Bankshares   1,193    34,084 
Berkshire Hills Bancorp, Inc.   3,953    105,585 
Blue Ridge Bankshares, Inc.(b)   1,402    24,970 
Brookline Bancorp, Inc.   6,205    95,743 
Bryn Mawr Bank Corp.   1,599    71,315 
Business First Bancshares, Inc.   1,547    42,542 
Byline Bancorp, Inc.   2,015    52,330 
Cadence Bank   15,197    444,056 
Cambridge Bancorp(b)   551    48,918 
Camden National Corp.   1,191    54,572 
Capital Bancorp, Inc.   626    16,633 
Capital City Bank Group, Inc.   1,088    28,843 
Capstar Financial Holdings, Inc.   1,654    34,453 
Carter Bankshares, Inc.*   2,093    30,369 
Cathay General Bancorp   6,064    254,142 
CBTX, Inc.   1,485    41,283 
Central Pacific Financial Corp.   2,231    59,724 
CIT Group, Inc.   8,023    393,608 
Citizens & Northern Corp.   1,254    31,024 
City Holding Co.   1,227    96,270 
Civista Bancshares, Inc.   1,200    28,236 
CNB Financial Corp.   1,300    34,255 
Coastal Financial Corp.*   765    33,453 
Columbia Banking System, Inc.   6,329    207,971 
Community Bank System, Inc.   4,323    305,463 
Community Trust Bancorp, Inc.   1,257    52,794 
ConnectOne Bancorp, Inc.   3,015    97,987 
CrossFirst Bankshares, Inc.*   3,769    52,728 
Customers Bancorp, Inc.*   2,415    139,201 
CVB Financial Corp.   10,445    199,604 
Dime Community Bancshares, Inc.   2,790    95,697 
Eagle Bancorp, Inc.   2,557    144,087 
Eastern Bankshares, Inc.   13,882    279,445 
Enterprise Bancorp, Inc.   750    29,565 
Enterprise Financial Services Corp.   2,863    132,757 

 

See accompanying notes to the financial statements.

 

 

 

  

Ultra Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Equity Bancshares, Inc., Class A   1,088    35,382 
Farmers National Banc Corp.   2,498    43,940 
FB Financial Corp.   2,691    115,444 
Fidelity D&D Bancorp, Inc.(b)   324    16,527 
Financial Institutions, Inc.   1,265    38,962 
First Bancorp, Inc. (The)   837    25,344 
First Bancorp/NC   2,775    123,321 
First Bancorp/PR   16,611    220,760 
First Bancshares, Inc. (The)   1,637    63,614 
First Bank   1,260    18,232 
First Busey Corp.   4,098    105,319 
First Commonwealth Financial Corp.   7,714    115,941 
First Community Bankshares, Inc.   1,367    44,701 
First Financial Bancorp   7,639    175,697 
First Financial Bankshares, Inc.   10,492    523,761 
First Financial Corp.   939    40,809 
First Foundation, Inc.   3,211    81,624 
First Internet Bancorp   752    32,569 
First Interstate BancSystem, Inc., Class A   3,308    134,966 
First Merchants Corp.   4,374    174,479 
First Mid Bancshares, Inc.   1,344    56,488 
First Midwest Bancorp, Inc.   9,205    181,615 
First of Long Island Corp. (The)   1,849    38,737 
Five Star Bancorp   432    12,826 
Flushing Financial Corp.   2,384    56,310 
Fulton Financial Corp.   12,848    202,870 
German American Bancorp, Inc.   1,997    78,143 
Glacier Bancorp, Inc.   8,907    483,650 
Great Southern Bancorp, Inc.   856    47,619 
Great Western Bancorp, Inc.   4,468    149,901 
Guaranty Bancshares, Inc.   645    23,704 
Hancock Whitney Corp.   6,992    334,078 
Hanmi Financial Corp.   2,466    55,411 
HarborOne Bancorp, Inc.   4,007    55,657 
HBT Financial, Inc.   774    13,932 
Heartland Financial USA, Inc.   3,258    154,755 
Heritage Commerce Corp.   4,717    51,698 
Heritage Financial Corp.   2,867    67,174 
Hilltop Holdings, Inc.   5,142    174,982 
Home BancShares, Inc.   12,326    294,961 
HomeStreet, Inc.   1,635    80,720 
HomeTrust Bancshares, Inc.   1,229    36,907 
Hope Bancorp, Inc.   9,606    137,846 
Horizon Bancorp, Inc.   3,462    67,163 
Howard Bancorp, Inc.*   1,064    21,982 
Independent Bank Corp.   3,702    292,680 
Independent Bank Corp./MI   1,667    37,591 
Independent Bank Group, Inc.   3,037    210,859 
International Bancshares Corp.   4,338    182,239 
Investors Bancorp, Inc.   18,489    275,301 
Lakeland Bancorp, Inc.   3,952    70,701 
Lakeland Financial Corp.   1,971    139,192 
Live Oak Bancshares, Inc.   2,547    226,938 
Macatawa Bank Corp.   2,123    17,876 
Mercantile Bank Corp.   1,257    42,210 
Meta Financial Group, Inc.   2,539    151,756 
Metrocity Bankshares, Inc.   1,535    41,292 
Metropolitan Bank Holding Corp.*   621    58,952 
Mid Penn Bancorp, Inc.(b)   794    24,979 
Midland States Bancorp, Inc.   1,755    41,769 
MidWestOne Financial Group, Inc.   1,170    36,036 
MVB Financial Corp.   808    33,185 
National Bank Holdings Corp., Class A   2,387    101,734 
NBT Bancorp, Inc.   3,410    123,135 
Nicolet Bankshares, Inc.*   867    61,826 
Northrim Bancorp, Inc.   490    19,870 
OceanFirst Financial Corp.   4,779    98,495 
OFG Bancorp   4,103    98,882 
Old National Bancorp   13,356    235,867 
Old Second Bancorp, Inc.   2,243    27,701 
Origin Bancorp, Inc.   1,779    75,056 
Orrstown Financial Services, Inc.   880    20,592 
Pacific Premier Bancorp, Inc.   7,576    293,570 
Park National Corp.   1,163    151,295 
Peapack-Gladstone Financial Corp.   1,466    48,495 
Peoples Bancorp, Inc.   2,049    63,191 
Peoples Financial Services Corp.(b)   567    26,870 
Preferred Bank   1,114    75,919 
Primis Financial Corp.   1,949    29,781 
QCR Holdings, Inc.   1,243    67,047 
RBB Bancorp   1,138    27,835 
Red River Bancshares, Inc.   366    19,325 
Reliant Bancorp, Inc.   1,231    40,955 
Renasant Corp.   4,465    162,660 
Republic Bancorp, Inc., Class A   761    38,986 
Republic First Bancorp, Inc.*   3,615    12,219 
S&T Bancorp, Inc.   3,132    93,678 
Sandy Spring Bancorp, Inc.   3,748    175,894 
Seacoast Banking Corp. of Florida   4,408    148,858 
ServisFirst Bancshares, Inc.   4,035    324,374 
Sierra Bancorp   1,134    28,554 
Silvergate Capital Corp., Class A*   1,977    404,257 
Simmons First National Corp., Class A   8,671    252,413 
SmartFinancial, Inc.   1,117    28,673 
South Plains Financial, Inc.   856    21,400 
Southern First Bancshares, Inc.*   602    35,235 
Southside Bancshares, Inc.   2,518    102,608 
SouthState Corp.   5,645    441,100 
Spirit of Texas Bancshares, Inc.   1,035    28,773 
Stock Yards Bancorp, Inc.   1,946    116,429 
Summit Financial Group, Inc.   917    22,925 
Texas Capital Bancshares, Inc.*   4,098    230,799 
Tompkins Financial Corp.   1,141    89,181 
Towne Bank   5,421    165,828 
TriCo Bancshares   2,228    93,932 
TriState Capital Holdings, Inc.*   2,338    69,930 
Triumph Bancorp, Inc.*   1,902    242,220 
Trustmark Corp.   5,018    153,601 
UMB Financial Corp.   3,539    355,953 
United Bankshares, Inc.   10,097    360,766 
United Community Banks, Inc.   7,033    241,021 
Univest Financial Corp.   2,337    64,431 
Valley National Bancorp   32,373    435,093 
Veritex Holdings, Inc.   3,844    152,338 
Washington Trust Bancorp, Inc.   1,384    74,459 
WesBanco, Inc.   5,116    166,526 
West Bancorp, Inc.   1,300    40,339 
Westamerica Bancorp   2,106    113,261 
         19,919,634 
Beverages - 0.3%          
Celsius Holdings, Inc.*   4,358    298,131 
Coca-Cola Consolidated, Inc.   380    216,817 
Duckhorn Portfolio, Inc. (The)*   1,631    31,332 
MGP Ingredients, Inc.   1,145    89,287 

 

See accompanying notes to the financial statements.

 

 

 

  

Ultra Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
National Beverage Corp.   1,898    98,582 
NewAge, Inc.*(b)   10,871    12,284 
Primo Water Corp.   12,702    211,107 
Zevia PBC, Class A*   830    6,349 
         963,889 
Biotechnology - 6.9%          
2seventy bio, Inc.*   1,820    47,939 
4D Molecular Therapeutics, Inc.*   1,693    38,939 
89bio, Inc.*(b)   787    10,396 
ACADIA Pharmaceuticals, Inc.*   9,671    185,683 
Acumen Pharmaceuticals, Inc.*   775    6,122 
Adagio Therapeutics, Inc.*(b)   1,715    80,674 
Adicet Bio, Inc.*   1,690    17,982 
Adverum Biotechnologies, Inc.*   7,021    12,217 
Aeglea BioTherapeutics, Inc.*   3,266    20,380 
Aerovate Therapeutics, Inc.*   814    11,160 
Affimed NV*   9,380    63,972 
Agenus, Inc.*   16,694    52,586 
Agios Pharmaceuticals, Inc.*   4,766    169,765 
Akebia Therapeutics, Inc.*   14,094    38,195 
Akero Therapeutics, Inc.*(b)   2,078    44,178 
Akouos, Inc.*   1,939    14,911 
Albireo Pharma, Inc.*   1,362    32,674 
Aldeyra Therapeutics, Inc.*   3,922    30,082 
Alector, Inc.*   4,720    97,468 
Aligos Therapeutics, Inc.*(b)   1,706    26,136 
Alkermes plc*   12,962    284,127 
Allakos, Inc.*   2,824    221,260 
Allogene Therapeutics, Inc.*   5,494    101,584 
Allovir, Inc.*   2,383    41,607 
Alpine Immune Sciences, Inc.*(b)   938    10,159 
Altimmune, Inc.*   3,203    33,599 
ALX Oncology Holdings, Inc.*   1,433    46,085 
Amicus Therapeutics, Inc.*   21,249    227,577 
AnaptysBio, Inc.*(b)   1,559    50,434 
Anavex Life Sciences Corp.*(b)   5,185    100,589 
Anika Therapeutics, Inc.*   1,166    45,626 
Annexon, Inc.*(b)   2,516    40,986 
Apellis Pharmaceuticals, Inc.*   5,776    243,054 
Applied Molecular Transport, Inc.*(b)   2,021    34,357 
Applied Therapeutics, Inc.*   1,431    16,428 
AquaBounty Technologies, Inc.*(b)   4,241    11,111 
Arbutus Biopharma Corp.*   6,493    20,778 
Arcturus Therapeutics Holdings, Inc.*   1,705    67,774 
Arcus Biosciences, Inc.*   3,661    160,352 
Arcutis Biotherapeutics, Inc.*   2,235    37,034 
Ardelyx, Inc.*   7,142    8,142 
Arena Pharmaceuticals, Inc.*   4,941    269,235 
Arrowhead Pharmaceuticals, Inc.*   8,191    573,780 
Atara Biotherapeutics, Inc.*   6,677    119,452 
Athenex, Inc.*   6,988    12,369 
Athersys, Inc.*(b)   16,549    17,542 
Atossa Therapeutics, Inc.*(b)   9,454    21,461 
Atreca, Inc., Class A*(b)   2,100    7,539 
Avalo Therapeutics, Inc.*   4,280    8,560 
Avid Bioservices, Inc.*   4,880    149,133 
Avidity Biosciences, Inc.*   3,043    67,950 
Avita Medical, Inc.*(b)   1,963    27,011 
Avrobio, Inc.*   3,062    11,758 
Beam Therapeutics, Inc.*   4,027    318,737 
Beyondspring, Inc.*(b)   1,810    23,114 
BioAtla, Inc.*(b)   1,254    31,664 
BioCryst Pharmaceuticals, Inc.*   14,400    173,664 
Biohaven Pharmaceutical Holding Co. Ltd.*   4,501    505,192 
Biomea Fusion, Inc.*(b)   697    8,413 
Bioxcel Therapeutics, Inc.*   1,394    31,964 
Black Diamond Therapeutics, Inc.*(b)   1,841    11,046 
Bluebird Bio, Inc.*   5,458    55,180 
Blueprint Medicines Corp.*   4,728    454,834 
Bolt Biotherapeutics, Inc.*(b)   1,849    17,140 
Bridgebio Pharma, Inc.*   8,686    351,783 
Brooklyn ImmunoTherapeutics, Inc.*(b)   2,398    14,268 
C4 Therapeutics, Inc.*   3,121    115,852 
Cardiff Oncology, Inc.*   3,077    17,293 
CareDx, Inc.*   4,088    176,356 
Caribou Biosciences, Inc.*   1,549    28,796 
Catalyst Pharmaceuticals, Inc.*   7,846    54,922 
Celcuity, Inc.*   782    11,808 
Celldex Therapeutics, Inc.*   3,716    141,580 
CEL-SCI Corp.*(b)   2,905    29,834 
Century Therapeutics, Inc.*(b)   955    18,250 
Cerevel Therapeutics Holdings, Inc.*   3,238    100,993 
ChemoCentryx, Inc.*(b)   4,363    158,290 
Chimerix, Inc.*   5,868    36,910 
Chinook Therapeutics, Inc.*   2,676    42,843 
Clene, Inc.*(b)   1,585    9,019 
Clovis Oncology, Inc.*(b)   9,115    28,803 
Codiak Biosciences, Inc.*   1,285    16,384 
Cogent Biosciences, Inc.*   3,003    23,784 
Coherus Biosciences, Inc.*   5,183    96,248 
Cortexyme, Inc.*   1,612    20,972 
Crinetics Pharmaceuticals, Inc.*   3,024    82,616 
Cue Biopharma, Inc.*   2,486    30,478 
Cullinan Oncology, Inc.*   2,091    37,638 
Curis, Inc.*   6,998    34,150 
Cytokinetics, Inc.*   6,403    251,894 
CytomX Therapeutics, Inc.*   5,240    34,636 
Day One Biopharmaceuticals, Inc.*(b)   890    16,349 
Deciphera Pharmaceuticals, Inc.*   3,180    27,443 
Denali Therapeutics, Inc.*   7,350    340,011 
DermTech, Inc.*   1,961    39,377 
Design Therapeutics, Inc.*(b)   1,125    18,832 
Dicerna Pharmaceuticals, Inc.*   5,624    213,768 
Dynavax Technologies Corp.*   8,706    140,602 
Dyne Therapeutics, Inc.*(b)   2,426    34,473 
Eagle Pharmaceuticals, Inc.*   939    44,772 
Editas Medicine, Inc.*   5,532    180,675 
Eiger BioPharmaceuticals, Inc.*   2,587    15,910 
Eliem Therapeutics, Inc.*(b)   570    8,202 
Emergent BioSolutions, Inc.*   3,958    174,627 
Enanta Pharmaceuticals, Inc.*   1,557    137,452 
Epizyme, Inc.*   7,256    23,727 
Erasca, Inc.*(b)   1,658    23,494 
Evelo Biosciences, Inc.*(b)   2,454    21,153 
Exagen, Inc.*   834    8,574 
Fate Therapeutics, Inc.*   6,557    360,701 
FibroGen, Inc.*   6,958    87,045 
Finch Therapeutics Group, Inc.*   612    10,171 
Foghorn Therapeutics, Inc.*   1,580    18,281 
Forma Therapeutics Holdings, Inc.*   2,744    39,761 
Forte Biosciences, Inc.*   912    2,426 

 

See accompanying notes to the financial statements.

 

 

 

  

Ultra Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Fortress Biotech, Inc.*   5,789    16,499 
Frequency Therapeutics, Inc.*(b)   2,585    13,184 
G1 Therapeutics, Inc.*(b)   3,166    40,841 
Gemini Therapeutics, Inc.*(b)   1,771    4,888 
Generation Bio Co.*   3,540    60,782 
Geron Corp.*   24,366    36,062 
Global Blood Therapeutics, Inc.*   4,836    136,665 
Gossamer Bio, Inc.*   5,024    54,460 
Graphite Bio, Inc.*(b)   1,310    11,816 
Greenwich Lifesciences, Inc.*(b)   326    10,246 
Gritstone bio, Inc.*   3,262    43,058 
GT Biopharma, Inc.*   1,434    5,836 
Halozyme Therapeutics, Inc.*   11,387    374,405 
Harpoon Therapeutics, Inc.*   1,512    9,284 
Heron Therapeutics, Inc.*   7,464    70,535 
Homology Medicines, Inc.*   3,390    17,119 
Hookipa Pharma, Inc.*   1,552    5,013 
Humanigen, Inc.*(b)   3,670    22,240 
iBio, Inc.*(b)   17,462    13,009 
Icosavax, Inc.*(b)   1,081    22,874 
Ideaya Biosciences, Inc.*   2,647    58,234 
IGM Biosciences, Inc.*   652    32,548 
Imago Biosciences, Inc.*(b)   787    17,605 
Immuneering Corp., Class A*(b)   669    15,139 
Immunic, Inc.*   1,512    12,897 
ImmunityBio, Inc.*   5,519    42,993 
ImmunoGen, Inc.*   15,949    98,405 
Immunovant, Inc.*   3,239    24,940 
Impel Neuropharma, Inc.*(b)   435    4,019 
Infinity Pharmaceuticals, Inc.*   7,074    15,351 
Inhibrx, Inc.*   2,255    91,170 
Inovio Pharmaceuticals, Inc.*(b)   16,707    120,959 
Inozyme Pharma, Inc.*   1,163    9,234 
Insmed, Inc.*   9,291    255,688 
Instil Bio, Inc.*(b)   1,441    31,673 
Intellia Therapeutics, Inc.*   5,566    640,146 
Intercept Pharmaceuticals, Inc.*(b)   2,265    38,981 
Invitae Corp.*(b)   16,192    275,264 
Ironwood Pharmaceuticals, Inc.*   11,728    130,064 
iTeos Therapeutics, Inc.*   1,632    57,610 
IVERIC bio, Inc.*   8,423    123,144 
Janux Therapeutics, Inc.*(b)   1,069    19,007 
Jounce Therapeutics, Inc.*   2,663    20,425 
KalVista Pharmaceuticals, Inc.*   1,607    23,301 
Karuna Therapeutics, Inc.*   1,794    229,453 
Karyopharm Therapeutics, Inc.*   5,818    40,435 
Keros Therapeutics, Inc.*   1,261    70,351 
Kezar Life Sciences, Inc.*   2,765    38,323 
Kiniksa Pharmaceuticals Ltd., Class A*   2,356    27,377 
Kinnate Biopharma, Inc.*(b)   2,080    41,558 
Kodiak Sciences, Inc.*   2,707    248,611 
Kronos Bio, Inc.*   3,137    37,048 
Krystal Biotech, Inc.*(b)   1,449    116,717 
Kura Oncology, Inc.*   5,135    71,685 
Kymera Therapeutics, Inc.*   2,770    153,790 
Lexicon Pharmaceuticals, Inc.*   5,486    25,126 
Ligand Pharmaceuticals, Inc.*   1,219    197,380 
Lineage Cell Therapeutics, Inc.*   10,134    22,903 
Lyell Immunopharma, Inc.*(b)   1,907    18,212 
MacroGenics, Inc.*   4,851    85,378 
Madrigal Pharmaceuticals, Inc.*   917    75,845 
Magenta Therapeutics, Inc.*   2,418    13,613 
MannKind Corp.*(b)   19,951    92,373 
MEI Pharma, Inc.*   8,761    29,525 
MeiraGTx Holdings plc*   2,398    42,397 
Mersana Therapeutics, Inc.*   5,783    38,977 
MiMedx Group, Inc.*   8,976    62,922 
Mirum Pharmaceuticals, Inc.*   292    4,155 
Molecular Templates, Inc.*   2,988    11,982 
Monte Rosa Therapeutics, Inc.*(b)   935    18,130 
Morphic Holding, Inc.*   1,675    79,898 
Mustang Bio, Inc.*   5,625    11,362 
Myriad Genetics, Inc.*   6,259    161,858 
Neoleukin Therapeutics, Inc.*   2,846    15,255 
NexImmune, Inc.*   1,426    11,265 
Nkarta, Inc.*   1,137    18,067 
Nurix Therapeutics, Inc.*   2,530    72,915 
Nuvalent, Inc., Class A*(b)   865    18,450 
Ocugen, Inc.*(b)   14,909    94,523 
Olema Pharmaceuticals, Inc.*   1,651    14,446 
Omega Therapeutics, Inc.*   598    10,818 
Oncocyte Corp.*   4,863    10,942 
Oncorus, Inc.*   1,650    9,141 
Oncternal Therapeutics, Inc.*   3,577    10,552 
OPKO Health, Inc.*(b)   32,287    126,888 
Organogenesis Holdings, Inc.*   3,081    30,995 
ORIC Pharmaceuticals, Inc.*   2,555    35,361 
Outlook Therapeutics, Inc.*(b)   7,197    10,867 
Oyster Point Pharma, Inc.*(b)   898    9,366 
Passage Bio, Inc.*   2,997    21,848 
PMV Pharmaceuticals, Inc.*   2,116    46,023 
Portage Biotech, Inc.*   404    5,951 
Poseida Therapeutics, Inc.*   2,324    16,152 
Praxis Precision Medicines, Inc.*   2,618    44,794 
Precigen, Inc.*(b)   7,665    30,200 
Precision BioSciences, Inc.*   3,990    36,149 
Prelude Therapeutics, Inc.*(b)   875    12,504 
Prometheus Biosciences, Inc.*   914    27,146 
Protagonist Therapeutics, Inc.*   3,615    121,536 
Prothena Corp. plc*   2,824    141,624 
PTC Therapeutics, Inc.*   5,609    208,430 
Puma Biotechnology, Inc.*   2,609    8,088 
Radius Health, Inc.*   3,782    62,252 
Rallybio Corp.*(b)   581    7,477 
RAPT Therapeutics, Inc.*   1,722    56,223 
Recursion Pharmaceuticals, Inc., Class A*(b)   2,272    43,441 
REGENXBIO, Inc.*   3,189    102,048 
Relay Therapeutics, Inc.*   4,851    142,716 
Reneo Pharmaceuticals, Inc.*   510    3,509 
Replimune Group, Inc.*   2,403    68,461 
REVOLUTION Medicines, Inc.*   4,798    132,713 
Rhythm Pharmaceuticals, Inc.*   3,559    31,853 
Rigel Pharmaceuticals, Inc.*   13,807    36,865 
Rocket Pharmaceuticals, Inc.*(b)   3,289    80,350 
Rubius Therapeutics, Inc.*   3,705    45,794 
Sana Biotechnology, Inc.*   6,977    132,633 
Sangamo Therapeutics, Inc.*   9,595    79,543 
Scholar Rock Holding Corp.*   2,235    59,339 
Selecta Biosciences, Inc.*   7,339    22,017 
Sensei Biotherapeutics, Inc.*   1,689    11,620 
Sera Prognostics, Inc., Class A*   383    4,060 
Seres Therapeutics, Inc.*   5,624    60,514 
Sesen Bio, Inc.*   15,984    16,783 
Shattuck Labs, Inc.*   2,149    18,224 
Sigilon Therapeutics, Inc.*   1,229    4,621 
Silverback Therapeutics, Inc.*   1,657    11,649 

 

See accompanying notes to the financial statements.

 

 

 

  

Ultra Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Solid Biosciences, Inc.*   4,819    8,433 
Sorrento Therapeutics, Inc.*(b)   22,449    133,796 
Spectrum Pharmaceuticals, Inc.*   13,175    20,816 
Spero Therapeutics, Inc.*(b)   1,955    27,859 
SpringWorks Therapeutics, Inc.*   2,360    169,566 
Spruce Biosciences, Inc.*(b)   703    1,814 
SQZ Biotechnologies Co.*   1,840    24,214 
Stoke Therapeutics, Inc.*   1,542    38,396 
Summit Therapeutics, Inc.*   2,130    10,820 
Surface Oncology, Inc.*   2,814    16,237 
Sutro Biopharma, Inc.*   3,504    59,848 
Syndax Pharmaceuticals, Inc.*   3,634    58,035 
Syros Pharmaceuticals, Inc.*   4,652    18,422 
Talaris Therapeutics, Inc.*(b)   742    9,616 
Taysha Gene Therapies, Inc.*   1,806    23,442 
TCR2 Therapeutics, Inc.*   2,465    12,695 
Tenaya Therapeutics, Inc.*(b)   1,125    22,106 
TG Therapeutics, Inc.*   10,357    157,426 
Tonix Pharmaceuticals Holding Corp.*(b)   29,136    13,671 
Travere Therapeutics, Inc.*   4,710    134,470 
Trevena, Inc.*(b)   13,215    8,986 
Turning Point Therapeutics, Inc.*   3,716    141,431 
Twist Bioscience Corp.*   3,815    364,332 
UroGen Pharma Ltd.*(b)   1,577    19,066 
Vanda Pharmaceuticals, Inc.*   4,427    71,717 
Vaxart, Inc.*(b)   9,640    76,734 
Vaxcyte, Inc.*(b)   3,264    66,520 
VBI Vaccines, Inc.*   15,046    45,740 
Vera Therapeutics, Inc.*   571    20,442 
Veracyte, Inc.*   5,452    226,149 
Verastem, Inc.*   13,902    37,118 
Vericel Corp.*   3,757    139,798 
Verve Therapeutics, Inc.*(b)   1,276    43,486 
Viking Therapeutics, Inc.*(b)   5,528    29,354 
Vincerx Pharma, Inc.*   1,053    11,046 
Vir Biotechnology, Inc.*   4,858    230,366 
Viracta Therapeutics, Inc.*   2,923    13,475 
VistaGen Therapeutics, Inc.*   15,678    30,259 
Vor BioPharma, Inc.*(b)   1,536    17,725 
Werewolf Therapeutics, Inc.*   612    8,868 
XBiotech, Inc.   1,231    15,535 
Xencor, Inc.*   4,566    165,381 
XOMA Corp.*(b)   487    9,988 
Y-mAbs Therapeutics, Inc.*   2,824    48,234 
Zentalis Pharmaceuticals, Inc.*   2,901    238,027 
ZIOPHARM Oncology, Inc.*(b)   16,938    23,544 
         20,390,087 
Building Products - 1.0%          
AAON, Inc.   3,389    264,342 
American Woodmark Corp.*   1,356    83,584 
Apogee Enterprises, Inc.   2,045    84,459 
Caesarstone Ltd.   1,827    20,408 
Cornerstone Building Brands, Inc.*   4,422    69,514 
CSW Industrials, Inc.   1,200    144,240 
Gibraltar Industries, Inc.*   2,651    180,003 
Griffon Corp.   3,756    98,820 
Insteel Industries, Inc.   1,507    63,535 
JELD-WEN Holding, Inc.*   6,786    164,425 
Masonite International Corp.*   1,950    208,650 
PGT Innovations, Inc.*   4,658    95,675 
Quanex Building Products Corp.   2,700    57,699 
Resideo Technologies, Inc.*   11,685    304,862 
Simpson Manufacturing Co., Inc.   3,520    406,067 
UFP Industries, Inc.   4,867    405,324 
View, Inc.*(b)   7,929    33,460 
Zurn Water Solutions Corp.   9,807    343,735 
         3,028,802 
Capital Markets - 1.3%          
Artisan Partners Asset Management, Inc., Class A   4,730    211,573 
AssetMark Financial Holdings, Inc.*   1,461    37,051 
Associated Capital Group, Inc., Class A   139    5,490 
B Riley Financial, Inc.   1,634    126,521 
BGC Partners, Inc., Class A   26,802    119,805 
BlackRock Capital Investment Corp.   2    8 
Blucora, Inc.*   3,929    63,611 
Brightsphere Investment Group, Inc.   4,687    140,751 
Cohen & Steers, Inc.   2,009    180,348 
Cowen, Inc., Class A   2,268    80,242 
Diamond Hill Investment Group, Inc.   245    47,062 
Donnelley Financial Solutions, Inc.*   2,378    111,100 
Federated Hermes, Inc.   7,651    257,915 
Focus Financial Partners, Inc., Class A*   4,814    296,254 
GAMCO Investors, Inc., Class A   420    10,282 
GCM Grosvenor, Inc., Class A(b)   3,476    39,835 
Greenhill & Co., Inc.   1,163    19,841 
Hamilton Lane, Inc., Class A   2,750    290,867 
Hercules Capital, Inc.   6    99 
Houlihan Lokey, Inc.   4,128    448,053 
Moelis & Co., Class A   4,943    303,055 
Open Lending Corp., Class A*   8,426    195,820 
Oppenheimer Holdings, Inc., Class A   746    36,584 
Piper Sandler Cos.   1,412    234,039 
PJT Partners, Inc., Class A   1,943    147,823 
Prospect Capital Corp.   3    26 
Pzena Investment Management, Inc., Class A   1,365    12,804 
Sculptor Capital Management, Inc.   1,767    32,018 
StepStone Group, Inc., Class A   3,268    135,197 
StoneX Group, Inc.*   1,356    76,173 
Value Line, Inc.   79    3,199 
Virtus Investment Partners, Inc.   590    175,454 
WisdomTree Investments, Inc.   10,883    66,822 
         3,905,722 
Chemicals - 1.5%          
AdvanSix, Inc.   2,207    99,955 
American Vanguard Corp.   2,370    33,915 
Amyris, Inc.*   13,814    94,764 
Avient Corp.   7,345    404,048 
Balchem Corp.   2,606    411,748 
Cabot Corp.   4,535    237,997 
Chase Corp.   595    58,661 
Danimer Scientific, Inc.*(b)   5,381    71,783 
Ecovyst, Inc.   4,149    39,706 
Ferro Corp.*   6,640    140,237 
FutureFuel Corp.   2,088    15,743 
GCP Applied Technologies, Inc.*   3,973    92,730 
Hawkins, Inc.   1,552    51,495 
HB Fuller Co.   4,215    308,369 

 

See accompanying notes to the financial statements.

 

 

 

 

 


Ultra Russell2000
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Ingevity Corp.*   3,211    230,903 
Innospec, Inc.   1,983    161,020 
Intrepid Potash, Inc.*   807    33,168 
Koppers Holdings, Inc.*   1,678    50,676 
Kraton Corp.*   2,539    116,946 
Kronos Worldwide, Inc.   1,800    25,200 
Livent Corp.*   13,094    396,617 
Marrone Bio Innovations, Inc.*   8,096    5,712 
Minerals Technologies, Inc.   2,717    178,425 
Orion Engineered Carbons SA*   4,898    85,960 
PureCycle Technologies, Inc.*(b)   2,662    32,743 
Quaker Chemical Corp.(b)   1,090    248,356 
Rayonier Advanced Materials, Inc.*   4,993    27,362 
Sensient Technologies Corp.   3,418    332,537 
Stepan Co.   1,742    196,341 
Tredegar Corp.   2,118    23,298 
Trinseo plc   3,146    148,586 
Tronox Holdings plc, Class A   9,245    203,298 
Valhi, Inc.   195    5,144 
Zymergen, Inc.*   1,512    13,699 
         4,577,142 
Commercial Services & Supplies - 1.4%          
ABM Industries, Inc.   5,439    244,755 
ACCO Brands Corp.   7,531    62,206 
Brady Corp., Class A   3,812    191,553 
BrightView Holdings, Inc.*   3,309    45,002 
Brink's Co. (The)   3,933    240,542 
Casella Waste Systems, Inc., Class A*   3,973    336,831 
CECO Environmental Corp.*   2,514    14,908 
Cimpress plc*   1,364    106,160 
CompX International, Inc.   130    2,899 
CoreCivic, Inc., REIT*   9,693    104,394 
Deluxe Corp.   3,403    115,158 
Ennis, Inc.   2,062    39,219 
Harsco Corp.*   6,328    92,262 
Healthcare Services Group, Inc.   6,057    105,997 
Heritage-Crystal Clean, Inc.*   1,263    40,530 
HNI Corp.   3,518    138,996 
Interface, Inc.(b)   4,697    66,979 
KAR Auction Services, Inc.*   9,607    144,009 
Kimball International, Inc., Class B   2,918    29,880 
Matthews International Corp., Class A   2,503    86,779 
MillerKnoll, Inc.   6,010    228,019 
Montrose Environmental Group, Inc.*   1,869    136,867 
NL Industries, Inc.   677    4,164 
Pitney Bowes, Inc.   14,213    97,075 
RR Donnelley & Sons Co.*   5,726    60,467 
SP Plus Corp.*   1,869    50,669 
Steelcase, Inc., Class A   7,164    80,165 
Team, Inc.*   2,131    2,877 
Tetra Tech, Inc.   4,358    804,835 
UniFirst Corp.   1,219    233,621 
US Ecology, Inc.*(b)   2,546    86,742 
Viad Corp.*   1,641    69,431 
VSE Corp.   855    46,803 
         4,110,794 
Communications Equipment - 0.6%          
ADTRAN, Inc.   3,896    79,400 
Aviat Networks, Inc.*   779    24,414 
CalAmp Corp.*   2,819    25,878 
Calix, Inc.*   4,455    298,307 
Cambium Networks Corp.*   859    23,373 
Casa Systems, Inc.*(b)   2,536    12,655 
Clearfield, Inc.*   920    59,561 
Comtech Telecommunications Corp.   2,060    52,303 
Digi International, Inc.*   2,729    58,755 
DZS, Inc.*   1,358    17,600 
EMCORE Corp.*   2,952    21,756 
Extreme Networks, Inc.*   9,975    134,662 
Harmonic, Inc.*   7,211    77,518 
Infinera Corp.*(b)   14,613    118,804 
Inseego Corp.*(b)   6,736    43,515 
KVH Industries, Inc.*   1,225    12,238 
NETGEAR, Inc.*   2,436    65,139 
NetScout Systems, Inc.*   5,672    169,593 
Plantronics, Inc.*   3,411    87,049 
Ribbon Communications, Inc.*   5,683    30,972 
Viavi Solutions, Inc.*   18,475    273,615 
         1,687,107 
Construction & Engineering - 1.2%          
Ameresco, Inc., Class A*   2,497    225,554 
API Group Corp.*   15,999    372,937 
Arcosa, Inc.   3,915    200,331 
Argan, Inc.   1,205    47,357 
Comfort Systems USA, Inc.   2,882    273,415 
Concrete Pumping Holdings, Inc.*   2,085    17,034 
Construction Partners, Inc., Class A*   2,350    81,169 
Dycom Industries, Inc.*   2,415    225,754 
EMCOR Group, Inc.   4,310    514,355 
Fluor Corp.*   11,467    253,535 
Granite Construction, Inc.   3,698    143,778 
Great Lakes Dredge & Dock Corp.*   5,234    77,359 
IES Holdings, Inc.*   700    33,593 
Infrastructure and Energy Alternatives, Inc.*   2,217    20,973 
INNOVATE Corp.*   3,827    14,581 
Matrix Service Co.*   2,105    18,292 
MYR Group, Inc.*   1,334    147,687 
Northwest Pipe Co.*   782    22,506 
NV5 Global, Inc.*   1,066    140,179 
Primoris Services Corp.   4,322    96,899 
Sterling Construction Co., Inc.*   2,248    57,931 
Tutor Perini Corp.*   3,332    42,850 
WillScot Mobile Mini Holdings Corp.*   16,900    643,721 
         3,671,790 
Construction Materials - 0.2%          
Forterra, Inc.*   2,352    55,954 
Summit Materials, Inc., Class A*(b)   9,597    357,968 
United States Lime & Minerals, Inc.   167    19,898 
         433,820 
Consumer Finance - 0.7%          
Atlanticus Holdings Corp.*   432    25,674 
Curo Group Holdings Corp.   1,702    28,236 
Encore Capital Group, Inc.*   2,437    142,175 
Enova International, Inc.*   2,932    111,768 
EZCORP, Inc., Class A*   3,983    29,474 
FirstCash, Inc.   3,209    204,862 
Green Dot Corp., Class A*   4,322    155,160 

 

See accompanying notes to the financial statements.

 

 

 


Ultra Russell2000
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
LendingClub Corp.*   7,907    258,717 
LendingTree, Inc.*   939    106,464 
Navient Corp.   13,313    262,665 
Nelnet, Inc., Class A   1,370    118,094 
Oportun Financial Corp.*   1,685    36,177 
PRA Group, Inc.*   3,670    155,828 
PROG Holdings, Inc.*   5,357    241,708 
Regional Management Corp.   643    36,368 
World Acceptance Corp.*   349    71,692 
         1,985,062 
Containers & Packaging - 0.2%          
Greif, Inc., Class A   2,083    126,396 
Greif, Inc., Class B   480    28,402 
Myers Industries, Inc.   2,918    56,843 
O-I Glass, Inc.*   12,768    141,342 
Pactiv Evergreen, Inc.   3,476    43,137 
Ranpak Holdings Corp.*   3,037    120,356 
TriMas Corp.   3,493    115,688 
UFP Technologies, Inc.*   560    37,447 
         669,611 
Distributors - 0.0%(d)          
Funko, Inc., Class A*(b)   2,142    35,000 
Greenlane Holdings, Inc., Class A*   1,319    1,583 
         36,583 
Diversified Consumer Services - 0.5%          
2U, Inc.*   5,797    137,911 
Adtalem Global Education, Inc.*   4,002    118,739 
American Public Education, Inc.*   1,504    28,411 
Carriage Services, Inc.   1,329    68,763 
Coursera, Inc.*   4,665    139,903 
European Wax Center, Inc., Class A*   822    22,169 
Graham Holdings Co., Class B   313    177,321 
Houghton Mifflin Harcourt Co.*   10,274    159,863 
Laureate Education, Inc., Class A   8,012    80,120 
OneSpaWorld Holdings Ltd.*(b)   4,271    40,276 
Perdoceo Education Corp.*   5,684    55,987 
PowerSchool Holdings, Inc., Class A*   3,481    69,794 
Regis Corp.*   1,910    5,195 
StoneMor, Inc.*   2,600    6,396 
Strategic Education, Inc.   1,970    105,395 
Stride, Inc.*   3,255    111,093 
Vivint Smart Home, Inc.*   7,404    78,038 
WW International, Inc.*(b)   4,256    71,586 
         1,476,960 
Diversified Financial Services - 0.1%          
Alerus Financial Corp.   1,216    36,602 
A-Mark Precious Metals, Inc.   705    48,821 
Banco Latinoamericano de Comercio Exterior SA, Class E   2,505    40,706 
Cannae Holdings, Inc.*   6,845    202,407 
Marlin Business Services Corp.   656    15,055 
         343,591 
Diversified Telecommunication Services - 0.5%          
Anterix, Inc.*   926    55,708 
ATN International, Inc.   898    34,313 
Bandwidth, Inc., Class A*(b)   1,866    133,717 
Cogent Communications Holdings, Inc.   3,446    258,209 
Consolidated Communications Holdings, Inc.*   5,877    44,195 
EchoStar Corp., Class A*   3,194    87,420 
Globalstar, Inc.*(b)   49,059    68,192 
IDT Corp., Class B*   1,618    87,825 
Iridium Communications, Inc.*   9,546    367,044 
Liberty Latin America Ltd., Class A*   3,381    38,408 
Liberty Latin America Ltd., Class C*   12,490    140,388 
Ooma, Inc.*   1,757    33,049 
Radius Global Infrastructure, Inc.*(b)   4,765    78,622 
         1,427,090 
Electric Utilities - 0.5%          
ALLETE, Inc.   4,245    248,884 
MGE Energy, Inc.   2,939    213,342 
Otter Tail Corp.   3,325    217,422 
PNM Resources, Inc.   6,919    340,691 
Portland General Electric Co.   7,274    354,026 
Via Renewables, Inc.(b)   969    10,824 
         1,385,189 
           
Electrical Equipment - 0.9%          
Advent Technologies Holdings, Inc.*(b)   1,273    9,751 
Allied Motion Technologies, Inc.   940    37,083 
American Superconductor Corp.*   2,231    28,557 
Array Technologies, Inc.*   10,321    185,933 
Atkore, Inc.*   3,727    396,926 
AZZ, Inc.   2,008    104,195 
Babcock & Wilcox Enterprises, Inc.*   4,485    40,814 
Beam Global*(b)   711    18,870 
Blink Charging Co.*(b)   2,951    113,407 
Bloom Energy Corp., Class A*(b)   11,253    309,232 
Encore Wire Corp.   1,626    228,388 
EnerSys   3,466    256,796 
Eos Energy Enterprises, Inc.*(b)   3,473    34,556 
FTC Solar, Inc.*(b)   1,537    13,157 
FuelCell Energy, Inc.*(b)   26,262    227,954 
GrafTech International Ltd.   16,451    191,654 
Powell Industries, Inc.   736    17,973 
Preformed Line Products Co.   238    15,030 
Romeo Power, Inc.*(b)   10,177    40,301 
Stem, Inc.*   3,917    83,119 
Thermon Group Holdings, Inc.*   2,663    45,963 
TPI Composites, Inc.*   2,928    52,206 
Vicor Corp.*   1,705    244,599 
         2,696,464 
Electronic Equipment, Instruments & Components - 1.8%          
908 Devices, Inc.*   1,044    25,056 
Advanced Energy Industries, Inc.   3,109    272,628 
Aeva Technologies, Inc.*(b)   6,185    61,541 
Akoustis Technologies, Inc.*(b)   3,513    24,380 
Arlo Technologies, Inc.*   6,715    52,041 
Badger Meter, Inc.   2,361    241,672 
Belden, Inc.   3,573    220,347 
Benchmark Electronics, Inc.   2,892    68,193 
CTS Corp.   2,580    89,887 
Daktronics, Inc.*   2,969    14,489 
ePlus, Inc.*   1,076    113,507 
Fabrinet*   2,988    330,353 
FARO Technologies, Inc.*   1,470    102,106 
Identiv, Inc.*   1,720    39,543 
II-VI, Inc.*   8,452    528,504 
Insight Enterprises, Inc.*   2,788    274,953 

 

See accompanying notes to the financial statements.

 

 

 


Ultra Russell2000
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Iteris, Inc.*   3,423    15,540 
Itron, Inc.*   3,656    226,343 
Kimball Electronics, Inc.*   1,945    41,273 
Knowles Corp.*   7,186    156,080 
Luna Innovations, Inc.*   2,494    20,875 
Methode Electronics, Inc.   3,085    137,190 
MicroVision, Inc.*(b)   13,283    94,044 
Napco Security Technologies, Inc.*   1,172    54,463 
nLight, Inc.*   3,437    85,547 
Novanta, Inc.*   2,852    460,455 
OSI Systems, Inc.*   1,368    124,392 
Ouster, Inc.*(b)   2,346    15,953 
PAR Technology Corp.*   1,969    103,116 
PC Connection, Inc.   896    39,281 
Plexus Corp.*   2,261    190,241 
Rogers Corp.*   1,512    412,201 
Sanmina Corp.*   5,190    189,643 
ScanSource, Inc.*   2,030    63,437 
TTM Technologies, Inc.*   8,658    119,307 
Velodyne Lidar, Inc.*(b)   6,107    33,711 
Vishay Intertechnology, Inc.   10,765    219,283 
Vishay Precision Group, Inc.*   1,005    34,502 
         5,296,077 
Energy Equipment & Services - 0.6%          
Archrock, Inc.   10,899    80,544 
Aspen Aerogels, Inc.*   1,782    101,859 
Bristow Group, Inc.*   1,912    56,786 
Cactus, Inc., Class A   4,411    161,001 
ChampionX Corp.*   16,392    334,561 
DMC Global, Inc.*   1,501    54,787 
Dril-Quip, Inc.*   2,837    54,215 
Expro Group Holdings NV*   2,235    31,312 
FTS International, Inc., Class A*   719    18,938 
Helix Energy Solutions Group, Inc.*   11,567    35,164 
Helmerich & Payne, Inc.   8,510    191,050 
Liberty Oilfield Services, Inc., Class A*   7,344    67,565 
Nabors Industries Ltd.*   572    46,517 
National Energy Services Reunited Corp.*   3,068    30,404 
Newpark Resources, Inc.*   7,299    19,926 
NexTier Oilfield Solutions, Inc.*   13,977    50,317 
Oceaneering International, Inc.*   8,049    86,044 
Oil States International, Inc.*   4,897    24,779 
Patterson-UTI Energy, Inc.   15,074    106,422 
ProPetro Holding Corp.*   6,899    56,710 
RPC, Inc.*   5,460    22,004 
Select Energy Services, Inc., Class A*   4,984    28,558 
Solaris Oilfield Infrastructure, Inc., Class A   2,519    17,230 
TETRA Technologies, Inc.*   9,917    25,883 
Tidewater, Inc.*   3,316    34,586 
US Silica Holdings, Inc.*   5,935    57,570 
         1,794,732 
Entertainment - 0.7%          
AMC Entertainment Holdings, Inc., Class A*(b)   41,736    1,416,521 
Chicken Soup For The Soul Entertainment, Inc.*(b)   577    7,587 
Cinemark Holdings, Inc.*   8,734    135,552 
CuriosityStream, Inc.*(b)   2,102    15,239 
Eros STX Global Corp.*   25,670    9,321 
IMAX Corp.*   4,027    66,405 
Liberty Media Corp.-Liberty Braves, Class A*(b)   809    22,547 
Liberty Media Corp.-Liberty Braves, Class C*   2,953    81,237 
Lions Gate Entertainment Corp., Class A*   4,706    68,943 
Lions Gate Entertainment Corp., Class B*   9,538    130,194 
LiveOne, Inc.*   4,708    8,616 
Madison Square Garden Entertainment Corp.*(b)   2,110    139,513 
Marcus Corp. (The)*   1,845    32,232 
         2,133,907 
Equity Real Estate Investment Trusts (REITs) - 5.0%          
Acadia Realty Trust   7,019    141,714 
Agree Realty Corp.   5,497    371,377 
Alexander & Baldwin, Inc.   5,853    128,942 
Alexander's, Inc.   173    44,217 
American Assets Trust, Inc.   4,033    138,735 
American Finance Trust, Inc.   9,571    75,994 
Apartment Investment and Management Co., Class A*   12,037    89,194 
Apple Hospitality REIT, Inc.   17,326    260,237 
Armada Hoffler Properties, Inc.   4,880    68,076 
Ashford Hospitality Trust, Inc.*(b)   1,374    14,633 
Braemar Hotels & Resorts, Inc.*   4,262    18,582 
Brandywine Realty Trust   13,715    176,238 
Broadstone Net Lease, Inc.(b)   12,504    312,600 
BRT Apartments Corp.   920    17,314 
CareTrust REIT, Inc.   7,799    157,618 
CatchMark Timber Trust, Inc., Class A   3,953    30,399 
Centerspace REIT   1,135    115,986 
Chatham Lodging Trust*   3,864    46,020 
City Office REIT, Inc.   3,452    57,579 
Clipper Realty, Inc.   986    8,618 
Columbia Property Trust, Inc.   9,267    177,926 
Community Healthcare Trust, Inc.   1,908    82,101 
CorePoint Lodging, Inc.*   3,179    49,052 
Corporate Office Properties Trust   9,130    234,276 
CTO Realty Growth, Inc.   477    26,197 
DiamondRock Hospitality Co.*   16,904    147,234 
DigitalBridge Group, Inc.*   39,143    311,578 
Diversified Healthcare Trust   19,180    53,512 
Easterly Government Properties, Inc.   6,808    142,764 
EastGroup Properties, Inc.   3,213    654,488 
Empire State Realty Trust, Inc., Class A   11,557    105,053 
Equity Commonwealth*   9,479    241,241 
Essential Properties Realty Trust, Inc.   9,461    255,731 
Farmland Partners, Inc.   2,313    26,808 
Four Corners Property Trust, Inc.   6,148    166,119 
Franklin Street Properties Corp.   8,340    48,038 
GEO Group, Inc. (The)   9,498    79,783 
Getty Realty Corp.   3,221    98,337 
Gladstone Commercial Corp.   2,945    65,438 
Gladstone Land Corp.   2,317    66,197 
Global Medical REIT, Inc.   4,839    79,069 
Global Net Lease, Inc.   8,157    115,829 
Healthcare Realty Trust, Inc.   11,761    368,354 
Hersha Hospitality Trust*   2,609    23,037 

 

See accompanying notes to the financial statements.

