10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2017.

or

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from                 to                 .

Commission file number: 001-34200

PROSHARES TRUST II

(Exact name of registrant as specified in its charter)

Delaware	87-6284802
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

c/o ProShare Capital Management LLC

7501 Wisconsin Avenue, Suite 1000

Bethesda, Maryland 20814

(Address of principal executive offices) (Zip Code)

(240) 497-6400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Common Units of Beneficial Interest	NYSE Arca, Inc.
(Title of each class)	(Name of exchange on which registered)

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ☒  Yes    ☐  No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    ☐  Yes    ☒  No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    ☒  Yes    ☐  No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐  (Do not check if a smaller reporting company)	Smaller reporting company	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.).    ☐  Yes    ☒  No

The aggregate market value of each Fund’s units held by non-affiliates as of June 30, 2017 and the number of outstanding units for each Fund as of February 26, 2018 are included in the table below.

	Aggregate Market Value of the Fund’s Units Held by Non-Affiliates as of June 30, 2017		Number of Outstanding Units as of February 26, 2018
ProShares Short Euro	$	10,427,500		200,000
ProShares Short VIX Short-Term Futures ETF		798,336,000		58,100,000
ProShares Ultra Bloomberg Crude Oil		962,353,171		16,611,317
ProShares Ultra Bloomberg Natural Gas		43,753,726		8,192,169
ProShares Ultra Euro		12,936,000		550,000
ProShares Ultra Gold		88,548,000		2,200,000
ProShares Ultra Silver		250,150,509		7,096,526
ProShares Ultra VIX Short-Term Futures ETF		375,260,850		23,327,238
ProShares Ultra Yen		5,866,240		49,970
ProShares UltraPro 3x Crude Oil ETF		20,664,157		300,008
ProShares UltraPro 3x Short Crude Oil ETF		5,248,210		2,450,008
ProShares UltraShort Australian Dollar		11,950,000		150,000
ProShares UltraShort Bloomberg Crude Oil		120,550,888		9,389,884
ProShares UltraShort Bloomberg Natural Gas		7,493,651		124,832
ProShares UltraShort Euro		236,980,000		9,350,000
ProShares UltraShort Gold		37,954,210		446,977
ProShares UltraShort Silver		22,737,212		566,976
ProShares UltraShort Yen		170,262,425		1,299,290
ProShares VIX Mid-Term Futures ETF		30,513,214		937,403
ProShares VIX Short-Term Futures ETF		161,410,725		2,926,317

DOCUMENTS INCORPORATED BY REFERENCE:

None.

THE FINANCIAL STATEMENT SCHEDULES CONTAINED IN PART IV OF THIS ANNUAL REPORT ON FORM 10-K CONSTITUTE THE ANNUAL REPORT WITH RESPECT TO THE COMMODITY POOLS FOR PURPOSES OF COMMODITY FUTURES TRADING COMMISSION RULE 4.22(C)

PROSHARES TRUST II

Table of Contents

	Page
Part I
Item 1. Business		4
Item 1A. Risk Factors		27
Item 1B. Unresolved Staff Comments		59
Item 2. Properties		59
Item 3. Legal Proceedings		59
Item 4. Mine Safety Disclosures		59
Part II
Item  5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		60
Item 6. Selected Financial Data		71
Item  7. Management’s Discussion and Analysis of Financial Condition and Results of Operations		77
Item  7A. Quantitative and Qualitative Disclosures About Market Risk		112
Item 8. Financial Statements and Supplementary Data		131
Item  9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure		139
Item 9A. Controls and Procedures		139
Item 9B. Other Information		140
Part III
Item 10. Directors, Executive Officers  and Corporate Governance		141
Item 11. Executive Compensation		144
Item  12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		146
Item  13. Certain Relationships and Related Transactions, and Director Independence		146
Item 14. Principal Accounting Fees and Services		146
Part IV
Item 15. Exhibits and Financial Statement Schedules		147
Item 16. Form 10-K Summary		147
Exhibit Index		147
Signatures		309

Part I

Item 1. Business.

Summary

ProShares Trust II (formerly known as the Commodities and Currencies Trust) (the “Trust”) is a Delaware statutory trust formed on October 9, 2007 and is currently organized into separate series (each, a “Fund” and collectively, the “Funds”). As of December 31, 2017, the following twenty series of the Trust have commenced investment operations: (i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a “Matching VIX Fund” and collectively, the “Matching VIX Funds”); (ii) ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF (each, a “Geared VIX Fund” and collectively, the “Geared VIX Funds”); and (iii) ProShares UltraShort Bloomberg Crude Oil ETF, ProShares UltraPro 3x Short Crude Oil ETF, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Australian Dollar, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil ETF, ProShares UltraPro 3x Crude Oil ETF, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen (each, a “Leveraged Fund” and collectively, the “Leveraged Funds”); and (iv) ProShares Short Euro (the “Short Euro Fund”). Each of the Funds listed above issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund are listed on the New York Stock Exchange Archipelago (“NYSE Arca”), as further described below. The Matching VIX Funds are collectively referred to as the “Matching Funds” in this Annual Report on Form 10-K. The Geared VIX Funds and the Matching VIX Funds are collectively referred to as the “VIX Funds” in this Annual Report on Form 10-K. The Leveraged Funds, the Short Euro Fund and the Geared VIX Funds, are collectively referred to as the “Geared Funds” in this Annual Report on Form 10-K.

The Trust had no operations prior to November 24, 2008, other than matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended, and the sale and issuance to ProShare Capital Management LLC (the “Sponsor”) of fourteen Shares at an aggregate purchase price of $350 in each of the following Funds: ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen.

Groups of Funds are collectively referred to in this Annual Report on Form 10-K in several different ways. References to “Short Funds,” “UltraShort Funds,” or “Ultra Funds” refer to the different Funds based upon their investment objectives, but without distinguishing among the Funds’ benchmarks. References to “Commodity Index Funds” and “Currency Funds” refer to the different Funds according to their general benchmark categories without distinguishing among the Funds’ investment objectives or Fund-specific benchmarks. References to “VIX Funds” refer to the different Funds based upon their investment objective and their general benchmark categories.

Each of the Funds generally invest in Financial Instruments (i.e., instruments whose value is derived from the value of an underlying asset, rate or index, including futures contracts, swap agreements, forward contracts and other instruments) as a substitute for investing directly in commodities, currencies, or spot volatility products in order to gain exposure to its applicable commodity futures index, commodity, currency exchange rate or equity volatility index. Financial Instruments also are used to produce economically “inverse,” “inverse leveraged” or “leveraged” investment results for the Geared Funds.

As further described below, each “Short” Fund seeks daily investment results (before fees and expenses) that correspond to either the inverse (-1x) or the one-half inverse (-0.5x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results (before fees and expenses) that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results (before fees and expenses) that correspond to either two times (2x) or one and one-half times (1.5x) the daily performance of its corresponding benchmark. The “UltraPro” Fund seeks results for a single day that corresponds (before fees and expenses) to three times (3x) the performance of its benchmark. The UltraPro Short Fund seeks results for a single day that corresponds (before fees and expenses) to three times the inverse (-3x) of the performance of its benchmark. Each Matching VIX Fund seek investment results (before fees and expenses), both over a single day and over time, that match the performance of its corresponding benchmark. Daily performance is measured from the calculation of one net asset value per Share (“NAV”) to the next.

4

Each Geared Fund seeks investment results for a single day only, not for longer periods. A “single day” is measured from the time a Fund calculates its respective NAV to the time of the Fund’s next NAV calculation. This is different from most exchange-traded funds and means that the return of such Geared Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, which will very likely differ from -0.5x, -1x, -2x, 1.5x, 2x, -3x or 3x of the return of the index to which such Geared Fund is benchmarked for that period. A Geared Fund will lose money if its benchmark’s performance is flat over time, and it is possible for a Geared Fund to lose money over time even if its benchmark’s performance increases (or decreases, in the case of a Short or UltraShort Fund). Longer holding periods, higher benchmark volatility, inverse exposure and greater leverage each affect the impact of compounding on a Geared Fund’s returns. Daily compounding of a Geared Fund’s investment returns can dramatically and adversely affect its longer-term performance during periods of high volatility. Geared Funds are riskier than similarly benchmarked exchange-traded funds that are not geared. Accordingly, these Funds may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking daily leveraged, inverse or inverse leveraged investment results. Shareholders who invest in the Funds should actively manage and monitor their investments, as frequently as daily.

Each Geared Fund continuously offers and redeems its Shares in blocks of 50,000 Shares and each Matching VIX Fund continuously offers and redeems shares in blocks of 25,000 Shares (each such block a “Creation Unit”). Only Authorized Participants may purchase and redeem Shares from a Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with one or more of the Funds. Shares of the Funds are offered to Authorized Participants in Creation Units at each Fund’s respective NAV. Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per-Share market price that varies depending on, among other factors, the trading price of the Shares of each Fund on the NYSE Arca, the NAV per Share and the supply of and demand for the Shares at the time of the offer. Shares from the same Creation Unit may be offered at different times and may have different offering prices based upon the above factors. Additionally, the price at which an Authorized Participant sells a Share may be higher or lower than the price paid by such Authorized Participant in connection with the creation of such Share in a Creation Unit. The form of Authorized Participant Agreement and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants do not receive any fees or compensation in connection with their sale of Shares to the public from any Fund, the Sponsor, or any of their affiliates. An Authorized Participant may receive commissions or fees from investors who purchase Shares through their commission or fee-based brokerage accounts.

As of December 31, 2017, ProShare Capital Management LLC, a Maryland limited liability company, served as the Trust’s Sponsor (the “Sponsor”) and commodity pool operator. On February 17, 2013, the Sponsor’s commodity trading advisor registration was withdrawn. Wilmington Trust Company serves as the Trustee of the Trust (the “Trustee”). The Funds are commodity pools, as defined in the Commodity Exchange Act (the “CEA”) and the applicable regulations of the Commodity Futures Trading Commission (the “CFTC”) and are operated by the Sponsor, a commodity pool operator registered with the CFTC. The Trust is not an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Sponsor maintains an Internet website at www.ProShares.com, through which monthly account statements and the Trust’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the U.S. Securities and Exchange Commission (the “SEC”). Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov.

5

Investment Objectives and Principal Investment Strategies

Investment Objectives

The Matching Funds

Investment Objectives of the “Matching VIX” Funds

Each “Matching VIX” Fund seeks results, both over a single day and over time, that match (before fees and expenses) the performance of the S&P 500 VIX Short-Term Futures Index (the “Short-Term VIX Index”) or the S&P 500 VIX Mid-Term Futures Index (the “Mid-Term VIX Index”) (each a “VIX Futures Index” and together, the “VIX Futures Indexes”). The VIX Futures Indexes seek to offer exposure to forward market equity volatility through publicly traded futures markets. If a Matching VIX Fund is successful in meeting its objective, its value (before fees and expenses) should gain approximately as much on a percentage basis as the level of its corresponding VIX Futures Index when the benchmark rises. Conversely, its value (before fees and expenses) should lose approximately as much on a percentage basis as the level of its benchmark when the benchmark declines. Each Matching VIX Fund acquires exposure through VIX futures contracts, such that each Matching VIX Fund has exposure intended to approximate its applicable VIX Futures Index at the time of its NAV calculation. The VIX Futures Indexes track the performance of VIX futures contracts; they do not track the performance of the Chicago Board Options Exchange (“CBOE”) Volatility Index (the “VIX”), and the Matching VIX Funds should not be expected to match the performance of the VIX.

The Geared Funds

Investment Objectives of the “Short” Funds

Each “Short” Fund, other than the ProShares Short VIX Short-Term Futures ETF, seeks daily investment results (before fees and expenses) that correspond to the inverse (-1x) of the daily performance, whether positive or negative, of the corresponding benchmark shown below. Expenses may include, among other things, costs related to the purchase, sale and storage of commodities or currencies and the cost of leverage, all of which may be embedded in Financial Instruments used by that Fund. If a Short Fund, other than the ProShares Short VIX Short-Term Futures ETF, is successful in meeting its objective, its value on a given day (before fees and expenses) should gain approximately as much on a percentage basis as its corresponding benchmark when the benchmark declines. Conversely, its value on a given day (before fees and expenses) should lose approximately as much on a percentage basis as the corresponding benchmark when the benchmark rises. Each Short Fund will acquire short exposure through any one of or combinations of Financial Instruments, including Financial Instruments with respect to the applicable Short Fund’s benchmark, such that each Short Fund, other than the ProShares Short VIX Short-Term Futures ETF, has exposure intended to approximate the inverse (-1x) of its corresponding benchmark at the time of its NAV calculation.

The ProShares Short VIX Short-Term Futures ETF seeks daily investment results (before fees and expenses) that correspond to one-half the inverse (-0.5x) of the daily performance, whether positive or negative, of the corresponding benchmark shown below. If the ProShares Short VIX Short-Term Futures ETF is successful in meeting its objective, its value on a given day (before fees and expenses) should gain approximately one-half as much on a percentage basis as its corresponding benchmark when the benchmark declines. Conversely, its value on a given day (before fees and expenses) should lose approximately one-half as much on a percentage basis as the corresponding benchmark when the benchmark rises. The ProShares Short VIX Short-Term Futures ETF will acquire short exposure through any one of or combinations of Financial Instruments, including Financial Instruments with respect to the ProShares Short VIX Short-Term Futures ETF benchmark, such that the Fund has exposure intended to approximate the one-half inverse (-0.5x) of its corresponding benchmark at the time of its NAV calculation. The Fund is benchmarked to the S&P VIX Short-Term Futures Index, an investable index of VIX futures contracts. The Fund is not benchmarked to the VIX.

Investment Objectives of the “UltraShort” Funds

Each “UltraShort” Fund seeks daily investment results (before fees and expenses) that correspond to two times the inverse (-2x) of the daily performance, whether positive or negative, of the corresponding benchmark shown below. Expenses may include, among other things, costs related to the purchase, sale and storage of commodities or currencies and the cost of leverage, all of which may be embedded in Financial Instruments used by that Fund. If an UltraShort Fund is successful in meeting its objective, its value on a given day (before fees and expenses) should gain approximately two times as much on a percentage basis as its corresponding benchmark when the benchmark declines. Conversely, its value on a given day (before fees and expenses) should lose approximately two times as much on a percentage basis as the corresponding benchmark when the benchmark rises. Each UltraShort Fund acquires short exposure through any one of or combinations of Financial Instruments, including Financial Instruments with respect to the applicable UltraShort Fund’s benchmark, such that each UltraShort Fund has exposure intended to approximate two times the inverse (-2x) of its corresponding benchmark at the time of its NAV calculation.

6

Investment Objectives of the “Ultra” Funds

Each “Ultra” Fund, other than the ProShares Ultra VIX Short-Term Futures ETF, seeks daily investment results (before fees and expenses) that correspond to two times (2x) the daily performance, whether positive or negative, of the corresponding benchmark shown below. Expenses may include, among other things, costs related to the purchase, sale and storage of commodities or currencies and the cost of leverage, all of which may be embedded in Financial Instruments used by that Fund. If an Ultra Fund, other than the ProShares Ultra VIX Short-Term Futures ETF, is successful in meeting its objective, its value on a given day (before fees and expenses) should gain approximately two times as much on a percentage basis as its corresponding benchmark when the benchmark rises. Conversely, its value on a given day (before fees and expenses) should lose approximately two times as much on a percentage basis as the corresponding benchmark when the benchmark declines. Each Ultra Fund, other than the ProShares Ultra VIX Short-Term Futures ETF, acquires long exposure through any one of or combinations of Financial Instruments, including Financial Instruments with respect to the applicable Ultra Fund’s benchmark such that each Ultra Fund, other than the ProShares Ultra VIX Short-Term Futures ETF, has exposure intended to approximate two times (2x) its corresponding benchmark at the time of its NAV calculation.

The ProShares Ultra VIX Short-Term Futures ETF seeks daily investment results (before fees and expenses) that correspond to one and one-half times (1.5x) the daily performance, whether positive or negative, of the corresponding benchmark shown below. If the ProShares Ultra VIX Short-Term Futures ETF is successful in meeting its objective, its value on a given day (before fees and expenses) should gain approximately one and one-half times as much on a percentage basis as its corresponding benchmark when the benchmark rises. Conversely, its value on a given day (before fees and expenses) should lose approximately one and one-half times as much on a percentage basis as the corresponding benchmark when the benchmark declines. The ProShares Ultra VIX Short-Term Futures ETF acquires long exposure through any one of or combinations of Financial Instruments, including Financial Instruments with respect to the ProShares Ultra VIX Short-Term Futures ETF benchmark such that the Fund has exposure intended to approximate one and one-half times (1.5x) its corresponding benchmark at the time of its NAV calculation. The Fund is benchmarked to the S&P VIX Short-Term Futures Index, an investable index of VIX futures contracts. The Fund is not benchmarked to the VIX.

Investment Objectives of the “UltraPro” Funds

The UltraPro Fund seeks results for a single day that correspond (before fees and expenses) to three times (3x) the performance of the Benchmark. The Fund does not seek to achieve its stated objective over a period greater than a single day. A “single day” is measured from the time the Fund calculates its NAV to the time of the Fund’s next NAV calculation. If the Fund is successful in meeting its objective, its value on a given day (before fees and expenses) should gain approximately three times as much on a percentage basis as the level of the Benchmark when the Benchmark rises. Conversely, its value on a given day (before fees and expenses) should lose approximately three times as much on a percentage basis as the level of the Benchmark when the Benchmark declines. The Fund acquires long exposure through its holdings of Futures Contracts and, from time to time, investments in Financial Instruments, such that the Fund has exposure intended to approximate three times (3x) the Benchmark at the time of its NAV calculation.

The UltraPro Short Fund seeks results for a single day that correspond (before fees and expenses) to three times the inverse (-3x) of the performance of the Benchmark. The Fund does not seek to achieve its stated objectives over a period greater than a single day. A “single day” is measured from the time the Fund calculates its NAV to the time of the Fund’s next NAV calculation. If the Fund is successful in meeting its objective, its value on a given day (before fees and expenses) should gain approximately three times as much on a percentage basis as the level of the Benchmark when the Benchmark declines. Conversely, its value on a given day (before fees and expenses) should lose approximately three times as much on a percentage basis as the level of the Benchmark when the Benchmark rises. The Fund acquires inverse exposure through its short positions in the Futures Contracts and, from time to time, investments in Financial Instruments, such that the Fund has exposure intended to approximate three times the inverse (-3x) of the Benchmark at the time of its NAV calculation.

The corresponding benchmark for each Fund is listed below:

ProShares VIX Short-Term Futures, ProShares Short VIX Short-Term Futures and ProShares Ultra VIX Short-Term Futures: The S&P 500 VIX Short-Term Futures Index. The S&P 500 VIX Short-Term Futures Index seeks to offer exposure to market volatility through publicly traded futures markets and is designed to measure the return from a rolling long position in the first and second month VIX futures contracts.

ProShares VIX Mid-Term Futures: The S&P 500 VIX Mid-Term Futures Index. The S&P 500 VIX Mid-Term Futures Index seeks to offer exposure to market volatility through publicly traded futures markets and is designed to measure the return from a rolling long position in the fourth, fifth, sixth and seventh month VIX futures contracts.

ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Bloomberg Crude Oil, ProShares UltraPro 3x Crude Oil and ProShares UltraPro 3x Short Crude Oil: The Bloomberg WTI Crude Oil Subindex^SM. The Bloomberg WTI Crude Oil Subindex is designed to track crude oil futures prices.

ProShares UltraShort Bloomberg Natural Gas and ProShares Ultra Bloomberg Natural Gas: The Bloomberg Natural Gas Subindex^SM. The Bloomberg Natural Gas Subindex is designed to track natural gas futures prices traded on the NYMEX.

ProShares UltraShort Gold and ProShares Ultra Gold: The daily performance of gold bullion as measured by the U.S. dollar p.m. LBMA Gold Price.

ProShares UltraShort Silver and ProShares Ultra Silver: The daily performance of silver bullion as measured by the London Silver Price.

ProShares UltraShort Australian Dollar: The 4:00 p.m. (Eastern Time) spot price of the Australian dollar versus the U.S. dollar using Australian dollar/U.S. dollar exchange rate as provided by Bloomberg, expressed in terms of U.S. dollars per unit of foreign currency.

7

ProShares Short Euro, ProShares UltraShort Euro and ProShares Ultra Euro: The 4:00 p.m. (Eastern Time) spot price of the euro versus the U.S. dollar, using euro/U.S. dollar exchange rate as provided by Bloomberg, expressed in terms of U.S. dollars per unit of foreign currency.

ProShares UltraShort Yen and ProShares Ultra Yen: The 4:00 p.m. (Eastern Time) spot price of the Japanese yen versus the U.S. dollar using the Japanese yen/U.S. dollar exchange rate as provided by Bloomberg, expressed in terms of U.S. dollars per unit of foreign currency.

Principal Investment Strategies

In seeking to achieve each Fund’s investment objective, the Sponsor uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of investment positions, which the Sponsor believes in combination, should produce daily returns consistent with a Fund’s objective. The Sponsor relies upon a pre-determined model to generate orders that result in repositioning each Fund’s investments in accordance with their respective investment objectives. Each Fund invests principally in any one of or combinations of Financial Instruments, including swap agreements, futures contracts, forward contracts and other instruments with respect to the applicable Fund’s benchmark to the extent determined appropriate by the Sponsor. The types of commodity or currency interests in which each Commodity Index Fund or Currency Fund invests may vary daily. The Funds do not currently intend to invest directly in any commodity or currency. Each VIX Fund intends to obtain exposure to the applicable equity market volatility index by primarily investing in VIX futures contracts based on the VIX. Each Fund will also hold cash or cash equivalents such as U.S. Treasury securities or other high credit quality, short-term fixed-income or similar securities (such as shares of money market funds and collateralized repurchase agreements) for direct investment or as collateral for Financial Instruments. Each Fund may invest up to 100% of its assets in any of these types of cash or cash equivalent securities.

The Sponsor does not invest the assets of the Funds based on its view of the investment merit of a particular investment, other than for cash management purposes, nor does it conduct conventional volatility, commodity or currency research or analysis, or forecast market movement or trends, in managing the assets of the Funds. Each Fund seeks to remain fully invested at all times in Financial Instruments and money market instruments that, in combination, provide exposure to its underlying benchmark consistent with its investment objective without regard to market conditions, trends or direction.

Certain of the Funds may obtain exposure through Financial Instruments to a representative sample of the components in its underlying index, which have aggregate characteristics similar to those of the underlying index. This “sampling” process typically involves selecting a representative sample of components in an index principally to enhance liquidity and reduce transaction costs while seeking to maintain high correlation with, and similar aggregate characteristics (e.g., underlying commodities and valuations) to, the underlying index. In addition, the Funds may obtain exposure to components not included in the underlying index, invest in assets that are not included in the underlying index or may overweight or underweight certain components contained in the underlying index. For further discussion of the Financial Instruments, see “Information About Financial Instruments and Commodities Markets” below.

8

Information About Financial Instruments and Commodities Markets

Swap Agreements

Swap agreements are two-party contracts that have traditionally been entered into primarily by institutional investors in over the counter (“OTC”) markets for a specified period ranging from a day to more than a year. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides for significant reforms of the OTC derivatives markets, including a requirement to execute certain swap and forward transactions on a CFTC-regulated market and/or to clear such transactions through a CFTC-regulated central clearing organization. In a standard swap transaction, the parties agree to exchange the returns on a particular predetermined investment, instrument or index for a fixed or floating rate of return (the “interest rate leg,” which will also include the cost of borrowing for short swaps) in respect of a predetermined notional amount. The notional amount of the agreement reflects the extent of a Fund’s total investment exposure under the swap agreement. Transaction or commission costs are reflected in the benchmark level at which the transaction is entered into. The gross returns to be exchanged are calculated with respect to the notional amount and the benchmark returns to which the swap is linked. Swaps are usually closed out on a net basis, i.e., the two payment streams are netted out in a cash settlement on the payment date specified in the agreement, with the parties receiving or paying, as the case may be, only the net amount of the two payments. Thus, while the notional amount reflects a Fund’s total investment exposure under the swap agreement (i.e., the entire face amount or principal of a swap agreement), the net amount is a Fund’s current obligations (or rights) under the swap agreement, which is 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 on any given termination date. In a typical swap agreement entered into by an UltraShort Fund or a Short Fund, absent fees, transaction costs and interest, such Fund would be required to make payments to the swap counterparty in the event the benchmark increases and would be entitled to settlement payments in the event the benchmark decreases. In a typical swap agreement entered into by an Ultra Fund or an UltraPro Fund, absent fees, transaction costs and interest, the Ultra Fund or UltraPro Fund would be entitled to settlement payments in the event the benchmark increases and would be required to make payments to the swap counterparty in the event the benchmark decreases.

Swap agreements involve, to varying degrees, elements of market risk and exposure to loss in excess of the amount which would be reflected on the Statement of Financial Condition. The notional amounts of the agreement reflect the extent of each Ultra Fund’s total investment exposure under the swap agreement. An UltraShort Fund’s or a Short Fund’s exposure is not limited by the notional amount and its exposure is in theory potentially infinite as there is no fixed limit on the increase in any index value. The primary risks associated with the use of swap agreements arise from the inability of counterparties to perform. Each Fund that invests in swaps bears the risk of loss of the net amount, if any, expected to be received under a swap agreement in the event of the default or bankruptcy of a swap counterparty. Each such Fund enters or intends to enter into swap agreements only with major, global financial institutions; however, there are no limitations on the percentage of its assets each Fund may invest in swap agreements with a particular counterparty. Each Fund that invests in swaps may use various techniques to minimize credit risk including early termination or reset and payment, using different counterparties and limiting the net amount due from any individual counterparty.

Each Fund that invests in swaps generally collateralizes the swap agreements with cash and/or certain securities. Collateral posted in connection with uncleared derivative transactions is generally held for the benefit of the counterparty in a segregated tri-party account at the Custodian to protect the counterparty against non-payment by the Fund. The counterparty also may collateralize the uncleared swap agreements with cash and/or certain securities, which collateral is typically held for the benefit of the Fund in a segregated tri-party account at the Custodian. In the event of a default by the counterparty, and the Fund is owed money in the uncleared swap transaction, such Fund will seek withdrawal of this collateral from the segregated account and may incur certain costs exercising its right with respect to the collateral. These Funds remain subject to credit risk with respect to the amount it expects to receive from counterparties.

The Funds have sought to mitigate these risks in connection with the uncleared OTC swaps by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds; however there are no limitations on the percentage of its assets each Fund may invest in swap agreements with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings.

9

The counterparty risk for cleared derivative transactions is generally lower than for uncleared OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries.

Forward Contracts

A forward contract is a contractual obligation to purchase or sell a specified quantity of a particular underlying asset at or before a specified date in the future at a specified price and, therefore, is economically similar to a futures contract. Unlike futures contracts, however, forward contracts are typically traded in the OTC markets and are not standardized contracts. Forward contracts for a given commodity or currency are generally available for various amounts and maturities and are subject to individual negotiation between the parties involved. Moreover, there is generally no direct means of offsetting or closing out a forward contract by taking an offsetting position as one would a futures contract on a U.S. exchange. If a trader desires to close out a forward contract position, he generally will establish an opposite position in the contract but will settle and recognize the profit or loss on both positions simultaneously on the delivery date. Thus, unlike in the futures contract market where a trader who has offset positions will recognize profit or loss immediately, in the forward market a trader with a position that has been offset at a profit will generally not receive such profit until the delivery date, and likewise a trader with a position that has been offset at a loss will generally not have to pay money until the delivery date. In recent years, however, the terms of forward contracts have become more standardized, and in some instances such contracts now provide a right of offset or cash settlement as an alternative to making or taking delivery of the underlying commodity or currency. The primary risks associated with the use of forward contracts arise from the inability of the counterparty to perform.

Each Fund that invests in forward contracts generally collateralizes the uncleared forward contracts with cash and/or certain securities. Such collateral is generally held for the benefit of the counterparty in a segregated tri-party account at the Custodian to protect the counterparty against non-payment by the Fund. The counterparty also may collateralize the uncleared forward contracts with cash and/or certain securities, which collateral is typically held for the benefit of the Fund in a segregated tri-party account at the Custodian. In the event of a default by the counterparty, and the Fund is owed money in the uncleared forward transaction, such Fund will seek withdrawal of this collateral from the segregated account and may incur certain costs exercising its right with respect to the collateral. These Funds remain subject to credit risk with respect to the amount it expects to receive from OTC counterparties.

The Funds have sought to mitigate these risks with respect to uncleared OTC forwards by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds; however, there are no limitations on the percentage of its assets each Fund may invest in forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings.

The forward markets provide what has typically been a highly liquid market for foreign exchange trading, and in certain cases the prices quoted for foreign exchange forward contracts may be more favorable than the prices for foreign exchange futures contracts traded on U.S. exchanges. Forward contracts have traditionally not been cleared or guaranteed by a third party. However, the Dodd-Frank Act provides for significant reforms of OTC derivatives markets. As a result of the Dodd-Frank Act, the CFTC now regulates non-deliverable forwards (including deliverable forwards where the parties do not take delivery). Certain non-deliverable forward contracts, such as non-deliverable foreign exchange forwards, may be subject to regulation as swap agreements, including mandatory clearing. All foreign exchange forwards, including non-deliverable foreign exchange forwards as well as physically settled foreign exchange forwards, are subject to new reporting requirements. Changes in the forward markets may entail increased costs and result in burdensome reporting requirements.

Commercial banks participating in trading OTC foreign exchange forward contracts often do not require margin deposits, but rely upon internal credit limitations and their judgments regarding the creditworthiness of their counterparties. In recent years, however, many OTC market participants in foreign exchange trading have begun to require that their counterparties post margin.

10

Futures Contracts

A futures contract is a standardized contract traded on, or subject to the rules of, an exchange that calls for the future delivery of a specified quantity and type of commodity at a specified time and place or alternatively, may call for cash settlement as is the case with VIX futures contracts. Futures contracts are traded on a wide variety of commodities, including bonds, interest rates, agricultural products, stock indexes, currencies, energy, metals, economic indicators and statistical measures. The notional size and calendar term of futures contracts on a particular commodity are identical and are not subject to any negotiation, other than with respect to price and the number of contracts traded between the buyer and seller. Each Fund generally deposits cash with a Futures Commission Merchant (“FCM”) for its open positions in futures contracts, which may, in turn, transfer such deposits to the clearing house to protect the clearing house against non-payment by the Fund. The clearing house becomes substituted for each counterparty to a futures contract, and, in effect, guarantees performance. In addition, the FCM may require the Funds to deposit collateral in excess of the clearing house’s margin requirements for the FCM’s own protection.

Certain futures contracts, such as VIX futures contracts, as well as stock index contracts and certain commodity futures contracts, settle in cash, reflecting the difference between the contract purchase/sale price and the contract settlement price. The cash settlement mechanism avoids the potential for either side to have to deliver the underlying asset. For other futures contracts, the contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying asset or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. The difference between the price at which the futures contract is purchased or sold and the price paid for the offsetting sale or purchase, after allowance for brokerage commissions, constitutes the profit or loss to the trader.

Regulations

Derivatives exchanges in the United States are subject to regulation under the CEA, by the CFTC, the governmental agency having responsibility for regulation of derivatives exchanges and trading on those exchanges. Following the adoption of the Dodd-Frank Act, the CFTC also has authority to regulate OTC derivative markets, including certain OTC foreign exchange markets. The CFTC has exclusive authority to designate exchanges for the trading of specific futures contracts and options on futures contracts and to prescribe rules and regulations of the marketing of each. The CFTC also regulates the activities of “commodity pool operators” and the CFTC has adopted regulations with respect to certain of such persons’ activities. Pursuant to its authority, the CFTC requires a commodity pool operator, such as the Sponsor, to keep accurate, current and orderly records with respect to each pool it operates. The CFTC may suspend, modify or terminate the registration of any registrant for failure to comply with CFTC rules or regulations. Suspension, restriction or termination of the Sponsor’s registration as a commodity pool operator would prevent it, until such time (if any) as such registration were to be reinstated, from managing, and might result in the termination of the Funds. If the Sponsor were unable to provide services and/or advice to the Funds, the Funds would be unable to pursue their investment objectives unless and until the Sponsor’s ability to provide services and advice to the Funds was reinstated or a replacement for the Sponsor as commodity pool operator could be found. Such an event could result in termination of the Funds.

The CEA requires all FCMs to meet and maintain specified fitness and financial requirements, segregate customer funds from proprietary funds and account separately for all customers’ funds and positions, and to maintain specified books and records open to inspection by the staff of the CFTC. See “Item 1A. Risk Factors. Risks Related to Regulatory Requirements and Potential Legislative Changes-Failure of the FCMs to segregate assets may increase losses in the Funds” in this Annual Report on Form 10-K.

The CEA also gives the states certain powers to enforce its provisions and the regulations of the CFTC.

Under certain circumstances, the CEA grants shareholders the right to institute a reparations proceeding before the CFTC against the Sponsor (as a registered commodity pool operator), an FCM, as well as those of their respective employees who are required to be registered under the CEA. Shareholders may also be able to maintain a private right of action for certain violations of the CEA.

Pursuant to authority in the CEA, the National Futures Association (the “NFA”) has been formed and registered with the CFTC as a registered futures association. At the present time, the NFA is the only self-regulatory organization for commodities professionals other than exchanges. As such, the NFA promulgates rules governing

11

the conduct of commodity professionals and disciplines those professionals that do not comply with such standards. The CFTC has delegated to the NFA responsibility for the registration of commodity pool operators, FCMs, swap dealers, commodity trading advisors, introducing brokers and their respective associated persons and floor brokers. The Sponsor is a member of the NFA (the Funds themselves are not required to become members of the NFA). As an NFA member, the Sponsor is subject to NFA standards relating to fair trade practices, financial condition, and consumer protection. The CFTC is prohibited by statute from regulating trading on foreign commodity exchanges and markets.

The CEA and CFTC regulations prohibit market abuse and generally require that all futures exchange-based trading be conducted in compliance with rules designed to ensure the integrity of market prices and without any intent to manipulate prices. CFTC regulations and futures exchange rules also impose limits on the size of the positions that a person may hold or control as well as standards for aggregating certain positions. The rules of the CFTC and the futures exchanges also authorize special emergency actions to halt, suspend or limit trading overall or to restrict, halt, suspend or limit the trading of an individual trader or to otherwise impose special reporting or margin requirements. See also “Item 1A. Risk Factors. Regulatory changes or actions, including the implementation of new Legislation, may alter the operations and profitability of the Funds” and “Item 1A. Risk Factors. Regulatory and exchange accountability levels may restrict the creation of Creation Units and the operation of the Trust” in this Annual Report on Form 10-K.

Description of the Bloomberg Commodity Index ^SM and its Sub-Indexes

Overview of the Bloomberg Family of Indices

Bloomberg WTI Crude Oil Subindex^SM

ProShares UltraShort Bloomberg Crude Oil and ProShares Ultra Bloomberg Crude Oil are designed to correspond (before fees and expenses) to two times the inverse (-2x) or two times (2x), respectively, of the daily performance of the Bloomberg WTI Crude Oil Subindex^SM, a sub-index of the Bloomberg Commodity Index. ProShares UltraPro Short 3x Crude Oil ETF and ProShares UltraPro 3x Crude Oil ETF are designed to correspond (before fees and expenses) to three times the inverse (-3x) or three times (3x), respectively, of the daily performance of the Bloomberg WTl Crude Oil Subindex^SM, a sub-index of the Bloomberg Commodity Index. The Bloomberg WTI Crude Oil Subindex^SM is intended to reflect the performance of crude oil as measured by the price of futures contracts of West Texas Intermediate sweet, light crude oil traded on the NYMEX, including the impact of rolling, without regard to income earned on cash positions. The performance of the crude oil futures market is normally very different than the performance of the physical crude oil market (e.g., the price of crude oil at port). See “Item 1A. Risk Factors. The Commodity Index Funds are linked to an index comprised of commodity futures contracts, and are not directly linked to the spot prices of the underlying physical commodities. Commodity futures contracts may perform very differently from the spot price of the underlying physical commodities” in this Annual Report on Form 10-K.

The Bloomberg WTI Crude Oil Subindex^SM is based on the Crude Oil component of the Bloomberg Commodity Index, which is described above under “Bloomberg Commodity Index^SM,” and tracks what is known as a rolling futures position. The roll occurs over a period of five Bloomberg business days in certain months according to a pre-determined schedule, generally beginning on the fifth business day of the month and ending on the ninth business day. Each day, approximately 20% of each rolling futures position that is included in the month’s roll is rolled, increasing from 0% to 20%, 40%, 60%, 80% and finally 100%. The exact roll methodology differs between certain commodities. The Bloomberg WTI Crude Oil Subindex^SM will reflect the performance of its underlying crude oil futures contracts, including the impact of rolling, without regard to income earned on cash positions. For more information about the risks associated with rolling futures positions, see “Item 1A. Risk Factors. Potential negative impact from rolling futures positions” in this Annual Report on Form 10-K.

Bloomberg Natural Gas Subindex^SM

ProShares UltraShort Bloomberg Natural Gas and ProShares Ultra Bloomberg Natural Gas are designed to correspond (before fees and expenses) to two times the inverse (-2x) or two times (2x) of the daily performance of the Bloomberg Natural Gas Subindex^SM, respectively. The Bloomberg Natural Gas Subindex^SM is intended to reflect the performance of a rolling position in natural gas futures contracts traded on the NYMEX without regard to income earned on cash positions. An investment in natural gas futures contracts may often perform very differently than the price of physical natural gas (e.g., the wellhead or end-user price of natural gas). See “Item 1A. Risk Factors. The Commodity Index Funds are linked to an index comprised of commodity futures contracts, and are not linked to the spot prices of the underlying physical commodities. Commodity futures contracts may perform very differently from the spot price of the underlying physical commodities” in this Annual Report on Form 10-K.

12

The Bloomberg Natural Gas Subindex^SM is based on the Natural Gas component of the Bloomberg Commodity Index, which is described above under “Bloomberg Commodity Index^SM,” and tracks what is known as a rolling futures position. The roll occurs over a period of five Bloomberg Commodity Index business days in certain months according to a pre-determined schedule, generally beginning on the fifth business day of the month and ending on the ninth business day. Each day, approximately 20% of each rolling futures position that is included in the month’s roll is rolled, increasing from 0% to 20%, 40%, 60%, 80% and finally 100%. The exact roll methodology differs between certain commodities. The index will reflect the performance of its underlying natural gas contracts, including the impact of rolling, without regard to income earned on cash positions. For more information about the risks associated with rolling futures positions, see “Item 1A. Risk Factors. Potential negative impact from rolling futures positions” in this Annual Report on Form 10-K.

Information About the Index Licensor

“BLOOMBERG^®”, “BLOOMBERG WTI CRUDE OIL SUBINDEX^SM” and “BLOOMBERG NATURAL GAS SUBINDEX^SM” ARE SERVICE MARKS OF BLOOMBERG FINANCE L.P. AND ITS AFFILIATES (COLLECTIVELY, “BLOOMBERG”) AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY PROSHARES TRUST II (“LICENSEE”).

The Funds are not sponsored, endorsed, sold or promoted by Bloomberg UBS AG, UBS Securities LLC (“UBS Securities”), or any of their subsidiaries or affiliates. None of Bloomberg, UBS AG, UBS Securities, or any of their subsidiaries or affiliates makes any representation or warranty, express or implied, to the owners of or counterparts to the Funds or any member of the public regarding the advisability of investing in securities or commodities generally or in the Funds particularly. The only relationship of Bloomberg, UBS AG, UBS Securities, or any of their subsidiaries or affiliates to the Licensee is the licensing of certain trademarks, trade names and service marks and of the Bloomberg Commodity Index^SM, Bloomberg WTI Crude Oil Subindex^SM and Bloomberg Natural Gas Subindex^SM, which are determined, composed and calculated by Bloomberg in conjunction with UBS Securities without regard to the Licensee or the Funds. Bloomberg and UBS Securities have no obligation to take the needs of the Licensee or the shareholders of the Funds into consideration in determining, composing or calculating the Bloomberg Commodity Index^SM, the Bloomberg WTI Crude Oil Subindex^SM or the Bloomberg Natural Gas Subindex^SM. None of Bloomberg, UBS AG, UBS Securities, or any of their respective subsidiaries or affiliates is responsible for or has participated in the determination of the timing of, prices at, or quantities of the shares of the Funds that have been or are to be issued or in the determination or calculation of the equation by which the Shares of the Funds are converted into cash. None of Bloomberg, UBS AG, UBS Securities or any of their subsidiaries or affiliates shall have any obligation or liability, including, without limitation, to Fund shareholders, in connection with the administration, marketing or trading of the Funds. Notwithstanding any of the foregoing, UBS AG, UBS Securities and their respective subsidiaries and affiliates may independently issue and/or sponsor financial products unrelated to the Shares currently being issued by the Licensee, but which may be similar to and competitive with the Funds. In addition, UBS AG, UBS Securities and their subsidiaries and affiliates actively trade commodities, commodity indexes and commodity futures (including the Bloomberg Commodity Index^SM, Bloomberg WTI Crude Oil Subindex^SM and Bloomberg Natural Gas Subindex^SM), as well as swaps, options and derivatives which are linked to the performance of such commodities, commodity indexes and commodity futures. It is possible that this trading activity will affect the value of the Bloomberg Commodity Index^SM, the Bloomberg WTI Crude Oil Subindex^SM, the Bloomberg Natural Gas Subindex^SM and Fund shares.

This Annual Report on Form 10-K relates only to the Funds and does not relate to the exchange-traded physical commodities underlying any of the Bloomberg Commodity Index^SM, the Bloomberg WTI Crude Oil Subindex^SM or the Bloomberg Natural Gas Subindex^SM components. Purchasers of the Shares should not conclude that the inclusion of a futures contract in the Bloomberg Commodity Index^SM, the Bloomberg WTI Crude Oil Subindex^SM or the Bloomberg Natural Gas Subindex^SM is any form of investment recommendation of the futures contract or the underlying exchange-traded physical commodity by Bloomberg, UBS AG, UBS Securities or any of their subsidiaries or affiliates. The information in this Annual Report on Form 10-K regarding the components of the Bloomberg Commodity Index^SM, the Bloomberg WTI Crude Oil Subindex^SM and the Bloomberg Natural Gas Subindex^SM has been derived solely from publicly available documents. None of Bloomberg, UBS AG, UBS Securities or any of their subsidiaries or affiliates has made any due diligence inquiries with respect to the

13

Bloomberg Commodity Index^SM, the Bloomberg WTI Crude Oil Subindex^SM or the Bloomberg Natural Gas Subindex^SM components in connection with the Funds. None of Bloomberg, UBS AG, UBS Securities or any of their subsidiaries or affiliates makes any representation that these publicly available documents or any other publicly available information regarding the Bloomberg Commodity Index^SM, the Bloomberg WTI Crude Oil Subindex^SM or the Bloomberg Natural Gas Subindex^SM components, including without limitation a description of factors that affect the prices of such components, are accurate or complete.

