NOTE 9 – SUBSEQUENT EVENTS

Management has evaluated the possibility of subsequent events existing in the Trust’s and the Funds’ financial statements through the date the financial statements were issued. The subsequent events were as follows:

On May 1, 2015, the Trust announced a 1-for-4 reverse split of the Shares of beneficial interest of ProShares Ultra Bloomberg Commodity, ProShares Ultra Bloomberg Natural Gas and ProShares Ultra Yen.

On May 1, 2015, the Trust announced a 1-for-5 reverse split of the Shares of beneficial interest of ProShares Ultra VIX Short-Term Futures ETF and ProShares Ultra Bloomberg Crude Oil.

The reverse splits will increase the price per Share of each Fund with a proportionate decrease in the number of Shares outstanding. For example, for a 1-for-4 reverse split, every four pre-split Shares will result in the receipt of one post-split Share, which will be priced four times higher than the NAV of a pre-split Share.

The reverse splits will be effective for shareholders of record after the close of the markets on May 19, 2015. All reverse splits will be effective at the market open on May 20, 2015, when the Funds will begin trading at their post-split price. The ticker symbol for the Funds will not change. Each of the Funds undergoing a reverse split will be issued a new CUSIP number, listed below.


Ticker	Fund	Split Ratio	Old CUSIP	New CUSIP
UCD	Ultra Bloomberg Commodity	1:4	74347W106	74347W288
BOIL	Ultra Bloomberg Natural Gas	1:4	74347W122	74347W296
YCL	Ultra Yen	1:4	74347W866	74347W270
UVXY	Ultra VIX Short-Term Futures ETF	1:5	74347W346	74347W312
UCO	Ultra Bloomberg Crude Oil	1:5	74347W650	74347W320

The Shares outstanding and per Share information for ProShares Ultra VIX Short-Term Futures ETF, ProShares Ultra Bloomberg Commodity, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Bloomberg Natural Gas and ProShares Ultra Yen disclosed in the financial statements and notes to the financial statements have not been retroactively adjusted to give effect to the reverse splits. Presented below are pro forma Shares outstanding and per Share information after giving retroactive effect for the reverse splits.

Pro forma information, giving retroactive effect to the reverse splits, is as follows:

For the Three Months Ended March 31, 2015 (unaudited)


Per Share Operating Performance	Ultra VIX Short-Term Futures ETF			Ultra Bloomberg Commodity			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Yen
Net asset value, at December 31, 2014	$	125.4591		$	52.1342		$	50.7400		$	61.6491		$	56.4747
Net investment income (loss)		(0.4056	)		(0.1104	)		(0.0920	)		(0.1548	)		(0.1283	)
Net realized and unrealized gain (loss)		(49.1045	)		(6.3693	)		(16.5231	)		(15.8280	)		(0.3478	)
Change in net asset value from operations		(49.5101	)		(6.4797	)		(16.6151	)		(15.9828	)		(0.4761	)
Net asset value, at March 31, 2015	$	75.9490		$	45.6545		$	34.1249		$	45.6663		$	55.9986
Market value per share, at December 31, 2014	$	125.75		$	51.44		$	51.85		$	63.12		$	56.48
Market value per share, at March 31, 2015	$	75.25		$	46.80		$	33.95		$	45.56		$	55.96

As of March 31, 2015 and December 31, 2014 (unaudited)

Shares outstanding	Ultra VIX Short-Term Futures ETF			Ultra Bloomberg Commodity			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Yen
Shares outstanding, at March 31, 2015		9,134,020			50,004			29,439,834			1,342,485			100,004
Shares outstanding, at December 31, 2014		2,804,020			50,004			8,879,834			1,142,485			37,504

For the Three Months Ended March 31, 2015 (unaudited)

Net income (loss) per weighted-average share	Ultra VIX Short-Term Futures ETF			Ultra Bloomberg Commodity			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Yen
Net income (loss) per weighted-average share	$	(44.65	)	$	(6.48	)	$	(9.74	)	$	(13.91	)	$	(1.64	)
Weighted-average shares outstanding		5,053,242			50,004			20,040,390			1,336,652			70,837

Pro forma information, giving retroactive effect to the reverse splits, is as follows:

For the Three Months Ended March 31, 2014 (unaudited)


Per Share Operating Performance	Ultra VIX Short-Term Futures ETF			Ultra Bloomberg Commodity			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Yen
Net asset value, at December 31, 2013	$	335.4203		$	77.7259		$	160.4495		$	155.3534		$	74.5261
Net investment income (loss)		(1.4595	)		(0.1855	)		(0.3562	)		(0.4732	)		(0.1712	)
Net realized and unrealized gain (loss)	$	(32.4784	)	$	10.8849			13.0370		$	25.6692		$	2.8673
Change in net asset value from operations	$	(33.9379	)	$	10.6994			12.6808		$	25.1960		$	2.6961
Net asset value, at March 31, 2014	$	301.4824		$	88.4253		$	173.1303		$	180.5494		$	77.2222
Market value per share, at December 31, 2013	$	335.60		$	76.52		$	161.10		$	157.12		$	74.44
Market value per share, at March 31, 2014	$	299.55		$	86.04		$	172.80		$	181.28		$	77.16

For the Three Months Ended March 31, 2014 (unaudited)

Net income (loss) per weighted-average share	Ultra VIX Short-Term Futures ETF			Ultra Bloomberg Commodity			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Yen
Net income (loss) per weighted-average share	$	(13.89	)	$	10.70		$	22.80		$	74.42		$	2.70
Weighted-average shares outstanding		742,920			37,504			936,056			248,458			37,504