 

 

 


Ultra Russell2000
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Independence Realty Trust, Inc.   8,497    208,176 
Indus Realty Trust, Inc.   353    26,122 
Industrial Logistics Properties Trust   5,251    116,362 
Innovative Industrial Properties, Inc.   1,915    491,829 
iStar, Inc.(b)   5,599    136,280 
Kite Realty Group Trust   17,534    352,784 
Lexington Realty Trust(b)   22,174    333,719 
LTC Properties, Inc.   3,140    99,726 
Macerich Co. (The)   17,284    325,976 
Mack-Cali Realty Corp.*   7,099    118,624 
Monmouth Real Estate Investment Corp.   7,698    159,887 
National Health Investors, Inc.   3,536    184,721 
National Storage Affiliates Trust   6,565    402,960 
NETSTREIT Corp.   3,207    68,437 
NexPoint Residential Trust, Inc.   1,803    134,468 
Office Properties Income Trust   3,870    91,835 
One Liberty Properties, Inc.(b)   1,295    42,126 
Outfront Media, Inc.   11,761    293,907 
Paramount Group, Inc.   15,079    120,029 
Pebblebrook Hotel Trust   10,506    220,101 
Phillips Edison & Co., Inc.   1,515    47,526 
Physicians Realty Trust(b)   17,424    310,670 
Piedmont Office Realty Trust, Inc., Class A   10,023    174,200 
Plymouth Industrial REIT, Inc.   2,366    70,388 
Postal Realty Trust, Inc., Class A(b)   997    17,298 
PotlatchDeltic Corp.   5,334    288,783 
Preferred Apartment Communities, Inc., Class A   4,162    54,855 
PS Business Parks, Inc.   1,623    284,350 
Retail Opportunity Investments Corp.   9,607    168,699 
Retail Value, Inc.   1,410    8,573 
RLJ Lodging Trust   13,368    168,303 
RPT Realty   6,506    82,756 
Ryman Hospitality Properties, Inc.*   4,347    336,458 
Sabra Health Care REIT, Inc.   17,803    230,193 
Safehold, Inc.   1,446    103,447 
Saul Centers, Inc.   956    47,064 
Seritage Growth Properties, Class A*(b)   3,018    43,429 
Service Properties Trust   13,264    112,877 
SITE Centers Corp.   14,003    210,885 
STAG Industrial, Inc.   13,197    575,125 
Summit Hotel Properties, Inc.*   8,384    75,037 
Sunstone Hotel Investors, Inc.*   17,596    191,269 
Tanger Factory Outlet Centers, Inc.   8,267    163,769 
Terreno Realty Corp.   5,618    427,811 
UMH Properties, Inc.   3,430    79,164 
Uniti Group, Inc.   15,717    208,565 
Universal Health Realty Income Trust   1,037    57,730 
Urban Edge Properties   9,347    161,049 
Urstadt Biddle Properties, Inc., Class A   2,406    45,425 
Washington REIT   6,844    172,469 
Whitestone REIT   3,501    32,419 
Xenia Hotels & Resorts, Inc.*   9,209    144,305 
         14,915,195 
Food & Staples Retailing - 0.8%          
Andersons, Inc. (The)   2,542    86,377 
BJ's Wholesale Club Holdings, Inc.*   11,077    732,744 
Chefs' Warehouse, Inc. (The)*   2,539    78,887 
HF Foods Group, Inc.*   2,926    20,892 
Ingles Markets, Inc., Class A   1,134    87,068 
MedAvail Holdings, Inc.*   971    1,680 
Natural Grocers by Vitamin Cottage, Inc.   745    9,581 
Performance Food Group Co.*   12,252    493,878 
PriceSmart, Inc.   1,893    135,766 
Rite Aid Corp.*(b)   4,439    54,688 
SpartanNash Co.   2,893    69,229 
Sprouts Farmers Market, Inc.*   9,270    245,284 
United Natural Foods, Inc.*   4,510    224,237 
Village Super Market, Inc., Class A   687    14,606 
Weis Markets, Inc.   1,329    83,661 
         2,338,578 
Food Products - 0.7%          
AppHarvest, Inc.*(b)   5,638    28,246 
B&G Foods, Inc.(b)   5,176    155,953 
Calavo Growers, Inc.   1,384    56,107 
Cal-Maine Foods, Inc.   2,881    103,889 
Fresh Del Monte Produce, Inc.   2,711    67,124 
Hostess Brands, Inc.*   10,582    179,788 
J & J Snack Foods Corp.   1,189    162,394 
John B Sanfilippo & Son, Inc.   717    59,081 
Laird Superfood, Inc.*   507    6,758 
Lancaster Colony Corp.   1,535    224,417 
Landec Corp.*   2,113    16,798 
Limoneira Co.   1,267    18,523 
Mission Produce, Inc.*(b)   2,996    53,059 
Sanderson Farms, Inc.   1,642    308,335 
Seneca Foods Corp., Class A*   511    21,825 
Simply Good Foods Co. (The)*   6,869    253,947 
Tattooed Chef, Inc.*(b)   3,818    61,432 
Tootsie Roll Industries, Inc.   1,257    39,533 
TreeHouse Foods, Inc.*   4,201    154,177 
Utz Brands, Inc.   4,624    65,245 
Vital Farms, Inc.*(b)   1,985    33,566 
Whole Earth Brands, Inc.*   3,019    31,881 
         2,102,078 
Gas Utilities - 0.6%          
Brookfield Infrastructure Corp., Class A   4,991    295,417 
Chesapeake Utilities Corp.   1,393    177,413 
New Jersey Resources Corp.   7,809    287,215 
Northwest Natural Holding Co.   2,467    106,377 
ONE Gas, Inc.   4,262    276,348 
South Jersey Industries, Inc.   8,325    195,638 
Southwest Gas Holdings, Inc.   4,779    314,506 
Spire, Inc.   4,098    245,265 
         1,898,179 
Health Care Equipment & Supplies - 2.5%          
Accelerate Diagnostics, Inc.*(b)   2,666    13,330 
Accuray, Inc.*   7,475    35,955 
Acutus Medical, Inc.*   1,546    5,102 
Alphatec Holdings, Inc.*   5,714    63,425 
AngioDynamics, Inc.*   2,990    76,993 
Apyx Medical Corp.*   2,518    33,817 
Asensus Surgical, Inc.*(b)   18,907    25,335 
Aspira Women's Health, Inc.*(b)   5,875    12,220 
AtriCure, Inc.*   3,616    229,254 
Atrion Corp.   113    80,229 

 

See accompanying notes to the financial statements.

 

 

 

 
Ultra Russell2000
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Avanos Medical, Inc.*   3,887    117,271 
Axogen, Inc.*   3,082    29,495 
Axonics, Inc.*   3,703    201,480 
BioLife Solutions, Inc.*   1,973    75,290 
Bioventus, Inc., Class A*   2,336    29,036 
Butterfly Network, Inc.*(b)   14,746    103,959 
Cardiovascular Systems, Inc.*   3,176    63,520 
Cerus Corp.*   13,592    93,649 
ClearPoint Neuro, Inc.*(b)   1,539    21,130 
CONMED Corp.   2,346    308,405 
CryoLife, Inc.*   3,073    52,825 
CryoPort, Inc.*   3,278    217,790 
Cutera, Inc.*   1,421    49,536 
CVRx, Inc.*(b)   656    7,596 
CytoSorbents Corp.*(b)   3,332    16,393 
DarioHealth Corp.*   1,089    17,021 
Eargo, Inc.*   1,596    8,267 
Glaukos Corp.*   3,631    156,242 
Haemonetics Corp.*   4,077    208,946 
Heska Corp.*   791    127,319 
Inari Medical, Inc.*   2,747    226,737 
Inogen, Inc.*   1,579    48,238 
Integer Holdings Corp.*   2,654    211,630 
Intersect ENT, Inc.*   2,691    72,038 
Invacare Corp.*   2,721    7,456 
iRadimed Corp.*   512    23,040 
iRhythm Technologies, Inc.*   2,384    251,750 
Lantheus Holdings, Inc.*(b)   5,443    145,764 
LeMaitre Vascular, Inc.   1,527    71,448 
LivaNova plc*   4,320    346,291 
Meridian Bioscience, Inc.*   3,446    68,610 
Merit Medical Systems, Inc.*   4,148    260,743 
Mesa Laboratories, Inc.   401    123,825 
Natus Medical, Inc.*   2,725    61,585 
Neogen Corp.*   8,700    349,131 
Neuronetics, Inc.*   2,062    7,980 
NeuroPace, Inc.*   573    5,730 
Nevro Corp.*   2,795    243,389 
NuVasive, Inc.*   4,180    200,891 
OraSure Technologies, Inc.*(b)   5,781    53,937 
Ortho Clinical Diagnostics Holdings plc*   8,940    171,112 
Orthofix Medical, Inc.*   1,530    46,833 
OrthoPediatrics Corp.*   1,115    62,117 
Outset Medical, Inc.*   3,697    175,238 
PAVmed, Inc.*(b)   5,810    21,323 
Pulmonx Corp.*   2,110    68,153 
Pulse Biosciences, Inc.*(b)   1,124    22,817 
Quotient Ltd.*   6,341    13,443 
Retractable Technologies, Inc.*(b)   1,400    12,124 
RxSight, Inc.*   673    7,302 
SeaSpine Holdings Corp.*   2,566    34,461 
Senseonics Holdings, Inc.*(b)   34,872    109,498 
Shockwave Medical, Inc.*   2,727    491,514 
SI-BONE, Inc.*   2,631    50,647 
Sientra, Inc.*   4,643    18,665 
Sight Sciences, Inc.*(b)   900    18,855 
Silk Road Medical, Inc.*   2,741    111,230 
Soliton, Inc.*(b)   942    19,339 
STAAR Surgical Co.*   3,840    365,530 
Stereotaxis, Inc.*(b)   4,011    23,545 
Surmodics, Inc.*   1,093    48,016 
Tactile Systems Technology, Inc.*   1,549    30,206 
Talis Biomedical Corp.*(b)   1,168    5,466 
TransMedics Group, Inc.*   2,095    46,174 
Treace Medical Concepts, Inc.*   911    15,769 
Utah Medical Products, Inc.   277    30,902 
Vapotherm, Inc.*   1,838    40,436 
Varex Imaging Corp.*   3,098    88,448 
ViewRay, Inc.*   11,185    57,491 
Wright Medical Group NV*(e)   8,160    — 
Zynex, Inc.*(b)   1,572    20,122 
         7,487,819 
Health Care Providers & Services - 2.2%          
1Life Healthcare, Inc.*   9,422    150,092 
Accolade, Inc.*   4,068    104,426 
AdaptHealth Corp.*   5,791    113,677 
Addus HomeCare Corp.*   1,244    108,502 
Agiliti, Inc.*   1,899    39,993 
Alignment Healthcare, Inc.*   2,129    34,511 
AMN Healthcare Services, Inc.*   3,810    434,378 
Apollo Medical Holdings, Inc.*   3,040    284,757 
Apria, Inc.*   1,220    34,319 
Aveanna Healthcare Holdings, Inc.*   3,188    20,531 
Biodesix, Inc.*   993    6,772 
Brookdale Senior Living, Inc.*   14,956    87,642 
Castle Biosciences, Inc.*   1,722    71,170 
Community Health Systems, Inc.*   10,041    120,793 
CorVel Corp.*   713    134,044 
Covetrus, Inc.*   8,364    150,385 
Cross Country Healthcare, Inc.*   2,901    75,890 
Ensign Group, Inc. (The)   4,247    324,174 
Fulgent Genetics, Inc.*(b)   1,671    156,272 
Hanger, Inc.*   3,031    51,133 
HealthEquity, Inc.*(b)   6,611    361,489 
InfuSystem Holdings, Inc.*   1,464    24,229 
Innovage Holding Corp.*   1,481    11,804 
Joint Corp. (The)*   1,118    89,351 
LHC Group, Inc.*   2,468    283,129 
LifeStance Health Group, Inc.*(b)   3,756    29,823 
Magellan Health, Inc.*   1,918    181,807 
MEDNAX, Inc.*   6,152    151,093 
ModivCare, Inc.*   1,007    137,989 
National HealthCare Corp.   1,015    65,457 
National Research Corp.   1,130    45,256 
Ontrak, Inc.*(b)   730    4,431 
Option Care Health, Inc.*   12,096    306,150 
Owens & Minor, Inc.   5,861    234,440 
Patterson Cos., Inc.   6,925    217,930 
Pennant Group, Inc. (The)*   2,071    42,103 
PetIQ, Inc.*   2,174    43,415 
Privia Health Group, Inc.*   1,627    37,584 
Progyny, Inc.*   5,097    258,775 
R1 RCM, Inc.*   9,600    228,672 
RadNet, Inc.*   3,669    98,916 
Select Medical Holdings Corp.   8,929    239,744 
Sharps Compliance Corp.*   1,181    8,716 
SOC Telemed, Inc.*(b)   4,909    9,965 
Surgery Partners, Inc.*   2,561    113,606 
Tenet Healthcare Corp.*   8,583    625,443 
Tivity Health, Inc.*   3,554    84,656 
Triple-S Management Corp.*   1,838    65,286 
US Physical Therapy, Inc.   1,032    88,731 
Viemed Healthcare, Inc.*   2,861    14,448 
         6,607,899 

 

See accompanying notes to the financial statements.

 

 

 

 

 

Ultra Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Health Care Technology - 0.9%          
Allscripts Healthcare Solutions, Inc.*   10,016    166,566 
American Well Corp., Class A*   14,785    96,102 
Castlight Health, Inc., Class B*   9,824    15,031 
Computer Programs and Systems, Inc.*   1,139    33,566 
Convey Health Solutions Holdings, Inc.*   1,088    7,094 
Evolent Health, Inc., Class A*   6,256    162,656 
Forian, Inc.   1,522    13,059 
Health Catalyst, Inc.*   4,052    175,816 
HealthStream, Inc.*   2,042    47,415 
iCAD, Inc.*   1,769    13,038 
Inspire Medical Systems, Inc.*   2,173    485,166 
Multiplan Corp.*(b)   18,348    74,126 
NantHealth, Inc.*(b)   2,175    2,436 
NextGen Healthcare, Inc.*   4,538    70,339 
Omnicell, Inc.*   3,477    615,429 
OptimizeRx Corp.*   1,387    90,155 
Phreesia, Inc.*   3,950    227,836 
Schrodinger, Inc.*   3,661    143,438 
Simulations Plus, Inc.(b)   1,236    58,055 
Tabula Rasa HealthCare, Inc.*   1,811    20,591 
Vocera Communications, Inc.*   2,786    162,535 
         2,680,449 
Hotels, Restaurants & Leisure - 1.8%          
Accel Entertainment, Inc.*   4,552    57,947 
Bally's Corp.*   2,638    101,141 
Biglari Holdings, Inc., Class B*   65    9,222 
BJ's Restaurants, Inc.*   1,821    54,375 
Bloomin' Brands, Inc.*   7,157    126,464 
Bluegreen Vacations Holding Corp.*   1,222    36,330 
Brinker International, Inc.*   3,671    127,017 
Carrols Restaurant Group, Inc.   2,702    7,728 
Century Casinos, Inc.*   2,201    28,723 
Cheesecake Factory, Inc. (The)*   3,723    142,665 
Chuy's Holdings, Inc.*   1,608    46,085 
Cracker Barrel Old Country Store, Inc.   1,917    233,912 
Dave & Buster's Entertainment, Inc.*   3,493    113,453 
Del Taco Restaurants, Inc.   2,413    18,484 
Denny's Corp.*   5,063    70,123 
Dine Brands Global, Inc.*   1,317    94,587 
Drive Shack, Inc.*   6,676    11,416 
El Pollo Loco Holdings, Inc.*   1,539    19,422 
Esports Technologies, Inc.*(b)   895    25,901 
Everi Holdings, Inc.*   6,905    143,210 
F45 Training Holdings, Inc.*(b)   1,657    17,631 
Fiesta Restaurant Group, Inc.*   1,427    13,314 
Full House Resorts, Inc.*   2,643    23,681 
GAN Ltd.*   3,242    31,350 
Golden Entertainment, Inc.*   1,387    63,677 
Golden Nugget Online Gaming, Inc.*   3,223    40,191 
Hall of Fame Resort & Entertainment Co.*(b)   4,444    8,266 
Hilton Grand Vacations, Inc.*   6,915    328,463 
International Game Technology plc(b)   8,080    218,322 
Jack in the Box, Inc.   1,763    145,624 
Krispy Kreme, Inc.(b)   1,775    25,826 
Kura Sushi USA, Inc., Class A*   324    20,606 
Lindblad Expeditions Holdings, Inc.*   2,479    34,731 
Monarch Casino & Resort, Inc.*   1,046    70,469 
Nathan's Famous, Inc.   230    14,154 
NEOGAMES SA*   451    15,027 
Noodles & Co.*   3,287    33,823 
ONE Group Hospitality, Inc. (The)*   1,675    21,959 
Papa John's International, Inc.   2,673    325,892 
PlayAGS, Inc.*   2,220    15,984 
RCI Hospitality Holdings, Inc.   675    42,734 
Red Robin Gourmet Burgers, Inc.*   1,258    20,506 
Red Rock Resorts, Inc., Class A   4,980    236,749 
Rush Street Interactive, Inc.*   4,355    77,693 
Ruth's Hospitality Group, Inc.*   2,719    46,223 
Scientific Games Corp.*   7,772    496,786 
SeaWorld Entertainment, Inc.*   4,162    245,516 
Shake Shack, Inc., Class A*   3,025    220,795 
Target Hospitality Corp.*   2,015    7,435 
Texas Roadhouse, Inc.   5,657    469,192 
Wingstop, Inc.   2,412    387,367 
Xponential Fitness, Inc., Class A*   751    14,607 
         5,202,798 
Household Durables - 1.5%          
Aterian, Inc.*(b)   2,097    10,233 
Bassett Furniture Industries, Inc.   741    11,293 
Beazer Homes USA, Inc.*   2,366    46,468 
Casper Sleep, Inc.*(b)   2,346    15,343 
Cavco Industries, Inc.*   746    221,928 
Century Communities, Inc.   2,426    172,416 
Ethan Allen Interiors, Inc.   1,821    40,972 
Flexsteel Industries, Inc.   537    15,240 
GoPro, Inc., Class A*   10,199    101,990 
Green Brick Partners, Inc.*(b)   2,482    61,926 
Hamilton Beach Brands Holding Co., Class A   600    9,000 
Helen of Troy Ltd.*(b)   1,948    468,494 
Hooker Furnishings Corp.   948    22,506 
Hovnanian Enterprises, Inc., Class A*(b)   414    39,541 
Installed Building Products, Inc.   1,917    247,466 
iRobot Corp.*   2,259    171,481 
KB Home   6,762    270,412 
Landsea Homes Corp.*   868    6,588 
La-Z-Boy, Inc.   3,630    121,206 
Legacy Housing Corp.*   650    16,231 
LGI Homes, Inc.*   1,770    254,278 
Lifetime Brands, Inc.   1,019    16,549 
Lovesac Co. (The)*   1,032    65,305 
M/I Homes, Inc.*   2,310    129,106 
MDC Holdings, Inc.   4,622    221,116 
Meritage Homes Corp.*   3,028    341,740 
Purple Innovation, Inc.*   4,654    48,029 
Skyline Champion Corp.*   4,246    332,249 
Snap One Holdings Corp.*   1,073    23,542 
Sonos, Inc.*   9,714    307,448 
Taylor Morrison Home Corp.*   9,858    306,189 
Traeger, Inc.*   1,823    23,535 
Tri Pointe Homes, Inc.*   9,131    228,001 
Tupperware Brands Corp.*   4,008    62,685 
Universal Electronics, Inc.*   1,056    38,227 
VOXX International Corp.*   1,257    12,935 
Vuzix Corp.*(b)   4,742    51,071 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Weber, Inc., Class A*(b)   1,375    18,508 
         4,551,247 
Household Products - 0.2%          
Central Garden & Pet Co.*   798    38,448 
Central Garden & Pet Co., Class A*   3,270    141,755 
Energizer Holdings, Inc.   5,501    204,582 
Oil-Dri Corp. of America   421    14,019 
WD-40 Co.   1,104    247,682 
         646,486 
Independent Power and Renewable Electricity Producers - 0.3%          
Clearway Energy, Inc., Class A   2,817    97,271 
Clearway Energy, Inc., Class C, Class C   6,627    247,320 
Ormat Technologies, Inc.(b)   3,659    276,254 
Sunnova Energy International, Inc.*   6,940    256,572 
         877,417 
Insurance - 1.5%          
Ambac Financial Group, Inc.*   3,677    54,934 
American Equity Investment Life Holding Co.   6,689    224,951 
American National Group, Inc.   602    113,929 
AMERISAFE, Inc.   1,549    82,236 
Argo Group International Holdings Ltd.   2,562    139,065 
Bright Health Group, Inc.*(b)   4,290    14,286 
BRP Group, Inc., Class A*   3,782    140,085 
Citizens, Inc.*(b)   4,034    22,873 
CNO Financial Group, Inc.   10,305    233,511 
Crawford & Co., Class A   1,315    9,586 
Donegal Group, Inc., Class A   1,194    16,238 
eHealth, Inc.*   1,973    43,564 
Employers Holdings, Inc.   2,299    88,764 
Enstar Group Ltd.*   1,003    223,769 
Genworth Financial, Inc., Class A*   40,871    156,127 
Goosehead Insurance, Inc., Class A   1,431    187,919 
Greenlight Capital Re Ltd., Class A*   2,124    14,358 
HCI Group, Inc.   458    50,563 
Heritage Insurance Holdings, Inc.   2,088    13,906 
Horace Mann Educators Corp.   3,372    125,000 
Independence Holding Co.   346    19,549 
Investors Title Co.   105    22,680 
James River Group Holdings Ltd.   2,963    78,342 
Kinsale Capital Group, Inc.   1,738    361,504 
Maiden Holdings Ltd.*   5,618    16,854 
MBIA, Inc.*   3,874    45,558 
MetroMile, Inc.*(b)   3,134    7,960 
National Western Life Group, Inc., Class A   207    42,156 
NI Holdings, Inc.*   693    12,848 
Palomar Holdings, Inc.*(b)   1,986    145,137 
ProAssurance Corp.   4,343    99,889 
RLI Corp.   3,234    332,391 
Safety Insurance Group, Inc.   1,170    90,406 
Selective Insurance Group, Inc.   4,800    362,592 
Selectquote, Inc.*   10,831    97,479 
SiriusPoint Ltd.*   7,154    55,086 
State Auto Financial Corp.   1,427    73,434 
Stewart Information Services Corp.   2,157    153,622 
Tiptree, Inc.   1,871    24,379 
Trean Insurance Group, Inc.*   1,426    11,993 
Trupanion, Inc.*   3,086    380,566 
United Fire Group, Inc.   1,699    35,543 
United Insurance Holdings Corp.   1,643    6,786 
Universal Insurance Holdings, Inc.   2,191    33,018 
         4,465,436 
Interactive Media & Services - 0.5%          
Cargurus, Inc.*   7,627    286,013 
Cars.com, Inc.*   5,531    92,257 
Eventbrite, Inc., Class A*   6,065    91,581 
EverQuote, Inc., Class A*   1,548    20,403 
fuboTV, Inc.*(b)   10,621    208,384 
Liberty TripAdvisor Holdings, Inc., Class A*   5,889    12,720 
MediaAlpha, Inc., Class A*   1,714    26,430 
Outbrain, Inc.*   652    9,839 
QuinStreet, Inc.*   4,011    61,408 
TrueCar, Inc.*   7,704    25,346 
Yelp, Inc.*   5,784    198,276 
Ziff Davis, Inc.*   3,513    400,025 
         1,432,682 
Internet & Direct Marketing Retail - 0.5%          
1-800-Flowers.com, Inc., Class A*   2,153    64,116 
1stdibs.com, Inc.*(b)   544    7,012 
CarParts.com, Inc.*   3,951    48,874 
Duluth Holdings, Inc., Class B*   981    13,607 
Groupon, Inc.*   1,905    39,357 
Lands' End, Inc.*   1,160    26,692 
Liquidity Services, Inc.*   2,142    48,559 
Overstock.com, Inc.*   3,474    310,089 
PetMed Express, Inc.(b)   1,593    43,585 
Porch Group, Inc.*   6,230    131,079 
Quotient Technology, Inc.*   7,177    50,311 
RealReal, Inc. (The)*   6,353    98,916 
Revolve Group, Inc.*   2,902    221,045 
Shutterstock, Inc.   1,891    215,593 
Stitch Fix, Inc., Class A*   4,768    118,723 
Xometry, Inc., Class A*(b)   652    32,411 
         1,469,969 
IT Services - 1.2%          
BigCommerce Holdings, Inc., Series 1*   3,910    177,006 
BM Technologies, Inc.*(b)   696    8,387 
Brightcove, Inc.*   3,287    31,654 
Cantaloupe, Inc.*(b)   4,708    42,466 
Cass Information Systems, Inc.   1,150    46,184 
Conduent, Inc.*   13,512    68,100 
CSG Systems International, Inc.   2,630    138,627 
DigitalOcean Holdings, Inc.*(b)   4,001    403,341 
EVERTEC, Inc.   4,894    205,499 
Evo Payments, Inc., Class A*   3,821    81,349 
ExlService Holdings, Inc.*   2,652    344,415 
Flywire Corp.*   979    39,787 
GreenBox POS*(b)   1,477    7,695 
GreenSky, Inc., Class A*   5,799    65,761 
Grid Dynamics Holdings, Inc.*   3,405    133,578 
Hackett Group, Inc. (The)   1,985    40,613 
I3 Verticals, Inc., Class A*   1,729    32,246 
IBEX Holdings Ltd.*   458    6,057 
International Money Express, Inc.*   2,584    39,044 
Limelight Networks, Inc.*   10,099    27,772 
LiveRamp Holdings, Inc.*   5,339    250,559 
Maximus, Inc.   4,956    373,930 
MoneyGram International, Inc.*   7,236    42,909 
Paya Holdings, Inc.*(b)   6,643    42,781 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Perficient, Inc.*   2,630    360,389 
Priority Technology Holdings, Inc.*   806    5,207 
Rackspace Technology, Inc.*   4,408    62,858 
Repay Holdings Corp.*   7,000    114,520 
StarTek, Inc.*   1,361    5,471 
TTEC Holdings, Inc.   1,494    126,079 
Tucows, Inc., Class A*(b)   787    64,007 
Unisys Corp.*   5,305    96,339 
Verra Mobility Corp.*(b)   10,835    155,916 
         3,640,546 
Leisure Products - 0.4%          
Acushnet Holdings Corp.   2,771    150,687 
American Outdoor Brands, Inc.*   1,139    26,869 
AMMO, Inc.*(b)   6,958    43,140 
Callaway Golf Co.*   9,353    252,157 
Clarus Corp.   1,950    51,460 
Escalade, Inc.   817    13,897 
Genius Brands International, Inc.*(b)   22,808    28,282 
Johnson Outdoors, Inc., Class A   422    43,905 
Latham Group, Inc.*   1,876    48,345 
Malibu Boats, Inc., Class A*   1,674    116,293 
Marine Products Corp.   659    7,789 
MasterCraft Boat Holdings, Inc.*   1,518    41,532 
Nautilus, Inc.*(b)   2,435    16,680 
Smith & Wesson Brands, Inc.   3,873    88,111 
Sturm Ruger & Co., Inc.   1,388    99,506 
Vista Outdoor, Inc.*   4,647    202,934 
         1,231,587 
Life Sciences Tools & Services - 0.7%          
Absci Corp.*(b)   1,121    11,827 
Akoya Biosciences, Inc.*   625    8,112 
Alpha Teknova, Inc.*   562    12,566 
Berkeley Lights, Inc.*   3,923    81,873 
Bionano Genomics, Inc.*(b)   22,730    88,874 
ChromaDex Corp.*(b)   3,787    17,761 
Codex DNA, Inc.*(b)   627    4,289 
Codexis, Inc.*   4,864    168,829 
Cytek Biosciences, Inc.*   1,297    26,160 
Fluidigm Corp.*   6,157    28,384 
Harvard Bioscience, Inc.*(b)   3,175    21,241 
Inotiv, Inc.*   1,042    54,184 
MaxCyte, Inc.*   1,266    12,635 
Medpace Holdings, Inc.*   2,343    485,962 
NanoString Technologies, Inc.*   3,666    150,673 
NeoGenomics, Inc.*   9,162    313,890 
Pacific Biosciences of California, Inc.*   15,700    364,397 
Personalis, Inc.*   2,910    39,430 
Quanterix Corp.*   2,494    99,685 
Rapid Micro Biosystems, Inc., Class A*   643    7,922 
Seer, Inc.*(b)   3,362    75,006 
Singular Genomics Systems, Inc.*   957    10,929 
         2,084,629 
Machinery - 2.9%          
AgEagle Aerial Systems, Inc.*(b)   5,484    12,394 
Alamo Group, Inc.   804    114,345 
Albany International Corp., Class A   2,487    201,273 
Altra Industrial Motion Corp.   5,236    275,990 
Astec Industries, Inc.   1,833    114,892 
Barnes Group, Inc.   3,826    166,240 
Blue Bird Corp.*   1,277    25,846 
Chart Industries, Inc.*   2,947    514,399 
CIRCOR International, Inc.*   1,488    40,102 
Columbus McKinnon Corp.   2,250    99,945 
Commercial Vehicle Group, Inc.*   2,590    21,730 
Desktop Metal, Inc., Class A*(b)   15,133    98,667 
Douglas Dynamics, Inc.   1,825    72,544 
Energy Recovery, Inc.*   3,407    72,399 
Enerpac Tool Group Corp.   4,883    103,080 
EnPro Industries, Inc.   1,669    170,238 
ESCO Technologies, Inc.   2,067    168,957 
Evoqua Water Technologies Corp.*   9,353    420,698 
Federal Signal Corp.   4,870    206,634 
Franklin Electric Co., Inc.   3,744    329,659 
Gorman-Rupp Co. (The)   1,840    79,543 
Greenbrier Cos., Inc. (The)   2,577    103,054 
Helios Technologies, Inc.   2,613    262,162 
Hillenbrand, Inc.   5,897    263,006 
Hydrofarm Holdings Group, Inc.*   3,146    103,818 
Hyliion Holdings Corp.*(b)   9,474    62,813 
Hyster-Yale Materials Handling, Inc.   807    31,683 
Ideanomics, Inc.*(b)   33,427    53,817 
John Bean Technologies Corp.   2,525    398,369 
Kadant, Inc.   931    218,282 
Kennametal, Inc.   6,756    238,960 
Lindsay Corp.   882    128,349 
Luxfer Holdings plc   2,225    42,231 
Manitowoc Co., Inc. (The)*   2,771    52,815 
Mayville Engineering Co., Inc.*   724    10,751 
Meritor, Inc.*   5,484    138,690 
Miller Industries, Inc.   889    29,079 
Mueller Industries, Inc.   4,541    251,254 
Mueller Water Products, Inc., Class A   12,715    173,433 
Nikola Corp.*(b)   18,184    185,840 
NN, Inc.*   3,447    15,339 
Omega Flex, Inc.   251    29,613 
Park-Ohio Holdings Corp.   687    14,503 
Proto Labs, Inc.*   2,245    112,519 
RBC Bearings, Inc.*(b)   2,260    446,779 
REV Group, Inc.   2,299    36,094 
Shyft Group, Inc. (The)   2,798    136,011 
SPX Corp.*   3,537    205,677 
SPX FLOW, Inc.   3,357    280,343 
Standex International Corp.   977    100,641 
Tennant Co.   1,492    117,361 
Terex Corp.   5,529    234,319 
Titan International, Inc.*   4,128    28,442 
Trinity Industries, Inc.   6,369    168,779 
Wabash National Corp.   4,036    67,401 
Watts Water Technologies, Inc., Class A   2,223    419,502 
Welbilt, Inc.*   10,566    248,935 
         8,720,239 
Marine - 0.1%          
Costamare, Inc.   4,266    51,192 
Eagle Bulk Shipping, Inc.(b)   722    28,930 
Genco Shipping & Trading Ltd.   2,598    40,035 
Matson, Inc.   3,473    283,154 
Safe Bulkers, Inc.*   5,030    18,209 
         421,520 
Media - 0.8%          
Advantage Solutions, Inc.*(b)   6,174    44,638 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
AMC Networks, Inc., Class A*   2,352    90,811 
Boston Omaha Corp., Class A*   1,426    40,855 
Cardlytics, Inc.*(b)   2,584    174,627 
Clear Channel Outdoor Holdings, Inc.*   29,349    90,101 
comScore, Inc.*   5,659    19,637 
Daily Journal Corp.*   98    35,703 
Digital Media Solutions, Inc.*   262    1,184 
Emerald Holding, Inc.*   1,934    7,639 
Entercom Communications Corp.*   9,533    23,546 
Entravision Communications Corp., Class A   4,862    36,125 
EW Scripps Co. (The), Class A   4,630    85,794 
Fluent, Inc.*   3,504    6,517 
Gannett Co., Inc.*   11,360    58,050 
Gray Television, Inc.   6,906    142,402 
Hemisphere Media Group, Inc.*   1,308    9,941 
iHeartMedia, Inc., Class A*   9,050    177,470 
Integral Ad Science Holding Corp.*   1,363    30,586 
John Wiley & Sons, Inc., Class A   3,485    181,150 
Magnite, Inc.*   10,482    184,798 
Meredith Corp.*   3,224    190,216 
National CineMedia, Inc.   4,858    13,602 
Scholastic Corp.   2,131    80,211 
Sinclair Broadcast Group, Inc., Class A   3,711    86,578 
Stagwell, Inc.*   4,983    38,469 
TechTarget, Inc.*   2,062    199,251 
TEGNA, Inc.   17,870    352,932 
Thryv Holdings, Inc.*   619    24,197 
WideOpenWest, Inc.*   4,236    78,790 
         2,505,820 
Metals & Mining - 0.9%          
Allegheny Technologies, Inc.*   10,294    146,587 
Arconic Corp.*   8,921    238,369 
Carpenter Technology Corp.   3,852    105,853 
Century Aluminum Co.*   4,150    54,904 
Coeur Mining, Inc.*   20,662    115,707 
Commercial Metals Co.   9,705    299,884 
Compass Minerals International, Inc.   2,764    134,469 
Constellium SE*   9,921    174,312 
Gatos Silver, Inc.*   3,743    50,568 
Haynes International, Inc.   1,010    40,471 
Hecla Mining Co.   42,961    238,004 
Kaiser Aluminum Corp.   1,277    113,947 
Materion Corp.   1,647    139,435 
MP Materials Corp.*(b)   5,892    258,894 
Novagold Resources, Inc.*   19,169    129,391 
Olympic Steel, Inc.   757    15,405 
Perpetua Resources Corp.*   2,166    10,938 
PolyMet Mining Corp.*   2,334    7,025 
Ryerson Holding Corp.   1,327    31,092 
Schnitzer Steel Industries, Inc., Class A   2,095    100,769 
SunCoke Energy, Inc.   6,719    40,919 
TimkenSteel Corp.*   3,711    53,142 
Warrior Met Coal, Inc.   4,161    89,420 
Worthington Industries, Inc.   2,731    131,033 
         2,720,538 
Mortgage Real Estate Investment Trusts (REITs) - 1.0%          
AFC Gamma, Inc.   719    15,552 
Angel Oak Mortgage, Inc.(b)   588    9,590 
Apollo Commercial Real Estate Finance, Inc.   11,340    153,430 
Arbor Realty Trust, Inc.(b)   10,979    192,681 
Ares Commercial Real Estate Corp.   3,536    52,050 
ARMOUR Residential REIT, Inc.   6,665    65,250 
Blackstone Mortgage Trust, Inc., Class A   12,714    381,420 
BrightSpire Capital, Inc.   6,816    63,730 
Broadmark Realty Capital, Inc.   10,381    93,429 
Chimera Investment Corp.   19,042    302,768 
Dynex Capital, Inc.(b)   2,752    46,013 
Ellington Financial, Inc.   3,772    62,502 
Franklin BSP Realty Trust, Inc.*   2,534    38,872 
Granite Point Mortgage Trust, Inc.   4,424    54,548 
Great Ajax Corp.   1,753    22,158 
Hannon Armstrong Sustainable Infrastructure Capital, Inc.   6,195    352,372 
Invesco Mortgage Capital, Inc.(b)   23,581    70,743 
KKR Real Estate Finance Trust, Inc.   2,611    53,865 
Ladder Capital Corp.   9,184    104,606 
MFA Financial, Inc.   35,777    153,483 
New York Mortgage Trust, Inc.   30,683    114,448 
Orchid Island Capital, Inc.(b)   9,988    45,146 
PennyMac Mortgage Investment Trust   7,920    137,570 
Ready Capital Corp.   4,671    71,747 
Redwood Trust, Inc.   9,134    117,098 
TPG RE Finance Trust, Inc.   4,852    59,194 
Two Harbors Investment Corp.   25,368    149,164 
         2,983,429 
Multiline Retail - 0.4%          
Big Lots, Inc.   2,769    120,119 
Dillard's, Inc., Class A   487    133,389 
Franchise Group, Inc.   2,284    109,061 
Macy's, Inc.   25,355    722,618 
         1,085,187 
Multi-Utilities - 0.3%          
Avista Corp.   5,604    215,810 
Black Hills Corp.   5,096    326,756 
NorthWestern Corp.   4,181    231,209 
Unitil Corp.   1,261    52,256 
         826,031 
Oil, Gas & Consumable Fuels - 2.9%          
Aemetis, Inc.*   2,184    40,972 
Alto Ingredients, Inc.*   5,780    30,114 
Altus Midstream Co.(b)   264    16,732 
Antero Resources Corp.*   23,125    406,075 
Arch Resources, Inc.   1,222    94,693 
Berry Corp.   5,450    44,363 
Brigham Minerals, Inc., Class A   3,527    73,221 
California Resources Corp.   6,677    260,870 
Callon Petroleum Co.*   3,224    163,908 
Centennial Resource Development, Inc., Class A*   14,632    91,157 
Centrus Energy Corp., Class A*   784    43,504 
Chesapeake Energy Corp.   8,481    504,959 
Civitas Resources, Inc.   3,977    203,264 
Clean Energy Fuels Corp.*(b)   12,536    89,883 
CNX Resources Corp.*   17,479    238,414 
Comstock Resources, Inc.*   7,400    59,866 
CONSOL Energy, Inc.*   2,768    60,758 
Contango Oil & Gas Co.*   11,870    41,308 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
CVR Energy, Inc.   2,392    37,339 
Delek US Holdings, Inc.*   5,306    83,198 
Denbury, Inc.*   4,077    324,611 
DHT Holdings, Inc.   11,457    63,586 
Dorian LPG Ltd.   2,509    30,886 
Earthstone Energy, Inc., Class A*   1,936    19,786 
Energy Fuels, Inc.*   11,939    103,989 
Equitrans Midstream Corp.   33,051    317,951 
Falcon Minerals Corp.   3,181    14,760 
Frontline Ltd.*(b)   9,652    66,116 
Gevo, Inc.*(b)   15,773    90,695 
Golar LNG Ltd.*   8,308    98,034 
Green Plains, Inc.*   3,858    149,112 
HighPeak Energy, Inc.(b)   402    5,463 
International Seaways, Inc.   3,713    54,210 
Kosmos Energy Ltd.*   32,744    119,843 
Laredo Petroleum, Inc.*   1,017    59,901 
Magnolia Oil & Gas Corp., Class A   11,251    213,431 
Matador Resources Co.   8,949    351,427 
Murphy Oil Corp.   11,842    314,760 
Nordic American Tankers Ltd.(b)   12,297    24,348 
Northern Oil and Gas, Inc.   4,231    86,228 
Oasis Petroleum, Inc.   1,631    195,557 
Ovintiv, Inc.   21,175    736,043 
Par Pacific Holdings, Inc.*   3,612    48,906 
PBF Energy, Inc., Class A*   7,784    97,533 
PDC Energy, Inc.   8,034    405,155 
Peabody Energy Corp.*   6,506    64,800 
Range Resources Corp.*   19,322    377,938 
Ranger Oil Corp.*   1,245    33,515 
Renewable Energy Group, Inc.*   3,618    172,868 
REX American Resources Corp.*   429    39,039 
Riley Exploration Permian, Inc.   202    3,549 
Scorpio Tankers, Inc.   3,937    54,764 
SFL Corp. Ltd.   8,448    70,456 
SM Energy Co.   9,697    281,213 
Southwestern Energy Co.*   54,768    245,361 
Talos Energy, Inc.*   2,979    29,701 
Teekay Corp.*   5,613    18,635 
Teekay Tankers Ltd., Class A*   1,927    21,640 
Tellurian, Inc.*   29,018    94,599 
Uranium Energy Corp.*(b)   18,649    73,104 
Ur-Energy, Inc.*   14,529    21,648 
W&T Offshore, Inc.*   7,584    26,089 
Whiting Petroleum Corp.*   3,183    205,908 
World Fuel Services Corp.   5,041    125,975 
         8,537,731 
Paper & Forest Products - 0.1%          
Clearwater Paper Corp.*   1,333    53,653 
Glatfelter Corp.   3,538    58,271 
Neenah, Inc.   1,363    63,366 
Schweitzer-Mauduit International, Inc.   2,530    72,611 
Verso Corp., Class A   2,180    46,085 
         293,986 
Personal Products - 0.4%          
Beauty Health Co. (The)*   7,048    182,966 
BellRing Brands, Inc., Class A*   3,219    69,273 
Edgewell Personal Care Co.   4,391    186,442 
elf Beauty, Inc.*   3,894    117,287 
Honest Co., Inc. (The)*   2,005    17,123 
Inter Parfums, Inc.   1,445    126,914 
Medifast, Inc.   941    193,601 
Nature's Sunshine Products, Inc.   956    16,252 
Nu Skin Enterprises, Inc., Class A   4,016    176,222 
Revlon, Inc., Class A*(b)   572    6,504 
USANA Health Sciences, Inc.*   1,008    100,518 
Veru, Inc.*(b)   5,204    39,030 
         1,232,132 
Pharmaceuticals - 1.1%          
9 Meters Biopharma, Inc.*(b)   18,052    18,774 
Aclaris Therapeutics, Inc.*(b)   4,121    52,749 
Aerie Pharmaceuticals, Inc.*   3,421    34,552 
Amneal Pharmaceuticals, Inc.*   8,058    33,682 
Amphastar Pharmaceuticals, Inc.*   2,990    58,484 
Ampio Pharmaceuticals, Inc.*(b)   15,745    17,792 
Angion Biomedica Corp.*   1,740    6,264 
ANI Pharmaceuticals, Inc.*   791    32,542 
Antares Pharma, Inc.*   13,469    43,505 
Arvinas, Inc.*   3,523    266,374 
Atea Pharmaceuticals, Inc.*   5,211    42,157 
Athira Pharma, Inc.*(b)   2,606    35,129 
Axsome Therapeutics, Inc.*(b)   2,234    77,162 
BioDelivery Sciences International, Inc.*   7,526    20,922 
Cara Therapeutics, Inc.*   3,590    47,316 
Cassava Sciences, Inc.*(b)   3,086    165,070 
Citius Pharmaceuticals, Inc.*(b)   9,176    15,507 
Collegium Pharmaceutical, Inc.*   2,844    49,998 
Corcept Therapeutics, Inc.*   7,808    163,968 
CorMedix, Inc.*(b)   3,062    15,249 
Cymabay Therapeutics, Inc.*(b)   5,602    18,543 
Cyteir Therapeutics, Inc.*(b)   675    11,212 
Durect Corp.*(b)   18,280    18,094 
Edgewise Therapeutics, Inc.*(b)   1,032    17,977 
Endo International plc*   18,522    103,723 
Esperion Therapeutics, Inc.*(b)   2,121    18,516 
Evolus, Inc.*   2,635    14,598 
EyePoint Pharmaceuticals, Inc.*(b)   1,708    26,986 
Fulcrum Therapeutics, Inc.*   2,153    31,219 
Harmony Biosciences Holdings, Inc.*   1,806    61,567 
Ikena Oncology, Inc.*(b)   839    12,002 
Innoviva, Inc.*   3,504    58,587 
Intra-Cellular Therapies, Inc.*   5,700    230,736 
Kala Pharmaceuticals, Inc.*(b)   3,907    7,423 
Kaleido Biosciences, Inc.*(b)   1,566    5,622 
KemPharm, Inc.*(b)   2,310    18,087 
Landos Biopharma, Inc.*   378    2,733 
Marinus Pharmaceuticals, Inc.*   2,985    33,163 
Mind Medicine MindMed, Inc.*(b)   28,116    55,670 
NGM Biopharmaceuticals, Inc.*   2,541    45,789 
Nuvation Bio, Inc.*   5,391    48,357 
Ocular Therapeutix, Inc.*   6,194    42,367 
Omeros Corp.*(b)   4,866    35,035 
Oramed Pharmaceuticals, Inc.*(b)   2,449    47,070 
Pacira BioSciences, Inc.*   3,527    185,591 
Paratek Pharmaceuticals, Inc.*   3,848    16,239 
Phathom Pharmaceuticals, Inc.*   1,637    29,368 
Phibro Animal Health Corp., Class A   1,652    32,363 
Pliant Therapeutics, Inc.*   1,944    27,566 
Prestige Consumer Healthcare, Inc.*   4,042    226,150 
Provention Bio, Inc.*(b)   4,482    30,926 
Rain Therapeutics, Inc.*(b)   611    7,906 
Reata Pharmaceuticals, Inc., Class A*   2,220    190,032 

 

See accompanying notes to the financial statements.