NONE OF BLOOMBERG, UBS AG, UBS SECURITIES OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE BLOOMBERG COMMODITY INDEX^SM, THE BLOOMBERG WTI CRUDE OIL SUBINDEX^SM OR THE BLOOMBERG NATURAL GAS SUBINDEX^SM OR ANY DATA RELATED THERETO AND NONE OF BLOOMBERG, UBS AG, UBS SECURITIES OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. NONE OF BLOOMBERG, UBS AG, UBS SECURITIES OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE LICENSEE, FUND SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG COMMODITY INDEX^SM, THE BLOOMBERG WTI CRUDE OIL SUBINDEX^SM OR THE BLOOMBERG NATURAL GAS SUBINDEX^SM OR ANY DATA RELATED THERETO. NONE OF BLOOMBERG, UBS AG, UBS SECURITIES OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG COMMODITY INDEX^SM, THE BLOOMBERG WTI CRUDE OIL SUBINDEX^SM, THE BLOOMBERG NATURAL GAS SUBINDEX^SM OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG ITS LICENSORS (INCLUDING UBS AG AND UBS SECURITIES) AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE ARISING IN CONNECTION WITH THE PRODUCTS OR THE BLOOMBERG COMMODITY INDEX^SM, THE BLOOMBERG NATURAL GAS SUBINDEX^SM OR ANY DATA OR VALUES RELATING THERETO WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS AMONG BLOOMBERG, UBS SECURITIES AND THE LICENSEE, OTHER THAN UBS AG.

Description of the Commodity Benchmarks

Gold

ProShares UltraShort Gold and ProShares Ultra Gold are designed to correspond (before fees and expenses) to two times the inverse (-2x) or two times (2x), respectively, of the daily performance of gold bullion as measured by the U.S. dollar p.m. LBMA Gold Price. The Funds do not directly or physically hold the underlying gold, but instead, seek exposure to gold through the use of Financial Instruments whose value is based on the underlying price of gold to pursue their investment objective. The benchmark price of gold is the U.S. dollar price of gold bullion as measured by the London afternoon fixing price per troy ounce of unallocated gold bullion for delivery in London through a member of the LBMA authorized to affect such delivery. On March 19, 2015, the company that ran the London U.S. dollar gold fixing, ceased calculating the price of gold for the LBMA. The LBMA selected ICE Benchmark Administration to calculate the price, which was renamed the LBMA Gold Price, and is based on an electronic, physically settled auction-based methodology, beginning on March 20, 2015.

The price of gold is volatile with fluctuations expected to affect the value of the Shares of the Fund. The price movement of gold may be influenced by a variety of factors, including announcements from central banks regarding reserve gold holdings, agreements among central banks, political uncertainties and economic concerns. The gold market is a global marketplace consisting of both OTC transactions and exchange-traded products. The OTC market generally consists of transactions in spot, forwards, options and other derivatives, while exchange-traded transactions consist of futures and options.

14

The LBMA Gold Price is determined each trading day at 3:00 p.m. London time providing a reference gold price for that day’s trading. Many long-term contracts are priced on the basis of the LBMA Gold Price and market participants will usually refer to the LBMA Gold Price when looking for a basis for valuation.

Silver

ProShares UltraShort Silver and ProShares Ultra Silver are designed to correspond (before fees and expenses) to two times the inverse (-2x) or two times (2x), respectively, of the daily performance of silver bullion as measured by the London Silver Price. The Funds do not directly or physically hold the underlying silver, but instead seek exposure to silver through the use of Financial Instruments whose value is based on the underlying price of silver to pursue their investment objective. The benchmark price of silver is the daily performance silver bullion as measured by the London Silver Price.

The price of silver is volatile with fluctuations expected to affect the value of the Shares of the Fund. The largest industrial users of silver are the photographic, jewelry, and electronic industries and developments in these industries among other factors may influence the price of silver. Like gold, the silver market is a global marketplace consisting of both OTC transactions and exchange-traded products. The OTC market generally consists of transactions in spot, forwards, options and other derivatives, while exchange-traded transactions consist of futures and options.

The London Silver Price is determined each trading day at 12:00 p.m. London time providing a reference silver price for that day’s trading. Many long-term contracts are priced on the basis of the London Silver Price and market participants will usually refer to the London Silver Price when looking for a basis for valuation.

Description of the Currencies Benchmarks

The Currency Funds are designed to correspond (before fees and expenses) to the inverse (-1), two times the inverse (-2x), or two times (2x) of the daily performance of the spot price of the applicable currency versus the U.S. dollar. The spot price of each currency is measured by the 4:00 p.m. (Eastern Time) spot prices as provided by Bloomberg, expressed in terms of U.S. dollars per unit of foreign currency. The Currency Funds do not necessarily directly or physically hold the underlying currency and will instead seek exposure through the use of certain Financial Instruments whose value is based on the price of the underlying currency to pursue its investment objective.

Australian Dollar

ProShares UltraShort Australian Dollar is designed to correspond (before fees and expenses) to two times the inverse (-2x) of the daily performance of the Australian dollar spot price versus the U.S. dollar, respectively. This Fund uses the 4:00 p.m. (Eastern Time) Australian dollar/U.S. dollar exchange rate as provided by Bloomberg, expressed in terms of U.S. dollars per unit of foreign currency, as the basis for the underlying benchmark.

The Australian dollar is the national currency of Australia and the currency of the accounts of the Reserve Bank of Australia, the Australian central bank. The official currency code for the Australian dollar is “AUD.” The Australian dollar is referred to in Australia as “dollar.” As with U.S. currency, 100 Australian cents are equal to one Australian dollar. In Australia, unlike most other countries, cash transactions are rounded to the nearest five cents. The most commonly used symbol used to represent the Australian dollar is “A$.”

In 1913, the Commonwealth Bank of Australia issued the first Australian currency notes. In 1915, the Commonwealth Bank of Australia became the exclusive issuer of currency in Australia. From 1930 through the 1960s, the Australian banking system underwent substantial transformation. In 1960, the Reserve Bank of Australia was established. In 1966, a new decimalized currency was introduced. At various times throughout the 1900s, the value of Australian currency was based on a fixed quantity of gold; at other times, the Australian dollar was pegged to foreign currencies, including the U.S. dollar. Beginning in 1983, the Australian dollar’s value was allowed to float, with the result that its value now depends almost entirely on market forces. The foregoing information is compiled from the Reserve Bank of Australia’s website (www.rba.gov.au).

15

Euro

ProShares Short Euro, ProShares UltraShort Euro and ProShares Ultra Euro are designed to correspond (before fees and expenses) to the inverse (-1), two times the inverse (-2x), or two times (2x) of the daily performance of the euro spot price versus the U.S. dollar, respectively. These Funds use the 4:00 p.m. (Eastern Time) euro/U.S. dollar exchange rate as provided by Bloomberg, expressed in terms of U.S. dollars per unit of foreign currency, as the basis for the underlying benchmark.

In 1998, the European Central Bank in Frankfurt was organized by Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain in order to establish a common currency-the euro. Unlike the U.S. Federal Reserve System, the Bank of Japan and other comparable central banks, the European Central Bank is a central authority that conducts monetary policy for an economic area consisting of many otherwise largely autonomous states.

At its inception on January 1, 1999, the euro was launched as an electronic currency used by banks, foreign exchange dealers and stock markets. In 2002, the euro became cash currency for approximately 300 million citizens of twelve European countries (the eleven countries mentioned above, in addition to Greece). As of December 31, 2017, 23 countries used the euro, including Andorra, Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco, the Netherlands, Portugal, San Marino, Slovakia, Slovenia, Spain and the Vatican City.

Although the European countries that have adopted the euro are members of the European Union (“EU”), the United Kingdom, Denmark and Sweden are EU members that have not adopted the euro as their national currency.

Japanese Yen

ProShares UltraShort Yen and ProShares Ultra Yen are designed to correspond (before fees and expenses) to two times the inverse (-2x) or two times (2x), respectively, of the daily performance of the Japanese yen spot price versus the U.S. dollar. These Funds use the 4:00 p.m. (Eastern Time) Japanese yen/U.S. dollar exchange rate as provided by Bloomberg, expressed in terms of U.S. dollars per unit of foreign currency, as the basis for the underlying benchmark.

The Japanese yen has been the official currency of Japan since 1871. The Bank of Japan has been operating as the central bank of Japan since 1882.

Description of the VIX Futures Indexes

The VIX Funds seek to offer exposure to forward equity market volatility by obtaining exposure to the VIX Futures Indexes, which are based on publicly traded VIX futures contracts. The VIX Futures Indexes are intended to reflect the returns that are potentially available through an unleveraged investment in the VIX futures contracts comprising each VIX Futures Index. The VIX, which is not the index underlying the VIX Funds, is calculated based on the prices of put and call options on the S&P 500. The VIX Funds can be expected to perform very differently from the VIX.

The Short-Term VIX Index employs rules for selecting VIX futures contracts comprising the Short-Term VIX Index and a formula to calculate a level for that index from the prices of these VIX futures contracts. Specifically, the VIX futures contracts comprising the Short-Term VIX Index represent the prices of two near-term VIX futures contracts, replicating a position that rolls the nearest month VIX futures to the next month VIX futures on a daily basis in equal fractional amounts. This results in a constant weighted average maturity of one-month. The roll period begins on the Tuesday prior to the monthly CBOE VIX futures settlement and runs through the Tuesday prior to the subsequent month’s CBOE VIX futures settlement date.

The Mid-Term VIX Index also employs rules for selecting its VIX futures contracts comprising the Mid-Term VIX Index and a formula to calculate a level for that index from the prices of these VIX futures contracts. Specifically,

16

the VIX futures contracts comprising the Mid-Term VIX Index represent the prices for four contract months of VIX futures contracts, representing a rolling long position in the fourth, fifth, sixth and seventh month VIX futures contracts. The Mid-Term VIX Index rolls continuously throughout each month while maintaining positions in the fifth and sixth month contracts. This results in a constant weighted average maturity of five months.

The level of each VIX Futures Index will be published by Bloomberg L.P. in real time and at the close of trading on each VIX Futures Index business day under the following ticker symbols:

Index	Bloomberg Ticker Symbol
S&P 500 VIX Short-Term Futures Index	SPVXSPID
S&P 500 VIX Mid-Term Futures Index	SPVXMPID

The performance of the VIX Futures Indexes is influenced by the S&P 500 (and options thereon) and the VIX. A description of VIX futures contracts, the VIX and the S&P 500 follows:

VIX Futures Contracts

Both VIX Futures Indexes are comprised of VIX futures contracts. VIX futures contracts were first launched for trading by the CBOE in 2004. VIX futures contracts have expirations ranging from the front month consecutively out to the tenth month. VIX futures contracts allow investors the ability to invest based on their view of forward implied market volatility. Investors that believe the forward implied market volatility of the S&P 500, as represented by VIX futures contracts, will increase may buy VIX futures contracts. Conversely, investors that believe that the forward implied market volatility of the S&P 500, as represented by VIX futures contracts, will decline may sell VIX futures contracts. VIX futures contracts are reported by Bloomberg under the ticker symbol “VX.”

While the VIX represents a measure of the current expected volatility of the S&P 500 over the next 30 days, the prices of VIX futures contracts are based on the current expectation of what the expected 30-day volatility will be at a particular time in the future (on the expiration date). The VIX and VIX futures contracts generally behave quite differently. To illustrate, on November 30, 2017, the VIX was 16.13 and the price of the December 2017 VIX futures contracts expiring on December 16, 2017 was 16.98. In this example, the price of the VIX represented the 30-day implied, or “spot,” volatility (the volatility expected for the period from November 30, 2017 to December 1, 2017) of the S&P 500 and the February VIX futures contracts represented forward implied volatility (the volatility expected for the period from December 16, 2017 to January 15, 2018 of the S&P 500. The spot/forward relationship between the VIX and VIX futures contracts has two noteworthy consequences: (1) the price of a VIX futures contract can be lower, equal to or higher than the VIX, depending on whether the market expects volatility to be lower, equal to or higher in the 30-day forward period covered by the VIX futures contract than in the 30-day spot period covered by the VIX; and (2) an investor cannot create a position equivalent to one in VIX futures contracts by buying the VIX and holding the position to the futures expiration date while financing the transaction.

The VIX

The VIX Funds are not linked to the VIX and can be expected to perform very differently from the VIX. The VIX is an index designed to measure the implied volatility of the S&P 500 over 30 days in the future, and is calculated based on the prices of certain put and call options on the S&P 500. The VIX is reflective of the premium paid by investors for certain options linked to the level of the S&P 500. During periods of rising investor uncertainty, including periods of market instability, the implied level of volatility of the S&P 500 typically increases and, consequently, the prices of options linked to the S&P 500 typically increase (assuming all other relevant factors remain constant or have negligible changes). This, in turn, causes the level of the VIX to increase. The VIX has historically had a negative correlation to the S&P 500. The VIX was developed by the CBOE and is calculated, maintained and published by the CBOE. The CBOE has no obligation to continue to publish, and may discontinue the publication of, the VIX. The VIX is reported by Bloomberg under the ticker symbol “VIX.”

17

The calculation of the VIX involves a formula that uses the prices of a weighted series of out-of-the-money put and call options on the level of the S&P 500 (“SPX Options”) with two adjacent expiry terms to derive a constant 30-day forward measure of market volatility. The VIX is calculated independent of any particular option pricing model and in doing so seeks to eliminate any biases which may otherwise be included in using options pricing methodology based on certain assumptions. Although the VIX measures the 30-day forward volatility of the S&P 500 as implied by the SPX Options, 30-day options are only available once a month. To arrive at the VIX level, a broad range of out-of-the-money SPX Options expiring on the two closest nearby months (“near term options” and “next term options,” respectively) are selected in order to bracket a 30-day calendar period. SPX Options having a maturity of less than eight days are excluded at the outset and, when the near term options have eight days or less left to expiration, the VIX rolls to the second and third contract months in order to minimize pricing anomalies that occur close to expiration. The model-free implied volatility using prices of the near term options and next term options are then calculated on a strike price weighted average basis in order to arrive at a single average implied volatility value for each month. The results of each of the two months are then interpolated to arrive at a single value with a constant maturity of 30 days to expiration.

The S&P 500

The S&P 500 is an index that measures 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 by the S&P U.S. Index Committee through a non-mechanical process that factors in criteria such as liquidity, price, market capitalization and financial viability. Reconstitution occurs both on a quarterly and ongoing basis. As of December 31, 2017, the S&P 500 included companies with capitalizations between $2.7 billion and $869 billion. The average capitalization of the companies comprising the Index was approximately $47.4 billion. S&P publishes the S&P 500. The daily calculation of the current value of the S&P 500 is based on the relative value of the aggregate market value of the common stocks of 500 companies as of a particular time compared to the aggregate average initial market value of the common stocks of 500 similar companies at the time of the inception of the S&P 500. The 500 companies are not the 500 largest publicly traded companies and not all 500 companies are listed on the NYSE. S&P chooses companies for inclusion in the S&P 500 with the objective of achieving a distribution by broad industry groupings that approximates the distribution of these groupings in the common stock population of the U.S. equity market. S&P may from time-to-time, in its sole discretion, add companies to, or delete companies from, the S&P 500 to achieve the objectives stated above. Relevant criteria employed by S&P include the viability of the particular company, the extent to which that company represents the industry group to which it is assigned, the extent to which the company’s common stock is widely held and the market value and trading activity of the common stock of that company.

THE VIX FUNDS ARE NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY S&P AND ITS AFFILIATES OR CBOE. S&P AND CBOE MAKE NO REPRESENTATION, CONDITION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THE VIX FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE VIX FUNDS PARTICULARLY OR THE ABILITY OF THE INDEXES TO TRACK MARKET PERFORMANCE AND/OR OF GROUPS OF ASSETS OR ASSET CLASSES AND/OR TO ACHIEVE ITS STATED OBJECTIVE AND/OR TO FORM THE BASIS OF A SUCCESSFUL INVESTMENT STRATEGY, AS APPLICABLE. S&P’S AND CBOE’S ONLY RELATIONSHIP TO THE TRUST ON BEHALF OF ITS APPLICABLE SERIES AND THE SPONSOR IS THE LICENSING OF CERTAIN TRADEMARKS AND TRADE NAMES AND OF THE VIX FUTURES INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY S&P WITHOUT REGARD TO THE TRUST ON BEHALF OF ITS APPLICABLE SERIES AND THE SPONSOR OR THE VIX FUNDS. S&P HAS NO OBLIGATION TO TAKE THE NEEDS OF THE TRUST ON BEHALF OF ITS APPLICABLE SERIES AND THE SPONSOR OR THE OWNERS OF THE VIX FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE VIX FUTURES INDEXES. S&P AND CBOE ARE NOT ADVISORS TO THE VIX FUNDS AND ARE NOT RESPONSIBLE FOR AND HAVE NOT PARTICIPATED IN THE DETERMINATION OF THE PRICES AND AMOUNT OF THE VIX FUNDS OR THE TIMING OF THE ISSUANCE OR SALE OF THE VIX FUNDS OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH THE VIX FUND SHARES ARE TO BE CONVERTED INTO CASH. S&P AND CBOE HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING, OR TRADING OF THE VIX FUNDS.

18

NEITHER S&P, ITS AFFILIATES NOR THIRD PARTY LICENSORS, INCLUDING CBOE, GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE VIX FUTURES INDEXES OR ANY DATA INCLUDED THEREIN AND S&P, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS, INCLUDING CBOE, SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P AND CBOE MAKE NO WARRANTY, CONDITION OR REPRESENTATION, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE TRUST ON BEHALF OF ITS APPLICABLE SERIES AND THE SPONSOR, OWNERS OF THE VIX FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE VIX FUTURES INDEXES OR ANY DATA INCLUDED THEREIN. S&P AND CBOE MAKE NO EXPRESS OR IMPLIED WARRANTIES, REPRESENTATIONS OR CONDITIONS, AND EXPRESSLY DISCLAIM ALL WARRANTIES OR CONDITIONS OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE AND ANY OTHER EXPRESS OR IMPLIED WARRANTY OR CONDITION WITH RESPECT TO THE VIX FUTURES INDEXES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS, INCLUDING CBOE, HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS) RESULTING FROM THE USE OF THE VIX FUTURES INDEXES OR ANY DATA INCLUDED THEREIN, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Creation and Redemption of Shares

Each Fund creates and redeems Shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of 50,000 Shares of a Geared Fund or a block of 25,000 Shares of a Matching VIX Fund. Creation Units may be created or redeemed only by Authorized Participants. Except when aggregated in Creation Units, the Shares are not redeemable securities.

The manner by which Creation Units are purchased and redeemed is dictated by the terms of the Authorized Participant Agreement and Authorized Participant Handbook. By placing a purchase order, an Authorized Participant agrees to deposit cash (unless as provided otherwise in the prospectus) with the Custodian of the Funds.

If permitted by the Sponsor in its sole discretion with respect to a Fund, an Authorized Participant may also agree to enter into or arrange for an exchange of a futures contract for related position (“EFCRP”) or block trade with the relevant Fund whereby the Authorized Participant would also transfer to such Fund a number and type of exchange-traded futures contracts at or near the closing settlement price for such contracts on the purchase order date. Similarly, the Sponsor in its sole discretion may agree with an Authorized Participant to use an EFCRP to affect an order to redeem Creation Units.

An EFCRP is a technique permitted by the rules of the applicable futures exchange that, as utilized by a Fund in the Sponsor’s discretion, would allow such Fund to take a position in a futures contract from an Authorized Participant, or give futures contracts to an Authorized Participant, in the case of a redemption, rather than to enter the futures exchange markets to obtain such a position. An EFCRP by itself will not change either party’s net risk position materially. Because the futures position that a Fund would otherwise need to take in order to meet its investment objective can be obtained without unnecessarily impacting the financial or futures markets or their pricing, EFCRPs can generally be viewed as transactions beneficial to a Fund. A block trade is a technique that permits certain Funds to obtain a futures position without going through the market auction system and can generally be viewed as a transaction beneficial to the Fund.

Authorized Participants pay a fixed transaction fee of up to $250 in connection with each order to create or redeem a Creation Unit in order to compensate Brown Brothers Harriman & Co. (“BBH&Co.”), as the Administrator, the Custodian and the Transfer Agent of each Fund and its Shares, for services in processing the creation and redemption of Creation Units and to offset the costs of increasing or decreasing derivative positions. Authorized Participants also may pay a variable transaction fee to the Funds of up to 0.10% (and a variable transaction fee to the Matching VIX Funds of 0.05%) of the value of the Creation Unit that is purchased or redeemed unless the

19

transaction fee is waived or otherwise adjusted by the Sponsor. The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. Authorized Participants may sell the Shares included in the Creation Units they purchase from the Funds to other investors in the secondary market.

The form of Authorized Participant Agreement and the related Authorized Participant Handbook set forth the procedures for the creation and redemption of Creation Units and for the payment of cash required for such creations and redemptions. The Sponsor may delegate its duties and obligations under the form of Authorized Participant Agreement to SEI Investments Distribution Co. (“SEI”) or BBH&Co., in its capacity as the Administrator, without consent from any shareholder or Authorized Participant. The form of Authorized Participant Agreement and the related procedures attached thereto may be amended by the Sponsor without the consent of any shareholder or Authorized Participant. Authorized Participants who purchase Creation Units from a Fund receive no fees, commissions or other form of compensation or inducement of any kind from either the Sponsor or the Fund, and no such person has any obligation or responsibility to the Sponsor or the Fund to affect any sale or resale of Shares.

Authorized Participants are cautioned that some of their activities may result in their being deemed participants in a distribution in a manner which would render them statutory underwriters and subject them to the prospectus delivery and liability provisions of the Securities Act of 1933, as amended (the “1933 Act”).

Each Authorized Participant must be registered as a broker-dealer under the 1934 Act and regulated by Financial Industry Regulatory Authority (“FINRA”), or exempt from being, or otherwise not required to be, so regulated or registered, and must be qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may be regulated under federal and state banking laws and regulations. Each Authorized Participant must have its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

Authorized Participants may act for their own accounts or as agents for broker-dealers, custodians and other securities market participants that wish to create or redeem Creation Units.

Persons interested in purchasing Creation Units should contact the Sponsor or the Administrator to obtain the contact information for the Authorized Participants. Shareholders who are not Authorized Participants are only able to redeem their Shares through an Authorized Participant.

Pursuant to the Authorized Participant Agreement, the Sponsor agreed to indemnify the Authorized Participants against certain liabilities, including liabilities under the 1933 Act, and to contribute to the payments the Authorized Participants may be required to make in respect of those liabilities.

The following description of the procedures for the creation and redemption of Creation Units is only a summary and an investor should refer to the relevant provisions of the Amended and Restated Trust Agreement of the Trust, as may be further amended from time to time (the “Trust Agreement”) and the form of Authorized Participant Agreement for more detail. The Trust Agreement and the form of Authorized Participant Agreement are incorporated by reference into this Annual Report on Form 10-K.

Creation Procedures

On any Business Day, an Authorized Participant may place an order with the Distributor to create one or more Creation Units. For purposes of processing both purchase and redemption orders, a “Business Day” for each Fund means any day on which the NAV of such Fund is determined. Purchase orders must be placed by the cut-off time shown below or earlier if the NYSE, a Fund’s primary listing exchange, or other exchange material to the valuation or operation of such Fund (an “Exchange” as defined below) closes before the cut-off time. If a purchase order is received prior to the applicable cut-off time, the day on which SEI receives a valid purchase order is the purchase order date. If the purchase order is received after the applicable cut-off time, the purchase order date will be the next day. Purchase orders are irrevocable. By placing a purchase order, and prior to delivery of such Creation Units, an Authorized Participant’s DTC account will be charged the non-refundable transaction fee due for the purchase order.

20

Determination of Required Payment

The total payment required to create each Creation Unit is the NAV of 50,000 Shares of the applicable Geared Fund or 25,000 Shares of the applicable Matching VIX Fund on the purchase order date plus the applicable transaction fee. For each Fund, Authorized Participants have create/redeem cut-off times prior to the NAV calculation time, which may be different from the close of the U.S. markets, as shown in the table below.

Underlying Benchmark	Create/Redeem Cutoff	NAV Calculation Time
Silver	6:30 a.m. (Eastern Time)	7:00 a.m. (Eastern Time)*
Gold	9:30 a.m. (Eastern Time)	10:00 a.m. (Eastern Time)*
S&P 500 VIX Short-Term Futures Index	2:00 p.m. (Eastern Time)	4:15 p.m. (Eastern Time)
S&P 500 VIX Mid-Term Futures Index	2:00 p.m. (Eastern Time)	4:15 p.m. (Eastern Time)
Bloomberg WTI Crude Oil SubindexSM	2:00 p.m. (Eastern Time)	2:30 p.m. (Eastern Time)
Bloomberg Natural Gas SubindexSM	2:00 p.m. (Eastern Time)	2:30 p.m. (Eastern Time)
Australian dollar	3:00 p.m. (Eastern Time)	4:00 p.m. (Eastern Time)
Euro	3:00 p.m. (Eastern Time)	4:00 p.m. (Eastern Time)
Yen	3:00 p.m. (Eastern Time)	4:00 p.m. (Eastern Time)

* For silver and gold, this time may vary due to differences in when daylight savings time is effective between London and New York. The actual times equate to noon London time for silver and 3:00 p.m. London time for gold.

Delivery of Cash

Cash required for settlement will typically be transferred to the Custodian through: (1) the Continuous Net Settlement (“CNS”) clearing process of the National Securities Clearing Corporation (“NSCC”), as such processes have been enhanced to effect creations and redemptions of Creation Units; or (2) the facilities of DTC on a Delivery Versus Payment (“DVP”) basis, which is the procedure in which the buyer’s payment for securities is due at the time of delivery. Security delivery and payment are simultaneous. If the Custodian does not receive the cash by the market close on the first Business Day following the purchase order date (T+1), such order may be charged interest for delayed settlement or cancelled. The Sponsor reserves the right to extend the deadline for the Custodian to receive the cash required for settlement up to the second Business Day following the purchase order date (T+2). In the event a purchase order is cancelled, the Authorized Participant will be responsible for reimbursing the Fund for all costs associated with cancelling the order including costs for repositioning the portfolio. At its sole discretion, the Sponsor may agree to a delivery date other than T+2. Additional fees may apply for special settlement. The Creation Unit will be delivered to the Authorized Participant upon the Custodian’s receipt of the purchase amount.

Delivery of Exchange of Futures Contract for Related Position (“EFCRP”) Futures Contracts or Block Trades

In the event that the Sponsor shall have determined to permit the Authorized Participant to transfer futures contracts pursuant to an EFCRP or to engage in a block trade purchase of futures contracts from the Authorized Participant with respect to a Fund, as well as to deliver cash, in the creation process, futures contracts required for settlement must be transferred directly to the Fund’s account at its FCM. If the cash is not received by the market close on the second Business Day following the purchase order date (T+2); such order may be charged interest for delayed settlements or cancelled. In the event a purchase order is cancelled, the Authorized Participant will be responsible for reimbursing a Fund for all costs associated with cancelling the order including costs for repositioning the portfolio. At its sole discretion, the Sponsor may agree to a delivery date other than T+2. The Creation Unit will be delivered to the Authorized Participant upon the Custodian’s receipt of the cash purchase amount and the futures contracts.

21

Suspension or Rejection of Purchase Orders

In respect of any Fund, the Sponsor may, in its discretion, suspend the right to purchase, or postpone the purchase settlement date, (1) for any period during which any of the NYSE, NYSE Arca, CBOE, CFE, CME (including CBOT and NYMEX) or ICE or other exchange material to the valuation or operation of the Funds (each, an “Exchange”) is closed or when trading is suspended or restricted on such exchanges in any of the underlying commodities; (2) for any period during which an emergency exists as a result of which the fulfillment of a purchase order is not reasonably practicable; or (3) for such other period as the Sponsor determines to be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

The Sponsor also may reject a purchase order if:

• it determines that the purchase order is not in proper form;

• the Sponsor believes that the purchase order would have adverse tax consequences to a Fund or its shareholders;

• the order would be illegal; or

• circumstances outside the control of the Sponsor make it, for all practical purposes, not feasible to process creations of Creation Units.

None of the Sponsor, the Administrator or the Custodian will be liable for the suspension or rejection of any purchase order.

Redemption Procedures

The procedures by which an Authorized Participant can redeem one or more Creation Units mirror the procedures for the creation of Creation Units. On any Business Day, an Authorized Participant may place an order with the Distributor to redeem one or more Creation Units. If a redemption order is received prior to the applicable cut-off time, or earlier if the Exchange, or other exchange material to the valuation or operation of such Fund, closes before the cut-off time, the day on which SEI receives a valid redemption order is the redemption order date. If the redemption order is received after the applicable cut-off time, the redemption order date will be the next day. Redemption orders are irrevocable. The redemption procedures allow Authorized Participants to redeem Creation Units. Individual shareholders may not redeem directly from a Fund.

By placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the applicable Fund not later than noon (Eastern Time), on the first Business Day immediately following the redemption order date (T+1). The Sponsor reserves the right to extend the deadline for the Fund to receive the Creation Units required for settlement up to the second Business Day following the redemption order date (T+2). By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant must wire to the Custodian the non-refundable transaction fee due for the redemption order or any proceeds due will be reduced by the amount of the fee payable. At its sole discretion, the Sponsor may agree to a delivery date other than T+2. Additional fees may apply for special settlement.

Upon request of an Authorized Participant made at the time of a redemption order, the Sponsor at its sole discretion may determine, in addition to delivering redemption proceeds, to transfer futures contracts to the Authorized Participant pursuant to an EFCRP or to a block trade sale of futures contracts to the Authorized Participant.

Determination of Redemption Proceeds

The redemption proceeds from a Fund consist of the cash redemption amount and, if permitted by the Sponsor in its sole discretion with respect to a Fund, an EFCRP or block trade with the relevant Fund, as described in “Creation and Redemption of Shares” above. The cash redemption amount is equal to the NAV of the number of Creation Unit(s) of such Fund requested in the Authorized Participant’s redemption order as of the time of the calculation of such Fund’s NAV on the redemption order date, less transaction fees and any amounts attributable to any applicable EFCRP or block trade.

22

Delivery of Redemption Proceeds

The redemption proceeds due from a Fund are delivered to the Authorized Participant at noon (Eastern Time), on the third Business Day immediately following the redemption order date if, by such time on such Business Day immediately following the redemption order date, a Fund’s DTC account has been credited with the Creation Units to be redeemed. The Fund should be credited through: (1) the CNS clearing process of NSCC, as such processes have been enhanced to effect creations and redemptions of Creation Units; or (2) the facilities of DTC on a Delivery Versus Payment basis. If a Fund’s DTC account has not been credited with all of the Creation Units to be redeemed by such time, the redemption distribution is delivered to the extent whole Creation Units are received. Any remainder of the redemption distribution is delivered on the next Business Day to the extent any remaining whole Creation Units are received if: (1) the Sponsor receives the fee applicable to the extension of the redemption distribution date which the Sponsor may, from time to time, determine, and; (2) the remaining Creation Units to be redeemed are credited to the Fund’s DTC account by noon (Eastern Time), on such next Business Day. Any further outstanding amount of the redemption order may be cancelled. The Authorized Participant will be responsible for reimbursing a Fund for all costs associated with cancelling the order including costs for repositioning the portfolio.

The Sponsor is also authorized to deliver the redemption distribution notwithstanding that the Creation Units to be redeemed are not credited to a Fund’s DTC account by noon (Eastern Time), on the second Business Day immediately following the redemption order date if the Authorized Participant has collateralized its obligation to deliver the Creation Units through DTC’s book-entry system on such terms as the Sponsor may determine from time-to-time.

In the event that the Authorized Participant shall have requested, and the Sponsor shall have determined to permit the Authorized Participant to receive futures contracts pursuant to an EFCRP, as well as the cash redemption proceeds, in the redemption process, futures contracts required for settlement shall be transferred directly from the Fund’s account at its FCM to the account of the Authorized Participant at its FCM.

Suspension or Rejection of Redemption Orders

In respect of any Fund, the Sponsor may, in its discretion, suspend the right of redemption, or postpone the redemption settlement date: (1) for any period during which any Exchange, or other exchange material to the valuation or operation of the Fund, is closed or when trading is suspended or restricted on such Exchanges in any of the underlying commodities; (2) for any period during which an emergency exists as a result of which the redemption distribution is not reasonably practicable; or (3) for such other period as the Sponsor determines to be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

The Sponsor will reject a redemption order if the order is not in proper form as described in the form of Authorized Participant Agreement or if the fulfillment of the order might be unlawful.

Creation and Redemption Transaction Fee

To compensate BBH&Co. for services in processing the creation and redemption of Creation Units and to offset some or all of the transaction costs, an Authorized Participant may be required to pay a fixed transaction fee to BBH&Co. of up to $250 per order to create or redeem Creation Units and may pay a variable transaction fee to a Fund of up to 0.10% (and a variable transaction fee to the Matching VIX Funds of 0.05%) of the value of a Creation Unit. An order may include multiple Creation Units. The transaction fee(s) may be reduced, increased or otherwise changed by the Sponsor at its sole discretion.

Special Settlement

The Sponsor may allow for early settlement of purchase or redemption orders. Such arrangements may result in additional charges to the Authorized Participant.

23

NAV

The NAV in respect of a Fund means the total assets of the Fund including, but not limited to, all cash and cash equivalents or other debt securities less total liabilities of such Fund, consistently applied under the accrual method of accounting. In particular, the NAV includes any unrealized profit or loss on open Financial Instruments, and any other credit or debit accruing to a Fund but unpaid or not received by a Fund. The NAV per Share of each Fund is computed by dividing the value of the net assets of such Fund (i.e., the value of its total assets less total liabilities) by its total number of Shares outstanding. Expenses and fees are accrued daily and taken into account for purposes of determining the NAV. Each Fund’s NAV is calculated on each day other than a day when the Exchange is closed for regular trading. The Funds compute their NAVs at the times set forth below, or an earlier time as set forth on www.ProShares.com if necessitated by the Exchange or other exchange material to the valuation or operation of such Fund closing early. Each Fund’s NAV is calculated only once each trading day.

Fund	NAV Calculation Time
UltraShort Silver, Ultra Silver		7:00 a.m. (Eastern Time)	*
UltraShort Gold, Ultra Gold		10:00 a.m. (Eastern Time)	*
UltraShort Bloomberg Crude Oil, Ultra Bloomberg Crude Oil		2:30 p.m. (Eastern Time)
UltraPro 3x Crude Oil ETF, UltraPro 3x Short Crude Oil ETF		2:30 p.m. (Eastern Time)
UltraShort Bloomberg Natural Gas, Ultra Bloomberg Natural Gas		2:30 p.m. (Eastern Time)
Short Euro, UltraShort Euro, Ultra Euro		4:00 p.m. (Eastern Time)
UltraShort Australian Dollar		4:00 p.m. (Eastern Time)
UltraShort Yen, Ultra Yen		4:00 p.m. (Eastern Time)
VIX Short-Term Futures ETF, Ultra VIX Short-Term Futures ETF, Short VIX Short-Term Futures ETF		4:15 p.m. (Eastern Time)
VIX Mid-Term Futures ETF		4:15 p.m. (Eastern Time)

* For silver and gold, this time may vary due to differences in when daylight savings time is effective between London and New York. The actual times equate to noon London time for silver and 3:00 p.m. London time for gold.

In calculating the NAV of a Fund, the settlement value of the Fund’s non-exchange traded Financial Instruments, is determined by applying the then-current disseminated value for the corresponding benchmark to the terms of such Fund’s non-exchange traded Financial Instruments. However, in the event that an underlying reference asset is not trading due to the operation of daily limits or otherwise, the Sponsor may, in its sole discretion, choose to fair value the Fund’s non-exchange traded Financial Instruments for purposes of the NAV calculation. Such fair value prices would generally be determined based on available inputs about the current value of the underlying reference assets and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with normal industry standards.

Futures contracts traded on a U.S. exchange are calculated at their then-current market value, which is based upon the settlement price (for the VIX Funds and the Commodity Index Funds) or the last traded price before the NAV time (for the Currency Funds), for that particular futures contract traded on the applicable U.S. exchange on the date with respect to which the NAV is being determined. If a futures contract traded on a U.S. exchange could not be liquidated on such day, due to the operation of daily limits or other rules of the exchange upon which that position is traded or otherwise, the Sponsor may, in its sole discretion, choose to determine a fair value price as the basis for determining the market value of such position for such day.

In addition, the Sponsor may, in its sole discretion, choose to fair value a Fund’s Financial Instruments for purposes of the NAV calculation for (1) any period for which, in the Sponsor’s sole discretion, market quotations or settlement prices do not accurately reflect the fair value of a Financial Instrument, (2) any period during which the Exchange or any other exchange, marketplace or trading center, deemed to affect the normal operations of the Funds, is closed, or when trading is restricted or suspended, or (3) such other period as the Sponsor determines, in its sole discretion, to be necessary for the protection of the Shareholders of the Funds.

24

Such fair value prices would generally be determined based on available inputs about the current value of the underlying reference assets and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with normal industry standards.

The Funds may use a variety of money market instruments to invest excess cash. Money Market instruments used in this capacity are valued at amortized cost which approximates fair value for daily NAV purposes.

Indicative Optimized Portfolio Value (“IOPV”)

The IOPV is an indicator of the value of a Fund’s net assets at the time the IOPV is disseminated. The IOPV is calculated and disseminated every 15 seconds throughout the trading day. The IOPV is generally calculated using the prior day’s closing net assets of a Fund as a base and updating throughout the trading day changes in the value of the Financial Instruments held by a Fund. The IOPV should not be viewed as an actual real time update of the NAV because NAV is calculated only once at the end of each trading day. The IOPV also should not be viewed as a precise value of the Shares. The IOPV for Funds based on the Bloomberg WTI Crude Oil Subindex^SM and the Bloomberg Natural Gas Index^SM will not update following the determination of the 2:30 p.m. settlement price of the futures contracts underlying those indexes. The IOPVs for Funds based on the Bloomberg Commodity Index^SM will receive progressively more limited updates during a trading day as the settlement price for each individual component is determined, and such IOPVs will not update after all of the underlying components have determined settlement prices.

The NYSE Arca disseminates the IOPV. In addition, the IOPV is published on the NYSE Arca’s website and is available through on-line information services such as Bloomberg Finance L.P. and/or Reuters.

Purchases and Sales in the Secondary Market on the NYSE Arca

The Shares of each Fund are listed on the NYSE Arca. The Shares of each Fund that has commenced investment operations, began trading on the NYSE Arca on the respective dates below under the following symbols:

Fund	Commencement of Operations	Ticker Symbol
ProShares Short Euro	June 26, 2012	EUFX
ProShares Short VIX Short-Term Futures ETF	October 3, 2011	SVXY
ProShares Ultra Bloomberg Crude Oil	November 25, 2008	UCO
ProShares Ultra Bloomberg Natural Gas	October 4, 2011	BOIL
ProShares Ultra Euro	November 25, 2008	ULE
ProShares Ultra Gold	December 3, 2008	UGL
ProShares Ultra Silver	December 3, 2008	AGQ
ProShares Ultra VIX Short-Term Futures ETF	October 3, 2011	UVXY
ProShares Ultra Yen	November 25, 2008	YCL
UltraPro 3x Crude Oil ETF	March 24, 2017	OILU
UltraPro 3x Short Crude Oil ETF	March 24, 2017	OILD
ProShares UltraShort Australian Dollar	July 17, 2012	CROC
ProShares UltraShort Bloomberg Crude Oil	November 25, 2008	SCO
ProShares UltraShort Bloomberg Natural Gas	October 4, 2011	KOLD
ProShares UltraShort Euro	November 25, 2008	EUO
ProShares UltraShort Gold	December 3, 2008	GLL
ProShares UltraShort Silver	December 3, 2008	ZSL

25

Fund	Commencement of Operations	Ticker Symbol
ProShares UltraShort Yen	November 25, 2008	YCS
ProShares VIX Mid-Term Futures ETF	January 3, 2011	VIXM
ProShares VIX Short-Term Futures ETF	January 3, 2011	VIXY

Fees and Expenses

Offering Expenses

Offering costs will be amortized by the Funds over a twelve month period on a straight-line basis beginning once the fund commences operations. The Sponsor will not charge its Management Fee in the first year of operations of a Fund in an amount equal to the offering costs. Normal and expected expenses incurred in connection with the continuous offering of Shares of a Fund after the commencement of its trading operations will be paid by the Sponsor. The Sponsor will reimburse ProShares UltraPro 3x Crude Oil and ProShares UltraPro 3x Short Crude Oil to the extent their respective offering costs exceeds 0.95% of their average daily NAV for the first year of operations.

Offering expenses mean those expenses incurred in connection with the qualification and registration of the Shares of each Fund and in offering, distributing and processing the Shares of each Fund under applicable federal law, and any other expenses actually incurred and, directly or indirectly, related to the organization of each offering of the Shares of such Fund, including, but not limited to, expenses such as:

• initial SEC registration fees and SEC and FINRA filing fees;

• costs of preparing, printing (including typesetting), amending, supplementing, mailing and distributing the Trust’s Registration Statements, the exhibits thereto and the related prospectuses;

• the costs of qualifying, printing (including typesetting), amending, supplementing and mailing sales materials used in connection with the offering and issuance of the Shares; and

• accounting, auditing and legal fees (including disbursements related thereto) incurred in connection therewith.

Management Fee

Each Geared Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.95% per annum of its average daily NAV of such Fund. Each Matching VIX Fund pays the Sponsor a management fee, monthly in arrears, in an amount equal to 0.85% per annum of its average daily NAV. No other management fee is paid by the Funds. The Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Funds that the Sponsor pays directly.

Licensing Fee

The Sponsor pays S&P a licensing fee for use of the VIX Futures Indexes as the benchmarks for the VIX Funds. The Sponsor pays Bloomberg a licensing fee for the Bloomberg Commodity Index^SM, as well as each subindex that serves as a benchmark for a Commodity Index Fund.

Routine Operational, Administrative and Other Ordinary Expenses

The Sponsor pays all of the routine operational, administrative and other ordinary expenses of each Fund, generally, as determined by the Sponsor, including, but not limited to, fees and expenses of the Administrator, Custodian, Distributor, ProFunds Distributors, Inc., an affiliated broker-dealer of the Sponsor, and Transfer Agent, licensing

26

fees, accounting and audit fees and expenses, tax preparation expenses, legal fees not in excess of $100,000 per annum, ongoing SEC registration fees not exceeding 0.021% per annum of the NAV of a Fund, Financial Industry Regulatory Authority (“FINRA”) filing fees, individual K-1 preparation and mailing fees not exceeding 0.10% per annum of the NAV of a Fund, and report preparation and mailing expenses.

Non-Recurring Fees and Expenses

Each Fund pays all its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses that are unexpected or unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not currently anticipated obligations of the Funds. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses.

Selling Commission

Retail investors may purchase and sell Shares through traditional brokerage accounts. Investors are expected to be charged a customary commission by their brokers in connection with purchases of Shares that will vary from investor to investor. Investors are encouraged to review the terms of their brokerage accounts for applicable charges. The price at which an Authorized Participant sells a Share may be higher or lower than the price paid by such Authorized Participant in connection with the creation of such Share in a Creation Unit.

