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AMENDMENT NO. 35 DATED DECEMBER 10, 2020, TO THE proshares trust investment advisory AGREEMENT DATED december 15, 2005, BETWEEN proshares trust proshare advisors llc 

SCHEDULE A 

TO THE INVESTMENT ADVISORY AGREEMENT 

BETWEEN PROSHARES TRUST PROSHARE ADVISORS LLC 

As of December 10, 2020 

Each Portfolio listed below shall pay the Advisor a fee pursuant to the Investment Advisory Agreement at an annualized rate of 0.75% based on its average daily net assets, as follows:¹   

FUND NAME 

ProShares Ultra S&P500  

ProShares Ultra MidCap400  

ProShares Ultra Dow30  

ProShares Ultra  

ProShares Ultra Basic Materials  

ProShares Ultra Consumer Goods  

ProShares Ultra Consumer Services  

ProShares Ultra Financials  

ProShares Ultra Health Care  

ProShares Ultra Industrials  

ProShares Ultra Nasdaq Cloud Computing 

ProShares Ultra Nasdaq Cybersecurity 

ProShares Ultra Oil & Gas  

ProShares Ultra Real Estate  

ProShares Ultra Semiconductors  

ProShares Ultra Technology  

ProShares Ultra Telecommunications 

ProShares Ultra Utilities  

ProShares Ultra Russell2000 

ProShares Ultra SmallCap600  

ProShares Ultra MSCI Japan  

ProShares Ultra MSCI Emerging Markets  

ProShares Ultra MSCI EAFE  

ProShares Ultra Nasdaq Biotechnology  

ProShares Ultra FTSE China 50  

ProShares Ultra 7-10 Year Treasury  

ProShares Ultra 20+ Year Treasury  

ProShares Ultra High Yield 

ProShares Ultra FTSE Europe  

ProShares Ultra MSCI Brazil Capped  

ProShares Short S&P500  

ProShares Short MidCap400  

ProShares Short Dow30  

ProShares Short  

ProShares Short Russell2000  

FUND NAME 

ProShares Short SmallCap600  

ProShares Short Basic Materials  

ProShares Short Financials  

ProShares Short Oil & Gas  

ProShares Short Real Estate  

ProShares Short MSCI Emerging Markets  

ProShares Short MSCI EAFE  

ProShares Short 7-10 Year Treasury 

ProShares Short 20+ Year Treasury  

ProShares Short High Yield 

ProShares Short FTSE China 50                

ProShares UltraShort S&P500  

ProShares UltraShort MidCap400  

ProShares UltraShort Dow30  

ProShares UltraShort  

ProShares UltraShort Russell2000  

ProShares UltraShort SmallCap600  

ProShares UltraShort Basic Materials 

ProShares UltraShort Consumer Goods  

ProShares UltraShort Consumer Services  

ProShares UltraShort Financials  

ProShares UltraShort Health Care 

ProShares UltraShort Industrials 

ProShares UltraShort Oil & Gas 

ProShares UltraShort Real Estate  

ProShares UltraShort Semiconductors  

ProShares UltraShort Technology  

ProShares UltraShort Utilities 

ProShares UltraShort MSCI Japan  

ProShares UltraShort MSCI Emerging Markets  

ProShares UltraShort MSCI EAFE  

ProShares UltraShort Nasdaq Biotechnology   

ProShares UltraShort Nasdaq Cloud Computing 

ProShares UltraShort Nasdaq Cybersecurity 

ProShares UltraShort FTSE China 50                 

ProShares UltraShort 7-10 Year Treasury  

ProShares UltraShort 20+ Year Treasury  

ProShares UltraShort FTSE Europe 

ProShares UltraShort MSCI Brazil Capped 

ProShares UltraPro S&P500  

ProShares UltraPro  

ProShares UltraPro Dow30  

ProShares UltraPro Russell2000  

ProShares UltraPro MidCap400 

ProShares UltraPro Financial Select Sector 

ProShares UltraPro Short S&P500  

ProShares UltraPro Short  

ProShares UltraPro Short Dow30  

ProShares UltraPro Short Russell2000  

ProShares UltraPro Short MidCap400  

ProShares UltraPro Short 20+ Year Treasury 

ProShares UltraPro Short Financial Select Sector 

ProShares UltraPro Nasdaq Biotechnology 

FUND NAME 

ProShares UltraPro Short Nasdaq Biotechnology 

ProShares RAFI Long/Short 

ProShares Hedge Replication ETF

ProShares Merger ETF

Each Portfolio listed below shall pay the Advisor a fee pursuant to the Investment Advisory Agreement at an annualized rate based on its average daily net assets, as follows:² 

FUND NAME	COMPENSATION (at annual rate expressed as a percentage of average daily net assets of each Fund)
ProShares Inflation Expectations ETF	0.55%
ProShares Global Listed Private Equity ETF	0.50%
ProShares Short Term USD Emerging Markets Bond ET	0.50%
ProShares Morningstar Alternatives Solution ETF	0.07%

PROSHARE ADVISORS LLC,  a Maryland limited liability company	PROSHARES TRUST,  a Delaware statutory trust
By:  /s/Michael L. Sapir	By:  /s/Todd B. Johnson
Michael L. Sapir         Chief Executive Officer	Todd B. Johnson         President

^{___________________} 

¹ All fees are computed daily and paid monthly.

² All fees are computed daily and paid monthly.