 

 

 

 

 

 

Ultra Russell2000
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Relmada Therapeutics, Inc.*   1,265    22,593 
Revance Therapeutics, Inc.*   5,672    77,593 
Seelos Therapeutics, Inc.*(b)   7,939    13,734 
SIGA Technologies, Inc.*   3,934    32,101 
Supernus Pharmaceuticals, Inc.*   3,961    118,711 
Tarsus Pharmaceuticals, Inc.*(b)   681    18,115 
Terns Pharmaceuticals, Inc.*(b)   1,109    8,373 
TherapeuticsMD, Inc.*(b)   31,504    15,594 
Theravance Biopharma, Inc.*   4,842    40,673 
Verrica Pharmaceuticals, Inc.*   1,058    10,950 
WaVe Life Sciences Ltd.*   3,088    12,043 
Zogenix, Inc.*   4,532    50,985 
         3,329,878 
Professional Services - 1.4%
Acacia Research Corp.*   3,962    19,414 
ASGN, Inc.*   4,194    510,326 
Atlas Technical Consultants, Inc.*(b)   1,129    10,353 
Barrett Business Services, Inc.   604    42,636 
CBIZ, Inc.*   4,044    145,705 
CRA International, Inc.   573    52,756 
Exponent, Inc.   4,197    488,951 
First Advantage Corp.*   3,615    62,684 
Forrester Research, Inc.*   911    51,417 
Franklin Covey Co.*   1,007    44,288 
Heidrick & Struggles International, Inc.   1,561    67,388 
HireQuest, Inc.(b)   410    9,348 
Huron Consulting Group, Inc.*   1,806    82,516 
ICF International, Inc.   1,490    144,143 
Insperity, Inc.   2,934    339,581 
KBR, Inc.   11,430    502,920 
Kelly Services, Inc., Class A   2,837    47,832 
Kforce, Inc.   1,638    125,520 
Korn Ferry   4,445    323,329 
ManTech International Corp., Class A   2,215    150,509 
Mistras Group, Inc.*   1,613    12,856 
Resources Connection, Inc.   2,549    43,792 
TriNet Group, Inc.*   3,275    328,483 
TrueBlue, Inc.*   2,819    73,350 
Upwork, Inc.*   9,535    355,274 
Willdan Group, Inc.*   900    36,009 
         4,071,380 
Real Estate Management & Development - 0.6%
Cushman & Wakefield plc*   11,212    198,228 
eXp World Holdings, Inc.   5,073    186,230 
Fathom Holdings, Inc.*(b)   417    9,837 
Forestar Group, Inc.*   1,378    27,312 
FRP Holdings, Inc.*   540    31,666 
Kennedy-Wilson Holdings, Inc.   9,704    210,480 
Marcus & Millichap, Inc.*   1,918    82,186 
Newmark Group, Inc., Class A   12,058    193,651 
Rafael Holdings, Inc., Class B*   788    4,326 
RE/MAX Holdings, Inc., Class A   1,492    41,015 
Realogy Holdings Corp.*   9,303    141,313 
Redfin Corp.*(b)   8,221    334,513 
RMR Group, Inc. (The), Class A   1,233    40,282 
St Joe Co. (The)   2,693    129,291 
Tejon Ranch Co.*   1,684    30,817 
         1,661,147 
Road & Rail - 0.9%
ArcBest Corp.   2,046    210,901 
Avis Budget Group, Inc.*   3,937    1,081,061 
Covenant Logistics Group, Inc.*   978    24,518 
Daseke, Inc.*   3,245    31,314 
Heartland Express, Inc.   3,855    64,533 
HyreCar, Inc.*(b)   1,416    7,505 
Marten Transport Ltd.   4,809    77,329 
PAM Transportation Services, Inc.*(b)   294    19,048 
Saia, Inc.*   2,143    709,719 
Universal Logistics Holdings, Inc.   619    11,507 
US Xpress Enterprises, Inc., Class A*   2,173    17,080 
Werner Enterprises, Inc.   5,064    228,437 
Yellow Corp.*   4,068    53,535 
         2,536,487 
Semiconductors & Semiconductor Equipment - 2.9%
Alpha & Omega Semiconductor Ltd.*   1,706    83,799 
Ambarella, Inc.*   2,824    506,964 
Amkor Technology, Inc.   8,250    177,870 
Atomera, Inc.*(b)   1,640    39,508 
Axcelis Technologies, Inc.*   2,692    166,419 
AXT, Inc.*(b)   3,227    26,526 
CEVA, Inc.*   1,820    80,262 
CMC Materials, Inc.   2,361    313,541 
Cohu, Inc.*   3,873    127,693 
Diodes, Inc.*   3,523    374,671 
DSP Group, Inc.*   1,823    40,088 
FormFactor, Inc.*   6,285    263,467 
Ichor Holdings Ltd.*   2,241    107,322 
Impinj, Inc.*   1,508    113,055 
Kopin Corp.*   6,271    32,735 
Kulicke & Soffa Industries, Inc.(b)   4,949    285,359 
Lattice Semiconductor Corp.*   10,965    832,572 
MACOM Technology Solutions Holdings, Inc.*   3,935    282,966 
MaxLinear, Inc.*   5,725    385,464 
Meta Materials, Inc.*   17,704    64,974 
NeoPhotonics Corp.*   4,144    63,693 
NVE Corp.   385    25,899 
Onto Innovation, Inc.*   3,935    370,520 
PDF Solutions, Inc.*   2,398    71,772 
Photronics, Inc.*   4,870    64,333 
Power Integrations, Inc.   4,880    488,146 
Rambus, Inc.*   8,766    235,805 
Semtech Corp.*   5,227    447,797 
Silicon Laboratories, Inc.*   3,589    704,413 
SiTime Corp.*   1,193    356,087 
SkyWater Technology, Inc.*(b)   653    12,218 
SMART Global Holdings, Inc.*(b)   1,413    80,569 
SunPower Corp.*(b)   6,461    185,108 
Synaptics, Inc.*   2,852    804,948 
Ultra Clean Holdings, Inc.*   3,587    196,603 
Veeco Instruments, Inc.*   4,023    106,931 
         8,520,097 
Software - 4.8%
8x8, Inc.*   8,962    193,131 
A10 Networks, Inc.   4,855    74,864 
ACI Worldwide, Inc.*   9,535    277,850 
Agilysys, Inc.*   1,600    69,680 
Alarm.com Holdings, Inc.*   3,819    304,718 
Alkami Technology, Inc.*   583    16,726 
Altair Engineering, Inc., Class A*   3,737    278,220 
American Software, Inc., Class A   2,540    57,912 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Russell2000
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Appfolio, Inc., Class A*   1,515    182,542 
Appian Corp.*   3,179    236,359 
Asana, Inc., Class A*   5,976    621,205 
Avaya Holdings Corp.*   6,669    129,845 
Benefitfocus, Inc.*   2,018    20,301 
Blackbaud, Inc.*   3,911    295,124 
Blackline, Inc.*   4,335    477,067 
Bottomline Technologies DE, Inc.*   3,577    160,393 
Box, Inc., Class A*   11,517    269,613 
BTRS Holdings, Inc.*   5,229    39,008 
Cerence, Inc.*(b)   3,058    229,900 
ChannelAdvisor Corp.*   2,360    59,024 
Cleanspark, Inc.*(b)   2,698    47,970 
CommVault Systems, Inc.*   3,703    232,845 
Consensus Cloud Solutions, Inc.*   1,171    73,351 
Couchbase, Inc.*   782    25,845 
CS Disco, Inc.*   1,046    38,388 
Digimarc Corp.*(b)   1,029    44,144 
Digital Turbine, Inc.*   7,338    389,354 
Domo, Inc., Class B*   2,226    161,051 
E2open Parent Holdings, Inc.*(b)   13,114    159,729 
Ebix, Inc.(b)   2,144    65,521 
eGain Corp.*   1,652    17,346 
Envestnet, Inc.*   4,391    336,658 
EverCommerce, Inc.*   1,344    21,880 
GTY Technology Holdings, Inc.*   2,601    17,115 
Instructure Holdings, Inc.*   968    21,557 
Intapp, Inc.*(b)   814    22,295 
Intelligent Systems Corp.*(b)   587    23,809 
InterDigital, Inc.   2,500    169,775 
JFrog Ltd.*   4,276    136,661 
Kaltura, Inc.*   1,408    6,674 
LivePerson, Inc.*(b)   5,239    202,540 
Marathon Digital Holdings, Inc.*   7,714    393,954 
MeridianLink, Inc.*   1,022    22,535 
MicroStrategy, Inc., Class A*(b)   634    457,387 
Mimecast Ltd.*   4,924    398,844 
Mitek Systems, Inc.*   3,467    59,390 
Model N, Inc.*   2,868    80,591 
Momentive Global, Inc.*   10,487    214,249 
ON24, Inc.*   2,173    34,420 
OneSpan, Inc.*   2,846    48,638 
PagerDuty, Inc.*   6,523    231,240 
Ping Identity Holding Corp.*(b)   4,821    114,788 
Progress Software Corp.   3,554    172,191 
PROS Holdings, Inc.*   3,230    117,314 
Q2 Holdings, Inc.*   4,419    354,846 
Qualys, Inc.*   2,753    358,688 
Rapid7, Inc.*(b)   4,485    556,409 
Rekor Systems, Inc.*   2,539    17,062 
Rimini Street, Inc.*   3,541    23,406 
Riot Blockchain, Inc.*   6,813    254,602 
Sailpoint Technologies Holdings, Inc.*   7,395    388,903 
Sapiens International Corp. NV   2,499    88,640 
SecureWorks Corp., Class A*   806    14,315 
ShotSpotter, Inc.*   685    24,057 
Smith Micro Software, Inc.*   3,723    20,402 
Sprout Social, Inc., Class A*   3,616    403,835 
SPS Commerce, Inc.*   2,916    411,127 
Sumo Logic, Inc.*   6,932    98,018 
Telos Corp.*   3,222    50,746 
Tenable Holdings, Inc.*   7,334    362,300 
Upland Software, Inc.*   2,335    45,719 
Varonis Systems, Inc.*   8,559    443,442 
Verint Systems, Inc.*   5,207    247,801 
Veritone, Inc.*   2,295    58,844 
Viant Technology, Inc., Class A*   936    9,173 
VirnetX Holding Corp.*(b)   5,117    15,351 
Vonage Holdings Corp.*   19,534    402,791 
Workiva, Inc.*   3,461    482,706 
Xperi Holding Corp.   8,478    151,926 
Yext, Inc.*   8,976    86,708 
Zix Corp.*   4,323    36,616 
Zuora, Inc., Class A*   9,013    178,548 
         14,140,512 
Specialty Retail - 2.0%
Aaron's Co., Inc. (The)   2,621    58,186 
Abercrombie & Fitch Co., Class A*   4,959    178,524 
Academy Sports & Outdoors, Inc.*   6,278    280,124 
American Eagle Outfitters, Inc.   12,300    318,447 
America's Car-Mart, Inc.*   502    49,266 
Arko Corp.*(b)   9,755    91,990 
Asbury Automotive Group, Inc.*   1,826    298,807 
Barnes & Noble Education, Inc.*   3,105    21,797 
Bed Bath & Beyond, Inc.*   8,496    155,732 
Big 5 Sporting Goods Corp.(b)   1,682    39,914 
Boot Barn Holdings, Inc.*   2,364    289,212 
Buckle, Inc. (The)   2,404    113,084 
Caleres, Inc.   2,978    70,311 
Camping World Holdings, Inc., Class A   3,450    151,317 
CarLotz, Inc.*(b)   5,785    17,124 
Cato Corp. (The), Class A   1,599    26,303 
Chico's FAS, Inc.*   9,721    55,701 
Children's Place, Inc. (The)*   1,137    98,385 
Citi Trends, Inc.*   711    60,293 
Conn's, Inc.*   1,443    31,573 
Container Store Group, Inc. (The)*   2,569    29,877 
Designer Brands, Inc., Class A*   4,858    66,457 
Genesco, Inc.*   1,184    74,829 
Group 1 Automotive, Inc.   1,420    276,545 
GrowGeneration Corp.*   4,372    71,264 
Guess?, Inc.   3,249    73,265 
Haverty Furniture Cos., Inc.   1,348    40,319 
Hibbett, Inc.   1,297    101,101 
JOANN, Inc.(b)   976    8,921 
Kirkland's, Inc.*   1,132    24,440 
Lazydays Holdings, Inc.*   593    11,996 
Lumber Liquidators Holdings, Inc.*   2,315    35,512 
MarineMax, Inc.*   1,704    90,772 
Monro, Inc.   2,679    150,077 
Murphy USA, Inc.   1,954    338,687 
National Vision Holdings, Inc.*(b)   6,596    316,872 
ODP Corp. (The)*   3,854    145,527 
OneWater Marine, Inc., Class A   829    42,428 
Party City Holdco, Inc.*   8,915    49,032 
Rent-A-Center, Inc.   5,328    235,338 
Sally Beauty Holdings, Inc.*   9,103    178,328 
Shift Technologies, Inc.*(b)   5,016    23,124 
Shoe Carnival, Inc.   1,427    55,796 
Signet Jewelers Ltd.   4,208    408,765 
Sleep Number Corp.*   1,867    148,949 
Sonic Automotive, Inc., Class A   1,769    79,446 
Sportsman's Warehouse Holdings, Inc.*   3,517    59,894 
Tilly's, Inc., Class A   1,833    27,532 
Torrid Holdings, Inc.*(b)   1,031    16,774 

 

See accompanying notes to the financial statements.

 

 

 

  

Ultra Russell2000
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
TravelCenters of America, Inc.*   1,009    52,690 
Urban Outfitters, Inc.*   5,544    175,578 
Winmark Corp.   279    70,336 
Zumiez, Inc.*   1,764    80,721 
         5,967,282 
Technology Hardware, Storage & Peripherals - 0.2%
3D Systems Corp.*(b)   9,811    223,494 
Avid Technology, Inc.*   2,922    93,679 
Corsair Gaming, Inc.*(b)   2,211    49,526 
Diebold Nixdorf, Inc.*   5,815    47,160 
Eastman Kodak Co.*(b)   3,626    21,720 
Quantum Corp.*   4,629    25,321 
Super Micro Computer, Inc.*   3,484    144,238 
Turtle Beach Corp.*   1,227    32,884 
         638,022 
Textiles, Apparel & Luxury Goods - 0.7%
Crocs, Inc.*   4,992    818,788 
Fossil Group, Inc.*   3,853    46,043 
G-III Apparel Group Ltd.*   3,567    105,726 
Kontoor Brands, Inc.   4,191    225,979 
Movado Group, Inc.   1,286    57,703 
Oxford Industries, Inc.   1,298    124,011 
PLBY Group, Inc.*(b)   1,904    73,018 
Rocky Brands, Inc.   553    19,648 
Steven Madden Ltd.   6,630    314,593 
Superior Group of Cos., Inc.   946    21,153 
Unifi, Inc.*   1,072    21,837 
Vera Bradley, Inc.*   2,102    19,990 
Wolverine World Wide, Inc.   6,560    204,213 
         2,052,702 
Thrifts & Mortgage Finance - 1.2%
Axos Financial, Inc.*   4,610    260,972 
Blue Foundry Bancorp*   2,265    33,001 
Bridgewater Bancshares, Inc.*   1,695    28,968 
Capitol Federal Financial, Inc.   10,502    119,303 
Columbia Financial, Inc.*   3,177    57,948 
Essent Group Ltd.   8,948    372,058 
Federal Agricultural Mortgage Corp., Class C   738    89,829 
Finance of America Cos., Inc., Class A*(b)   2,837    11,632 
Flagstar Bancorp, Inc.   4,212    196,026 
FS Bancorp, Inc.   577    18,729 
Hingham Institution For Savings (The)   118    46,091 
Home Bancorp, Inc.   618    24,992 
Home Point Capital, Inc.(b)   592    2,279 
Kearny Financial Corp.   5,902    75,014 
Luther Burbank Corp.   1,262    17,403 
Merchants Bancorp   796    36,306 
Mr Cooper Group, Inc.*   5,730    225,017 
NMI Holdings, Inc., Class A*   6,786    133,006 
Northfield Bancorp, Inc.(b)   3,641    61,351 
Northwest Bancshares, Inc.   9,892    131,366 
Ocwen Financial Corp.*   660    21,041 
PCSB Financial Corp.   1,086    19,765 
PennyMac Financial Services, Inc.   2,654    168,078 
Pioneer Bancorp, Inc.*   939    11,719 
Premier Financial Corp.   2,989    87,877 
Provident Bancorp, Inc.   1,241    22,475 
Provident Financial Services, Inc.   6,128    144,253 
Radian Group, Inc.   15,062    306,813 
Southern Missouri Bancorp, Inc.   624    33,328 
TrustCo Bank Corp.   1,527    49,872 
Velocity Financial, Inc.*   693    8,371 
Walker & Dunlop, Inc.   2,363    332,450 
Washington Federal, Inc.   5,473    177,818 
Waterstone Financial, Inc.   1,750    36,312 
WSFS Financial Corp.   3,799    188,886 
         3,550,349 
Tobacco - 0.1%
22nd Century Group, Inc.*(b)   13,012    32,660 
Turning Point Brands, Inc.   1,178    44,764 
Universal Corp.   1,954    90,998 
Vector Group Ltd.   11,608    180,388 
         348,810 
Trading Companies & Distributors - 1.2%
Alta Equipment Group, Inc.*   1,528    22,324 
Applied Industrial Technologies, Inc.   3,137    298,140 
Beacon Roofing Supply, Inc.*   4,510    225,094 
BlueLinx Holdings, Inc.*   744    52,482 
Boise Cascade Co.   3,183    206,354 
Custom Truck One Source, Inc.*(b)   3,735    28,087 
DXP Enterprises, Inc.*   1,440    39,787 
EVI Industries, Inc.*   461    15,734 
GATX Corp.   2,854    281,119 
Global Industrial Co.   1,029    41,222 
GMS, Inc.*   3,455    193,031 
H&E Equipment Services, Inc.   2,599    109,418 
Herc Holdings, Inc.   2,017    343,798 
Karat Packaging, Inc.*   370    8,136 
Lawson Products, Inc.*   385    18,530 
McGrath RentCorp   1,952    150,890 
MRC Global, Inc.*   6,498    44,706 
NOW, Inc.*   8,908    74,471 
Rush Enterprises, Inc., Class A   3,413    173,926 
Rush Enterprises, Inc., Class B   530    25,853 
Textainer Group Holdings Ltd.*   3,873    126,531 
Titan Machinery, Inc.*   1,562    51,921 
Transcat, Inc.*   571    50,802 
Triton International Ltd.   5,394    301,902 
Veritiv Corp.*   1,185    149,357 
WESCO International, Inc.*   3,598    446,620 
Willis Lease Finance Corp.*   222    7,604 
         3,487,839 
Water Utilities - 0.3%
American States Water Co.   2,982    280,845 
Artesian Resources Corp., Class A   658    28,136 
Cadiz, Inc.*(b)   1,704    6,901 
California Water Service Group   4,162    262,247 
Global Water Resources, Inc.   1,022    17,599 
Middlesex Water Co.   1,396    143,844 
Pure Cycle Corp.*   1,555    22,641 
SJW Group   2,236    150,594 
York Water Co. (The)   1,052    49,297 
         962,104 
Wireless Telecommunication Services - 0.1%
Gogo, Inc.*   4,777    61,241 
Shenandoah Telecommunications Co.   3,905    99,148 
Telephone and Data Systems, Inc.   8,166    144,375 
Telesat Corp.*   1,038    31,950 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Russell2000
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
United States Cellular Corp.*   1,251    36,416 
         373,130 
TOTAL COMMON STOCKS
(Cost $264,522,662)		        233,476,380 

 

Investments  Principal
Amount ($)		   Value ($) 
         
CORPORATE BONDS - 0.0%(d)          
           
Capital Markets - 0.0%(d)          
GAMCO Investors, Inc.          
4.00%, 6/15/2023(f) (Cost $2,000)   2,000    1,980 

 

Investments  Number of Rights   Value ($) 
         
RIGHTS - 0.0%(d)
         
Biotechnology - 0.0%
Contra Aduro Biotech I, CVR*(e)(g)   687    — 
Oncternal Therapeutics, Inc., CVR*(e)(g)   42    — 
Tobira Therapeutics, Inc., CVR*(e)(g)   756    — 
         — 
Food Products - 0.0%(d)
Contraf-Nicotex-Tobacco GmbH*(e)(g)   2,444    1,222 
Pharmaceuticals - 0.0%
ANI Pharmaceuticals, Inc., CVR, expiring 12/31/2050*(e)(g)   2    — 
TOTAL RIGHTS
(Cost $1,951)		        1,222 

 

Investments  Shares   Value ($) 
         
SECURITIES LENDING REINVESTMENTS(h) - 1.3%
         
INVESTMENT COMPANIES - 1.3%          
BlackRock Liquidity FedFund, Institutional Class          
0.03% (Cost $3,751,230)   3,751,230    3,751,230 

 

Investments  Principal
Amount ($)		   Value ($) 
         
SHORT-TERM INVESTMENTS - 45.7%
           
REPURCHASE AGREEMENTS(i) - 45.7%
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $135,948,964          
(Cost $135,948,857)   135,948,857    135,948,857 

Total Investments - 125.6%
 (Cost $404,226,700)		   373,179,669 
Liabilities in excess of other assets - (25.6%)   (76,002,045)
Net Assets - 100.0%   297,177,624 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Russell2000
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

* Non-income producing security.
(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $68,143,135.
(b) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $7,959,421, collateralized in the form of cash with a value of $3,751,230 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $4,873,559 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from December 9, 2021 – May 15, 2051. The total value of collateral is $8,624,789.
(c) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(d) Represents less than 0.05% of net assets.
(e) Security fair valued as of November 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2021 amounted to $1,222, which represents approximately 0.00% of net assets of the Fund.
(f) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of November 30, 2021.
(g) Illiquid security.
(h) The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $3,751,230.
(i) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

 

Abbreviations
CVR Contingent Value Rights - No defined expiration

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:
 
Aggregate gross unrealized appreciation  $7,871,604 
Aggregate gross unrealized depreciation   (68,569,562)
Net unrealized depreciation  $(60,697,958)
Federal income tax cost  $406,275,042 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra Russell2000
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Futures Contracts Purchased    
Ultra Russell2000 had the following open long futures contracts as of November 30, 2021:    
   Number of
Contracts		   Expiration
Date		  Trading
Currency		  Notional Amount   Value and
Unrealized
Depreciation		 
Russell 2000 E-Mini Index   268   12/17/2021  USD  $29,443,820   $(401,691)

 

Swap Agreementsa

Ultra Russell2000 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

 

Notional
Amount  ($)		   Termination
Dateb		  Counterparty  Rate Paid
(Received)c		   Underlying
Instrument		  Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of (the
Fund)/ the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net Amounte
 ($)		 
 44,934,726   5/8/2023  Bank of America NA   0.37%  Russell 2000® Index   (4,445,403)   4,444,127    1,276    — 
                                     
 39,169,184   5/8/2023  BNP Paribas SA   0.22%  Russell 2000® Index   (4,956,657)   4,645,661    310,996    — 
                                     
 63,075,733   4/10/2023  Citibank NA   0.36%  Russell 2000® Index   (4,112,619)   4,060,739    51,880    — 
                                     
 49,167,628   3/7/2023  Goldman Sachs International   0.47%  Russell 2000® Index   (5,420,859)   5,345,955    74,904    — 
                                     
 13,421,273   11/7/2022  Morgan Stanley & Co. International plc   0.07%  iShares® Russell 2000 ETF   915,052                
 46,792,805   11/7/2022  Morgan Stanley & Co. International plc   (0.19)%  Russell 2000® Index   3,817,493                
 60,214,078                  4,732,545    —    (4,732,545)   — 
 26,644,192   3/7/2023  Societe Generale   0.42%  Russell 2000® Index   (7,569,087)   7,541,932    27,155    — 
                                     
 48,538,739   3/7/2023  UBS AG   0.07%  Russell 2000® Index   (5,428,814)   5,421,254    7,560    — 
                                     
 331,744,280                  (27,200,894)               
                Total Unrealized Appreciation   4,732,545                
                Total Unrealized Depreciation   (31,933,439)               

 

a The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.
b Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
c Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).
d The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.
e Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

 

Abbreviations
USD U.S. Dollar

 

See accompanying notes to the financial statements.

 

 

 

 

 

Ultra S&P500®

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
COMMON STOCKS(a) - 84.2%          
           
Aerospace & Defense - 1.1%          
Boeing Co. (The)*   57,512    11,378,749 
General Dynamics Corp.   24,218    4,576,476 
Howmet Aerospace, Inc.   40,290    1,133,358 
Huntington Ingalls Industries, Inc.   4,191    743,944 
L3Harris Technologies, Inc.   20,972    4,384,826 
Lockheed Martin Corp.   25,723    8,573,990 
Northrop Grumman Corp.   15,708    5,478,950 
Raytheon Technologies Corp.   157,388    12,735,837 
Textron, Inc.   23,395    1,656,366 
TransDigm Group, Inc.*   5,469    3,161,356 
         53,823,852 
Air Freight & Logistics - 0.5%          
CH Robinson Worldwide, Inc.   13,744    1,306,917 
Expeditors International of Washington, Inc.   17,733    2,156,687 
FedEx Corp.   25,670    5,913,598 
United Parcel Service, Inc., Class B   76,019    15,079,889 
         24,457,091 
Airlines - 0.2%          
Alaska Air Group, Inc.*   13,074    635,004 
American Airlines Group, Inc.*   67,574    1,195,384 
Delta Air Lines, Inc.*   66,795    2,417,979 
Southwest Airlines Co.*   61,751    2,741,744 
United Airlines Holdings, Inc.*   33,776    1,427,374 
         8,417,485 
Auto Components - 0.1%          
Aptiv plc*   28,238    4,527,963 
BorgWarner, Inc.   25,029    1,083,255 
         5,611,218 
Automobiles - 2.4%          
Ford Motor Co.   409,560    7,859,457 
General Motors Co.*   151,528    8,768,925 
Tesla, Inc.*   84,692    96,952,014 
         113,580,396 
Banks - 3.5%          
Bank of America Corp.   772,918    34,371,663 
Citigroup, Inc.   211,549    13,475,671 
Citizens Financial Group, Inc.   44,473    2,102,239 
Comerica, Inc.   13,979    1,153,687 
Fifth Third Bancorp   72,098    3,038,931 
First Republic Bank   18,405    3,858,792 
Huntington Bancshares, Inc.   154,113    2,287,037 
JPMorgan Chase & Co.   311,894    49,538,124 
KeyCorp   99,822    2,240,006 
M&T Bank Corp.   13,427    1,968,532 
People's United Financial, Inc.   44,669    761,160 
PNC Financial Services Group, Inc. (The)   44,362    8,739,314 
Regions Financial Corp.   99,635    2,266,696 
SVB Financial Group*   6,130    4,243,983 
Truist Financial Corp.   139,333    8,263,840 
US Bancorp   140,820    7,792,979 
Wells Fargo & Co.   428,616    20,479,273 
Zions Bancorp NA   16,917    1,067,124 
         167,649,051 
Beverages - 1.1%          
Brown-Forman Corp., Class B   19,071    1,341,836 
Coca-Cola Co. (The)   405,496    21,268,265 
Constellation Brands, Inc., Class A   17,563    3,957,471 
Molson Coors Beverage Co., Class B   19,663    873,824 
Monster Beverage Corp.*   39,190    3,283,338 
PepsiCo, Inc.   144,254    23,048,904 
         53,773,638 
Biotechnology - 1.5%          
AbbVie, Inc.   184,453    21,263,742 
Amgen, Inc.   59,273    11,788,214 
Biogen, Inc.*   15,556    3,667,172 
Gilead Sciences, Inc.   130,867    9,020,662 
Incyte Corp.*   19,587    1,326,432 
Moderna, Inc.*   36,656    12,918,674 
Regeneron Pharmaceuticals, Inc.*   10,970    6,982,734 
Vertex Pharmaceuticals, Inc.*   27,082    5,062,709 
         72,030,339 
Building Products - 0.4%          
A O Smith Corp.   13,901    1,098,874 
Allegion plc   9,360    1,157,270 
Carrier Global Corp.   90,565    4,901,378 
Fortune Brands Home & Security, Inc.   14,392    1,446,828 
Johnson Controls International plc   74,339    5,557,583 
Masco Corp.   25,799    1,700,154 
Trane Technologies plc   24,801    4,629,107 
         20,491,194 
Capital Markets - 2.5%          
Ameriprise Financial, Inc.   11,874    3,438,710 
Bank of New York Mellon Corp. (The)   82,884    4,541,214 
BlackRock, Inc.   14,929    13,504,923 
Cboe Global Markets, Inc.   11,127    1,434,715 
Charles Schwab Corp. (The)   156,691    12,126,316 
CME Group, Inc.   37,483    8,265,751 
Franklin Resources, Inc.   29,395    952,398 
Goldman Sachs Group, Inc. (The)   35,185    13,405,133 
Intercontinental Exchange, Inc.   58,776    7,683,199 
Invesco Ltd.   35,638    795,797 
MarketAxess Holdings, Inc.   3,962    1,397,358 
Moody's Corp.   16,908    6,604,941 
Morgan Stanley   152,348    14,445,637 
MSCI, Inc.   8,604    5,415,788 
Nasdaq, Inc.   12,217    2,482,861 
Northern Trust Corp.   21,755    2,517,054 
Raymond James Financial, Inc.   19,333    1,900,241 
S&P Global, Inc.   25,154    11,463,432 
State Street Corp.   38,163    3,395,362 
T. Rowe Price Group, Inc.   23,680    4,734,816 
         120,505,646 
Chemicals - 1.5%          
Air Products and Chemicals, Inc.   23,099    6,639,577 
Albemarle Corp.   12,207    3,253,043 
Celanese Corp.   11,598    1,755,473 
CF Industries Holdings, Inc.   22,452    1,360,367 
Corteva, Inc.   76,635    3,448,575 
Dow, Inc.   77,845    4,276,026 
DuPont de Nemours, Inc.   54,599    4,038,142 
Eastman Chemical Co.   14,173    1,478,102 
Ecolab, Inc.   25,979    5,753,569 
FMC Corp.   13,429    1,345,452 
International Flavors & Fragrances, Inc.   25,997    3,695,993 
Linde plc   53,907    17,149,973 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra S&P500®

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
LyondellBasell Industries NV, Class A   27,585    2,403,481 
Mosaic Co. (The)   38,660    1,322,945 
PPG Industries, Inc.   24,774    3,819,408 
Sherwin-Williams Co. (The)   25,287    8,376,066 
         70,116,192 
Commercial Services & Supplies - 0.4%          
Cintas Corp.   9,132    3,855,439 
Copart, Inc.*   22,224    3,226,036 
Republic Services, Inc.   21,925    2,899,800 
Rollins, Inc.   23,627    786,307 
Waste Management, Inc.   40,434    6,496,531 
         17,264,113 
Communications Equipment - 0.7%          
Arista Networks, Inc.*   23,382    2,900,771 
Cisco Systems, Inc.   439,865    24,122,197 
F5, Inc.*   6,290    1,431,478 
Juniper Networks, Inc.   33,936    1,056,428 
Motorola Solutions, Inc.   17,673    4,474,450 
         33,985,324 
Construction & Engineering - 0.0%(b)          
Quanta Services, Inc.   14,524    1,652,541 
           
Construction Materials - 0.1%          
Martin Marietta Materials, Inc.   6,511    2,627,254 
Vulcan Materials Co.   13,850    2,654,214 
         5,281,468 
Consumer Finance - 0.5%          
American Express Co.   67,162    10,228,773 
Capital One Financial Corp.   46,562    6,543,358 
Discover Financial Services   31,263    3,371,714 
Synchrony Financial   59,459    2,663,169 
         22,807,014 
Containers & Packaging - 0.3%          
Amcor plc   160,928    1,821,705 
Avery Dennison Corp.   8,651    1,774,061 
Ball Corp.   34,092    3,185,897 
International Paper Co.   40,796    1,857,034 
Packaging Corp. of America   9,912    1,294,408 
Sealed Air Corp.   15,643    971,743 
WestRock Co.   27,867    1,209,149 
         12,113,997 
Distributors - 0.1%          
Genuine Parts Co.   14,948    1,909,458 
LKQ Corp.   28,223    1,577,666 
Pool Corp.   4,187    2,320,100 
         5,807,224 
Diversified Financial Services - 1.1%          
Berkshire Hathaway, Inc., Class B*   193,480    53,533,981 
           
Diversified Telecommunication Services - 0.8%          
AT&T, Inc.   745,239    17,013,806 
Lumen Technologies, Inc.(c)   103,820    1,281,139 
Verizon Communications, Inc.   432,133    21,723,326 
         40,018,271 
Electric Utilities - 1.3%          
Alliant Energy Corp.   26,120    1,431,115 
American Electric Power Co., Inc.   52,218    4,232,269 
Duke Energy Corp.   80,302    7,790,097 
Edison International   39,635    2,587,373 
Entergy Corp.   20,973    2,104,431 
Evergy, Inc.   23,932    1,514,895 
Eversource Energy   35,871    2,951,107 
Exelon Corp.   102,059    5,381,571 
FirstEnergy Corp.   56,805    2,139,276 
NextEra Energy, Inc.   204,767    17,769,680 
NRG Energy, Inc.   25,548    920,239 
Pinnacle West Capital Corp.   11,771    765,703 
PPL Corp.   80,331    2,235,612 
Southern Co. (The)   110,516    6,752,528 
Xcel Energy, Inc.   56,204    3,581,881 
         62,157,777 
Electrical Equipment - 0.5%          
AMETEK, Inc.   24,137    3,294,700 
Eaton Corp. plc   41,602    6,742,020 
Emerson Electric Co.   62,392    5,480,513 
Generac Holdings, Inc.*   6,591    2,776,393 
Rockwell Automation, Inc.   12,108    4,070,710 
         22,364,336 
Electronic Equipment, Instruments & Components - 0.6%          
Amphenol Corp., Class A   62,433    5,030,851 
CDW Corp.   14,351    2,717,505 
Corning, Inc.   80,232    2,975,805 
IPG Photonics Corp.*   3,747    615,220 
Keysight Technologies, Inc.*   19,228    3,739,462 
TE Connectivity Ltd.   34,232    5,269,332 
Teledyne Technologies, Inc.*   4,869    2,022,047 
Trimble, Inc.*   26,261    2,255,032 
Zebra Technologies Corp., Class A*   5,576    3,283,037 
         27,908,291 
Energy Equipment & Services - 0.2%          
Baker Hughes Co.   86,473    2,018,280 
Halliburton Co.   92,945    2,006,683 
Schlumberger NV   145,955    4,185,989 
         8,210,952 
Entertainment - 1.4%          
Activision Blizzard, Inc.   81,173    4,756,738 
Electronic Arts, Inc.   29,703    3,689,707 
Live Nation Entertainment, Inc.*   13,748    1,466,224 
Netflix, Inc.*   46,201    29,656,422 
Take-Two Interactive Software, Inc.*   12,161    2,017,267 
Walt Disney Co. (The)*   189,667    27,482,748 
         69,069,106 
Equity Real Estate Investment Trusts (REITs) - 2.1%          
Alexandria Real Estate Equities, Inc.   14,470    2,895,013 
American Tower Corp.   47,504    12,468,850 
AvalonBay Communities, Inc.   14,574    3,481,291 
Boston Properties, Inc.   14,836    1,599,914 
Crown Castle International Corp.   45,108    8,193,868 
Digital Realty Trust, Inc.   29,502    4,948,666 
Duke Realty Corp.   39,485    2,303,160 
Equinix, Inc.   9,366    7,607,065 
Equity Residential   35,566    3,034,135 
Essex Property Trust, Inc.   6,786    2,303,440 
Extra Space Storage, Inc.   13,967    2,793,400 
Federal Realty Investment Trust   7,312    896,963 
Healthpeak Properties, Inc.   56,261    1,848,737 
Host Hotels & Resorts, Inc.*   74,527    1,170,074 
Iron Mountain, Inc.   30,210    1,372,742 
Kimco Realty Corp.   64,031    1,435,575 
Mid-America Apartment Communities, Inc.   12,108    2,497,275 
Orion Office REIT, Inc.*   2    41 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra S&P500®

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Prologis, Inc.   77,162    11,632,172 
Public Storage   15,911    5,208,943 
Realty Income Corp.   57,508    3,905,943 
Regency Centers Corp.   15,958    1,106,528 
SBA Communications Corp.   11,435    3,931,353 
Simon Property Group, Inc.   34,301    5,242,565 
UDR, Inc.   29,125    1,652,261 
Ventas, Inc.   41,069    1,926,958 
Vornado Realty Trust   16,597    666,204 
Welltower, Inc.   44,107    3,511,799 
Weyerhaeuser Co.   78,259    2,943,321 
         102,578,256 
Food & Staples Retailing - 1.2%          
Costco Wholesale Corp.   46,145    24,889,690 
Kroger Co. (The)   70,979    2,947,758 
Sysco Corp.   53,400    3,740,136 
Walgreens Boots Alliance, Inc.   74,936    3,357,133 
Walmart, Inc.   149,166    20,977,214 
         55,911,931 
Food Products - 0.7%          
Archer-Daniels-Midland Co.   58,384    3,632,069 
Campbell Soup Co.   21,192    854,674 
Conagra Brands, Inc.   50,135    1,531,624 
General Mills, Inc.   63,285    3,909,115 
Hershey Co. (The)   15,180    2,694,298 
Hormel Foods Corp.   29,425    1,218,195 
J M Smucker Co. (The)   11,311    1,430,502 
Kellogg Co.   26,683    1,632,466 
Kraft Heinz Co. (The)   74,098    2,490,434 
Lamb Weston Holdings, Inc.   15,147    786,432 
McCormick & Co., Inc. (Non-Voting)   26,011    2,232,264 
Mondelez International, Inc., Class A   145,895    8,599,051 
Tyson Foods, Inc., Class A   30,768    2,429,441 
         33,440,565 
Gas Utilities - 0.0%(b)          
Atmos Energy Corp.   13,654    1,233,229 
           
Health Care Equipment & Supplies - 2.4%          
Abbott Laboratories   185,042    23,272,732 
ABIOMED, Inc.*   4,737    1,491,113 
Align Technology, Inc.*   7,670    4,690,435 
Baxter International, Inc.   52,181    3,891,137 
Becton Dickinson and Co.   29,978    7,108,983 
Boston Scientific Corp.*   148,620    5,657,963 
Cooper Cos., Inc. (The)   5,135    1,933,173 
DENTSPLY SIRONA, Inc.   22,812    1,111,857 
Dexcom, Inc.*   10,100    5,682,159 
Edwards Lifesciences Corp.*   65,065    6,982,125 
Hologic, Inc.*   26,461    1,977,431 
IDEXX Laboratories, Inc.*   8,881    5,400,270 
Intuitive Surgical, Inc.*   37,232    12,075,827 
Medtronic plc   140,273    14,967,129 
ResMed, Inc.   15,190    3,871,172 
STERIS plc   10,412    2,275,334 
Stryker Corp.   35,031    8,289,386 
Teleflex, Inc.   4,890    1,454,384 
Zimmer Biomet Holdings, Inc.   21,797    2,606,921 
         114,739,531 
Health Care Providers & Services - 2.1%          
AmerisourceBergen Corp.   15,617    1,807,668 
Anthem, Inc.   25,442    10,335,304 
Cardinal Health, Inc.   30,284    1,400,029 
Centene Corp.*   60,858    4,345,870 
Cigna Corp.   35,502    6,812,834 
CVS Health Corp.   137,725    12,265,789 
DaVita, Inc.*   6,998    661,311 
HCA Healthcare, Inc.   25,729    5,804,205 
Henry Schein, Inc.*   14,582    1,036,197 
Humana, Inc.   13,414    5,629,990 
Laboratory Corp. of America Holdings*   10,095    2,880,406 
McKesson Corp.   16,145    3,499,590 
Quest Diagnostics, Inc.   12,752    1,895,967 
UnitedHealth Group, Inc.   98,421    43,720,577 
Universal Health Services, Inc., Class B   7,921    940,460 
         103,036,197 
Health Care Technology - 0.0%(b)          
Cerner Corp.   30,851    2,173,453 
           
Hotels, Restaurants & Leisure - 1.6%          
Booking Holdings, Inc.*   4,290    9,016,936 
Caesars Entertainment, Inc.*   22,279    2,006,669 
Carnival Corp.*(c)   83,344    1,468,521 
Chipotle Mexican Grill, Inc.*   2,932    4,818,478 
Darden Restaurants, Inc.   13,603    1,876,534 
Domino's Pizza, Inc.   3,845    2,015,318 
Expedia Group, Inc.*   15,166    2,443,091 
Hilton Worldwide Holdings, Inc.*   29,087    3,928,781 
Las Vegas Sands Corp.*   35,887    1,278,295 
Marriott International, Inc., Class A*   28,553    4,213,281 
McDonald's Corp.   77,950    19,066,570 
MGM Resorts International   41,748    1,652,386 
Norwegian Cruise Line Holdings Ltd.*(c)   38,619    753,457 
Penn National Gaming, Inc.*   17,334    888,021 
Royal Caribbean Cruises Ltd.*   23,394    1,633,369 
Starbucks Corp.   123,072    13,493,614 
Wynn Resorts Ltd.*(c)   10,986    889,976 
Yum! Brands, Inc.   30,858    3,790,597 
         75,233,894 
Household Durables - 0.3%          
DR Horton, Inc.   34,021    3,323,852 
Garmin Ltd.   15,856    2,117,410 
Leggett & Platt, Inc.   13,912    561,906 
Lennar Corp., Class A   28,671    3,011,888 
Mohawk Industries, Inc.*   5,834    979,354 
Newell Brands, Inc.   39,514    848,365 
NVR, Inc.*   344    1,797,517 
PulteGroup, Inc.   27,093    1,355,463 
Whirlpool Corp.   6,546    1,425,326 
         15,421,081 
Household Products - 1.1%          
Church & Dwight Co., Inc.   25,630    2,290,810 
Clorox Co. (The)   12,820    2,087,737 
Colgate-Palmolive Co.   88,043    6,604,986 
Kimberly-Clark Corp.   35,149    4,580,266 
Procter & Gamble Co. (The)   253,373    36,632,668 
         52,196,467 
Independent Power and Renewable Electricity Producers - 0.0%(b)          
AES Corp. (The)   69,550    1,626,079 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra S&P500®

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Industrial Conglomerates - 0.8%          
3M Co.   60,402    10,270,756 
General Electric Co.   114,573    10,883,289 
Honeywell International, Inc.   72,063    14,574,021 
Roper Technologies, Inc.   11,004    5,107,507 
         40,835,573 
Insurance - 1.5%          
Aflac, Inc.   64,411    3,487,211 
Allstate Corp. (The)   30,861    3,355,208 
American International Group, Inc.   89,258    4,694,971 
Aon plc, Class A   23,567    6,970,412 
Arthur J Gallagher & Co.   21,579    3,515,219 
Assurant, Inc.   6,143    934,350 
Brown & Brown, Inc.   24,396    1,571,346 
Chubb Ltd.   45,793    8,218,470 
Cincinnati Financial Corp.   15,644    1,781,852 
Everest Re Group Ltd.   4,163    1,067,310 
Globe Life, Inc.   9,766    845,150 
Hartford Financial Services Group, Inc. (The)   36,239    2,395,398 
Lincoln National Corp.   18,433    1,222,661 
Loews Corp.   21,213    1,134,047 
Marsh & McLennan Cos., Inc.   52,879    8,673,214 
MetLife, Inc.   76,027    4,459,744 
Principal Financial Group, Inc.   26,047    1,786,303 
Progressive Corp. (The)   61,081    5,676,868 
Prudential Financial, Inc.   40,369    4,128,134 
Travelers Cos., Inc. (The)   26,034    3,825,696 
W R Berkley Corp.   14,635    1,121,626 
Willis Towers Watson plc   13,466    3,041,161 
         73,906,351 
Interactive Media & Services - 5.4%          
Alphabet, Inc., Class A*   31,425    89,182,579 
Alphabet, Inc., Class C*   29,411    83,793,115 
Match Group, Inc.*   28,898    3,756,451 
Meta Platforms, Inc., Class A*   248,811    80,729,217 
Twitter, Inc.*   83,291    3,659,807 
         261,121,169 
Internet & Direct Marketing Retail - 3.5%          
Amazon.com, Inc.*   45,461    159,434,909 
eBay, Inc.   67,850    4,577,161 
Etsy, Inc.*(c)   13,212    3,627,751 
         167,639,821 
IT Services - 3.5%          
Accenture plc, Class A   66,192    23,657,021 
Akamai Technologies, Inc.*   16,998    1,915,675 
Automatic Data Processing, Inc.   44,154    10,194,717 
Broadridge Financial Solutions, Inc.   12,124    2,043,743 
Cognizant Technology Solutions Corp., Class A   54,859    4,277,905 
DXC Technology Co.*   26,291    788,467 
Fidelity National Information Services, Inc.   64,477    6,737,846 
Fiserv, Inc.*   62,209    6,004,413 
FleetCor Technologies, Inc.*   8,621    1,785,668 
Gartner, Inc.*   8,728    2,725,318 
Global Payments, Inc.   30,666    3,650,481 
International Business Machines Corp.   93,553    10,955,056 
Jack Henry & Associates, Inc.   7,756    1,176,042 
Mastercard, Inc., Class A   90,927    28,634,731 
Paychex, Inc.   33,426    3,984,379 
PayPal Holdings, Inc.*   122,646    22,676,019 
VeriSign, Inc.*   10,163    2,438,205 
Visa, Inc., Class A   176,154    34,133,361 
Western Union Co. (The)   42,408    670,894 
         168,449,941 
Leisure Products - 0.0%(b)          
Hasbro, Inc.   13,507    1,308,963 
           
Life Sciences Tools & Services - 1.7%          
Agilent Technologies, Inc.   31,673    4,779,456 
Bio-Rad Laboratories, Inc., Class A*   2,240    1,687,168 
Bio-Techne Corp.   4,057    1,915,026 
Charles River Laboratories International, Inc.*   5,259    1,924,110 
Danaher Corp.   66,319    21,330,843 
Illumina, Inc.*   15,311    5,593,568 
IQVIA Holdings, Inc.*   19,998    5,182,082 
Mettler-Toledo International, Inc.*   2,414    3,655,110 
PerkinElmer, Inc.   11,699    2,131,090 
Thermo Fisher Scientific, Inc.   41,063    25,985,898 
Waters Corp.*   6,402    2,100,304 
West Pharmaceutical Services, Inc.   7,723    3,418,663 
         79,703,318 
Machinery - 1.3%          
Caterpillar, Inc.   57,140    11,048,019 
Cummins, Inc.   14,990    3,144,152 
Deere & Co.   29,627    10,237,314 
Dover Corp.   15,028    2,462,338 
Fortive Corp.   37,408    2,763,329 
IDEX Corp.   7,934    1,781,897 
Illinois Tool Works, Inc.   29,917    6,945,232 
Ingersoll Rand, Inc.   42,291    2,467,257 
Otis Worldwide Corp.   44,543    3,581,257 
PACCAR, Inc.   36,238    3,022,974 
Parker-Hannifin Corp.   13,467    4,067,842 
Pentair plc(c)   17,312    1,275,721 
Snap-on, Inc.   5,632    1,159,685 
Stanley Black & Decker, Inc.   17,012    2,973,017 
Westinghouse Air Brake Technologies Corp.   19,732    1,751,610 
Xylem, Inc.   18,803    2,277,231 
         60,958,875 
Media - 0.9%          
Charter Communications, Inc., Class A*(c)   13,240    8,556,747 
Comcast Corp., Class A   478,072    23,894,038 
Discovery, Inc., Class A*(c)   17,647    410,646 
Discovery, Inc., Class C*   31,704    719,998 
DISH Network Corp., Class A*   25,983    811,969 
Fox Corp., Class A   33,753    1,205,320 
Fox Corp., Class B   15,485    520,296 
Interpublic Group of Cos., Inc. (The)   41,084    1,363,578 
News Corp., Class A   40,837    882,896 
News Corp., Class B   12,709    273,879 
Omnicom Group, Inc.   22,384    1,506,667 
ViacomCBS, Inc.   63,235    1,957,123 
         42,103,157 
Metals & Mining - 0.3%          
Freeport-McMoRan, Inc.   153,232    5,681,842 
Newmont Corp.   83,402    4,580,438 

 

See accompanying notes to the financial statements.