Brokerage Commissions and Fees

Each Fund, with the exception of the Matching VIX Funds, pays all of its brokerage commissions, including applicable exchange fees, NFA fees and give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investments in CFTC regulated investments. The Sponsor is currently paying brokerage commissions on VIX futures contracts for the Matching VIX Funds in amounts that exceed variable create/redeem fees collected by more than 0.02% of the Matching VIX Fund’s average net assets annually.

Other Transaction Costs

The Funds bear other transaction costs including the effects of trading spreads and financing costs/fees, if any, associated with the use of Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short-term fixed-income or similar securities (such as shares of money market funds and collateralized repurchase agreements).

Employees

The Trust has no employees.

Item 1A. Risk Factors.

These risk factors should be read in connection with the other information included in this Annual Report on Form 10-K, including Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Funds’ Financial Statements and the related Notes to the Funds’ Financial Statements. For purposes of this section:

• The term “Matching VIX Fund” refers to ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF;

• The term “Geared VIX Fund” refers to ProShares Ultra VIX Short-Term Futures ETF and ProShares Short VIX Short-Term Futures ETF;

• The term “VIX Fund” refers to each Geared VIX Fund and each Matching VIX Fund;

• The term “Geared Fund” refers to ProShares UltraShort Bloomberg Crude Oil, ProShares UltraPro Short 3x Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares Short Euro, ProShares UltraShort Australian Dollar, ProShares UltraShort

27

Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares UltraPro 3x Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen, and each Geared VIX Fund;

• The term “Commodity Index Fund” refers to ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraPro 3x Crude Oil, ProShares UltraPro 3x Short Crude Oil ProShares Ultra Bloomberg Crude Oil and ProShares Ultra Bloomberg Natural Gas;

• The term “Commodity Fund” refers to ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares Ultra Gold and ProShares Ultra Silver; and

• The term “Currency Fund” refers to ProShares Short Euro, ProShares UltraShort Australian Dollar, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Euro and ProShares Ultra Yen.

Risks Specific to the Geared Funds

In addition to the risks described elsewhere in this “Risk Factors” section, the following risks apply to the Geared Funds.

Due to the compounding of daily returns, the Geared Funds’ returns over periods longer than a single day will likely differ in amount and possibly even direction from the Geared Fund multiple times the benchmark return for the period.

Each of the Geared Funds is “geared” in the sense that each has an investment objective to correspond (before fees and expenses) to the one-half inverse (e.g., -0.5x), inverse (e.g., -1x), an inverse multiple (e.g., -2x, 3x), or a multiple (e.g., 1.5x, 2x, 3x), of the performance of a benchmark on a given day. Each Geared Fund seeks investment results for a single day only, as measured from its NAV calculation time to its next NAV calculation time, and not for any other period. The return of a Geared Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ from one-half inverse (e.g., -0.5x), the inverse (-1x), one and one-half times (1.5x), two times the inverse (-2x), two times (2x), three times the inverse (-3x) or three times (3x) the return of the Geared Fund’s benchmark for the period. A Geared Fund will lose money if its benchmark’s performance is flat over time, and it is possible for a Geared Fund to lose money over time regardless of the performance of an underlying benchmark, as a result of daily rebalancing, the benchmark’s volatility and compounding. Longer holding periods, higher benchmark volatility, inverse exposure and greater leverage each affect the impact of compounding on a Geared Fund’s returns. Daily compounding of a Geared Fund’s investment returns can dramatically and adversely affect its longer-term performance during periods of high volatility. Volatility may be at least as important to a Geared Fund’s return for a period as the return of the Geared Fund’s underlying benchmark.

Each Ultra or UltraShort Fund uses leverage and should produce daily returns that are more volatile than that of its benchmark. For example, the daily return of an Ultra Fund with a 2x multiple should be approximately two times as volatile on a daily basis as the return of a fund with an objective of matching the same benchmark. The daily return of an Ultra Fund with a 1.5x multiple should be approximately one and one-half times as volatile on a daily basis as the return of a fund with an objective of matching the same benchmark. The daily return of a Short Fund is designed to return either the inverse (-1x) or one-half the inverse (-0.5x) of the return, that would be expected of a fund with an objective of matching the same benchmark. Each UltraPro or UltraPro Short Fund uses leverage and should produce daily returns that are more volatile than that of its benchmark. For example, the daily return of an Ultrapro Fund with a 3x multiple should be approximately three times as volatile on a daily basis as the return of a fund with an objective of matching the same benchmark. The daily return of an UltraPro Short Fund is designed to return the inverse (-3x) or three times the inverse (-3x) of the return, respectively, that would be expected of a fund with an objective of matching the same benchmark. The Geared Funds are not appropriate for all investors and present different risks than other funds. The daily return of an UltraShort or UltraPro Short Fund is designed to return two times the inverse (-2x) or three times the inverse (-3x) of the return, respectively, that would be expected of a fund with an objective of matching the same benchmark. The daily return of an UltraPro Fund is designed to return three times (3x) the return that would be expected of a fund with an objective of matching the same benchmark. The Geared Funds that use leverage are riskier than similarly benchmarked exchange-traded funds that do not use leverage. An investor should only consider an investment in a Geared Fund if he or she understands the consequences of seeking daily leveraged, daily inverse or daily inverse leveraged investment results. Daily objective geared funds, if used properly and in conjunction with the investor’s view on the future direction and volatility of the markets, can be useful tools for investors who want to manage their exposure to various markets and market segments and who are willing to monitor and/or periodically rebalance their portfolios. Shareholders who invest in the Geared Funds should actively manage and monitor their investments, as frequently as daily.

The hypothetical examples below illustrate how daily geared fund returns can behave for periods longer than a single day. Each involves a hypothetical fund XYZ that seeks to double the daily performance of benchmark XYZ. On each day, fund XYZ performs in line with its objective (two times (2x) the benchmark’s daily performance before fees and expenses). Notice that, in the first example (showing an overall benchmark loss for the period), over the entire seven-day period, the fund’s total return is more than two times the loss of the period return of the benchmark. For the seven-day period, benchmark XYZ lost 3.26% while fund XYZ lost 7.01% (versus -6.52% or 2 x -3.26%).

28

	Benchmark XYZ					Fund XYZ
	Level		Daily Performance			Daily Performance			Net Asset Value
Start		100.00							$	100.00
Day 1		97.00		-3.00	%		-6.00	%	$	94.00
Day 2		99.91		3.00	%		6.00	%	$	99.64
Day 3		96.91		-3.00	%		-6.00	%	$	93.66
Day 4		99.82		3.00	%		6.00	%	$	99.28
Day 5		96.83		-3.00	%		-6.00	%	$	93.32
Day 6		99.73		3.00	%		6.00	%	$	98.92
Day 7		96.74		-3.00	%		-6.00	%	$	92.99
Total Return				-3.26	%		-7.01	%

Similarly, in another example (showing an overall benchmark gain for the period), over the entire seven-day period, the fund’s total return is considerably less than double that of the period return of the benchmark. For the seven-day period, benchmark XYZ gained 2.72% while fund XYZ gained 4.86% (versus 5.44% (or 2 x 2.72%)).

	Benchmark XYZ					Fund XYZ
	Level		Daily Performance			Daily Performance			Net Asset Value
Start		100.00							$	100.00
Day 1		103.00		3.00	%		6.00	%	$	106.00
Day 2		99.91		-3.00	%		-6.00	%	$	99.64
Day 3		102.91		3.00	%		6.00	%	$	105.62
Day 4		99.82		-3.00	%		-6.00	%	$	99.28
Day 5		102.81		3.00	%		6.00	%	$	105.24
Day 6		99.73		-3.00	%		-6.00	%	$	98.92
Day 7		102.72		3.00	%		6.00	%	$	104.86
Total Return				2.72	%		4.86	%

These effects are caused by the compounding, which exists in all investments, but has a more significant impact in geared funds. In general, during periods of higher benchmark volatility, compounding will cause an Ultra Fund’s results for periods longer than a single day to be less than two times (2x) (or less than one and one-half times (1.5x) with respect to the ProShares Ultra VIX Short-Term Futures ETF) the return of the benchmark. Compounding will cause a Short Fund’s results for periods longer than a single day to be less than the inverse (-1x) (or less than one-half the inverse (-0.5x) with respect to the ProShares Short VIX Short-Term Futures ETF) of the return of the benchmark. Additionally, compounding will cause an UltraShort Fund’s results for periods longer than a single day to be less than two times the inverse (-2x) of the return of the benchmark or less than three times the inverse (-3x) or three times (3x) the return of the benchmark for the UltraPro Short Fund and the UltraPro Fund, respectively. This effect becomes more pronounced as volatility increases. Conversely, in periods of lower benchmark volatility (particularly when combined with higher benchmark returns), an Ultra Fund’s returns over longer periods can be higher than two times (2x) (or higher than one and one-half times (1.5x) with respect to the ProShares Ultra VIX Short-Term Futures ETF) the return of the benchmark. Actual results for a particular period, before fees and expenses, are also dependent on the magnitude of the benchmark return in addition to the benchmark volatility. Similar effects exist for the Short Funds, UltraShort Funds, UltraPro Funds, and UltraPro Short Funds and the significance of these effects may be even greater with such inverse or inverse leveraged funds.

The graphs that follow illustrate this point. Each of the graphs shows a simulated hypothetical one-year performance of a benchmark compared with the performance of a geared fund that perfectly achieves its geared daily investment objective. The graphs demonstrate that, for periods greater than a single day, a geared fund is likely to underperform or overperform (but not match) the benchmark performance (or the inverse of the benchmark performance) times the multiple stated as the daily fund objective. Investors should understand the consequences of holding daily rebalanced funds for periods longer than a single day and should actively manage and monitor their investments, as frequently as daily. A one-year period is used solely for illustrative purposes. Deviations from the benchmark return (or the inverse of the benchmark return) times the fund multiple can occur over periods as short as two days (each day as measured from NAV to NAV) and may also occur in periods shorter than a single day (when measured intraday as opposed to NAV to NAV). See “Intraday Price Performance Risk” below for additional details. To isolate the impact of daily leveraged, inverse or inverse leveraged exposure, these graphs assume: a) no fund expenses or transaction costs; b) borrowing/lending rates (to obtain required inverse, inverse leveraged or leveraged

29

exposure) and cash reinvestment rates of zero percent; and c) the fund consistently maintaining perfect exposure (-0.5x, -1x, -2x, 1.5x, 2x, -3x or 3x) as of the fund’s NAV time each day. If these assumptions were different, the fund’s performance would be different than that shown. If fund expenses, transaction costs and financing expenses greater than zero percent were included, the fund’s performance would also be different than that shown. Each of the graphs also assumes a volatility rate of 64%, which is an approximate average of the five-year historical volatility rate of the most volatile benchmark referenced herein (the S&P 500 VIX Short-Term Futures Index). A benchmark’s volatility rate is a statistical measure of the magnitude of fluctuations in its returns.

The graph above shows a scenario where the index, which exhibits day-to-day volatility, is flat or trendless over the year (i.e., begins and ends the year at 0%), but the Short Fund (-0.5x) is down.

The graph above shows a scenario where the index, which exhibits day-to-day volatility, is down over the year, but the Short Fund (-0.5x) is up less than one-half the inverse of the index.

The graph above shows a scenario where the index, which exhibits day-to-day volatility, is up over the year, but the Short Fund (-0.5x) is down more than one-half the inverse of the index.

The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is flat or trendless over the year (i.e, provides a return of 0% over the course of the year), but the Short Fund (-1x) is down.

30

The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is up over the year, but the Short Fund (-1x) is down more than the inverse of the benchmark.

31

The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is down over the year, but the Short Fund (-1x) is up less than the inverse of the benchmark.

The graph above shows a scenario where the index, which exhibits day-to-day volatility, is flat or trendless over the year (i.e., begins and ends the year at 0%), but the Ultra Fund (1.5x) is down.

The graph above shows a scenario where the index, which exhibits day-to-day volatility, is down over the year, but the Ultra Fund (1.5x) is down less than one and one-half times the index.

The graph above shows a scenario where the index, which exhibits day-to-day volatility, is up over the year, but the Ultra Fund (1.5x) is up less than one and one-half times the index.

32

The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is flat or trendless over the year (i.e, provides a return of 0% over the course of the year), but the Ultra Fund (2x) and the UltraShort Fund (-2x) are both down.

33

The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is up over the year, but the Ultra Fund (2x) is up less than two times the benchmark and the UltraShort Fund (-2x) is down less than two times the inverse of the benchmark.

34

The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is down over the year, but the Ultra Fund (2x) is down less than two times the benchmark and the UltraShort Fund (-2x) is up less than two times the inverse of the benchmark.

35

The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is flat or trendless over the year (i.e., provides a return of 0% over the course of the year), but the UltraPro Fund (3x) and the UltraPro Short Fund (-3x) are both down.

36

The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is up over the year, but the UltraPro Fund (3x) is up less than three times the benchmark and the UltraPro Short Fund (-3x) is down less than three times the inverse of the benchmark.

37

The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is down over the year, but the UltraPro Fund (3x) is down less than three times the benchmark and the UltraPro Short Fund (-3x) is up less than three times the inverse of the benchmark.

38

The historical five year average volatility of the benchmarks utilized by the Funds ranges from 8.42% to 63.69%, as set forth in the table below.

Index	Identifier	Historical Five-Year Average Volatility Rate As of December 31, 2017
S&P 500 VIX Short-Term Futures Index	SPVXSPID	63.69%
S&P 500 VIX Mid-Term Futures Index	SPVXMPID	29.94%
Bloomberg WTI Crude Oil SubindexSM	BCOMCL	33.28%
Bloomberg Natural Gas SubindexSM	BCOMNG	37.90%
The daily performance of gold bullion as measured by the US dollar LBMA Gold Price	GOLDLNPM	15.81%
The daily performance of silver bullion as measured by the London Silver Price	SLVRLN	25.41%
The US dollar price of the euro	USDEUR	8.42%
The US dollar price of the Japanese yen	USDJPY	9.95%
The US dollar price of the Australian dollar	USDAUD	9.88%

The tables below illustrate the impact of two factors that affect a Geared Fund’s performance, benchmark volatility and benchmark return. Benchmark volatility is a statistical measure of the magnitude of fluctuations in the returns of a benchmark and is calculated as the standard deviation of the natural logarithms of one plus the benchmark return (calculated daily), multiplied by the square root of the number of trading days per year (assumed to be 252). The tables show estimated fund returns for a number of combinations of benchmark volatility and benchmark return over a one-year period. To isolate the impact of daily leveraged, inverse or inverse leveraged exposure, these graphs assume: a) no fund expenses or transaction costs; b) borrowing/lending rates of zero percent (to obtain required inverse, inverse leveraged or leveraged exposure) and cash reinvestment rates of zero percent; and c) the fund consistently maintaining perfect exposure (-0.5x, -1x, -2x, 1.5x, 2x, -3x or 3x) as of the fund’s NAV time each day. If these assumptions were different, the fund’s performance would be different than that shown. If fund expenses, transaction costs and financing expenses were included, the fund’s performance would be different than that shown. The tables below

39

show examples in which a Geared Fund has an investment objective to correspond (before fees and expenses) to one-half the inverse (-0.5x), the inverse (-1), two times the inverse (-2x), two times (2x), one and one-half times (1.5x), three times the inverse (-3x) or three times (3x) the daily performance of a benchmark. The Geared Fund that has an investment objective to correspond to two times (2x) the daily performance of a benchmark could incorrectly be expected to achieve a 20% return on a yearly basis if the benchmark return was 10%, absent the effects of compounding. However, as the tables below show, with a benchmark volatility of 40%, such a fund would return 3.1%. In the charts below, shaded areas represent those scenarios where a geared fund with the investment objective described will outperform (i.e., return more than) the benchmark performance times the stated multiple in the fund’s investment objective; conversely areas not shaded represent those scenarios where the fund will underperform (i.e., return less than) the benchmark performance times the multiple stated as the daily fund objective.

Estimated Fund Return Over One Year When the Fund Objective is to Seek Investment Results For a single day, Before Fees and Expenses, that Correspond to One-Half the Inverse (-0.5x) of the Daily Performance of an Index.

One Year Index Performance	One-Half the Inverse (-0.5x) One Year Index Performance			Index Volatility
				0%			5%			10%			15%			20%			25%			30%			35%			40%			45%			50%			55%			60%			65%			70%
-60%		30	%		58.1	%		58.0	%		57.5	%		56.8	%		55.8	%		54.5	%		52.9	%		51.0	%		48.9	%		46.6	%		44.0	%		41.2	%		38.1	%		34.9	%		31.6	%
-55%		28	%		49.1	%		48.9	%		48.5	%		47.8	%		46.9	%		45.6	%		44.1	%		42.4	%		40.4	%		38.2	%		35.7	%		33.1	%		30.2	%		27.2	%		24.0	%
-50%		25	%		41.4	%		41.3	%		40.9	%		40.2	%		39.3	%		38.1	%		36.7	%		35.1	%		33.2	%		31.1	%		28.8	%		26.3	%		23.6	%		20.7	%		17.7	%
-45%		23	%		34.8	%		34.7	%		34.3	%		33.7	%		32.8	%		31.7	%		30.4	%		28.8	%		27.0	%		25.0	%		22.8	%		20.4	%		17.8	%		15.1	%		12.2	%
-40%		20	%		29.1	%		29.0	%		28.6	%		28.0	%		27.2	%		26.1	%		24.8	%		23.3	%		21.6	%		19.7	%		17.5	%		15.3	%		12.8	%		10.2	%		7.4	%
-35%		18	%		24.0	%		23.9	%		23.6	%		23.0	%		22.2	%		21.2	%		19.9	%		18.5	%		16.8	%		15.0	%		12.9	%		10.7	%		8.4	%		5.9	%		3.2	%
-30%		15	%		19.5	%		19.4	%		19.1	%		18.5	%		17.7	%		16.8	%		15.6	%		14.2	%		12.6	%		10.8	%		8.8	%		6.7	%		4.4	%		2.0	%		-0.5	%
-25%		13	%		15.5	%		15.4	%		15.0	%		14.5	%		13.8	%		12.8	%		11.6	%		10.3	%		8.7	%		7.0	%		5.1	%		3.1	%		0.9	%		-1.4	%		-3.9	%
-20%		10	%		11.8	%		11.7	%		11.4	%		10.9	%		10.1	%		9.2	%		8.1	%		6.8	%		5.3	%		3.6	%		1.8	%		-0.2	%		-2.3	%		-4.6	%		-7.0	%
-15%		8	%		8.5	%		8.4	%		8.1	%		7.6	%		6.9	%		6.0	%		4.9	%		3.6	%		2.1	%		0.5	%		-1.2	%		-3.2	%		-5.2	%		-7.4	%		-9.7	%
-10%		5	%		5.4	%		5.3	%		5.0	%		4.5	%		3.8	%		3.0	%		1.9	%		0.7	%		-0.7	%		-2.3	%		-4.0	%		-5.9	%		-7.9	%		-10.0	%		-12.3	%
-5%		3	%		2.6	%		2.5	%		2.2	%		1.7	%		1.1	%		0.2	%		-0.8	%		-2.0	%		-3.4	%		-4.9	%		-6.6	%		-8.4	%		-10.4	%		-12.4	%		-14.6	%
0%		0	%		0.0	%		-0.1	%		-0.4	%		-0.8	%		-1.5	%		-2.3	%		-3.3	%		-4.5	%		-5.8	%		-7.3	%		-8.9	%		-10.7	%		-12.6	%		-14.7	%		-16.8	%
5%		-3	%		-2.4	%		-2.5	%		-2.8	%		-3.2	%		-3.9	%		-4.7	%		-5.6	%		-6.8	%		-8.1	%		-9.5	%		-11.1	%		-12.9	%		-14.7	%		-16.7	%		-18.8	%
10%		-5	%		-4.7	%		-4.7	%		-5.0	%		-5.5	%		-6.1	%		-6.9	%		-7.8	%		-8.9	%		-10.2	%		-11.6	%		-13.2	%		-14.9	%		-16.7	%		-18.6	%		-20.7	%
15%		-8	%		-6.7	%		-6.8	%		-7.1	%		-7.5	%		-8.1	%		-8.9	%		-9.8	%		-10.9	%		-12.2	%		-13.6	%		-15.1	%		-16.7	%		-18.5	%		-20.4	%		-22.4	%
20%		-10	%		-8.7	%		-8.8	%		-9.1	%		-9.5	%		-10.1	%		-10.8	%		-11.7	%		-12.8	%		-14.0	%		-15.4	%		-16.9	%		-18.5	%		-20.2	%		-22.1	%		-24.0	%
25%		-13	%		-10.6	%		-10.6	%		-10.9	%		-11.3	%		-11.9	%		-12.6	%		-13.5	%		-14.6	%		-15.8	%		-17.1	%		-18.6	%		-20.1	%		-21.9	%		-23.7	%		-25.6	%
30%		-15	%		-12.3	%		-12.4	%		-12.6	%		-13.0	%		-13.6	%		-14.3	%		-15.2	%		-16.2	%		-17.4	%		-18.7	%		-20.1	%		-21.7	%		-23.4	%		-25.1	%		-27.0	%
35%		-18	%		-13.9	%		-14.0	%		-14.3	%		-14.7	%		-15.2	%		-15.9	%		-16.8	%		-17.8	%		-18.9	%		-20.2	%		-21.6	%		-23.2	%		-24.8	%		-26.5	%		-28.4	%
40%		-20	%		-15.5	%		-15.6	%		-15.8	%		-16.2	%		-16.7	%		-17.4	%		-18.3	%		-19.3	%		-20.4	%		-21.7	%		-23.0	%		-24.5	%		-26.2	%		-27.9	%		-29.7	%
45%		-23	%		-17.0	%		-17.0	%		-17.3	%		-17.7	%		-18.2	%		-18.9	%		-19.7	%		-20.7	%		-21.8	%		-23.0	%		-24.4	%		-25.9	%		-27.4	%		-29.1	%		-30.9	%
50%		-25	%		-18.4	%		-18.4	%		-18.7	%		-19.0	%		-19.6	%		-20.2	%		-21.1	%		-22.0	%		-23.1	%		-24.3	%		-25.7	%		-27.1	%		-28.7	%		-30.3	%		-32.1	%
55%		-28	%		-19.7	%		-19.8	%		-20.0	%		-20.4	%		-20.9	%		-21.5	%		-22.3	%		-23.3	%		-24.4	%		-25.6	%		-26.9	%		-28.3	%		-29.8	%		-31.4	%		-33.2	%
60%		-30	%		-20.9	%		-21.0	%		-21.2	%		-21.6	%		-22.1	%		-22.8	%		-23.6	%		-24.5	%		-25.5	%		-26.7	%		-28.0	%		-29.4	%		-30.9	%		-32.5	%		-34.2	%

The foregoing tables are intended to isolate the effect of index volatility and index performance on the return of leveraged and inverse funds. The Geared Funds’ actual returns may be significantly greater or less than the returns shown above as a result of any of the factors discussed above or under the below risk factor describing correlation risks.

Estimated Fund Return Over One Year When the Fund Objective is to Seek Daily Investment Results, Before Fees and Expenses, that Correspond to the Inverse (-1x) of the Daily Performance of a Benchmark.

One Year Benchmark Performance	Inverse (-1x) of One  Year Benchmark Performance							Benchmark Volatility
		0%			5%			10%			15%			20%			25%			30%			35%			40%			45%			50%			55%			60%			65%			70%
-60%	60%		150.0	%		149.4	%		147.5	%		144.4	%		140.2	%		134.9	%		128.5	%		121.2	%		113.0	%		104.2	%		94.7	%		84.7	%		74.4	%		63.9	%		53.2	%
-55%	55%		122.2	%		121.7	%		120.0	%		117.3	%		113.5	%		108.8	%		103.1	%		96.6	%		89.4	%		81.5	%		73.1	%		64.2	%		55.0	%		45.6	%		36.1	%
-50%	50%		100.0	%		99.5	%		98.0	%		95.6	%		92.2	%		87.9	%		82.8	%		76.9	%		70.4	%		63.3	%		55.8	%		47.8	%		39.5	%		31.1	%		22.5	%
-45%	45%		81.8	%		81.4	%		80.0	%		77.8	%		74.7	%		70.8	%		66.2	%		60.9	%		54.9	%		48.5	%		41.6	%		34.4	%		26.9	%		19.2	%		11.4	%
-40%	40%		66.7	%		66.3	%		65.0	%		63.0	%		60.1	%		56.6	%		52.3	%		47.5	%		42.0	%		36.1	%		29.8	%		23.2	%		16.3	%		9.2	%		2.1	%
-35%	35%		53.8	%		53.5	%		52.3	%		50.4	%		47.8	%		44.5	%		40.6	%		36.1	%		31.1	%		25.6	%		19.8	%		13.7	%		7.3	%		0.8	%		-5.7	%
-30%	30%		42.9	%		42.5	%		41.4	%		39.7	%		37.3	%		34.2	%		30.6	%		26.4	%		21.7	%		16.7	%		11.3	%		5.6	%		-0.3	%		-6.4	%		-12.5	%
-25%	25%		33.3	%		33.0	%		32.0	%		30.4	%		28.1	%		25.3	%		21.9	%		18.0	%		13.6	%		8.9	%		3.8	%		-1.5	%		-7.0	%		-12.6	%		-18.3	%
-20%	20%		25.0	%		24.7	%		23.8	%		22.2	%		20.1	%		17.4	%		14.2	%		10.6	%		6.5	%		2.1	%		-2.6	%		-7.6	%		-12.8	%		-18.1	%		-23.4	%
-15%	15%		17.6	%		17.4	%		16.5	%		15.0	%		13.0	%		10.5	%		7.5	%		4.1	%		0.3	%		-3.9	%		-8.4	%		-13.1	%		-17.9	%		-22.9	%		-27.9	%
-10%	10%		11.1	%		10.8	%		10.0	%		8.6	%		6.8	%		4.4	%		1.5	%		-1.7	%		-5.3	%		-9.3	%		-13.5	%		-17.9	%		-22.5	%		-27.2	%		-31.9	%
-5%	5%		5.3	%		5.0	%		4.2	%		2.9	%		1.1	%		-1.1	%		-3.8	%		-6.9	%		-10.3	%		-14.0	%		-18.0	%		-22.2	%		-26.6	%		-31.0	%		-35.5	%
0%	0%		0.0	%		-0.2	%		-1.0	%		-2.2	%		-3.9	%		-6.1	%		-8.6	%		-11.5	%		-14.8	%		-18.3	%		-22.1	%		-26.1	%		-30.2	%		-34.5	%		-38.7	%
5%	-5%		-4.8	%		-5.0	%		-5.7	%		-6.9	%		-8.5	%		-10.5	%		-13.0	%		-15.7	%		-18.8	%		-22.2	%		-25.8	%		-29.6	%		-33.6	%		-37.6	%		-41.7	%
10%	-10%		-9.1	%		-9.3	%		-10.0	%		-11.1	%		-12.7	%		-14.6	%		-16.9	%		-19.6	%		-22.5	%		-25.8	%		-29.2	%		-32.8	%		-36.6	%		-40.4	%		-44.3	%
15%	-15%		-13.0	%		-13.3	%		-13.9	%		-15.0	%		-16.5	%		-18.3	%		-20.5	%		-23.1	%		-25.9	%		-29.0	%		-32.3	%		-35.7	%		-39.3	%		-43.0	%		-46.7	%
20%	-20%		-16.7	%		-16.9	%		-17.5	%		-18.5	%		-19.9	%		-21.7	%		-23.8	%		-26.3	%		-29.0	%		-31.9	%		-35.1	%		-38.4	%		-41.9	%		-45.4	%		-48.9	%
25%	-25%		-20.0	%		-20.2	%		-20.8	%		-21.8	%		-23.1	%		-24.8	%		-26.9	%		-29.2	%		-31.8	%		-34.7	%		-37.7	%		-40.9	%		-44.2	%		-47.6	%		-51.0	%
30%	-30%		-23.1	%		-23.3	%		-23.8	%		-24.8	%		-26.1	%		-27.7	%		-29.7	%		-31.9	%		-34.5	%		-37.2	%		-40.1	%		-43.2	%		-46.3	%		-49.6	%		-52.9	%
35%	-35%		-25.9	%		-26.1	%		-26.7	%		-27.6	%		-28.8	%		-30.4	%		-32.3	%		-34.5	%		-36.9	%		-39.5	%		-42.3	%		-45.3	%		-48.3	%		-51.5	%		-54.6	%
40%	-40%		-28.6	%		-28.7	%		-29.3	%		-30.2	%		-31.4	%		-32.9	%		-34.7	%		-36.8	%		-39.1	%		-41.7	%		-44.4	%		-47.2	%		-50.2	%		-53.2	%		-56.2	%
45%	-45%		-31.0	%		-31.2	%		-31.7	%		-32.6	%		-33.7	%		-35.2	%		-37.0	%		-39.0	%		-41.2	%		-43.7	%		-46.3	%		-49.0	%		-51.9	%		-54.8	%		-57.7	%
50%	-50%		-33.3	%		-33.5	%		-34.0	%		-34.8	%		-35.9	%		-37.4	%		-39.1	%		-41.0	%		-43.2	%		-45.6	%		-48.1	%		-50.7	%		-53.5	%		-56.3	%		-59.2	%
55%	-55%		-35.5	%		-35.6	%		-36.1	%		-36.9	%		-38.0	%		-39.4	%		-41.0	%		-42.9	%		-45.0	%		-47.3	%		-49.8	%		-52.3	%		-55.0	%		-57.7	%		-60.5	%
60%	-60%		-37.5	%		-37.7	%		-38.1	%		-38.9	%		-40.0	%		-41.3	%		-42.9	%		-44.7	%		-46.7	%		-49.0	%		-51.3	%		-53.8	%		-56.4	%		-59.0	%		-61.7	%

Estimated Fund Return Over One Year When the Fund Objective is to Seek Daily Investment Results, Before Fees and Expenses, that Correspond to Two Times the Inverse (-2x) of the Daily Performance of a Benchmark.

One Year Benchmark Performance	Two Times Inverse (-2x) of One  Year Benchmark Performance					Benchmark Volatility
		0%		5%		10%		15%		20%		25%		30%		35%		40%		45%		50%		55%		60%		65%		70%
-60%	120%		525.0%		520.3%		506.5%		484.2%		454.3%		418.1%		377.1%		332.8%		286.7%		240.4%		195.2%		152.2%		112.2%		76.0%		43.7%
-55%	110%		393.8%		390.1%		379.2%		361.6%		338.0%		309.4%		277.0%		242.0%		205.6%		169.0%		133.3%		99.3%		67.7%		39.0%		13.5%
-50%	100%		300.0%		297.0%		288.2%		273.9%		254.8%		231.6%		205.4%		177.0%		147.5%		117.9%		88.9%		61.4%		35.8%		12.6%		-8.0%
-45%	90%		230.6%		228.1%		220.8%		209.0%		193.2%		174.1%		152.4%		128.9%		104.6%		80.1%		56.2%		33.4%		12.3%		-6.9%		-24.0%
-40%	80%		177.8%		175.7%		169.6%		159.6%		146.4%		130.3%		112.0%		92.4%		71.9%		51.3%		31.2%		12.1%		-5.7%		-21.8%		-36.1%
-35%	70%		136.7%		134.9%		129.7%		121.2%		109.9%		96.2%		80.7%		63.9%		46.5%		28.9%		11.8%		-4.5%		-19.6%		-33.4%		-45.6%
-30%	60%		104.1%		102.6%		98.1%		90.8%		81.0%		69.2%		55.8%		41.3%		26.3%		11.2%		-3.6%		-17.6%		-30.7%		-42.5%		-53.1%
-25%	50%		77.8%		76.4%		72.5%		66.2%		57.7%		47.4%		35.7%		23.1%		10.0%		-3.2%		-16.0%		-28.3%		-39.6%		-49.9%		-59.1%
-20%	40%		56.3%		55.1%		51.6%		46.1%		38.6%		29.5%		19.3%		8.2%		-3.3%		-14.9%		-26.2%		-36.9%		-46.9%		-56.0%		-64.1%
-15%	30%		38.4%		37.4%		34.3%		29.4%		22.8%		14.7%		5.7%		-4.2%		-14.4%		-24.6%		-34.6%		-44.1%		-53.0%		-61.0%		-68.2%
-10%	20%		23.5%		22.5%		19.8%		15.4%		9.5%		2.3%		-5.8%		-14.5%		-23.6%		-32.8%		-41.7%		-50.2%		-58.1%		-65.2%		-71.6%
-5%	10%		10.8%		10.0%		7.5%		3.6%		-1.7%		-8.1%		-15.4%		-23.3%		-31.4%		-39.6%		-47.7%		-55.3%		-62.4%		-68.8%		-74.5%
0%	0%		0.0%		-0.7%		-3.0%		-6.5%		-11.3%		-17.1%		-23.7%		-30.8%		-38.1%		-45.5%		-52.8%		-59.6%		-66.0%		-71.8%		-77.0%
5%	-10%		-9.3%		-10.0%		-12.0%		-15.2%		-19.6%		-24.8%		-30.8%		-37.2%		-43.9%		-50.6%		-57.2%		-63.4%		-69.2%		-74.5%		-79.1%
10%	-20%		-17.4%		-18.0%		-19.8%		-22.7%		-26.7%		-31.5%		-36.9%		-42.8%		-48.9%		-55.0%		-61.0%		-66.7%		-71.9%		-76.7%		-81.0%
15%	-30%		-24.4%		-25.0%		-26.6%		-29.3%		-32.9%		-37.3%		-42.3%		-47.6%		-53.2%		-58.8%		-64.3%		-69.5%		-74.3%		-78.7%		-82.6%
20%	-40%		-30.6%		-31.1%		-32.6%		-35.1%		-38.4%		-42.4%		-47.0%		-51.9%		-57.0%		-62.2%		-67.2%		-72.0%		-76.4%		-80.4%		-84.0%
25%	-50%		-36.0%		-36.5%		-37.9%		-40.2%		-43.2%		-46.9%		-51.1%		-55.7%		-60.4%		-65.1%		-69.8%		-74.2%		-78.3%		-82.0%		-85.3%
30%	-60%		-40.8%		-41.3%		-42.6%		-44.7%		-47.5%		-50.9%		-54.8%		-59.0%		-63.4%		-67.8%		-72.0%		-76.1%		-79.9%		-83.3%		-86.4%
35%	-70%		-45.1%		-45.5%		-46.8%		-48.7%		-51.3%		-54.5%		-58.1%		-62.0%		-66.0%		-70.1%		-74.1%		-77.9%		-81.4%		-84.6%		-87.4%
40%	-80%		-49.0%		-49.4%		-50.5%		-52.3%		-54.7%		-57.7%		-61.1%		-64.7%		-68.4%		-72.2%		-75.9%		-79.4%		-82.7%		-85.6%		-88.3%
45%	-90%		-52.4%		-52.8%		-53.8%		-55.5%		-57.8%		-60.6%		-63.7%		-67.1%		-70.6%		-74.1%		-77.5%		-80.8%		-83.8%		-86.6%		-89.1%
50%	-100%		-55.6%		-55.9%		-56.9%		-58.5%		-60.6%		-63.2%		-66.1%		-69.2%		-72.5%		-75.8%		-79.0%		-82.1%		-84.9%		-87.5%		-89.8%
55%	-110%		-58.4%		-58.7%		-59.6%		-61.1%		-63.1%		-65.5%		-68.2%		-71.2%		-74.2%		-77.3%		-80.3%		-83.2%		-85.9%		-88.3%		-90.4%
60%	-120%		-60.9%		-61.2%		-62.1%		-63.5%		-65.4%		-67.6%		-70.2%		-73.0%		-75.8%		-78.7%		-81.5%		-84.2%		-86.7%		-89.0%		-91.0%

Estimated Fund Return Over One Year When the Fund Objective is to Seek Investment Results For a single day, Before Fees and Expenses, that Correspond to One and One-Half Times (1.5x) the Daily Performance of an Index.

One Year Index Performance	One and One-Half Times (1.5x) One Year			Index Volatility
	Index Performance			0%			5%			10%			15%			20%			25%			30%			35%			40%			45%			50%			55%			60%			65%			70%
-60%		-90	%		-74.7	%		-74.7	%		-74.8	%		-74.9	%		-75.1	%		-75.3	%		-75.5	%		-75.8	%		-76.2	%		-76.6	%		-77.0	%		-77.4	%		-77.9	%		-78.4	%		-78.9	%
-55%		-83	%		-69.8	%		-69.8	%		-69.9	%		-70.1	%		-70.3	%		-70.5	%		-70.8	%		-71.2	%		-71.6	%		-72.0	%		-72.5	%		-73.1	%		-73.6	%		-74.2	%		-74.9	%
-50%		-75	%		-64.6	%		-64.7	%		-64.8	%		-64.9	%		-65.2	%		-65.5	%		-65.8	%		-66.2	%		-66.7	%		-67.2	%		-67.8	%		-68.4	%		-69.1	%		-69.8	%		-70.6	%
-45%		-68	%		-59.2	%		-59.2	%		-59.4	%		-59.6	%		-59.8	%		-60.2	%		-60.6	%		-61.0	%		-61.6	%		-62.2	%		-62.9	%		-63.6	%		-64.4	%		-65.2	%		-66.1	%
-40%		-60	%		-53.5	%		-53.6	%		-53.7	%		-53.9	%		-54.2	%		-54.6	%		-55.1	%		-55.6	%		-56.2	%		-56.9	%		-57.7	%		-58.5	%		-59.4	%		-60.3	%		-61.3	%
-35%		-53	%		-47.6	%		-47.6	%		-47.8	%		-48.0	%		-48.4	%		-48.8	%		-49.3	%		-49.9	%		-50.6	%		-51.4	%		-52.3	%		-53.2	%		-54.2	%		-55.3	%		-56.4	%
-30%		-45	%		-41.4	%		-41.5	%		-41.7	%		-41.9	%		-42.3	%		-42.8	%		-43.4	%		-44.1	%		-44.8	%		-45.7	%		-46.7	%		-47.7	%		-48.8	%		-50.0	%		-51.3	%
-25%		-38	%		-35.0	%		-35.1	%		-35.3	%		-35.6	%		-36.0	%		-36.6	%		-37.2	%		-38.0	%		-38.8	%		-39.8	%		-40.9	%		-42.0	%		-43.3	%		-44.6	%		-46.0	%
-20%		-30	%		-28.4	%		-28.5	%		-28.7	%		-29.0	%		-29.5	%		-30.1	%		-30.8	%		-31.7	%		-32.6	%		-33.7	%		-34.8	%		-36.1	%		-37.5	%		-38.9	%		-40.5	%
-15%		-23	%		-21.6	%		-21.7	%		-21.9	%		-22.3	%		-22.8	%		-23.4	%		-24.2	%		-25.2	%		-26.2	%		-27.4	%		-28.6	%		-30.0	%		-31.5	%		-33.1	%		-34.8	%
-10%		-15	%		-14.6	%		-14.7	%		-14.9	%		-15.3	%		-15.9	%		-16.6	%		-17.5	%		-18.5	%		-19.6	%		-20.9	%		-22.3	%		-23.8	%		-25.4	%		-27.1	%		-29.0	%
-5%		-8	%		-7.4	%		-7.5	%		-7.8	%		-8.2	%		-8.8	%		-9.6	%		-10.5	%		-11.6	%		-12.8	%		-14.2	%		-15.7	%		-17.3	%		-19.1	%		-21.0	%		-22.9	%
0%		0	%		0.0	%		-0.1	%		-0.4	%		-0.8	%		-1.5	%		-2.3	%		-3.3	%		-4.5	%		-5.8	%		-7.3	%		-8.9	%		-10.7	%		-12.6	%		-14.7	%		-16.8	%
5%		8	%		7.6	%		7.5	%		7.2	%		6.7	%		6.0	%		5.1	%		4.0	%		2.8	%		1.3	%		-0.3	%		-2.0	%		-3.9	%		-6.0	%		-8.2	%		-10.5	%
10%		15	%		15.4	%		15.3	%		14.9	%		14.4	%		13.7	%		12.7	%		11.5	%		10.2	%		8.7	%		6.9	%		5.0	%		3.0	%		0.8	%		-1.5	%		-4.0	%
15%		23	%		23.3	%		23.2	%		22.9	%		22.3	%		21.5	%		20.5	%		19.2	%		17.8	%		16.1	%		14.3	%		12.3	%		10.1	%		7.7	%		5.3	%		2.6	%
20%		30	%		31.5	%		31.3	%		31.0	%		30.3	%		29.5	%		28.4	%		27.1	%		25.6	%		23.8	%		21.8	%		19.7	%		17.4	%		14.9	%		12.2	%		9.4	%
25%		38	%		39.8	%		39.6	%		39.2	%		38.6	%		37.7	%		36.5	%		35.1	%		33.5	%		31.6	%		29.5	%		27.2	%		24.8	%		22.1	%		19.3	%		16.3	%
30%		45	%		48.2	%		48.1	%		47.7	%		47.0	%		46.0	%		44.8	%		43.3	%		41.6	%		39.6	%		37.4	%		35.0	%		32.3	%		29.5	%		26.5	%		23.3	%
35%		53	%		56.9	%		56.7	%		56.3	%		55.5	%		54.5	%		53.2	%		51.7	%		49.8	%		47.7	%		45.4	%		42.8	%		40.0	%		37.0	%		33.9	%		30.5	%
40%		60	%		65.7	%		65.5	%		65.0	%		64.3	%		63.2	%		61.8	%		60.2	%		58.2	%		56.0	%		53.5	%		50.8	%		47.9	%		44.7	%		41.4	%		37.8	%
45%		68	%		74.6	%		74.4	%		73.9	%		73.1	%		72.0	%		70.6	%		68.8	%		66.8	%		64.4	%		61.8	%		59.0	%		55.9	%		52.6	%		49.0	%		45.3	%
50%		75	%		83.7	%		83.5	%		83.0	%		82.2	%		81.0	%		79.5	%		77.6	%		75.5	%		73.0	%		70.3	%		67.3	%		64.0	%		60.5	%		56.8	%		52.9	%
55%		83	%		93.0	%		92.8	%		92.3	%		91.4	%		90.1	%		88.5	%		86.6	%		84.3	%		81.7	%		78.9	%		75.7	%		72.3	%		68.6	%		64.7	%		60.6	%
60%		90	%		102.4	%		102.2	%		101.6	%		100.7	%		99.4	%		97.7	%		95.7	%		93.3	%		90.6	%		87.6	%		84.3	%		80.7	%		76.8	%		72.7	%		68.4	%

Estimated Fund Return Over One Year When the Fund Objective is to Seek Daily Investment Results, Before Fees and Expenses, that Correspond to Two Times (2x) the Daily Performance of a Benchmark.