 

 

 

 

 

Ultra S&P500®
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Nucor Corp.   30,660    3,257,932 
         13,520,212 
Multiline Retail - 0.4%          
Dollar General Corp.   24,656    5,456,373 
Dollar Tree, Inc.*   24,211    3,240,158 
Target Corp.   51,635    12,590,678 
         21,287,209 
Multi-Utilities - 0.6%          
Ameren Corp.   26,837    2,189,631 
CenterPoint Energy, Inc.   61,882    1,603,363 
CMS Energy Corp.   30,231    1,779,094 
Consolidated Edison, Inc.   36,882    2,863,518 
Dominion Energy, Inc.   84,393    6,008,782 
DTE Energy Co.   20,222    2,190,851 
NiSource, Inc.   40,954    1,003,783 
Public Service Enterprise Group, Inc.   52,773    3,297,785 
Sempra Energy   33,328    3,995,027 
WEC Energy Group, Inc.   32,926    2,862,257 
         27,794,091 
Oil, Gas & Consumable Fuels - 2.1%          
APA Corp.   39,457    1,016,807 
Chevron Corp.   201,857    22,783,600 
ConocoPhillips   139,772    9,802,210 
Coterra Energy, Inc.   84,798    1,702,744 
Devon Energy Corp.   65,718    2,764,099 
Diamondback Energy, Inc.   17,766    1,896,165 
EOG Resources, Inc.   60,946    5,302,302 
Exxon Mobil Corp.   441,885    26,442,398 
Hess Corp.   28,769    2,143,866 
Kinder Morgan, Inc.   203,450    3,145,337 
Marathon Oil Corp.   82,287    1,274,626 
Marathon Petroleum Corp.   66,611    4,053,279 
Occidental Petroleum Corp.   92,591    2,745,323 
ONEOK, Inc.   46,511    2,783,218 
Phillips 66   45,713    3,161,968 
Pioneer Natural Resources Co.   23,674    4,221,548 
Valero Energy Corp.   42,677    2,856,798 
Williams Cos., Inc. (The)   126,817    3,397,428 
         101,493,716 
Personal Products - 0.2%          
Estee Lauder Cos., Inc. (The), Class A   24,205    8,037,754 
           
Pharmaceuticals - 3.0%          
Bristol-Myers Squibb Co.   231,929    12,438,352 
Catalent, Inc.*   17,782    2,287,832 
Eli Lilly & Co.   82,864    20,553,587 
Johnson & Johnson   274,772    42,845,198 
Merck & Co., Inc.   264,215    19,792,346 
Organon & Co.   26,464    773,543 
Pfizer, Inc.   585,208    31,443,226 
Viatris, Inc.   126,226    1,553,842 
Zoetis, Inc.   49,463    10,982,764 
         142,670,690 
Professional Services - 0.4%          
Equifax, Inc.   12,715    3,543,035 
IHS Markit Ltd.   41,603    5,317,695 
Jacobs Engineering Group, Inc.   13,603    1,939,244 
Leidos Holdings, Inc.   14,777    1,299,046 
Nielsen Holdings plc   37,447    717,485 
Robert Half International, Inc.   11,684    1,298,910 
Verisk Analytics, Inc.   16,839    3,786,586 
         17,902,001 
Real Estate Management & Development - 0.1%          
CBRE Group, Inc., Class A*   35,043    3,349,059 
           
Road & Rail - 0.8%          
CSX Corp.   235,321    8,156,226 
JB Hunt Transport Services, Inc.   8,782    1,678,767 
Kansas City Southern   9,496    2,761,912 
Norfolk Southern Corp.   25,779    6,838,395 
Old Dominion Freight Line, Inc.   9,790    3,477,114 
Union Pacific Corp.   68,067    16,039,308 
         38,951,722 
Semiconductors & Semiconductor Equipment - 5.6%          
Advanced Micro Devices, Inc.*   126,600    20,049,642 
Analog Devices, Inc.   56,146    10,120,316 
Applied Materials, Inc.   95,398    14,041,632 
Broadcom, Inc.   42,820    23,708,578 
Enphase Energy, Inc.*   14,048    3,512,000 
Intel Corp.   423,458    20,834,134 
KLA Corp.   15,942    6,506,408 
Lam Research Corp.   14,877    10,114,128 
Microchip Technology, Inc.   57,206    4,772,697 
Micron Technology, Inc.   117,504    9,870,336 
Monolithic Power Systems, Inc.   4,499    2,490,017 
NVIDIA Corp.   260,105    84,991,910 
NXP Semiconductors NV   27,678    6,182,158 
Qorvo, Inc.*   11,601    1,696,414 
QUALCOMM, Inc.   117,740    21,259,134 
Skyworks Solutions, Inc.   17,241    2,614,770 
Teradyne, Inc.   17,222    2,632,727 
Texas Instruments, Inc.   96,361    18,536,966 
Xilinx, Inc.   25,832    5,901,320 
         269,835,287 
Software - 8.4%          
Adobe, Inc.*   49,729    33,310,971 
ANSYS, Inc.*   9,109    3,565,991 
Autodesk, Inc.*   22,969    5,838,490 
Cadence Design Systems, Inc.*   28,895    5,127,707 
Ceridian HCM Holding, Inc.*(c)   14,075    1,539,805 
Citrix Systems, Inc.   12,966    1,042,855 
Fortinet, Inc.*   14,148    4,698,692 
Intuit, Inc.   28,521    18,604,248 
Microsoft Corp.   784,374    259,306,201 
NortonLifeLock, Inc.   60,668    1,507,600 
Oracle Corp.   171,938    15,601,654 
Paycom Software, Inc.*   5,015    2,193,962 
PTC, Inc.*   11,027    1,208,339 
salesforce.com, Inc.*   101,408    28,897,224 
ServiceNow, Inc.*   20,678    13,393,140 
Synopsys, Inc.*   15,925    5,430,425 
Tyler Technologies, Inc.*(c)   4,267    2,214,488 
         403,481,792 
Specialty Retail - 2.0%          
Advance Auto Parts, Inc.   6,829    1,507,297 
AutoZone, Inc.*   2,246    4,081,139 
Bath & Body Works, Inc.   27,637    2,076,368 
Best Buy Co., Inc.   23,533    2,514,736 
CarMax, Inc.*   17,010    2,402,662 
Gap, Inc. (The)   22,466    371,363 
Home Depot, Inc. (The)   110,977    44,458,496 
Lowe's Cos., Inc.   73,783    18,046,584 
O'Reilly Automotive, Inc.*   7,200    4,594,752 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra S&P500®
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Ross Stores, Inc.   37,278    4,066,657 
TJX Cos., Inc. (The)   125,931    8,739,611 
Tractor Supply Co.   11,938    2,689,990 
Ulta Beauty, Inc.*   5,710    2,192,355 
         97,742,010 
Technology Hardware, Storage & Peripherals - 5.9%          
Apple, Inc.   1,639,097    270,942,733 
Hewlett Packard Enterprise Co.   136,314    1,956,106 
HP, Inc.   125,383    4,423,512 
NetApp, Inc.   23,381    2,078,103 
Seagate Technology Holdings plc(c)   21,857    2,244,058 
Western Digital Corp.*   31,984    1,849,955 
         283,494,467 
Textiles, Apparel & Luxury Goods - 0.6%          
Hanesbrands, Inc.   36,445    588,587 
NIKE, Inc., Class B   133,409    22,578,139 
PVH Corp.   7,448    795,297 
Ralph Lauren Corp.   5,069    588,207 
Tapestry, Inc.   29,106    1,167,733 
Under Armour, Inc., Class A*   19,690    464,487 
Under Armour, Inc., Class C*   21,756    436,643 
VF Corp.   34,015    2,439,896 
         29,058,989 
Tobacco - 0.5%          
Altria Group, Inc.   192,482    8,207,432 
Philip Morris International, Inc.   162,675    13,980,290 
         22,187,722 
Trading Companies & Distributors - 0.2%          
Fastenal Co.   59,980    3,549,017 
United Rentals, Inc.*   7,552    2,558,164 
WW Grainger, Inc.   4,561    2,195,711 
         8,302,892 
Water Utilities - 0.1%          
American Water Works Co., Inc.   18,946    3,193,727 
           
Wireless Telecommunication Services - 0.1%          
T-Mobile US, Inc.*   61,217    6,661,022 
           
TOTAL COMMON STOCKS
(Cost $4,025,377,971)		        4,045,212,710 
           
SECURITIES LENDING REINVESTMENTS(d) - 0.0%(b)          
           
INVESTMENT COMPANIES - 0.0%(b)          
BlackRock Liquidity FedFund, Institutional Class          
     0.03% (Cost $390,817)   390,817    390,817 

 

Investments   

Principal Amount ($)

    

Value ($)

 
SHORT-TERM INVESTMENTS - 18.4%          
           
REPURCHASE AGREEMENTS(e) - 1.8%          
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $86,874,950          
(Cost $86,874,882)   86,874,882    86,874,882 
           
U.S. TREASURY OBLIGATIONS - 16.6%          
U.S. Treasury Bills          
0.04%, 2/24/2022(c)(f)   500,000,000    499,949,530 
0.07%, 7/14/2022(f)   300,000,000    299,793,282 
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $799,836,806)		        799,742,812 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $886,711,688)		        886,617,694 
           
Total Investments - 102.6%
   (Cost $4,912,480,476)		        4,932,221,221 
Liabilities in excess of other assets - (2.6%)        (125,639,135)
Net Assets - 100.0%        4,806,582,086 

 

* Non-income producing security.
(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $1,025,378,776.
(b) Represents less than 0.05% of net assets.
(c) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $3,466,790, collateralized in the form of cash with a value of $390,817 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $3,252,028 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from December 9, 2021 – May 15, 2051. The total value of collateral is $3,642,845.
(d) The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $390,817.
(e) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(f) The rate shown was the current yield as of November 30, 2021.

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:  

 

Aggregate gross unrealized appreciation  $230,166,714 
Aggregate gross unrealized depreciation   (421,368,294)
Net unrealized depreciation  $(191,201,580)
Federal income tax cost  $4,972,981,063 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra S&P500®
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Futures Contracts Purchased  

Ultra S&P500® had the following open long futures contracts as of November 30, 2021:  

 

   Number of
Contracts		   Expiration
Date		  Trading
Currency		  Notional Amount   Value and
Unrealized
Appreciation		 
S&P 500 E-Mini Index   1,374   12/17/2021  USD  $313,701,375   $10,817,816 

 

Swap Agreementsa
Ultra S&P500® had the following open non-exchange traded total return swap agreements as of November 30, 2021:

 

Notional
Amount  ($)		  Termination
Dateb		  Counterparty  Rate Paid
(Received)c		   Underlying
Instrument		  Value and
Unrealized
Depreciationd
 ($)		  Financial
Instruments
for the
Benefit of (the
Fund)/ the
Counterparty
($)		  Cash
Collateral for
the Benefit of
(the Fund)/ the
Counterparty
($)		  Net Amounte
($)		 
235,278,139  5/8/2023  Bank of America NA  0.62%  S&P 500®  (6,753,114) 6,753,064  50  — 
                           
1,219,544,278  5/8/2023  BNP Paribas SA  0.67%  S&P 500®  (39,647,717) 38,087,395  1,560,322  — 
                           
373,489,260  4/10/2023  Citibank NA  0.73%  S&P 500®  (9,115,331) 9,034,385  80,946  — 
                           
345,667,096  4/10/2023  Credit Suisse International  0.67%  S&P 500®  (9,932,447) —  9,932,447  — 
                           
214,247,104  3/7/2023  Goldman Sachs International  0.67%  S&P 500®  (6,156,206)         
994,155,436  3/7/2023  Goldman Sachs International  0.58%  SPDR® S&P 500® ETF Trust  (37,143,765)         
1,208,402,540               (43,299,971) 39,295,520  4,004,451  — 
598,582,989  5/8/2023  J.P. Morgan Securities  0.47%  S&P 500®  (16,792,017) 10,941,969  5,850,048  — 
                           
195,348,858  4/10/2023  Morgan Stanley & Co. International plc  0.42%  S&P 500®  (5,582,456) 5,582,287  169  — 
                           
553,228,112  3/7/2023  Societe Generale  0.47%  S&P 500®  (15,492,034) 15,214,912  277,122  — 
                           
526,141,235  3/7/2023  UBS AG  0.57%  S&P 500®  (14,644,467) 14,129,805  514,662  — 
                           
5,255,682,507               (161,259,554)         
             Total Unrealized Depreciation  (161,259,554)         
                           

 

a The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.
b Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
c Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).
d The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.
e Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra S&P500®
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Abbreviations
 
USD U.S. Dollar

 

See accompanying notes to the financial statements.

 

 

 

 

 

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
COMMON STOCKS(a) - 73.4%          
           
Aerospace & Defense - 0.8%          
AAR Corp.*   954    31,158 
Aerojet Rocketdyne Holdings, Inc.   2,139    89,924 
AeroVironment, Inc.*   660    53,302 
Kaman Corp.   801    29,637 
Moog, Inc., Class A   841    58,172 
National Presto Industries, Inc.   143    11,694 
Park Aerospace Corp.   555    7,159 
Triumph Group, Inc.*   1,854    31,073 
         312,119 
Air Freight & Logistics - 0.5%          
Atlas Air Worldwide Holdings, Inc.*   776    67,986 
Forward Air Corp.   779    76,926 
Hub Group, Inc., Class A*   969    75,262 
         220,174 
Airlines - 0.4%          
Allegiant Travel Co.*   434    75,177 
Hawaiian Holdings, Inc.*   1,471    26,890 
SkyWest, Inc.*   1,447    56,679 
         158,746 
Auto Components - 1.0%          
American Axle & Manufacturing Holdings, Inc.*   3,275    29,017 
Cooper-Standard Holdings, Inc.*   488    11,268 
Dorman Products, Inc.*   823    91,337 
Gentherm, Inc.*   951    80,312 
LCI Industries   724    110,243 
Motorcar Parts of America, Inc.*   551    8,838 
Patrick Industries, Inc.   647    51,611 
Standard Motor Products, Inc.   557    27,872 
         410,498 
Automobiles - 0.2%          
Winnebago Industries, Inc.   967    69,837 
           
Banks - 7.6%          
Allegiance Bancshares, Inc.   541    21,873 
Ameris Bancorp   1,904    92,668 
Banc of California, Inc.   1,537    30,110 
BancFirst Corp.   546    34,742 
Bancorp, Inc. (The)*   1,639    46,334 
BankUnited, Inc.   2,664    105,601 
Banner Corp.   993    56,879 
Berkshire Hills Bancorp, Inc.   1,404    37,501 
Brookline Bancorp, Inc.   2,243    34,609 
Central Pacific Financial Corp.   812    21,737 
City Holding Co.   443    34,758 
Columbia Banking System, Inc.   2,233    73,376 
Community Bank System, Inc.   1,551    109,594 
Customers Bancorp, Inc.*   854    49,225 
CVB Financial Corp.   3,669    70,115 
Dime Community Bancshares, Inc.   967    33,168 
Eagle Bancorp, Inc.   916    51,617 
FB Financial Corp.   1,018    43,672 
First Bancorp/NC   991    44,040 
First Bancorp/PR   5,991    79,620 
First Commonwealth Financial Corp.   2,757    41,438 
First Financial Bancorp   2,751    63,273 
First Hawaiian, Inc.   3,723    97,729 
First Midwest Bancorp, Inc.   3,282    64,754 
Great Western Bancorp, Inc.   1,584    53,143 
Hanmi Financial Corp.   882    19,818 
Heritage Financial Corp.   1,034    24,227 
Hilltop Holdings, Inc.(b)   1,794    61,050 
HomeStreet, Inc.   594    29,326 
Hope Bancorp, Inc.   3,532    50,684 
Independent Bank Corp.   1,363    107,759 
Independent Bank Group, Inc.   1,067    74,082 
Investors Bancorp, Inc.   6,473    96,383 
Lakeland Financial Corp.(b)   725    51,199 
Meta Financial Group, Inc.   915    54,690 
National Bank Holdings Corp., Class A   884    37,676 
NBT Bancorp, Inc.   1,244    44,921 
OFG Bancorp   1,485    35,788 
Old National Bancorp   4,763    84,115 
Pacific Premier Bancorp, Inc.   2,719    105,361 
Park National Corp.   417    54,247 
Preferred Bank   395    26,919 
Renasant Corp.   1,620    59,017 
S&T Bancorp, Inc.   1,131    33,828 
Seacoast Banking Corp. of Florida   1,592    53,762 
ServisFirst Bancshares, Inc.   1,400    112,546 
Simmons First National Corp., Class A   3,111    90,561 
Southside Bancshares, Inc.   938    38,223 
Tompkins Financial Corp.   344    26,887 
Triumph Bancorp, Inc.*   677    86,216 
Trustmark Corp.   1,793    54,884 
United Community Banks, Inc.   2,488    85,264 
Veritex Holdings, Inc.   1,423    56,393 
Westamerica Bancorp   773    41,572 
         3,088,974 
Beverages - 0.5%          
Celsius Holdings, Inc.*   1,094    74,840 
Coca-Cola Consolidated, Inc.   134    76,456 
MGP Ingredients, Inc.   361    28,151 
National Beverage Corp.   672    34,904 
         214,351 
Biotechnology - 1.7%          
Anika Therapeutics, Inc.*   414    16,200 
Avid Bioservices, Inc.*   1,756    53,663 
Coherus Biosciences, Inc.*   1,821    33,816 
Cytokinetics, Inc.*   2,405    94,613 
Eagle Pharmaceuticals, Inc.*   329    15,687 
Emergent BioSolutions, Inc.*   1,374    60,621 
Enanta Pharmaceuticals, Inc.*   518    45,729 
Ligand Pharmaceuticals, Inc.*   478    77,398 
Myriad Genetics, Inc.*   2,241    57,952 
Organogenesis Holdings, Inc.*   1,812    18,229 
REGENXBIO, Inc.*   1,077    34,464 
Spectrum Pharmaceuticals, Inc.*   4,708    7,438 
uniQure NV*   1,033    28,769 
Vanda Pharmaceuticals, Inc.*   1,597    25,871 
Vericel Corp.*   1,339    49,824 
Xencor, Inc.*   1,676    60,705 
         680,979 
Building Products - 1.4%          
AAON, Inc.   1,190    92,820 
American Woodmark Corp.*   481    29,649 
Apogee Enterprises, Inc.   734    30,314 
Gibraltar Industries, Inc.*   938    63,690 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Griffon Corp.   1,366    35,939 
Insteel Industries, Inc.   555    23,399 
PGT Innovations, Inc.*   1,713    35,185 
Quanex Building Products Corp.   967    20,665 
Resideo Technologies, Inc.*   4,143    108,091 
UFP Industries, Inc.   1,777    147,989 
         587,741 
Capital Markets - 0.8%          
B Riley Financial, Inc.   459    35,541 
Blucora, Inc.*   1,399    22,650 
Brightsphere Investment Group, Inc.   1,710    51,351 
Donnelley Financial Solutions, Inc.*   849    39,665 
Greenhill & Co., Inc.   414    7,063 
Piper Sandler Cos.   411    68,123 
StoneX Group, Inc.*   482    27,076 
Virtus Investment Partners, Inc.   206    61,260 
WisdomTree Investments, Inc.   3,124    19,182 
         331,911 
Chemicals - 2.2%          
AdvanSix, Inc.   807    36,549 
American Vanguard Corp.   773    11,062 
Balchem Corp.   931    147,098 
Ferro Corp.*   2,375    50,160 
FutureFuel Corp.   743    5,602 
GCP Applied Technologies, Inc.*   1,544    36,037 
Hawkins, Inc.   543    18,017 
HB Fuller Co.   1,511    110,545 
Innospec, Inc.   710    57,652 
Koppers Holdings, Inc.*   612    18,482 
Kraton Corp.*   921    42,421 
Livent Corp.*   4,644    140,667 
Quaker Chemical Corp.(b)   386    87,950 
Rayonier Advanced Materials, Inc.*   1,829    10,023 
Stepan Co.   613    69,091 
Tredegar Corp.   738    8,118 
Trinseo plc   1,114    52,614 
         902,088 
Commercial Services & Supplies - 1.4%          
ABM Industries, Inc.   1,932    86,940 
Brady Corp., Class A   1,396    70,149 
CoreCivic, Inc., REIT*   3,457    37,232 
Deluxe Corp.   1,223    41,386 
Harsco Corp.*   2,277    33,199 
Healthcare Services Group, Inc.   2,144    37,520 
HNI Corp.   1,260    49,783 
Interface, Inc.(b)   1,697    24,199 
Matthews International Corp., Class A   907    31,446 
Pitney Bowes, Inc.   4,749    32,436 
UniFirst Corp.   441    84,518 
US Ecology, Inc.*(b)   905    30,833 
Viad Corp.*   589    24,920 
         584,561 
Communications Equipment - 0.9%          
ADTRAN, Inc.   1,397    28,471 
CalAmp Corp.*   1,016    9,327 
Comtech Telecommunications Corp.   748    18,992 
Digi International, Inc.*   978    21,056 
Extreme Networks, Inc.*   3,640    49,140 
Harmonic, Inc.*   2,926    31,454 
NETGEAR, Inc.*   878    23,478 
NetScout Systems, Inc.*   2,121    63,418 
Plantronics, Inc.*   1,218    31,083 
Viavi Solutions, Inc.*   6,570    97,302 
         373,721 
Construction & Engineering - 0.7%          
Arcosa, Inc.   1,390    71,126 
Comfort Systems USA, Inc.   1,042    98,854 
Granite Construction, Inc.   1,318    51,244 
Matrix Service Co.*   762    6,622 
MYR Group, Inc.*   483    53,473 
         281,319 
Consumer Finance - 0.7%          
Encore Capital Group, Inc.*   869    50,697 
Enova International, Inc.*   1,059    40,369 
EZCORP, Inc., Class A*   1,524    11,278 
Green Dot Corp., Class A*   1,567    56,255 
LendingTree, Inc.*   328    37,189 
PRA Group, Inc.*   1,318    55,962 
World Acceptance Corp.*   123    25,267 
         277,017 
Containers & Packaging - 0.2%          
Myers Industries, Inc.   1,039    20,240 
O-I Glass, Inc.*   4,517    50,003 
         70,243 
Diversified Consumer Services - 0.3%          
Adtalem Global Education, Inc.*   1,421    42,161 
American Public Education, Inc.*   538    10,163 
Perdoceo Education Corp.*   2,013    19,828 
Strategic Education, Inc.   650    34,775 
WW International, Inc.*(b)   1,526    25,667 
         132,594 
Diversified Telecommunication Services - 0.3%          
ATN International, Inc.   316    12,074 
Cogent Communications Holdings, Inc.   1,220    91,415 
Consolidated Communications Holdings, Inc.*   2,070    15,566 
         119,055 
Electrical Equipment - 0.5%          
AZZ, Inc.   719    37,309 
Encore Wire Corp.   593    83,293 
Powell Industries, Inc.   258    6,300 
Vicor Corp.*   612    87,798 
         214,700 
Electronic Equipment, Instruments & Components - 2.8%          
Advanced Energy Industries, Inc.   1,102    96,634 
Arlo Technologies, Inc.*   2,383    18,468 
Badger Meter, Inc.   839    85,880 
Benchmark Electronics, Inc.   1,024    24,146 
CTS Corp.   932    32,471 
ePlus, Inc.*   388    40,930 
Fabrinet*   1,059    117,083 
FARO Technologies, Inc.*   521    36,189 
Insight Enterprises, Inc.*   1,001    98,719 
Itron, Inc.*   1,299    80,421 
Knowles Corp.*   2,645    57,449 
Methode Electronics, Inc.   1,097    48,784 
OSI Systems, Inc.*   479    43,556 
PC Connection, Inc.   318    13,941 
Plexus Corp.*   813    68,406 
Rogers Corp.*   539    146,942 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Sanmina Corp.*   1,871    68,366 
ScanSource, Inc.*   733    22,906 
TTM Technologies, Inc.*   3,097    42,677 
         1,143,968 
Energy Equipment & Services - 0.9%          
Archrock, Inc.   3,850    28,451 
Bristow Group, Inc.*   668    19,840 
Core Laboratories NV   1,331    30,467 
DMC Global, Inc.*   539    19,673 
Dril-Quip, Inc.*   1,016    19,416 
Helix Energy Solutions Group, Inc.*   4,072    12,379 
Helmerich & Payne, Inc.   3,101    69,617 
Nabors Industries Ltd.*   222    18,084 
Oceaneering International, Inc.*   2,866    30,638 
Oil States International, Inc.*   1,762    8,916 
Patterson-UTI Energy, Inc.   5,436    38,378 
ProPetro Holding Corp.*   2,434    20,007 
RPC, Inc.*   2,042    8,229 
US Silica Holdings, Inc.*   2,148    20,836 
         344,931 
Entertainment - 0.1%          
Cinemark Holdings, Inc.*   3,056    47,429 
Marcus Corp. (The)*   628    10,971 
         58,400 
Equity Real Estate Investment Trusts (REITs) - 5.3%          
Acadia Realty Trust   2,539    51,263 
Agree Realty Corp.   1,980    133,769 
Alexander & Baldwin, Inc.   2,082    45,867 
American Assets Trust, Inc.   1,513    52,047 
Armada Hoffler Properties, Inc.   1,753    24,454 
Brandywine Realty Trust   4,911    63,106 
CareTrust REIT, Inc.   2,787    56,325 
Centerspace REIT   400    40,876 
Chatham Lodging Trust*   1,402    16,698 
Community Healthcare Trust, Inc.   669    28,787 
DiamondRock Hospitality Co.*   6,052    52,713 
Diversified Healthcare Trust   6,845    19,098 
Easterly Government Properties, Inc.   2,409    50,517 
Essential Properties Realty Trust, Inc.   3,396    91,794 
Four Corners Property Trust, Inc.   2,192    59,228 
Franklin Street Properties Corp.   2,771    15,961 
GEO Group, Inc. (The)(b)   3,519    29,560 
Getty Realty Corp.   1,113    33,980 
Global Net Lease, Inc.   2,882    40,924 
Hersha Hospitality Trust*   946    8,353 
Independence Realty Trust, Inc.   3,019    73,966 
Industrial Logistics Properties Trust   1,877    41,594 
Innovative Industrial Properties, Inc.   687    176,442 
iStar, Inc.(b)   2,061    50,165 
Lexington Realty Trust   7,978    120,069 
LTC Properties, Inc.   1,129    35,857 
Mack-Cali Realty Corp.*   2,300    38,433 
NexPoint Residential Trust, Inc.   652    48,626 
Office Properties Income Trust   1,390    32,985 
Orion Office REIT, Inc.*   1,581    28,094 
Retail Opportunity Investments Corp.   3,490    61,284 
RPT Realty   2,334    29,689 
Safehold, Inc.   384    27,471 
Saul Centers, Inc.   371    18,264 
Service Properties Trust   4,734    40,286 
SITE Centers Corp.   5,155    77,634 
Summit Hotel Properties, Inc.*   3,058    27,369 
Tanger Factory Outlet Centers, Inc.(b)   2,985    59,133 
Uniti Group, Inc.   6,705    88,975 
Universal Health Realty Income Trust   367    20,431 
Urstadt Biddle Properties, Inc., Class A   866    16,350 
Washington REIT   2,432    61,286 
Whitestone REIT   1,249    11,566 
Xenia Hotels & Resorts, Inc.*   3,280    51,398 
         2,152,687 
Food & Staples Retailing - 0.5%          
Andersons, Inc. (The)   888    30,174 
Chefs' Warehouse, Inc. (The)*   938    29,144 
PriceSmart, Inc.   689    49,415 
SpartanNash Co.   1,041    24,911 
United Natural Foods, Inc.*   1,619    80,497 
         214,141 
Food Products - 0.9%          
B&G Foods, Inc.(b)   1,860    56,042 
Calavo Growers, Inc.   510    20,675 
Cal-Maine Foods, Inc.   1,076    38,801 
Fresh Del Monte Produce, Inc.   954    23,621 
J & J Snack Foods Corp.   428    58,456 
John B Sanfilippo & Son, Inc.   255    21,012 
Seneca Foods Corp., Class A*   187    7,987 
Simply Good Foods Co. (The)*   2,422    89,541 
TreeHouse Foods, Inc.*   1,600    58,720 
         374,855 
Gas Utilities - 0.4%          
Chesapeake Utilities Corp.(b)   507    64,571 
Northwest Natural Holding Co.   881    37,989 
South Jersey Industries, Inc.   3,232    75,952 
         178,512 
Health Care Equipment & Supplies - 2.1%          
AngioDynamics, Inc.*   1,104    28,428 
Avanos Medical, Inc.*   1,383    41,725 
BioLife Solutions, Inc.*   836    31,902 
Cardiovascular Systems, Inc.*   1,156    23,120 
CONMED Corp.   838    110,163 
CryoLife, Inc.*   1,132    19,459 
Cutera, Inc.*   467    16,280 
Glaukos Corp.*   1,337    57,531 
Heska Corp.*   305    49,093 
Inogen, Inc.*   586    17,902 
Integer Holdings Corp.*   947    75,514 
Lantheus Holdings, Inc.*(b)   1,942    52,007 
LeMaitre Vascular, Inc.   553    25,875 
Meridian Bioscience, Inc.*   1,242    24,728 
Merit Medical Systems, Inc.*   1,454    91,398 
Mesa Laboratories, Inc.   150    46,318 
Natus Medical, Inc.*   978    22,103 
OraSure Technologies, Inc.*(b)   2,070    19,313 
Orthofix Medical, Inc.*   564    17,264 
Surmodics, Inc.*   398    17,484 
Tactile Systems Technology, Inc.*   570    11,115 
Varex Imaging Corp.*(b)   1,132    32,319 
Zynex, Inc.*(b)   570    7,296 
         838,337 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Health Care Providers & Services - 2.8%          
Addus HomeCare Corp.*   457    39,859 
AMN Healthcare Services, Inc.*   1,359    154,940 
Apollo Medical Holdings, Inc.*(b)   1,081    101,257 
Community Health Systems, Inc.*   3,568    42,923 
CorVel Corp.*   270    50,760 
Covetrus, Inc.*   2,967    53,347 
Cross Country Healthcare, Inc.*   1,016    26,579 
Ensign Group, Inc. (The)   1,503    114,724 
Fulgent Genetics, Inc.*   553    51,717 
Hanger, Inc.*   1,050    17,713 
Joint Corp. (The)*   413    33,007 
Magellan Health, Inc.*   670    63,509 
MEDNAX, Inc.*   2,476    60,810 
ModivCare, Inc.*   354    48,509 
Owens & Minor, Inc.   2,166    86,640 
Pennant Group, Inc. (The)*   775    15,756 
RadNet, Inc.*   1,268    34,185 
Select Medical Holdings Corp.   3,052    81,946 
Tivity Health, Inc.*   1,270    30,251 
US Physical Therapy, Inc.   369    31,727 
         1,140,159 
Health Care Technology - 1.0%          
Allscripts Healthcare Solutions, Inc.*   3,593    59,752 
Computer Programs and Systems, Inc.*   420    12,377 
HealthStream, Inc.*   723    16,788 
NextGen Healthcare, Inc.*   1,623    25,157 
Omnicell, Inc.*   1,245    220,365 
OptimizeRx Corp.*   510    33,150 
Simulations Plus, Inc.   451    21,183 
Tabula Rasa HealthCare, Inc.*   662    7,527 
         396,299 
Hotels, Restaurants & Leisure - 1.0%          
BJ's Restaurants, Inc.*   671    20,036 
Bloomin' Brands, Inc.*   2,332    41,206 
Brinker International, Inc.*   1,316    45,534 
Cheesecake Factory, Inc. (The)*   1,396    53,495 
Chuy's Holdings, Inc.*   576    16,508 
Dave & Buster's Entertainment, Inc.*   1,106    35,923 
Dine Brands Global, Inc.*   493    35,407 
El Pollo Loco Holdings, Inc.*   557    7,029 
Fiesta Restaurant Group, Inc.*   502    4,684 
Monarch Casino & Resort, Inc.*   376    25,331 
Red Robin Gourmet Burgers, Inc.*   450    7,335 
Ruth's Hospitality Group, Inc.*   923    15,691 
Shake Shack, Inc., Class A*   1,126    82,187 
         390,366 
Household Durables - 1.8%          
Cavco Industries, Inc.*   248    73,777 
Century Communities, Inc.   852    60,552 
Ethan Allen Interiors, Inc.   629    14,152 
Installed Building Products, Inc.   673    86,878 
iRobot Corp.*   806    61,183 
La-Z-Boy, Inc.   1,299    43,374 
LGI Homes, Inc.*   623    89,500 
M/I Homes, Inc.*   842    47,059 
MDC Holdings, Inc.   1,623    77,644 
Meritage Homes Corp.*   1,081    122,002 
Tupperware Brands Corp.*   1,433    22,412 
Universal Electronics, Inc.*   388    14,046 
         712,579 
Household Products - 0.4%          
Central Garden & Pet Co.*   281    13,538 
Central Garden & Pet Co., Class A*   1,156    50,113 
WD-40 Co.   394    88,394 
         152,045 
Insurance - 2.0%          
Ambac Financial Group, Inc.*   1,328    19,840 
American Equity Investment Life Holding Co.   2,364    79,501 
AMERISAFE, Inc.   555    29,465 
Assured Guaranty Ltd.(b)   2,096    102,641 
eHealth, Inc.*   677    14,948 
Employers Holdings, Inc.   814    31,429 
Genworth Financial, Inc., Class A*   14,575    55,677 
HCI Group, Inc.   190    20,976 
Horace Mann Educators Corp.   1,192    44,188 
James River Group Holdings Ltd.   1,071    28,317 
Palomar Holdings, Inc.*(b)   692    50,571 
ProAssurance Corp.   1,552    35,696 
Safety Insurance Group, Inc.   408    31,526 
Selectquote, Inc.*   3,568    32,112 
SiriusPoint Ltd.*   2,514    19,358 
Stewart Information Services Corp.   773    55,053 
Trupanion, Inc.*   980    120,854 
United Fire Group, Inc.   621    12,991 
Universal Insurance Holdings, Inc.   810    12,207 
         797,350 
Interactive Media & Services - 0.1%          
QuinStreet, Inc.*   1,418    21,710 
           
Internet & Direct Marketing Retail - 0.3%          
Liquidity Services, Inc.*   766    17,365 
PetMed Express, Inc.(b)   585    16,005 
Shutterstock, Inc.   673    76,729 
         110,099 
IT Services - 1.1%          
BM Technologies, Inc.*   85    1,024 
CSG Systems International, Inc.   939    49,495 
EVERTEC, Inc.   1,715    72,013 
ExlService Holdings, Inc.*   952    123,636 
Perficient, Inc.*   945    129,493 
TTEC Holdings, Inc.   525    44,305 
Unisys Corp.*   1,930    35,049 
         455,015 
Leisure Products - 0.3%          
Sturm Ruger & Co., Inc.   508    36,419 
Vista Outdoor, Inc.*   1,650    72,055 
         108,474 
Life Sciences Tools & Services - 0.3%          
NeoGenomics, Inc.*   3,528    120,869 
           
Machinery - 4.1%          
Alamo Group, Inc.   285    40,533 
Albany International Corp., Class A   931    75,346 
Astec Industries, Inc.   653    40,930 
Barnes Group, Inc.   1,336    58,049 
Chart Industries, Inc.*   1,025    178,914 
CIRCOR International, Inc.*   582    15,685 
Enerpac Tool Group Corp.   1,729    36,499 
EnPro Industries, Inc.   591    60,282 
ESCO Technologies, Inc.   748    61,142 

 

See accompanying notes to the financial statements.

 

 

 

 

 

 

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Federal Signal Corp.   1,755    74,465 
Franklin Electric Co., Inc.   1,122    98,792 
Greenbrier Cos., Inc. (The)   931    37,231 
Hillenbrand, Inc.   2,098    93,571 
John Bean Technologies Corp.   911    143,728 
Lindsay Corp.   315    45,839 
Meritor, Inc.*   2,012    50,883 
Mueller Industries, Inc.   1,642    90,852 
Proto Labs, Inc.*   798    39,996 
SPX Corp.*   1,301    75,653 
SPX FLOW, Inc.   1,196    99,878 
Standex International Corp.   351    36,156 
Tennant Co.   538    42,319 
Titan International, Inc.*   1,470    10,128 
Wabash National Corp.   1,436    23,981 
Watts Water Technologies, Inc., Class A   789    148,892 
         1,679,744 
Marine - 0.3%          
Matson, Inc.   1,245    101,505 
           
Media - 0.7%          
AMC Networks, Inc., Class A*   839    32,394 
EW Scripps Co. (The), Class A   1,644    30,463 
Gannett Co., Inc.*   4,096    20,931 
Loyalty Ventures, Inc.*   573    16,445 
Meredith Corp.*   1,167    68,853 
Scholastic Corp.   873    32,860 
TechTarget, Inc.*   726    70,153 
Thryv Holdings, Inc.*   486    18,998 
         291,097 
Metals & Mining - 0.9%          
Allegheny Technologies, Inc.*   3,658    52,090 
Arconic Corp.*   3,141    83,928 
Carpenter Technology Corp.   1,381    37,950 
Century Aluminum Co.*   1,452    19,210 
Haynes International, Inc.   363    14,545 
Kaiser Aluminum Corp.   455    40,600 
Materion Corp.   587    49,695 
Olympic Steel, Inc.   266    5,413 
SunCoke Energy, Inc.   2,386    14,531 
TimkenSteel Corp.*   1,181    16,912 
Warrior Met Coal, Inc.   1,478    31,762 
         366,636 
Mortgage Real Estate Investment Trusts (REITs) - 1.0%          
Apollo Commercial Real Estate Finance, Inc.   3,779    51,130 
ARMOUR Residential REIT, Inc.   2,388    23,379 
Ellington Financial, Inc.   1,366    22,635 
Franklin BSP Realty Trust, Inc.*   913    14,005 
Granite Point Mortgage Trust, Inc.   1,576    19,432 
Invesco Mortgage Capital, Inc.   8,320    24,960 
KKR Real Estate Finance Trust, Inc.   1,161    23,952 
New York Mortgage Trust, Inc.   10,896    40,642 
PennyMac Mortgage Investment Trust   2,814    48,879 
Ready Capital Corp.   1,639    25,175 
Redwood Trust, Inc.   3,248    41,639 
Two Harbors Investment Corp.   9,900    58,212 
         394,040 
Multiline Retail - 0.7%          
Big Lots, Inc.   995    43,163 
Macy's, Inc.   8,956    255,246 
         298,409 
Multi-Utilities - 0.2%          
Avista Corp.   2,003    77,136 
Unitil Corp.   455    18,855 
         95,991 
Oil, Gas & Consumable Fuels - 2.6%          
Callon Petroleum Co.*   1,129    57,398 
Civitas Resources, Inc.   1,415    72,321 
CONSOL Energy, Inc.*   910    19,974 
Dorian LPG Ltd.   800    9,848 
Green Plains, Inc.*   1,544    59,676 
Laredo Petroleum, Inc.*   389    22,912 
Matador Resources Co.   3,163    124,211 
Par Pacific Holdings, Inc.*   1,318    17,846 
PBF Energy, Inc., Class A*   2,730    34,207 
PDC Energy, Inc.   2,833    142,868 
Range Resources Corp.*   7,461    145,937 
Ranger Oil Corp.*   443    11,925 
Renewable Energy Group, Inc.*   1,444    68,994 
REX American Resources Corp.*   152    13,832 
SM Energy Co.   3,481    100,949 
Southwestern Energy Co.*   19,445    87,114 
Talos Energy, Inc.*   1,176    11,725 
World Fuel Services Corp.   1,822    45,532 
         1,047,269 
Paper & Forest Products - 0.3%          
Clearwater Paper Corp.*   478    19,239 
Glatfelter Corp.   1,278    21,049 
Mercer International, Inc.   1,160    12,412 
Neenah, Inc.   483    22,455 
Schweitzer-Mauduit International, Inc.   903    25,916 
Sylvamo Corp.*   1,025    31,037 
         132,108 
Personal Products - 0.6%          
Edgewell Personal Care Co.   1,560    66,238 
elf Beauty, Inc.*   1,368    41,204 
Inter Parfums, Inc.   511    44,881 
Medifast, Inc.   335    68,923 
USANA Health Sciences, Inc.*   346    34,503 
         255,749 
Pharmaceuticals - 1.0%          
Amphastar Pharmaceuticals, Inc.*   1,064    20,812 
ANI Pharmaceuticals, Inc.*   280    11,519 
Cara Therapeutics, Inc.*   1,208    15,922 
Collegium Pharmaceutical, Inc.*   1,019    17,914 
Corcept Therapeutics, Inc.*   2,995    62,895 
Endo International plc*   6,708    37,565 
Harmony Biosciences Holdings, Inc.*   640    21,818 
Innoviva, Inc.*   1,795    30,012 
Pacira BioSciences, Inc.*   1,277    67,196 
Phibro Animal Health Corp., Class A   585    11,460 
Prestige Consumer Healthcare, Inc.*   1,435    80,288 
Supernus Pharmaceuticals, Inc.*   1,527    45,764 
         423,165 
Professional Services - 1.1%          
Exponent, Inc.   1,495    174,167 
Forrester Research, Inc.*   321    18,117 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Heidrick & Struggles International, Inc.   560    24,175 
Kelly Services, Inc., Class A   1,035    17,450 
Korn Ferry   1,597    116,166 
ManTech International Corp., Class A   788    53,545 
Resources Connection, Inc.   887    15,239 
TrueBlue, Inc.*   1,018    26,488 
         445,347 
Real Estate Management & Development - 0.4%          
Marcus & Millichap, Inc.*   715    30,638 
RE/MAX Holdings, Inc., Class A   543    14,927 
Realogy Holdings Corp.*   3,349    50,871 
St Joe Co. (The)   947    45,466 
         141,902 
Road & Rail - 0.3%          
ArcBest Corp.   735    75,764 
Heartland Express, Inc.   1,349    22,582 
Marten Transport Ltd.   1,715    27,577 
         125,923 
Semiconductors & Semiconductor Equipment - 3.1%          
Axcelis Technologies, Inc.*   966    59,718 
CEVA, Inc.*   658    29,018 
Cohu, Inc.*   1,398    46,092 
Diodes, Inc.*   1,292    137,404 
DSP Group, Inc.*   653    14,360 
FormFactor, Inc.*   2,232    93,566 
Ichor Holdings Ltd.*   815    39,030 
Kulicke & Soffa Industries, Inc.(b)   1,780    102,635 
MaxLinear, Inc.*   2,019    135,939 
Onto Innovation, Inc.*   1,417    133,425 
PDF Solutions, Inc.*   854    25,560 
Photronics, Inc.*   1,783    23,553 
Power Integrations, Inc.   1,731    173,152 
Rambus, Inc.*   3,129    84,170 
SMART Global Holdings, Inc.*(b)   661    37,690 
Ultra Clean Holdings, Inc.*   1,285    70,431 
Veeco Instruments, Inc.*   1,447    38,461 
         1,244,204 
Software - 2.1%          
8x8, Inc.*   3,218    69,348 
Agilysys, Inc.*   557    24,257 
Alarm.com Holdings, Inc.*   1,320    105,323 
Bottomline Technologies DE, Inc.*   1,130    50,669 
Consensus Cloud Solutions, Inc.*   460    28,814 
Ebix, Inc.(b)   685    20,933 
InterDigital, Inc.   882    59,897 
LivePerson, Inc.*(b)   1,867    72,178 
OneSpan, Inc.*   996    17,022 
Progress Software Corp.   1,257    60,902 
SPS Commerce, Inc.*   1,030    145,220 
Vonage Holdings Corp.*   7,234    149,165 
Xperi Holding Corp.   3,011    53,957 
         857,685 
Specialty Retail - 3.2%          
Aaron's Co., Inc. (The)   939    20,846 
Abercrombie & Fitch Co., Class A*   1,769    63,684 
America's Car-Mart, Inc.*   183    17,960 
Asbury Automotive Group, Inc.*   649    106,202 
Barnes & Noble Education, Inc.*   1,035    7,266 
Bed Bath & Beyond, Inc.*   3,006    55,100 
Boot Barn Holdings, Inc.*   848    103,744 
Buckle, Inc. (The)   844    39,702 
Caleres, Inc.   1,100    25,971 
Cato Corp. (The), Class A   561    9,228 
Chico's FAS, Inc.*   3,520    20,170 
Children's Place, Inc. (The)*   399    34,525 
Conn's, Inc.*   550    12,034 
Designer Brands, Inc., Class A*   1,759    24,063 
Genesco, Inc.*   401    25,343 
Group 1 Automotive, Inc.   518    100,881 
Guess?, Inc.   1,121    25,279 
Haverty Furniture Cos., Inc.   443    13,250 
Hibbett, Inc.   432    33,674 
Lumber Liquidators Holdings, Inc.*   836    12,824 
MarineMax, Inc.*   625    33,294 
Monro, Inc.   964    54,003 
ODP Corp. (The)*   1,362    51,429 
Rent-A-Center, Inc.   1,740    76,856 
Sally Beauty Holdings, Inc.*   3,246    63,589 
Shoe Carnival, Inc.   507    19,824 
Signet Jewelers Ltd.   1,514    147,070 
Sleep Number Corp.*   678    54,091 
Sonic Automotive, Inc., Class A   606    27,215 
Zumiez, Inc.*   629    28,783 
         1,307,900 
Technology Hardware, Storage & Peripherals - 0.2%          
3D Systems Corp.*(b)   3,598    81,963 
Diebold Nixdorf, Inc.*   2,092    16,966 
         98,929 
Textiles, Apparel & Luxury Goods - 1.0%          
Fossil Group, Inc.*   1,362    16,276 
G-III Apparel Group Ltd.*   1,251    37,080 
Kontoor Brands, Inc.   1,373    74,032 
Movado Group, Inc.   482    21,628 
Oxford Industries, Inc.   456    43,566 
Steven Madden Ltd.   2,213    105,007 
Unifi, Inc.*   398    8,107 
Vera Bradley, Inc.*   732    6,961 
Wolverine World Wide, Inc.   2,361    73,498 
         386,155 
Thrifts & Mortgage Finance - 1.7%          
Axos Financial, Inc.*   1,533    86,783 
Capitol Federal Financial, Inc.   3,708    42,123 
Flagstar Bancorp, Inc.   1,518    70,648 
Mr Cooper Group, Inc.*   2,472    97,075 
NMI Holdings, Inc., Class A*   2,463    48,275 
Northfield Bancorp, Inc.   1,284    21,635 
Northwest Bancshares, Inc.   3,645    48,406 
Provident Financial Services, Inc.   2,238    52,683 
TrustCo Bank Corp.   555    18,126 
Walker & Dunlop, Inc.   841    118,320 
WSFS Financial Corp.   1,365    67,868 
         671,942 
Tobacco - 0.2%          
Universal Corp.   708    32,972 
Vector Group Ltd.   3,760    58,430 
         91,402 
Trading Companies & Distributors - 0.8%          
Applied Industrial Technologies, Inc.   1,114    105,875 
Boise Cascade Co.   1,130    73,258 
DXP Enterprises, Inc.*   510    14,091 
GMS, Inc.*   1,237    69,111 
NOW, Inc.*   3,177    26,560 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Veritiv Corp.*   408    51,424 
         340,319 
Water Utilities - 0.6%          
American States Water Co.   1,061    99,925 
California Water Service Group   1,481    93,318 
Middlesex Water Co.   505    52,035 
         245,278 
Wireless Telecommunication Services - 0.1%          
Shenandoah Telecommunications Co.   1,435    36,435 
           
TOTAL COMMON STOCKS
(Cost $29,373,771)		        29,820,558 
           
SECURITIES LENDING REINVESTMENTS(c) - 0.2%          
           
INVESTMENT COMPANIES - 0.2%          
BlackRock Liquidity FedFund, Institutional Class          
0.03% (Cost $98,464)   98,464    98,464 

 

Investments  Principal Amount ($)   Value ($) 
SHORT-TERM INVESTMENTS - 26.7%          
           
REPURCHASE AGREEMENTS(d) - 26.7%          
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $10,862,646          
(Cost $10,862,637)   10,862,637    10,862,637 
Total Investments - 100.3%
 (Cost $40,334,872)		        40,781,659 
Liabilities in excess of other assets - (0.3%)        (132,615)
Net Assets - 100.0%        40,649,044 

 

* Non-income producing security.
(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $4,075,884.
(b) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $589,417, collateralized in the form of cash with a value of $98,464 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $599,794 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from December 9, 2021 – November 15, 2050. The total value of collateral is $698,258.
(c) The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $98,464.
(d) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation  $4,182,651 
Aggregate gross unrealized depreciation   (4,315,956)
Net unrealized depreciation  $(133,305)
Federal income tax cost  $40,383,178 

 

See accompanying notes to the financial statements.

 

 

 

 

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Swap Agreementsa

Ultra SmallCap600 had the following open non-exchange traded total return swap agreements as of November 30, 2021:   

 

Notional
Amount ($)		   Termination
Dateb		  Counterparty  Rate Paid
(Received)c		   Underlying
Instrument		  Value and
Unrealized
Appreciation/
(Depreciation)d
($)		   Financial
Instruments
for the
Benefit of (the
Fund)/ the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/ the
Counterparty
($)		   Net Amounte
($)		 
12,422,794   5/8/2023  Bank of America NA   0.42%  S&P SmallCap 600®   (878,219)   657,978    220,241    — 
17,838,375   11/7/2022  Citibank NA   0.42%  S&P SmallCap 600®   331,848    —    (331,848)   — 
14,698,091   11/7/2022  Morgan Stanley & Co. International plc   (0.03)%  S&P SmallCap 600®   396,119    —    (396,119)   — 
3,386,081   3/7/2023  Societe Generale   0.52%  S&P SmallCap 600®   (165,117)   60,036    23,727    (81,354)
3,136,255   3/7/2023  UBS AG   0.37%  S&P SmallCap 600®   (216,417)   —    114,426    (101,991)
                                    
51,481,596                  (531,786)               
               Total Unrealized Appreciation   727,967                
               Total Unrealized Depreciation   (1,259,753)               

 

a   The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.
b   Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
c   Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).
d   The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.
e   Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.
                                     

See accompanying notes to the financial statements.

 

 

 

 

 

UltraPro MidCap400

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
COMMON STOCKS(a) - 95.1%
         
Aerospace & Defense - 0.9%
Axon Enterprise, Inc.*   1,310    221,115 
Curtiss-Wright Corp.   816    102,669 
Hexcel Corp.*   1,673    85,959 
Mercury Systems, Inc.*   1,120    54,824 
         464,567 
Air Freight & Logistics - 0.4%
GXO Logistics, Inc.*   1,967    188,930 
           
Airlines - 0.2%
JetBlue Airways Corp.*   6,342    85,110 
           
Auto Components - 1.7%
Adient plc*   1,880    79,806 
Dana, Inc.   2,898    62,307 
Fox Factory Holding Corp.*   840    147,647 
Gentex Corp.   4,768    164,162 
Goodyear Tire & Rubber Co. (The)*   5,606    112,737 
Lear Corp.   1,192    200,006 
Visteon Corp.*   559    59,209 
         825,874 
Automobiles - 0.5%
Harley-Davidson, Inc.   3,069    112,417 
Thor Industries, Inc.   1,105    116,810 
         229,227 
Banks - 6.8%
Associated Banc-Corp.   3,052    66,839 
Bank of Hawaii Corp.(b)   808    64,462 
Bank OZK   2,431    108,690 
Cadence Bank   3,910    114,250 
Cathay General Bancorp   1,560    65,380 
CIT Group, Inc.   1,978    97,041 
Commerce Bancshares, Inc.   2,120    147,976 
Cullen/Frost Bankers, Inc.   1,130    142,256 
East West Bancorp, Inc.   2,830    217,910 
First Financial Bankshares, Inc.   2,557    127,645 
First Horizon Corp.   10,960    176,785 
FNB Corp.   6,375    74,332 
Fulton Financial Corp.   3,254    51,381 
Glacier Bancorp, Inc.   2,162    117,397 
Hancock Whitney Corp.   1,733    82,803 
Home BancShares, Inc.   3,012    72,077 
International Bancshares Corp.   1,062    44,615 
PacWest Bancorp   2,339    104,647 
Pinnacle Financial Partners, Inc.   1,518    144,832 
Prosperity Bancshares, Inc.   1,854    132,153 
Signature Bank   1,210    365,783 
Sterling Bancorp   3,843    95,345 
Synovus Financial Corp.   2,922    132,337 
Texas Capital Bancshares, Inc.*   1,009    56,827 
UMB Financial Corp.   859    86,398 
Umpqua Holdings Corp.   4,392    83,711 
United Bankshares, Inc.   2,578    92,112 
Valley National Bancorp   8,113    109,039 
Webster Financial Corp.   1,808    97,433 
Wintrust Financial Corp.   1,138    99,609 
         3,372,065 
Beverages - 0.2%
Boston Beer Co., Inc. (The), Class A*   187    84,369 
           
Biotechnology - 1.3%
Arrowhead Pharmaceuticals, Inc.*   2,081    145,774 
Exelixis, Inc.*   6,285    105,525 
Halozyme Therapeutics, Inc.*   2,840    93,379 
Neurocrine Biosciences, Inc.*   1,888    157,176 
United Therapeutics Corp.*   895    169,603 
         671,457 
Building Products - 2.6%
Builders FirstSource, Inc.*   4,134    287,065 
Carlisle Cos., Inc.   1,040    234,208 
Lennox International, Inc.   683    211,060 
Owens Corning   2,057    174,516 
Simpson Manufacturing Co., Inc.   867    100,017 
Trex Co., Inc.*   2,301    305,504 
         1,312,370 
Capital Markets - 2.7%
Affiliated Managers Group, Inc.   822    139,847 
Evercore, Inc., Class A   792    109,850 
FactSet Research Systems, Inc.   754    353,302 
Federated Hermes, Inc.   1,946    65,600 
Interactive Brokers Group, Inc., Class A   1,743    128,668 
Janus Henderson Group plc   3,439    146,948 
Jefferies Financial Group, Inc.   3,943    148,178 
SEI Investments Co.   2,140    127,608 
Stifel Financial Corp.   2,091    148,482 
         1,368,483 
Chemicals - 2.5%
Ashland Global Holdings, Inc.   1,127    113,906 
Avient Corp.   1,821    100,173 
Cabot Corp.   1,131    59,355 
Chemours Co. (The)   3,295    97,861 
Ingevity Corp.*   788    56,665 
Minerals Technologies, Inc.   670    43,999 
NewMarket Corp.   143    47,376 
Olin Corp.   2,881    156,582 
RPM International, Inc.   2,589    235,703 
Scotts Miracle-Gro Co. (The)   813    117,796 
Sensient Technologies Corp.   841    81,821 
Valvoline, Inc.   3,607    122,890 
         1,234,127 
Commercial Services & Supplies - 1.6%
Brink's Co. (The)   993    60,732 
Clean Harbors, Inc.*   999    101,338 
IAA, Inc.*(b)   2,689    129,879 
KAR Auction Services, Inc.*   2,378    35,646 
MillerKnoll, Inc.   1,503    57,024 
MSA Safety, Inc.   727    104,194 
Stericycle, Inc.*   1,832    103,508 
Tetra Tech, Inc.   1,078    199,085 
         791,406 
Communications Equipment - 0.8%
Ciena Corp.*   3,088    185,990 
Lumentum Holdings, Inc.*(b)   1,514    131,370 
Viasat, Inc.*   1,463    64,796 
         382,156 
Construction & Engineering - 1.3%
AECOM*   2,874    198,134 
Dycom Industries, Inc.*   615    57,490 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro MidCap400

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
EMCOR Group, Inc.   1,072    127,932 
Fluor Corp.*   2,821    62,372 
MasTec, Inc.*   1,142    105,258 
Valmont Industries, Inc.   423    101,110 
         652,296 
Construction Materials - 0.3%          
Eagle Materials, Inc.   835    128,774 
           
Consumer Finance - 0.6%          
FirstCash, Inc.   807    51,519 
Navient Corp.   3,349    66,076 
PROG Holdings, Inc.*   1,327    59,874 
SLM Corp.   6,101    108,476 
         285,945 
Containers & Packaging - 0.8%          
AptarGroup, Inc.   1,316    157,381 
Greif, Inc., Class A   530    32,160 
Silgan Holdings, Inc.   1,674    69,421 
Sonoco Products Co.   1,962    114,051 
         373,013 
Diversified Consumer Services - 0.8%          
Graham Holdings Co., Class B   80    45,322 
Grand Canyon Education, Inc.*   901    65,295 
H&R Block, Inc.   3,553    84,135 
Service Corp. International   3,343    221,173 
         415,925 
Diversified Telecommunication Services - 0.2%          
Iridium Communications, Inc.*   2,632    101,200 
           
Electric Utilities - 0.9%          
ALLETE, Inc.   1,043    61,151 
Hawaiian Electric Industries, Inc.   2,181    82,856 
IDACORP, Inc.   1,008    105,457 
OGE Energy Corp.   3,993    137,040 
PNM Resources, Inc.   1,712    84,299 
         470,803 
Electrical Equipment - 1.9%          
Acuity Brands, Inc.   712    143,361 
EnerSys   849    62,902 
Hubbell, Inc.   1,085    212,335 
nVent Electric plc   3,354    116,820 
Regal Rexnord Corp.   1,351    213,593 
Sunrun, Inc.*(b)   4,108    189,132 
         938,143 
Electronic Equipment, Instruments & Components - 3.0%          
Arrow Electronics, Inc.*   1,433    174,324 
Avnet, Inc.   1,985    71,996 
Belden, Inc.   895    55,195 
Cognex Corp.   3,525    272,306 
Coherent, Inc.*   489    126,617 
II-VI, Inc.*(b)   2,093    130,875 
Jabil, Inc.   2,910    170,119 
Littelfuse, Inc.   491    146,554 
National Instruments Corp.   2,653    110,153 
TD SYNNEX Corp.   829    85,768 
Vishay Intertechnology, Inc.   2,649    53,960 
Vontier Corp.   3,371    106,220 
         1,504,087 
Energy Equipment & Services - 0.4%          
ChampionX Corp.*   4,026    82,171 
NOV, Inc.*   7,792    92,880 
         175,051 
Entertainment - 0.1%          
World Wrestling Entertainment, Inc., Class A(b)   900    44,424 
           
Equity Real Estate Investment Trusts (REITs) - 9.2%          
American Campus Communities, Inc.   2,775    143,579 
Apartment Income REIT Corp.   3,132    158,980 
Brixmor Property Group, Inc.   5,925    134,735 
Camden Property Trust   2,006    331,411 
CoreSite Realty Corp.   882    150,866 
Corporate Office Properties Trust   2,241    57,504 
Cousins Properties, Inc.   2,967    112,034 
CyrusOne, Inc.   2,474    220,236 
Douglas Emmett, Inc.   3,501    114,728 
EastGroup Properties, Inc.   806    164,182 
EPR Properties   1,493    68,857 
First Industrial Realty Trust, Inc.   2,577    155,677 
Healthcare Realty Trust, Inc.   2,904    90,953 
Highwoods Properties, Inc.   2,080    89,856 
Hudson Pacific Properties, Inc.   3,042    74,042 
JBG SMITH Properties   2,317    64,389 
Kilroy Realty Corp.   2,091    134,932 
Kite Realty Group Trust   4,356    87,643 
Lamar Advertising Co., Class A   1,731    189,129 
Life Storage, Inc.   1,563    206,535 
Macerich Co. (The)   4,250    80,155 
Medical Properties Trust, Inc.   11,885    253,032 
National Retail Properties, Inc.   3,504    154,526 
National Storage Affiliates Trust   1,627    99,865 
Omega Healthcare Investors, Inc.   4,765    133,134 
Park Hotels & Resorts, Inc.*   4,719    78,524 
Pebblebrook Hotel Trust   2,621    54,910 
Physicians Realty Trust(b)   4,337    77,329 
PotlatchDeltic Corp.   1,338    72,439 
PS Business Parks, Inc.   401    70,255 
Rayonier, Inc.   2,819    106,474 
Rexford Industrial Realty, Inc.   2,748    192,580 
Sabra Health Care REIT, Inc.   4,405    56,957 
SL Green Realty Corp.   1,340    93,036 
Spirit Realty Capital, Inc.   2,377    105,919 
STORE Capital Corp.   4,878    160,681 
Urban Edge Properties   2,197    37,854 
         4,577,938 
Food & Staples Retailing - 1.1%          
BJ's Wholesale Club Holdings, Inc.*   2,736    180,986 
Casey's General Stores, Inc.   739    143,580 
Grocery Outlet Holding Corp.*   1,742    50,448 
Performance Food Group Co.*   3,066    123,591 
Sprouts Farmers Market, Inc.*   2,278    60,276 
         558,881 
Food Products - 1.6%          
Darling Ingredients, Inc.*   3,233    218,292 
Flowers Foods, Inc.   3,971    102,531 
Hain Celestial Group, Inc. (The)*   1,877    74,010 
Ingredion, Inc.   1,337    124,515 
Lancaster Colony Corp.   396    57,895 
Pilgrim's Pride Corp.*   973    27,322 
Post Holdings, Inc.*   1,169    112,926 
Sanderson Farms, Inc.   423    79,431 
Tootsie Roll Industries, Inc.   349    10,976 
         807,898 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro MidCap400

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments

 

Shares

  

Value ($)

 
Gas Utilities - 1.1%        
National Fuel Gas Co.   1,819    105,156 
New Jersey Resources Corp.   1,924    70,765 
ONE Gas, Inc.   1,067    69,184 
Southwest Gas Holdings, Inc.   1,179    77,590 
Spire, Inc.   1,032    61,765 
UGI Corp.   4,171    172,054 
         556,514 
Health Care Equipment & Supplies - 3.4%          
Envista Holdings Corp.*   3,217    124,820 
Globus Medical, Inc., Class A*   1,563    97,875 
Haemonetics Corp.*   1,016    52,070 
Hill-Rom Holdings, Inc.   1,313    204,171 
ICU Medical, Inc.*   398    90,032 
Integra LifeSciences Holdings Corp.*   1,451    92,791 
LivaNova plc*   1,061    85,050 
Masimo Corp.*   1,010    280,901 
Neogen Corp.*   2,145    86,079 
NuVasive, Inc.*   1,031    49,550 
Penumbra, Inc.*   686    168,516 
Quidel Corp.*(b)   756    111,555 
STAAR Surgical Co.*   945    89,955 
Tandem Diabetes Care, Inc.*   1,258    161,678 
         1,695,043 
Health Care Providers & Services - 2.7%          
Acadia Healthcare Co., Inc.*   1,793    100,713 
Amedisys, Inc.*   651    90,912 
Chemed Corp.   313    145,698 
Encompass Health Corp.   1,985    114,376 
HealthEquity, Inc.*(b)   1,663    90,933 
LHC Group, Inc.*   632    72,503 
Molina Healthcare, Inc.*   1,165    332,235 
Option Care Health, Inc.*   2,763    69,932 
Patterson Cos., Inc.   1,720    54,128 
Progyny, Inc.*   1,373    69,707 
R1 RCM, Inc.*   2,671    63,623 
Tenet Healthcare Corp.*   2,136    155,650 
         1,360,410 
Hotels, Restaurants & Leisure - 2.7%          
Boyd Gaming Corp.*   1,635    95,827 
Choice Hotels International, Inc.   655    94,025 
Churchill Downs, Inc.   692    155,160 
Cracker Barrel Old Country Store, Inc.   473    57,715 
Jack in the Box, Inc.   432    35,683 
Marriott Vacations Worldwide Corp.   852    130,058 
Papa John's International, Inc.   649    79,126 
Scientific Games Corp.*   1,923    122,918 
Six Flags Entertainment Corp.*   1,542    56,391 
Texas Roadhouse, Inc.   1,393    115,535 
Travel + Leisure Co.   1,721    84,708 
Wendy's Co. (The)   3,556    73,183 
Wingstop, Inc.   593    95,236 
Wyndham Hotels & Resorts, Inc.   1,866    148,310 
         1,343,875 
Household Durables - 1.6%          
Helen of Troy Ltd.*   481    115,680 
KB Home   1,795    71,782 
Taylor Morrison Home Corp.*   2,500    77,650 
Tempur Sealy International, Inc.   3,920    167,933 
Toll Brothers, Inc.   2,314    146,870 
TopBuild Corp.*(b)   657    177,252 
Tri Pointe Homes, Inc.*   2,270    56,682 
         813,849 
Household Products - 0.1%          
Energizer Holdings, Inc.   1,255    46,673 
           
Insurance - 3.4%          
Alleghany Corp.*   277    179,186 
American Financial Group, Inc.   1,319    176,231 
Brighthouse Financial, Inc.*   1,658    80,595 
CNO Financial Group, Inc.   2,550    57,783 
First American Financial Corp.   2,193    162,677 
Hanover Insurance Group, Inc. (The)   712    86,686 
Kemper Corp.   1,193    65,997 
Kinsale Capital Group, Inc.   427    88,816 
Mercury General Corp.   530    27,041 
Old Republic International Corp.   5,673    135,925 
Primerica, Inc.   787    115,807 
Reinsurance Group of America, Inc.   1,356    128,698 
RenaissanceRe Holdings Ltd.   940    144,863 
RLI Corp.   794    81,607 
Selective Insurance Group, Inc.   1,200    90,648 
Unum Group   4,078    94,202 
         1,716,762 
Interactive Media & Services - 0.4%          
TripAdvisor, Inc.*   1,964    50,789 
Yelp, Inc.*   1,380    47,306 
Ziff Davis, Inc.*   961    109,429 
         207,524 
IT Services - 1.5%          
Alliance Data Systems Corp.   993    67,683 
Concentrix Corp.   855    141,930 
Genpact Ltd.   3,446    166,338 
Kyndryl Holdings, Inc.*   3,576    56,501 
LiveRamp Holdings, Inc.*   1,355    63,590 
Maximus, Inc.   1,226    92,502 
Sabre Corp.*   6,437    48,471 
WEX, Inc.*   893    112,893 
         749,908 
Leisure Products - 1.3%          
Brunswick Corp.   1,546    145,185 
Callaway Golf Co.*   2,337    63,006 
Mattel, Inc.*   6,962    147,664 
Polaris, Inc.   1,138    127,217 
YETI Holdings, Inc.*   1,745    160,819 
         643,891 
Life Sciences Tools & Services - 1.2%          
Medpace Holdings, Inc.*   572    118,639 
Repligen Corp.*   1,020    292,230 
Syneos Health, Inc.*   2,064    200,538 
         611,407 
Machinery - 4.7%          
AGCO Corp.   1,233    135,889 
Colfax Corp.*   2,584    120,001 
Crane Co.   994    95,961 
Donaldson Co., Inc.   2,506    141,414 
Flowserve Corp.   2,598    77,888 
Graco, Inc.   3,387    246,878 
ITT, Inc.   1,717    162,394 
Kennametal, Inc.   1,669    59,032 
Lincoln Electric Holdings, Inc.   1,185    159,928 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro MidCap400

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Middleby Corp. (The)*   1,110    193,895 
Nordson Corp.   1,078    274,017 
Oshkosh Corp.   1,369    147,304 
Terex Corp.   1,393    59,035 
Timken Co. (The)   1,385    91,174 
Toro Co. (The)   2,137    214,897 
Trinity Industries, Inc.   1,664    44,096 
Woodward, Inc.   1,269    134,260 
         2,358,063 
Marine - 0.1%
Kirby Corp.*   1,200    62,664 
           
Media - 0.9%
Cable One, Inc.   99    175,434 
John Wiley & Sons, Inc., Class A   870    45,194 
New York Times Co. (The), Class A   3,334    158,365 
TEGNA, Inc.   4,411    87,117 
         466,110 
Metals & Mining - 2.0%
Cleveland-Cliffs, Inc.*(b)   9,073    184,636 
Commercial Metals Co.   2,406    74,346 
Compass Minerals International, Inc.   680    33,082 
Reliance Steel & Aluminum Co.   1,267    188,314 
Royal Gold, Inc.   1,307    130,739 
Steel Dynamics, Inc.   3,869    231,366 
United States Steel Corp.   5,389    121,845 
Worthington Industries, Inc.   660    31,667 
         995,995 
Multiline Retail - 0.6%
Kohl's Corp.   3,117    159,684 
Nordstrom, Inc.*   2,219    46,976 
Ollie's Bargain Outlet Holdings, Inc.*(b)   1,212    75,011 
         281,671 
Multi-Utilities - 0.5%
Black Hills Corp.   1,267    81,240 
MDU Resources Group, Inc.   4,039    109,982 
NorthWestern Corp.   1,029    56,904 
         248,126 
Oil, Gas & Consumable Fuels - 1.6%
Antero Midstream Corp.(b)   6,478    62,901 
CNX Resources Corp.*   4,347    59,293 
DT Midstream, Inc.   1,933    88,667 
EQT Corp.*   6,033    117,221 
Equitrans Midstream Corp.   8,112    78,038 
HollyFrontier Corp.   2,983    96,411 
Murphy Oil Corp.   2,897    77,002 
Targa Resources Corp.   4,562    235,536 
         815,069 
Paper & Forest Products - 0.3%
Louisiana-Pacific Corp.   1,899    124,100 
           
Personal Products - 0.2%
Coty, Inc., Class A*   6,676    64,957 
Nu Skin Enterprises, Inc., Class A   1,000    43,880 
         108,837 
Pharmaceuticals - 0.6%
Jazz Pharmaceuticals plc*   1,220    146,241 
Nektar Therapeutics*   3,667    41,291 
Perrigo Co. plc   2,670    98,016 
         285,548 
Professional Services - 1.5%
ASGN, Inc.*   1,055    128,372 
CACI International, Inc., Class A*   470    121,932 
FTI Consulting, Inc.*   684    99,926 
Insperity, Inc.   716    82,870 
KBR, Inc.   2,809    123,596 
ManpowerGroup, Inc.   1,083    97,069 
Science Applications International Corp.   1,157    97,061 
         750,826 
Real Estate Management & Development - 0.5%
Jones Lang LaSalle, Inc.*   1,011    237,494 
           
Road & Rail - 2.1%
Avis Budget Group, Inc.*   942    258,664 
Knight-Swift Transportation Holdings, Inc.   3,312    189,612 
Landstar System, Inc.   764    128,772 
Ryder System, Inc.   1,073    89,145 
Saia, Inc.*   525    173,869 
Werner Enterprises, Inc.   1,233    55,621 
XPO Logistics, Inc.*   1,967    142,489 
         1,038,172 
Semiconductors & Semiconductor Equipment - 4.6%
Amkor Technology, Inc.   1,999    43,098 
Brooks Automation, Inc.   1,482    167,614 
Cirrus Logic, Inc.*   1,150    92,207 
CMC Materials, Inc.   583    77,422 
First Solar, Inc.*   1,973    204,403 
Lattice Semiconductor Corp.*   2,722    206,681 
MKS Instruments, Inc.   1,106    168,289 
Semtech Corp.*   1,295    110,943 
Silicon Laboratories, Inc.*   810    158,979 
SiTime Corp.*   296    88,350 
SolarEdge Technologies, Inc.*   1,043    341,854 
SunPower Corp.*(b)   1,655    47,416 
Synaptics, Inc.*   702    198,133 
Universal Display Corp.   865    123,738 
Wolfspeed, Inc.*   2,303    282,394 
         2,311,521 
Software - 3.6%
ACI Worldwide, Inc.*   2,344    68,304 
Aspen Technology, Inc.*   1,355    196,516 
Blackbaud, Inc.*   838    63,235 
CDK Global, Inc.   2,430    93,895 
Cerence, Inc.*(b)   758    56,986 
CommVault Systems, Inc.*   916    57,598 
Digital Turbine, Inc.*   1,745    92,590 
Envestnet, Inc.*   1,088    83,417 
Fair Isaac Corp.*   567    200,225 
Manhattan Associates, Inc.*   1,265    197,542 
Mimecast Ltd.*   1,220    98,820 
NCR Corp.*(b)   2,622    101,996 
Paylocity Holding Corp.*   784    197,835 
Qualys, Inc.*   668    87,034 
Sailpoint Technologies Holdings, Inc.*   1,855    97,554 
Teradata Corp.*   2,176    94,482 
         1,788,029 
Specialty Retail - 3.5%
American Eagle Outfitters, Inc.   3,045    78,835 
AutoNation, Inc.*   871    107,873 
Dick's Sporting Goods, Inc.(b)   1,307    153,651 

 

See accompanying notes to the financial statements.

 

 

 

 

 

 

 

UltraPro MidCap400
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Five Below, Inc.*   1,117    227,243 
Foot Locker, Inc.   1,798    82,061 
GameStop Corp., Class A*   1,241    243,497 
Lithia Motors, Inc.   603    175,672 
Murphy USA, Inc.   474    82,158 
RH*   340    198,281 
Urban Outfitters, Inc.*   1,314    41,614 
Victoria's Secret & Co.*   1,499    81,366 
Williams-Sonoma, Inc.   1,499    292,065 
         1,764,316 
Technology Hardware, Storage & Peripherals - 0.1%
Xerox Holdings Corp.   2,742    50,508 
           
Textiles, Apparel & Luxury Goods - 1.8%
Capri Holdings Ltd.*   3,033    179,614 
Carter's, Inc.   878    88,704 
Columbia Sportswear Co.   698    68,076 
Crocs, Inc.*   1,244    204,041 
Deckers Outdoor Corp.*   551    223,376 
Skechers USA, Inc., Class A*   2,691    120,880 
         884,691 
Thrifts & Mortgage Finance - 0.7%
Essent Group Ltd.   2,232    92,807 
MGIC Investment Corp.   6,770    95,457 
New York Community Bancorp, Inc.   9,278    111,150 
Washington Federal, Inc.   1,355    44,024 
         343,438 
Trading Companies & Distributors - 0.9%
GATX Corp.   708    69,738 
MSC Industrial Direct Co., Inc., Class A   938    73,821 
Univar Solutions, Inc.*   3,410    88,353 
Watsco, Inc.   658    192,603 
         424,515 
Water Utilities - 0.4%
Essential Utilities, Inc.   4,462    210,919 
           
Wireless Telecommunication Services - 0.1%
Telephone and Data Systems, Inc.   1,972    34,865 
           
TOTAL COMMON STOCKS
(Cost $50,251,288)		        47,375,852 

 

Investments  Shares   Value ($) 
         
SECURITIES LENDING REINVESTMENTS(c) - 0.3%
         
INVESTMENT COMPANIES - 0.3%          
BlackRock Liquidity FedFund, Institutional Class          
0.03% (Cost $124,808)   124,808    124,808 

 

Investments  Principal
Amount ($)		   Value ($) 
SHORT-TERM INVESTMENTS - 12.3%          
           
REPURCHASE AGREEMENTS(d) - 12.3%          
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $6,137,674          
(Cost $6,137,671)   6,137,671    6,137,671 
           
Total Investments - 107.7%
 (Cost $56,513,767)		        53,638,331 
Liabilities in excess of other assets - (7.7%)        (3,824,185)
Net Assets - 100.0%        49,814,146 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro MidCap400
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

* Non-income producing security.
(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $13,655,968.
(b) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $699,941, collateralized in the form of cash with a value of $124,808 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $620,755 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from December 9, 2021 – May 15, 2051. The total value of collateral is $745,563.
(c) The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $124,808.
(d) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation  $889,029 
Aggregate gross unrealized depreciation   (9,836,072)
Net unrealized depreciation  $(8,947,043)
Federal income tax cost  $57,001,677 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro MidCap400
Schedule of Portfolio Investments
November 30, 2021 (Unaudited)

 

Futures Contracts Purchased

UltraPro MidCap400 had the following open long futures contracts as of November 30, 2021:  

 

   Number of
Contracts		   Expiration
Date		  Trading Currency  Notional Amount   Value and
Unrealized
Appreciation		 
S&P Midcap 400 E-Mini Index  9   12/17/2021  USD  $2,435,580   $49,222 

 

Swap Agreementsa

UltraPro MidCap400 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

 

Notional
Amount  ($)		   Termination
Dateb		  Counterparty  Rate Paid
(Received)c		   Underlying
Instrument		  Value and
Unrealized
Depreciationd
 ($)		   Financial
Instruments
for the Benefit
of (the Fund)/the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/the
Counterparty
($)		   Net Amounte
 ($)		 
12,118,500   5/8/2023  Bank of America NA   0.47%  S&P MidCap 400®   (880,415)   315,547    564,868    — 
3,066,192   5/8/2023  BNP Paribas SA   0.52%  S&P MidCap 400®   (251,221)   —    210,533    (40,688)
2,237,345   4/10/2023  Citibank NA   0.47%  S&P MidCap 400®   (139,203)   100,367    38,836    — 
777,383   4/10/2023  Credit Suisse International   0.57%  S&P MidCap 400®   (56,528)   —    45,375    (11,153)
9,362,492   3/7/2023  Goldman Sachs International   0.57%  S&P MidCap 400®   (680,804)   282,463    398,341    — 
39,892,997   11/7/2022  Morgan Stanley & Co. International plc   0.00%  S&P MidCap 400®   (169,354)   —    169,354    — 
24,396,811   3/7/2023  Societe Generale   0.34%  S&P MidCap 400®   (2,822,114)   2,810,944    11,170    — 
7,781,951   3/7/2023  UBS AG   0.42%  S&P MidCap 400®   (633,280)   629,738    3,542    — 
                                    
99,633,671                  (5,632,919)               
               Total Unrealized Depreciation   (5,632,919)               

 

a The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.
b Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
c Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).
d The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.
e Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

 

Abbreviations
USD U.S. Dollar

 

See accompanying notes to the financial statements.

 

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
COMMON STOCKS(a) - 86.3%
           
Aerospace & Defense - 0.6%
AAR Corp.*   4,167    136,094 
Aerojet Rocketdyne Holdings, Inc.   9,175    385,717 
AeroVironment, Inc.*   2,755    222,494 
AerSale Corp.*(b)   1,104    19,971 
Astronics Corp.*   2,991    31,286 
Byrna Technologies, Inc.*(b)   2,259    33,253 
Ducommun, Inc.*   1,333    56,666 
Kaman Corp.   3,385    125,245 
Kratos Defense & Security Solutions, Inc.*   15,033    296,300 
Maxar Technologies, Inc.   8,789    241,961 
Moog, Inc., Class A   3,538    244,723 
National Presto Industries, Inc.   627    51,276 
PAE, Inc.*   8,508    84,399 
Park Aerospace Corp.   2,392    30,857 
Parsons Corp.*   3,226    107,071 
Triumph Group, Inc.*   7,806    130,829 
Vectrus, Inc.*   1,412    59,078 
         2,257,220 
Air Freight & Logistics - 0.3%
Air Transport Services Group, Inc.*   7,232    178,558 
Atlas Air Worldwide Holdings, Inc.*   3,528    309,088 
Forward Air Corp.   3,331    328,937 
Hub Group, Inc., Class A*   4,057    315,107 
Radiant Logistics, Inc.*   4,809    36,260 
         1,167,950 
Airlines - 0.3%
Allegiant Travel Co.*   1,880    325,654 
Frontier Group Holdings, Inc.*   4,266    56,951 
Hawaiian Holdings, Inc.*   6,196    113,263 
Mesa Air Group, Inc.*   4,204    29,680 
SkyWest, Inc.*   6,103    239,054 
Spirit Airlines, Inc.*   12,049    251,945 
Sun Country Airlines Holdings, Inc.*   3,176    87,118 
         1,103,665 
Auto Components - 1.2%
Adient plc*   11,608    492,760 
American Axle & Manufacturing Holdings, Inc.*   13,821    122,454 
Cooper-Standard Holdings, Inc.*   2,062    47,612 
Dana, Inc.   17,814    383,001 
Dorman Products, Inc.*   3,277    363,681 
Fox Factory Holding Corp.*   5,177    909,961 
Gentherm, Inc.*   4,075    344,134 
Goodyear Tire & Rubber Co. (The)*   33,862    680,965 
LCI Industries   3,037    462,444 
Modine Manufacturing Co.*   6,129    63,496 
Motorcar Parts of America, Inc.*   2,300    36,892 
Patrick Industries, Inc.   2,784    222,080 
Standard Motor Products, Inc.   2,558    128,002 
Stoneridge, Inc.*   3,197    69,791 
Tenneco, Inc., Class A*   8,336    87,528 
Visteon Corp.*(b)   3,402    360,340 
XL Fleet Corp.*(b)   4,282    19,440 
XPEL, Inc.*(c)   2,200    158,158 
         4,952,739 
Automobiles - 0.3%
Arcimoto, Inc.*(b)   3,355    34,322 
Canoo, Inc.*(b)   13,036    156,041 
Fisker, Inc.*(b)   20,003    427,864 
Lordstown Motors Corp.*(b)   11,779    55,126 
Winnebago Industries, Inc.   3,966    286,424 
Workhorse Group, Inc.*(b)   14,778    86,304 
         1,046,081 
Banks - 7.4%
1st Source Corp.   2,073    95,876 
Allegiance Bancshares, Inc.   2,329    94,161 
Amalgamated Financial Corp.   1,669    28,239 
Amerant Bancorp, Inc.*   3,309    93,148 
American National Bankshares, Inc.   1,300    47,554 
Ameris Bancorp   8,149    396,612 
Arrow Financial Corp.   1,693    58,408 
Associated Banc-Corp.   18,545    406,135 
Atlantic Capital Bancshares, Inc.*   2,411    67,363 
Atlantic Union Bankshares Corp.   9,401    305,627 
Banc of California, Inc.   6,703    131,312 
BancFirst Corp.   2,100    133,623 
Bancorp, Inc. (The)*   6,412    181,267 
Bank First Corp.(b)   819    57,518 
Bank of Marin Bancorp   1,953    67,652 
Bank of NT Butterfield & Son Ltd. (The)   6,148    226,431 
BankUnited, Inc.   11,416    452,530 
Banner Corp.   4,249    243,383 
Bar Harbor Bankshares   1,810    51,712 
Berkshire Hills Bancorp, Inc.   5,993    160,073 
Blue Ridge Bankshares, Inc.(b)   2,125    37,846 
Brookline Bancorp, Inc.   9,409    145,181 
Bryn Mawr Bank Corp.   2,424    108,110 
Business First Bancshares, Inc.   2,345    64,488 
Byline Bancorp, Inc.   3,055    79,338 
Cadence Bank   23,045    673,375 
Cambridge Bancorp   836    74,220 
Camden National Corp.   1,806    82,751 
Capital Bancorp, Inc.   950    25,242 
Capital City Bank Group, Inc.   1,650    43,742 
Capstar Financial Holdings, Inc.   2,509    52,262 
Carter Bankshares, Inc.*   3,174    46,055 
Cathay General Bancorp   9,195    385,362 
CBTX, Inc.   2,252    62,606 
Central Pacific Financial Corp.   3,383    90,563 
CIT Group, Inc.   12,166    596,864 
Citizens & Northern Corp.   1,902    47,055 
City Holding Co.   1,861    146,014 
Civista Bancshares, Inc.   1,819    42,801 
CNB Financial Corp.   1,970    51,909 
Coastal Financial Corp.*   1,159    50,683 
Columbia Banking System, Inc.   9,597    315,357 
Community Bank System, Inc.   6,556    463,247 
Community Trust Bancorp, Inc.   1,906    80,052 
ConnectOne Bancorp, Inc.   4,571    148,558 
CrossFirst Bankshares, Inc.*   5,714    79,939 
Customers Bancorp, Inc.*   3,661    211,020 
CVB Financial Corp.   15,839    302,683 
Dime Community Bancshares, Inc.   4,231    145,123 
Eagle Bancorp, Inc.   3,877    218,469 
Eastern Bankshares, Inc.   21,050    423,736 
Enterprise Bancorp, Inc.   1,136    44,781 
Enterprise Financial Services Corp.   4,341    201,292 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Equity Bancshares, Inc., Class A   1,649    53,625 
Farmers National Banc Corp.   3,788    66,631 
FB Financial Corp.   4,080    175,032 
Fidelity D&D Bancorp, Inc.(b)   492    25,097 
Financial Institutions, Inc.   1,919    59,105 
First Bancorp, Inc. (The)   1,269    38,425 
First Bancorp/NC   4,209    187,048 
First Bancorp/PR   25,188    334,749 
First Bancshares, Inc. (The)   2,482    96,451 
First Bank   1,910    27,638 
First Busey Corp.   6,214    159,700 
First Commonwealth Financial Corp.   11,696    175,791 
First Community Bankshares, Inc.   2,073    67,787 
First Financial Bancorp   11,583    266,409 
First Financial Bankshares, Inc.   15,909    794,177 
First Financial Corp.   1,425    61,931 
First Foundation, Inc.   4,868    123,745 
First Internet Bancorp   1,139    49,330 
First Interstate BancSystem, Inc., Class A   5,015    204,612 
First Merchants Corp.   6,632    264,550 
First Mid Bancshares, Inc.   2,038    85,657 
First Midwest Bancorp, Inc.   13,959    275,411 
First of Long Island Corp. (The)   2,805    58,765 
Five Star Bancorp   655    19,447 
Flushing Financial Corp.   3,614    85,363 
Fulton Financial Corp.   19,481    307,605 
German American Bancorp, Inc.   3,028    118,486 
Glacier Bancorp, Inc.   13,506    733,376 
Great Southern Bancorp, Inc.   1,298    72,208 
Great Western Bancorp, Inc.   6,776    227,335 
Guaranty Bancshares, Inc.   978    35,942 
Hancock Whitney Corp.   10,603    506,611 
Hanmi Financial Corp.   3,739    84,015 
HarborOne Bancorp, Inc.   6,076    84,396 
HBT Financial, Inc.   1,174    21,132 
Heartland Financial USA, Inc.   4,939    234,603 
Heritage Commerce Corp.   7,152    78,386 
Heritage Financial Corp.   4,347    101,850 
Hilltop Holdings, Inc.   7,796    265,298 
Home BancShares, Inc.   18,690    447,252 
HomeStreet, Inc.   2,480    122,438 
HomeTrust Bancshares, Inc.   1,862    55,916 
Hope Bancorp, Inc.   14,565    209,008 
Horizon Bancorp, Inc.   5,249    101,831 
Howard Bancorp, Inc.*   1,615    33,366 
Independent Bank Corp.   5,614    443,843 
Independent Bank Corp./MI   2,527    56,984 
Independent Bank Group, Inc.   4,605    319,725 
International Bancshares Corp.   6,577    276,300 
Investors Bancorp, Inc.   28,035    417,441 
Lakeland Bancorp, Inc.   5,992    107,197 
Lakeland Financial Corp.   2,990    211,154 
Live Oak Bancshares, Inc.(b)   3,863    344,193 
Macatawa Bank Corp.   3,219    27,104 
Mercantile Bank Corp.   1,906    64,003 
Meta Financial Group, Inc.   3,851    230,174 
Metrocity Bankshares, Inc.   2,327    62,596 
Metropolitan Bank Holding Corp.*   942    89,424 
Mid Penn Bancorp, Inc.   1,205    37,909 
Midland States Bancorp, Inc.   2,661    63,332 
MidWestOne Financial Group, Inc.   1,774    54,639 
MVB Financial Corp.   1,225    50,311 
National Bank Holdings Corp., Class A   3,621    154,327 
NBT Bancorp, Inc.   5,170    186,689 
Nicolet Bankshares, Inc.*   1,315    93,773 
Northrim Bancorp, Inc.   743    30,129 
OceanFirst Financial Corp.   7,247    149,361 
OFG Bancorp   6,221    149,926 
Old National Bancorp   20,252    357,650 
Old Second Bancorp, Inc.   3,401    42,002 
Origin Bancorp, Inc.   2,698    113,829 
Orrstown Financial Services, Inc.   1,336    31,262 
Pacific Premier Bancorp, Inc.   11,489    445,199 
Park National Corp.   1,764    229,479 
Peapack-Gladstone Financial Corp.   2,222    73,504 
Peoples Bancorp, Inc.   3,108    95,851 
Peoples Financial Services Corp.   859    40,708 
Preferred Bank   1,690    115,174 
Primis Financial Corp.   2,956    45,168 
QCR Holdings, Inc.   1,886    101,731 
RBB Bancorp   1,724    42,169 
Red River Bancshares, Inc.   555    29,304 
Reliant Bancorp, Inc.   1,866    62,082 
Renasant Corp.   6,771    246,668 
Republic Bancorp, Inc., Class A   1,154    59,119 
Republic First Bancorp, Inc.*   5,479    18,519 
S&T Bancorp, Inc.   4,750    142,073 
Sandy Spring Bancorp, Inc.   5,684    266,750 
Seacoast Banking Corp. of Florida   6,683    225,685 
ServisFirst Bancshares, Inc.   6,118    491,826 
Sierra Bancorp   1,721    43,335 
Silvergate Capital Corp., Class A*   2,998    613,031 
Simmons First National Corp., Class A   13,148    382,738 
SmartFinancial, Inc.   1,694    43,485 
South Plains Financial, Inc.   1,299    32,475 
Southern First Bancshares, Inc.*   912    53,379 
Southside Bancshares, Inc.   3,819    155,624 
SouthState Corp.   8,560    668,878 
Spirit of Texas Bancshares, Inc.   1,569    43,618 
Stock Yards Bancorp, Inc.   2,951    176,558 
Summit Financial Group, Inc.   1,395    34,875 
Texas Capital Bancshares, Inc.*   6,214    349,972 
Tompkins Financial Corp.   1,731    135,295 
Towne Bank   8,220    251,450 
TriCo Bancshares   3,378    142,416 
TriState Capital Holdings, Inc.*   3,546    106,061 
Triumph Bancorp, Inc.*   2,884    367,277 
Trustmark Corp.   7,609    232,911 
UMB Financial Corp.   5,366    539,712 
United Bankshares, Inc.   15,309    546,991 
United Community Banks, Inc.   10,664    365,455 
Univest Financial Corp.   3,544    97,708 
Valley National Bancorp   49,088    659,743 
Veritex Holdings, Inc.   5,829    231,003 
Washington Trust Bancorp, Inc.   2,097    112,819 
WesBanco, Inc.   7,758    252,523 
West Bancorp, Inc.   1,970    61,129 
Westamerica Bancorp   3,192    171,666 
         30,205,291 
Beverages - 0.4%
Celsius Holdings, Inc.*   6,608    452,053 
Coca-Cola Consolidated, Inc.   576    328,648 
Duckhorn Portfolio, Inc. (The)*   2,473    47,507 
MGP Ingredients, Inc.   1,737    135,451 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
National Beverage Corp.   2,878    149,483 
NewAge, Inc.*(b)   16,482    18,625 
Primo Water Corp.   19,261    320,118 
Zevia PBC, Class A*   1,257    9,616 
         1,461,501 
Biotechnology - 7.5%
2seventy bio, Inc.*   2,759    72,672 
4D Molecular Therapeutics, Inc.*   2,567    59,041 
89bio, Inc.*(b)   1,194    15,773 
ACADIA Pharmaceuticals, Inc.*   14,665    281,568 
Acumen Pharmaceuticals, Inc.*(b)   1,175    9,283 
Adagio Therapeutics, Inc.*(b)   2,601    122,351 
Adicet Bio, Inc.*   2,563    27,270 
Adverum Biotechnologies, Inc.*   10,644    18,521 
Aeglea BioTherapeutics, Inc.*   4,952    30,900 
Aerovate Therapeutics, Inc.*   1,235    16,932 
Affimed NV*   14,223    97,001 
Agenus, Inc.*   25,313    79,736 
Agios Pharmaceuticals, Inc.*(b)   7,227    257,426 
Akebia Therapeutics, Inc.*   21,369    57,910 
Akero Therapeutics, Inc.*   3,150    66,969 
Akouos, Inc.*(b)   2,941    22,616 
Albireo Pharma, Inc.*   2,065    49,539 
Aldeyra Therapeutics, Inc.*   5,946    45,606 
Alector, Inc.*   7,157    147,792 
Aligos Therapeutics, Inc.*(b)   2,587    39,633 
Alkermes plc*   19,655    430,838 
Allakos, Inc.*   4,282    335,495 
Allogene Therapeutics, Inc.*   8,331    154,040 
Allovir, Inc.*   3,614    63,100 
Alpine Immune Sciences, Inc.*(b)   1,423    15,411 
Altimmune, Inc.*   4,857    50,950 
ALX Oncology Holdings, Inc.*   2,172    69,852 
Amicus Therapeutics, Inc.*   32,220    345,076 
AnaptysBio, Inc.*   2,365    76,508 
Anavex Life Sciences Corp.*   7,862    152,523 
Anika Therapeutics, Inc.*   1,768    69,182 
Annexon, Inc.*   3,815    62,146 
Apellis Pharmaceuticals, Inc.*   8,758    368,537 
Applied Molecular Transport, Inc.*(b)   3,065    52,105 
Applied Therapeutics, Inc.*   2,170    24,912 
AquaBounty Technologies, Inc.*(b)   6,430    16,847 
Arbutus Biopharma Corp.*   9,844    31,501 
Arcturus Therapeutics Holdings, Inc.*   2,587    102,833 
Arcus Biosciences, Inc.*   5,551    243,134 
Arcutis Biotherapeutics, Inc.*   3,389    56,156 
Ardelyx, Inc.*   10,829    12,345 
Arena Pharmaceuticals, Inc.*   7,493    408,294 
Arrowhead Pharmaceuticals, Inc.*   12,420    870,021 
Atara Biotherapeutics, Inc.*   10,126    181,154 
Athenex, Inc.*   10,595    18,753 
Athersys, Inc.*(b)   25,092    26,598 
Atossa Therapeutics, Inc.*(b)   14,334    32,538 
Atreca, Inc., Class A*   3,182    11,423 
Avalo Therapeutics, Inc.*   6,488    12,976 
Avid Bioservices, Inc.*(b)   7,399    226,113 
Avidity Biosciences, Inc.*   4,614    103,031 
Avita Medical, Inc.*(b)   2,976    40,950 
Avrobio, Inc.*   4,642    17,825 
Beam Therapeutics, Inc.*   6,107    483,369 
Beyondspring, Inc.*(b)   2,744    35,041 
BioAtla, Inc.*(b)   1,902    48,026 
BioCryst Pharmaceuticals, Inc.*   21,836    263,342 
Biohaven Pharmaceutical Holding Co. Ltd.*   6,824    765,926 
Biomea Fusion, Inc.*(b)   1,057    12,758 
Bioxcel Therapeutics, Inc.*   2,113    48,451 
Black Diamond Therapeutics, Inc.*(b)   2,791    16,746 
Bluebird Bio, Inc.*   8,276    83,670 
Blueprint Medicines Corp.*   7,169    689,658 
Bolt Biotherapeutics, Inc.*(b)   2,804    25,993 
Bridgebio Pharma, Inc.*   13,172    533,466 
Brooklyn ImmunoTherapeutics, Inc.*   3,635    21,628 
C4 Therapeutics, Inc.*   4,734    175,726 
Cardiff Oncology, Inc.*   4,666    26,223 
CareDx, Inc.*   6,199    267,425 
Caribou Biosciences, Inc.*   2,349    43,668 
Catalyst Pharmaceuticals, Inc.*   11,897    83,279 
Celcuity, Inc.*   1,185    17,894 
Celldex Therapeutics, Inc.*   5,634    214,655 
CEL-SCI Corp.*(b)   4,405    45,239 
Century Therapeutics, Inc.*(b)   1,447    27,652 
Cerevel Therapeutics Holdings, Inc.*(b)   4,910    153,143 
ChemoCentryx, Inc.*(b)   6,615    239,992 
Chimerix, Inc.*   8,898    55,968 
Chinook Therapeutics, Inc.*   4,056    64,937 
Clene, Inc.*(b)   2,403    13,673 
Clovis Oncology, Inc.*(b)   13,821    43,674 
Codiak Biosciences, Inc.*   1,949    24,850 
Cogent Biosciences, Inc.*(b)   4,552    36,052 
Coherus Biosciences, Inc.*   7,858    145,923 
Cortexyme, Inc.*(b)   2,444    31,796 
Crinetics Pharmaceuticals, Inc.*   4,584    125,235 
Cue Biopharma, Inc.*   3,769    46,208 
Cullinan Oncology, Inc.*(b)   3,171    57,078 
Curis, Inc.*   10,611    51,782 
Cytokinetics, Inc.*   9,710    381,991 
CytomX Therapeutics, Inc.*   7,946    52,523 
Day One Biopharmaceuticals, Inc.*(b)   1,351    24,818 
Deciphera Pharmaceuticals, Inc.*   4,822    41,614 
Denali Therapeutics, Inc.*   11,145    515,568 
DermTech, Inc.*(b)   2,974    59,718 
Design Therapeutics, Inc.*(b)   1,706    28,558 
Dicerna Pharmaceuticals, Inc.*   8,528    324,149 
Dynavax Technologies Corp.*   13,201    213,196 
Dyne Therapeutics, Inc.*(b)   3,680    52,293 
Eagle Pharmaceuticals, Inc.*   1,423    67,849 
Editas Medicine, Inc.*   8,387    273,919 
Eiger BioPharmaceuticals, Inc.*   3,922    24,120 
Eliem Therapeutics, Inc.*(b)   865    12,447 
Emergent BioSolutions, Inc.*   6,003    264,852 
Enanta Pharmaceuticals, Inc.*   2,360    208,341 
Epizyme, Inc.*   11,001    35,973 
Erasca, Inc.*(b)   2,514    35,623 
Evelo Biosciences, Inc.*(b)   3,721    32,075 
Exagen, Inc.*   1,265    13,004 
Fate Therapeutics, Inc.*   9,944    547,019 
FibroGen, Inc.*   10,551    131,993 
Finch Therapeutics Group, Inc.*   927    15,407 
Foghorn Therapeutics, Inc.*(b)   2,397    27,733 
Forma Therapeutics Holdings, Inc.*   4,162    60,307 
Forte Biosciences, Inc.*   1,382    3,676 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Fortress Biotech, Inc.*   8,776    25,012 
Frequency Therapeutics, Inc.*(b)   3,920    19,992 
G1 Therapeutics, Inc.*(b)   4,800    61,920 
Gemini Therapeutics, Inc.*   2,684    7,408 
Generation Bio Co.*   5,368    92,169 
Geron Corp.*   36,945    54,679 
Global Blood Therapeutics, Inc.*   7,333    207,231 
Gossamer Bio, Inc.*   7,618    82,579 
Graphite Bio, Inc.*(b)   1,986    17,914 
Greenwich Lifesciences, Inc.*   495    15,558 
Gritstone bio, Inc.*   4,947    65,300 
GT Biopharma, Inc.*(b)   2,174    8,848 
Halozyme Therapeutics, Inc.*   17,268    567,772 
Harpoon Therapeutics, Inc.*   2,292    14,073 
Heron Therapeutics, Inc.*   11,320    106,974 
Homology Medicines, Inc.*   5,139    25,952 
Hookipa Pharma, Inc.*   2,352    7,597 
Humanigen, Inc.*(b)   5,565    33,724 
iBio, Inc.*(b)   26,478    19,726 
Icosavax, Inc.*(b)   1,639    34,681 
Ideaya Biosciences, Inc.*   4,013    88,286 
IGM Biosciences, Inc.*   988    49,321 
Imago Biosciences, Inc.*(b)   1,195    26,732 
Immuneering Corp., Class A*(b)   1,013    22,924 
Immunic, Inc.*(b)   2,293    19,559 
ImmunityBio, Inc.*   8,367    65,179 
ImmunoGen, Inc.*   24,184    149,215 
Immunovant, Inc.*(b)   4,912    37,822 
Impel Neuropharma, Inc.*   659    6,089 
Infinity Pharmaceuticals, Inc.*   10,725    23,273 
Inhibrx, Inc.*   3,420    138,271 
Inovio Pharmaceuticals, Inc.*(b)   25,333    183,411 
Inozyme Pharma, Inc.*   1,763    13,998 
Insmed, Inc.*   14,088    387,702 
Instil Bio, Inc.*(b)   2,186    48,048 
Intellia Therapeutics, Inc.*   8,440    970,684 
Intercept Pharmaceuticals, Inc.*(b)   3,434    59,099 
Invitae Corp.*(b)   24,553    417,401 
Ironwood Pharmaceuticals, Inc.*   17,784    197,225 
iTeos Therapeutics, Inc.*   2,474    87,332 
IVERIC bio, Inc.*   12,772    186,727 
Janux Therapeutics, Inc.*(b)   1,621    28,821 
Jounce Therapeutics, Inc.*   4,039    30,979 
KalVista Pharmaceuticals, Inc.*   2,436    35,322 
Karuna Therapeutics, Inc.*   2,720    347,888 
Karyopharm Therapeutics, Inc.*   8,821    61,306 
Keros Therapeutics, Inc.*   1,912    106,670 
Kezar Life Sciences, Inc.*   4,193    58,115 
Kiniksa Pharmaceuticals Ltd., Class A*   3,573    41,518 
Kinnate Biopharma, Inc.*(b)   3,153    62,997 
Kodiak Sciences, Inc.*   4,104    376,911 
Kronos Bio, Inc.*   4,756    56,168 
Krystal Biotech, Inc.*   2,197    176,968 
Kura Oncology, Inc.*   7,786    108,693 
Kymera Therapeutics, Inc.*   4,201    233,240 
Lexicon Pharmaceuticals, Inc.*   8,317    38,092 
Ligand Pharmaceuticals, Inc.*   1,848    299,228 
Lineage Cell Therapeutics, Inc.*   15,366    34,727 
Lyell Immunopharma, Inc.*(b)   2,892    27,619 
MacroGenics, Inc.*   7,357    129,483 
Madrigal Pharmaceuticals, Inc.*   1,391    115,050 
Magenta Therapeutics, Inc.*   3,666    20,640 
MannKind Corp.*(b)   30,253    140,071 
MEI Pharma, Inc.*   13,283    44,764 
MeiraGTx Holdings plc*(b)   3,636    64,284 
Mersana Therapeutics, Inc.*   8,769    59,103 
MiMedx Group, Inc.*   13,611    95,413 
Mirum Pharmaceuticals, Inc.*   442    6,290 
Molecular Templates, Inc.*   4,530    18,165 
Monte Rosa Therapeutics, Inc.*(b)   1,418    27,495 
Morphic Holding, Inc.*   2,540    121,158 
Mustang Bio, Inc.*   8,527    17,225 
Myriad Genetics, Inc.*   9,492    245,463 
Neoleukin Therapeutics, Inc.*   4,314    23,123 
NexImmune, Inc.*(b)   2,163    17,088 
Nkarta, Inc.*   1,723    27,378 
Nurix Therapeutics, Inc.*   3,837    110,582 
Nuvalent, Inc., Class A*(b)   1,312    27,985 
Ocugen, Inc.*(b)   22,607    143,328 
Olema Pharmaceuticals, Inc.*   2,398    20,982 
Omega Therapeutics, Inc.*   906    16,390 
Oncocyte Corp.*   7,372    16,587 
Oncorus, Inc.*   2,502    13,861 
Oncternal Therapeutics, Inc.*   5,422    15,995 
OPKO Health, Inc.*(b)   48,958    192,405 
Organogenesis Holdings, Inc.*   4,673    47,010 
ORIC Pharmaceuticals, Inc.*   3,874    53,616 
Outlook Therapeutics, Inc.*(b)   10,912    16,477 
Oyster Point Pharma, Inc.*(b)   1,361    14,195 
Passage Bio, Inc.*   4,544    33,126 
PMV Pharmaceuticals, Inc.*   3,208    69,774 
Portage Biotech, Inc.*   612    9,015 
Poseida Therapeutics, Inc.*   3,524    24,492 
Praxis Precision Medicines, Inc.*(b)   3,969    67,910 
Precigen, Inc.*   11,621    45,787 
Precision BioSciences, Inc.*   6,050    54,813 
Prelude Therapeutics, Inc.*(b)   1,326    18,949 
Prometheus Biosciences, Inc.*   1,385    41,135 
Protagonist Therapeutics, Inc.*   5,481    184,271 
Prothena Corp. plc*   4,282    214,742 
PTC Therapeutics, Inc.*   8,505    316,046 
Puma Biotechnology, Inc.*   3,955    12,261 
Radius Health, Inc.*   5,736    94,415 
Rallybio Corp.*(b)   882    11,351 
RAPT Therapeutics, Inc.*   2,611    85,249 
Recursion Pharmaceuticals, Inc., Class A*(b)   3,445    65,868 
REGENXBIO, Inc.*   4,836    154,752 
Relay Therapeutics, Inc.*   7,355    216,384 
Reneo Pharmaceuticals, Inc.*   773    5,318 
Replimune Group, Inc.*   3,643    103,789 
REVOLUTION Medicines, Inc.*   7,275    201,227 
Rhythm Pharmaceuticals, Inc.*   5,397    48,303 
Rigel Pharmaceuticals, Inc.*   20,934    55,894 
Rocket Pharmaceuticals, Inc.*(b)   4,987    121,832 
Rubius Therapeutics, Inc.*   5,618    69,438 
Sana Biotechnology, Inc.*   10,578    201,088 
Sangamo Therapeutics, Inc.*   14,548    120,603 
Scholar Rock Holding Corp.*   3,389    89,978 
Selecta Biosciences, Inc.*   11,126    33,378 
Sensei Biotherapeutics, Inc.*   2,560    17,613 
Sera Prognostics, Inc., Class A*   580    6,148 
Seres Therapeutics, Inc.*   8,527    91,751 
Sesen Bio, Inc.*   24,237    25,449 
Shattuck Labs, Inc.*   3,259    27,636 
Sigilon Therapeutics, Inc.*   1,863    7,005 