One Year Benchmark Performance	Two Times (2x) One Year Benchmark Performance							Benchmark Volatility
		0%			5%			10%			15%			20%			25%			30%			35%			40%			45%			50%			55%			60%			65%			70%
-60%	-120%		-84.0	%		-84.0	%		-84.2	%		-84.4	%		-84.6	%		-85.0	%		-85.4	%		-85.8	%		-86.4	%		-86.9	%		-87.5	%		-88.2	%		-88.8	%		-89.5	%		-90.2	%
-55%	-110%		-79.8	%		-79.8	%		-80.0	%		-80.2	%		-80.5	%		-81.0	%		-81.5	%		-82.1	%		-82.7	%		-83.5	%		-84.2	%		-85.0	%		-85.9	%		-86.7	%		-87.6	%
-50%	-100%		-75.0	%		-75.1	%		-75.2	%		-75.6	%		-76.0	%		-76.5	%		-77.2	%		-77.9	%		-78.7	%		-79.6	%		-80.5	%		-81.5	%		-82.6	%		-83.6	%		-84.7	%
-45%	-90%		-69.8	%		-69.8	%		-70.1	%		-70.4	%		-70.9	%		-71.6	%		-72.4	%		-73.2	%		-74.2	%		-75.3	%		-76.4	%		-77.6	%		-78.9	%		-80.2	%		-81.5	%
-40%	-80%		-64.0	%		-64.1	%		-64.4	%		-64.8	%		-65.4	%		-66.2	%		-67.1	%		-68.2	%		-69.3	%		-70.6	%		-72.0	%		-73.4	%		-74.9	%		-76.4	%		-77.9	%
-35%	-70%		-57.8	%		-57.9	%		-58.2	%		-58.7	%		-59.4	%		-60.3	%		-61.4	%		-62.6	%		-64.0	%		-65.5	%		-67.1	%		-68.8	%		-70.5	%		-72.3	%		-74.1	%
-30%	-60%		-51.0	%		-51.1	%		-51.5	%		-52.1	%		-52.9	%		-54.0	%		-55.2	%		-56.6	%		-58.2	%		-60.0	%		-61.8	%		-63.8	%		-65.8	%		-67.9	%		-70.0	%
-25%	-50%		-43.8	%		-43.9	%		-44.3	%		-45.0	%		-46.0	%		-47.2	%		-48.6	%		-50.2	%		-52.1	%		-54.1	%		-56.2	%		-58.4	%		-60.8	%		-63.1	%		-65.5	%
-20%	-40%		-36.0	%		-36.2	%		-36.6	%		-37.4	%		-38.5	%		-39.9	%		-41.5	%		-43.4	%		-45.5	%		-47.7	%		-50.2	%		-52.7	%		-55.3	%		-58.1	%		-60.8	%
-15%	-30%		-27.8	%		-27.9	%		-28.5	%		-29.4	%		-30.6	%		-32.1	%		-34.0	%		-36.1	%		-38.4	%		-41.0	%		-43.7	%		-46.6	%		-49.6	%		-52.6	%		-55.7	%
-10%	-20%		-19.0	%		-19.2	%		-19.8	%		-20.8	%		-22.2	%		-23.9	%		-26.0	%		-28.3	%		-31.0	%		-33.8	%		-36.9	%		-40.1	%		-43.5	%		-46.9	%		-50.4	%
-5%	-10%		-9.8	%		-10.0	%		-10.6	%		-11.8	%		-13.3	%		-15.2	%		-17.5	%		-20.2	%		-23.1	%		-26.3	%		-29.7	%		-33.3	%		-37.0	%		-40.8	%		-44.7	%
0%	0%		0.0	%		-0.2	%		-1.0	%		-2.2	%		-3.9	%		-6.1	%		-8.6	%		-11.5	%		-14.8	%		-18.3	%		-22.1	%		-26.1	%		-30.2	%		-34.5	%		-38.7	%
5%	10%		10.3	%		10.0	%		9.2	%		7.8	%		5.9	%		3.6	%		0.8	%		-2.5	%		-6.1	%		-10.0	%		-14.1	%		-18.5	%		-23.1	%		-27.7	%		-32.5	%
10%	20%		21.0	%		20.7	%		19.8	%		18.3	%		16.3	%		13.7	%		10.6	%		7.0	%		3.1	%		-1.2	%		-5.8	%		-10.6	%		-15.6	%		-20.7	%		-25.9	%
15%	30%		32.3	%		31.9	%		30.9	%		29.3	%		27.1	%		24.2	%		20.9	%		17.0	%		12.7	%		8.0	%		3.0	%		-2.3	%		-7.7	%		-13.3	%		-19.0	%
20%	40%		44.0	%		43.6	%		42.6	%		40.8	%		38.4	%		35.3	%		31.6	%		27.4	%		22.7	%		17.6	%		12.1	%		6.4	%		0.5	%		-5.6	%		-11.8	%
25%	50%		56.3	%		55.9	%		54.7	%		52.8	%		50.1	%		46.8	%		42.8	%		38.2	%		33.1	%		27.6	%		21.7	%		15.5	%		9.0	%		2.4	%		-4.3	%
30%	60%		69.0	%		68.6	%		67.3	%		65.2	%		62.4	%		58.8	%		54.5	%		49.5	%		44.0	%		38.0	%		31.6	%		24.9	%		17.9	%		10.8	%		3.5	%
35%	70%		82.3	%		81.8	%		80.4	%		78.2	%		75.1	%		71.2	%		66.6	%		61.2	%		55.3	%		48.8	%		41.9	%		34.7	%		27.2	%		19.4	%		11.7	%
40%	80%		96.0	%		95.5	%		94.0	%		91.6	%		88.3	%		84.1	%		79.1	%		73.4	%		67.0	%		60.1	%		52.6	%		44.8	%		36.7	%		28.5	%		20.1	%
45%	90%		110.3	%		109.7	%		108.2	%		105.6	%		102.0	%		97.5	%		92.2	%		86.0	%		79.2	%		71.7	%		63.7	%		55.4	%		46.7	%		37.8	%		28.8	%
50%	100%		125.0	%		124.4	%		122.8	%		120.0	%		116.2	%		111.4	%		105.6	%		99.1	%		91.7	%		83.8	%		75.2	%		66.3	%		57.0	%		47.5	%		37.8	%
55%	110%		140.3	%		139.7	%		137.9	%		134.9	%		130.8	%		125.7	%		119.6	%		112.6	%		104.7	%		96.2	%		87.1	%		77.5	%		67.6	%		57.5	%		47.2	%
60%	120%		156.0	%		155.4	%		153.5	%		150.3	%		146.0	%		140.5	%		134.0	%		126.5	%		118.1	%		109.1	%		99.4	%		89.2	%		78.6	%		67.8	%		56.8	%

The foregoing tables are intended to isolate the effect of benchmark volatility and benchmark performance on the return of inverse, inverse leveraged or leveraged funds. The Geared Funds’ actual returns may be significantly greater or less than the returns shown above as a result of any of the factors discussed above or under the below risk factor describing correlation risks.

Correlation Risks Specific to the Geared Funds.

In order to achieve a high degree of correlation with their applicable underlying benchmarks, the Geared Funds seek to rebalance their portfolios daily to keep exposure consistent with their investment objectives. Being materially under- or overexposed to the benchmarks may prevent such Geared Funds from achieving a high degree of correlation with their applicable underlying benchmarks. Market disruptions or closures, large movements of assets into or out of the Geared Funds, regulatory restrictions or extreme market volatility will adversely affect such Geared Funds’ ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the benchmarks’ movements during each day. Because of this, it is unlikely that the Geared Funds will be perfectly exposed (i.e., -0.5x, -1x, -2x, 2x, 1.5x, -3x or 3x, as applicable) at the end of each day, and the likelihood of being materially under- or overexposed is higher on days when the benchmark levels are volatile near the close of the trading day. In addition, unlike other funds that do not rebalance their portfolios as frequently, each Geared Fund may be subject to increased trading costs associated with daily portfolio rebalancing in order to maintain appropriate exposure to the underlying benchmarks. Such costs include commissions paid to the FCMs, and may vary by FCM.

These risks are particularly acute for the Geared VIX Funds due to the high degree of volatility in VIX futures contracts. Investors in the Geared VIX Funds should be aware that these Funds bear a greater risk of not achieving their investment objective on a daily basis, a risk that increases with the level of volatility on a particular day.

For general correlation risks of the Funds, please see “Correlation Risks For All Funds.” below.

40

Intraday Price Performance Risk.

Each Geared Fund is typically rebalanced at or about the time of its NAV calculation time (which may be other than at the close of the U.S. equity markets). As such, the intraday position of the Geared Fund will generally be different from the Geared Fund’s stated daily investment objective (i.e., -0.5x, -1x, -2x, 2x, 1.5x, -3x or 3x). When Shares are bought intraday, the performance of a Geared Fund’s Shares until the Fund’s next NAV calculation will generally be greater than or less than the Geared Fund’s stated daily inverse, inverse multiple or multiple.

The use of leveraged, inverse and/or inverse leveraged positions could result in the total loss of an investor’s investment.

Each of the UltraShort and Ultra Funds utilize inverse leveraged or leveraged positions, respectively, in seeking to achieve their respective investment objectives and will lose more money in market environments adverse to their respective daily investment objectives than funds that do not employ leverage. The use of inverse leveraged and/or leveraged positions could result in the total loss of an investor’s investment.

For example, because the UltraShort and Ultra Funds include a two times the inverse (-2x) or two times (2x) multiplier, a single-day movement in the relevant benchmark approaching 50% at any point in the day could result in the total loss or almost total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if such Fund’s benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. This would be the case with upward single-day or intraday movements in the underlying benchmark of the UltraShort Funds or downward single-day or intraday movements in the underlying benchmark of the Ultra Funds, even if the underlying benchmark maintains a level greater than zero at all times.

Inverse positions can also result in the total loss of an investor’s investment. For the Short Funds, a single-day or intraday increase in the level of the Fund’s benchmark approaching 100% could result in the total loss or almost total loss of an investor’s investment even if such Fund’s benchmark subsequently moves lower.

Risks Specific to the Commodity Index Funds, the Commodity Funds, the Currency Funds and the VIX Funds.

With regard to the Commodity Index Funds and the Commodity Fund, several factors may affect the price of commodities and, in turn, the Financial Instruments and other assets, if any, owned by such a Fund, including, but not limited to:

• Significant increases or decreases in the available supply of a physical commodity due to natural or technological factors. Natural factors would include depletion of known cost-effective sources for a commodity or the impact of severe weather on the ability to produce or distribute the commodity. Technological factors, such as increases in availability created by new or improved extraction, refining and processing equipment and methods or decreases caused by failure or unavailability of major refining and processing equipment (for example, shutting down or constructing oil refineries), also materially influence the supply of commodities.

• Significant increases or decreases in the demand for a physical commodity due to natural or technological factors. Natural factors would include such events as unusual climatological conditions impacting the demand for commodities. Technological factors may include such developments as substitutes for particular commodities.

• A significant change in the attitude of speculators and investors towards a commodity. Should the speculative community take a negative or positive view towards any given commodity, it could cause a change in world prices of any given commodity and the price of Shares based upon a benchmark related to that commodity will be affected.

• Large purchases or sales of physical commodities by the official sector. Governments and large institutions have large commodities holdings or may establish major commodities positions. For example, a significant portion of the aggregate world gold holdings is owned by governments, central banks and related institutions. Similarly, nations with centralized or nationalized oil production and organizations such as the Organization of Petroleum Exporting Countries control large physical quantities of crude oil. If one or more of these institutions decides to buy or sell any commodity in amounts large enough to cause a change in world prices, the price of Shares based upon a benchmark related to that commodity will be affected.

41

• Other political factors. In addition to the organized political and institutional trading-related activities described above, peaceful political activity such as imposition of regulations or entry into trade treaties, as well as political disruptions caused by societal breakdown, insurrection and/or war may greatly influence commodities prices.

• A significant increase or decrease in commodity hedging activity by commodity producers. Should there be an increase or decrease in the level of hedge activity of commodity producing companies, countries and/or organizations, it could cause a change in world prices of any given commodity, causing the price of Shares based upon a benchmark related to that commodity to be affected.

• The recent proliferation of commodity-linked products and their unknown effect on the commodity markets.

With regard to the Currency Funds, several factors may affect the value of foreign currencies or the U.S. dollar and, in turn, Financial Instruments and other assets, if any, owned by a Fund, including, but not limited to:

• Debt level and trade deficit of the relevant foreign countries;

• Inflation rates of the United States and the relevant foreign countries and investors’ expectations concerning inflation rates;

• Interest rates of the United States and the relevant foreign countries and investors’ expectations concerning interest rates;

• Investment and trading activities of mutual funds, hedge funds and currency funds;

• Global or regional political, economic or financial events and situations;

• Sovereign action to set or restrict currency conversion; and

• Monetary policies and other related activities of central banks within the U.S. and other relevant foreign markets.

With regard to the VIX Funds, several factors may affect the price and/or liquidity of VIX futures contracts and other assets, if any, owned by a VIX Fund, including, but not limited to:

• Prevailing market prices and forward volatility levels of the U.S. stock markets, the S&P 500, the equity securities included in the S&P 500 and prevailing market prices of options on the S&P 500, the VIX, options on the VIX, the relevant VIX futures contracts, or any other financial instruments related to the S&P 500 and the VIX or VIX futures contracts;

• Interest rates;

• Inflation rates and investor’s expectations concerning inflation rates;

• Economic, financial, political, regulatory, geographical, biological or judicial events that affect the level of the Index or the market price or forward volatility of the U.S. stock markets, the equity securities included in the S&P 500, the S&P 500, the VIX or the relevant futures or option contracts on the VIX;

• Supply and demand as well as hedging activities in the listed and OTC equity derivatives markets;

42

• Disruptions in trading of the S&P 500, futures contracts on the S&P 500 or options on the S&P 500; and

• The level of contango or backwardation in the VIX futures contracts market.

These factors interrelate in complex ways, and the effect of one factor on the market value of a Fund may offset or enhance the effect of another factor. In addition, the impact of changes in the level of a commodity index or the value of a commodity or currency will affect investors differently depending upon Commodity Index Fund, Commodity Fund, Currency Fund or VIX Fund in which an investor invests. Daily increases in the level of a commodity index or a VIX futures index or the value of a commodity or currency will negatively impact the daily performance of Shares of the Short and UltraShort Commodity Index, Commodity, Currency or VIX Funds.

The Commodity Index Funds are linked to indexes comprised of commodity futures contracts and/or financial futures contracts, and are not directly linked to the “spot” prices of the underlying physical commodities or financial assets. Futures contracts may perform very differently from the spot price of the underlying physical commodities or financial assets.

Each Commodity Index Fund are designed to correspond (before fees and expenses) to the performance of, or a multiple or an inverse multiple of, the daily performance of its applicable benchmark, which is intended to reflect the performance of the prices of futures contracts on certain physical commodities and/or financial assets. The Commodity Index Funds are not directly linked to the “spot” price of the physical commodities. While prices of swaps, futures contracts and other derivatives contracts are, as a rule, related to the prices of an underlying cash market, they are not perfectly correlated and often can perform very differently. It is possible that during certain time periods, the performance of different derivatives contracts may be substantially lower or higher than cash market prices for the underlying commodity or financial asset due to differences in derivatives contract terms or as supply, demand or other economic or regulatory factors become more pronounced in either the cash or derivatives markets. Depending upon the direction and level of the benchmark changes, the Funds may underperform or outperform a portfolio of cash market commodities or financial assets.

Risks specific to ProShares UltraShort Euro, ProShares Short Euro and ProShares Ultra Euro.

The European financial markets and the value of the euro have experienced significant volatility, in part related to unemployment, budget deficits and economic downturns. In addition, several member countries of the Economic and Monetary Union of the EU have experienced credit rating downgrades, rising government debt levels and, for certain EU member countries (including Greece, Spain, Portugal, Ireland and Italy), weaknesses in sovereign debt. These events, along with decreasing imports or exports, changes in governmental or EU regulations on trade, the default or threat of default by an EU member country on its sovereign debt and/or an economic recession in an EU member country may continue to cause prolonged volatility in euro-related investments.

In addition, given recent events, it is possible that the euro could be abandoned in the future by countries that have already adopted its use. If this were to occur, the value of the euro could fluctuate or decline drastically. Increased volatility related to the euro could exacerbate the effects of daily compounding on the performance of each of ProShares UltraShort Euro, ProShares Short Euro and ProShares Ultra Euro over periods longer than a single day. If the euro is abandoned by all countries that have adopted its use, the Fund may be forced to switch benchmarks or liquidate.

43

Risks Specific to the VIX Funds

In addition to the risks described elsewhere in this “Risk Factors” section, the following risks apply to the VIX Funds.

The VIX Funds are benchmarked to a VIX Futures Index. They are not benchmarked to the VIX or actual realized volatility of the S&P 500.

The level of each VIX Futures Index is based on the value of the relevant VIX futures contracts based on the Chicago Board Options Exchange, Incorporated Volatility Index (the “VIX”) comprising the applicable VIX Futures Index. Each VIX Fund is benchmarked to its respective VIX Futures Index. The VIX Funds are not linked to the VIX (which is a measure of implied volatility of the S&P 500 over the next 30 days derived from option prices), to realized volatility of the S&P 500 or to the options that underlie the VIX calculation. Each VIX Fund should be expected to perform very differently from the VIX over all periods of time. In many cases, the VIX Futures Indexes will significantly underperform the VIX.

VIX futures contracts are not directly based on a tradable underlying asset.

The VIX is not directly investable. The settlement price at maturity of VIX futures contracts are based on the calculation that determines the level of the VIX. As a result, the behavior of the VIX futures contracts may be different from traditional futures contracts whose settlement price is based on a specific tradable asset.

The level of the VIX has historically reverted to a long-term mean level and is subject to the risk associated with reversion to its mean. Accordingly, investors should not expect the VIX Funds to retain any appreciation in value over extended periods of time.

In the past, the level of the VIX has typically reverted over the longer term to a historical mean, and its absolute level has been constrained within a band. As such, the potential upside of long or short exposure to VIX futures contracts may be limited, and any gains may be subject to sharp reversals during such reversions to the mean.

When economic uncertainty increases and there is an associated increase in expected volatility, the value of VIX futures contracts will likely also increase and the potential upside of an investment in a VIX Short Fund will correspondingly be limited as a result. Similarly, when economic uncertainty recedes, and there is an associated decrease in expected volatility, the value of VIX futures contracts will likely also decrease and the potential upside of an investment in a VIX Ultra Fund or a Matching VIX Fund will correspondingly be limited as a result.

The value of the Shares of the VIX Futures Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by that Fund. Fluctuations in the price of these Financial Instruments or assets could materially adversely affect an investment in such Fund’s Shares.

Several factors may affect the price and/or liquidity of VIX futures contracts and other assets, if any, owned by the VIX Futures Fund, including, but not limited to:

• Prevailing market prices and forward volatility levels of the U.S. stock markets, the S&P 500, the equity securities included in the S&P 500 and prevailing market prices of options on the S&P 500, the VIX, options on the VIX, the relevant VIX futures contracts, or any other financial instruments related to the S&P 500 and the VIX or VIX futures contracts;

• Interest rates;

• Inflation rates and investors’ expectations concerning inflation rates;

• Economic, financial, political, regulatory, geographical, biological or judicial events that affect the level of the Mid-Term VIX Index or the market price or forward volatility of the U.S. stock markets, the equity securities included in the S&P 500, the S&P 500, the VIX or the relevant futures or option contracts on the VIX;

• Supply and demand as well as hedging activities in the listed and OTC equity derivatives markets;

• Disruptions in trading of the S&P 500, futures contracts on the S&P 500 or options on the S&P 500;

• The level of contango or backwardation in the VIX futures contract market;

• The position limits imposed by FCMs; and

• The level of margin requirements.

44

Increases in margin requirements for VIX futures contracts and position limits imposed by futures commission merchants may limit the VIX Futures Fund’s ability to achieve sufficient exposure and prevent the VIX Futures Fund from achieving its investment objective.

VIX futures contracts have been subject to periods of sudden and extreme volatility. As a result of recent market volatility, the exchange on which VIX futures contracts are traded has increased the margin requirements for such contracts, making those margin requirements significantly higher than those for most other types of futures contracts. In addition, the FCMs utilized by the VIX Futures Fund have increased their margin requirements, which are in addition to those imposed by the exchange. Margin requirements are subject to change, and may be raised again in the future by either or both the exchange and the FCMs. High margin requirements could prevent the VIX Futures Fund from obtaining sufficient exposure to VIX futures contracts and may adversely affect its ability to achieve its investment objective. An FCM’s failure to return required margin to the VIX Futures Fund on a timely basis may cause the VIX Futures Fund to delay redemption settlement dates and/or restrict, postpone or limit the right of redemption.

The term “margin” refers to the minimum amount the VIX Futures Fund must deposit and maintain with its FCM in order to establish an open position in futures contracts. The minimum amount of margin required in connection with a particular futures contract is set by the exchange on which such contract is traded and is subject to change at any time during the term of the contract. FCMs may require customers to post additional amounts above the required minimums. Futures contracts are customarily bought and sold on margins that represent a percentage of the aggregate purchase or sales price of the contract.

In addition, as a result of recent market activity, certain of the FCMs utilized by the VIX Futures Fund have imposed their own “position limits” on the VIX Futures Fund. Position limits restrict the amount of exposure to futures contracts the VIX Futures Fund can obtain through such FCMs. As a result, the VIX Futures Fund may need to transact through a number of FCMs to achieve its investment objective. If enough FCMs are not willing to transact with the VIX Futures Fund, or if the position limits imposed by such FCMs do not provide sufficient exposure, the VIX Futures Fund may not be able to achieve its investment objective.

Risks Related to All Funds

Correlation Risks for all Funds.

While the Funds seek to meet their investment objectives, there is no guarantee they will do so. Factors that may affect a Fund’s ability to meet its investment objective include: (1) the Sponsor’s ability to purchase and sell Financial Instruments in a manner that correlates to a Fund’s objective; (2) an imperfect correlation between the performance of the Financial Instruments held by a Fund and the performance of the applicable benchmark; (3) bid-ask spreads on such Financial Instruments; (4) fees, expenses, transaction costs, financing costs and margin requirements associated with the use of Financial Instruments and commission costs; (5) holding Financial Instruments traded in a market that has become illiquid or disrupted; (6) a Fund’s Share prices being rounded to the nearest cent and/or valuation methodologies; (7) changes to a benchmark that are not disseminated in advance; (8) the need to conform a Fund’s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of a Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; and (11) differences caused by a Fund obtaining exposure to only a representative sample of the components of a benchmark, overweighting or underweighting certain components of a benchmark or obtaining exposure to assets that are not included in a benchmark.

Being materially over- or under-exposed to its benchmark may prevent such Funds from achieving a high degree of correlation with their applicable underlying benchmark. Market disruptions or closures, large movements of assets

45

into or out of a Fund, regulatory restrictions or extreme market volatility will adversely affect such Fund’s ability to maintain a high degree of correlation. The number of components included in the applicable benchmark index across which a Fund needs to allocate, and the frequency at which it rebalances its portfolio (and related costs), may also impact correlation.

Each Fund seeks to provide investment results that correspond (before fees and expenses) to the performance of, or a multiple of, the inverse or an inverse multiple the daily performance of a benchmark at all times, even during periods when the applicable benchmark is flat as well as when the benchmark is moving in a manner which causes the Fund’s NAV to decline, thereby causing losses to such Fund.

Other than for cash management purposes, the Funds are not actively managed by traditional methods (e.g., by effecting changes in the composition of a portfolio on the basis of judgments relating to economic, financial and market considerations with a view toward obtaining positive results under all market conditions). Rather, the Sponsor seeks to cause the NAV to track the daily performance of a benchmark in accordance with each Fund’s investment objective, even during periods in which the benchmark is flat or moving in a manner which causes the NAV of a Fund to decline. It is possible to lose money over time regardless of the performance of an underlying benchmark, due to the effects of daily rebalancing, volatility and compounding, as applicable (see “Correlation Risks Specific to the Geared Funds” in this Annual Report on Form 10-K for additional details).

The assets that the Funds invest in can be highly volatile and the Funds may experience large losses when buying, selling or holding such instruments.

Investments linked to volatility, commodity, currency or fixed income markets can be highly volatile compared to investments in traditional securities and the Funds may experience large losses. The value of these investments may be affected by changes in overall market movements, commodity or currency benchmarks (as the case may be), volatility, changes in interest rates, changes in inflation rates and investors’ expectations concerning inflation rates or factors affecting a particular industry, commodity or currency. For example, commodity futures contracts (as may be held by the Commodity Index Funds) may be affected by numerous factors, including drought, floods, fires, weather, livestock diseases, pipeline ruptures or spills, embargoes, tariffs and international, economic, political or regulatory developments. In particular, trading in VIX futures contracts and trading in natural gas futures contracts (or other Financial Instruments linked to natural gas) have been very volatile and can be expected to be very volatile in the future. High volatility may have an adverse impact on the Funds beyond the impact of any performance-based losses of the underlying benchmark.

Potential negative impact from rolling futures positions.

Certain of the Funds invest in or have exposure to futures contracts and are subject to risks related to rolling. The contractual obligations of a buyer or seller holding a futures contract to expiration may generally be satisfied by settling in cash as designated in the contract specifications. Alternatively, futures contracts may be closed out prior to expiration by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of settlement. Once this date is reached, the futures contract “expires.” As the futures contracts held by a Fund near expiration, they are generally closed out and replaced by contracts with a later expiration. This process is referred to as “rolling.” The Funds do not intend to hold futures contracts through expiration, but instead to “roll” their respective positions.

When the market for these 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 prices for longer expiration futures contracts is often referred to as “contango.” Alternatively, when the market for these 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.”

The presence of contango in certain futures contracts at the time of rolling would be expected to adversely affect the relevant Funds with long positions, and positively affect the Funds with short positions. Similarly, the presence of backwardation in certain futures contracts at the time of rolling such contracts would be expected to adversely affect the Funds with short positions and positively affect the Funds with long positions.

46

There have been extended periods in which contango or backwardation has existed in the futures contract markets for various types of futures contracts, and such periods can be expected to occur in the future. These extended periods have in the past and can in the future cause significant losses for the Funds, and the periods can have as much or more impact over time than movements in the level of a Fund’s benchmark.

The Commodity Funds do not invest in bullion itself as certain other exchange-traded products do. Rather, the Commodity Funds use Financial Instruments to gain exposure to these precious metals. Not investing directly in bullion may introduce additional tracking error and these Commodity Funds are subject to the effects of contango and backwardation described above.

Using Financial Instruments such as forwards and futures in an effort to replicate the performance (or inverse performance) of gold and silver bullion may introduce tracking error to the performance of the Commodity Funds. While prices of Financial Instruments are, as a rule, related to the prices of an underlying cash market, they are not perfectly correlated. In addition, the use of Financial Instruments causes the need to roll futures or forward contracts as described above and the resulting possibility that contango or backwardation can occur Gold and silver historically exhibit contango markets during most periods. The existence of historically prevalent contango markets would be expected to adversely impact the Ultra Funds. Alternatively, the existence of historically prevalent backwardated markets would be expected to adversely impact the Ultra Funds.

Credit and liquidity risks associated with collateralized repurchase agreements.

A portion of each Fund’s assets may be held in cash and/or U.S. Treasury securities, agency securities, or other high credit quality short-term fixed-income or similar securities (such as shares of money market funds and collateralized repurchase agreements). These securities may be used for direct investment or serve as collateral for such Fund’s trading in Financial Instruments, as applicable, and may include collateralized repurchase agreements. Collateralized repurchase agreements involve an agreement to purchase a security and to sell that security back to the original seller at an agreed-upon price. The resale price reflects the purchase price plus an agreed-upon incremental amount which is unrelated to the coupon rate or maturity of the purchased security. As protection against the risk that the original seller will not fulfill its obligation, the buyer receives collateral marked-to-market daily, and maintained at a value at least equal to the sale price plus the accrued incremental amount. Although the collateralized repurchase agreements that the Funds enter into require that counterparties (which act as original sellers) over-collateralize the amount owed to a Fund with U.S. Treasury securities and/or agency securities, there is a risk that such collateral could decline in price at the same time that the counterparty defaults on its obligation to repurchase the security. If this occurs, a Fund may incur losses or delays in receiving proceeds. To minimize these risks, the Funds typically enter into transactions only with major global financial institutions.

Possible illiquid markets may exacerbate losses.

Financial Instruments cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position or find a swap or forward contract counterparty at a reasonable cost.

Market illiquidity may cause losses for the Funds. The large size of the positions which the Funds may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Instruments related to one benchmark, which in many cases is highly concentrated.

It may not be possible to gain exposure to the benchmarks using exchange-traded Financial Instruments in the future.

The Funds may utilize exchange-traded Financial Instruments. It may not be possible to gain exposure to the benchmarks with these Financial Instruments in the future. If these Financial Instruments cease to be traded on regulated exchanges, they may be replaced with Financial Instruments traded on trading facilities that are subject to

47

lesser degrees of regulation or, in some cases, no substantive regulation. As a result, trading in such Financial Instruments, and the manner in which prices and volumes are reported by the relevant trading facilities, may not be subject to the provisions of, and the protections afforded by, the Commodity Exchange Act (the “CEA”), or other applicable statutes and related regulations, that govern trading on regulated U.S. futures exchanges, or similar statutes and regulations that govern trading on regulated U.K. futures exchanges. In addition, many electronic trading facilities have only recently initiated trading and do not have significant trading histories. As a result, the trading of contracts on such facilities, and the inclusion of such contracts in a benchmark, may be subject to certain risks not presented by U.S. or U.K. exchange-traded futures contracts, including risks related to the liquidity and price histories of the relevant contracts.

Fees are charged regardless of a Fund’s returns and may result in depletion of assets.

The Funds are subject to the fees and expenses described herein which are payable irrespective of a Fund’s returns, as well as the effects of commissions, trading spreads, and embedded financing, borrowing costs and fees associated with applicable swaps, forwards, futures contracts, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality, short-term fixed-income or similar securities. Additional charges may include other fees as applicable.

For the Funds linked to an index, changes implemented by the index provider or the CBOE that affect the composition and valuation of the index could adversely affect the value of an investment in a Fund’s Shares.

The VIX Fund and the Commodity Index Funds are linked to indexes maintained by an index provider, either Standard & Poor’s (“S&P”) or Bloomberg, as applicable, each of which is unaffiliated with the Funds or the Sponsor. The policies implemented by each index provider concerning the calculation of the level of an index or the composition of an index could affect the level of an index and, therefore, the value of the corresponding Fund’s Shares. An index provider may change the composition of the indexes, or make other methodological changes that could change the level of an index. Additionally, an index provider may alter, discontinue or suspend calculation or dissemination of an index. Any of these actions could adversely affect the value of Shares of a Fund using that index as a benchmark. An index provider has no obligation to consider Fund shareholder interests in calculating or revising an index. In addition, for the VIX Fund, the CBOE can make methodological changes to the calculation of the VIX that could affect the value of VIX futures contracts and, consequently, the value of the VIX Fund’s Shares. There can be no assurance that the CBOE will not change the VIX calculation methodology in a way which may affect the value of the VIX Fund’s Shares. The CBOE may also alter, discontinue or suspend calculation or dissemination of the VIX and/or exercise settlement value. Any of these actions could adversely affect the value of such Fund’s Shares.

Calculation of an index may not be possible or feasible under certain events or circumstances that are beyond the reasonable control of the Sponsor, which in turn may adversely impact both the index and/or the Shares, as applicable. Additionally, index calculations may be disrupted by rollover disruptions, rebalancing disruptions and/or market emergencies, which may have an adverse effect on the value of the Shares.

The Funds may be subject to counterparty risks.

Certain of the Funds will use swap agreements and/or forward contracts as a means to achieve their respective investment objectives. Such Funds will use either swap agreements and/or forward contracts referencing their respective benchmarks or in other swap agreements or forward contracts if such instruments tend to exhibit trading prices or returns that correlate with its benchmark or a component of the benchmark and will further the investment objective of the Fund. Each of the other Funds may invest in swap agreements (for the VIX Funds and the Natural Gas Funds) or forward contracts (for the other Currency Funds: ProShares Short Euro, and ProShares UltraShort Australian Dollar) if position accountability rules or position limits or margin limits are reached with respect to specific futures contracts or the market for a specific futures contract experiences emergencies (e.g., natural disaster, terrorist attack or an act of God) or disruptions (e.g., a trading halt or a flash crash) that prevent such Fund from obtaining the appropriate amount of investment exposure to the affected futures contract or certain other futures contracts. Although unlikely, the Funds, under these circumstances, could have 100% exposure to swap agreements or forward contracts, as applicable.

48

Swap agreements and forward contracts are generally traded in over-the–counter markets and have only recently become subject to regulation by the by the Commodity Futures Trading Commission (the “CFTC”). CFTC rules, however, do not cover all types of swap agreements and forward contracts. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the CEA in connection with each Fund’s swap agreements or forward contracts. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants.

The Funds will be subject to credit risk with respect to the counterparties to the derivatives contracts (whether a clearing corporation in the case of cleared instruments or another third party in the case of OTC uncleared instruments). Unlike in futures contracts, the counterparty to uncleared swap agreements or forward contracts is generally a single bank or other financial institution, rather than a clearing organization backed by a group of financial institutions. As a result, a Fund is subject to increased credit risk with respect to the amount it expects to receive from counterparties to uncleared swaps and forward contracts entered into as part of that Fund’s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline.

The Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds; however there are no limitations on the percentage of its assets each Fund may invest in swap agreements or forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. The Funds typically enter into transactions only with major, global financial institutions.

OTC swaps and forward contracts of the type that may be utilized by the Funds are less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. These agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed the party under the agreement. For example, if the level of the Fund’s benchmark has a dramatic intraday move that would cause a material decline in the Fund’s NAV, the terms of the swap may permit the counterparty to immediately close out the transaction with the Fund. In that event, it may not be possible for the Fund to enter into another swap agreement or to invest in other Financial Instruments necessary to achieve the desired exposure consistent with the Fund’s objective. This, in turn, may prevent the Fund from achieving its investment objective, particularly if the level of the Fund’s benchmark reverses all or part of its intraday move by the end of the day. In addition, cleared derivatives transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered into directly between two counterparties generally do not benefit from such protections. This exposes the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss.

As of December 31, 2017, the Funds’ approved counterparties for swap agreements and forward contracts are: Deutsche Bank AG, Citibank N.A., UBS AG, Goldman Sachs International and Société Générale. The Sponsor regularly reviews the performance of its counterparties for, among other things, creditworthiness and execution quality. In addition, the Sponsor periodically considers the addition of new counterparties. Thus, the list of counterparties noted above may change at any time. Each day, the Funds disclose their portfolio holdings as of the prior Business Day (as such term is defined in “Creation and Redemption of Shares-Creation Procedures” in Part I, Item 1 of this Annual Report on Form 10-K). Each Fund’s portfolio holdings identifies its counterparties, as applicable. This portfolio holdings information may be accessed through the web on the Sponsor’s website at www.ProShares.com.

49

More information about Deutsche Bank AG, including its current financial statements, may be found on the SEC’s EDGAR website under Central Index Key No (“CIK No.”) 0001159508 (for Deutsche Bank AG). More information about Citibank N.A., including its current financial statements, may also be found on the SEC’s EDGAR website under CIK No. 0000036684 (for Citibank N.A.). More information about UBS AG, including its current financial statements, may also be found on the SEC’s EDGAR website under CIK No. 0001114446 (for UBS AG). More information about Goldman Sachs International, a U.K. broker-dealer and subsidiary of The Goldman Sachs Group, Inc., may also be found on the SEC’s EDGAR website under CIK No. 0000886982 (for The Goldman Sachs Group, Inc.). The Goldman Sachs Group, Inc. consolidates the financial statements of each of its subsidiaries, including Goldman Sachs International, with its own. More information about Société Générale, a French public limited company, including its current financial statements as filed with the AMF (the French securities regulator), may be found on Société Générale’s website. Please note that the references to third-party websites have been provided solely for informational purposes. Neither the Funds nor the Sponsor endorses or is responsible for the content or information contained on any third-party website, including with respect to any financial statements. In addition, neither the Funds nor the Sponsor makes any warranty, express or implied or assumes any legal liability or responsibility for the accuracy, completeness or usefulness of any such information.

Each counterparty and/or any of its affiliates may be an Authorized Participant or shareholder of a Fund, subject to applicable law.

The counterparty risk for cleared derivatives transactions is generally lower than for uncleared OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivatives contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members, will satisfy its obligations to the Fund.

Historical correlation trends between Fund benchmarks and other asset classes may not continue or may reverse, limiting or eliminating any potential diversification or other benefit from owning a Fund.

To the extent that an investor purchases a Fund seeking diversification benefits based on the historic correlation (whether positive or negative) between the returns of that Fund or its underlying benchmark and other asset classes, such historic correlation may not continue or may reverse itself. In this circumstance, the diversification or other benefits sought may be limited or nonexistent.

Investors cannot be assured of the Sponsor’s continued services, the discontinuance of which may be detrimental to the Funds.

Investors cannot be assured that the Sponsor will be able to continue to service the Funds for any length of time. If the Sponsor discontinues its activities on behalf of the Funds, the Funds may be adversely affected, as there may be no entity servicing the Funds for a period of time. If the Sponsor’s registrations with the CFTC or memberships in the NFA were revoked or suspended, the Sponsor would no longer be able to provide services and/or to render advice to the Funds. If the Sponsor were unable to provide services and/or advice to the Funds, the Funds would be unable to pursue their investment objectives unless and until the Sponsor’s ability to provide services and advice to the Funds was reinstated or a replacement for the Sponsor as commodity pool operator could be found. Such an event could result in termination of the Funds.

The lack of active trading markets for any of the Shares of the Funds may result in losses on investors’ investments at the time of disposition of such Shares.

Although the Shares of the Funds are publicly listed and traded on the applicable Exchange, there can be no guarantee that an active trading market for the Shares of any Fund will develop or be maintained. In this regard, if a Fund is not able to meet the continued listing standards of NYSE Arca and is delisted, there will not be an active trading market for such Fund’s Shares. If investors need to sell their Shares at a time when no active market for them exists, the price investors receive for their Shares, assuming that investors are able to sell them, likely will be lower than the price that investors would receive if an active market did exist. In addition, if there is no active trading market for the Shares of a Fund for an extended period of time, the Fund would likely be forced to liquidate.

50

A Fund may terminate and liquidate at a time that is disadvantageous to shareholders.

If a Fund lacks the demand necessary to remain open, then the Fund will likely be terminated and liquidated. For example, the ProShares Ultra Australian Dollar Fund was terminated and liquidated in June 2015 because it lacked the demand necessary to remain open. Termination and liquidation of a Fund could occur at a time that is disadvantageous to shareholders. When the Fund’s assets are sold as part of the Fund’s liquidation, the resulting proceeds distributed to shareholders may be less than those that may be realized in a sale outside of a liquidation context.

Investors may be adversely affected by redemption or creation orders that are subject to postponement, suspension or rejection under certain circumstances.

A Fund may, in its discretion, suspend the right of creation or redemption or may postpone the redemption or purchase settlement date, for (1) any period during which the NYSE Arca, NYSE, Chicago Mercantile Exchange (including the Chicago Board of Trade and the New York Mercantile Exchange), the Intercontinental Exchange, CBOE, CFE or any other exchange, marketplace or trading center, deemed to affect the normal operations of the Funds, is closed, or when trading is restricted or suspended or restricted on such exchanges in any of the Funds’ futures contracts, (2) any period during which an emergency exists as a result of which the fulfillment of a purchase order or the redemption distribution is not reasonably practicable, or (3) such other period as the Sponsor determines to be necessary for the protection of the shareholders of the Funds. In addition, a Fund will reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order might be unlawful. Any such postponement, suspension or rejection could adversely affect a redeeming Authorized Participant. For example, the resulting delay may adversely affect the value of the Authorized Participant’s redemption proceeds if the NAV of the Funds decline during the period of delay. The Funds disclaim any liability for any loss or damage that may result from any such suspension or postponement. Suspension of creation privileges may adversely impact how the Shares are traded and arbitraged on the applicable Exchange, which could cause them to trade at levels materially different (premiums and discounts) from the fair value of their underlying holdings.

The NAV may not always correspond to market price and, as a result, investors may be adversely affected by the creation or redemption of Creation Units at a value that differs from the market price of the Shares.

The NAV per Share of a Fund changes as fluctuations occur in the market value of a Fund’s portfolio. Investors should be aware the public trading price per Share of a Fund may be different from the NAV per Share of the Fund (i.e., the secondary market price may trade at a premium or discount to NAV). Consequently, an Authorized Participant may be able to create or redeem a Creation Unit of a Fund at a discount or a premium to the public trading price per Share of that Fund.

Authorized Participants or their clients or customers may have an opportunity to realize a profit if they can purchase a Creation Unit at a discount to the public trading price of the Shares of a Fund or can redeem a Creation Unit at a premium over the public trading price of the Shares of a Fund. The Sponsor expects that the exploitation of such arbitrage opportunities by Authorized Participants and their clients and customers will tend to cause the public trading price to track the NAV per Share of the Funds closely over time.

The value of a Share may be influenced by non-concurrent trading hours between the applicable Exchange and the market in which the Financial Instruments (or related reference assets) held by a Fund are traded. The Shares of each Fund trade on the applicable Exchange, from 9:30 a.m. to 4:00 p.m. (Eastern Time). The Financial Instruments (and/or the related reference assets) held by a particular Fund, however, may have different fixing or settlement times. Consequently, liquidity in the Financial Instruments (and/or the reference assets) may be reduced after such fixing or settlement time. As a result, during the time when the applicable Exchange is open but after the applicable fixing or settlement time of an underlying component, trading spreads and the resulting premium or discount on the Shares of a Fund may widen, and, therefore, may increase the difference between the price of the Shares of a Fund and the NAV of such Shares. Furthermore, the NAVs for certain Funds are determined prior to the close of the applicable Exchange, and the NAVs for certain Funds are determined at 4:15 p.m. (Eastern Time) after the close of its applicable Exchange. Consequently, for those Funds, the closing market price per Share may differ from the NAV per Share at the end of each day. Also, during the time when the Exchange is open but the Fund’s NAV has already been determined (or, in the case of a VIX Fund, closed but before the determination of its NAV), there could be market developments or other events that cause or exacerbate the difference between the price of the Shares of such Funds and the NAV of such Shares.

51

The number of underlying components included in a Fund’s benchmark may impact volatility, which could adversely affect an investment in the Shares.

The number of underlying components in a Fund’s benchmark may also impact volatility, which could adversely affect an investment in the Shares. For example, each of the indexes for the Commodity Index Funds is concentrated in terms of the number and type of commodities represented, and some of the subindexes are solely concentrated in a single commodity futures contract. In addition, the benchmarks for the Currency Funds are concentrated solely on a single currency and the benchmarks for the VIX Funds are concentrated solely in VIX futures contracts. Investors should be aware that other benchmarks are more diversified in terms of both the number and variety of investments included. Concentration in fewer underlying components may result in a greater degree of volatility in a benchmark and the NAV of the Fund which corresponds to that benchmark under specific market conditions and over time.

Trading on exchanges outside the United States is generally not subject to U.S. regulation and may result in different or diminished investor protections.

To the extent that a Fund places trades on exchanges outside the United States trading on such exchanges is generally not regulated by any U.S. governmental agency and may involve certain risks not applicable to trading on U.S. exchanges, including different or diminished investor protections. In trading contracts denominated in currencies other than U.S. dollars, the Shares are subject to the risk of adverse exchange rate movements between the dollar and the functional currencies of such contracts. Investors could incur substantial losses from trading on foreign exchanges which such investors would not have otherwise been subject had the Funds’ trading been limited to U.S. markets.