 

See accompanying notes to the financial statements.

 

 

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Silverback Therapeutics, Inc.*   2,513    17,666 
Solid Biosciences, Inc.*   7,306    12,786 
Sorrento Therapeutics, Inc.*(b)   34,040    202,878 
Spectrum Pharmaceuticals, Inc.*   19,976    31,562 
Spero Therapeutics, Inc.*(b)   2,965    42,251 
SpringWorks Therapeutics, Inc.*   3,577    257,007 
Spruce Biosciences, Inc.*(b)   1,064    2,745 
SQZ Biotechnologies Co.*   2,789    36,703 
Stoke Therapeutics, Inc.*   2,339    58,241 
Summit Therapeutics, Inc.*   3,229    16,403 
Surface Oncology, Inc.*   4,267    24,621 
Sutro Biopharma, Inc.*   5,313    90,746 
Syndax Pharmaceuticals, Inc.*   5,509    87,979 
Syros Pharmaceuticals, Inc.*   7,054    27,934 
Talaris Therapeutics, Inc.*(b)   1,126    14,593 
Taysha Gene Therapies, Inc.*   2,738    35,539 
TCR2 Therapeutics, Inc.*   3,737    19,246 
Tenaya Therapeutics, Inc.*(b)   1,706    33,523 
TG Therapeutics, Inc.*   15,706    238,731 
Tonix Pharmaceuticals Holding Corp.*(b)   44,178    20,728 
Travere Therapeutics, Inc.*   7,143    203,933 
Trevena, Inc.*(b)   20,037    13,625 
Turning Point Therapeutics, Inc.*   5,634    214,430 
Twist Bioscience Corp.*   5,785    552,468 
UroGen Pharma Ltd.*(b)   2,390    28,895 
Vanda Pharmaceuticals, Inc.*   6,714    108,767 
Vaxart, Inc.*(b)   14,617    116,351 
Vaxcyte, Inc.*(b)   4,949    100,861 
VBI Vaccines, Inc.*   22,814    69,355 
Vera Therapeutics, Inc.*   866    31,003 
Veracyte, Inc.*   8,267    342,915 
Verastem, Inc.*   21,080    56,284 
Vericel Corp.*   5,697    211,985 
Verve Therapeutics, Inc.*(b)   1,936    65,979 
Viking Therapeutics, Inc.*(b)   8,381    44,503 
Vincerx Pharma, Inc.*   1,598    16,763 
Vir Biotechnology, Inc.*   7,365    349,248 
Viracta Therapeutics, Inc.*   4,432    20,432 
VistaGen Therapeutics, Inc.*   23,773    45,882 
Vor BioPharma, Inc.*(b)   2,329    26,877 
Werewolf Therapeutics, Inc.*   927    13,432 
XBiotech, Inc.(b)   1,866    23,549 
Xencor, Inc.*   6,923    250,751 
XOMA Corp.*(b)   738    15,136 
Y-mAbs Therapeutics, Inc.*   4,282    73,137 
Zentalis Pharmaceuticals, Inc.*   4,398    360,856 
ZIOPHARM Oncology, Inc.*(b)   25,683    35,699 
         30,916,681 
Building Products - 1.1%
AAON, Inc.   5,139    400,842 
American Woodmark Corp.*   2,057    126,793 
Apogee Enterprises, Inc.   3,100    128,030 
Caesarstone Ltd.   2,771    30,952 
Cornerstone Building Brands, Inc.*   6,705    105,403 
CSW Industrials, Inc.   1,819    218,644 
Gibraltar Industries, Inc.*   4,020    272,958 
Griffon Corp.   5,695    149,835 
Insteel Industries, Inc.   2,284    96,293 
JELD-WEN Holding, Inc.*   10,289    249,302 
Masonite International Corp.*   2,957    316,399 
PGT Innovations, Inc.*   7,063    145,074 
Quanex Building Products Corp.   4,094    87,489 
Resideo Technologies, Inc.*   17,718    462,263 
Simpson Manufacturing Co., Inc.   5,339    615,907 
UFP Industries, Inc.   7,379    614,523 
View, Inc.*   12,021    50,729 
Zurn Water Solutions Corp.   14,871    521,229 
         4,592,665 
Capital Markets - 1.4%
Artisan Partners Asset Management, Inc., Class A   7,173    320,848 
AssetMark Financial Holdings, Inc.*   2,217    56,223 
Associated Capital Group, Inc., Class A   211    8,335 
B Riley Financial, Inc.   2,478    191,872 
BGC Partners, Inc., Class A   40,639    181,656 
Blucora, Inc.*   5,957    96,444 
Brightsphere Investment Group, Inc.   7,107    213,423 
Cohen & Steers, Inc.   3,047    273,529 
Cowen, Inc., Class A   3,438    121,636 
Diamond Hill Investment Group, Inc.   372    71,457 
Donnelley Financial Solutions, Inc.*   3,606    168,472 
Federated Hermes, Inc.   11,602    391,082 
Focus Financial Partners, Inc., Class A*   7,301    449,304 
GAMCO Investors, Inc., Class A   637    15,594 
GCM Grosvenor, Inc., Class A(b)   5,271    60,406 
Greenhill & Co., Inc.   1,764    30,094 
Hamilton Lane, Inc., Class A   4,169    440,955 
Houlihan Lokey, Inc.   6,260    679,460 
Moelis & Co., Class A   7,496    459,580 
Open Lending Corp., Class A*   12,777    296,937 
Oppenheimer Holdings, Inc., Class A   1,132    55,513 
Piper Sandler Cos.   2,140    354,705 
PJT Partners, Inc., Class A   2,945    224,056 
Pzena Investment Management, Inc., Class A   2,070    19,417 
Sculptor Capital Management, Inc.   2,680    48,562 
StepStone Group, Inc., Class A   4,955    204,988 
StoneX Group, Inc.*   2,057    115,552 
Value Line, Inc.   120    4,860 
Virtus Investment Partners, Inc.   894    265,858 
WisdomTree Investments, Inc.   16,502    101,322 
         5,922,140 
Chemicals - 1.7%
AdvanSix, Inc.   3,346    151,540 
American Vanguard Corp.   3,594    51,430 
Amyris, Inc.*   20,946    143,690 
Avient Corp.   11,137    612,646 
Balchem Corp.   3,951    624,258 
Cabot Corp.   6,877    360,905 
Chase Corp.   903    89,027 
Danimer Scientific, Inc.*(b)   8,159    108,841 
Ecovyst, Inc.   6,292    60,215 
Ferro Corp.*   10,068    212,636 
FutureFuel Corp.   3,167    23,879 
GCP Applied Technologies, Inc.*   6,024    140,600 
Hawkins, Inc.   2,355    78,139 
HB Fuller Co.   6,390    467,492 
Ingevity Corp.*   4,870    350,202 
Innospec, Inc.   3,006    244,087 
Intrepid Potash, Inc.*   1,225    50,348 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Koppers Holdings, Inc.*   2,544    76,829 
Kraton Corp.*   3,850    177,331 
Kronos Worldwide, Inc.   2,728    38,192 
Livent Corp.*   19,855    601,408 
Marrone Bio Innovations, Inc.*   12,275    8,661 
Minerals Technologies, Inc.   4,120    270,560 
Orion Engineered Carbons SA*   7,426    130,326 
PureCycle Technologies, Inc.*(b)   4,036    49,643 
Quaker Chemical Corp.(b)   1,653    376,636 
Rayonier Advanced Materials, Inc.*   7,571    41,489 
Sensient Technologies Corp.   5,183    504,254 
Stepan Co.   2,641    297,667 
Tredegar Corp.   3,211    35,321 
Trinseo plc   4,769    225,240 
Tronox Holdings plc, Class A   14,020    308,300 
Valhi, Inc.   295    7,782 
Zymergen, Inc.*(b)   2,294    20,784 
         6,940,358 
Commercial Services & Supplies - 1.5%          
ABM Industries, Inc.   8,247    371,115 
ACCO Brands Corp.   11,420    94,329 
Brady Corp., Class A   5,780    290,445 
BrightView Holdings, Inc.*   5,018    68,245 
Brink's Co. (The)   5,963    364,697 
Casella Waste Systems, Inc., Class A*   6,025    510,800 
CECO Environmental Corp.*   3,812    22,605 
Cimpress plc*   2,069    161,030 
CompX International, Inc.   196    4,371 
CoreCivic, Inc., REIT*   14,698    158,298 
Deluxe Corp.   5,161    174,648 
Ennis, Inc.   3,127    59,476 
Harsco Corp.*   9,596    139,910 
Healthcare Services Group, Inc.   9,185    160,738 
Heritage-Crystal Clean, Inc.*   1,914    61,420 
HNI Corp.   5,334    210,746 
Interface, Inc.(b)   7,123    101,574 
KAR Auction Services, Inc.*   14,568    218,374 
Kimball International, Inc., Class B   4,425    45,312 
Matthews International Corp., Class A   3,795    131,573 
MillerKnoll, Inc.   9,113    345,747 
Montrose Environmental Group, Inc.*   2,835    207,607 
NL Industries, Inc.   1,026    6,310 
Pitney Bowes, Inc.   21,551    147,193 
RR Donnelley & Sons Co.*   8,682    91,682 
SP Plus Corp.*   2,835    76,857 
Steelcase, Inc., Class A   10,862    121,546 
Team, Inc.*   3,229    4,359 
Tetra Tech, Inc.   6,608    1,220,365 
UniFirst Corp.   1,848    354,169 
US Ecology, Inc.*(b)   3,860    131,510 
Viad Corp.*   2,488    105,267 
VSE Corp.(b)   1,297    70,998 
         6,233,316 
Communications Equipment - 0.6%          
ADTRAN, Inc.   5,909    120,425 
Aviat Networks, Inc.*   1,181    37,013 
CalAmp Corp.*   4,274    39,235 
Calix, Inc.*   6,756    452,382 
Cambium Networks Corp.*   1,303    35,455 
Casa Systems, Inc.*   3,844    19,182 
Clearfield, Inc.*   1,396    90,377 
Comtech Telecommunications Corp.   3,124    79,318 
Digi International, Inc.*   4,137    89,070 
DZS, Inc.*   2,060    26,698 
EMCORE Corp.*   4,475    32,981 
Extreme Networks, Inc.*   15,125    204,187 
Harmonic, Inc.*   10,933    117,530 
Infinera Corp.*   22,158    180,145 
Inseego Corp.*(b)   10,213    65,976 
KVH Industries, Inc.*   1,857    18,551 
NETGEAR, Inc.*   3,695    98,804 
NetScout Systems, Inc.*   8,599    257,110 
Plantronics, Inc.*   5,172    131,989 
Ribbon Communications, Inc.*   8,618    46,968 
Viavi Solutions, Inc.*   28,014    414,887 
         2,558,283 
Construction & Engineering - 1.4%          
Ameresco, Inc., Class A*   3,786    341,989 
API Group Corp.*   24,261    565,524 
Arcosa, Inc.   5,938    303,847 
Argan, Inc.   1,828    71,840 
Comfort Systems USA, Inc.   4,369    414,487 
Concrete Pumping Holdings, Inc.*(b)   3,162    25,834 
Construction Partners, Inc., Class A*   3,562    123,031 
Dycom Industries, Inc.*   3,662    342,324 
EMCOR Group, Inc.   6,535    779,887 
Fluor Corp.*   17,389    384,471 
Granite Construction, Inc.   5,607    218,000 
Great Lakes Dredge & Dock Corp.*   7,936    117,294 
IES Holdings, Inc.*   1,061    50,917 
Infrastructure and Energy Alternatives, Inc.*   3,361    31,795 
INNOVATE Corp.*   5,802    22,106 
Matrix Service Co.*   3,192    27,739 
MYR Group, Inc.*   2,023    223,966 
Northwest Pipe Co.*   1,186    34,133 
NV5 Global, Inc.*   1,615    212,373 
Primoris Services Corp.   6,554    146,941 
Sterling Construction Co., Inc.*   3,409    87,850 
Tutor Perini Corp.*   5,052    64,969 
WillScot Mobile Mini Holdings Corp.*   25,627    976,132 
         5,567,449 
Construction Materials - 0.2%          
Forterra, Inc.*   3,566    84,835 
Summit Materials, Inc., Class A*   14,551    542,752 
United States Lime & Minerals, Inc.   253    30,145 
         657,732 
Consumer Finance - 0.7%          
Atlanticus Holdings Corp.*   655    38,927 
Curo Group Holdings Corp.   2,582    42,835 
Encore Capital Group, Inc.*   3,695    215,566 
Enova International, Inc.*   4,446    169,481 
EZCORP, Inc., Class A*   6,040    44,696 
FirstCash, Inc.   4,866    310,645 
Green Dot Corp., Class A*   6,553    235,253 
LendingClub Corp.*   11,989    392,280 
LendingTree, Inc.*   1,424    161,453 
Navient Corp.   20,188    398,309 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Nelnet, Inc., Class A   2,078    179,124 
Oportun Financial Corp.*   2,555    54,856 
PRA Group, Inc.*   5,565    236,290 
PROG Holdings, Inc.*   8,122    366,465 
Regional Management Corp.   976    55,203 
World Acceptance Corp.*   530    108,873 
         3,010,256 
Containers & Packaging - 0.2%
Greif, Inc., Class A   3,160    191,749 
Greif, Inc., Class B   728    43,076 
Myers Industries, Inc.   4,425    86,199 
O-I Glass, Inc.*   19,361    214,326 
Pactiv Evergreen, Inc.   5,271    65,413 
Ranpak Holdings Corp.*   4,606    182,536 
TriMas Corp.   5,296    175,403 
UFP Technologies, Inc.*   848    56,706 
         1,015,408 
Distributors - 0.0%(d)
Funko, Inc., Class A*(b)   3,248    53,072 
Greenlane Holdings, Inc., Class A*   1,999    2,399 
         55,471 
Diversified Consumer Services - 0.5%
2U, Inc.*   8,790    209,114 
Adtalem Global Education, Inc.*   6,067    180,008 
American Public Education, Inc.*   2,279    43,050 
Carriage Services, Inc.   2,017    104,360 
Coursera, Inc.*   7,073    212,119 
European Wax Center, Inc., Class A*   1,245    33,578 
Graham Holdings Co., Class B   475    269,097 
Houghton Mifflin Harcourt Co.*   15,578    242,394 
Laureate Education, Inc., Class A   12,150    121,500 
OneSpaWorld Holdings Ltd.*(b)   6,476    61,069 
Perdoceo Education Corp.*   8,618    84,887 
PowerSchool Holdings, Inc., Class A*   5,277    105,804 
Regis Corp.*(b)   2,896    7,877 
StoneMor, Inc.*   3,942    9,697 
Strategic Education, Inc.   2,988    159,858 
Stride, Inc.*   4,937    168,500 
Vivint Smart Home, Inc.*   11,226    118,322 
WW International, Inc.*(b)   6,453    108,539 
         2,239,773 
Diversified Financial Services - 0.1%
Alerus Financial Corp.   1,844    55,504 
A-Mark Precious Metals, Inc.   1,070    74,098 
Banco Latinoamericano de Comercio Exterior SA, Class E   3,798    61,718 
Cannae Holdings, Inc.*   10,378    306,877 
Marlin Business Services Corp.   995    22,835 
         521,032 
Diversified Telecommunication Services - 0.5%
Anterix, Inc.*   1,404    84,464 
ATN International, Inc.   1,362    52,042 
Bandwidth, Inc., Class A*(b)   2,830    202,798 
Cogent Communications Holdings, Inc.   5,226    391,584 
Consolidated Communications Holdings, Inc.*   8,911    67,011 
EchoStar Corp., Class A*   4,844    132,580 
Globalstar, Inc.*(b)   74,389    103,401 
IDT Corp., Class B*   2,453    133,149 
Iridium Communications, Inc.*   14,475    556,564 
Liberty Latin America Ltd., Class A*   5,126    58,231 
Liberty Latin America Ltd., Class C*   18,938    212,863 
Ooma, Inc.*   2,664    50,110 
Radius Global Infrastructure, Inc.*(b)   7,224    119,196 
         2,163,993 
Electric Utilities - 0.5%
ALLETE, Inc.   6,437    377,401 
MGE Energy, Inc.   4,458    323,606 
Otter Tail Corp.   5,042    329,697 
PNM Resources, Inc.   10,492    516,626 
Portland General Electric Co.   11,030    536,830 
Via Renewables, Inc.   1,469    16,409 
         2,100,569 
Electrical Equipment - 1.0%
Advent Technologies Holdings, Inc.*(b)   1,929    14,776 
Allied Motion Technologies, Inc.   1,426    56,256 
American Superconductor Corp.*   3,384    43,315 
Array Technologies, Inc.*   15,651    281,953 
Atkore, Inc.*   5,650    601,725 
AZZ, Inc.   3,044    157,953 
Babcock & Wilcox Enterprises, Inc.*   6,801    61,889 
Beam Global*(b)   1,077    28,584 
Blink Charging Co.*(b)   4,474    171,936 
Bloom Energy Corp., Class A*(b)   17,063    468,891 
Encore Wire Corp.   2,466    346,374 
EnerSys   5,255    389,343 
Eos Energy Enterprises, Inc.*(b)   5,266    52,397 
FTC Solar, Inc.*(b)   2,331    19,953 
FuelCell Energy, Inc.*   39,822    345,655 
GrafTech International Ltd.   24,946    290,621 
Powell Industries, Inc.   1,116    27,253 
Preformed Line Products Co.   361    22,797 
Romeo Power, Inc.*(b)   15,432    61,111 
Stem, Inc.*(b)   5,940    126,047 
Thermon Group Holdings, Inc.*   4,038    69,696 
TPI Composites, Inc.*   4,441    79,183 
Vicor Corp.*   2,586    370,987 
         4,088,695 
Electronic Equipment, Instruments & Components - 2.0%
908 Devices, Inc.*   1,584    38,016 
Advanced Energy Industries, Inc.   4,715    413,458 
Aeva Technologies, Inc.*(b)   9,378    93,311 
Akoustis Technologies, Inc.*(b)   5,326    36,962 
Arlo Technologies, Inc.*   10,183    78,918 
Badger Meter, Inc.   3,579    366,346 
Belden, Inc.   5,418    334,128 
Benchmark Electronics, Inc.   4,386    103,422 
CTS Corp.   3,912    136,294 
Daktronics, Inc.*   4,500    21,960 
ePlus, Inc.*   1,630    171,949 
Fabrinet*   4,530    500,837 
FARO Technologies, Inc.*   2,229    154,826 
Identiv, Inc.*   2,608    59,958 
II-VI, Inc.*   12,817    801,447 
Insight Enterprises, Inc.*   4,227    416,867 
Iteris, Inc.*   5,190    23,563 
Itron, Inc.*   5,543    343,167 
Kimball Electronics, Inc.*   2,950    62,599 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Knowles Corp.*   10,897    236,683 
Luna Innovations, Inc.*   3,781    31,647 
Methode Electronics, Inc.   4,678    208,031 
MicroVision, Inc.*(b)   20,140    142,591 
Napco Security Technologies, Inc.*   1,776    82,531 
nLight, Inc.*   5,212    129,727 
Novanta, Inc.*   4,324    698,110 
OSI Systems, Inc.*   2,076    188,771 
Ouster, Inc.*(b)   3,558    24,194 
PAR Technology Corp.*   2,986    156,377 
PC Connection, Inc.   1,359    59,578 
Plexus Corp.*   3,428    288,432 
Rogers Corp.*   2,293    625,118 
Sanmina Corp.*   7,871    287,606 
ScanSource, Inc.*   3,078    96,187 
TTM Technologies, Inc.*   13,128    180,904 
Velodyne Lidar, Inc.*(b)   9,260    51,115 
Vishay Intertechnology, Inc.   16,324    332,520 
Vishay Precision Group, Inc.*   1,523    52,285 
         8,030,435 
Energy Equipment & Services - 0.7%
Archrock, Inc.   16,526    122,127 
Aspen Aerogels, Inc.*   2,702    154,446 
Bristow Group, Inc.*   2,898    86,071 
Cactus, Inc., Class A   6,688    244,112 
ChampionX Corp.*   24,855    507,291 
DMC Global, Inc.*   2,277    83,111 
Dril-Quip, Inc.*   4,303    82,230 
Expro Group Holdings NV*   3,392    47,522 
FTS International, Inc., Class A*   1,089    28,684 
Helix Energy Solutions Group, Inc.*   17,539    53,319 
Helmerich & Payne, Inc.   12,904    289,695 
Liberty Oilfield Services, Inc., Class A*   11,136    102,451 
Nabors Industries Ltd.*   866    70,544 
National Energy Services Reunited Corp.*   4,652    46,101 
Newpark Resources, Inc.*   11,066    30,210 
NexTier Oilfield Solutions, Inc.*   21,194    76,298 
Oceaneering International, Inc.*   12,205    130,471 
Oil States International, Inc.*   7,425    37,571 
Patterson-UTI Energy, Inc.   22,858    161,377 
ProPetro Holding Corp.*   10,462    85,998 
RPC, Inc.*   8,278    33,360 
Select Energy Services, Inc., Class A*   7,558    43,307 
Solaris Oilfield Infrastructure, Inc., Class A   3,821    26,136 
TETRA Technologies, Inc.*   15,037    39,247 
Tidewater, Inc.*   5,028    52,442 
US Silica Holdings, Inc.*   9,000    87,300 
         2,721,421 
Entertainment - 0.8%
AMC Entertainment Holdings, Inc., Class A*(b)   63,286    2,147,926 
Chicken Soup For The Soul Entertainment, Inc.*   874    11,493 
Cinemark Holdings, Inc.*   13,243    205,531 
CuriosityStream, Inc.*(b)   3,188    23,113 
Eros STX Global Corp.*   38,923    14,133 
IMAX Corp.*   6,106    100,688 
Liberty Media Corp.-Liberty Braves, Class A*   1,228    34,224 
Liberty Media Corp.-Liberty Braves, Class C*   4,477    123,162 
Lions Gate Entertainment Corp., Class A*   7,136    104,543 
Lions Gate Entertainment Corp., Class B*   14,462    197,406 
LiveOne, Inc.*(b)   7,139    13,065 
Madison Square Garden Entertainment Corp.*(b)   3,200    211,584 
Marcus Corp. (The)*(b)   2,798    48,881 
         3,235,749 
Equity Real Estate Investment Trusts (REITs) - 5.5%
Acadia Realty Trust   10,642    214,862 
Agree Realty Corp.   8,336    563,180 
Alexander & Baldwin, Inc.   8,876    195,538 
Alexander's, Inc.   262    66,965 
American Assets Trust, Inc.   6,115    210,356 
American Finance Trust, Inc.   14,514    115,241 
Apartment Investment and Management Co., Class A*   18,253    135,255 
Apple Hospitality REIT, Inc.   26,273    394,621 
Armada Hoffler Properties, Inc.   7,400    103,230 
Ashford Hospitality Trust, Inc.*(b)   2,083    22,184 
Braemar Hotels & Resorts, Inc.*   6,461    28,170 
Brandywine Realty Trust   20,796    267,229 
Broadstone Net Lease, Inc.(b)   18,960    474,000 
BRT Apartments Corp.   1,395    26,254 
CareTrust REIT, Inc.   11,827    239,024 
CatchMark Timber Trust, Inc., Class A   5,994    46,089 
Centerspace REIT   1,722    175,971 
Chatham Lodging Trust*   5,859    69,781 
City Office REIT, Inc.   5,234    87,303 
Clipper Realty, Inc.   1,495    13,066 
Columbia Property Trust, Inc.   14,052    269,798 
Community Healthcare Trust, Inc.   2,894    124,529 
CorePoint Lodging, Inc.*   4,821    74,388 
Corporate Office Properties Trust   13,843    355,211 
CTO Realty Growth, Inc.   723    39,707 
DiamondRock Hospitality Co.*   25,632    223,255 
DigitalBridge Group, Inc.*   59,354    472,458 
Diversified Healthcare Trust   29,083    81,142 
Easterly Government Properties, Inc.   10,323    216,473 
EastGroup Properties, Inc.   4,872    992,426 
Empire State Realty Trust, Inc., Class A   17,524    159,293 
Equity Commonwealth*   14,373    365,793 
Essential Properties Realty Trust, Inc.   14,346    387,772 
Farmland Partners, Inc.   3,506    40,635 
Four Corners Property Trust, Inc.   9,324    251,935 
Franklin Street Properties Corp.   12,645    72,835 
GEO Group, Inc. (The)(b)   14,403    120,985 
Getty Realty Corp.   4,884    149,109 
Gladstone Commercial Corp.   4,465    99,212 
Gladstone Land Corp.   3,514    100,395 
Global Medical REIT, Inc.   7,337    119,887 
Global Net Lease, Inc.   12,369    175,640 
Healthcare Realty Trust, Inc.   17,835    558,592 
Hersha Hospitality Trust*   3,957    34,940 
Independence Realty Trust, Inc.   12,883    315,634 
Indus Realty Trust, Inc.   535    39,590 
Industrial Logistics Properties Trust   7,962    176,438 

 

See accompanying notes to the financial statements.

 