Competing claims of intellectual property rights may adversely affect the Funds and an investment in the Shares.

Although the Sponsor does not anticipate that such claims will adversely impact the Funds, it is impossible to provide definite assurances that no such negative impact will occur. The Sponsor believes that it has properly licensed or obtained the appropriate consent of all necessary parties with respect to intellectual property rights. However, other third parties could allege ownership as to such rights and may bring an action in asserting their claims. To the extent any action is brought by a third party asserting such rights, the expenses in litigating, negotiating, cross-licensing or otherwise settling such claims may adversely affect the Funds.

Investors may be adversely affected by an overstatement or understatement of the NAV calculation of the Funds due to the valuation method employed on the date of the NAV calculation.

Calculating the NAV of the Funds includes, in part, any unrealized profits or losses on open Financial Instrument positions. Under normal circumstances, the NAV of a Fund reflects the value of the Financial Instruments held by a Fund, as of the time the NAV is calculated. However, if any of the Financial Instruments held by a Fund could not be purchased or sold on a day when a Fund is accepting creation and redemption orders (due to the operation of daily limits or other rules of an exchange or otherwise), a Fund may be improperly exposed which could cause it to fail to meet its stated investment objective. Alternatively, a Fund may attempt to calculate the fair value of such Financial Instruments. In such a situation, there is a risk that the calculation of the relevant benchmark, and therefore, the NAV of the applicable Fund on such day, may not accurately reflect the realizable market value of the Financial Instruments underlying such benchmark.

The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants, which could adversely affect the market price of the Shares.

In the event that one or more Authorized Participants which have substantial interests in the Shares withdraw from participation, the liquidity of the Shares will likely decrease, which could adversely affect the market price of the Shares and result in investors incurring a loss on their investment.

52

Shareholders that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect investors’ investment in the Shares.

Only Authorized Participants may create or redeem Creation Units. All other investors that desire to purchase or sell Shares must do so through the NYSE Arca or in other markets, if any, in which the Shares may be traded. Shares may trade at a premium or discount to NAV per Share.

The applicable Exchange may halt trading in the Shares of a Fund which would adversely impact investors’ ability to sell Shares.

Trading in Shares of a Fund may be halted due to market conditions or, in light of the applicable Exchange rules and procedures, for reasons that, in the view of the applicable Exchange, make trading in Shares of a Fund inadvisable. In addition, trading is subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules that require trading to be halted for a specified period based on a specified decline or rise in a market index (e.g., the Dow Jones Industrial Average) or in the price of a Fund’s Shares. Additionally, the ability to short sell a Fund’s Shares may be restricted when there is a 10% or greater change from the previous day’s official closing price. There can be no assurance that the requirements necessary to maintain the listing of the Shares of a Fund will continue to be met or will remain unchanged.

Shareholders do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act.

None of the Funds are subject to registration or regulation under the 1940 Act. Consequently, shareholders do not have the regulatory protections provided to investors in investment companies.

Shareholders do not have the rights enjoyed by investors in certain other vehicles and may be adversely affected by a lack of statutory rights and by limited voting and distribution rights.

The Shares have limited voting and distribution rights. For example, shareholders do not have the right to elect directors, the Funds may enact splits or reverse splits without shareholder approval and the Funds are not required to pay regular distributions, although the Funds may pay distributions at the discretion of the Sponsor.

The value of the Shares will be adversely affected if the Funds are required to indemnify the Trustee.

Under the Amended and Restated Trust Agreement of the Trust, as may be further amended and restated from time to time (the “Trust Agreement”), the Trustee has the right to be indemnified for any liability or expense incurred without gross negligence or willful misconduct. That means the Sponsor may require the assets of a Fund to be sold in order to cover losses or liability suffered by it or by the Trustee. Any sale of that kind would reduce the NAV of one or more of the Funds.

Although the Shares of the Funds are limited liability investments, certain circumstances such as bankruptcy of a Fund will increase a shareholder’s liability.

The Shares of the Funds are limited liability investments; investors may not lose more than the amount that they invest plus any profits recognized on their investment. However, shareholders could be required, as a matter of bankruptcy law, to return to the estate of a Fund any distribution they received at a time when such Fund was in fact insolvent or in violation of the Trust Agreement.

Failure of the FCMs to segregate assets may increase losses in the Funds.

The CEA requires a clearing broker to segregate all funds received from customers from such broker’s proprietary assets. There is a risk that assets deposited by the Sponsor on behalf of the Funds as margin with the FCMs may, in certain circumstances, be used to satisfy losses of other clients of the FCMs. If an FCM fails to segregate the funds received from the Sponsor, the assets of the Funds might not be fully protected in the event of the FCM’s bankruptcy. Furthermore, in the event of an FCM’s bankruptcy, Fund Shares could be limited to recovering only a pro rata share of all available funds segregated on behalf of the FCM’s combined customer accounts, even though certain property specifically traceable to a particular Fund was held by the FCM. Each FCM may, from time to time, be the subject of certain regulatory and private causes of action.

53

Similarly, the CEA requires a clearing organization approved by the CFTC as a derivatives clearing organization to segregate all funds and other property received from a clearing member’s clients in connection with domestic futures and options contracts from any funds held at the clearing organization to support the clearing member’s proprietary trading. Nevertheless, customer funds held at a clearing organization in connection with any futures or options contracts may be held in a commingled omnibus account, which may not identify the name of the clearing member’s individual customers. With respect to futures and options contracts, a clearing organization may use assets of a non-defaulting customer held in an omnibus account at the clearing organization to satisfy payment obligations of a defaulting customer of the clearing member to the clearing organization. As a result, in the event of a default of the clearing FCM’s other clients or the clearing FCM’s failure to extend its own funds in connection with any such default, a Fund may not be able to recover the full amount of assets deposited by the clearing FCM on behalf of the Fund with the clearing organization.

In the event of a bankruptcy or insolvency of any exchange or a clearing house, a Fund could experience a loss of the funds deposited through its FCM as margin with the exchange or clearing house, a loss of any profits on its open positions on the exchange, and the loss of unrealized profits on its closed positions on the exchange.

A court could potentially conclude that the assets and liabilities of one Fund are not segregated from those of another Fund and may thereby potentially expose assets in a Fund to the liabilities of another Fund.

Each Fund is a separate series of a Delaware statutory trust and not itself a separate legal entity. Section 3804(a) of the Delaware Statutory Trust Act, as amended (the “DSTA”) provides that if certain provisions are in the formation and governing documents of a statutory trust organized in series, and if separate and distinct records are maintained for any series and the assets associated with that series are held in separate and distinct records (directly or indirectly, including through a nominee or otherwise) and accounted for in such separate and distinct records separately from the other assets of the statutory trust, or any series thereof, then the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series are enforceable against the assets of such series only, and not against the assets of the statutory trust generally or any other series thereof, and none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the statutory trust generally or any other series thereof shall be enforceable against the assets of such series. The Sponsor is not aware of any court case that has interpreted Section 3804(a) of the DSTA or provided any guidance as to what is required for compliance. The Sponsor maintains separate and distinct records for each Fund and accounts for them separately, but it is possible a court could conclude that the methods used did not satisfy Section 3804(a) of the DSTA and thus potentially expose assets in a Fund to the liabilities of another Fund.

There may be circumstances that could prevent a Fund from being operated in a manner consistent with its investment objective and principal investment strategies.

There may be circumstances outside the control of the Sponsor and/or a Fund that make it, for all practical purposes, impossible to re-position such Fund and/or to process a purchase or redemption order. Examples of such circumstances include: natural disasters; public service disruptions or utility problems such as those caused by fires, floods, extreme weather conditions, and power outages resulting in telephone, telecopy, and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the aforementioned parties, as well as the Depository Trust Company (“DTC”), the National Securities Clearing Corporation (“NSCC”), or any other participant in the purchase process; and similar extraordinary events. Accordingly, while the Sponsor has implemented and tested a business continuity plan that transfers functions of any disrupted facility to another location and has effected a disaster recovery plan, circumstances, such as those above, may prevent a Fund from being operated in a manner consistent with its investment objective and/or principal investment strategies.

Due to the increased use of technologies, intentional and unintentional cyber attacks pose operational and information security risks.

With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the Funds are susceptible to operational and information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited

54

to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites. Cyber security failures or breaches of a Fund’s third party service provider (including, but not limited to, index providers, the administrator and transfer agent) or the issuers of securities in which the Funds invest, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. The Funds and their shareholders could be negatively impacted as a result. While the Funds have established business continuity plans and systems to prevent such cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Funds cannot control the cyber security plans and systems put in place by issuers in which the Funds invest.

Shareholders’ tax liability will exceed cash distributions on the Shares.

Shareholders of each Fund are subject to U.S. federal income taxation and, in some cases, state, local, or foreign income taxation on their share of the Fund’s taxable income, whether or not they receive cash distributions from the Fund. Each Fund does not currently expect to make distributions with respect to capital gains or ordinary income.

Accordingly, shareholders of a Fund will not receive cash distributions equal to their share of the Fund’s taxable income or the tax liability that results from such income. A Fund’s income, gains, losses and deductions are allocated to shareholders on a monthly basis. If you own Shares in a Fund at the beginning of a month and sell them during the month, you are generally still considered a shareholder through the end of that month.

The U.S. Internal Revenue Service (“IRS”) could adjust or reallocate items of income, gain, deduction, loss and credit with respect to the Shares if the IRS does not accept the assumptions or conventions utilized by the Fund.

U.S. federal income tax rules applicable to partnerships, which each Fund is anticipated to be treated as under the Internal Revenue Code of 1986, as amended (the “Code”), are complex and their application is not always clear. Moreover, the rules generally were not written for, and in some respects are difficult to apply to, publicly traded interests in partnerships. The Funds apply certain assumptions and conventions intended to comply with the intent of the rules and to report income, gain, deduction, loss and credit to shareholders in a manner that reflects the shareholders’ economic gains and losses, but these assumptions and conventions may not comply with all aspects of the applicable regulations. It is possible therefore that the IRS will successfully assert that these assumptions or conventions do not satisfy the technical requirements of the Code or the Treasury regulations promulgated thereunder and will require that items of income, gain, deduction, loss and credit be adjusted or reallocated in a manner that could be adverse to investors.

Shareholders will receive partner information tax returns on Schedule K-1, which could increase the complexity of tax returns.

The partner information tax returns on Schedule K-1 which the Funds will distribute to shareholders will contain information regarding the income items and expense items of the Funds. If you have not received Schedule K-1s from other investments, you may find that preparing your tax return may require additional time, or it may be necessary for you to retain an accountant or other tax preparer, at an additional expense to you, to assist you in the preparation of your return.

Investors could be adversely affected if the current treatment of long-term capital gains under current U.S. federal income tax law is changed or repealed in the future.

Under current law, long-term capital gains are taxed to non-corporate investors at a maximum U.S. federal income tax rate of 20%. This tax treatment may be adversely affected, changed or repealed by future changes in tax laws at any time.

55

Shareholders of each Fund may recognize significant amounts of ordinary income and short-term capital gain.

Due to the investment strategy of the Funds, the Funds may realize and pass-through to Shareholders significant amounts of ordinary income and short-term capital gains as opposed to long-term capital gains, which generally are taxed at a preferential rate. A Fund’s income, gains, losses and deductions are allocated to shareholders on a monthly basis. If you own shares in a Fund at the beginning of a month and sell them during the month, you are generally still considered a shareholder through the end of that month.

Changes in U.S. federal income tax law could affect an investment in the Shares.

Recently enacted legislation commonly known as the “Tax Cuts and Jobs Act” has made significant changes to U.S. federal income tax rules. As of the date of this filing, the long-term impact of the Tax Cuts and Jobs Act, including on the Shares, is unclear. Investors are urged to consult their tax advisors regarding the effect of the Tax Cuts and Jobs Act prior to investing in the Shares.

INVESTORS ARE STRONGLY URGED TO CONSULT THEIR OWN TAX ADVISERS AND COUNSEL WITH RESPECT TO THE POSSIBLE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN THE SHARES OF A FUND; SUCH TAX CONSEQUENCES MAY DIFFER IN RESPECT OF DIFFERENT INVESTORS.

Regulatory changes or actions, including the implementation of new legislation, may alter the operations and profitability of the Funds.

The U.S. derivatives markets and market participants have been subject to comprehensive regulation, not only by the CFTC but also by self-regulatory organizations, including the NFA and the exchanges on which the derivatives contracts are traded and/or cleared. As with any regulated activity, changes in regulations may have unexpected results. For example, changes in the amount or quality of the collateral that traders in derivatives contracts are required to provide to secure their open positions, or in the limits on number or size of positions that a trader may have open at a given time, may adversely affect the ability of the Funds to enter into certain transactions that could otherwise present lucrative opportunities. Considerable regulatory attention has been focused on non-traditional investment pools which are publicly distributed in the United States. There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in the Funds or the ability of the Funds to continue to implement their investment strategies.

In addition, the SEC, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily price limits and the suspension of trading. The regulation of swaps, forwards and futures transactions in the United States is a rapidly changing area of law and is subject to modification by government and judicial action. The effect of any future regulatory change on the Funds is impossible to predict, but could be substantial and adverse.

In particular, the Dodd-Frank Act was signed into law on July 21, 2010. The Dodd-Frank Act has made and will continue to make sweeping changes to the way in which the U.S. financial system is supervised and regulated. Title VII of the Dodd-Frank Act sets forth a new legislative framework for OTC derivatives, including certain Financial Instruments, such as swaps, in which certain of the Funds may invest. Title VII of the Dodd-Frank Act makes broad changes to the OTC derivatives market, grants significant new authority to the SEC and the CFTC to regulate OTC derivatives and market participants, and will require clearing and exchange trading of many OTC derivatives transactions.

Pursuant to relatively recent regulations adopted by the CFTC, swap dealers are required to be registered and are subject to various regulatory requirements, including, but not limited to, margin, recordkeeping, reporting and various business conduct requirements, as well as proposed minimum financial capital requirements.

Pursuant to the Dodd-Frank Act, regulations adopted by the CFTC and the federal banking regulators that are now in effect require swap dealers to post and collect variation margin (comprised of specified liquid instruments and subject to a required haircut) in connection with trading of OTC swaps with a Fund. These requirements may increase the amount of collateral the Funds are required to provide and the costs associated with providing it.

56

OTC swap agreements submitted for clearing are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin requirements mandated by the CFTC, SEC and/or federal banking regulators. Swap dealers also typically demand the unilateral ability to increase a Fund’s collateral requirements for cleared swap agreements beyond any regulatory and clearinghouse minimums. Such requirements may make it more difficult and costly for investment funds, such as the Funds, to enter into customized transactions. They may also render certain strategies in which a Fund might otherwise engage impossible or so costly that they will no longer be economical to implement. If a Fund decides to execute swap agreements through such exchanges or execution facilities, the Fund would be subject to the rules of the exchange or execution facility, which would bring additional risks and liabilities, and potential requirements under applicable regulations and under rules of the relevant exchange or execution facility.

With respect to cleared OTC derivatives, a Fund will not face a clearinghouse directly but rather will do so through a swap dealer that is registered with the CFTC or SEC and that acts as a clearing member. A Fund may face the indirect risk of the failure of another clearing member customer to meet its obligations to its clearing member. This risk could arise due to a default by the clearing member on its obligations to the clearinghouse triggered by a customer’s failure to meet its obligations to the clearing member.

Swap dealers also are required to post margin to the clearinghouses through which they clear their customers’ trades instead of using such margin in their operations, as was widely permitted before Dodd-Frank. This has increased and will continue to increase the swap dealers’ costs, and these increased costs are generally passed through to other market participants such as the Funds in the form of higher upfront and mark-to-market margin, less favorable trade pricing, and the imposition of new or increased fees, including clearing account maintenance fees.

While certain regulations have been promulgated and are already in effect, the full impact of the Dodd-Frank Act on any of the Funds remains uncertain. The legislation and the related regulations that have been and may be promulgated in the future may negatively impact a Fund’s ability to meet its investment objective either through limits on its investments or requirements imposed on it or any of its counterparties. In particular, new requirements, including capital requirements and mandatory clearing of OTC derivatives transactions, which may increase derivative counterparties’ costs and are expected to generally be passed through to other market participants in the form of higher upfront and mark-to-market margin, less favorable trade pricing, and the imposition of new or increased fees, including clearinghouse account maintenance fees, may increase the cost of a Fund’s investments and the cost of doing business, which could adversely affect investors.

Regulatory bodies outside the U.S. have also passed or proposed, or may propose in the future, legislation similar to that proposed by Dodd-Frank or other legislation containing other restrictions that could adversely impact the liquidity of and increase costs of participating in the commodities markets. For example, the European Union (“EU”) Markets in Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation (EU) No 600/2014) (together “MiFID II”), which has applied since January 3, 2018, governs the provision of investment services and activities in relation to, as well as the organized trading of, financial instruments such as shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires EU Member States to apply position limits to the size of a net position which a person can hold at any time in commodity derivatives traded on trading EU trading venues and in “economically equivalent” OTC contracts. By way of further example, the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced certain requirements in respect of OTC derivatives including:(i) the mandatory clearing of OTC derivative contracts declared subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts, including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping requirements in respect of all derivatives contracts. In the event that the requirements under EMIR and MiFID II apply, these are expected to increase the cost of transacting derivatives.

In addition, regulations adopted by U.S. federal banking regulators that will begin to take effect in 2019 will require certain bank-regulated swap dealer counterparties and certain of their affiliates and subsidiaries, including swap dealers, to include in certain financial contracts, including many derivatives contracts, such as swap agreements, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in the United Kingdom and the European Union that apply to the Funds’ counterparties located in those jurisdictions. It is possible that these new requirements could adversely affect the Funds’ ability to terminate existing derivatives agreements or to realize amounts to be received under such agreements.

57

Regulatory and exchange accountability levels may restrict the creation of Creation Units and the operation of the Trust.

Many U.S. commodities exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day by regulations referred to as “daily price fluctuation limits” or “daily limits.” 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 trading day. In addition, the CFTC, U.S. futures exchanges and certain non-U.S. exchanges have established limits referred to as “speculative position limits” or “accountability levels” on the maximum net long or short futures positions that any person may hold or control in derivatives traded on such exchanges.

In connection with these limits, the Dodd-Frank Act has required the CFTC to adopt regulations establishing speculative position limits applicable to regulated futures and OTC derivatives and impose aggregate speculative position limits across regulated U.S. futures, OTC positions and certain futures contracts traded on non-U.S. exchanges. In December 2016, the CFTC re-proposed rules on position limits with respect to the 25 physical delivery commodity futures and options contracts, as well as to swaps that are economically equivalent to such contracts. The re-proposed position limits would apply with respect to contracts traded on all U.S. and certain foreign exchanges on an aggregate basis. In addition, the CFTC proposed amendments to the requirement of U.S. commodities exchanges to establish corresponding speculative position limits (the “Position Limit Rules”). The re-proposed Position Limit Rules are based on the position limit rules previously proposed in 2013 by the CFTC. In December 2016, the CFTC also adopted final regulations requiring that all accounts owned or managed by an entity that is responsible for such accounts’ trading decisions, their principals and their affiliates would be aggregated for position limit purposes (the “Aggregation Rules”). The re-proposed Position Limit Rules were published in the Federal Register on December 30, 2016, and final Aggregation Rules were published in the Federal Register December 16, 2016 and became effective on February 14, 2017.

Although it is unclear what future position limit rules will be, the Sponsor is subject to current position and accountability limits established by the CFTC and exchanges. Accordingly, it may be required to reduce the size of outstanding positions or not enter into new positions that would otherwise be taken for the Fund or not trade certain markets on behalf of the Fund in order to comply with those limits or any future limits established by the CFTC and the relevant exchanges. Derivatives contract prices could move to a limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of derivatives positions and potentially subjecting the Fund to substantial losses or periods in which the Fund does not create additional Creation Units. Modification of trades made by the Trust, if required, could adversely affect the Trust’s operations and profitability and significantly limit the Trust’s ability to reinvest income in additional contracts, create additional Creation Units, or add to existing positions in the desired amount.

In addition, the Sponsor may be required to liquidate certain open positions in order to ensure compliance with the speculative position limits at unfavorable prices, which may result in substantial losses for the relevant Funds. There also can be no assurance that the Sponsor will liquidate positions held on behalf of all the Sponsor’s accounts, including any proprietary accounts, in a proportionate manner. In the event the Sponsor chooses to liquidate a disproportionate number of positions held on behalf of any of the Funds at unfavorable prices, such Funds may incur substantial losses and the value of the Shares may be adversely affected.

Further, in October 2012, CFTC rules became effective, which require each registered FCM to establish risk-based limits on position and order size. As a result, the Trust’s FCMs may be required to reduce their internal limits on the size of the positions they will execute or clear for the Funds, and the Trust may seek to use additional FCMs, which may increase the costs for the Funds and adversely affect the value of the Shares.

The Trust may apply to the CFTC or to the relevant exchanges for relief from certain position limits. If the Trust is unable to obtain such relief, a Fund’s ability to issue new Creation Units, or the Fund’s ability to reinvest income in additional futures contracts, may be limited to the extent these activities cause the Trust to exceed applicable position limits. Limiting the size of a Fund may affect the correlation between the price of the Shares, as traded on an exchange, and the net asset value of the Fund. Accordingly, the inability to create additional Creation Units or add to existing positions in the desired amount could result in Shares trading at a premium or discount to NAV.

58

Margin for Non-cleared Swap and Forward Transactions

In 2015, the regulators adopted, and in 2016 the CFTC adopted new mandatory margin requirements for non-cleared swap and foreign currency forward transactions and new requirements for the holding of collateral by derivative dealers. These requirements, which are still pending final adoption, may increase the amount of collateral a Fund is required to provide to derivative dealers for non-cleared swaps and foreign currency forwards.

Item 1B. Unresolved Staff Comments.

None.

Item 2. Properties.

Not applicable.

Item 3. Legal Proceedings.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

59

Part II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

a) Six of the Funds, ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Euro and ProShares Ultra Yen, commenced trading on the NYSE Arca on November 25, 2008. Four of the Funds, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares Ultra Gold, and ProShares Ultra Silver, commenced trading on the NYSE Arca on December 3, 2008. Two of the Funds, ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF, commenced trading on the NYSE Arca on January 3, 2011. Two of the Funds, ProShares Ultra VIX Short-Term Futures ETF and ProShares Short VIX Short-Term Futures ETF, commenced trading on the NYSE Arca on October 3, 2011. Two of the Funds, ProShares UltraShort Bloomberg Natural Gas and ProShares Ultra Bloomberg Natural Gas, commenced trading on the NYSE Arca on October 4, 2011. One of the Funds, ProShares Short Euro, commenced trading on the NYSE Arca on June 26, 2012. One of the Funds, ProShares UltraShort Australian Dollar, commenced trading on the NYSE Arca on July 17, 2012. Two of the Funds, ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF, commenced trading on the NYSE Arca on March 24, 2017. The following tables set forth the ranges of reported high and low sales prices of each Fund’s Shares as reported on the NYSE Arca for the periods indicated below.

Fiscal Year 2017

Fund	High		Low
ProShares Short Euro
First Quarter	$	45.60	$	43.72
Second Quarter		44.82		41.71
Third Quarter		42.03		39.75
Fourth Quarter		41.27		39.99
ProShares Short VIX Short-Term Futures ETF*
First Quarter	$	72.23	$	48.73
Second Quarter		84.03		60.66
Third Quarter		93.75		68.24
Fourth Quarter		130.48		95.52
ProShares Ultra Bloomberg Crude Oil
First Quarter	$	23.22	$	16.88
Second Quarter		20.91		12.57
Third Quarter		18.28		13.63
Fourth Quarter		23.44		16.27
ProShares Ultra Bloomberg Natural Gas
First Quarter	$	15.59	$	9.42
Second Quarter		13.24		9.04
Third Quarter		9.92		8.16
Fourth Quarter		8.63		5.13
ProShares Ultra Euro
First Quarter	$	14.80	$	13.85
Second Quarter		16.23		14.03
Third Quarter		17.76		15.93
Fourth Quarter		17.46		16.38
ProShares Ultra Gold
First Quarter	$	39.08	$	33.63
Second Quarter		41.09		36.62
Third Quarter		44.09		35.91
Fourth Quarter		41.05		37.00
ProShares Ultra Silver
First Quarter	$	42.39	$	33.66
Second Quarter		42.54		32.29
Third Quarter		39.29		29.72
Fourth Quarter		36.08		29.26

60

Fund	High		Low
ProShares Ultra VIX Short-Term Futures ETF*
First Quarter	$	150.00	$	61.96
Second Quarter		85.84		36.12
Third Quarter		43.80		20.60
Fourth Quarter		19.78		9.85
ProShares Ultra Yen
First Quarter	$	61.19	$	54.12
Second Quarter		63.22		57.09
Third Quarter		63.56		56.91
Fourth Quarter		59.42		56.30
ProShares UltraPro 3X Crude Oil ETF
First Quarter	$	29.42	$	24.75
Second Quarter		33.84		15.30
Third Quarter		26.07		17.13
Fourth Quarter		37.23		21.83
ProShares UltraPro 3X Short Crude Oil ETF
First Quarter	$	25.35	$	21.07
Second Quarter		34.22		18.07
Third Quarter		29.36		17.02
Fourth Quarter		19.96		10.72
ProShares UltraShort Australian Dollar
First Quarter	$	55.09	$	47.69
Second Quarter		52.60		47.80
Third Quarter		49.00		43.18
Fourth Quarter		49.67		45.56
ProShares UltraShort Bloomberg Crude Oil
First Quarter	$	39.50	$	25.66
Second Quarter		36.10		25.98
Third Quarter		38.08		30.24
Fourth Quarter		51.36		33.16
ProShares UltraShort Bloomberg Natural Gas
First Quarter	$	41.43	$	31.67
Second Quarter		51.49		33.12
Third Quarter		46.65		32.95
Fourth Quarter		36.71		24.56
ProShares UltraShort Euro
First Quarter	$	27.73	$	25.43
Second Quarter		26.77		23.01
Third Quarter		23.45		20.93
Fourth Quarter		22.58		21.20
ProShares UltraShort Gold
First Quarter	$	89.16	$	75.12
Second Quarter		79.28		70.43
Third Quarter		80.01		64.58
Fourth Quarter		76.08		68.98
ProShares UltraShort Silver
First Quarter	$	37.01	$	28.64
Second Quarter		36.45		27.84
Third Quarter		38.60		27.86
Fourth Quarter		36.55		29.97
ProShares UltraShort Yen
First Quarter	$	81.52	$	71.48
Second Quarter		76.35		68.81
Third Quarter		76.18		68.10
Fourth Quarter		76.54		72.55

61

Fund	High		Low
ProShares VIX Mid-Term Futures ETF
First Quarter	$	41.00	$	31.95
Second Quarter		32.80		27.24
Third Quarter		28.24		24.99
Fourth Quarter		25.12		21.14
ProShares VIX Short-Term Futures ETF*
First Quarter	$	78.96	$	51.56
Second Quarter		60.88		40.88
Third Quarter		45.53		32.53
Fourth Quarter		31.84		22.78

Fiscal Year 2016

Fund	High		Low
ProShares Short Euro
First Quarter	$	44.26	$	41.76
Second Quarter		43.79		41.03
Third Quarter		43.30		41.73
Fourth Quarter		45.75		42.22
ProShares Short VIX Short-Term Futures ETF*
First Quarter	$	25.44	$	15.62
Second Quarter		32.60		20.95
Third Quarter		39.54		24.82
Fourth Quarter		48.91		32.16
ProShares Ultra Bloomberg Crude Oil
First Quarter	$	12.51	$	6.41
Second Quarter		14.13		7.77
Third Quarter		12.59		7.84
Fourth Quarter		11.77		8.30
ProShares Ultra Bloomberg Natural Gas
First Quarter	$	20.23	$	8.84
Second Quarter		17.65		10.16
Third Quarter		18.54		13.33
Fourth Quarter		19.94		10.88
ProShares Ultra Euro
First Quarter	$	16.94	$	15.09
Second Quarter		17.33		15.58
Third Quarter		16.59		15.44
Fourth Quarter		16.08		13.54
ProShares Ultra Gold
First Quarter	$	42.29	$	30.56
Second Quarter		45.25		37.85
Third Quarter		47.79		43.64
Fourth Quarter		43.80		31.88
ProShares Ultra Silver
First Quarter	$	35.05	$	26.99
Second Quarter		47.67		30.79
Third Quarter		56.55		45.49
Fourth Quarter		46.34		31.36
ProShares Ultra VIX Short-Term Futures ETF*
First Quarter	$	1,160.80	$	382.20
Second Quarter		441.44		188.60
Third Quarter		183.20		64.12
Fourth Quarter		81.56		30.52

62

Fund	High		Low
ProShares Ultra Yen
First Quarter	$	63.49	$	53.40
Second Quarter		69.89		60.92
Third Quarter		77.07		67.58
Fourth Quarter		76.15		54.00
ProShares UltraShort Australian Dollar
First Quarter	$	65.86	$	51.96
Second Quarter		58.30		49.29
Third Quarter		53.67		49.17
Fourth Quarter		56.16		48.06
ProShares UltraShort Bloomberg Crude Oil
First Quarter	$	227.50	$	110.68
Second Quarter		148.86		74.12
Third Quarter		119.82		78.98
Fourth Quarter		97.89		63.05
ProShares UltraShort Bloomberg Natural Gas
First Quarter	$	84.81	$	42.23
Second Quarter		70.63		34.06
Third Quarter		41.26		31.48
Fourth Quarter		45.35		21.90
ProShares UltraShort Euro
First Quarter	$	26.26	$	23.06
Second Quarter		24.84		22.46
Third Quarter		24.94		23.18
Fourth Quarter		27.87		23.79
ProShares UltraShort Gold
First Quarter	$	112.34	$	78.41
Second Quarter		84.95		69.72
Third Quarter		71.28		65.57
Fourth Quarter		94.48		70.55
ProShares UltraShort Silver*
First Quarter	$	64.61	$	46.77
Second Quarter		52.58		31.65
Third Quarter		31.01		25.41
Fourth Quarter		39.79		29.52
ProShares UltraShort Yen
First Quarter	$	89.81	$	74.50
Second Quarter		76.30		60.61
Third Quarter		67.94		58.96
Fourth Quarter		82.49		60.50
ProShares VIX Mid-Term Futures ETF
First Quarter	$	66.66	$	52.71
Second Quarter		56.59		50.57
Third Quarter		52.70		45.54
Fourth Quarter		46.69		41.16
ProShares VIX Short-Term Futures ETF*
First Quarter	$	395.20	$	231.80
Second Quarter		250.80		170.20
Third Quarter		181.00		111.00
Fourth Quarter		126.36		79.28

* See Note 1 of the Notes to Financial Statements in Item 15 of Part IV in this Annual Report on Form 10-K.

63

The approximate number of holders of the Shares of each Fund as of December 31, 2017 was as follows:

Fund	Number of Holders
ProShares Short Euro		284
ProShares Short VIX Short-Term Futures ETF		10,062
ProShares Ultra Bloomberg Crude Oil		42,321
ProShares Ultra Bloomberg Natural Gas		4,786
ProShares Ultra Euro		1,266
ProShares Ultra Gold		6,520
ProShares Ultra Silver		22,077
ProShares Ultra VIX Short-Term Futures ETF		60,183
ProShares Ultra Yen		219
ProShares UltraPro 3X Crude Oil ETF		364
ProShares UltraPro 3X Short Crude Oil ETF		877
ProShares UltraShort Australian Dollar		1,090
ProShares UltraShort Bloomberg Crude Oil		7,405
ProShares UltraShort Bloomberg Natural Gas		246
ProShares UltraShort Euro		11,145
ProShares UltraShort Gold		2,063
ProShares UltraShort Silver		2,111
ProShares UltraShort Yen		101
ProShares VIX Mid-Term Futures ETF		2,781
ProShares VIX Short-Term Futures ETF		12,050
Total:		187,951

The Funds made no distributions to Shareholders during the fiscal year ended December 31, 2017. The Funds have no obligation to make periodic distributions to Shareholders.

b) The Trust initially registered Shares on its Registration Statement on Form S-1 (File No. 333-146801), which was declared effective on November 21, 2008, and registered additional Shares on its Registration Statement on Form S-1 (File No. 333-156888), which was declared effective on February 13, 2009. The Trust terminated these two offerings before the sale of all registered Shares and re-allocated the remaining amount of the registered Shares among the Funds listed on its Registration Statement on Form S-3 (File No. 333-163511), which became effective on December 4, 2009. It then registered additional Shares and/or added Funds pursuant to post-effective amendments to that Registration Statement on Form S-3, which became effective on May 28, 2010, November 5, 2010, December 23, 2010 and April 13, 2011, as well as on a Registration Statement on Form S-1 (File No. 333-178707), which became effective on June 25, 2012. On June 26, 2012, a post-effective amendment to the Registration Statement on Form S-3 (File No. 333-163511) was declared effective, which registered additional Shares for ProShares Ultra Bloomberg Crude Oil and terminated the offerings for certain publicly offered Funds and certain Funds that had never been publicly offered. New offerings for those Funds that had been publicly offered were registered on an accompanying Registration Statement on Form S-1 (File No. 333-176878), which was also declared effective on June 26, 2012. On September 24, 2012, a Registration Statement on Form S-1 (File No. 333-183672) was declared effective, which registered additional Shares for ProShares Ultra VIX Short-Term Futures ETF, ProShares VIX Short-Term Futures ETF and ProShares Short VIX Short-Term Futures ETF. This registration statement (File No. 333-183672) was a combined prospectus and acted as a post-effective amendment to the Form S-1 (File No. 333-176878). On September 27, 2012, a Registration Statement on Form S-3 (File No. 333-183674) was declared effective, which registered additional Shares for ProShares Ultra Bloomberg Crude Oil, ProShares UltraShort Bloomberg Crude Oil and ProShares UltraShort Euro. This registration statement was a combined prospectus and acted as a post-effective amendment to the Form S-3 (File No. 333-163511). On September 28, 2012, a post-effective amendment to a Registration Statement on Form S-1 (File No. 333-178707) was declared effective, terminating the proposed offerings of several unlaunched currency funds. On January 30, 2013, a Registration Statement on Form S-1 (File No. 333-185288) was declared effective. That registration statement, which registered additional Shares to ProShares Short VIX Short-Term Futures ETF, acted as a combined prospectus and post-effective amendment to the Trust’s Form S-1 Registration Statements (File Nos. 333-183672 and 333-178707).

64

Also, on January 30, 2013, a Registration Statement on Form S-3 (File No. 333-185289) was declared effective. That registration statement, which registered additional Shares to ProShares Ultra Bloomberg Crude Oil, ProShares UltraShort Euro, ProShares Ultra VIX Short-Term Futures ETF and ProShares VIX Short-Term Futures ETF, acted as a combined prospectus and post-effective amendment to the Trust’s Form S-1 Registration Statement (File No. 333-193672) and Form S-3 Registration Statement (File No. 333-183674). On April 24, 2013, a post-effective amendment to the Form S-1 Registration Statement (File No. 333-185288) was declared effective, terminating the registered but unlaunched offerings related to: ProShares UltraPro Short Euro. On April 29, 2013, a Registration Statement on Form S-3 (File No. 333-187820) was declared effective, which registered additional Shares for ProShares Ultra Bloomberg Crude Oil, ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Silver, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra VIX Short-Term Futures ETF and ProShares VIX Short-Term Futures ETF. That registration statement was a combined prospectus and acted as a post-effective amendment to the Form S-3 (File No. 333-185289). On May 21, 2013, a Registration Statement on Form S-1 (File 333-188215) was declared effective, which registered additional Shares for ProShares Ultra Bloomberg Natural Gas, ProShares UltraShort Bloomberg Natural Gas, ProShares Short VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF. That registration statement was a combined prospectus and acted as a post-effective amendment to the Form S-1 (File No. 333-185288). On July 30, 2013, a Registration Statement on Form S-3 (File No. 333-189967) was declared effective, which registered additional Shares for ProShares Bloomberg Crude Oil and ProShares UltraShort Yen and partially terminated registered and unissued Shares of ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Silver, ProShares UltraShort Silver, ProShares UltraShort Euro and ProShares VIX Short-Term Futures ETF. That registration statement was a combined prospectus and acted as a post-effective amendment to the Form S-3 (File No. 333-187820). On May 6, 2014, a post-effective amendment to the Form S-1 Registration Statement (File No. 333-188215) was declared effective, updating the Form S-1 Registration Statement by, among other things, incorporating by reference the audited financial statements for the fiscal year ended December 31, 2013. The post-effective amendment did not register any additional shares. On July 30, 2014, a Registration Statement on Form S-1 (File No. 333-196884) was declared effective, which partially terminated registered and unissued Shares of ProShares VIX Mid-Term Futures ETF, ProShares Ultra Euro and ProShares Ultra Yen. That registration statement was a combined prospectus and acted as a post-effective amendment to two Form S-1 registration statements (File Nos. 333-188215 and 333-185288). On July 30, 2014, a Registration Statement on Form S-3 (File No. 333-196885) was also declared effective, which registered additional Shares for ProShares Ultra Bloomberg Crude Oil, ProShares UltraShort Bloomberg Crude Oil and ProShares UltraShort Euro and partially terminated registered and unissued Shares of ProShares Ultra Gold, ProShares Ultra Silver and ProShares UltraShort Silver. That Registration Statement also was a combined prospectus and acted as a post-effective amendment to the Form S-3 (File No. 333-189967). Through the July 30, 2014 filings, ProShares Short VIX Short-Term Futures ETF was transferred from the Form S-1 to the Form S-3. On November 25, 2014, a Registration Statement on Form S-1 (File No. 333-199642) was declared effective, which registered additional Shares for ProShares Ultra Bloomberg Natural Gas, ProShares UltraShort Bloomberg Natural Gas and ProShares UltraShort Silver. That registration statement was a combined prospectus and acted as a post-effective amendment to the Form S-1 registration statement (File No. 333-198189) and the Form S-3 registration statement (333-196885). On November 25, 2014, a Registration Statement on Form S-3 (File No. 333-199641) was also declared effective, which registered additional Shares for ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Gold, ProShares UltraShort Gold, ProShares Ultra Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra VIX Short-Term Futures ETF, ProShares Short VIX Short-Term Futures ETF and ProShares VIX Short-Term Futures ETF. That Registration Statement also was a combined prospectus and acted as a post-effective amendment to the Form S-3 (File No. 333-196885). Through the November 25, 2014 filings, ProShares UltraShort Silver was transferred from the Form S-3 to the Form S-1. On March 31, 2015, a Registration Statement on Form S-1 (File No. 333-202724) was declared effective, which registered additional Shares for ProShares VIX Mid-Term Futures ETF, ProShares Managed Futures Strategy, ProShares Ultra Bloomberg Commodity, ProShares Ultra Bloomberg Natural Gas, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Silver, ProShares Ultra Australian Dollar, ProShares UltraShort Australian Dollar, ProShares Ultra Euro, ProShares Short Euro and ProShares Ultra Yen. That registration statement was a combined prospectus and acted as a post-effective amendment to the Form S-1 registration statement (File No. 333-199642). On March 31,

65

2015, a Registration Statement on Form S-3 (File No. 333-202725) was also declared effective, which registered additional Shares for ProShares Ultra Bloomberg Crude Oil, ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Gold, ProShares UltraShort Gold, ProShares Ultra Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra VIX Short-Term Futures ETF, ProShares Short VIX Short-Term Futures ETF and ProShares VIX Short-Term Futures ETF. That Registration Statement also was a combined prospectus and acted as a post-effective amendment to the Form S-3 (File No. 333-199641). On August 11, 2015, a Registration Statement on Form S-1 (File No. 333-202724) was declared effective which removed ProShares Ultra Australian Dollar from the Form S-1. No additional shares were registered. That registration statement was a combined prospectus and acted as a pre-effective amendment to post-effective amendment No. 1 of the Form S-1. Thus, as of December 31, 2015, the Trust continued to have two effective registration statements outstanding: 1) a Form S-1 Registration Statement (No. 333-202724); and 2) a Form S-3 Registration Statement (No. 333-199641).

Substantially all of the proceeds received by each Fund from the issuance and sale of Shares to Authorized Participants are used by each Fund to enter into Financial Instruments relating to that Fund’s benchmark in combination with cash or cash equivalents and/or U.S. Treasury securities or other high credit quality, short-term fixed-income or similar securities (such as shares of money market funds and collateralized repurchase agreements) that may in part be used for direct investment or deposited with the FCMs as margin in connection with futures contracts or in segregated accounts at the Funds’ custodian bank as collateral for swap agreements or forward contracts, as applicable. Each Geared Fund continuously offers and redeems its Shares in blocks of 50,000 Shares, and each Matching VIX Fund continuously offers and redeems Shares in blocks of 25,000 Shares.

66

Title of Securities Registered	Amount Registered As of December 31, 2017		Shares Sold For the Three Months Ended December 31, 2017		Sale Price of Shares Sold For the Three Months Ended December 31, 2017		Shares Sold For the Year Ended December 31, 2017		Sale Price of Shares Sold For the Year Ended December 31, 2017
ProShares Short Euro Common Units of Beneficial Interest	$	153,418,934		—	$	—		—	$	—
ProShares Short VIX Short-Term Futures ETF Common Units of Beneficial Interest	$	9,178,056,779		5,800,000	$	655,412,337		52,550,000	$	3,985,678,031
ProShares Ultra Bloomberg Crude Oil Common Units of Beneficial Interest	$	5,508,543,310		2,900,000	$	51,642,537		68,500,000	$	1,156,816,574
ProShares Ultra Bloomberg Natural Gas Common Units of Beneficial Interest	$	427,459,640		5,950,000	$	39,395,864		12,550,000	$	106,004,594
ProShares Ultra Euro Common Units of Beneficial Interest	$	119,594,796		400,000	$	6,750,814		1,600,000	$	25,220,169
ProShares Ultra Gold Common Units of Beneficial Interest	$	328,071,127		250,000	$	9,514,458		650,000	$	23,949,465
ProShares Ultra Silver Common Units of Beneficial Interest	$	1,388,553,846		600,000	$	18,873,000		1,550,000	$	50,514,699
ProShares Ultra VIX Short-Term Futures ETF Common Units of Beneficial Interest	$	10,862,875,118		34,400,000	$	493,226,991		85,585,000	$	2,602,989,881
ProShares Ultra Yen Common Units of Beneficial Interest	$	138,726,333		—	$	—		—	$	—
ProShares UltraPro 3X Crude Oil ETF Common Units of Beneficial Interest	$	1,020,000,000		350,000	$	11,053,119		1,750,008	$	40,659,738
ProShares UltraPro 3X Short Crude Oil ETF Common Units of Beneficial Interest	$	1,020,000,000		1,250,000	$	15,919,094		2,300,008	$	38,429,372
ProShares UltraShort Australian Dollar Common Units of Beneficial Interest	$	172,771,084		100,000	$	4,801,797		100,000	$	4,801,797
ProShares UltraShort Bloomberg Crude Oil Common Units of Beneficial Interest	$	2,167,514,328		3,800,000	$	112,846,007		14,500,000	$	510,910,744
ProShares UltraShort Bloomberg Natural Gas Common Units of Beneficial Interest	$	344,275,705		350,000	$	13,898,582		650,000	$	23,216,158

67

Title of Securities Registered	Amount Registered As of December 31, 2017		Shares Sold For the Three Months Ended December 31, 2017		Sale Price of Shares Sold For the Three Months Ended December 31, 2017		Shares Sold For the Year Ended December 31, 2017		Sale Price of Shares Sold For the Year Ended December 31, 2017
ProShares UltraShort Euro Common Units of Beneficial Interest	$	1,916,296,347		600,000	$	13,290,109		2,400,000	$	54,352,755
ProShares UltraShort Gold Common Units of Beneficial Interest	$	312,159,711		50,000	$	3,802,700		350,000	$	26,178,336
ProShares UltraShort Silver Common Units of Beneficial Interest	$	1,950,297,178		150,000	$	4,692,722		850,000	$	26,717,920
ProShares UltraShort Yen Common Units of Beneficial Interest	$	951,478,689		100,000	$	7,541,354		1,000,000	$	76,657,434
ProShares VIX Mid-Term Futures ETF Common Units of Beneficial Interest	$	555,231,376		100,000	$	2,334,755		950,000	$	26,311,779
ProShares VIX Short-Term Futures ETF Common Units of Beneficial Interest	$	1,878,742,424		1,625,000	$	44,343,586		7,750,000	$	318,930,520
Total:				58,775,000	$	1,509,339,826		255,585,016	$	9,098,339,966

c) From October 1, 2017 through December 31, 2017, the number of Shares redeemed and average price per Share for each Fund were as follows:

68

Fund	Total Number of Shares Redeemed		Average Price Per Share
ProShares Short Euro
10/01/17 to 10/31/17		—	$	—
11/01/17 to 11/30/17		—	$	—
12/01/17 to 12/31/17		—	$	—
ProShares Short VIX Short-Term Futures ETF*
10/01/17 to 10/31/17		2,600,000	$	99.55
11/01/17 to 11/30/17		4,100,000	$	111.80
12/01/17 to 12/31/17		4,150,000	$	133.84
ProShares Ultra Bloomberg Crude Oil
10/01/17 to 10/31/17		7,150,000	$	18.43
11/01/17 to 11/30/17		5,550,000	$	21.47
12/01/17 to 12/31/17		2,800,000	$	22.74
ProShares Ultra Bloomberg Natural Gas
10/01/17 to 10/31/17		150,000	$	8.39
11/01/17 to 11/30/17		1,100,000	$	8.10
12/01/17 to 12/31/17		850,000	$	6.37
ProShares Ultra Euro
10/01/17 to 10/31/17		—	$	—
11/01/17 to 11/30/17		550,000	$	16.71
12/01/17 to 12/31/17		100,000	$	16.92
ProShares Ultra Gold
10/01/17 to 10/31/17		—	$	—
11/01/17 to 11/30/17		50,000	$	38.65
12/01/17 to 12/31/17		100,000	$	36.91
ProShares Ultra Silver
10/01/17 to 10/31/17		—	$	—
11/01/17 to 11/30/17		—	$	—
12/01/17 to 12/31/17		100,000	$	33.55
ProShares Ultra VIX Short-Term Futures ETF*
10/01/17 to 10/31/17		8,850,000	$	16.84
11/01/17 to 11/30/17		5,500,000	$	15.78
12/01/17 to 12/31/17		7,850,000	$	11.47
ProShares Ultra Yen
10/01/17 to 10/31/17		50,000	$	58.31
11/01/17 to 11/30/17		—	$	—
12/01/17 to 12/31/17		—	$	—
ProShares UltraPro 3X Crude Oil ETF
10/01/17 to 10/31/17		150,000	$	27.83
11/01/17 to 11/30/17		150,000	$	30.14
12/01/17 to 12/31/17		50,000	$	32.18
ProShares UltraPro 3X Short Crude Oil ETF
10/01/17 to 10/31/17		100,000	$	19.98
11/01/17 to 11/30/17		—	$	—
12/01/17 to 12/31/17		50,000	$	12.68
ProShares UltraShort Australian Dollar
10/01/17 to 10/31/17		—	$	—
11/01/17 to 11/30/17		—	$	—
12/01/17 to 12/31/17		—	$	—
ProShares UltraShort Bloomberg Crude Oil
10/01/17 to 10/31/17		900,000	$	36.21
11/01/17 to 11/30/17		350,000	$	29.29
12/01/17 to 12/31/17		350,000	$	30.29
ProShares UltraShort Bloomberg Natural Gas
10/01/17 to 10/31/17		50,000	$	39.96
11/01/17 to 11/30/17		200,000	$	39.49
12/01/17 to 12/31/17		100,000	$	45.72

69

Fund	Total Number of Shares Redeemed		Average Price Per Share
ProShares UltraShort Euro
10/01/17 to 10/31/17		500,000	$	22.06
11/01/17 to 11/30/17		500,000	$	21.79
12/01/17 to 12/31/17		500,000	$	21.75
ProShares UltraShort Gold
10/01/17 to 10/31/17		—	$	—
11/01/17 to 11/30/17		100,000	$	72.34
12/01/17 to 12/31/17		—	$	—
ProShares UltraShort Silver
10/01/17 to 10/31/17		100,000	$	29.92
11/01/17 to 11/30/17		100,000	$	31.04
12/01/17 to 12/31/17		200,000	$	33.47
ProShares UltraShort Yen
10/01/17 to 10/31/17		100,000	$	73.96
11/01/17 to 11/30/17		50,000	$	72.60
12/01/17 to 12/31/17		200,000	$	75.00
ProShares VIX Mid-Term Futures ETF
10/01/17 to 10/31/17		75,000	$	24.67
11/01/17 to 11/30/17		200,000	$	23.25
12/01/17 to 12/31/17		375,000	$	21.65
ProShares VIX Short-Term Futures ETF*
10/01/17 to 10/31/17		300,000	$	29.63
11/01/17 to 11/30/17		600,000	$	27.58
12/01/17 to 12/31/17		700,000	$	26.20

* See Note 1 of the Notes to Financial Statements in Item 15 of Part IV in this Annual Report on Form 10-K regarding the reverse Share splits for ProShares VIX Short-Term Futures ETF, ProShares Ultra VIX Short-Term Futures ETF and the Share split for ProShares Short VIX Short-Term Futures ETF.

70

Item 6. Selected Financial Data.

Financial Highlights for the years ended December 31, 2017, 2016, 2015, 2014 and 2013 for each Fund, as applicable, are summarized below and should be read in conjunction with the Funds’ audited financial statements, and the notes and schedules related thereto, which are included in this Annual Report on Form 10-K.

PROSHARES SHORT EURO

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	8,041,728		$	15,859,440		$	17,524,993		$	14,032,932		$	8,903,836
Total shareholders’ equity at end of period		7,991,880			15,770,088			17,510,898			14,021,804			8,896,842
Net investment income (loss)		(37,627	)		(122,728	)		(178,761	)		(118,247	)		(51,170	)
Net realized and unrealized gain (loss)		(1,461,940	)		553,281			1,417,580			2,011,540			(359,542	)
Net income (loss)		(1,499,567	)		430,553			1,238,819			1,893,293			(410,712	)
Net increase (decrease) in net asset value per share		(5.10	)		1.28			3.72			4.48			(2.04	)

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF*

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	816,337,770		$	228,630,598		$	674,236,256		$	541,342,389		$	141,868,875
Total shareholders’ equity at end of period		770,163,871			228,075,387			642,811,361			506,556,124			141,751,202
Net investment income (loss)		(5,373,544	)		(5,396,850	)		(5,798,200	)		(4,285,469	)		(1,328,369	)
Net realized and unrealized gain (loss)		924,694,573			419,316,869			96,936,157			52,474,493			96,687,035
Net income (loss)		919,321,029			413,920,019			91,137,957			48,189,024			95,358,666
Net increase (decrease) in net asset value per share*		81.68			20.21			(5.29	)		(3.05	)		17.22

PROSHARES ULTRA BLOOMBERG CRUDE OIL

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	534,325,767		$	962,419,733		$	859,276,004		$	532,881,413		$	143,904,994
Total shareholders’ equity at end of period		524,445,526			933,731,860			783,922,475			450,562,988			142,773,429
Net investment income (loss)		(1,379,461	)		(6,631,380	)		(8,473,155	)		(1,766,364	)		(2,196,281	)
Net realized and unrealized gain (loss)		35,389,465			225,050,768			(863,611,244	)		(368,561,922	)		68,042,170
Net income (loss)		34,010,004			218,419,388			(872,084,399	)		(370,328,286	)		65,845,889
Net increase (decrease) in net asset value per share		0.32			(1.81	)		(76.33	)		(219.42	)		26.96

71

PROSHARES ULTRA BLOOMBERG NATURAL GAS

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	67,524,849		$	44,767,860		$	38,879,917		$	80,051,311		$	68,626,038
Total shareholders’ equity at end of period		63,268,950			43,203,386			38,851,184			70,433,207			62,915,779
Net investment income (loss)		(233,762	)		(384,486	)		(761,335	)		(528,581	)		(821,690	)
Net realized and unrealized gain (loss)		(36,107,690	)		13,794,133			(59,570,610	)		(37,694,009	)		41,585,400
Net income (loss)		(36,341,452	)		13,409,647			(60,331,945	)		(38,222,590	)		40,763,710
Net increase (decrease) in net asset value per share		(12.32	)		0.28			(43.08	)		(93.70	)		(0.84	)

PROSHARES ULTRA EURO

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	9,656,271		$	12,500,772		$	12,437,492		$	3,089,736		$	2,626,494
Total shareholders’ equity at end of period		9,591,516			11,914,585			10,857,730			2,981,441			2,603,827
Net investment income (loss)		(29,782	)		(74,522	)		(104,071	)		(22,247	)		(35,024	)
Net realized and unrealized gain (loss)		3,049,926			(1,039,312	)		(1,274,395	)		(625,043	)		224,084
Net income (loss)		3,020,144			(1,113,834	)		(1,378,466	)		(647,290	)		189,060
Net increase (decrease) in net asset value per share		3.42			(1.49	)		(4.36	)		(6.16	)		1.68

PROSHARES ULTRA GOLD

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	93,779,522		$	96,632,172		$	72,172,441		$	104,091,956		$	141,039,466
Total shareholders’ equity at end of period		93,708,748			92,127,200			69,864,815			102,003,345			132,017,405
Net investment income (loss)		(136,329	)		(650,951	)		(796,424	)		(1,157,348	)		(1,925,215	)
Net realized and unrealized gain (loss)		19,581,562			3,617,098			(22,915,651	)		(784,329	)		(156,804,545	)
Net income (loss)		19,445,233			2,966,147			(23,712,075	)		(1,941,677	)		(158,729,760	)
Net increase (decrease) in net asset value per share		6.98			3.17			(10.27	)		(1.25	)		(42.51	)

72

PROSHARES ULTRA SILVER

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	261,786,204		$	296,979,700		$	239,160,686		$	305,793,515		$	468,353,977
Total shareholders’ equity at end of period		258,244,696			275,779,940			216,416,642			291,169,743			465,479,519
Net investment income (loss)		(409,752	)		(2,179,392	)		(2,507,859	)		(3,968,608	)		(5,280,707	)
Net realized and unrealized gain (loss)		10,949,744			63,914,077			(88,492,326	)		(165,444,157	)		(558,275,777	)
Net income (loss)		10,539,992			61,734,685			(91,000,185	)		(169,412,765	)		(563,556,484	)
Net increase (decrease) in net asset value per share		0.11			6.38			(12.31	)		(23.96	)		(108.56	)

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF*

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	394,379,433		$	552,972,566		$	560,771,363		$	358,364,869		$	229,779,878
Total shareholders’ equity at end of period		394,035,141			515,758,754			547,708,740			351,789,953			226,233,584
Net investment income (loss)		(4,896,061	)		(8,936,777	)		(7,410,148	)		(5,359,486	)		(4,828,761	)
Net realized and unrealized gain (loss)		(1,047,275,669	)		(1,587,220,286	)		(419,888,086	)		(75,812,141	)		(432,159,208	)
Net income (loss)		(1,052,171,730	)		(1,596,157,063	)		(427,298,234	)		(81,171,627	)		(436,987,969	)
Net increase (decrease) in net asset value per share*		(163.60	)		(2,634.47	)		(9,737.60	)		(20,994.93	)		(367,957.33	)

PROSHARES ULTRA YEN

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	2,901,405		$	5,887,949		$	5,483,876		$	2,135,192		$	2,960,724
Total shareholders’ equity at end of period		2,864,269			5,540,957			5,473,848			2,118,028			2,795,026
Net investment income (loss)		(21,882	)		(45,847	)		(44,423	)		(20,862	)		(31,774	)
Net realized and unrealized gain (loss)		260,916			113,155			(196,091	)		(396,529	)		(1,544,017	)
Net income (loss)		239,034			67,308			(240,514	)		(417,391	)		(1,575,791	)
Net increase (decrease) in net asset value per share		1.89			0.68			(1.72	)		(18.05	)		(38.21	)

73

PROSHARES ULTRAPRO 3x CRUDE OIL ETF

	January 13, 2017 (Inception) through December 31, 2017
Total assets	$	11,335,483
Total shareholders’ equity at end of period		11,335,483
Net investment income (loss)		(119,518	)
Net realized and unrealized gain (loss)		7,436,616
Net income (loss)		7,317,098
Net increase (decrease) in net asset value per share		12.78

PROSHARES ULTRAPRO 3x SHORT CRUDE OIL ETF

	January 13, 2017 (Inception) through December 31, 2017
Total assets	$	21,688,274
Total shareholders’ equity at end of period		21,161,176
Net investment income (loss)		(110,590	)
Net realized and unrealized gain (loss)		(10,034,783	)
Net income (loss)		(10,145,373	)
Net increase (decrease) in net asset value per share		(14.42	)

PROSHARES ULTRASHORT AUSTRALIAN DOLLAR

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	13,766,301		$	16,658,768		$	20,477,446		$	23,139,187		$	28,091,462
Total shareholders’ equity at end of period		13,702,102			16,613,473			20,460,679			23,120,790			27,983,279
Net investment income (loss)		(46,774	)		(145,652	)		(209,987	)		(213,183	)		(159,424	)
Net realized and unrealized gain (loss)		(2,943,227	)		(1,183,820	)		3,166,384			2,121,121			3,553,299
Net income (loss)		(2,990,001	)		(1,329,472	)		2,956,397			1,907,938			3,393,875
Net increase (decrease) in net asset value per share		(9.71	)		(3.08	)		7.08			4.74			8.83

74

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	257,334,914		$	213,341,677		$	96,858,373		$	173,193,149		$	258,594,876
Total shareholders’ equity at end of period		225,843,284			200,958,303			95,897,894			169,210,110			256,060,149
Net investment income (loss)		(355,651	)		(1,408,964	)		(2,166,211	)		(2,415,841	)		(2,544,628	)
Net realized and unrealized gain (loss)		(27,449,491	)		(90,265,381	)		57,732,875			145,729,447			(6,221,827	)
Net income (loss)		(27,805,142	)		(91,674,345	)		55,566,664			143,313,606			(8,766,455	)
Net increase (decrease) in net asset value per share		(7.39	)		(34.90	)		27.61			23.12			(4.28	)

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	7,009,957		$	4,042,309		$	11,260,804		$	14,698,814		$	22,744,708
Total shareholders’ equity at end of period		6,902,743			4,038,794			10,462,856			14,688,564			22,734,767
Net investment income (loss)		(54,451	)		(122,172	)		(177,124	)		(460,907	)		(209,360	)
Net realized and unrealized gain (loss)		4,146,852			2,578,744			8,800,372			11,696,119			(1,952,152	)
Net income (loss)		4,092,401			2,456,572			8,623,248			11,235,212			(2,161,512	)
Net increase (decrease) in net asset value per share		16.38			(23.43	)		18.54			4.67			(10.73	)

PROSHARES ULTRASHORT EURO

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	209,513,363		$	356,811,359		$	556,539,359		$	519,833,940		$	438,217,450
Total shareholders’ equity at end of period		202,548,197			349,392,650			522,306,518			517,191,349			418,001,115
Net investment income (loss)		(396,715	)		(2,764,657	)		(5,000,587	)		(3,994,145	)		(4,375,512	)
Net realized and unrealized gain (loss)		(62,222,928	)		19,174,666			86,176,969			114,182,807			(48,644,550	)
Net income (loss)		(62,619,643	)		16,410,009			81,176,382			110,188,662			(53,020,062	)
Net increase (decrease) in net asset value per share		(5.87	)		1.54			3.95			4.53			(1.96	)

75

PROSHARES ULTRASHORT GOLD

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	33,013,345		$	63,709,441		$	75,031,735		$	84,214,601		$	154,835,279
Total shareholders’ equity at end of period		31,497,410			63,653,647			74,971,764			81,861,762			139,436,456
Net investment income (loss)		(60,865	)		(461,423	)		(703,582	)		(857,817	)		(1,175,860	)
Net realized and unrealized gain (loss)		(11,543,036	)		(11,000,717	)		16,807,446			(13,246,612	)		63,024,399
Net income (loss)		(11,603,901	)		(11,462,140	)		16,103,864			(14,104,429	)		61,848,539
Net increase (decrease) in net asset value per share		(20.86	)		(24.55	)		19.23			(6.87	)		39.65

PROSHARES ULTRASHORT SILVER

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	19,713,505		$	23,037,206		$	56,035,123		$	53,254,791		$	115,311,683
Total shareholders’ equity at end of period		14,806,259			23,017,656			55,987,938			53,007,867			112,989,686
Net investment income (loss)		(36,600	)		(255,853	)		(516,464	)		(585,841	)		(973,304	)
Net realized and unrealized gain (loss)		(1,980,408	)		(20,928,956	)		14,943,700			17,926,873			91,898,519
Net income (loss)		(2,017,008	)		(21,184,809	)		14,427,236			17,341,032			90,925,215
Net increase (decrease) in net asset value per share		(5.60	)		(27.27	)		6.77			12.92			19.19

PROSHARES ULTRASHORT YEN

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	134,986,033		$	277,139,658		$	261,207,696		$	534,061,601		$	590,489,940
Total shareholders’ equity at end of period		131,077,453			276,781,747			237,372,900			531,471,873			588,121,516
Net investment income (loss)		(355,974	)		(1,609,562	)		(3,623,678	)		(3,741,601	)		(4,398,231	)
Net realized and unrealized gain (loss)		(23,960,625	)		8,431,035			(3,541,134	)		96,873,706			155,319,469
Net income (loss)		(24,316,599	)		6,821,473			(7,164,812	)		93,132,105			150,921,238
Net increase (decrease) in net asset value per share		(5.31	)		(7.70	)		(1.39	)		18.47			20.11

76

PROSHARES VIX MID-TERM FUTURES ETF

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	27,429,888		$	47,936,506		$	27,671,016		$	29,430,266		$	56,501,754
Total shareholders’ equity at end of period		26,347,948			45,818,914			27,650,638			21,459,575			51,134,323
Net investment income (loss)		(81,807	)		(294,491	)		(240,600	)		(386,478	)		(546,566	)
Net realized and unrealized gain (loss)		(26,246,741	)		(12,029,971	)		(3,939,933	)		(9,219,527	)		(31,648,251	)
Net income (loss)		(26,328,548	)		(12,324,462	)		(4,180,533	)		(9,606,005	)		(32,194,817	)
Net increase (decrease) in net asset value per share		(20.85	)		(11.82	)		(9.64	)		(13.58	)		(61.62	)

PROSHARES VIX SHORT-TERM FUTURES ETF*

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Total assets	$	141,228,210		$	174,247,783		$	105,350,240		$	111,540,076		$	279,169,502
Total shareholders’ equity at end of period		137,741,560			174,160,146			105,272,823			111,459,325			270,398,554
Net investment income (loss)		(293,186	)		(1,436,647	)		(1,150,794	)		(1,118,548	)		(1,584,119	)
Net realized and unrealized gain (loss)		(198,310,919	)		(194,856,158	)		(26,753,742	)		22,228,972			(161,051,480	)
Net income (loss)		(198,604,105	)		(196,292,805	)		(27,904,536	)		21,110,424			(162,635,599	)
Net increase (decrease) in net asset value per share*		(61.52	)		(179.98	)		(153.80	)		(152.13	)		(7,822.98	)

* See Note 1 of the Notes to Financial Statements in Item 15 of Part IV in this Annual Report on Form 10-K.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This information should be read in conjunction with the financial statements and notes to the financial statements included with this Annual Report on Form 10-K. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. None of the Trust, the Sponsor or the Trustee assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor or the Trustee is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.

Introduction

As further described in Item 1 in this Annual Report on Form 10-K, each “Short” Fund seeks daily investment results (before fees and expenses) that correspond to either the inverse (-1x) or the one-half inverse (-0.5x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results (before fees and expenses) that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results (before fees and expenses) that correspond to either one and one-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. The “UltraPro” Fund seeks results for a single day that correspond (before fees and expenses) to three times (3x) the performance of its benchmark. The “UltraPro Short” Fund seeks results for a single day that correspond (before fees and expenses) to three times the inverse (-3x) the performance of its benchmark. Each Matching VIX Fund seeks investment results (before fees and expenses), both over a single day and over time, that match the performance of its corresponding benchmark. Daily performance is measured from the calculation of one NAV to the next.

Each of the Funds generally invests in Financial Instruments (i.e., instruments whose value is derived from the value of an underlying asset, rate or index), including futures contracts, swap agreements, forward contracts and other instruments as a substitute for investing directly in commodities, currencies, or spot volatility products in order to

77

gain exposure to its applicable underlying commodity futures index, commodity, currency exchange rate or equity volatility index. Financial Instruments also are used to produce economically “inverse,” “inverse leveraged” or “leveraged” investment results for the Geared Funds.

Each Geared Fund seeks investment results for a single day only, not for longer periods. This is different from most exchange-traded funds and means that the return of such Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, and usually will differ from -0.5x, -1x, -2x, 1.5x, 2x, -3x or 3x, of the return of the Geared Fund’s benchmark for that period. Longer holding periods, higher benchmark volatility, inverse exposure and greater leverage each affect the impact of compounding on a Geared Fund’s returns. Daily compounding of a Geared Fund’s investment returns can dramatically and adversely affect its longer-term performance during periods of high volatility. Geared Funds are riskier than similarly benchmarked exchange-traded funds that are not geared. Accordingly, these funds may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking daily, leveraged, inverse or inverse leveraged investment results. Shareholders who invest in the Geared Funds should actively manage and monitor their investments, as frequently as daily.

The Matching VIX Funds seek results that, both over a single day and over time, match (before fees and expenses) the performance of its index. If the Matching VIX Fund is successful in meeting its objective, its value (before fees and expenses) should gain approximately as much on a percentage basis as the level of the applicable VIX Futures Index when the index rises. Conversely, its value (before fees and expenses) should lose approximately as much on a percentage basis as the level of the applicable VIX Futures Index when the index declines. The Matching VIX Funds seeks to obtain investment exposure to its benchmark through the relevant futures contracts.

Liquidity and Capital Resources

In order to collateralize derivatives positions in indices, commodities or currencies, a significant portion of the NAV of each Fund is held in cash and/or U.S. Treasury securities, agency securities, or other high credit quality short term fixed-income or similar securities (such as shares of money market funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities, whether denominated in U.S. dollars or the applicable foreign currency with respect to a Currency Fund). A portion of these investments may be posted as collateral in connection with swap agreements and each Fund’s trading in futures and forward contracts. The percentage that U.S. Treasury bills and other short-term fixed-income securities bear to the shareholders’ equity of each Fund varies from period to period as the market values of the underlying swaps, futures contracts and forward contracts change. During the years ended December 31, 2017, 2016 and 2015, each of the Funds earned interest income as follows:

78

Interest Income

Fund	Interest Income Year Ended December 31, 2017		Interest Income Year Ended December 31, 2016		Interest Income Year Ended December 31, 2015
ProShares Short Euro	$	75,953	$	32,959	$	4,504
ProShares Short VIX Short-Term Futures ETF		6,001,679		1,126,057		180,686
ProShares Ultra Bloomberg Crude Oil		5,982,049		2,170,633		396,158
ProShares Ultra Bloomberg Natural Gas		339,079		72,943		20,167
ProShares Ultra Euro		94,761		25,015		2,797
ProShares Ultra Gold		766,560		249,319		42,700
ProShares Ultra Silver		2,142,183		842,215		156,353
ProShares Ultra VIX Short-Term Futures ETF		3,040,059		1,639,964		156,187
ProShares Ultra Yen		28,639		16,858		3,609
ProShares UltraPro 3X Crude Oil ETF*		9,696		—		—
ProShares UltraPro 3X Short Crude Oil ETF*		5,930		—		—
ProShares UltraShort Australian Dollar		85,306		43,459		5,998
ProShares UltraShort Bloomberg Crude Oil		1,661,295		500,160		60,884
ProShares UltraShort Bloomberg Natural Gas		38,651		19,053		5,830
ProShares UltraShort Euro		2,048,455		1,012,886		264,845
ProShares UltraShort Gold		283,917		164,570		31,999
ProShares UltraShort Silver		157,745		93,483		23,831
ProShares UltraShort Yen		1,446,842		531,771		135,814
ProShares VIX Mid-Term Futures ETF		256,920		107,409		8,293
ProShares VIX Short-Term Futures ETF		1,238,374		466,392		42,319

* Fund commenced investment operations on March 24, 2017.

Each Fund’s underlying swaps, futures, forward contracts and foreign currency forward contracts, as applicable, may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. For example, swaps and forward contracts are not traded on an exchange, do not have uniform terms and conditions, and in general are not transferable without the consent of the counterparty. In the case of futures contracts, commodity exchanges may limit fluctuations in certain futures contract prices during a single day by regulations referred to as “daily limits.” During a single day, no futures trades may be executed at prices beyond the daily limit. Once the price of a futures contract has increased or decreased by an amount equal to the daily limit, positions in such futures contracts can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit. Futures contract prices have occasionally moved to the daily limit for several consecutive days with little or no trading. Such market conditions could prevent a Fund from promptly liquidating its futures positions.

Entry into swap agreements or forward contracts may further impact liquidity because these contractual agreements are executed “off-exchange” between private parties and, therefore, the time required to offset or “unwind” these positions may be greater than that for exchange-traded instruments. This potential delay could be exacerbated to the extent a counterparty is not a United States person.

The large size of the positions in which a Fund may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Investments related to one benchmark, which in many cases is highly concentrated.

Because each Fund may enter into swaps and may trade futures and forward contracts, its capital is at risk due to changes in the value of these contracts (market risk) or the inability of counterparties to perform under the terms of the contracts (credit risk).

Market Risk

Trading in derivatives contracts involves each Fund entering into contractual commitments to purchase or sell a commodity, currency or spot volatility product underlying the Fund’s benchmark at a specified date and price, should it hold such derivatives contract into the deliverable period. Should a Fund enter into a contractual commitment to sell a physical commodity, currency or spot volatility product, it would be required to make delivery of that commodity, currency or spot volatility product at the contract price and then repurchase the contract at

79

prevailing market prices or settle in cash. Since the repurchase price to which the value of a commodity, currency or spot volatility product can rise is unlimited, entering into commitments to sell commodities, currencies or spot volatility products would expose a Fund to theoretically unlimited risk.

For more information, see “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in this Annual Report on Form 10-K.

Credit Risk

When a Fund enters into swap agreements, futures contracts or forward contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations.

The counterparty for futures contracts traded on United States and most foreign futures exchanges as well as certain swaps is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges, which may become applicable in the future), it may be backed by a consortium of banks or other financial institutions.

Certain swap and forward agreements are contracted for directly with counterparties. There can be no assurance that any counterparty, clearing member or clearing house will meet its obligations to a Fund.

Swap agreements do not generally involve the delivery of underlying assets either at the outset of a transaction or upon settlement. Accordingly, if the counterparty to an uncleared swap agreement defaults, the Fund’s risk of loss typically consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovery collateral posted in segregated tri-party accounts at the Fund’s custodian bank.

Forward agreements do not involve the delivery of assets at the onset of a transaction, but may be settled physically in the underlying asset if such contracts are held to expiration, particularly in the case of currency forwards. Thus, prior to settlement, if the counterparty to a forward contract defaults, a Fund’s risk of loss will generally consist of the net amount of payments that the Fund is contractually entitled to receive, if any. However, if physically settled forwards are held until expiration (presently, there is no plan to do this), at the time of settlement, a Fund may be at risk for the full notional value of the forward contracts depending on the type of settlement procedures used.

The Sponsor attempts to minimize certain of these market and credit risks by normally:

• executing and clearing trades with creditworthy counterparties, as determined by the Sponsor;

• limiting the outstanding amounts due from counterparties to the Funds;

• not posting margin directly with a counterparty;

• requiring that the counterparty posts collateral in amounts approximately equal to that owed to the Funds, as marked to market daily, subject to certain minimum thresholds;

• limiting the amount of margin or premium posted at a futures commission merchant (“FCM”); and

• ensuring that deliverable contracts are not held to such a date when delivery of the underlying asset could be called for.

80

Off-Balance Sheet Arrangements and Contractual Obligations

As of February 22, 2018, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds. While each Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on a Fund’s financial position.

Management fee payments made to the Sponsor are calculated as a fixed percentage of each Fund’s NAV. As such, the Sponsor cannot anticipate the amount of payments that will be required under these arrangements for future periods as NAVs are not known until a future date. The agreement with the Sponsor may be terminated by either party upon 30 days written notice to the other party.

Critical Accounting Policies

The Trust’s and the Funds’ critical accounting policies are as follows:

Preparation of the financial statements and related disclosures in compliance with accounting principles generally accepted in the United States of America requires the application of appropriate accounting rules and guidance, as well as the use of estimates. The Trust’s and the Funds’ application of these policies involves judgments and actual results may differ from the estimates used.

Each Fund has significant exposure to Financial Instruments. The Funds hold a significant portion of their assets in swaps, futures, forward contracts or foreign currency forward contracts, all of which are recorded on a trade date basis and at fair value in the financial statements, with changes in fair value reported in the Statements of Operations.

The use of fair value to measure Financial Instruments, with related unrealized gains or losses recognized in earnings in each period, is fundamental to the Trust’s and the Funds’ financial statements. The fair value of a Financial Instrument is the amount 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 exit price).

For financial reporting purposes, the Funds value transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the year ended December 31, 2017.

Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short-term investments are valued at their market price using information provided by a third-party pricing service or market quotations.

Derivatives (e.g., futures contracts, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, except for those entered into by the Gold, Silver, Australian Dollar and Short Euro Funds, are generally valued at the last settled price on the applicable exchange on which that future trades. Futures contracts entered into by the Gold, Silver, Australian Dollar and Short Euro Funds are valued at the last sales price prior to the time at which the NAV per Share of a Fund is determined. For financial reporting purposes, all futures contracts are valued at last settled price. If there was no sale on that day, and for non-exchange-traded derivatives, the Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position for such day. Such fair value prices would be generally determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with normal industry standards. When market closing prices are not available, the Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted, which are consistent with normal industry standards.

81

Fair value pricing may require subjective determinations about the value of an investment. While each Leveraged and VIX Fund’s policy is intended to result in a calculation of the Leveraged or the VIX Fund’s NAV that fairly reflects investment values as of the time of pricing, the Leveraged and the VIX Funds cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that the Leveraged or the VIX Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale).

The prices used by the Leveraged or the VIX Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements.

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. See Note 2 in the Financial Statements in this Annual Report on Form 10-K for further information.

Discounts on short-term securities purchased are amortized and reflected as Interest Income in the Statements of Operations.

Realized gains (losses) and changes in unrealized gain (loss) on open positions are determined on a specific identification basis and recognized in the Statements of Operations in the period in which the contract is closed or the changes occur, respectively.

Each Fund pays its respective brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission regulated investments. Brokerage commissions on futures contracts are recognized on a half-turn basis. The Sponsor is currently paying brokerage commissions on VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02% of the Matching VIX Fund’s average net assets annually.

82

Results of Operations for the Year Ended December 31, 2017 Compared to the Years Ended December 31, 2016 and 2015

ProShares Short Euro

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	15,770,088		$	17,510,898		$	14,021,804
NAV end of period	$	7,991,880		$	15,770,088		$	17,510,898
Percentage change in NAV		(49.3	)%		(9.9	)%		24.9	%
Shares outstanding beginning of period		350,000			400,005			350,005
Shares outstanding end of period		200,000			350,000			400,005
Percentage change in shares outstanding		(42.9	)%		(12.5	)%		14.3	%
Shares created		—			50,000			550,000
Shares redeemed		150,000			100,005			500,000
Per share NAV beginning of period	$	45.06		$	43.78		$	40.06
Per share NAV end of period	$	39.96		$	45.06		$	43.78
Percentage change in per share NAV		(11.3	)%		2.9	%		9.3	%
Percentage change in benchmark		15.3	%		(3.1	)%		(10.2	)%
Benchmark annualized volatility		7.2	%		8.3	%		12.1	%

During the year ended December 31, 2017, the decrease in the Fund’s NAV resulted primarily from a decrease from 350,000 outstanding Shares at December 31, 2016 to 200,000 outstanding Shares at December 31, 2017. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to the inverse of the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the year ended December 31, 2016, the decrease in the Fund’s NAV resulted from a decrease from 400,005 outstanding Shares at December 31, 2015 to 350,000 outstanding Shares at December 31, 2016. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to the inverse of the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the year ended December 31, 2015, the increase in the Fund’s NAV resulted primarily from an increase from 350,005 outstanding Shares at December 31, 2014 to 400,005 outstanding Shares at December 31, 2015. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to the inverse of the daily performance of the spot price of the euro versus the U.S. dollar.

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 11.3% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV increase of 2.9% for the year ended December 31, 2016, was primarily due to a depreciation in the value of the assets held by the Fund during the year ended December 31, 2017. The Fund’s per Share NAV increase of 2.9% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV increase of 9.3% for the year ended December 31, 2015, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on January 3, 2017 at $45.65 per Share and reached its low for the year on September 8, 2017 at $39.73 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on December 20, 2016 at $45.67 per Share and reached its low for the year on May 2, 2016 at $41.22 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on March 13, 2015 at $46.07 per Share and reached its low for the year on January 2, 2015 at $40.37 per Share.

83

The benchmark’s rise of 15.3% for the year ended December 31, 2017, as compared to the benchmark’s decline of 3.1% for the year ended December 31, 2016, can be attributed to an increase in the value of the euro versus the U.S. dollar during the year ended December 31, 2017. The benchmark’s decline of 3.1% for the year ended December 31, 2016, as compared to the benchmark’s decline of 10.2% for the year ended December 31, 2015, can be attributed to a lesser decrease in the value of the euro versus the U.S. dollar during the year ended December 31, 2016.

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(37,627	)	$	(122,728	)	$	(178,761	)
Management fee		111,736			153,021			179,286
Brokerage commission		1,844			2,666			3,979
Net realized gain (loss)		(1,162,371	)		663,807			1,559,643
Change in net unrealized appreciation/depreciation		(299,569	)		(110,526	)		(142,063	)
Net income (loss)	$	(1,499,567	)	$	430,553		$	1,238,819

The Fund’s net income decreased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to an increase in the value of the euro versus the U.S. dollar during the year ended December 31, 2017. By comparison, the Fund’s net income decreased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to a lesser decrease in the value of the euro versus the U.S. dollar during the year ended December 31, 2016.

ProShares Short VIX Short-Term Futures ETF*

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	228,075,387		$	642,811,361		$	506,556,124
NAV end of period	$	770,163,871		$	228,075,387		$	642,811,361
Percentage change in NAV		237.7	%		(64.5	)%		26.9	%
Shares outstanding beginning of period		5,000,000			25,300,080			16,500,080
Shares outstanding end of period		6,050,000			5,000,000			25,300,080
Percentage change in shares outstanding		21.0	%		(80.2	)%		53.3	%
Shares created		52,550,000			105,900,000			48,200,000
Shares redeemed		51,500,000			126,200,080			39,400,000
Per share NAV beginning of period	$	45.62		$	25.41		$	30.70
Per share NAV end of period	$	127.30		$	45.62		$	25.41
Percentage change in per share NAV		179.0	%		79.5	%		(17.2	)%
Percentage change in benchmark		(72.1	)%		(67.8	)%		(36.1	)%
Benchmark annualized volatility		48.8	%		72.5	%		78.6	%

During the year ended December 31, 2017, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to the inverse of the daily performance of the S&P 500 VIX Short-Term Futures Index. The increase in the Fund’s NAV also resulted in part from an increase from 5,000,000 outstanding Shares at December 31, 2016 to 6,050,000 outstanding Shares at December 31, 2017. By comparison, during the year ended December 31, 2016, the decrease in the Fund’s NAV resulted primarily from a decrease from 25,300,080 outstanding Shares at December 31, 2015 to 5,000,000 outstanding Shares at December 31, 2016. The decrease in the Fund’s NAV also resulted in part from by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to the

84

inverse of the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the year ended December 31, 2015, the increase in the Fund’s NAV resulted from an increase from 16,500,080 outstanding Shares at December 31, 2014 to 25,300,080 outstanding Shares at December 31, 2015. The increase in the Fund’s NAV also resulted from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to the inverse of the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 of the daily performance of its benchmark. The Fund’s per Share NAV increase of 179.0% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV increase of 79.5% for the year ended December 31, 2016 was primarily due to a greater appreciation in the value of the assets of the Fund during the year ended December 31, 2017. The Fund’s per Share NAV increase of 79.5% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV decrease of 17.2% for the year ended December 31, 2015, was primarily due to a greater decline in prices of the first and second month VIX futures during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on December 21, 2017 at $130.27 per Share and reached its low for the year on January 3, 2017 at $49.10 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on December 21, 2016 at $49.05 per Share and reached its low for the year on February 11, 2016 at $15.75 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on June 23, 2015 at $48.86 per Share and reached its low for the year on September 1, 2015 at $21.79 per Share.

The benchmark’s decline of 72.1% for the year ended December 31, 2017, as compared to the benchmark’s decline of 67.8% for the year ended December 31, 2016, can be attributed to a greater decline in prices of the near-term futures contracts on the VIX futures curve during the year ended December 31, 2017. By comparison, the benchmark’s decline of 67.8% for the year ended December 31, 2016, as compared to the benchmark’s decline of 36.1% for the year ended December 31, 2015, can be attributed to a greater decline of the prices of the near-term futures contracts on the VIX futures curve during the year ended December 31, 2016.

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(5,373,544	)	$	(5,396,850	)	$	(5,798,200	)
Management fee		7,147,223			4,448,808			4,043,491
Brokerage commission		4,226,442			2,074,099			1,935,395
Net realized gain (loss)		897,400,073			440,379,719			69,828,657
Change in net unrealized appreciation/depreciation		27,294,500			(21,062,850	)		27,107,500
Net income (loss)	$	919,321,029		$	413,920,019		$	91,137,957

The Fund’s net income increased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to a greater decline in futures prices during the year ended December 31, 2017. By comparison, the Fund’s net income increased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to a greater decline in futures prices during the year ended December 31, 2016.

* See Note 1 of the Notes to Financial Statements in Item 15 of Part IV in this Annual Report on Form 10-K regarding the reverse Share split for the ProShares Short VIX Short-Term Futures ETF.

85

ProShares Ultra Bloomberg Crude Oil

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	933,731,860		$	783,922,475		$	450,562,988
NAV end of period	$	524,445,526		$	933,731,860		$	783,922,475
Percentage change in NAV		(43.8	)%		19.1	%		74.0	%
Shares outstanding beginning of period		40,013,933			31,163,934			4,439,917
Shares outstanding end of period		22,161,317			40,013,933			31,163,934
Percentage change in shares outstanding		(44.6	)%		28.4	%		601.9	%
Shares created		68,500,000			62,875,000			43,415,000
Shares redeemed		86,352,616			54,025,001			16,690,983
Per share NAV beginning of period	$	23.34		$	25.15		$	101.48
Per share NAV end of period	$	23.66		$	23.34		$	25.15
Percentage change in per share NAV		1.4	%		(7.2	)%		(75.2	)%
Percentage change in benchmark		5.1	%		6.7	%		(44.4	)%
Benchmark annualized volatility		24.6	%		44.5	%		45.5	%

During the year ended December 31, 2017, the decrease in the Fund’s NAV resulted from a decrease from 40,013,933 outstanding Shares at December 31, 2016 to 22,161,317 outstanding Shares at December 31, 2017. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the Bloomberg WTI Crude Oil Subindex^SM. By comparison, during the year ended December 31, 2016, the increase in the Fund’s NAV resulted from an increase from 31,163,934 outstanding Shares at December 31, 2015 to 40,013,933 outstanding Shares at December 31, 2016. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the Bloomberg WTI Crude Oil Subindex^SM. By comparison, during the year ended December 31, 2015, the increase in the Fund’s NAV resulted from an increase from 4,439,917 outstanding Shares at December 31, 2014 to 31,163,934 outstanding Shares at December 31, 2015. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the Bloomberg WTI Crude Oil Subindex^SM.

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 1.4% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV decrease of 7.2% for the year ended December 31, 2016, was primarily due to an appreciation in the value of the assets of the Fund during the year ended December 31, 2017. The Fund’s per Share NAV decrease of 7.2% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV decrease of 75.2% for the year ended December 31, 2015, was primarily due to a lesser depreciation in the value of the assets of the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on December 29, 2017 at $23.67 per Share and reached its low for the year on June 21, 2017 at $12.64 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on June 8, 2016 at $28.16 per Share and reached its low for the year on February 11, 2016 at $12.02 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on May 6, 2015 at $101.92 per Share and reached its low for the year on December 21, 2015 at $23.58 per Share.

The benchmark’s rise of 5.1% for the year ended December 31, 2017, as compared to the benchmark’s rise of 6.7% for the year ended December 31, 2016, can be attributed to a lesser increase in the price of WTI Crude Oil during the year ended December 31, 2017. By comparison, the benchmark’s rise of 6.7% for the year ended December 31, 2016, as compared to the benchmark’s decline of 44.4% for the year ended December 31, 2015, can be attributed to an increase in the price of WTI Crude Oil during the year ended December 31, 2016.

86

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(1,379,461	)	$	(6,631,380	)	$	(8,473,155	)
Management fee		7,120,247			8,263,078			8,230,180
Brokerage commission		241,263			538,935			639,133
Net realized gain (loss)		22,131,716			74,043,666			(896,154,368	)
Change in net unrealized appreciation/depreciation		13,257,749			151,007,102			32,543,124
Net income (loss)	$	34,010,004		$	218,419,388		$	(872,084,399	)

The Fund’s net income decreased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to a lesser increase in the price of WTI Crude Oil during the year ended December 31, 2017. By comparison, the Fund’s net income increased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to an increase in the price of WTI Crude Oil during the year ended December 31, 2016.