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Innovative Industrial Properties, Inc.   2,904    745,834 
iStar, Inc.(b)   8,490    206,647 
Kite Realty Group Trust   26,586    534,910 
Lexington Realty Trust(b)   33,623    506,026 
LTC Properties, Inc.   4,762    151,241 
Macerich Co. (The)   26,208    494,283 
Mack-Cali Realty Corp.*   10,764    179,866 
Monmouth Real Estate Investment Corp.   11,673    242,448 
National Health Investors, Inc.   5,362    280,111 
National Storage Affiliates Trust   9,955    611,038 
NETSTREIT Corp.   4,863    103,776 
NexPoint Residential Trust, Inc.   2,734    203,902 
Office Properties Income Trust   5,868    139,248 
One Liberty Properties, Inc.(b)   1,964    63,889 
Outfront Media, Inc.   17,835    445,697 
Paramount Group, Inc.   22,864    181,997 
Pebblebrook Hotel Trust   15,931    333,755 
Phillips Edison & Co., Inc.   2,297    72,057 
Physicians Realty Trust(b)   26,420    471,069 
Piedmont Office Realty Trust, Inc., Class A   15,198    264,141 
Plymouth Industrial REIT, Inc.   3,588    106,743 
Postal Realty Trust, Inc., Class A(b)   1,511    26,216 
PotlatchDeltic Corp.   8,089    437,939 
Preferred Apartment Communities, Inc., Class A   6,312    83,192 
PS Business Parks, Inc.   2,462    431,342 
Retail Opportunity Investments Corp.   14,568    255,814 
Retail Value, Inc.   2,137    12,993 
RLJ Lodging Trust   20,269    255,187 
RPT Realty   9,865    125,483 
Ryman Hospitality Properties, Inc.*   6,591    510,143 
Sabra Health Care REIT, Inc.   26,996    349,058 
Safehold, Inc.   2,193    156,887 
Saul Centers, Inc.   1,450    71,384 
Seritage Growth Properties, Class A*(b)   4,577    65,863 
Service Properties Trust   20,112    171,153 
SITE Centers Corp.   21,234    319,784 
STAG Industrial, Inc.   20,011    872,079 
Summit Hotel Properties, Inc.*   12,713    113,781 
Sunstone Hotel Investors, Inc.*   26,682    290,033 
Tanger Factory Outlet Centers, Inc.(b)   12,536    248,338 
Terreno Realty Corp.   8,519    648,722 
UMH Properties, Inc.   5,200    120,016 
Uniti Group, Inc.   23,833    316,264 
Universal Health Realty Income Trust   1,572    87,513 
Urban Edge Properties   14,174    244,218 
Urstadt Biddle Properties, Inc., Class A(b)   3,648    68,874 
Washington REIT   10,377    261,500 
Whitestone REIT   5,308    49,152 
Xenia Hotels & Resorts, Inc.*   13,964    218,816 
         22,616,813 
Food & Staples Retailing - 0.9%
Andersons, Inc. (The)   3,855    130,993 
BJ's Wholesale Club Holdings, Inc.*   16,796    1,111,055 
Chefs' Warehouse, Inc. (The)*   3,850    119,620 
HF Foods Group, Inc.*   4,437    31,680 
Ingles Markets, Inc., Class A   1,721    132,138 
MedAvail Holdings, Inc.*(b)   1,472    2,547 
Natural Grocers by Vitamin Cottage, Inc.   1,130    14,532 
Performance Food Group Co.*   18,578    748,879 
PriceSmart, Inc.   2,870    205,837 
Rite Aid Corp.*(b)   6,731    82,926 
SpartanNash Co.   4,387    104,981 
Sprouts Farmers Market, Inc.*   14,057    371,948 
United Natural Foods, Inc.*   6,838    339,985 
Village Super Market, Inc., Class A   1,043    22,174 
Weis Markets, Inc.   2,016    126,907 
         3,546,202 
Food Products - 0.8%
AppHarvest, Inc.*(b)   8,548    42,826 
B&G Foods, Inc.(b)   7,849    236,490 
Calavo Growers, Inc.   2,097    85,012 
Cal-Maine Foods, Inc.   4,369    157,546 
Fresh Del Monte Produce, Inc.   4,112    101,813 
Hostess Brands, Inc.*   16,046    272,622 
J & J Snack Foods Corp.   1,803    246,254 
John B Sanfilippo & Son, Inc.   1,088    89,651 
Laird Superfood, Inc.*   768    10,237 
Lancaster Colony Corp.   2,327    340,207 
Landec Corp.*   3,204    25,472 
Limoneira Co.   1,922    28,100 
Mission Produce, Inc.*   4,544    80,474 
Sanderson Farms, Inc.   2,490    467,572 
Seneca Foods Corp., Class A*   775    33,100 
Simply Good Foods Co. (The)*   10,416    385,080 
Tattooed Chef, Inc.*(b)   5,788    93,129 
Tootsie Roll Industries, Inc.   1,906    59,944 
TreeHouse Foods, Inc.*   6,371    233,816 
Utz Brands, Inc.   7,011    98,925 
Vital Farms, Inc.*(b)   3,010    50,899 
Whole Earth Brands, Inc.*   4,579    48,354 
         3,187,523 
Gas Utilities - 0.7%
Brookfield Infrastructure Corp., Class A   7,567    447,891 
Chesapeake Utilities Corp.   2,112    268,984 
New Jersey Resources Corp.   11,841    435,512 
Northwest Natural Holding Co.   3,741    161,312 
ONE Gas, Inc.   6,463    419,061 
South Jersey Industries, Inc.   12,624    296,664 
Southwest Gas Holdings, Inc.   7,246    476,859 
Spire, Inc.   6,213    371,848 
         2,878,131 
Health Care Equipment & Supplies - 2.8%
Accelerate Diagnostics, Inc.*(b)   4,042    20,210 
Accuray, Inc.*   11,334    54,517 
Acutus Medical, Inc.*(b)   2,342    7,729 
Alphatec Holdings, Inc.*   8,664    96,170 
AngioDynamics, Inc.*   4,534    116,750 
Apyx Medical Corp.*   3,819    51,289 
Asensus Surgical, Inc.*(b)   28,668    38,415 
Aspira Women's Health, Inc.*(b)   8,907    18,527 
AtriCure, Inc.*   5,483    347,622 
Atrion Corp.   171    121,408 
Avanos Medical, Inc.*   5,895    177,852 
Axogen, Inc.*   4,673    44,721 
Axonics, Inc.*   5,615    305,512 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
BioLife Solutions, Inc.*   2,991    114,137 
Bioventus, Inc., Class A*   3,542    44,027 
Butterfly Network, Inc.*(b)   22,359    157,631 
Cardiovascular Systems, Inc.*   4,815    96,300 
Cerus Corp.*   20,609    141,996 
ClearPoint Neuro, Inc.*(b)   2,333    32,032 
CONMED Corp.   3,558    467,735 
CryoLife, Inc.*   4,659    80,088 
CryoPort, Inc.*   4,970    330,207 
Cutera, Inc.*   2,155    75,123 
CVRx, Inc.*(b)   995    11,522 
CytoSorbents Corp.*(b)   5,052    24,856 
DarioHealth Corp.*   1,652    25,821 
Eargo, Inc.*   2,419    12,530 
Glaukos Corp.*   5,507    236,966 
Haemonetics Corp.*   6,182    316,827 
Heska Corp.*   1,199    192,991 
Inari Medical, Inc.*   4,165    343,779 
Inogen, Inc.*   2,394    73,137 
Integer Holdings Corp.*   4,025    320,954 
Intersect ENT, Inc.*   4,080    109,222 
Invacare Corp.*   4,124    11,300 
iRadimed Corp.*   777    34,965 
iRhythm Technologies, Inc.*   3,615    381,744 
Lantheus Holdings, Inc.*(b)   8,254    221,042 
LeMaitre Vascular, Inc.   2,315    108,319 
LivaNova plc*   6,551    525,128 
Meridian Bioscience, Inc.*   5,225    104,030 
Merit Medical Systems, Inc.*   6,290    395,389 
Mesa Laboratories, Inc.   608    187,744 
Natus Medical, Inc.*   4,133    93,406 
Neogen Corp.*   13,191    529,355 
Neuronetics, Inc.*   3,126    12,098 
NeuroPace, Inc.*(b)   870    8,700 
Nevro Corp.*   4,239    369,132 
NuVasive, Inc.*   6,339    304,652 
OraSure Technologies, Inc.*(b)   8,766    81,787 
Ortho Clinical Diagnostics Holdings plc*   13,556    259,462 
Orthofix Medical, Inc.*   2,320    71,015 
OrthoPediatrics Corp.*   1,692    94,261 
Outset Medical, Inc.*   5,605    265,677 
PAVmed, Inc.*(b)   8,808    32,325 
Pulmonx Corp.*   3,199    103,328 
Pulse Biosciences, Inc.*(b)   1,705    34,612 
Quotient Ltd.*   9,614    20,382 
Retractable Technologies, Inc.*(b)   2,124    18,394 
RxSight, Inc.*(b)   1,020    11,067 
SeaSpine Holdings Corp.*   3,890    52,243 
Senseonics Holdings, Inc.*(b)   52,876    166,031 
Shockwave Medical, Inc.*   4,134    745,112 
SI-BONE, Inc.*   3,989    76,788 
Sientra, Inc.*   7,040    28,301 
Sight Sciences, Inc.*(b)   1,365    28,597 
Silk Road Medical, Inc.*   4,156    168,650 
Soliton, Inc.*(b)   1,429    29,337 
STAAR Surgical Co.*   5,823    554,291 
Stereotaxis, Inc.*   6,081    35,695 
Surmodics, Inc.*   1,657    72,792 
Tactile Systems Technology, Inc.*   2,349    45,806 
Talis Biomedical Corp.*   1,770    8,284 
TransMedics Group, Inc.*   3,176    69,999 
Treace Medical Concepts, Inc.*   1,381    23,905 
Utah Medical Products, Inc.   420    46,855 
Vapotherm, Inc.*(b)   2,788    61,336 
Varex Imaging Corp.*(b)   4,697    134,099 
ViewRay, Inc.*   16,959    87,169 
Wright Medical Group NV*(e)   7,530    — 
Zynex, Inc.*(b)   2,384    30,515 
         11,353,722 
Health Care Providers & Services - 2.4%
1Life Healthcare, Inc.*   14,287    227,592 
Accolade, Inc.*   6,168    158,333 
AdaptHealth Corp.*   8,781    172,371 
Addus HomeCare Corp.*   1,886    164,497 
Agiliti, Inc.*   2,880    60,653 
Alignment Healthcare, Inc.*   3,227    52,310 
AMN Healthcare Services, Inc.*   5,777    658,636 
Apollo Medical Holdings, Inc.*   4,611    431,912 
Apria, Inc.*   1,849    52,012 
Aveanna Healthcare Holdings, Inc.*   4,833    31,125 
Biodesix, Inc.*(b)   1,505    10,264 
Brookdale Senior Living, Inc.*   22,677    132,887 
Castle Biosciences, Inc.*   2,611    107,913 
Community Health Systems, Inc.*   15,225    183,157 
CorVel Corp.*   1,081    203,228 
Covetrus, Inc.*   12,682    228,022 
Cross Country Healthcare, Inc.*   4,399    115,078 
Ensign Group, Inc. (The)   6,439    491,489 
Fulgent Genetics, Inc.*(b)   2,534    236,980 
Hanger, Inc.*   4,596    77,534 
HealthEquity, Inc.*   10,024    548,112 
InfuSystem Holdings, Inc.*   2,219    36,724 
Innovage Holding Corp.*   2,246    17,901 
Joint Corp. (The)*   1,694    135,384 
LHC Group, Inc.*   3,742    429,282 
LifeStance Health Group, Inc.*(b)   5,695    45,218 
Magellan Health, Inc.*   2,909    275,744 
MEDNAX, Inc.*   9,328    229,096 
ModivCare, Inc.*   1,526    209,108 
National HealthCare Corp.   1,539    99,250 
National Research Corp.   1,713    68,606 
Ontrak, Inc.*(b)   1,106    6,713 
Option Care Health, Inc.*   18,341    464,211 
Owens & Minor, Inc.   8,888    355,520 
Patterson Cos., Inc.   10,501    330,466 
Pennant Group, Inc. (The)*   3,141    63,857 
PetIQ, Inc.*(b)   3,297    65,841 
Privia Health Group, Inc.*   2,467    56,988 
Progyny, Inc.*   7,730    392,452 
R1 RCM, Inc.*   14,557    346,748 
RadNet, Inc.*   5,563    149,978 
Select Medical Holdings Corp.   13,540    363,549 
Sharps Compliance Corp.*   1,791    13,218 
SOC Telemed, Inc.*(b)   7,441    15,105 
Surgery Partners, Inc.*   3,884    172,294 
Tenet Healthcare Corp.*   13,014    948,330 
Tivity Health, Inc.*   5,388    128,342 
Triple-S Management Corp.*   2,787    98,994 
US Physical Therapy, Inc.   1,566    134,645 
Viemed Healthcare, Inc.*   4,338    21,907 
         10,019,576 
Health Care Technology - 1.0%
Allscripts Healthcare Solutions, Inc.*   15,187    252,560 
American Well Corp., Class A*   22,419    145,723 
Castlight Health, Inc., Class B*   14,896    22,791 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Computer Programs and Systems, Inc.*   1,727    50,895 
Convey Health Solutions Holdings, Inc.*(b)   1,649    10,751 
Evolent Health, Inc., Class A*   9,486    246,636 
Forian, Inc.   2,308    19,803 
Health Catalyst, Inc.*   6,144    266,588 
HealthStream, Inc.*   3,097    71,912 
iCAD, Inc.*   2,682    19,766 
Inspire Medical Systems, Inc.*   3,296    735,898 
Multiplan Corp.*(b)   27,821    112,397 
NantHealth, Inc.*(b)   3,297    3,693 
NextGen Healthcare, Inc.*   6,881    106,655 
Omnicell, Inc.*   5,272    933,144 
OptimizeRx Corp.*   2,103    136,695 
Phreesia, Inc.*   5,989    345,445 
Schrodinger, Inc.*   5,553    217,567 
Simulations Plus, Inc.   1,874    88,022 
Tabula Rasa HealthCare, Inc.*   2,746    31,222 
Vocera Communications, Inc.*   4,226    246,545 
         4,064,708 
Hotels, Restaurants & Leisure - 1.9%
Accel Entertainment, Inc.*   6,901    87,850 
Bally's Corp.*   4,000    153,360 
Biglari Holdings, Inc., Class B*   99    14,045 
BJ's Restaurants, Inc.*   2,761    82,443 
Bloomin' Brands, Inc.*   10,853    191,772 
Bluegreen Vacations Holding Corp.*   1,853    55,090 
Brinker International, Inc.*   5,567    192,618 
Carrols Restaurant Group, Inc.   4,096    11,715 
Century Casinos, Inc.*   3,337    43,548 
Cheesecake Factory, Inc. (The)*   5,646    216,355 
Chuy's Holdings, Inc.*   2,439    69,902 
Cracker Barrel Old Country Store, Inc.   2,907    354,712 
Dave & Buster's Entertainment, Inc.*   5,296    172,014 
Del Taco Restaurants, Inc.   3,659    28,028 
Denny's Corp.*   7,677    106,326 
Dine Brands Global, Inc.*   1,997    143,425 
Drive Shack, Inc.*   10,122    17,309 
El Pollo Loco Holdings, Inc.*   2,334    29,455 
Esports Technologies, Inc.*(b)   1,357    39,272 
Everi Holdings, Inc.*   10,470    217,148 
F45 Training Holdings, Inc.*(b)   2,512    26,728 
Fiesta Restaurant Group, Inc.*   2,163    20,181 
Full House Resorts, Inc.*   4,009    35,921 
GAN Ltd.*   4,916    47,538 
Golden Entertainment, Inc.*   2,103    96,549 
Golden Nugget Online Gaming, Inc.*   4,888    60,953 
Hall of Fame Resort & Entertainment Co.*(b)   6,737    12,531 
Hilton Grand Vacations, Inc.*   10,485    498,037 
International Game Technology plc(b)   12,253    331,076 
Jack in the Box, Inc.   2,674    220,872 
Krispy Kreme, Inc.(b)   2,691    39,154 
Kura Sushi USA, Inc., Class A*   491    31,228 
Lindblad Expeditions Holdings, Inc.*   3,760    52,678 
Monarch Casino & Resort, Inc.*   1,585    106,781 
Nathan's Famous, Inc.   349    21,477 
NEOGAMES SA*   684    22,791 
Noodles & Co.*   4,983    51,275 
ONE Group Hospitality, Inc. (The)*   2,541    33,312 
Papa John's International, Inc.   4,054    494,264 
PlayAGS, Inc.*   3,366    24,235 
RCI Hospitality Holdings, Inc.   1,023    64,766 
Red Robin Gourmet Burgers, Inc.*   1,909    31,117 
Red Rock Resorts, Inc., Class A   7,550    358,927 
Rush Street Interactive, Inc.*   6,604    117,815 
Ruth's Hospitality Group, Inc.*   4,122    70,074 
Scientific Games Corp.*   11,784    753,233 
SeaWorld Entertainment, Inc.*   6,312    372,345 
Shake Shack, Inc., Class A*   4,586    334,732 
Target Hospitality Corp.*   3,055    11,273 
Texas Roadhouse, Inc.   8,578    711,459 
Wingstop, Inc.   3,657    587,314 
Xponential Fitness, Inc., Class A*   1,138    22,134 
         7,889,157 
Household Durables - 1.7%
Aterian, Inc.*(b)   3,180    15,518 
Bassett Furniture Industries, Inc.   1,124    17,130 
Beazer Homes USA, Inc.*   3,588    70,468 
Casper Sleep, Inc.*   3,558    23,269 
Cavco Industries, Inc.*   1,132    336,759 
Century Communities, Inc.   3,679    261,467 
Ethan Allen Interiors, Inc.   2,761    62,123 
Flexsteel Industries, Inc.   814    23,101 
GoPro, Inc., Class A*   15,465    154,650 
Green Brick Partners, Inc.*(b)   3,763    93,887 
Hamilton Beach Brands Holding Co., Class A   910    13,650 
Helen of Troy Ltd.*   2,954    710,437 
Hooker Furnishings Corp.   1,437    34,114 
Hovnanian Enterprises, Inc., Class A*(b)   627    59,885 
Installed Building Products, Inc.(b)   2,907    375,265 
iRobot Corp.*   3,425    259,992 
KB Home   10,253    410,017 
Landsea Homes Corp.*   1,316    9,988 
La-Z-Boy, Inc.   5,505    183,812 
Legacy Housing Corp.*   985    24,595 
LGI Homes, Inc.*(b)   2,684    385,583 
Lifetime Brands, Inc.   1,546    25,107 
Lovesac Co. (The)*   1,565    99,033 
M/I Homes, Inc.*   3,502    195,727 
MDC Holdings, Inc.   7,007    335,215 
Meritage Homes Corp.*   4,592    518,253 
Purple Innovation, Inc.*   7,057    72,828 
Skyline Champion Corp.*   6,438    503,774 
Snap One Holdings Corp.*   1,627    35,696 
Sonos, Inc.*   14,730    466,205 
Taylor Morrison Home Corp.*   14,949    464,316 
Traeger, Inc.*   2,764    35,683 
Tri Pointe Homes, Inc.*   13,845    345,710 
Tupperware Brands Corp.*   6,078    95,060 
Universal Electronics, Inc.*   1,600    57,920 
VOXX International Corp.*   1,907    19,623 
Vuzix Corp.*(b)   7,191    77,447 
Weber, Inc., Class A*(b)   2,084    28,051 
         6,901,358 
Household Products - 0.2%
Central Garden & Pet Co.*   1,210    58,298 
Central Garden & Pet Co., Class A*   4,958    214,929 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Energizer Holdings, Inc.   8,341    310,202 
Oil-Dri Corp. of America   639    21,279 
WD-40 Co.(b)   1,674    375,562 
         980,270 
Independent Power and Renewable Electricity Producers - 0.3%
Clearway Energy, Inc., Class A   4,271    147,478 
Clearway Energy, Inc., Class C, Class C   10,050    375,066 
Ormat Technologies, Inc.(b)   5,548    418,874 
Sunnova Energy International, Inc.*   10,523    389,035 
         1,330,453 
Insurance - 1.7%
Ambac Financial Group, Inc.*   5,575    83,291 
American Equity Investment Life Holding Co.   10,143    341,109 
American National Group, Inc.   913    172,785 
AMERISAFE, Inc.   2,349    124,708 
Argo Group International Holdings Ltd.   3,885    210,878 
Bright Health Group, Inc.*(b)   6,503    21,655 
BRP Group, Inc., Class A*   5,735    212,424 
Citizens, Inc.*(b)   6,116    34,678 
CNO Financial Group, Inc.   15,626    354,085 
Crawford & Co., Class A   1,995    14,544 
Donegal Group, Inc., Class A   1,811    24,630 
eHealth, Inc.*   2,992    66,063 
Employers Holdings, Inc.   3,485    134,556 
Enstar Group Ltd.*   1,521    339,335 
Genworth Financial, Inc., Class A*   61,973    236,737 
Goosehead Insurance, Inc., Class A   2,170    284,964 
Greenlight Capital Re Ltd., Class A*   3,220    21,767 
HCI Group, Inc.   694    76,618 
Heritage Insurance Holdings, Inc.   3,165    21,079 
Horace Mann Educators Corp.   5,113    189,539 
Independence Holding Co.   525    29,663 
Investors Title Co.   159    34,344 
James River Group Holdings Ltd.   4,492    118,768 
Kinsale Capital Group, Inc.   2,635    548,080 
Maiden Holdings Ltd.*   8,517    25,551 
MBIA, Inc.*(b)   5,875    69,090 
MetroMile, Inc.*(b)   4,752    12,070 
National Western Life Group, Inc., Class A   314    63,946 
NI Holdings, Inc.*   1,050    19,467 
Palomar Holdings, Inc.*(b)   3,011    220,044 
ProAssurance Corp.   6,586    151,478 
RLI Corp.   4,904    504,033 
Safety Insurance Group, Inc.   1,774    137,077 
Selective Insurance Group, Inc.   7,278    549,780 
Selectquote, Inc.*   16,422    147,798 
SiriusPoint Ltd.*   10,848    83,530 
State Auto Financial Corp.   2,164    111,359 
Stewart Information Services Corp.   3,270    232,889 
Tiptree, Inc.   2,837    36,966 
Trean Insurance Group, Inc.*   2,162    18,182 
Trupanion, Inc.*   4,679    577,014 
United Fire Group, Inc.   2,577    53,911 
United Insurance Holdings Corp.   2,491    10,288 
Universal Insurance Holdings, Inc.   3,322    50,063 
         6,770,836 
Interactive Media & Services - 0.5%
Cargurus, Inc.*   11,566    433,725 
Cars.com, Inc.*   8,386    139,878 
Eventbrite, Inc., Class A*   9,197    138,875 
EverQuote, Inc., Class A*   2,347    30,933 
fuboTV, Inc.*   16,105    315,980 
Liberty TripAdvisor Holdings, Inc., Class A*   8,927    19,282 
MediaAlpha, Inc., Class A*   2,599    40,077 
Outbrain, Inc.*   989    14,924 
QuinStreet, Inc.*   6,082    93,115 
TrueCar, Inc.*   11,681    38,431 
Yelp, Inc.*   8,770    300,636 
Ziff Davis, Inc.*   5,326    606,472 
         2,172,328 
Internet & Direct Marketing Retail - 0.5%
1-800-Flowers.com, Inc., Class A*   3,266    97,261 
1stdibs.com, Inc.*(b)   825    10,634 
CarParts.com, Inc.*   5,991    74,109 
Duluth Holdings, Inc., Class B*   1,488    20,638 
Groupon, Inc.*   2,888    59,666 
Lands' End, Inc.*   1,758    40,452 
Liquidity Services, Inc.*   3,249    73,655 
Overstock.com, Inc.*   5,268    470,222 
PetMed Express, Inc.   2,416    66,102 
Porch Group, Inc.*(b)   9,448    198,786 
Quotient Technology, Inc.*   10,883    76,290 
RealReal, Inc. (The)*   9,635    150,017 
Revolve Group, Inc.*   4,400    335,148 
Shutterstock, Inc.   2,867    326,867 
Stitch Fix, Inc., Class A*   7,229    180,002 
Xometry, Inc., Class A*(b)   988    49,113 
         2,228,962 
IT Services - 1.3%
BigCommerce Holdings, Inc., Series 1*   5,928    268,361 
BM Technologies, Inc.*(b)   409    4,928 
Brightcove, Inc.*   4,983    47,986 
Cantaloupe, Inc.*(b)   7,140    64,403 
Cass Information Systems, Inc.   1,744    70,039 
Conduent, Inc.*   20,489    103,265 
CSG Systems International, Inc.   3,989    210,260 
DigitalOcean Holdings, Inc.*(b)   6,067    611,614 
EVERTEC, Inc.   7,422    311,650 
Evo Payments, Inc., Class A*   5,794    123,354 
ExlService Holdings, Inc.*   4,022    522,337 
Flywire Corp.*   1,485    60,350 
GreenBox POS*(b)   2,240    11,670 
GreenSky, Inc., Class A*   8,793    99,713 
Grid Dynamics Holdings, Inc.*   5,163    202,545 
Hackett Group, Inc. (The)   3,010    61,585 
I3 Verticals, Inc., Class A*   2,622    48,900 
IBEX Holdings Ltd.*   694    9,178 
International Money Express, Inc.*   3,917    59,186 
Limelight Networks, Inc.*   15,312    42,108 
LiveRamp Holdings, Inc.*   8,096    379,945 
Maximus, Inc.   7,516    567,082 
MoneyGram International, Inc.*   10,972    65,064 
Paya Holdings, Inc.*   10,073    64,870 
Perficient, Inc.*   3,988    546,476 
Priority Technology Holdings, Inc.*   1,222    7,894 
Rackspace Technology, Inc.*   6,684    95,314 
Repay Holdings Corp.*   10,614    173,645 

 

See accompanying notes to the financial statements.

 

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
StarTek, Inc.*   2,062    8,289 
TTEC Holdings, Inc.   2,265    191,143 
Tucows, Inc., Class A*(b)   1,193    97,027 
Unisys Corp.*   8,044    146,079 
Verra Mobility Corp.*(b)   16,430    236,428 
         5,512,688 
Leisure Products - 0.5%
Acushnet Holdings Corp.   4,201    228,450 
American Outdoor Brands, Inc.*   1,727    40,740 
AMMO, Inc.*(b)   10,550    65,410 
Callaway Golf Co.*   14,182    382,347 
Clarus Corp.(b)   2,958    78,062 
Escalade, Inc.   1,238    21,058 
Genius Brands International, Inc.*(b)   34,582    42,882 
Johnson Outdoors, Inc., Class A   641    66,690 
Latham Group, Inc.*   2,844    73,290 
Malibu Boats, Inc., Class A*   2,539    176,384 
Marine Products Corp.   998    11,796 
MasterCraft Boat Holdings, Inc.*   2,302    62,983 
Nautilus, Inc.*(b)   3,692    25,290 
Smith & Wesson Brands, Inc.   5,874    133,634 
Sturm Ruger & Co., Inc.   2,105    150,907 
Vista Outdoor, Inc.*   7,046    307,699 
         1,867,622 
Life Sciences Tools & Services - 0.8%
Absci Corp.*(b)   1,700    17,935 
Akoya Biosciences, Inc.*   948    12,305 
Alpha Teknova, Inc.*   853    19,073 
Berkeley Lights, Inc.*   5,948    124,135 
Bionano Genomics, Inc.*(b)   34,465    134,758 
ChromaDex Corp.*(b)   5,742    26,930 
Codex DNA, Inc.*(b)   950    6,498 
Codexis, Inc.*   7,376    256,021 
Cytek Biosciences, Inc.*   1,968    39,694 
Fluidigm Corp.*   9,335    43,034 
Harvard Bioscience, Inc.*   4,813    32,199 
Inotiv, Inc.*   1,580    82,160 
MaxCyte, Inc.*   1,920    19,162 
Medpace Holdings, Inc.*   3,553    736,928 
NanoString Technologies, Inc.*   5,558    228,434 
NeoGenomics, Inc.*   13,893    475,974 
Pacific Biosciences of California, Inc.*   23,827    553,025 
Personalis, Inc.*   4,412    59,783 
Quanterix Corp.*   3,781    151,126 
Rapid Micro Biosystems, Inc., Class A*   975    12,012 
Seer, Inc.*(b)   5,099    113,759 
Singular Genomics Systems, Inc.*   1,450    16,559 
         3,161,504 
Machinery - 3.2%
AgEagle Aerial Systems, Inc.*(b)   8,314    18,790 
Alamo Group, Inc.   1,219    173,366 
Albany International Corp., Class A   3,771    305,187 
Altra Industrial Motion Corp.   7,940    418,517 
Astec Industries, Inc.   2,778    174,125 
Barnes Group, Inc.   5,802    252,097 
Blue Bird Corp.*   1,936    39,185 
Chart Industries, Inc.*   4,468    779,889 
CIRCOR International, Inc.*   2,256    60,799 
Columbus McKinnon Corp.   3,411    151,517 
Commercial Vehicle Group, Inc.*   3,927    32,948 
Desktop Metal, Inc., Class A*(b)   22,947    149,614 
Douglas Dynamics, Inc.   2,768    110,028 
Energy Recovery, Inc.*   5,167    109,799 
Enerpac Tool Group Corp.   7,404    156,298 
EnPro Industries, Inc.   2,530    258,060 
ESCO Technologies, Inc.   3,134    256,173 
Evoqua Water Technologies Corp.*   14,181    637,861 
Federal Signal Corp.   7,384    313,303 
Franklin Electric Co., Inc.   5,677    499,860 
Gorman-Rupp Co. (The)   2,790    120,612 
Greenbrier Cos., Inc. (The)   3,907    156,241 
Helios Technologies, Inc.   3,962    397,507 
Hillenbrand, Inc.   8,941    398,769 
Hydrofarm Holdings Group, Inc.*   4,770    157,410 
Hyliion Holdings Corp.*(b)   14,365    95,240 
Hyster-Yale Materials Handling, Inc.   1,224    48,054 
Ideanomics, Inc.*(b)   50,685    81,603 
John Bean Technologies Corp.   3,828    603,944 
Kadant, Inc.   1,412    331,058 
Kennametal, Inc.   10,244    362,330 
Lindsay Corp.   1,336    194,415 
Luxfer Holdings plc   3,375    64,057 
Manitowoc Co., Inc. (The)*   4,202    80,090 
Mayville Engineering Co., Inc.*   1,098    16,305 
Meritor, Inc.*   8,315    210,286 
Miller Industries, Inc.   1,348    44,093 
Mueller Industries, Inc.   6,885    380,947 
Mueller Water Products, Inc., Class A   19,280    262,979 
Nikola Corp.*(b)   27,574    281,806 
NN, Inc.*   5,225    23,251 
Omega Flex, Inc.   380    44,832 
Park-Ohio Holdings Corp.   1,042    21,997 
Proto Labs, Inc.*   3,405    170,659 
RBC Bearings, Inc.*(b)   3,426    677,286 
REV Group, Inc.   3,486    54,730 
Shyft Group, Inc. (The)   4,242    206,204 
SPX Corp.*   5,363    311,858 
SPX FLOW, Inc.   5,091    425,149 
Standex International Corp.   1,481    152,558 
Tennant Co.   2,262    177,929 
Terex Corp.   8,384    355,314 
Titan International, Inc.*   6,259    43,125 
Trinity Industries, Inc.   9,657    255,911 
Wabash National Corp.   6,120    102,204 
Watts Water Technologies, Inc., Class A   3,372    636,330 
Welbilt, Inc.*   16,021    377,455 
         13,221,954 
Marine - 0.2%
Costamare, Inc.   6,468    77,616 
Eagle Bulk Shipping, Inc.(b)   1,095    43,877 
Genco Shipping & Trading Ltd.   3,939    60,700 
Matson, Inc.   5,265    429,255 
Safe Bulkers, Inc.*   7,627    27,610 
         639,058 
Media - 0.9%
Advantage Solutions, Inc.*(b)   9,361    67,680 
AMC Networks, Inc., Class A*   3,565    137,645 
Boston Omaha Corp., Class A*   2,162    61,941 
Cardlytics, Inc.*(b)   3,918    264,778 
Clear Channel Outdoor Holdings, Inc.*   44,501    136,618 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
comScore, Inc.*   8,579    29,769 
Daily Journal Corp.*   148    53,919 
Digital Media Solutions, Inc.*   396    1,790 
Emerald Holding, Inc.*   2,932    11,581 
Entercom Communications Corp.*   14,454    35,701 
Entravision Communications Corp., Class A   7,373    54,781 
EW Scripps Co. (The), Class A   7,022    130,118 
Fluent, Inc.*   5,311    9,879 
Gannett Co., Inc.*   17,225    88,020 
Gray Television, Inc.   10,472    215,933 
Hemisphere Media Group, Inc.*(b)   1,983    15,071 
iHeartMedia, Inc., Class A*   13,723    269,108 
Integral Ad Science Holding Corp.*   2,067    46,384 
John Wiley & Sons, Inc., Class A   5,285    274,714 
Magnite, Inc.*   15,894    280,211 
Meredith Corp.*   4,889    288,451 
National CineMedia, Inc.   7,365    20,622 
Scholastic Corp.   3,231    121,615 
Sinclair Broadcast Group, Inc., Class A   5,628    131,301 
Stagwell, Inc.*   7,556    58,332 
TechTarget, Inc.*   3,127    302,162 
TEGNA, Inc.   27,097    535,166 
Thryv Holdings, Inc.*   939    36,706 
WideOpenWest, Inc.*   6,423    119,468 
         3,799,464 
Metals & Mining - 1.0%
Allegheny Technologies, Inc.*   15,609    222,272 
Arconic Corp.*   13,528    361,468 
Carpenter Technology Corp.   5,840    160,483 
Century Aluminum Co.*   6,294    83,270 
Coeur Mining, Inc.*   31,329    175,442 
Commercial Metals Co.   14,717    454,755 
Compass Minerals International, Inc.   4,191    203,892 
Constellium SE*   15,043    264,306 
Gatos Silver, Inc.*   5,676    76,683 
Haynes International, Inc.   1,531    61,347 
Hecla Mining Co.   65,143    360,892 
Kaiser Aluminum Corp.   1,937    172,839 
Materion Corp.   2,497    211,396 
MP Materials Corp.*   8,935    392,604 
Novagold Resources, Inc.*   29,066    196,195 
Olympic Steel, Inc.   1,148    23,362 
Perpetua Resources Corp.*   3,284    16,584 
PolyMet Mining Corp.*   3,537    10,646 
Ryerson Holding Corp.   2,013    47,165 
Schnitzer Steel Industries, Inc., Class A   3,176    152,766 
SunCoke Energy, Inc.   10,187    62,039 
TimkenSteel Corp.*   5,628    80,593 
Warrior Met Coal, Inc.   6,310    135,602 
Worthington Industries, Inc.   4,141    198,685 
         4,125,286 
Mortgage Real Estate Investment Trusts (REITs) - 1.1%
AFC Gamma, Inc.   1,090    23,577 
Angel Oak Mortgage, Inc.(b)   890    14,516 
Apollo Commercial Real Estate Finance, Inc.   17,195    232,648 
Arbor Realty Trust, Inc.(b)   16,649    292,190 
Ares Commercial Real Estate Corp.   5,363    78,943 
ARMOUR Residential REIT, Inc.   10,107    98,947 
Blackstone Mortgage Trust, Inc., Class A   19,277    578,310 
BrightSpire Capital, Inc.   10,334    96,623 
Broadmark Realty Capital, Inc.   15,741    141,669 
Chimera Investment Corp.   28,873    459,081 
Dynex Capital, Inc.(b)   4,173    69,773 
Ellington Financial, Inc.   5,719    94,764 
Franklin BSP Realty Trust, Inc.*   3,840    58,906 
Granite Point Mortgage Trust, Inc.   6,709    82,722 
Great Ajax Corp.   2,658    33,597 
Hannon Armstrong Sustainable Infrastructure Capital, Inc.   9,393    534,274 
Invesco Mortgage Capital, Inc.(b)   35,755    107,265 
KKR Real Estate Finance Trust, Inc.   3,960    81,695 
Ladder Capital Corp.   13,926    158,617 
MFA Financial, Inc.   54,250    232,732 
New York Mortgage Trust, Inc.   46,525    173,538 
Orchid Island Capital, Inc.(b)   15,144    68,451 
PennyMac Mortgage Investment Trust   12,009    208,596 
Ready Capital Corp.   7,084    108,810 
Redwood Trust, Inc.   13,852    177,583 
TPG RE Finance Trust, Inc.   7,358    89,768 
Two Harbors Investment Corp.   38,466    226,180 
         4,523,775 
Multiline Retail - 0.4%
Big Lots, Inc.   4,199    182,153 
Dillard's, Inc., Class A   738    202,138 
Franchise Group, Inc.   3,464    165,406 
Macy's, Inc.   38,447    1,095,739 
         1,645,436 
Multi-Utilities - 0.3%
Avista Corp.   8,498    327,258 
Black Hills Corp.   7,727    495,455 
NorthWestern Corp.   6,340    350,602 
Unitil Corp.   1,912    79,234 
         1,252,549 
Oil, Gas & Consumable Fuels - 3.2%
Aemetis, Inc.*(b)   3,313    62,152 
Alto Ingredients, Inc.*   8,763    45,655 
Altus Midstream Co.(b)   399    25,289 
Antero Resources Corp.*   35,066    615,759 
Arch Resources, Inc.   1,853    143,589 
Berry Corp.   8,263    67,261 
Brigham Minerals, Inc., Class A   5,348    111,024 
California Resources Corp.   10,125    395,584 
Callon Petroleum Co.*   4,889    248,557 
Centennial Resource Development, Inc., Class A*   22,187    138,225 
Centrus Energy Corp., Class A*   1,189    65,978 
Chesapeake Energy Corp.   12,861    765,744 
Civitas Resources, Inc.   6,058    309,624 
Clean Energy Fuels Corp.*(b)   19,009    136,294 
CNX Resources Corp.*   26,505    361,528 
Comstock Resources, Inc.*   11,221    90,778 
CONSOL Energy, Inc.*   4,197    92,124 
Contango Oil & Gas Co.*   17,998    62,633 
CVR Energy, Inc.   3,626    56,602 
Delek US Holdings, Inc.*   8,046    126,160 
Denbury, Inc.*   6,182    492,211 
DHT Holdings, Inc.   17,371    96,409 
Dorian LPG Ltd.   3,806    46,852 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Earthstone Energy, Inc., Class A*   2,936    30,006 
Energy Fuels, Inc.*   18,102    157,668 
Equitrans Midstream Corp.   50,116    482,116 
Falcon Minerals Corp.   4,823    22,379 
Frontline Ltd.*(b)   14,636    100,257 
Gevo, Inc.*(b)   23,916    137,517 
Golar LNG Ltd.*   12,599    148,668 
Green Plains, Inc.*   5,849    226,064 
HighPeak Energy, Inc.(b)   611    8,303 
International Seaways, Inc.   5,630    82,198 
Kosmos Energy Ltd.*   49,649    181,715 
Laredo Petroleum, Inc.*(b)   1,542    90,824 
Magnolia Oil & Gas Corp., Class A   17,061    323,647 
Matador Resources Co.   13,570    532,894 
Murphy Oil Corp.   17,957    477,297 
Nordic American Tankers Ltd.(b)   18,645    36,917 
Northern Oil and Gas, Inc.   6,416    130,758 
Oasis Petroleum, Inc.   2,473    296,513 
Ovintiv, Inc.   32,109    1,116,109 
Par Pacific Holdings, Inc.*   5,478    74,172 
PBF Energy, Inc., Class A*   11,804    147,904 
PDC Energy, Inc.   12,184    614,439 
Peabody Energy Corp.*   9,867    98,275 
Range Resources Corp.*   29,299    573,088 
Ranger Oil Corp.*   1,888    50,825 
Renewable Energy Group, Inc.*   5,486    262,121 
REX American Resources Corp.*   651    59,241 
Riley Exploration Permian, Inc.   306    5,376 
Scorpio Tankers, Inc.   5,970    83,043 
SFL Corp. Ltd.   12,810    106,835 
SM Energy Co.   14,702    426,358 
Southwestern Energy Co.*   83,045    372,042 
Talos Energy, Inc.*   4,518    45,044 
Teekay Corp.*   8,510    28,253 
Teekay Tankers Ltd., Class A*(b)   2,922    32,814 
Tellurian, Inc.*   44,000    143,440 
Uranium Energy Corp.*(b)   28,277    110,846 
Ur-Energy, Inc.*   22,028    32,822 
W&T Offshore, Inc.*   11,499    39,557 
Whiting Petroleum Corp.*   4,827    312,259 
World Fuel Services Corp.   7,644    191,024 
         12,947,660 
Paper & Forest Products - 0.1%
Clearwater Paper Corp.*   2,021    81,345 
Glatfelter Corp.   5,365    88,362 
Neenah, Inc.   2,066    96,048 
Schweitzer-Mauduit International, Inc.   3,837    110,122 
Verso Corp., Class A   3,305    69,868 
         445,745 
Personal Products - 0.5%
Beauty Health Co. (The)*   10,686    277,409 
BellRing Brands, Inc., Class A*   4,880    105,018 
Edgewell Personal Care Co.   6,657    282,656 
elf Beauty, Inc.*   5,904    177,828 
Honest Co., Inc. (The)*   3,039    25,953 
Inter Parfums, Inc.   2,191    192,436 
Medifast, Inc.   1,427    293,591 
Nature's Sunshine Products, Inc.   1,450    24,650 
Nu Skin Enterprises, Inc., Class A   6,090    267,229 
Revlon, Inc., Class A*(b)   868    9,869 
USANA Health Sciences, Inc.*   1,528    152,372 
Veru, Inc.*   7,891    59,182 
         1,868,193 
Pharmaceuticals - 1.2%
9 Meters Biopharma, Inc.*(b)   27,372    28,467 
Aclaris Therapeutics, Inc.*(b)   6,249    79,987 
Aerie Pharmaceuticals, Inc.*   5,187    52,389 
Amneal Pharmaceuticals, Inc.*   12,218    51,071 
Amphastar Pharmaceuticals, Inc.*   4,535    88,705 
Ampio Pharmaceuticals, Inc.*(b)   23,873    26,976 
Angion Biomedica Corp.*   2,639    9,500 
ANI Pharmaceuticals, Inc.*   1,198    49,286 
Antares Pharma, Inc.*   20,421    65,960 
Arvinas, Inc.*   5,342    403,909 
Atea Pharmaceuticals, Inc.*   7,903    63,935 
Athira Pharma, Inc.*(b)   3,951    53,259 
Axsome Therapeutics, Inc.*(b)   3,389    117,056 
BioDelivery Sciences International, Inc.*   11,411    31,723 
Cara Therapeutics, Inc.*   5,443    71,739 
Cassava Sciences, Inc.*(b)   4,678    250,226 
Citius Pharmaceuticals, Inc.*(b)   13,913    23,513 
Collegium Pharmaceutical, Inc.*   4,312    75,805 
Corcept Therapeutics, Inc.*   11,840    248,640 
CorMedix, Inc.*(b)   4,643    23,122 
Cymabay Therapeutics, Inc.*   8,492    28,108 
Cyteir Therapeutics, Inc.*(b)   1,024    17,009 
Durect Corp.*(b)   27,717    27,434 
Edgewise Therapeutics, Inc.*(b)   1,565    27,262 
Endo International plc*   28,085    157,276 
Esperion Therapeutics, Inc.*(b)   3,216    28,076 
Evolus, Inc.*(b)   3,994    22,127 
EyePoint Pharmaceuticals, Inc.*(b)   2,589    40,906 
Fulcrum Therapeutics, Inc.*(b)   3,264    47,328 
Harmony Biosciences Holdings, Inc.*   2,739    93,372 
Ikena Oncology, Inc.*(b)   1,273    18,210 
Innoviva, Inc.*   5,313    88,833 
Intra-Cellular Therapies, Inc.*   8,644    349,909 
Kala Pharmaceuticals, Inc.*(b)   5,924    11,256 
Kaleido Biosciences, Inc.*(b)   2,373    8,519 
KemPharm, Inc.*(b)   3,502    27,421 
Landos Biopharma, Inc.*   574    4,150 
Marinus Pharmaceuticals, Inc.*   4,525    50,273 
Mind Medicine MindMed, Inc.*(b)   42,632    84,411 
NGM Biopharmaceuticals, Inc.*   3,854    69,449 
Nuvation Bio, Inc.*   8,175    73,330 
Ocular Therapeutix, Inc.*   9,392    64,241 
Omeros Corp.*(b)   7,378    53,122 
Oramed Pharmaceuticals, Inc.*(b)   3,714    71,383 
Pacira BioSciences, Inc.*   5,347    281,359 
Paratek Pharmaceuticals, Inc.*   5,834    24,619 
Phathom Pharmaceuticals, Inc.*   2,481    44,509 
Phibro Animal Health Corp., Class A   2,505    49,073 
Pliant Therapeutics, Inc.*(b)   2,948    41,803 
Prestige Consumer Healthcare, Inc.*   6,128    342,862 
Provention Bio, Inc.*   6,795    46,885 
Rain Therapeutics, Inc.*(b)   927    11,995 
Reata Pharmaceuticals, Inc., Class A*   3,365    288,044 
Relmada Therapeutics, Inc.*   1,918    34,255 
Revance Therapeutics, Inc.*   8,600    117,648 
Seelos Therapeutics, Inc.*(b)   12,036    20,822 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
SIGA Technologies, Inc.*   5,966    48,683 
Supernus Pharmaceuticals, Inc.*   6,005    179,970 
Tarsus Pharmaceuticals, Inc.*   1,033    27,478 
Terns Pharmaceuticals, Inc.*   1,681    12,692 
TherapeuticsMD, Inc.*(b)   47,769    23,646 
Theravance Biopharma, Inc.*   7,342    61,673 
Verrica Pharmaceuticals, Inc.*   1,605    16,612 
WaVe Life Sciences Ltd.*   4,680    18,252 
Zogenix, Inc.*   6,871    77,299 
         5,048,852 
Professional Services - 1.5%
Acacia Research Corp.*   6,007    29,434 
ASGN, Inc.*   6,359    773,763 
Atlas Technical Consultants, Inc.*(b)   1,711    15,690 
Barrett Business Services, Inc.   916    64,660 
CBIZ, Inc.*   6,131    220,900 
CRA International, Inc.   870    80,101 
Exponent, Inc.   6,364    741,406 
First Advantage Corp.*   5,481    95,041 
Forrester Research, Inc.*   1,383    78,057 
Franklin Covey Co.*   1,527    67,157 
Heidrick & Struggles International, Inc.   2,367    102,183 
HireQuest, Inc.(b)   623    14,204 
Huron Consulting Group, Inc.*   2,740    125,191 
ICF International, Inc.   2,260    218,632 
Insperity, Inc.   4,450    515,043 
KBR, Inc.   17,332    762,608 
Kelly Services, Inc., Class A   4,302    72,532 
Kforce, Inc.   2,484    190,349 
Korn Ferry   6,741    490,340 
ManTech International Corp., Class A   3,360    228,312 
Mistras Group, Inc.*   2,447    19,503 
Resources Connection, Inc.   3,865    66,401 
TriNet Group, Inc.*   4,967    498,190 
TrueBlue, Inc.*   4,274    111,209 
Upwork, Inc.*   14,458    538,705 
Willdan Group, Inc.*   1,365    54,614 
         6,174,225 
Real Estate Management & Development - 0.6%
Cushman & Wakefield plc*   17,002    300,595 
eXp World Holdings, Inc.   7,691    282,337 
Fathom Holdings, Inc.*(b)   632    14,909 
Forestar Group, Inc.*   2,090    41,424 
FRP Holdings, Inc.*   819    48,026 
Kennedy-Wilson Holdings, Inc.   14,716    319,190 
Marcus & Millichap, Inc.*   2,909    124,651 
Newmark Group, Inc., Class A   18,285    293,657 
Rafael Holdings, Inc., Class B*   1,194    6,555 
RE/MAX Holdings, Inc., Class A   2,263    62,210 
Realogy Holdings Corp.*   14,106    214,270 
Redfin Corp.*(b)   12,466    507,241 
RMR Group, Inc. (The), Class A   1,870    61,093 
St Joe Co. (The)   4,083    196,025 
Tejon Ranch Co.*   2,553    46,720 
         2,518,903 
Road & Rail - 0.9%
ArcBest Corp.   3,102    319,754 
Avis Budget Group, Inc.*   5,970    1,639,302 
Covenant Logistics Group, Inc.*   1,484    37,204 
Daseke, Inc.*   4,921    47,488 
Heartland Express, Inc.   5,846    97,862 
HyreCar, Inc.*(b)   2,148    11,384 
Marten Transport Ltd.   7,292    117,255 
PAM Transportation Services, Inc.*   445    28,832 
Saia, Inc.*   3,249    1,076,004 
Universal Logistics Holdings, Inc.   938    17,437 
US Xpress Enterprises, Inc., Class A*   3,296    25,907 
Werner Enterprises, Inc.   7,679    346,400 
Yellow Corp.*   6,169    81,184 
         3,846,013 
Semiconductors & Semiconductor Equipment - 3.2%
Alpha & Omega Semiconductor Ltd.*   2,587    127,074 
Ambarella, Inc.*   4,283    768,884 
Amkor Technology, Inc.   12,509    269,694 
Atomera, Inc.*(b)   2,487    59,912 
Axcelis Technologies, Inc.*   4,082    252,349 
AXT, Inc.*(b)   4,892    40,212 
CEVA, Inc.*   2,760    121,716 
CMC Materials, Inc.   3,580    475,424 
Cohu, Inc.*   5,873    193,633 
Diodes, Inc.*   5,342    568,122 
DSP Group, Inc.*   2,764    60,780 
FormFactor, Inc.*   9,529    399,456 
Ichor Holdings Ltd.*   3,397    162,682 
Impinj, Inc.*   2,287    171,456 
Kopin Corp.*   9,509    49,637 
Kulicke & Soffa Industries, Inc.(b)   7,503    432,623 
Lattice Semiconductor Corp.*   16,626    1,262,412 
MACOM Technology Solutions Holdings, Inc.*   5,967    429,087 
MaxLinear, Inc.*   8,680    584,424 
Meta Materials, Inc.*(b)   26,845    98,521 
NeoPhotonics Corp.*   6,283    96,570 
NVE Corp.   584    39,286 
Onto Innovation, Inc.*   5,967    561,853 
PDF Solutions, Inc.*   3,636    108,826 
Photronics, Inc.*   7,384    97,543 
Power Integrations, Inc.   7,399    740,122 
Rambus, Inc.*   13,293    357,582 
Semtech Corp.*   7,926    679,020 
Silicon Laboratories, Inc.*   5,442    1,068,101 
SiTime Corp.*   1,809    539,950 
SkyWater Technology, Inc.*(b)   990    18,523 
SMART Global Holdings, Inc.*(b)   2,143    122,194 
SunPower Corp.*   9,797    280,684 
Synaptics, Inc.*   4,324    1,220,406 
Ultra Clean Holdings, Inc.*   5,440    298,166 
Veeco Instruments, Inc.*   6,100    162,138 
         12,919,062 
Software - 5.2%
8x8, Inc.*   13,589    292,843 
A10 Networks, Inc.   7,363    113,537 
ACI Worldwide, Inc.*   14,459    421,335 
Agilysys, Inc.*   2,426    105,652 
Alarm.com Holdings, Inc.*   5,790    461,984 
Alkami Technology, Inc.*   885    25,391 
Altair Engineering, Inc., Class A*   5,667    421,908 
American Software, Inc., Class A   3,852    87,826 
Appfolio, Inc., Class A*   2,296    276,645 
Appian Corp.*   4,820    358,367 
Asana, Inc., Class A*   9,062    941,995 
Avaya Holdings Corp.*   10,113    196,900 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Benefitfocus, Inc.*   3,060    30,784 
Blackbaud, Inc.*   5,930    447,478 
Blackline, Inc.*(b)   6,574    723,469 
Bottomline Technologies DE, Inc.*   5,425    243,257 
Box, Inc., Class A*   17,465    408,856 
BTRS Holdings, Inc.*   7,930    59,158 
Cerence, Inc.*(b)   4,637    348,610 
ChannelAdvisor Corp.*   3,578    89,486 
Cleanspark, Inc.*(b)   4,091    72,738 
CommVault Systems, Inc.*   5,616    353,134 
Consensus Cloud Solutions, Inc.*   1,775    111,186 
Couchbase, Inc.*   1,186    39,197 
CS Disco, Inc.*   1,585    58,169 
Digimarc Corp.*(b)   1,561    66,967 
Digital Turbine, Inc.*   11,126    590,346 
Domo, Inc., Class B*   3,377    244,326 
E2open Parent Holdings, Inc.*(b)   19,885    242,199 
Ebix, Inc.   3,252    99,381 
eGain Corp.*   2,505    26,302 
Envestnet, Inc.*   6,658    510,469 
EverCommerce, Inc.*   2,037    33,162 
GTY Technology Holdings, Inc.*   3,944    25,952 
Instructure Holdings, Inc.*   1,468    32,692 
Intapp, Inc.*(b)   1,233    33,772 
Intelligent Systems Corp.*(b)   889    36,058 
InterDigital, Inc.   3,791    257,447 
JFrog Ltd.*   6,483    207,197 
Kaltura, Inc.*   2,133    10,110 
LivePerson, Inc.*(b)   7,944    307,115 
Marathon Digital Holdings, Inc.*   11,697    597,366 
MeridianLink, Inc.*   1,551    34,200 
MicroStrategy, Inc., Class A*(b)   962    694,016 
Mimecast Ltd.*   7,466    604,746 
Mitek Systems, Inc.*   5,258    90,070 
Model N, Inc.*   4,350    122,235 
Momentive Global, Inc.*   15,902    324,878 
ON24, Inc.*   3,295    52,193 
OneSpan, Inc.*   4,315    73,743 
PagerDuty, Inc.*   9,892    350,671 
Ping Identity Holding Corp.*(b)   7,310    174,051 
Progress Software Corp.   5,388    261,049 
PROS Holdings, Inc.*   4,898    177,895 
Q2 Holdings, Inc.*   6,700    538,010 
Qualys, Inc.*   4,174    543,830 
Rapid7, Inc.*   6,800    843,608 
Rekor Systems, Inc.*   3,851    25,879 
Rimini Street, Inc.*   5,369    35,489 
Riot Blockchain, Inc.*(b)   10,331    386,069 
Sailpoint Technologies Holdings, Inc.*   11,212    589,639 
Sapiens International Corp. NV   3,790    134,431 
SecureWorks Corp., Class A*(b)   1,223    21,720 
ShotSpotter, Inc.*   1,038    36,455 
Smith Micro Software, Inc.*   5,644    30,929 
Sprout Social, Inc., Class A*   5,482    612,230 
SPS Commerce, Inc.*   4,421    623,317 
Sumo Logic, Inc.*   10,512    148,640 
Telos Corp.*   4,886    76,954 
Tenable Holdings, Inc.*   11,120    549,328 
Upland Software, Inc.*   3,541    69,333 
Varonis Systems, Inc.*   12,978    672,390 
Verint Systems, Inc.*   7,895    375,723 
Veritone, Inc.*   3,480    89,227 
Viant Technology, Inc., Class A*   1,419    13,906 
VirnetX Holding Corp.*(b)   7,757    23,271 
Vonage Holdings Corp.*   29,619    610,744 
Workiva, Inc.*   5,247    731,799 
Xperi Holding Corp.   12,855    230,362 
Yext, Inc.*   13,610    131,473 
Zix Corp.*   6,556    55,529 
Zuora, Inc., Class A*   13,667    270,743 
         21,441,541 
Specialty Retail - 2.2%
Aaron's Co., Inc. (The)   3,974    88,223 
Abercrombie & Fitch Co., Class A*   7,518    270,648 
Academy Sports & Outdoors, Inc.*   9,520    424,782 
American Eagle Outfitters, Inc.(b)   18,651    482,874 
America's Car-Mart, Inc.*   762    74,783 
Arko Corp.*   14,793    139,498 
Asbury Automotive Group, Inc.*   2,769    453,119 
Barnes & Noble Education, Inc.*   4,708    33,050 
Bed Bath & Beyond, Inc.*   12,883    236,145 
Big 5 Sporting Goods Corp.(b)   2,551    60,535 
Boot Barn Holdings, Inc.*   3,585    438,589 
Buckle, Inc. (The)   3,644    171,414 
Caleres, Inc.   4,515    106,599 
Camping World Holdings, Inc., Class A   5,230    229,388 
CarLotz, Inc.*(b)   8,770    25,959 
Cato Corp. (The), Class A   2,424    39,875 
Chico's FAS, Inc.*   14,741    84,466 
Children's Place, Inc. (The)*   1,723    149,091 
Citi Trends, Inc.*   1,077    91,330 
Conn's, Inc.*   2,188    47,873 
Container Store Group, Inc. (The)*   3,895    45,299 
Designer Brands, Inc., Class A*   7,367    100,781 
Genesco, Inc.*   1,796    113,507 
Group 1 Automotive, Inc.   2,154    419,492 
GrowGeneration Corp.*   6,629    108,053 
Guess?, Inc.   4,927    111,104 
Haverty Furniture Cos., Inc.   2,044    61,136 
Hibbett, Inc.   1,967    153,328 
JOANN, Inc.(b)   1,479    13,518 
Kirkland's, Inc.*   1,717    37,070 
Lazydays Holdings, Inc.*   900    18,207 
Lumber Liquidators Holdings, Inc.*   3,511    53,859 
MarineMax, Inc.*   2,584    137,650 
Monro, Inc.   4,063    227,609 
Murphy USA, Inc.   2,963    513,577 
National Vision Holdings, Inc.*   10,003    480,544 
ODP Corp. (The)*   5,844    220,669 
OneWater Marine, Inc., Class A   1,257    64,333 
Party City Holdco, Inc.*   13,519    74,355 
Rent-A-Center, Inc.   8,079    356,849 
Sally Beauty Holdings, Inc.*   13,804    270,420 
Shift Technologies, Inc.*(b)   7,605    35,059 
Shoe Carnival, Inc.   2,164    84,612 
Signet Jewelers Ltd.   6,381    619,850 
Sleep Number Corp.*   2,831    225,857 
Sonic Automotive, Inc., Class A   2,682    120,449 
Sportsman's Warehouse Holdings, Inc.*   5,334    90,838 
Tilly's, Inc., Class A   2,779    41,741 
Torrid Holdings, Inc.*(b)   1,563    25,430 
TravelCenters of America, Inc.*   1,530    79,897 
Urban Outfitters, Inc.*   8,407    266,250 
Winmark Corp.   424    106,890 

 

See accompanying notes to the financial statements.