ProShares Ultra Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	43,203,386		$	38,851,184		$	70,433,207
NAV end of period	$	63,268,950		$	43,203,386		$	38,851,184
Percentage change in NAV		46.4	%		11.2	%		(44.8	)%
Shares outstanding beginning of period		2,292,169			2,092,170			1,142,485
Shares outstanding end of period		9,692,169			2,292,169			2,092,170
Percentage change in shares outstanding		322.8	%		9.6	%		83.1	%
Shares created		12,550,000			3,450,000			2,137,500
Shares redeemed		5,150,000			3,250,001			1,187,815
Per share NAV beginning of period	$	18.85		$	18.57		$	61.65
Per share NAV end of period	$	6.53		$	18.85		$	18.57
Percentage change in per share NAV		(65.4	)%		1.5	%		(69.9	)%
Percentage change in benchmark		(36.4	)%		10.0	%		(40.0	)%
Benchmark annualized volatility		35.5	%		40.3	%		40.4	%

During the year ended December 31, 2017, the increase in the Fund’s NAV resulted from an increase from 2,292,169 outstanding Shares at December 31, 2016 to 9,692,169 outstanding Shares at December 31, 2017. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the Bloomberg Natural Gas Subindex^SM. By comparison, during the year ended December 31, 2016, the increase in the Fund’s NAV resulted primarily from an increase from 2,092,170 outstanding Shares at December 31, 2015 to 2,292,169 outstanding Shares at December 31, 2016. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the Bloomberg Natural Gas Subindex^SM. By comparison, during the year ended December 31, 2015, the decrease in the Fund’s NAV resulted from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the Bloomberg Natural Gas Subindex^SM. The decrease in the Fund’s NAV was offset by an increase from 1,142,485 outstanding Shares at December 31, 2014 to 2,092,170 outstanding Shares at December 31, 2015.

87

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 65.4% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV increase of 1.5% for the year ended December 31, 2016, was primarily due to a depreciation in the value of the assets of the Fund during the year ended December 31, 2017. The Fund’s per Share NAV increase of 1.5% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV decrease of 69.9% for the year ended December 31, 2015, was primarily due to an appreciation in the value of the assets of the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on January 17, 2017 at $15.76 per Share and reached its low for the year on December 21, 2017 at $5.09 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on December 28, 2016 at $20.33 per Share and reached its low for the year on March 3, 2016 at $8.89 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on January 14, 2015 at $74.33 per Share and reached its low for the year on December 16, 2015 at $12.83 per Share.

The benchmark’s decline of 36.4% for the year ended December 31, 2017, as compared to the benchmark’s rise of 10.0% for the year ended December 31, 2016, can be attributed to a decrease in the price of Henry Hub Natural Gas during the year ended December 31, 2017. By comparison, the benchmark’s rise of 10.0% for the year ended December 31, 2016, as compared to the benchmark’s decline of 40.0% for the year ended December 31, 2015, can be attributed to an increase in the price of Henry Hub Natural Gas during the year ended December 31, 2016.

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(233,762	)	$	(384,486	)	$	(761,335	)
Management fee		446,589			325,435			574,158
Brokerage commission		126,252			131,994			207,344
Net realized gain (loss)		(40,794,286	)		17,571,111			(100,772,476	)
Change in net unrealized appreciation/depreciation		4,686,596			(3,776,978	)		41,201,866
Net income (loss)	$	(36,341,452	)	$	13,409,647		$	(60,331,945	)

The Fund’s net income decreased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to a decrease in the price of Henry Hub Natural Gas during the year ended December 31, 2017. By comparison, the Fund’s net income increased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to an increase in the price of Henry Hub Natural Gas during the year ended December 31, 2016.

88

ProShares Ultra Euro

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	11,914,585		$	10,857,730		$	2,981,441
NAV end of period	$	9,591,516		$	11,914,585		$	10,857,730
Percentage change in NAV		(19.5	)%		9.7	%		264.2	%
Shares outstanding beginning of period		850,000			700,014			150,014
Shares outstanding end of period		550,000			850,000			700,014
Percentage change in shares outstanding		(35.3	)%		21.4	%		366.6	%
Shares created		1,600,000			300,000			950,000
Shares redeemed		1,900,000			150,014			400,000
Per share NAV beginning of period	$	14.02		$	15.51		$	19.87
Per share NAV end of period	$	17.44		$	14.02		$	15.51
Percentage change in per share NAV		24.4	%		(9.6	)%		(21.9	)%
Percentage change in benchmark		15.3	%		(3.1	)%		(10.2	)%
Benchmark annualized volatility		7.2	%		8.3	%		12.1	%

During the year ended December 31, 2017, the decrease in the Fund’s NAV resulted from a decrease from 850,000 outstanding Shares at December 31, 2016 to 550,000 outstanding Shares at December 31, 2017. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the year ended December 31, 2016, the increase in the Fund’s NAV resulted from an increase from 700,014 outstanding Shares at December 31, 2015 to 850,000 outstanding Shares at December 31, 2016. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the year ended December 31, 2015, the increase in the Fund’s NAV resulted from an increase from 150,014 outstanding Shares at December 31, 2014 to 700,014 outstanding Shares at December 31, 2015. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the spot price of the euro versus the U.S. dollar.

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 24.4% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV decrease of 9.6% for the year ended December 31, 2016, was primarily due to an appreciation in the value of the assets held by the Fund during the year ended December 31, 2017. The Fund’s per Share NAV decrease of 9.6% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV decrease of 21.9% for the year ended December 31, 2015, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on September 8, 2017 at $17.79 per Share and reached its low for the year on January 3, 2017 at $13.68 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on April 1, 2016 at $17.23 per Share and reached its low for the year on December 20, 2016 at $13.68 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on January 2, 2015 at $19.55 per Share and reached its low for the year on November 30, 2015 at $14.73 per Share.

The benchmark’s rise of 15.3% for the year ended December 31, 2017, as compared to the benchmark’s decline of 3.1% for the year ended December 31, 2016, can be attributed to a rise in the value of the euro versus the U.S. dollar during the year ended December 31, 2017. By comparison, the benchmark’s decline of 3.1% for the year ended December 31, 2016, as compared to the benchmark’s decline of 10.2% for the year ended December 31, 2015, can be attributed to a lesser decline in the value of the euro versus the U.S. dollar during the year ended December 31, 2016.

89

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(29,782	)	$	(74,522	)	$	(104,071	)
Management fee		124,543			99,537			106,868
Net realized gain (loss)		2,212,226			139,113			(1,982,317	)
Change in net unrealized appreciation/depreciation		837,700			(1,178,425	)		707,922
Net income (loss)	$	3,020,144		$	(1,113,834	)	$	(1,378,466	)

The Fund’s net income increased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to an increase in the value of the euro versus the U.S. dollar during the year ended December 31, 2017. By comparison, the Fund’s net income increased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to a lesser decrease in the value of the euro versus the U.S. dollar during the year ended December 31, 2016.

ProShares Ultra Gold

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	92,127,200		$	69,864,815		$	102,003,345
NAV end of period	$	93,708,748		$	92,127,200		$	69,864,815
Percentage change in NAV		1.7	%		31.9	%		(31.5	)%
Shares outstanding beginning of period		2,800,000			2,350,014			2,550,014
Shares outstanding end of period		2,350,000			2,800,000			2,350,014
Percentage change in shares outstanding		(16.1	)%		19.1	%		(7.8	)%
Shares created		650,000			1,050,000			150,000
Shares redeemed		1,100,000			600,014			350,000
Per share NAV beginning of period	$	32.90		$	29.73		$	40.00
Per share NAV end of period	$	39.88		$	32.90		$	29.73
Percentage change in per share NAV		21.2	%		10.7	%		(25.7	)%
Percentage change in benchmark		12.7	%		8.1	%		(12.1	)%
Benchmark annualized volatility		11.2	%		16.5	%		14.4	%

During the year ended December 31, 2017, the increase in the Fund’s NAV resulted from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of gold bullion as measured by the U.S. dollar p.m. LBMA Gold Price. The increase in the Fund’s NAV was offset by a decrease from 2,800,000 outstanding Shares at December 31, 2016 to 2,350,000 outstanding Shares at December 31, 2017. By comparison, during the year ended December 31, 2016, the increase in the Fund’s NAV resulted primarily from an increase from 2,350,014 outstanding Shares at December 31, 2015 to 2,800,000 outstanding Shares at December 31, 2016. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of gold bullion as measured by the U.S. dollar p.m. LBMA Gold Price. By comparison, during the year ended December 31, 2015, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,550,014 outstanding Shares at December 31, 2014 to 2,350,014 outstanding Shares at December 31, 2015. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of gold bullion as measured by the U.S. dollar p.m. LBMA Gold Price†.

90

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 21.2% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV increase of 10.7% for the year ended December 31, 2016 was primarily due to a greater appreciation in the value of the assets of the Fund during the year ended December 31, 2017. By comparison, the Fund’s per Share NAV increase of 10.7% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV decrease of 25.7% for the year ended December 31, 2015, was primarily due to an appreciation in the value of the assets of the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on September 8, 2017 at $43.95 per Share and reached its low for the year on January 3, 2017 at $33.18 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on July 6, 2016 at $47.89 per Share and reached its low for the year on January 5, 2016 at $30.67 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on January 22, 2015 at $46.03 per Share and reached its low for the year on December 17, 2015 at $29.17 per Share.

The benchmark’s rise of 12.7% for the year ended December 31, 2017, as compared to the benchmark’s rise of 8.1% for the year ended December 31, 2016, can be attributed to a greater increase in the price of spot gold in U.S. dollar terms during the year ended December 31, 2017. By comparison, the benchmark’s rise of 8.1% for the year ended December 31, 2016, as compared to the benchmark’s decline of 12.1% for the year ended December 31, 2015, can be attributed to a decrease in the price of spot gold in U.S. dollar terms during the year ended December 31, 2016.

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(136,329	)	$	(650,951	)	$	(796,424	)
Management fee		902,841			900,227			839,083
Brokerage commission		48			43			41
Net realized gain (loss)		11,485,101			5,815,759			(18,606,208	)
Change in net unrealized appreciation/depreciation		8,096,461			(2,198,661	)		(4,309,443	)
Net income (loss)	$	19,445,233		$	2,966,147		$	(23,712,075	)

The Fund’s net income increased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to greater increase in the price of spot gold in U.S. dollar terms in conjunction with share transactions during the year ended December 31, 2017. By comparison, the Fund’s net income increased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to an increase in the price of spot gold in U.S. dollar terms in conjunction with share transactions during the year ended December 31, 2016.

† On March 19, 2015, the company that ran the London U.S. dollar gold fixing ceased calculating the price of gold for the LBMA. The LBMA selected ICE Benchmark Administration to calculate the price, which was renamed the LBMA Gold Price, and is based on an electronic, physically settled auction-based methodology, beginning on March 20, 2015.

91

ProShares Ultra Silver

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	275,779,940		$	216,416,642		$	291,169,743
NAV end of period	$	258,244,696		$	275,779,940		$	216,416,642
Percentage change in NAV		(6.4	)%		27.4	%		(25.7	)%
Shares outstanding beginning of period		8,246,526			7,996,533			7,396,533
Shares outstanding end of period		7,696,526			8,246,526			7,996,533
Percentage change in shares outstanding		(6.7	)%		3.1	%		8.1	%
Shares created		1,550,000			2,800,000			2,700,000
Shares redeemed		2,100,000			2,550,007			2,100,000
Per share NAV beginning of period	$	33.44		$	27.06		$	39.37
Per share NAV end of period	$	33.55		$	33.44		$	27.06
Percentage change in per share NAV		0.3	%		23.6	%		(31.3	)%
Percentage change in benchmark		3.8	%		17.5	%		(13.5	)%
Benchmark annualized volatility		18.7	%		27.8	%		24.1	%

During the year ended December 31, 2017, the decrease in the Fund’s NAV resulted from a decrease from 8,246,526 outstanding Shares at December 31, 2016 to 7,696,526 outstanding Shares at December 31, 2017. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the silver bullion as measured by the London Silver Price. By comparison, during the year ended December 31, 2016, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the silver bullion as measured by the London Silver Price. The increase in the Fund’s NAV also resulted in part from an increase from 7,996,533 outstanding Shares at December 31, 2015 to 8,246,526 outstanding Shares at December 31, 2016. By comparison, during the year ended December 31, 2015, the decrease in the Fund’s NAV resulted from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of silver bullion as measured by the London Silver Price. The decrease in the Fund’s NAV was offset by an increase from 7,396,533 outstanding Shares at December 31, 2014 to 7,996,533 outstanding Shares at December 31, 2015.

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 0.3% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV increase of 23.6% for the year ended December 31, 2016, was primarily due to a lesser appreciation in the value of the assets of the Fund during the year ended December 31, 2017. By comparison, the Fund’s per Share NAV increase of 23.6% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV decrease of 31.3% for the year ended December 31, 2015, was primarily due to an appreciation in the value of the assets of the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on April 13, 2017 at $42.76 per Share and reached its low for the year on July 10, 2017 at $28.26 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on August 2, 2016 at $57.12 per Share and reached its low for the year on January 28, 2016 at $25.96 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on January 23, 2015 at $50.86 per Share and reached its low for the year on December 14, 2015 at $26.73 per Share.

The benchmark’s rise of 3.8% for the year ended December 31, 2017, as compared to the benchmark’s rise of 17.5% for the year ended December 31, 2016, can be attributed to a lesser rise in the price of spot silver in U.S. dollar terms during the year ended December 31, 2017. By comparison, the benchmark’s rise of 17.5% for the year ended December 31, 2016, as compared to the benchmark’s decline of 13.5% for the year ended December 31, 2015, can be attributed to a rise in the price of spot silver in U.S. dollar terms during the year ended December 31, 2016.

92

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(409,752	)	$	(2,179,392	)	$	(2,507,859	)
Management fee		2,551,877			3,021,562			2,664,160
Brokerage commission		58			45			52
Net realized gain (loss)		(31,762,627	)		62,342,586			(78,309,750	)
Change in net unrealized appreciation/depreciation		42,712,371			1,571,491			(10,182,576	)
Net income (loss)	$	10,539,992		$	61,734,685		$	(91,000,185	)

The Fund’s net income decreased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to a lesser rise in the price of spot silver in U.S. dollar terms during the year ended December 31, 2017. By comparison, the Fund’s net income increased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to a rise in the price of spot silver in U.S. dollar terms during the year ended December 31, 2016.

ProShares Ultra VIX Short-Term Futures ETF*

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	515,758,754		$	547,708,740		$	351,789,953
NAV end of period	$	394,035,141		$	515,758,754		$	547,708,740
Percentage change in NAV		(23.6	)%		(5.8	)%		55.7	%
Shares outstanding beginning of period		2,965,383			195,025			28,040
Shares outstanding end of period		38,127,238			2,965,383			195,025
Percentage change in shares outstanding		1,185.7	%		1,420.5	%		595.5	%
Shares created		85,585,000			7,239,500			721,800
Shares redeemed		50,423,145			4,469,142			554,815
Per share NAV beginning of period	$	173.93		$	2,808.40		$	12,546.00
Per share NAV end of period	$	10.33		$	173.93		$	2,808.40
Percentage change in per share NAV		(94.1	)%		(93.8	)%		(77.6	)%
Percentage change in benchmark		(72.1	)%		(67.8	)%		(36.1	)%
Benchmark annualized volatility		48.8	%		72.5	%		78.6	%

During the year ended December 31, 2017, the decrease in the Fund’s NAV resulted from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 2,965,383 outstanding Shares at December 31, 2016 to 38,127,238 outstanding Shares at December 31, 2017. By comparison, during the year ended December 31, 2016, the decrease in the Fund’s NAV resulted from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 195,025 outstanding Shares at December 31, 2015 to 2,965,383 outstanding Shares at December 31, 2016. By comparison, during the year ended December 31, 2015, the increase in the Fund’s NAV resulted from an increase from 28,040 outstanding Shares at December 31, 2014 to 195,025 outstanding Shares at December 31, 2015. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the S&P 500 VIX Short-Term Futures Index.

93

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 94.1% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV decrease of 93.8% for the year ended December 31, 2016, was primarily due to a greater decline in prices of the first and second month VIX futures during the year ended December 31, 2017. The Fund’s per Share NAV decrease of 93.8% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV decrease of 77.6% for the year ended December 31, 2015, was primarily due to a greater decline in prices of the first and second month VIX futures during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on January 3, 2017 at $147.20 per Share and reached its low for the year on December 21, 2017 at $9.91 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on February 11, 2016 at $5,715.40 per Share and reached its low for the year on December 27, 2016 at $151.52 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on January 15, 2015 at $16,428.00 per Share and reached its low for the year on December 1, 2015 at $2,428.00 per Share.

The benchmark’s decline of 72.1% for the year ended December 31, 2017, as compared to the benchmark’s decline of 67.8% for the year ended December 31, 2016, can be attributed to a greater decline in prices of the near-term futures contracts on the VIX futures curve during the year ended December 31, 2017. The benchmark’s decline of 67.8% for the year ended December 31, 2016, as compared to the benchmark’s decline of 36.1% for the year ended December 31, 2015, can be attributed to a greater decline in prices of the near-term futures contracts on the VIX futures curve during the year ended December 31, 2016.

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(4,896,061	)	$	(8,936,777	)	$	(7,410,148	)
Management fee		3,960,999			6,417,822			4,362,460
Brokerage commission		3,970,588			4,158,919			3,203,875
Net realized gain (loss)		(1,020,772,793	)		(1,567,324,739	)		(392,223,946	)
Change in net unrealized appreciation/depreciation		(26,502,876	)		(19,895,547	)		(27,664,140	)
Net income (loss)	$	(1,052,171,730	)	$	(1,596,157,063	)	$	(427,298,234	)

The Fund’s net income increased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to decline in futures prices in conjunction with a decrease in net asset value during the year ended December 31, 2017. By comparison, the Fund’s net income decreased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to a greater decline in futures prices during the year ended December 31, 2016.

* See Note 1 of the Notes to Financial Statements in Item 15 of Part IV in this Annual Report on Form 10-K regarding the reverse Share splits for the ProShares Ultra VIX Short-Term Futures ETF.

94

ProShares Ultra Yen

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	5,540,957		$	5,473,848		$	2,118,028
NAV end of period	$	2,864,269		$	5,540,957		$	5,473,848
Percentage change in NAV		(48.3	)%		1.2	%		158.4	%
Shares outstanding beginning of period		99,970			99,974			37,504
Shares outstanding end of period		49,970			99,970			99,974
Percentage change in shares outstanding		(50.0	)%		—^			166.6	%
Shares created		—			—			75,000
Shares redeemed		50,000			4			12,530
Per share NAV beginning of period	$	55.43		$	54.75		$	56.47
Per share NAV end of period	$	57.32		$	55.43		$	54.75
Percentage change in per share NAV		3.4	%		1.2	%		(3.0	)%
Percentage change in benchmark		4.5	%		2.9	%		(0.4	)%
Benchmark annualized volatility		8.2	%		12.6	%		8.2	%

^ Amount represent less then 0.05%.

During the year ended December 31, 2017, the decrease in the Fund’s NAV resulted from a decrease from 99,970 outstanding Shares at December 31, 2016 to 49,970 outstanding Shares at December 31, 2017. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the spot price of the Japanese yen versus the U.S. dollar during the year ended December 31, 2017. By comparison, during the year ended December 31, 2016, the increase in the Fund’s NAV resulted from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the spot price of the Japanese yen versus the U.S. dollar during the year ended December 31, 2016. The increase in the Fund’s NAV was offset by a decrease from 99,974 outstanding Shares at December 31, 2015 to 99,970 outstanding Shares at December 31, 2016. By comparison, during the year ended December 31, 2015, the increase in the Fund’s NAV resulted from an increase from 37,504 outstanding Shares at December 31, 2014 to 99,974 outstanding Shares at December 31, 2015. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the daily performance of the spot price of the Japanese yen versus the U.S. dollar during the year ended December 31, 2015.

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 3.4% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV increase of 1.2% for the year ended December 31, 2016, was primarily due to a greater appreciation in the value of the assets held by the Fund during the year ended December 31, 2017. The Fund’s per Share NAV increase of 1.2% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV decrease of 3.0% for the year ended December 31, 2015, was primarily due to an appreciation in the value of the assets held by the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on April 18, 2017 at $63.59 per Share and reached its low for the year on January 3, 2017 at $54.62 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on August 18, 2016 at $77.06 per Share and reached its low for the year on January 29, 2016 at $53.85 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on January 15, 2015 at $59.83 per Share and reached its low for the year on June 5, 2015 at $50.86 per Share.

95

The benchmark’s rise of 4.5% for the year ended December 31, 2017, as compared to the benchmark’s rise of 2.9% for the year ended December 31, 2016, can be attributed to a greater rise in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2017. By comparison, the benchmark’s rise of 2.9% for the year ended December 31, 2016, as compared to the benchmark’s decline of 0.4% for the year ended December 31, 2015, can be attributed to a rise in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2016.

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(21,882	)	$	(45,847	)	$	(44,423	)
Management fee		50,521			62,705			48,032
Net realized gain (loss)		(46,278	)		717,052			(472,907	)
Change in net unrealized appreciation/depreciation		307,194			(603,897	)		276,816
Net income (loss)	$	239,034		$	67,308		$	(240,514	)

The Fund’s net income increased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to a greater rise in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2017. By comparison, the Fund’s net income increased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to a rise in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2016.

ProShares UltraPro 3x Crude Oil ETF

Fund Performance

Since the Fund commenced investment operations on March 24, 2017, comparisons of the Fund’s results of operations for the periods ended December 31, 2016 and December 31, 2015 have not been provided. In addition, since the Fund commenced operations on March 24, 2017, the Fund’s results of operations for the period ended December 31, 2017 may not be meaningful.

The following table provides summary performance information for the Fund for the period ended December 31, 2017:

	March 24, 2017 (Commencement of Operations) through December 31, 2017
NAV beginning of period	$	200
NAV end of period	$	11,335,483
Percentage change in NAV		NM
Shares outstanding beginning of period		8
Shares outstanding end of period		300,008
Percentage change in shares outstanding		NM
Shares created		1,750,008
Shares redeemed		1,450,000
Per share NAV beginning of period	$	25.00
Per share NAV end of period	$	37.78
Percentage change in per share NAV		51.1	%
Percentage change in benchmark		21.8	%
Benchmark annualized volatility		24.7	%

NM – Not Meaningful

During the period ended December 31, 2017, the increase in the Fund’s NAV resulted primarily from an increase from 8 outstanding Shares at March 24, 2017 to 300,008 outstanding Shares at December 31, 2017. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 3x of the daily performance of the Bloomberg WTI Crude Oil Subindex^SM.

96

For the period ended December 31, 2017, the Fund’s daily performance had a statistical correlation over 0.99 to 3x of the daily performance of its benchmark.

During the period ended December 31, 2017, the Fund’s per Share NAV reached its high for the period on December 29, 2017 at $37.79 per Share and reached its low for the period on June 21, 2017 at $15.44 per Share.

The benchmark’s rise of 21.8% for the period ended December 31, 2017, can be attributed to an increase in the price of WTI Crude Oil during the period ended December 31, 2017.

Net Income/Loss

The following table provides summary income information for the Fund for the period ended December 31, 2017:

	March 24, 2017 (Commencement of Operations) through December 31, 2017
Net investment income (loss)	$	(119,518	)
Brokerage commission		34,408
Offering costs		119,081
Limitation by Sponsor		(24,342	)
Net realized gain (loss)		6,018,618
Change in net unrealized appreciation/depreciation		1,417,998
Net income (loss)	$	7,317,098

ProShares UltraPro 3x Short Crude Oil ETF

Fund Performance

Since the Fund commenced investment operations on March 24, 2017, comparisons of the Fund’s results of operations for the periods ended December 31, 2016 and December 31, 2015 have not been provided. In addition, since the Fund commenced operations on March 24, 2017, the Fund’s results of operations for the period ended December 31, 2017 may not be meaningful.

The following table provides summary performance information for the Fund for the period ended December 31, 2017:

	March 24, 2017 (Commencement of Operations) through December 31, 2017
NAV beginning of period	$	200
NAV end of period	$	21,161,176
Percentage change in NAV		NM
Shares outstanding beginning of period		8
Shares outstanding end of period		2,000,008
Percentage change in shares outstanding		NM
Shares created		2,300,008
Shares redeemed		300,000
Per share NAV beginning of period	$	25.00
Per share NAV end of period	$	10.58
Percentage change in per share NAV		(57.7	)%
Percentage change in benchmark		21.8	%
Benchmark annualized volatility		24.7	%

97

NM – Not Meaningful

During the period ended December 31, 2017 the increase in the Fund’s NAV resulted primarily from an increase from 8 outstanding Shares at March 24, 2017 to 2,000,008 outstanding Shares at December 31, 2017. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 3x of the inverse of the daily performance of the Bloomberg WTI Crude Oil Subindex^SM.

For the period ended December 31, 2017, the Fund’s daily performance had a statistical correlation over 0.99 to 3x of the inverse of the daily performance of its benchmark.

During the period ended December 31, 2017, the Fund’s per Share NAV reached its high for the period on June 21, 2017 at $33.88 per Share and reached its low for the period on December 29, 2017 at $10.58 per Share.

The benchmark’s rise of 21.8% for the period ended December 31, 2017, can be attributed to an increase in the price of WTI Crude Oil during the period ended December 31, 2017.

Net Income/Loss

The following table provides summary income information for the Fund for the period ended December 31, 2017:

	March 24, 2017 (Commencement of Operations) through December 31, 2017
Net investment income (loss)	$	(110,590	)
Brokerage commission		32,624
Offering costs		119,070
Limitation by Sponsor		(35,309	)
Net realized gain (loss)		(7,046,628	)
Change in net unrealized appreciation/depreciation		(2,988,155	)
Net income (loss)	$	(10,145,373	)

ProShares UltraShort Australian Dollar

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	16,613,473		$	20,460,679		$	23,120,790
NAV end of period	$	13,702,102		$	16,613,473		$	20,460,679
Percentage change in NAV		(17.5	)%		(18.8	)%		(11.5	)%
Shares outstanding beginning of period		300,000			350,005			450,005
Shares outstanding end of period		300,000			300,000			350,005
Percentage change in shares outstanding		—			(14.3	)%		(22.2	)%
Shares created		100,000			—			50,000
Shares redeemed		100,000			50,005			150,000
Per share NAV beginning of period	$	55.38		$	58.46		$	51.38
Per share NAV end of period	$	45.67		$	55.38		$	58.46
Percentage change in per share NAV		(17.5	)%		(5.3	)%		13.8	%
Percentage change in benchmark		8.0	%		(1.0	)%		(10.7	)%
Benchmark annualized volatility		7.5	%		11.5	%		11.9	%

During the year ended December 31, 2017, the decrease in the Fund’s NAV resulted in from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the spot price of the Australian dollar versus the U.S. dollar. There was no net change in the Fund’s

98

outstanding Shares from December 31, 2016 to December 31, 2017. By comparison, during the year ended December 31, 2016, the decrease in the Fund’s NAV resulted primarily from a decrease from 350,005 outstanding Shares at December 31, 2015 to 300,000 outstanding Shares at December 31, 2016. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the spot price of the Australian dollar versus the U.S. dollar. By comparison, during the year ended December 31, 2015, the decrease in the Fund’s NAV resulted from a decrease from 450,005 outstanding Shares at December 31, 2014 to 350,005 outstanding Shares at December 31, 2015. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the spot price of the Australian dollar versus the U.S. dollar.

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 17.5% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV decrease of 5.3% for the year ended December 31, 2016, was primarily due to a greater depreciation in the value of the assets held by the Fund during the year ended December 31, 2017. The Fund’s per Share NAV decrease of 5.3% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV increase of 13.8% for the year ended December 31, 2015, was primarily due to a greater appreciation in the value of the assets held by the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on January 3, 2017 at $55.24 per Share and reached its low for the year on September 8, 2017 at $43.35 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on January 15, 2016 at $65.74 per Share and reached its low for the year on November 8, 2016 at $48.14 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on September 4, 2015 at $66.75 per Share and reached its low for the year on May 13, 2015 at $50.07 per Share.

The benchmark’s rise of 8.0% for the year ended December 31, 2017, as compared to the benchmark’s decline of 1.0% for the year ended December 31, 2016, can be attributed to a rise in the value of the Australian dollar versus the U.S. dollar during the period ended December 31, 2017. By comparison, the benchmark’s decline of 1.0% for the year ended December 31, 2016, as compared to the benchmark’s decline of 10.7% for the year ended December 31, 2015, can be attributed to a lesser decline in the value of the Australian dollar versus the U.S. dollar during the period ended December 31, 2016.

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(46,774	)	$	(145,652	)	$	(209,987	)
Management fee		123,234			175,191			199,845
Brokerage commission		8,846			13,920			16,140
Net realized gain (loss)		(866,949	)		(2,786,709	)		4,330,688
Change in net unrealized appreciation/depreciation		(2,076,278	)		1,602,889			(1,164,304	)
Net income (loss)	$	(2,990,001	)	$	(1,329,472	)	$	2,956,397

The Fund’s net income decreased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to a rise in the value of the Australian dollar versus the U.S. dollar during the year ended December 31, 2017. The Fund’s net income decreased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to a lesser decline in the value of the Australian dollar versus the U.S. dollar during the year ended December 31, 2016.

99

ProShares UltraShort Bloomberg Crude Oil

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	200,958,303		$	95,897,894		$	169,210,110
NAV end of period	$	225,843,284		$	200,958,303		$	95,897,894
Percentage change in NAV		12.4	%		109.6	%		(43.3	)%
Shares outstanding beginning of period		6,339,884			1,439,888			4,339,888
Shares outstanding end of period		9,289,884			6,339,884			1,439,888
Percentage change in shares outstanding		46.5	%		340.3	%		(66.8	)%
Shares created		14,500,000			18,500,000			21,600,000
Shares redeemed		11,550,000			13,600,004			24,500,000
Per share NAV beginning of period	$	31.70		$	66.60		$	38.99
Per share NAV end of period	$	24.31		$	31.70		$	66.60
Percentage change in per share NAV		(23.3	)%		(52.4	)%		70.8	%
Percentage change in benchmark		5.1	%		6.7	%		(44.4	)%
Benchmark annualized volatility		24.6	%		44.5	%		45.5	%

During the year ended December 31, 2017, the increase in the Fund’s NAV resulted from an increase from 6,339,884 outstanding Shares at December 31, 2016 to 9,289,884 outstanding Shares at December 31, 2017. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the Bloomberg WTI Crude Oil Subindex^SM. By comparison, during the year ended December 31, 2016, the increase in the Fund’s NAV resulted from an increase from 1,439,888 outstanding Shares at December 31, 2015 to 6,339,884 outstanding Shares at December 31, 2016. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the Bloomberg WTI Crude Oil Subindex^SM. By comparison, during the year ended December 31, 2015, the decrease in the Fund’s NAV resulted from a decrease from 4,339,888 outstanding Shares at December 31, 2014 to 1,439,888 outstanding Shares at December 31, 2015. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the Bloomberg WTI Crude Oil Subindex^SM.

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 23.3% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV decrease of 52.4% for the year ended December 31, 2016, was primarily due to a lesser depreciation in the value of the assets of the Fund during the year ended December 31, 2017. The Fund’s per Share NAV decrease of 52.4% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV increase of 70.8% for the year ended December 31, 2015, was primarily due to a depreciation in the value of the assets of the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on June 21, 2017 at $51.13 per Share and reached its low for the year on December 29, 2017 at $24.31 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on January 20, 2016 at $116.11 per Share and reached its low for the year on December 28, 2016 at $31.37 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on December 21, 2015 at $72.44 per Share and reached its low for the year on June 10, 2015 at $26.46 per Share.

The benchmark’s rise of 5.1% for the year ended December 31, 2017, as compared to the benchmark’s rise of 6.7% for the year ended December 31, 2016, can be attributed to a lesser increase in the price of WTI Crude Oil during the year ended December 31, 2017. By comparison, the benchmark’s rise of 6.7% for the year ended December 31, 2016, as compared to the benchmark’s decline of 44.4% for the year ended December 31, 2015, can be attributed to an increase in the price of WTI Crude Oil during the year ended December 31, 2016.

100

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(355,651	)	$	(1,408,964	)	$	(2,166,211	)
Management fee		1,934,688			1,755,696			1,978,613
Brokerage commission		82,258			153,428			248,482
Net realized gain (loss)		(6,491,508	)		(67,756,228	)		91,684,782
Change in net unrealized appreciation/depreciation		(20,957,983	)		(22,509,153	)		(33,951,907	)
Net income (loss)	$	(27,805,142	)	$	(91,674,345	)	$	55,566,664

The Fund’s net income increased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to a lesser increase in the price of WTI Crude Oil during the year ended December 31, 2017. By comparison, the Fund’s net income decreased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to an increase in the price of WTI Crude Oil during the year ended December 31, 2016.

ProShares UltraShort Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	4,038,794		$	10,462,856		$	14,688,564
NAV end of period	$	6,902,743		$	4,038,794		$	10,462,856
Percentage change in NAV		70.9	%		(61.4	)%		(28.8	)%
Shares outstanding beginning of period		174,832			224,856			524,856
Shares outstanding end of period		174,832			174,832			224,856
Percentage change in shares outstanding		—			(22.2	)%		(57.2	)%
Shares created		650,000			950,000			1,350,000
Shares redeemed		650,000			1,000,024			1,650,000
Per share NAV beginning of period	$	23.10		$	46.53		$	27.99
Per share NAV end of period	$	39.48		$	23.10		$	46.53
Percentage change in per share NAV		70.9	%		(50.4	)%		66.3	%
Percentage change in benchmark		(36.4	)%		10.0	%		(40.0	)%
Benchmark annualized volatility		35.5	%		40.3	%		40.4	%

During the year ended December 31, 2017, the increase in the Fund’s NAV resulted from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the Bloomberg Natural Gas Subindex^SM. There was no net change in the Fund’s outstanding Shares from December 31, 2016 to December 31, 2017. By comparison, during the year ended December 31, 2016, the decrease in the Fund’s NAV resulted primarily from a decrease from 224,856 outstanding Shares at December 31, 2015 to 174,832 outstanding Shares at December 31, 2016. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the Bloomberg Natural Gas Subindex^SM. By comparison, during the year ended December 31, 2015, the decrease in the Fund’s NAV resulted from a decrease from 524,856 outstanding Shares at December 31, 2014 to 224,856 outstanding Shares at December 31, 2015. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the Bloomberg Natural Gas Subindex^SM.

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 70.9% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV decrease of 50.4% for the

101

year ended December 31, 2016, was primarily due to an appreciation in the value of the assets of the Fund during the year ended December 31, 2017. The Fund’s per Share NAV decrease of 50.4% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV increase of 66.3% for the year ended December 31, 2015, was primarily due to a depreciation in the value of the assets of the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on December 21, 2017 at $51.85 per Share and reached its low for the year on January 26, 2017 at $25.38 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on March 3, 2016 at $84.20 per Share and reached its low for the year on December 28, 2016 at $21.47 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on December 16, 2015 at $72.21 per Share and reached its low for the year on January 14, 2015 at $21.53 per Share.

The benchmark’s decline of 36.4% for the year ended December 31, 2017, as compared to the benchmark’s rise of 10.0% for the year ended December 31, 2016, can be attributed to a decrease in the price of Henry Hub Natural Gas during the year ended December 31, 2017. The benchmark’s rise of 10.0% for the year ended December 31, 2016, as compared to the benchmark’s decline of 40.0% for the year ended December 31, 2015, can be attributed to an increase in the price of Henry Hub Natural Gas during the year ended December 31, 2016.

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(54,451	)	$	(122,172	)	$	(177,124	)
Management fee		63,534			81,259			112,277
Brokerage commission		29,529			59,966			70,677
Net realized gain (loss)		4,761,749			589,999			15,212,833
Change in net unrealized appreciation/depreciation		(614,897	)		1,988,745			(6,412,461	)
Net income (loss)	$	4,092,401		$	2,456,572		$	8,623,248

The Fund’s net income increased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to a decrease in the price of Henry Hub Natural Gas, during the year ended December 31, 2017. By comparison, the Fund’s net income decreased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to an increase in the price of Henry Hub Natural Gas, during the year ended December 31, 2016.

102

ProShares UltraShort Euro

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	349,392,650		$	522,306,518		$	517,191,349
NAV end of period	$	202,548,197		$	349,392,650		$	522,306,518
Percentage change in NAV		(42.0	)%		(33.1	)%		1.0	%
Shares outstanding beginning of period		12,900,000			20,450,014			23,950,014
Shares outstanding end of period		9,550,000			12,900,000			20,450,014
Percentage change in shares outstanding		(26.0	)%		(36.9	)%		(14.6	)%
Shares created		2,400,000			650,000			12,600,000
Shares redeemed		5,750,000			8,200,014			16,100,000
Per share NAV beginning of period	$	27.08		$	25.54		$	21.59
Per share NAV end of period	$	21.21		$	27.08		$	25.54
Percentage change in per share NAV		(21.7	)%		6.0	%		18.3	%
Percentage change in benchmark		15.3	%		(3.1	)%		(10.2	)%
Benchmark annualized volatility		7.2	%		8.3	%		12.1	%

During the year ended December 31, 2017, the decrease in the Fund’s NAV resulted from a decrease from 12,900,000 outstanding Shares at December 31, 2016 to 9,550,000 outstanding Shares at December 31, 2017. The decrease in the Fund’s NAV was also resulted in part from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the year ended December 31, 2016, the decrease in the Fund’s NAV resulted from a decrease from 20,450,014 outstanding Shares at December 31, 2015 to 12,900,000 outstanding Shares at December 31, 2016. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the year ended December 31, 2015, the increase in the Fund’s NAV resulted from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the spot price of the euro versus the U.S. dollar. The increase in the Fund’s NAV was offset by a decrease from 23,950,014 outstanding Shares at December 31, 2014 to 20,450,014 outstanding Shares at December 31, 2015.

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 21.7% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV increase of 6.0% for the year ended December 31, 2016, was primarily due to a depreciation in the value of the assets held by the Fund during the year ended December 31, 2017. The Fund’s per Share NAV increase of 6.0% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV increase of 18.3% for the year ended December 31, 2015, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on January 3, 2017 at $27.74 per Share and reached its low for the year on September 8, 2017 at $20.91 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on December 20, 2016 at $27.77 per Share and reached its low for the year on May 2, 2016 at $22.63 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on March 13, 2015 at $28.50 per Share and reached its low for the year on January 2, 2015 at $21.94 per Share.

The benchmark’s rise of 15.3% for the year ended December 31, 2017, as compared to the benchmark’s decline of 3.1% for the year ended December 31, 2016, can be attributed to a rise in the value of the euro versus the U.S. dollar during the year ended December 31, 2017. By comparison, the benchmark’s decline of 3.1% for the year ended December 31, 2016, as compared to the benchmark’s decline of 10.2% for the year ended December 31, 2015, can be attributed to a lesser decline in the value of the euro versus the U.S. dollar during the year ended December 31, 2016.

103

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(396,715	)	$	(2,764,657	)	$	(5,000,587	)
Management fee		2,445,170			3,777,543			5,265,432
Net realized gain (loss)		(39,695,465	)		(25,711,276	)		131,674,081
Change in net unrealized appreciation/depreciation		(22,527,463	)		44,885,942			(45,497,112	)
Net income (loss)	$	(62,619,643	)	$	16,410,009		$	81,176,382

The Fund’s net income decreased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to a rise in the value of the euro versus the U.S. dollar during the year ended December 31, 2017. By comparison, the Fund’s net income decreased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to a lesser decline in the value of the euro versus the U.S. dollar during the year ended December 31, 2016.

ProShares UltraShort Gold

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	63,653,647		$	74,971,764		$	81,861,762
NAV end of period	$	31,497,410		$	63,653,647		$	74,971,764
Percentage change in NAV		(50.5	)%		(15.1	)%		(8.4	)%
Shares outstanding beginning of period		696,978			646,978			846,978
Shares outstanding end of period		446,978			696,978			646,978
Percentage change in shares outstanding		(35.9	)%		7.7	%		(23.6	)%
Shares created		350,000			1,050,000			150,000
Shares redeemed		600,000			1,000,000			350,000
Per share NAV beginning of period	$	91.33		$	115.88		$	96.65
Per share NAV end of period	$	70.47		$	91.33		$	115.88
Percentage change in per share NAV		(22.8	)%		(21.2	)%		19.9	%
Percentage change in benchmark		12.7	%		8.1	%		(12.1	)%
Benchmark annualized volatility		11.2	%		16.5	%		14.4	%

During the year ended December 31, 2017, the decrease in the Fund’s NAV resulted primarily from a decrease from 696,978 outstanding Shares at December 31, 2016 to 446,978 outstanding Shares at December 31, 2017. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of gold bullion as measured by the U.S. dollar p.m. LBMA Gold Price. By comparison, during the year ended December 31, 2016, the decrease in the Fund’s NAV resulted from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of gold bullion as measured by the U.S. dollar p.m. LBMA Gold Price. The decrease in the Fund’s NAV was offset by an increase from 646,978 outstanding Shares at December 31, 2015 to 696,978 outstanding Shares at December 31, 2016. By comparison, during the year ended December 31, 2015, the decrease in the Fund’s NAV resulted from a decrease from 846,978 outstanding Shares at December 31, 2014 to 646,978 outstanding Shares at December 31, 2015. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of gold bullion as measured by the U.S. dollar p.m. LBMA Gold Price^†.

104

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 22.8% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV decrease of 21.2% for the year ended December 31, 2016, was primarily due to a greater depreciation in the value of the assets of the Fund during the year ended December 31, 2017. The Fund’s per Share NAV decrease of 21.2% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV increase of 19.9% for the year ended December 31, 2015, was primarily due to a depreciation in the value of the assets of the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on January 3, 2017 at $90.53 per Share and reached its low for the year on September 8, 2017 at $64.79 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on January 5, 2016 at $112.07 per Share and reached its low for the year on July 6, 2016 at $65.63 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on December 17, 2015 at $118.51 per Share and reached its low for the year on January 22, 2015 at $83.07 per Share.

The benchmark’s rise of 12.7% for the year ended December 31, 2017, as compared to the benchmark’s rise of 8.1% for the year ended December 31, 2016, can be attributed to a greater increase in the price of spot gold in U.S. dollar terms during the year ended December 31, 2017. By comparison, the benchmark’s rise of 8.1% for the year ended December 31, 2016, as compared to the benchmark’s decline of 12.1% for the year ended December 31, 2015, can be attributed to an increase in the price of spot gold in U.S. dollar terms during the year ended December 31, 2016.

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(60,865	)	$	(461,423	)	$	(703,582	)
Management fee		344,734			625,950			735,540
Brokerage commission		48			43			41
Net realized gain (loss)		(6,994,765	)		(12,241,129	)		12,708,936
Change in net unrealized appreciation/depreciation		(4,548,271	)		1,240,412			4,098,510
Net income (loss)	$	(11,603,901	)	$	(11,445,140	)	$	16,103,864

The Fund’s net income decreased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to a greater increase in the price of spot gold in U.S. dollar terms during the year ended December 31, 2017. By comparison, the Fund’s net income decreased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to an increase in the price of spot gold in U.S. dollar terms during the year ended December 31, 2016.

^† On March 19, 2015, the company that ran the London U.S. dollar gold fixing ceased calculating the price of gold for the LBMA. The LBMA selected ICE Benchmark Administration to calculate the price, which was renamed the LBMA Gold Price, and is based on an electronic, physically settled auction-based methodology, beginning on March 20, 2015.