 

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Zumiez, Inc.*   2,675    122,408 
         9,048,882 
Technology Hardware, Storage & Peripherals - 0.2%
3D Systems Corp.*(b)   14,877    338,898 
Avid Technology, Inc.*   4,430    142,026 
Corsair Gaming, Inc.*(b)   3,353    75,107 
Diebold Nixdorf, Inc.*   8,818    71,514 
Eastman Kodak Co.*   5,498    32,933 
Quantum Corp.*   7,018    38,388 
Super Micro Computer, Inc.*   5,283    218,716 
Turtle Beach Corp.*   1,862    49,902 
         967,484 
Textiles, Apparel & Luxury Goods - 0.8%
Crocs, Inc.*   7,570    1,241,631 
Fossil Group, Inc.*   5,843    69,824 
G-III Apparel Group Ltd.*   5,409    160,323 
Kontoor Brands, Inc.   6,355    342,662 
Movado Group, Inc.   1,950    87,497 
Oxford Industries, Inc.   1,969    188,118 
PLBY Group, Inc.*(b)   2,887    110,716 
Rocky Brands, Inc.   840    29,845 
Steven Madden Ltd.   10,052    476,967 
Superior Group of Cos., Inc.   1,434    32,064 
Unifi, Inc.*   1,626    33,122 
Vera Bradley, Inc.*   3,188    30,318 
Wolverine World Wide, Inc.   9,947    309,650 
         3,112,737 
Thrifts & Mortgage Finance - 1.3%
Axos Financial, Inc.*   6,992    395,817 
Blue Foundry Bancorp*   3,434    50,033 
Bridgewater Bancshares, Inc.*   2,571    43,938 
Capitol Federal Financial, Inc.   15,925    180,908 
Columbia Financial, Inc.*   4,818    87,880 
Essent Group Ltd.   13,568    564,158 
Federal Agricultural Mortgage Corp., Class C   1,121    136,448 
Finance of America Cos., Inc., Class A*(b)   4,301    17,634 
Flagstar Bancorp, Inc.   6,388    297,298 
FS Bancorp, Inc.   875    28,403 
Hingham Institution For Savings (The)   178    69,527 
Home Bancorp, Inc.   937    37,892 
Home Point Capital, Inc.(b)   896    3,450 
Kearny Financial Corp.   8,950    113,755 
Luther Burbank Corp.   1,913    26,380 
Merchants Bancorp   1,207    55,051 
Mr Cooper Group, Inc.*   8,689    341,217 
NMI Holdings, Inc., Class A*   10,289    201,664 
Northfield Bancorp, Inc.   5,522    93,046 
Northwest Bancshares, Inc.   14,999    199,187 
Ocwen Financial Corp.*   1,001    31,912 
PCSB Financial Corp.   1,646    29,957 
PennyMac Financial Services, Inc.   4,025    254,903 
Pioneer Bancorp, Inc.*   1,424    17,772 
Premier Financial Corp.   4,534    133,300 
Provident Bancorp, Inc.   1,882    34,083 
Provident Financial Services, Inc.   9,293    218,757 
Radian Group, Inc.   22,839    465,230 
Security National Financial Corp., Class A*   1    9 
Southern Missouri Bancorp, Inc.   947    50,579 
TrustCo Bank Corp.   2,315    75,608 
Velocity Financial, Inc.*   1,051    12,696 
Walker & Dunlop, Inc.   3,584    504,233 
Washington Federal, Inc.   8,300    269,667 
Waterstone Financial, Inc.   2,652    55,029 
WSFS Financial Corp.   5,761    286,437 
         5,383,858 
Tobacco - 0.1%
22nd Century Group, Inc.*(b)   19,728    49,517 
Turning Point Brands, Inc.   1,785    67,830 
Universal Corp.   2,962    137,940 
Vector Group Ltd.   17,601    273,520 
         528,807 
Trading Companies & Distributors - 1.3%
Alta Equipment Group, Inc.*   2,316    33,837 
Applied Industrial Technologies, Inc.   4,756    452,010 
Beacon Roofing Supply, Inc.*   6,838    341,284 
BlueLinx Holdings, Inc.*   1,129    79,640 
Boise Cascade Co.   4,826    312,870 
Custom Truck One Source, Inc.*(b)   5,662    42,578 
DXP Enterprises, Inc.*   2,184    60,344 
EVI Industries, Inc.*(b)   700    23,891 
GATX Corp.   4,328    426,308 
Global Industrial Co.   1,560    62,494 
GMS, Inc.*   5,238    292,647 
H&E Equipment Services, Inc.   3,941    165,916 
Herc Holdings, Inc.   3,058    521,236 
Karat Packaging, Inc.*   562    12,358 
Lawson Products, Inc.*   583    28,060 
McGrath RentCorp   2,959    228,731 
MRC Global, Inc.*   9,852    67,782 
NOW, Inc.*   13,508    112,927 
Rush Enterprises, Inc., Class A   5,176    263,769 
Rush Enterprises, Inc., Class B   804    39,219 
Textainer Group Holdings Ltd.*   5,873    191,871 
Titan Machinery, Inc.*   2,368    78,712 
Transcat, Inc.*   867    77,137 
Triton International Ltd.   8,179    457,779 
Veritiv Corp.*   1,797    226,494 
WESCO International, Inc.*   5,457    677,377 
Willis Lease Finance Corp.*   336    11,508 
         5,288,779 
Water Utilities - 0.4%
American States Water Co.   4,520    425,694 
Artesian Resources Corp., Class A   997    42,632 
Cadiz, Inc.*(b)   2,582    10,457 
California Water Service Group   6,311    397,656 
Global Water Resources, Inc.   1,550    26,691 
Middlesex Water Co.   2,117    218,136 
Pure Cycle Corp.*   2,357    34,318 
SJW Group   3,391    228,384 
York Water Co. (The)   1,596    74,788 
         1,458,756 
Wireless Telecommunication Services - 0.1%
Gogo, Inc.*(b)   7,243    92,855 
Shenandoah Telecommunications Co.   5,922    150,360 
Telephone and Data Systems, Inc.   12,383    218,931 
Telesat Corp.*   1,573    48,417 
United States Cellular Corp.*   1,897    55,222 
         565,785 
TOTAL COMMON STOCKS
(Cost $402,183,511)		        354,020,530 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Number of
Rights		   Value ($) 
         
RIGHTS - 0.0%(d)
         
Biotechnology - 0.0%
Contra Aduro Biotech I, CVR*(e)(f)   899    — 
Oncternal Therapeutics, Inc., CVR*(e)(f)   23    — 
Tobira Therapeutics, Inc., CVR*(e)(f)   218    — 
         — 
Food Products - 0.0%(d)          
Contraf-Nicotex-Tobacco GmbH*(e)(f)   1,074    537 
TOTAL RIGHTS
(Cost $2,658)		        537 

 

Investments  Shares   Value ($) 
         
SECURITIES LENDING REINVESTMENTS(g) - 1.2%
         
INVESTMENT COMPANIES - 1.2%
BlackRock Liquidity FedFund, Institutional Class          
0.03% (Cost $4,901,219)   4,901,219    4,901,219 

 

Investments  Principal
Amount ($)		   Value ($) 
         
SHORT-TERM INVESTMENTS - 40.8%
         
REPURCHASE AGREEMENTS(h) - 40.8%          
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $167,587,385          
(Cost $167,587,252)   167,587,252    167,587,252 
           
Total Investments - 128.3%
(Cost $574,674,640)		        526,509,538 
Liabilities in excess of other assets - (28.3%)        (116,055,316)
Net Assets - 100.0%        410,454,222 

 

* Non-income producing security.
(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $172,846,695.
(b) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $9,414,021, collateralized in the form of cash with a value of $4,901,219 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $5,183,886 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from December 9, 2021 – May 15, 2051. The total value of collateral is $10,085,105.
(c) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(d) Represents less than 0.05% of net assets.
(e) Security fair valued as of November 30, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2021 amounted to $537, which represents approximately 0.00% of net assets of the Fund.
(f) Illiquid security.
(g) The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $4,901,219.
(h) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

 

Abbreviations
CVR Contingent Value Rights - No defined expiration
 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:
 
Aggregate gross unrealized appreciation  $3,046,230 
Aggregate gross unrealized depreciation   (124,536,686)
Net unrealized depreciation  $(121,490,456)
Federal income tax cost  $577,561,978 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro Russell2000

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Futures Contracts Purchased

UltraPro Russell2000 had the following open long futures contracts as of November 30, 2021:  

 

   Number of
Contracts		   Expiration
Date		  Trading
Currency		  Notional Amount   Value and
Unrealized
Depreciation		 
Russell 2000 E-Mini Index  283   12/17/2021  USD  $31,091,795   $(70,069)

 

Swap Agreementsa

UltraPro Russell2000 had the following open non-exchange traded total return swap agreements as of November 30, 2021:

                                     

Notional
Amount  ($)		   Termination
Dateb		  Counterparty  Rate Paid
(Received)c		   Underlying Instrument  Value and
Unrealized
Depreciationd
($)		   Financial
Instruments
for the Benefit of
(the Fund)/
the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/
the
Counterparty
($)		   Net
Amounte ($)		 
 104,386,656   5/8/2023  Bank of America NA   0.37%  Russell 2000® Index   (11,501,813)   11,407,657    94,156    — 
 66,963,406   5/8/2023  BNP Paribas SA   0.22%  Russell 2000® Index   (5,778,699)   4,995,775    782,924    — 
 258,402,710   4/10/2023  Citibank NA   0.36%  Russell 2000® Index   (20,827,857)   20,649,089    178,768    — 
 38,764,584   11/7/2022  Credit Suisse International   0.52%  Russell 2000® Index   (2,029,186)   2,006,232    22,954    — 
 197,831,535   3/7/2023  Goldman Sachs International   0.47%  Russell 2000® Index   (21,811,441)   21,630,616    180,825    — 
 99,452,301   11/6/2023  Morgan Stanley & Co. International plc   (0.19)%  Russell 2000® Index   (1,187,876)   1,187,431    445    — 
 62,858,041   3/7/2023  Societe Generale   0.42%  Russell 2000® Index   (5,699,352)   5,654,352    45,000    — 
 17,936,509   3/7/2023  UBS AG   0.07%  Russell 2000® Index   (1,531,723)   1,247,824    283,899    — 
                                     
846,595,742                 (70,367,947)               
                Total
Unrealized  Depreciation		   (70,367,947)               

 

a The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.
b Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
c Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).
d The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.
e Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

 

Abbreviations
USD U.S. Dollar

 

See accompanying notes to the financial statements.

 

 

 

 

 

 

 

 

UltraPro S&P500®

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
COMMON STOCKS(a) - 89.5%
           
Aerospace & Defense - 1.2%
Boeing Co. (The)*   42,672    8,442,655 
General Dynamics Corp.   17,968    3,395,413 
Howmet Aerospace, Inc.   29,899    841,059 
Huntington Ingalls Industries, Inc.   3,109    551,879 
L3Harris Technologies, Inc.   15,554    3,252,030 
Lockheed Martin Corp.   19,091    6,363,412 
Northrop Grumman Corp.   11,656    4,065,613 
Raytheon Technologies Corp.   116,748    9,447,248 
Textron, Inc.   17,372    1,229,938 
TransDigm Group, Inc.*   4,044    2,337,634 
         39,926,881 
Air Freight & Logistics - 0.5%
CH Robinson Worldwide, Inc.   10,203    970,203 
Expeditors International of Washington, Inc.   13,164    1,601,006 
FedEx Corp.   19,054    4,389,470 
United Parcel Service, Inc., Class B   56,415    11,191,043 
         18,151,722 
Airlines - 0.2%
Alaska Air Group, Inc.*   9,703    471,275 
American Airlines Group, Inc.*   50,144    887,047 
Delta Air Lines, Inc.*   49,563    1,794,181 
Southwest Airlines Co.*   45,818    2,034,319 
United Airlines Holdings, Inc.*   25,067    1,059,331 
         6,246,153 
Auto Components - 0.1%
Aptiv plc*   20,953    3,359,814 
BorgWarner, Inc.   18,566    803,536 
         4,163,350 
Automobiles - 2.5%
Ford Motor Co.   303,918    5,832,186 
General Motors Co.*   112,442    6,507,019 
Tesla, Inc.*   62,850    71,948,166 
         84,287,371 
Banks - 3.7%
Bank of America Corp.   573,555    25,505,991 
Citigroup, Inc.   156,988    10,000,136 
Citizens Financial Group, Inc.   33,002    1,560,004 
Comerica, Inc.   10,371    855,919 
Fifth Third Bancorp   53,500    2,255,025 
First Republic Bank   13,660    2,863,955 
Huntington Bancshares, Inc.   114,365    1,697,177 
JPMorgan Chase & Co.   231,441    36,759,774 
KeyCorp   74,075    1,662,243 
M&T Bank Corp.   9,963    1,460,675 
People's United Financial, Inc.   33,144    564,774 
PNC Financial Services Group, Inc. (The)   32,920    6,485,240 
Regions Financial Corp.   73,929    1,681,885 
SVB Financial Group*   4,542    3,144,563 
Truist Financial Corp.   103,395    6,132,357 
US Bancorp   104,491    5,782,532 
Wells Fargo & Co.   318,067    15,197,241 
Zions Bancorp NA   12,552    791,780 
         124,401,271 
Beverages - 1.2%
Brown-Forman Corp., Class B   14,145    995,242 
Coca-Cola Co. (The)   300,912    15,782,835 
Constellation Brands, Inc., Class A   13,030    2,936,050 
Molson Coors Beverage Co., Class B   14,584    648,113 
Monster Beverage Corp.*   29,083    2,436,574 
PepsiCo, Inc.   107,044    17,103,490 
         39,902,304 
Biotechnology - 1.6%
AbbVie, Inc.   136,871    15,778,489 
Amgen, Inc.   43,980    8,746,742 
Biogen, Inc.*   11,544    2,721,383 
Gilead Sciences, Inc.   97,129    6,695,102 
Incyte Corp.*   14,536    984,378 
Moderna, Inc.*   27,204    9,587,506 
Regeneron Pharmaceuticals, Inc.*   8,149    5,187,083 
Vertex Pharmaceuticals, Inc.*   20,094    3,756,372 
         53,457,055 
Building Products - 0.5%
A O Smith Corp.   10,319    815,717 
Allegion plc   6,945    858,680 
Carrier Global Corp.   67,204    3,637,081 
Fortune Brands Home & Security, Inc.   10,680    1,073,660 
Johnson Controls International plc   55,169    4,124,434 
Masco Corp.   19,148    1,261,853 
Trane Technologies plc   18,401    3,434,547 
         15,205,972 
Capital Markets - 2.7%
Ameriprise Financial, Inc.   8,813    2,552,245 
Bank of New York Mellon Corp. (The)   61,509    3,370,078 
BlackRock, Inc.   11,082    10,024,888 
Cboe Global Markets, Inc.   8,253    1,064,142 
Charles Schwab Corp. (The)   116,274    8,998,445 
CME Group, Inc.   27,813    6,133,323 
Franklin Resources, Inc.   21,812    706,709 
Goldman Sachs Group, Inc. (The)   26,104    9,945,363 
Intercontinental Exchange, Inc.   43,614    5,701,222 
Invesco Ltd.   26,442    590,450 
MarketAxess Holdings, Inc.   2,948    1,039,730 
Moody's Corp.   12,546    4,900,969 
Morgan Stanley   113,055    10,719,875 
MSCI, Inc.   6,393    4,024,074 
Nasdaq, Inc.   9,065    1,842,280 
Northern Trust Corp.   16,150    1,868,555 
Raymond James Financial, Inc.   14,354    1,410,854 
S&P Global, Inc.   18,679    8,512,581 
State Street Corp.   28,325    2,520,075 
T. Rowe Price Group, Inc.   17,573    3,513,721 
         89,439,579 
Chemicals - 1.6%
Air Products and Chemicals, Inc.   17,141    4,927,009 
Albemarle Corp.   9,058    2,413,867 
Celanese Corp.   8,614    1,303,815 
CF Industries Holdings, Inc.   16,657    1,009,248 
Corteva, Inc.   56,872    2,559,240 
Dow, Inc.   57,769    3,173,251 
DuPont de Nemours, Inc.   40,515    2,996,490 
Eastman Chemical Co.   10,522    1,097,339 
Ecolab, Inc.   19,277    4,269,277 
FMC Corp.   9,965    998,393 
International Flavors & Fragrances, Inc.   19,289    2,742,317 
Linde plc   40,002    12,726,236 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro S&P500®

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
LyondellBasell Industries NV, Class A   20,470    1,783,551 
Mosaic Co. (The)   28,686    981,635 
PPG Industries, Inc.   18,382    2,833,953 
Sherwin-Williams Co. (The)   18,765    6,215,719 
         52,031,340 
Commercial Services & Supplies - 0.4%
Cintas Corp.   6,777    2,861,182 
Copart, Inc.*   16,503    2,395,575 
Republic Services, Inc.   16,270    2,151,870 
Rollins, Inc.   17,529    583,365 
Waste Management, Inc.   30,004    4,820,743 
         12,812,735 
Communications Equipment - 0.8%
Arista Networks, Inc.*   17,363    2,154,054 
Cisco Systems, Inc.   326,409    17,900,269 
F5, Inc.*   4,677    1,064,392 
Juniper Networks, Inc.   25,180    783,853 
Motorola Solutions, Inc.   13,121    3,321,975 
         25,224,543 
Construction & Engineering - 0.0%(b)
Quanta Services, Inc.   10,777    1,226,207 
           
Construction Materials - 0.1%
Martin Marietta Materials, Inc.   4,833    1,950,164 
Vulcan Materials Co.   10,276    1,969,292 
         3,919,456 
Consumer Finance - 0.5%
American Express Co.   49,848    7,591,851 
Capital One Financial Corp.   34,559    4,856,576 
Discover Financial Services   23,195    2,501,581 
Synchrony Financial   44,127    1,976,448 
         16,926,456 
Containers & Packaging - 0.3%
Amcor plc   119,415    1,351,778 
Avery Dennison Corp.   6,426    1,317,780 
Ball Corp.   25,301    2,364,378 
International Paper Co.   30,274    1,378,073 
Packaging Corp. of America   7,363    961,534 
Sealed Air Corp.   11,599    720,530 
WestRock Co.   20,677    897,175 
         8,991,248 
Distributors - 0.1%
Genuine Parts Co.   11,094    1,417,147 
LKQ Corp.   20,942    1,170,658 
Pool Corp.   3,106    1,721,097 
         4,308,902 
Diversified Financial Services - 1.2%
Berkshire Hathaway, Inc., Class B*   143,580    39,727,150 
           
Diversified Telecommunication Services - 0.9%
AT&T, Inc.   553,021    12,625,469 
Lumen Technologies, Inc.(c)   77,048    950,772 
Verizon Communications, Inc.   320,702    16,121,690 
         29,697,931 
Electric Utilities - 1.4%
Alliant Energy Corp.   19,379    1,061,775 
American Electric Power Co., Inc.   38,748    3,140,525 
Duke Energy Corp.   59,586    5,780,438 
Edison International   29,411    1,919,950 
Entergy Corp.   15,555    1,560,789 
Evergy, Inc.   17,762    1,124,335 
Eversource Energy   26,620    2,190,027 
Exelon Corp.   75,740    3,993,770 
FirstEnergy Corp.   42,156    1,587,595 
NextEra Energy, Inc.   151,927    13,184,225 
NRG Energy, Inc.   18,954    682,723 
Pinnacle West Capital Corp.   8,730    567,887 
PPL Corp.   59,606    1,658,835 
Southern Co. (The)   82,016    5,011,178 
Xcel Energy, Inc.   41,707    2,657,987 
         46,122,039 
Electrical Equipment - 0.5%
AMETEK, Inc.   17,910    2,444,715 
Eaton Corp. plc   30,871    5,002,954 
Emerson Electric Co.   46,294    4,066,465 
Generac Holdings, Inc.*   4,879    2,055,230 
Rockwell Automation, Inc.   8,985    3,020,757 
         16,590,121 
Electronic Equipment, Instruments & Components - 0.6%
Amphenol Corp., Class A   46,331    3,733,352 
CDW Corp.   10,651    2,016,873 
Corning, Inc.   59,532    2,208,042 
IPG Photonics Corp.*   2,763    453,657 
Keysight Technologies, Inc.*   14,269    2,775,035 
TE Connectivity Ltd.   25,405    3,910,592 
Teledyne Technologies, Inc.*   3,598    1,494,213 
Trimble, Inc.*   19,492    1,673,778 
Zebra Technologies Corp., Class A*   4,133    2,433,428 
         20,698,970 
Energy Equipment & Services - 0.2%
Baker Hughes Co.   64,164    1,497,588 
Halliburton Co.   68,967    1,488,997 
Schlumberger NV   108,310    3,106,331 
         6,092,916 
Entertainment - 1.5%
Activision Blizzard, Inc.   60,237    3,529,888 
Electronic Arts, Inc.   22,038    2,737,560 
Live Nation Entertainment, Inc.*   10,206    1,088,470 
Netflix, Inc.*   34,275    22,001,123 
Take-Two Interactive Software, Inc.*   9,033    1,498,394 
Walt Disney Co. (The)*   140,739    20,393,081 
         51,248,516 
Equity Real Estate Investment Trusts (REITs) - 2.3%
Alexandria Real Estate Equities, Inc.   10,731    2,146,951 
American Tower Corp.   35,242    9,250,320 
AvalonBay Communities, Inc.   10,812    2,582,662 
Boston Properties, Inc.   11,011    1,187,426 
Crown Castle International Corp.   33,468    6,079,462 
Digital Realty Trust, Inc.   21,887    3,671,325 
Duke Realty Corp.   29,311    1,709,711 
Equinix, Inc.   6,949    5,643,978 
Equity Residential   26,392    2,251,502 
Essex Property Trust, Inc.   5,034    1,708,741 
Extra Space Storage, Inc.   10,362    2,072,400 
Federal Realty Investment Trust   5,420    664,871 
Healthpeak Properties, Inc.   41,750    1,371,905 
Host Hotels & Resorts, Inc.*   55,294    868,116 
Iron Mountain, Inc.   22,417    1,018,629 
Kimco Realty Corp.   47,514    1,065,264 
Mid-America Apartment Communities, Inc.   8,984    1,852,950 
Orion Office REIT, Inc.*   2    37 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro S&P500®

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Prologis, Inc.   57,254    8,631,041 
Public Storage   11,814    3,867,667 
Realty Income Corp.   42,676    2,898,554 
Regency Centers Corp.   11,847    821,471 
SBA Communications Corp.   8,485    2,917,143 
Simon Property Group, Inc.   25,455    3,890,542 
UDR, Inc.   21,618    1,226,389 
Ventas, Inc.   30,473    1,429,793 
Vornado Realty Trust   12,319    494,485 
Welltower, Inc.   32,737    2,606,520 
Weyerhaeuser Co.   58,072    2,184,088 
         76,113,943 
Food & Staples Retailing - 1.2%
Costco Wholesale Corp.   34,243    18,469,989 
Kroger Co. (The)   52,667    2,187,261 
Sysco Corp.   39,626    2,775,405 
Walgreens Boots Alliance, Inc.   55,611    2,491,373 
Walmart, Inc.   110,692    15,566,616 
         41,490,644 
Food Products - 0.7%
Archer-Daniels-Midland Co.   43,324    2,695,186 
Campbell Soup Co.   15,735    634,593 
Conagra Brands, Inc.   37,210    1,136,766 
General Mills, Inc.   46,959    2,900,657 
Hershey Co. (The)   11,261    1,998,715 
Hormel Foods Corp.   21,834    903,928 
J M Smucker Co. (The)   8,394    1,061,589 
Kellogg Co.   19,795    1,211,058 
Kraft Heinz Co. (The)   54,989    1,848,180 
Lamb Weston Holdings, Inc.   11,238    583,477 
McCormick & Co., Inc. (Non-Voting)   19,299    1,656,240 
Mondelez International, Inc., Class A   108,281    6,382,082 
Tyson Foods, Inc., Class A   22,833    1,802,894 
         24,815,365 
Gas Utilities - 0.0%(b)
Atmos Energy Corp.   10,134    915,303 
           
Health Care Equipment & Supplies - 2.5%
Abbott Laboratories   137,308    17,269,227 
ABIOMED, Inc.*   3,516    1,106,766 
Align Technology, Inc.*   5,687    3,477,771 
Baxter International, Inc.   38,723    2,887,574 
Becton Dickinson and Co.   22,246    5,275,416 
Boston Scientific Corp.*   110,285    4,198,550 
Cooper Cos., Inc. (The)   3,819    1,437,739 
DENTSPLY SIRONA, Inc.   16,939    825,607 
Dexcom, Inc.*   7,496    4,217,175 
Edwards Lifesciences Corp.*   48,280    5,180,927 
Hologic, Inc.*   19,634    1,467,249 
IDEXX Laboratories, Inc.*   6,581    4,001,709 
Intuitive Surgical, Inc.*   27,629    8,961,190 
Medtronic plc   104,081    11,105,443 
ResMed, Inc.   11,268    2,871,650 
STERIS plc   7,734    1,690,111 
Stryker Corp.   25,992    6,150,487 
Teleflex, Inc.   3,613    1,074,578 
Zimmer Biomet Holdings, Inc.   16,183    1,935,487 
         85,134,656 
Health Care Providers & Services - 2.3%
AmerisourceBergen Corp.   11,580    1,340,385 
Anthem, Inc.   18,881    7,670,029 
Cardinal Health, Inc.   22,480    1,039,250 
Centene Corp.*   45,168    3,225,447 
Cigna Corp.   26,346    5,055,797 
CVS Health Corp.   102,209    9,102,734 
DaVita, Inc.*   5,199    491,305 
HCA Healthcare, Inc.   19,108    4,310,574 
Henry Schein, Inc.*   10,817    768,656 
Humana, Inc.   9,950    4,176,115 
Laboratory Corp. of America Holdings*   7,492    2,137,692 
McKesson Corp.   11,981    2,597,002 
Quest Diagnostics, Inc.   9,465    1,407,256 
UnitedHealth Group, Inc.   73,029    32,440,942 
Universal Health Services, Inc., Class B   5,875    697,539 
         76,460,723 
Health Care Technology - 0.0%(b)
Cerner Corp.   22,902    1,613,446 
           
Hotels, Restaurants & Leisure - 1.7%
Booking Holdings, Inc.*   3,168    6,658,661 
Caesars Entertainment, Inc.*   16,541    1,489,848 
Carnival Corp.*(c)   61,854    1,089,867 
Chipotle Mexican Grill, Inc.*   2,177    3,577,703 
Darden Restaurants, Inc.   10,098    1,393,019 
Domino's Pizza, Inc.   2,861    1,499,564 
Expedia Group, Inc.*   11,252    1,812,585 
Hilton Worldwide Holdings, Inc.*   21,581    2,914,946 
Las Vegas Sands Corp.*   26,632    948,632 
Marriott International, Inc., Class A*   21,193    3,127,239 
McDonald's Corp.   57,839    14,147,419 
MGM Resorts International   30,977    1,226,070 
Norwegian Cruise Line Holdings Ltd.*(c)   28,658    559,118 
Penn National Gaming, Inc.*   12,857    658,664 
Royal Caribbean Cruises Ltd.*   17,372    1,212,913 
Starbucks Corp.   91,330    10,013,421 
Wynn Resorts Ltd.*(c)   8,161    661,123 
Yum! Brands, Inc.   22,906    2,813,773 
         55,804,565 
Household Durables - 0.3%
DR Horton, Inc.   25,251    2,467,023 
Garmin Ltd.   11,775    1,572,433 
Leggett & Platt, Inc.   10,324    416,986 
Lennar Corp., Class A   21,272    2,234,624 
Mohawk Industries, Inc.*   4,334    727,549 
Newell Brands, Inc.   29,328    629,672 
NVR, Inc.*   266    1,389,940 
PulteGroup, Inc.   20,101    1,005,653 
Whirlpool Corp.   4,847    1,055,386 
         11,499,266 
Household Products - 1.2%
Church & Dwight Co., Inc.   19,011    1,699,203 
Clorox Co. (The)   9,509    1,548,541 
Colgate-Palmolive Co.   65,340    4,901,807 
Kimberly-Clark Corp.   26,079    3,398,354 
Procter & Gamble Co. (The)   188,014    27,183,064 
         38,730,969 
Independent Power and Renewable Electricity Producers - 0.0%(b)
AES Corp. (The)   51,619    1,206,852 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro S&P500®

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
         
Industrial Conglomerates - 0.9%
3M Co.   44,817    7,620,683 
General Electric Co.   85,024    8,076,430 
Honeywell International, Inc.   53,476    10,814,986 
Roper Technologies, Inc.   8,173    3,793,498 
         30,305,597 
Insurance - 1.6%
Aflac, Inc.   47,798    2,587,784 
Allstate Corp. (The)   22,909    2,490,666 
American International Group, Inc.   66,238    3,484,119 
Aon plc, Class A   17,486    5,171,834 
Arthur J Gallagher & Co.   16,004    2,607,051 
Assurant, Inc.   4,553    692,511 
Brown & Brown, Inc.   18,100    1,165,821 
Chubb Ltd.   33,970    6,096,596 
Cincinnati Financial Corp.   11,600    1,321,240 
Everest Re Group Ltd.   3,089    791,958 
Globe Life, Inc.   7,257    628,021 
Hartford Financial Services Group, Inc. (The)   26,888    1,777,297 
Lincoln National Corp.   13,678    907,262 
Loews Corp.   15,750    841,995 
Marsh & McLennan Cos., Inc.   39,241    6,436,309 
MetLife, Inc.   56,421    3,309,656 
Principal Financial Group, Inc.   19,330    1,325,651 
Progressive Corp. (The)   45,320    4,212,041 
Prudential Financial, Inc.   29,958    3,063,505 
Travelers Cos., Inc. (The)   19,321    2,839,221 
W R Berkley Corp.   10,859    832,234 
Willis Towers Watson plc   9,991    2,256,367 
         54,839,139 
Interactive Media & Services - 5.8%
Alphabet, Inc., Class A*   23,328    66,203,698 
Alphabet, Inc., Class C*   21,824    62,177,449 
Match Group, Inc.*   21,440    2,786,986 
Meta Platforms, Inc., Class A*   184,642    59,908,943 
Twitter, Inc.*   61,824    2,716,546 
         193,793,622 
Internet & Direct Marketing Retail - 3.7%
Amazon.com, Inc.*   33,739    118,325,035 
eBay, Inc.   50,355    3,396,948 
Etsy, Inc.*   9,804    2,691,982 
         124,413,965 
IT Services - 3.7%
Accenture plc, Class A   49,119    17,555,130 
Akamai Technologies, Inc.*   12,609    1,421,034 
Automatic Data Processing, Inc.   32,776    7,567,651 
Broadridge Financial Solutions, Inc.   9,007    1,518,310 
Cognizant Technology Solutions Corp., Class A   40,707    3,174,332 
DXC Technology Co.*   19,514    585,225 
Fidelity National Information Services, Inc.   47,844    4,999,698 
Fiserv, Inc.*   46,160    4,455,363 
FleetCor Technologies, Inc.*   6,405    1,326,668 
Gartner, Inc.*   6,484    2,024,629 
Global Payments, Inc.   22,752    2,708,398 
International Business Machines Corp.   69,417    8,128,731 
Jack Henry & Associates, Inc.   5,744    870,963 
Mastercard, Inc., Class A   67,483    21,251,746 
Paychex, Inc.   24,809    2,957,233 
PayPal Holdings, Inc.*   91,011    16,827,024 
VeriSign, Inc.*   7,540    1,808,921 
Visa, Inc., Class A   130,713    25,328,258 
Western Union Co. (The)   31,479    497,998 
         125,007,312 
Leisure Products - 0.0%(b)
Hasbro, Inc.   10,019    970,941 
           
Life Sciences Tools & Services - 1.8%
Agilent Technologies, Inc.   23,507    3,547,206 
Bio-Rad Laboratories, Inc., Class A*   1,668    1,256,338 
Bio-Techne Corp.   3,015    1,423,170 
Charles River Laboratories International, Inc.*   3,906    1,429,088 
Danaher Corp.   49,209    15,827,583 
Illumina, Inc.*   11,368    4,153,071 
IQVIA Holdings, Inc.*   14,849    3,847,821 
Mettler-Toledo International, Inc.*   1,790    2,710,293 
PerkinElmer, Inc.   8,679    1,580,967 
Thermo Fisher Scientific, Inc.   30,461    19,276,635 
Waters Corp.*   4,756    1,560,301 
West Pharmaceutical Services, Inc.   5,721    2,532,458 
         59,144,931 
Machinery - 1.3%
Caterpillar, Inc.   42,404    8,198,813 
Cummins, Inc.   11,123    2,333,049 
Deere & Co.   21,983    7,596,006 
Dover Corp.   11,143    1,825,781 
Fortive Corp.   27,757    2,050,410 
IDEX Corp.   5,884    1,321,488 
Illinois Tool Works, Inc.   22,203    5,154,426 
Ingersoll Rand, Inc.   31,382    1,830,826 
Otis Worldwide Corp.   33,057    2,657,783 
PACCAR, Inc.   26,887    2,242,914 
Parker-Hannifin Corp.   9,992    3,018,183 
Pentair plc(c)   12,842    946,327 
Snap-on, Inc.   4,187    862,145 
Stanley Black & Decker, Inc.   12,630    2,207,219 
Westinghouse Air Brake Technologies Corp.   14,633    1,298,971 
Xylem, Inc.   13,962    1,690,938 
         45,235,279 
Media - 0.9%
Charter Communications, Inc., Class A*   9,824    6,349,055 
Comcast Corp., Class A   354,784    17,732,104 
Discovery, Inc., Class A*(c)   13,104    304,930 
Discovery, Inc., Class C*   23,529    534,344 
DISH Network Corp., Class A*   19,279    602,469 
Fox Corp., Class A   25,051    894,571 
Fox Corp., Class B   11,490    386,064 
Interpublic Group of Cos., Inc. (The)   30,476    1,011,498 
News Corp., Class A   30,302    655,129 
News Corp., Class B   9,430    203,216 
Omnicom Group, Inc.   16,615    1,118,356 
ViacomCBS, Inc.   46,925    1,452,329 
         31,244,065 
Metals & Mining - 0.3%
Freeport-McMoRan, Inc.   113,709    4,216,330 
Newmont Corp.   61,883    3,398,614 

 

See accompanying notes to the financial statements.

 

 

 

 

 

 

UltraPro S&P500®

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Nucor Corp.   22,748    2,417,203 
         10,032,147 
Multiline Retail - 0.5%
Dollar General Corp.   18,299    4,049,569 
Dollar Tree, Inc.*   17,963    2,403,988 
Target Corp.   38,320    9,343,949 
         15,797,506 
Multi-Utilities - 0.6%
Ameren Corp.   19,921    1,625,355 
CenterPoint Energy, Inc.   45,923    1,189,865 
CMS Energy Corp.   22,432    1,320,123 
Consolidated Edison, Inc.   27,367    2,124,774 
Dominion Energy, Inc.   62,620    4,458,544 
DTE Energy Co.   15,000    1,625,100 
NiSource, Inc.   30,392    744,908 
Public Service Enterprise Group, Inc.   39,162    2,447,233 
Sempra Energy   24,729    2,964,265 
WEC Energy Group, Inc.   24,434    2,124,048 
         20,624,215 
Oil, Gas & Consumable Fuels - 2.2%
APA Corp.   29,276    754,443 
Chevron Corp.   149,785    16,906,233 
ConocoPhillips   103,705    7,272,832 
Coterra Energy, Inc.   62,917    1,263,373 
Devon Energy Corp.   48,763    2,050,972 
Diamondback Energy, Inc.   13,187    1,407,448 
EOG Resources, Inc.   45,222    3,934,314 
Exxon Mobil Corp.   327,907    19,621,955 
Hess Corp.   21,278    1,585,637 
Kinder Morgan, Inc.   150,974    2,334,058 
Marathon Oil Corp.   61,029    945,339 
Marathon Petroleum Corp.   49,437    3,008,241 
Occidental Petroleum Corp.   68,717    2,037,459 
ONEOK, Inc.   34,525    2,065,976 
Phillips 66   33,916    2,345,970 
Pioneer Natural Resources Co.   17,569    3,132,904 
Valero Energy Corp.   31,665    2,119,655 
Williams Cos., Inc. (The)   94,097    2,520,859 
         75,307,668 
Personal Products - 0.2%
Estee Lauder Cos., Inc. (The), Class A   17,959    5,963,645 
           
Pharmaceuticals - 3.2%
Bristol-Myers Squibb Co.   172,107    9,230,098 
Catalent, Inc.*   13,198    1,698,055 
Eli Lilly & Co.   61,498    15,253,964 
Johnson & Johnson   203,904    31,794,751 
Merck & Co., Inc.   196,064    14,687,154 
Organon & Co.   19,636    573,960 
Pfizer, Inc.   434,247    23,332,091 
Viatris, Inc.   93,658    1,152,930 
Zoetis, Inc.   36,717    8,152,643 
         105,875,646 
Professional Services - 0.4%
Equifax, Inc.   9,446    2,632,128 
IHS Markit Ltd.   30,872    3,946,059 
Jacobs Engineering Group, Inc.   10,098    1,439,571 
Leidos Holdings, Inc.   10,969    964,285 
Nielsen Holdings plc   27,787    532,399 
Robert Half International, Inc.   8,668    963,621 
Verisk Analytics, Inc.   12,486    2,807,727 
         13,285,790 
Real Estate Management & Development - 0.1%
CBRE Group, Inc., Class A*   26,001    2,484,916 
           
Road & Rail - 0.9%
CSX Corp.   174,619    6,052,295 
JB Hunt Transport Services, Inc.   6,515    1,245,407 
Kansas City Southern   7,037    2,046,711 
Norfolk Southern Corp.   19,141    5,077,533 
Old Dominion Freight Line, Inc.   7,273    2,583,151 
Union Pacific Corp.   50,507    11,901,470 
         28,906,567 
Semiconductors & Semiconductor Equipment - 6.0%
Advanced Micro Devices, Inc.*   93,954    14,879,495 
Analog Devices, Inc.   41,658    7,508,854 
Applied Materials, Inc.   70,795    10,420,316 
Broadcom, Inc.   31,767    17,588,753 
Enphase Energy, Inc.*   10,423    2,605,750 
Intel Corp.   314,235    15,460,362 
KLA Corp.   11,835    4,830,219 
Lam Research Corp.   11,040    7,505,544 
Microchip Technology, Inc.   42,450    3,541,603 
Micron Technology, Inc.   87,201    7,324,884 
Monolithic Power Systems, Inc.   3,349    1,853,538 
NVIDIA Corp.   193,013    63,068,928 
NXP Semiconductors NV   20,536    4,586,921 
Qorvo, Inc.*   8,616    1,259,918 
QUALCOMM, Inc.   87,363    15,774,263 
Skyworks Solutions, Inc.   12,794    1,940,338 
Teradyne, Inc.   12,781    1,953,831 
Texas Instruments, Inc.   71,504    13,755,224 
Xilinx, Inc.   19,171    4,379,615 
         200,238,356 
Software - 8.9%
Adobe, Inc.*   36,895    24,714,116 
ANSYS, Inc.*   6,756    2,644,839 
Autodesk, Inc.*   17,042    4,331,906 
Cadence Design Systems, Inc.*   21,437    3,804,210 
Ceridian HCM Holding, Inc.*(c)   10,442    1,142,355 
Citrix Systems, Inc.   9,616    773,415 
Fortinet, Inc.*   10,505    3,488,815 
Intuit, Inc.   21,160    13,802,668 
Microsoft Corp.   582,057    192,422,224 
NortonLifeLock, Inc.   45,023    1,118,821 
Oracle Corp.   127,589    11,577,426 
Paycom Software, Inc.*   3,720    1,627,425 
PTC, Inc.*   8,189    897,351 
salesforce.com, Inc.*   75,245    21,441,815 
ServiceNow, Inc.*   15,350    9,942,195 
Synopsys, Inc.*   11,823    4,031,643 
Tyler Technologies, Inc.*(c)   3,152    1,635,825 
         299,397,049 
Specialty Retail - 2.2%
Advance Auto Parts, Inc.   5,076    1,120,375 
AutoZone, Inc.*   1,672    3,038,141 
Bath & Body Works, Inc.   20,507    1,540,691 
Best Buy Co., Inc.   17,456    1,865,348 
CarMax, Inc.*   12,624    1,783,140 
Gap, Inc. (The)   16,667    275,506 
Home Depot, Inc. (The)   82,362    32,995,041 
Lowe's Cos., Inc.   54,755    13,392,525 
O'Reilly Automotive, Inc.*   5,330    3,401,393 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro S&P500®

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Investments  Shares   Value ($) 
Ross Stores, Inc.   27,661    3,017,538 
TJX Cos., Inc. (The)   93,443    6,484,944 
Tractor Supply Co.   8,858    1,995,973 
Ulta Beauty, Inc.*   4,247    1,630,636 
         72,541,251 
Technology Hardware, Storage & Peripherals - 6.3%
Apple, Inc.   1,216,156    201,030,588 
Hewlett Packard Enterprise Co.   101,135    1,451,287 
HP, Inc.   93,047    3,282,698 
NetApp, Inc.   17,363    1,543,223 
Seagate Technology Holdings plc   16,218    1,665,102 
Western Digital Corp.*   23,734    1,372,775 
         210,345,673 
Textiles, Apparel & Luxury Goods - 0.6%
Hanesbrands, Inc.   27,047    436,809 
NIKE, Inc., Class B   98,995    16,753,914 
PVH Corp.   5,534    590,920 
Ralph Lauren Corp.   3,773    437,819 
Tapestry, Inc.   21,594    866,351 
Under Armour, Inc., Class A*   14,603    344,485 
Under Armour, Inc., Class C*   16,151    324,151 
VF Corp.   25,246    1,810,896 
         21,565,345 
Tobacco - 0.5%
Altria Group, Inc.   142,823    6,089,973 
Philip Morris International, Inc.   120,713    10,374,075 
         16,464,048 
Trading Companies & Distributors - 0.2%
Fastenal Co.   44,508    2,633,538 
United Rentals, Inc.*   5,611    1,900,670 
WW Grainger, Inc.   3,392    1,632,943 
         6,167,151 
Water Utilities - 0.1%
American Water Works Co., Inc.   14,063    2,370,600 
           
Wireless Telecommunication Services - 0.1%
T-Mobile US, Inc.*   45,432    4,943,456 
           
TOTAL COMMON STOCKS
(Cost $3,038,657,806)		        3,001,851,800 
           
SECURITIES LENDING REINVESTMENTS(d) - 0.0%(b)
           
INVESTMENT COMPANIES - 0.0%(b)
BlackRock Liquidity FedFund, Institutional Class          
0.03% (Cost $80,245)   80,245    80,245 

 

Investments  Principal
Amount ($)		   Value ($) 
SHORT-TERM INVESTMENTS - 12.8%          
           
REPURCHASE AGREEMENTS(e) - 3.9%          
Repurchase Agreements with various counterparties, rates 0.01% - 0.05%, dated 11/30/2021, due 12/1/2021, total to be received $129,694,257          
(Cost $129,694,157)   129,694,157    129,694,157 
           
U.S. TREASURY OBLIGATIONS - 8.9%          
U.S. Treasury Bills          
0.07%, 7/14/2022(f) (Cost $299,878,125)   300,000,000    299,793,282 
           
TOTAL SHORT-TERM INVESTMENTS
(Cost $429,572,282)		        429,487,439 
           
Total Investments - 102.3%
(Cost $3,468,310,333)		        3,431,419,484 
Liabilities in excess of other assets - (2.3%)        (77,317,120)
Net Assets - 100.0%        3,354,102,364 

 

See accompanying notes to the financial statements.

  

 

 

 

UltraPro S&P500®

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

* Non-income producing security.
(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $1,105,514,422.
(b) Represents less than 0.05% of net assets.
(c) The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 was $954,556, collateralized in the form of cash with a value of $80,245 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $927,771 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from December 9, 2021 – May 15, 2051. The total value of collateral is $1,008,016.
(d) The security was purchased with cash collateral held from securities on loan at November 30, 2021. The total value of securities purchased was $80,245.
(e) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(f) The rate shown was the current yield as of November 30, 2021.

 

As of November 30, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation  $111,912,671 
Aggregate gross unrealized depreciation   (432,911,030)
Net unrealized depreciation  $(320,998,359)
Federal income tax cost  $3,548,546,029 

 

See accompanying notes to the financial statements.

 

 

 

 

UltraPro S&P500®

Schedule of Portfolio Investments

November 30, 2021 (Unaudited)

 

Futures Contracts Purchased

UltraPro S&P500® had the following open long futures contracts as of November 30, 2021:  

 

   Number of
Contracts		   Expiration
Date		  Trading
Currency		  Notional Amount   Value and
Unrealized
Appreciation		 
S&P 500 E-Mini Index  960   12/17/2021  USD  $219,180,000   $7,691,358 

 

Swap Agreementsa

UltraPro S&P500® had the following open non-exchange traded total return swap agreements as of November 30, 2021:

 

Notional
Amount  ($)		   Termination
Dateb		  Counterparty  Rate Paid
(Received)c		   Underlying Instrument  Value and
Unrealized
Depreciationd
 ($)		   Financial
Instruments
for the
Benefit of (the
Fund)/ the
Counterparty
($)		   Cash
Collateral for
the Benefit of
(the Fund)/
the
Counterparty
($)		   Net
Amounte ($)		 
 1,387,084,673   5/8/2023  Bank of America NA   0.62%  S&P 500®   (39,813,052)   —    39,813,052    — 
 297,846,039   5/8/2023  BNP Paribas SA   0.67%  S&P 500®   (6,718,702)   4,935,809    1,782,893    — 
 200,294,919   4/10/2023  Citibank NA   0.73%  S&P 500®   (5,147,148)   5,038,435    108,713    — 
 199,189,705   11/6/2023  Credit Suisse International   0.67%  S&P 500®   (1,499,721)   —    1,499,721    — 
 1,076,775,291   3/7/2023  Goldman Sachs International   0.67%  S&P 500®   (33,291,137)   22,047,285    11,243,852    — 
 1,773,722,326   5/8/2023  J.P. Morgan Securities   0.47%  S&P 500®   (51,579,771)   24,777,116    26,802,655    — 
 647,596,033   4/10/2023  Morgan Stanley & Co. International plc   0.42%  S&P 500®   (18,506,259)   14,149,844    4,356,415    — 
 746,485,284   3/7/2023  Societe Generale   0.47%  S&P 500®   (36,597,957)   36,529,425    68,532    — 
 512,517,874   3/7/2023  UBS AG   0.57%  S&P 500®   (18,409,425)   17,915,590    493,835    — 
                                     
 6,841,512,144                  (211,563,172)               
                Total Unrealized  Depreciation   (211,563,172)               

 

a The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815.
b Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
c Reflects the floating financing rate, as of November 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).
d The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities.
e Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

 

Abbreviations

 

USD U.S Dollar

 

See accompanying notes to the financial statements.

 

 

 

  

 

(b)Securities Divested of in accordance with Section 13(c) of the Investment Company Act of 1940.

 

Not applicable.

 

Item 7. Disclosure Of Proxy Voting Policies And Procedures For Closed-End Management Investment Companies.

 

Not applicable to the Registrant.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable to the Registrant.

 

Item 9. Purchase of Equity Securities By Closed-End Management Investment Company And Affiliated Purchasers.

 

Not applicable to the Registrant.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

The Registrant did not have in place procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.

 

 

 

 

Item 11. Controls and Procedures.

 

(a)Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

 

(b)There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable to the Registrant.

 

Item 13. Exhibits.

 

(a)(1)Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
   
(b)Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

ProShares Trust  
   
By: /s/ Todd B. Johnson  
  Todd B. Johnson  
  President  
  February 4, 2022  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By: /s/ Todd B. Johnson  
  Todd B. Johnson  
  President  
  February 4, 2022  
     
By: /s/ Charles Todd  
  Charles Todd  
  Treasurer  
  February 4, 2022