105

ProShares UltraShort Silver

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	23,017,656		$	55,987,938		$	53,007,867
NAV end of period	$	14,806,259		$	23,017,656		$	55,987,938
Percentage change in NAV		(35.7	)%		(58.9	)%		5.6	%
Shares outstanding beginning of period		616,976			866,978			916,978
Shares outstanding end of period		466,976			616,976			866,978
Percentage change in shares outstanding		(24.3	)%		(28.8	)%		(5.5	)%
Shares created		850,000			1,650,000			1,650,000
Shares redeemed		1,000,000			1,900,000			1,700,000
Per share NAV beginning of period	$	37.31		$	64.58		$	57.81
Per share NAV end of period	$	31.71		$	37.31		$	64.58
Percentage change in per share NAV		(15.0	)%		(42.2	)%		11.7	%
Percentage change in benchmark		3.8	%		17.5	%		(13.5	)%
Benchmark annualized volatility		18.7	%		27.8	%		24.1	%

During the year ended December 31, 2017, the decrease in the Fund’s NAV resulted primarily from a decrease from 616,976 outstanding Shares at December 31, 2016 to 466,976 outstanding Shares at December 31, 2017. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of silver bullion as measured by the London Silver Price. By comparison, during the year ended December 31, 2016, the decrease in the Fund’s NAV resulted primarily from a decrease from 866,978 outstanding Shares at December 31, 2015 to 616,976 outstanding Shares at December 31, 2016. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of silver bullion as measured by the London Silver Price. By comparison, during the year ended December 31, 2015, the increase in the Fund’s NAV resulted from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of silver bullion as measured by the London Silver Price†. The increase in the Fund’s NAV was offset by a decrease from 916,978 outstanding Shares at December 31, 2014 to 866,978 outstanding Shares at December 31, 2015.

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 15.0% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV decrease of 42.2% for the year ended December 31, 2016, was primarily due to a lesser depreciation in the value of the assets of the Fund during the year ended December 31, 2017. The Fund’s per Share NAV decrease of 42.2% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV increase of 11.7% for the year ended December 31, 2015, was primarily due to a depreciation in the value of the assets of the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on July 10, 2017 at $40.39 per Share and reached its low for the year on September 8, 2017 at $27.55 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on January 28, 2016 at $66.01 per Share and reached its low for the year on August 2, 2016 at $25.21 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on December 14, 2015 at $66.08 per Share and reached its low for the year on January 23, 2015 at $43.39 per Share.

The benchmark’s rise of 3.8% for the year ended December 31, 2017, as compared to the benchmark’s rise of 17.5% for the year ended December 31, 2016, can be attributed to a lesser rise in the price of spot silver in U.S. dollar terms during the year ended December 31, 2017. The benchmark’s rise of 17.5% for the year ended December 31, 2016, as compared to the benchmark’s decline of 13.5% for the year ended December 31, 2015, can be attributed to an increase in the price of spot silver in U.S. dollar terms during the year ended December 31, 2016.

106

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(36,600	)	$	(255,853	)	$	(516,464	)
Management fee		194,297			349,293			540,253
Brokerage commission		48			43			42
Net realized gain (loss)		1,152,461			(17,556,630	)		10,756,758
Change in net unrealized appreciation/depreciation		(3,132,869	)		(3,372,326	)		4,186,942
Net income (loss)	$	(2,017,008	)	$	(21,184,809	)	$	14,427,236

The Fund’s net income increased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to a lesser rise in the price of spot silver in U.S. dollar terms during the year ended December 31, 2017. By comparison, the Fund’s net income decreased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to a rise in the price of spot silver in U.S. dollar terms during the year ended December 31, 2016.

ProShares UltraShort Yen

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	276,781,747		$	237,372,900		$	531,471,873
NAV end of period	$	131,077,453		$	276,781,747		$	237,372,900
Percentage change in NAV		(52.6	)%		16.6	%		(55.3	)%
Shares outstanding beginning of period		3,449,290			2,699,294			5,949,294
Shares outstanding end of period		1,749,290			3,449,290			2,699,294
Percentage change in shares outstanding		(49.3	)%		27.8	%		(54.6	)%
Shares created		1,000,000			2,300,000			1,350,000
Shares redeemed		2,700,000			1,550,004			4,600,000
Per share NAV beginning of period	$	80.24		$	87.94		$	89.33
Per share NAV end of period	$	74.93		$	80.24		$	87.94
Percentage change in per share NAV		(6.6	)%		(8.8	)%		(1.6	)%
Percentage change in benchmark		4.5	%		2.9	%		(0.4	)%
Benchmark annualized volatility		8.2	%		12.6	%		8.2	%

During the year ended December 31, 2017, the decrease in the Fund’s NAV resulted primarily from a decrease from 3,449,290 outstanding Shares at December 31, 2016 to 1,749,290 outstanding Shares at December 31, 2017. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the year ended December 31, 2016, the increase in the Fund’s NAV resulted from an increase from 2,699,294 outstanding Shares at December 31, 2015 to 3,449,290 outstanding Shares at December 31, 2016. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the year ended December 31, 2015, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,949,294 outstanding Shares at December 31, 2014 to 2,699,294 outstanding Shares at December 31, 2015. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to 2x of the inverse of the daily performance of the spot price of the Japanese yen versus the U.S. dollar.

107

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 6.6% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV decrease of 8.8% for the year ended December 31, 2016, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the year ended December 31, 2017. The Fund’s per Share NAV decrease of 8.8% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV decrease of 1.6% for the year ended December 31, 2015, was primarily due to a greater depreciation in the value of the assets held by the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on January 3, 2017 at $81.40 per Share and reached its low for the year on September 8, 2017 at $68.10 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on January 29, 2016 at $88.99 per Share and reached its low for the year on August 18, 2016 at $59.02 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on June 5, 2015 at $97.30 per Share and reached its low for the year on January 15, 2015 at $84.11 per Share.

The benchmark’s rise of 4.5% for the year ended December 31, 2017, as compared to the benchmark’s rise of 2.9% for the year ended December 31, 2016, can be attributed to a greater rise in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2017. By comparison, the benchmark’s rise of 2.9% for the year ended December 31, 2016, as compared to the benchmark’s decline of 0.4% for the year ended December 31, 2015, can be attributed to a rise in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2016.

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(355,974	)	$	(1,609,562	)	$	(3,623,678	)
Management fee		1,802,816			2,141,333			3,759,492
Net realized gain (loss)		(8,733,473	)		(22,226,181	)		8,806,429
Change in net unrealized appreciation/depreciation		(15,227,152	)		30,657,216			(12,347,563	)
Net income (loss)	$	(24,316,599	)	$	6,821,473		$	(7,164,812	)

The Fund’s net income decreased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to a greater rise in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2017. By comparison, the Fund’s net income increased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to a rise in the value of the Japanese yen versus the U.S. dollar during the year ended December 31, 2016.

108

ProShares VIX Mid-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	45,818,914		$	27,650,638		$	21,459,575
NAV end of period	$	26,347,948		$	45,818,914		$	27,650,638
Percentage change in NAV		(42.5	)%		65.7	%		28.8	%
Shares outstanding beginning of period		1,087,403			512,404			337,404
Shares outstanding end of period		1,237,403			1,087,403			512,404
Percentage change in shares outstanding		13.8	%		112.2	%		51.9	%
Shares created		950,000			1,100,000			325,000
Shares redeemed		800,000			525,001			150,000
Per share NAV beginning of period	$	42.14		$	53.96		$	63.60
Per share NAV end of period	$	21.29		$	42.14		$	53.96
Percentage change in per share NAV		(49.5	)%		(21.9	)%		(15.2	)%
Percentage change in benchmark		(48.9	)%		(21.0	)%		(14.3	)%
Benchmark annualized volatility		20.2	%		33.4	%		38.8	%

During the year ended December 31, 2017, the decrease in the Fund’s NAV resulted from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 1,087,403 outstanding Shares at December 31, 2016 to 1,237,403 outstanding Shares at December 31, 2017. By comparison, during the year ended December 31, 2016, the increase in the Fund’s NAV resulted from an increase from 512,404 outstanding Shares at December 31, 2015 to 1,087,403 outstanding Shares at December 31, 2016. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index. By comparison, during the year ended December 31, 2015, the increase in the Fund’s NAV resulted from an increase from 337,404 outstanding Shares at December 31, 2014 to 512,404 outstanding Shares at December 31, 2015. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 49.5% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV decrease of 21.9% for the year ended December 31, 2016 was primarily due to a greater depreciation in the value of the assets of the Fund during the year ended December 31, 2017. The Fund’s per Share NAV decrease of 21.9% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV decrease of 15.2% for the year ended December 31, 2015, was primarily due to a greater depreciation in the value of the assets of the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on January 3, 2017 at $40.96 per Share and reached its low for the year on December 28, 2017 at $21.17 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on February 11, 2016 at $66.85 per Share and reached its low for the year on December 21, 2016 at $41.09 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on September 1, 2015 at $69.30 per Share and reached its low for the year on August 10, 2015 at $49.68 per Share.

The benchmark’s decline of 48.9% for the year ended December 31, 2017, as compared to the benchmark’s decline of 21.0% for the year ended December 31, 2016, can be attributed to a greater decline in prices of the futures contracts that made up the S&P 500 VIX Mid-Term Futures Index during the year ended December 31, 2017. By comparison, the benchmark’s decline of 21.0% for the year ended December 31, 2016, as compared to the benchmark’s decline of 14.3% for the year ended December 31, 2015, can be attributed to a greater decline in prices of the futures contracts that made up the S&P 500 VIX Mid-Term Futures Index during the year ended December 31, 2016.

109

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(81,807	)	$	(294,896	)	$	(240,600	)
Management fee		317,739			369,016			233,390
Brokerage commission		20,988			32,884			15,503
Net realized gain (loss)		(25,320,147	)		(11,085,007	)		(3,334,581	)
Change in net unrealized appreciation/depreciation		(926,594	)		(944,964	)		(605,352	)
Net income (loss)	$	(26,328,548	)	$	(12,324,462	)	$	(4,180,533	)

The Fund’s net income decreased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to a greater decline in futures prices during the year ended December 31, 2017. By comparison, the Fund’s net income decreased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to a lesser decline in futures prices during the year ended December 31, 2016.

ProShares VIX Short-Term Futures ETF*

Fund Performance

The following table provides summary performance information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
NAV beginning of period	$	174,160,146		$	105,272,823		$	111,459,325
NAV end of period	$	137,741,560		$	174,160,146		$	105,272,823
Percentage change in NAV		(20.9	)%		65.4	%		(5.6	)%
Shares outstanding beginning of period		2,052,363			397,491			266,241
Shares outstanding end of period		5,901,317			2,052,363			397,491
Percentage change in shares outstanding		187.5	%		416.3	%		49.3	%
Shares created		7,750,000			3,066,250			623,750
Shares redeemed		3,901,046			1,411,378			492,500
Per share NAV beginning of period	$	84.86		$	264.84		$	418.64
Per share NAV end of period	$	23.34		$	84.86		$	264.84
Percentage change in per share NAV		(72.5	)%		(68.0	)%		(36.7	)%
Percentage change in benchmark		(72.1	)%		(67.8	)%		(36.1	)%
Benchmark annualized volatility		48.8	%		72.5	%		78.6	%

During the year ended December 31, 2017, the decrease in the Fund’s NAV resulted from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 2,052,363 outstanding Shares at December 31, 2016 to 5,901,317 outstanding Shares at December 31, 2017. By comparison, during the year ended December 31, 2016, the increase in the Fund’s NAV resulted primarily from an increase from 397,491 outstanding Shares at December 31, 2015 to 2,052,363 outstanding Shares at December 31, 2016. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the year ended December 31, 2015 the decrease in the Fund’s NAV resulted from the cumulative effect of the Fund seeking daily investment results (before fees and expenses) that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 266,241outstanding Shares at December 31, 2014 to 397,491 outstanding Shares at December 31, 2015.

110

For the years ended December 31, 2017, 2016 and 2015, the Fund’s daily performance had a statistical correlation over 0.99 of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 72.5% for the year ended December 31, 2017, as compared to the Fund’s per Share NAV decrease of 68.0% for the year ended December 31, 2016 was primarily due to a greater depreciation in the value of the assets of the Fund during the year ended December 31, 2017. The Fund’s per Share NAV decrease of 68.0% for the year ended December 31, 2016, as compared to the Fund’s per Share NAV decrease of 36.7% for the year ended December 31, 2015, was primarily due to a greater decline in the value of the assets of the Fund during the year ended December 31, 2016.

During the year ended December 31, 2017, the Fund’s per Share NAV reached its high for the year on January 3, 2017 at $78.33 per Share and reached its low for the year on December 21, 2017 at $22.84 per Share. By comparison, during the year ended December 31, 2016, the Fund’s per Share NAV reached its high for the year on February 11, 2016 at $391.80 per Share and reached its low for the year on December 27, 2016 at $79.12 per Share. By comparison, during the year ended December 31, 2015, the Fund’s per Share NAV reached its high for the year on January 15, 2015 at $483.00 per Share and reached its low for the year on August 10, 2015 at $207.00 per Share.

The benchmark’s decline of 72.1% for the year ended December 31, 2017, as compared to the benchmark’s decline of 67.8% for the year ended December 31, 2016, can be attributed to a greater decline in prices to the near-term futures contracts on the VIX futures curve during the year ended December 31, 2017. By comparison, the benchmark’s decline of 67.8% for the year ended December 31, 2016, as compared to the benchmark’s decline of 36.1% for the year ended December 31, 2015, can be attributed to a greater decline in prices of the near-term futures contracts on the VIX futures curve during the year ended December 31, 2016.

Net Income/Loss

The following table provides summary income information for the Fund for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Net investment income (loss)	$	(293,186	)	$	(1,436,647	)	$	(1,150,794	)
Management fee		1,353,339			1,632,880			1,062,171
Brokerage commission		174,838			270,159			130,942
Net realized gain (loss)		(194,006,340	)		(195,469,141	)		(19,406,840	)
Change in net unrealized appreciation/depreciation		(4,304,579	)		612,983			(7,346,902	)
Net income (loss)	$	(198,604,105	)	$	(196,292,805	)	$	(27,904,536	)

The Fund’s net income decreased for the year ended December 31, 2017, as compared to the year ended December 31, 2016, primarily due to a greater decline in futures prices during the year ended December 31, 2017. By comparison, the Fund’s net income decreased for the year ended December 31, 2016, as compared to the year ended December 31, 2015, primarily due to a greater decline in futures prices during the year ended December 31, 2016.

* See Note 1 of the Notes to Financial Statements in Item 15 of Part IV in this Annual Report on Form 10-K regarding the reverse Share splits for the ProShares VIX Short-Term Futures ETF.

111

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Quantitative Disclosure

Exchange Rate Sensitivity

Each of the Currency Funds is exposed to exchange rate risk through its holdings of Financial Instruments. The following tables provide information about each of the Currency Fund’s Financial Instruments, which are sensitive to changes in exchange rates. As of December 31, 2017 and 2016, each of the Currency Fund’s positions were as follows:

ProShares Short Euro:

As of December 31, 2017 and 2016, the ProShares Short Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency futures contracts. The following table provides information about the Fund’s positions in these Financial Instruments as of December 31, 2017 and 2016, which were sensitive to exchange rate price risk.

Futures Positions as of December 31, 2017

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Euro Fx Currency Futures (CME)

Short

March 2018

53

$

1.21

125,000

$

(8,000,019

)

Futures Positions as of December 31, 2016

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Euro Fx Currency Futures (CME)

Short

March 2017

120

$

1.06

125,000

$

(15,861,000

)

The December 31, 2017 and 2016 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $1.00 of short exposure to the euro for every $1.00 of net assets. While the above information properly represents the then current exchange rate price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by negative one. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

Equity Market Volatility Sensitivity

Each of the VIX Funds is exposed to equity market volatility risk through its holdings of Financial Instruments. The following tables provide information about each of the VIX Funds’ Financial Instruments, which are sensitive to changes in equity market volatility indexes. As of December 31, 2017 and 2016, each of the VIX Funds’ positions were as follows:

112

ProShares Short VIX Short-Term Futures ETF

As of December 31, 2017 and 2016, the ProShares Short VIX Short-Term Futures ETF Fund was exposed to inverse equity market volatility risk through its holding of VIX futures contracts. The following table provides information about the Fund’s positions in VIX futures contracts as of December 31, 2017 and 2016, which were sensitive to equity market volatility risk.

Futures Positions as of December 31, 2017
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (CBOE)		Short		January 2018		38,015	$	11.48		1,000	$	(436,222,125	)
VIX Futures (CBOE)		Short		February 2018		26,693		12.48		1,000		(332,995,175	)
Futures Positions as of December 31, 2016
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (CBOE)		Short		January 2017		8,491	$	15.13		1,000	$	(128,426,375	)
VIX Futures (CBOE)		Short		February 2017		5,974		16.58		1,000		(99,019,050	)

The December 31, 2017 and 2016 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $1.00 of short exposure to the Index for every $1.00 of net assets. While the above information properly represents the then current equity price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative one. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

Commodity Price Sensitivity

Each of the Commodity Funds and the Commodity Index Funds is exposed to commodity price risk through its holdings of Financial Instruments. The following tables provide information about each of the Commodity Funds’ and the Commodity Index Funds’ Financial Instruments, which were sensitive to commodity price risk. As of December 31, 2017 and 2016, each of the Commodity Funds and the Commodity Index Funds’ positions were as follows:

ProShares Ultra Bloomberg Crude Oil:

As of December 31, 2017 and 2016, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and its holding of swap agreements linked to the Bloomberg WTI Crude Oil Subindex^SM. The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2017 and 2016, which were sensitive to commodity price risk.

Futures Positions as of December 31, 2017

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

WTI Crude Oil (NYMEX)

Long

March 2018

3,854

$

60.44

1,000

$

232,935,760

113

Swap Agreements as of December 31, 2017
Reference Index	Counterparty	Long or Short		Index Close		Notional Amount at Value
Bloomberg WTI Crude Oil Subindex	Citibank, N.A.		Long	$	88.0543	$	268,156,276
Bloomberg WTI Crude Oil Subindex	Goldman Sachs International		Long		88.0543		213,961,079
Bloomberg WTI Crude Oil Subindex	Societe Generale S.A.		Long		88.0543		122,285,969
Bloomberg WTI Crude Oil Subindex	UBS AG		Long		88.0543		211,563,368

Futures Positions as of December 31, 2016

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

WTI Crude Oil (NYMEX)

Long

March 2017

5,855

$

54.66

1,000

$

320,034,300

Swap Agreements as of December 31, 2016
Reference Index	Counterparty	Long or Short		Index Close		Notional Amount at Value
Bloomberg WTI Crude Oil Subindex	Citibank N.A.		Long	$	84.5784	$	545,083,669
Bloomberg WTI Crude Oil Subindex	Goldman Sachs International		Long		84.5784		379,451,639
Bloomberg WTI Crude Oil Subindex	Societe Generale S.A.		Long		84.5784		259,616,766
Bloomberg WTI Crude Oil Subindex	UBS AG		Long		84.5784		363,331,028

The December 31, 2017 and 2016 long futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The December 31, 2017 and 2016 long swap notional values are calculated by multiplying the number of units times the closing level of the Index. These long notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in long notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. While the above information properly represents the then current commodity price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s custodian bank.

114

ProShares Ultra Bloomberg Natural Gas:

As of December 31, 2017 and 2016, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2017 and 2016, which were sensitive to commodity price risk.

Futures Positions as of December 31, 2017

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Natural Gas (NYMEX)

Long

March 2018

4,355

$

2.91

10,000

$

126,556,300

Futures Positions as of December 31, 2016

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Natural Gas (NYMEX)

Long

March 2017

2,346

$

3.68

10,000

$

86,426,640

The December 31, 2017 and 2016 futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. While the above information properly represents the then current commodity price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

Exchange Rate Sensitivity

Each of the Currency Funds is exposed to exchange rate risk through its holdings of Financial Instruments. The following tables provide information about each of the Currency Fund’s Financial Instruments, which are sensitive to changes in exchange rates. As of December 31, 2017 and 2016, each of the Currency Fund’s positions were as follows:

ProShares Ultra Euro:

As of December 31, 2017 and 2016, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts. The following table provides information about the Fund’s positions in these Financial Instruments as of December 31, 2017 and 2016, which were sensitive to exchange rate price risk.

Foreign Currency Forward Contracts as of December 31, 2017
Reference Currency	Counterparty	Long or Short		Settlement Date		Euro			Forward Rate		Market Value USD
Euro	Goldman Sachs International		Long		01/12/18		8,921,525			1.2004	$	10,709,638
Euro	UBS AG		Long		01/12/18		10,174,300			1.2004		12,213,503
Euro	Goldman Sachs International		Short		01/12/18		(3,071,600	)		1.2004		(3,687,231	)
Euro	UBS AG		Short		01/12/18		(37,900	)		1.2004		(45,496	)

115

Foreign Currency Forward Contracts as of December 31, 2016
Reference Currency	Counterparty	Long or Short		Settlement Date		Euro			Forward Rate		Market Value USD
Euro	Goldman Sachs International		Long		01/13/17		9,841,725			1.0535	$	10,368,169
Euro	UBS AG		Long		01/13/17		13,774,600			1.0535		14,511,417
Euro	Goldman Sachs International		Short		01/13/17		(717,800	)		1.0535		(756,196	)
Euro	UBS AG		Short		01/13/17		(264,000	)		1.0535		(278,122	)

The December 31, 2017 and 2016 USD market value equals the number of euros multiplied by the forward rate.

These notional values will increase (decrease) proportionally with increases (decreases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the euro for every $1.00 of net assets. While the above information properly represents the then current exchange rate price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by two. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s custodian bank.

Commodity Price Sensitivity

Each of the Commodity Funds and the Commodity Index Funds is exposed to commodity price risk through its holdings of Financial Instruments. The following tables provide information about each of the Commodity Funds’ and the Commodity Index Funds’ Financial Instruments, which were sensitive to commodity price risk. As of December 31, 2017 and 2016, each of the Commodity Funds and the Commodity Index Funds’ positions were as follows:

ProShares Ultra Gold:

As of December 31, 2017 and 2016, the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and Gold forward agreements. The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2017 and 2016, which were sensitive to commodity price risk.

Futures Positions as of December 31, 2017

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Gold Futures (COMEX)

Long

February 2018

2

$

1,309.30

100

$

261,860

116

Forward Agreements as of December 31, 2017
Reference Index	Counterparty	Long or Short		Valuation Price		Notional Amount at Value
0.995 Fine Troy Ounce Gold	Citibank N.A.		Long	$	1,291.72	$	69,494,536
0.995 Fine Troy Ounce Gold	Goldman Sachs International		Long		1,291.66		49,625,577
0.995 Fine Troy Ounce Gold	Societe Generale S.A.		Long		1,291.62		16,791,060
0.995 Fine Troy Ounce Gold	UBS AG		Long		1,291.70		51,280,490

Futures Positions as of December 31, 2016

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Gold Futures (COMEX)

Long

February 2017

2

$

1,151.70

100

$

230,340

Forward Agreements as of December 31, 2016
Reference Index	Counterparty	Long or Short		Valuation Price		Notional Amount at Value
0.995 Fine Troy Ounce Gold	Citibank N.A.		Long	$	1,146.25	$	63,158,375
0.995 Fine Troy Ounce Gold	Goldman Sachs International		Long		1,146.25		48,509,300
0.995 Fine Troy Ounce Gold	Societe Generale S.A.		Long		1,146.25		26,707,625
0.995 Fine Troy Ounce Gold	UBS AG		Long		1,146.26		45,621,148

The December 31, 2017 and 2016 long futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The December 31, 2017 and 2016 long forward notional values equal units multiplied by the forward price. These long notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or forward price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. While the above information properly represents the then current commodity price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to the forward agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s custodian bank.

ProShares Ultra Silver:

As of December 31, 2017 and 2016, the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and Silver forward agreements. The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2017 and 2016, which were sensitive to commodity price risk.

Futures Positions as of December 31, 2017

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Silver Futures (COMEX)

Long

March 2018

2

$

17.15

5,000

$

171,450

117

Forward Agreements as of December 31, 2017
Reference Index	Counterparty	Long or Short	Valuation Price		Notional Amount at Value
0.999 Fine Troy Ounce Silver	Citibank, N.A.	Long	$	16.8748	$	175,548,544
0.999 Fine Troy Ounce Silver	Goldman Sachs International	Long		16.8740		137,013,505
0.999 Fine Troy Ounce Silver	Societe Generale S.A.	Long		16.8739		63,850,838
0.999 Fine Troy Ounce Silver	UBS AG	Long		16.8746		139,941,058

Futures Positions as of December 31, 2016

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Silver Futures (COMEX)

Long

March 2017

2

$

15.99

5,000

$

159,890

Forward Agreements as of December 31, 2016
Reference Index	Counterparty	Long or Short	Valuation Price		Notional Amount at Value
0.999 Fine Troy Ounce Silver	Citibank, N.A.	Long	$	16.2459	$	200,263,209
0.999 Fine Troy Ounce Silver	Goldman Sachs International	Long		16.2454		138,066,406
0.999 Fine Troy Ounce Silver	Societe Generale S.A.	Long		16.2456		72,845,270
0.999 Fine Troy Ounce Silver	UBS AG	Long		16.2457		140,232,882

The December 31, 2017 and 2016 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The December 31, 2017 and 2016 forward notional values equal units multiplied by the forward price. These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or forward price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. While the above information properly represents the then current commodity price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to the forward agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s custodian bank.

Equity Market Volatility Sensitivity

Each of the VIX Funds is exposed to equity market volatility risk through its holdings of Financial Instruments. The following tables provide information about each of the VIX Funds’ Financial Instruments, which are sensitive to changes in equity market volatility indexes. As of December 31, 2017 and 2016, each of the VIX Funds’ positions were as follows:

118

ProShares Ultra VIX Short-Term Futures ETF

As of December 31, 2017 and 2016, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts. The following table provides information about the Fund’s positions in VIX futures contracts as of December 31, 2017 and 2016, which were sensitive to equity market volatility risk.

Futures Positions as of December 31, 2017
Contract	Long or Short	Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (CBOE)	Long		January 2018		39,057	$	11.48		1,000	$	448,179,075
VIX Futures (CBOE)	Long		February 2018		27,298		12.48		1,000		340,542,550

Futures Positions as of December 31, 2016
Contract	Long or Short	Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (CBOE)	Long		January 2017		38,688	$	15.13		1,000	$	585,156,000
VIX Futures (CBOE)	Long		February 2017		27,012		16.58		1,000		447,723,900

The December 31, 2017 and 2016 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. While the above information properly represents the then current equity price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

Exchange Rate Sensitivity

Each of the Currency Funds is exposed to exchange rate risk through its holdings of Financial Instruments. The following tables provide information about each of the Currency Fund’s Financial Instruments, which are sensitive to changes in exchange rates. As of December 31, 2017 and 2016, each of the Currency Fund’s positions were as follows:

ProShares Ultra Yen:

As of December 31, 2017 and 2016, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2017 and 2016, which were sensitive to exchange rate price risk.

Foreign Currency Forward Contracts as of December 31, 2017
Reference Currency	Counterparty	Long or Short	Settlement Date		Yen			Forward Rate		Market Value USD
Yen	Goldman Sachs International	Long		01/12/18		325,511,500			0.008878	$	2,889,941
Yen	UBS AG	Long		01/12/18		331,666,700			0.008878		2,944,587
Yen	Goldman Sachs International	Short		01/12/18		(8,564,800	)		0.008878		(76,040	)
Yen	UBS AG	Short		01/12/18		(3,336,100	)		0.008878		(29,618	)

119

Foreign Currency Forward Contracts as of December 31, 2016

Reference Currency

Counterparty

Long or Short

Settlement Date

Yen

Forward Rate

Market Value USD

Yen

Goldman Sachs International

Long

01/13/17

884,408,200

0.008562

$

7,572,024

Yen

UBS AG

Long

01/13/17

470,179,000

0.008562

4,025,524

Yen

Goldman Sachs International

Short

01/13/17

(57,041,600

)

0.008562

(488,372

)

The December 31, 2017 and 2016 USD market values equal the number of yen multiplied by the forward rate. These notional values will increase (decrease) proportionally with increases (decreases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the yen for every $1.00 of net assets. While the above information properly represents the then current exchange rate price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by two. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s custodian bank.

Commodity Price Sensitivity

Each of the Commodity Funds and the Commodity Index Funds is exposed to commodity price risk through its holdings of Financial Instruments. The following tables provide information about each of the Commodity Funds’ and the Commodity Index Funds’ Financial Instruments, which were sensitive to commodity price risk. As of December 31, 2017 and 2016, each of the Commodity Funds and the Commodity Index Funds’ positions were as follows:

ProShares UltraPro 3x Crude Oil ETF

As of December 31, 2017, the ProShares UltraPro 3x Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts. The following table provides information about the Fund’s positions in these Financial Instruments as of December 31, 2017, which were sensitive to commodity price risk.

Futures Positions as of December 31, 2017
Contract	Long or Short	Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
WTI Crude Oil (NYMEX)	Long		March 2018		563	$	60.44		1,000	$	34,027,720

The December 31, 2017 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $3.00 of exposure to the Index for every $1.00 of net assets. While the above information properly represents the then current commodity price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by three. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares UltraPro 3x Short Crude Oil ETF

As of December 31, 2017, the ProShares UltraPro 3x Short Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts. The following table provides information about the Fund’s positions in these Financial Instruments as of December 31, 2017, which were sensitive to commodity price risk.

Futures Positions as of December 31, 2017

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

WTI Crude Oil (NYMEX)

Short

March 2018

1,050

$

60.44

1,000

$

(63,462,000

)

The December 31, 2017 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) short in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $3.00 of short exposure to the Index for every $1.00 of net assets. While the above information properly represents the then current commodity price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative three. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

Exchange Rate Sensitivity

Each of the Currency Funds is exposed to exchange rate risk through its holdings of Financial Instruments. The following tables provide information about each of the Currency Fund’s Financial Instruments, which are sensitive to changes in exchange rates. As of December 31, 2017 and 2016, each of the Currency Fund’s positions were as follows:

120

ProShares UltraShort Australian Dollar:

As of December 31, 2017 and 2016, the ProShares UltraShort Australian Dollar Fund was exposed to inverse exchange rate price risk through its holdings of AUD/USD foreign currency futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2017 and 2016, which were sensitive to exchange rate price risk.

Futures Positions as of December 31, 2017

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Australian Dollar Fx Currency Futures (CME)

Short

March 2018

353

$

78.11

1,000

$

(27,572,830

)

Futures Positions as of December 31, 2016

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Australian Dollar Fx Currency Futures (CME)

Short

March 2017

462

$

72.02

1,000

$

(33,273,240

)

The December 31, 2017 and 2016 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Australian dollar for every $1.00 of net assets. While the above information properly represents the then current exchange rate price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the Australian dollar and multiplying by negative two. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

Commodity Price Sensitivity

Each of the Commodity Funds and the Commodity Index Funds is exposed to commodity price risk through its holdings of Financial Instruments. The following tables provide information about each of the Commodity Funds’ and the Commodity Index Funds’ Financial Instruments, which were sensitive to commodity price risk. As of December 31, 2017 and 2016, each of the Commodity Funds and the Commodity Index Funds’ positions were as follows:

ProShares UltraShort Bloomberg Crude Oil:

As of December 31, 2017 and 2016, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts and its holding of swap agreements linked to the Bloomberg WTI Crude Oil Subindex^SM. The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2017 and 2016, which were sensitive to commodity price risk.

Futures Positions as of December 31, 2017

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

WTI Crude Oil (NYMEX)

Short

March 2018

1,125

$

60.44

1,000

$

(67,995,000

)

121

Swap Agreements as of December 31, 2017
Reference Index	Counterparty	Long or Short	Index Close		Notional Amount at Value
Bloomberg WTI Crude Oil Subindex	Citibank N.A.	Short	$	88.0543	$	(135,972,863	)
Bloomberg WTI Crude Oil Subindex	Goldman Sachs International	Short		88.0543		(105,656,763	)
Bloomberg WTI Crude Oil Subindex	Societe Generale S.A.	Short		88.0543		(25,759,601	)
Bloomberg WTI Crude Oil Subindex	UBS AG	Short		88.0543		(116,263,837	)

Futures Positions as of December 31, 2016

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

WTI Crude Oil (NYMEX)

Short

March 2017

1,401

$

54.66

1,000

$

(76,578,660

)

Swap Agreements as of December 31, 2016
Reference Index	Counterparty	Long or Short	Index Close		Notional Amount at Value
Bloomberg WTI Crude Oil Subindex	Citibank N.A.	Short	$	84.5784	$	(116,603,958	)
Bloomberg WTI Crude Oil Subindex	Goldman Sachs International	Short		84.5784		(87,898,388	)
Bloomberg WTI Crude Oil Subindex	Societe Generale S.A.	Short		84.5783		(31,195,025	)
Bloomberg WTI Crude Oil Subindex	UBS AG	Short		84.5784		(89,698,517	)

The December 31, 2017 and 2016 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The December 31, 2017 and 2016 short swap notional values are calculated by multiplying the number of units times the closing level of the Index. These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or the level of the Index, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. While the above information properly represents the then current commodity price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s custodian bank.

ProShares UltraShort Bloomberg Natural Gas:

As of December 31, 2017 and 2016, the ProShares UltraShort Bloomberg Natural Gas Fund was exposed to inverse commodity price risk through its holding of Natural Gas futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2017 and 2016, which were sensitive to commodity price risk.

Futures Positions as of December 31, 2017

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Natural Gas (NYMEX)

Short

March 2018

475

$

2.91

10,000

$

(13,803,500

)

122

Futures Positions as of December 31, 2016

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Natural Gas (NYMEX)

Short

March 2017

219

$

3.68

10,000

$

(8,067,960

)

The December 31, 2017 and 2016 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent decrease (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. While the above information properly represents the then current commodity price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

Exchange Rate Sensitivity

Each of the Currency Funds is exposed to exchange rate risk through its holdings of Financial Instruments. The following tables provide information about each of the Currency Fund’s Financial Instruments, which are sensitive to changes in exchange rates. As of December 31, 2017 and 2016, each of the Currency Fund’s positions were as follows:

ProShares UltraShort Euro:

As of December 31, 2017 and 2016, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2017 and 2016, which were sensitive to exchange rate price risk.

Foreign Currency Forward Contracts as of December 31, 2017
Reference Currency	Counterparty	Long or Short	Settlement Date		Euro			Forward Rate		Market Value USD
Euro	Goldman Sachs International	Long		01/12/18		15,379,400			1.2004	$	18,461,845
Euro	UBS AG	Long		01/12/18		24,804,600			1.2004		29,776,108
Euro	Goldman Sachs International	Short		01/12/18		(191,822,225	)		1.2004	$	(230,268,554	)
Euro	UBS AG	Short		01/12/18		(185,510,600	)		1.2004		(222,691,909	)

Foreign Currency Forward Contracts as of December 31, 2016
Reference Currency	Counterparty	Long or Short	Settlement Date		Euro			Forward Rate		Market Value USD
Euro	Goldman Sachs International	Long		01/13/17		65,899,000			1.0535	$	69,424,004
Euro	UBS AG	Long		01/13/17		22,361,500			1.0535		23,557,639
Euro	Goldman Sachs International	Short		01/13/17		(393,278,725	)		1.0535		(414,315,600	)
Euro	UBS AG	Short		01/13/17		(356,977,300	)		1.0535		(376,072,375	)

The December 31, 2017 and 2016 USD market values equal the number of euros multiplied by the forward rate. These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases)

123

in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the euro for every $1.00 of net assets. While the above information properly represents the then current exchange rate price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by negative two. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s custodian bank.

Commodity Price Sensitivity

Each of the Commodity Funds and the Commodity Index Funds is exposed to commodity price risk through its holdings of Financial Instruments. The following tables provide information about each of the Commodity Funds’ and the Commodity Index Funds’ Financial Instruments, which were sensitive to commodity price risk. As of December 31, 2017 and 2016, each of the Commodity Funds and the Commodity Index Funds’ positions were as follows:

ProShares UltraShort Gold:

As of December 31, 2017 and 2016, the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and Gold forward agreements. The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2017 and 2016, which were sensitive to commodity price risk.

Futures Positions as of December 31, 2017

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Gold Futures (COMEX)

Short

February 2018

2

$

1,309.30

100

$

(261,860

)

Forward Agreements as of December 31, 2017
Reference Index	Counterparty	Long or Short	Valuation Price		Notional Amount at Value
0.995 Fine Troy Ounce Gold	Citibank N.A.	Short	$	1,291.72	$	(24,413,508	)
0.995 Fine Troy Ounce Gold	Goldman Sachs International	Short		1,291.66		(16,530,665	)
0.995 Fine Troy Ounce Gold	Societe Generale S.A.	Short		1,291.62		(6,199,776	)
0.995 Fine Troy Ounce Gold	UBS AG	Short		1,291.70		(15,564,985	)

Futures Positions as of December 31, 2016

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Gold Futures (COMEX)

Short

February 2017

2

$

1,151.70

100

$

(230,340

)

Forward Agreements as of December 31, 2016
Reference Index	Counterparty	Long or Short	Valuation Price		Notional Amount at Value
0.995 Fine Troy Ounce Gold	Citibank N.A.	Short	$	1,146.25	$	(51,008,125	)
0.995 Fine Troy Ounce Gold	Goldman Sachs International	Short		1,146.25		(29,227,083	)
0.995 Fine Troy Ounce Gold	Societe Generale S.A.	Short		1,146.25		(16,735,250	)
0.995 Fine Troy Ounce Gold	UBS AG	Short		1,146.26		(30,089,325	)

124

The December 31, 2017 and 2016 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The December 31, 2017 and 2016 short forward notional values equal units multiplied by the forward price. These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or forward price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. While the above information properly represents the then current commodity price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to the forward agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s custodian bank.

ProShares UltraShort Silver:

As of December 31, 2017 and 2016, the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and Silver forward agreements. The following tables provide information about the Fund’s positions in these Financial Instruments as of December 31, 2017 and 2016, which were sensitive to commodity price risk.

Futures Positions as of December 31, 2017

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Silver Futures (COMEX)

Short

March 2018

2

$

17.15

5,000

$

(171,450

)

Forward Agreements as of December 31, 2017
Reference Index	Counterparty	Long or Short	Valuation Price		Notional Amount at Value
0.999 Fine Troy Ounce Silver	Citibank, N.A.	Short	$	16.8748	$	(8,926,769	)
0.999 Fine Troy Ounce Silver	Goldman Sachs International	Short		16.8740		(7,061,769	)
0.999 Fine Troy Ounce Silver	Societe Generale S.A.	Short		16.8739		(2,632,328	)
0.999 Fine Troy Ounce Silver	UBS AG	Short		16.8746		(10,833,493	)

Futures Positions as of December 31, 2016

Contract

Long or Short

Expiration

Contracts

Valuation Price

Contract Multiplier

Notional Amount at Value

Silver Futures (COMEX)

Short

March 2017

2

$

15.99

5,000

$

(159,890

)

Forward Agreements as of December 31, 2016
Reference Index	Counterparty	Long or Short	Valuation Price		Notional Amount at Value
0.999 Fine Troy Ounce Silver	Citibank, N.A.	Short	$	16.2459	$	(17,480,588	)
0.999 Fine Troy Ounce Silver	Goldman Sachs International	Short		16.2454		(15,181,326	)
0.999 Fine Troy Ounce Silver	Societe Generale S.A.	Short		16.2456		(2,534,314	)
0.999 Fine Troy Ounce Silver	UBS AG	Short		16.2457		(10,673,425	)

The December 31, 2017 and 2016 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The December 31, 2017 and 2016 short forward notional values equal units multiplied by the forward price. These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or forward price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. While the above

125

information properly represents the then current commodity price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to the forward agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s custodian bank.

Exchange Rate Sensitivity

Each of the Currency Funds is exposed to exchange rate risk through its holdings of Financial Instruments. The following tables provide information about each of the Currency Fund’s Financial Instruments, which are sensitive to changes in exchange rates. As of December 31, 2017 and 2016, each of the Currency Fund’s positions were as follows:

ProShares UltraShort Yen:

As of December 31, 2017 and 2016, the ProShares UltraShort Yen Fund was exposed to inverse exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts. The following table provides information about the Fund’s positions in these Financial Instruments as of December 31, 2017 and 2016, which were sensitive to exchange rate price risk.

Foreign Currency Forward Contracts as of December 31, 2017
Reference Currency	Counterparty	Long or Short	Settlement Date		Yen			Forward Rate		Market Value USD
Yen	Goldman Sachs International	Long		01/12/18		1,557,430,400			0.008878	$	13,827,104
Yen	UBS AG	Long		01/12/18		2,779,401,900			0.008878		24,675,953
Yen	Goldman Sachs International	Short		01/12/18		(16,323,923,000	)		0.008878		(144,926,270	)
Yen	UBS AG	Short		01/12/18		(17,545,808,000	)		0.008878		(155,774,351	)

Foreign Currency Forward Contracts as of December 31, 2016
Reference Currency	Counterparty	Long or Short	Settlement Date		Yen			Forward Rate		Market Value USD
Yen	Goldman Sachs International	Long		01/13/17		9,411,824,400			0.008562	$	80,581,067
Yen	UBS AG	Long		01/13/17		675,533,300			0.008562		5,783,703
Yen	Goldman Sachs International	Short		01/13/17		(41,411,055,600	)		0.008562		(354,548,372	)
Yen	UBS AG	Short		01/13/17		(33,192,173,500	)		0.008562		(284,180,901	)

The December 31, 2017 and 2016 USD market values equal the number of yen multiplied by the forward rate. These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the yen for every $1.00 of net assets. While the above information properly represents the then current exchange rate price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by negative two See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s custodian bank.

126

Equity Market Volatility Sensitivity

Each of the VIX Funds is exposed to equity market volatility risk through its holdings of Financial Instruments. The following tables provide information about each of the VIX Funds’ Financial Instruments, which are sensitive to changes in equity market volatility indexes. As of December 31, 2017 and 2016, each of the VIX Funds’ positions were as follows:

ProShares VIX Mid-Term Futures ETF

As of December 31, 2017 and 2016, the ProShares VIX Mid-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts. The following table provides information about the Fund’s positions in VIX futures contracts as of December 31, 2017 and 2016, which were sensitive to equity market volatility risk.

Futures Positions as of December 31, 2017
Contract	Long or Short	Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (CBOE)	Long		April 2018		354	$	13.88		1,000	$	4,911,750
VIX Futures (CBOE)	Long		May 2018		603		14.38		1,000		8,668,125
VIX Futures (CBOE)	Long		June 2018		603		14.83		1,000		8,939,475
VIX Futures (CBOE)	Long		July 2018		248		15.43		1,000		3,825,400

Futures Positions as of December 31, 2016
Contract	Long or Short	Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (CBOE)	Long		April 2017		474	$	18.43		1,000	$	8,733,450
VIX Futures (CBOE)	Long		May 2017		806		18.83		1,000		15,172,950
VIX Futures (CBOE)	Long		June 2017		807		19.08		1,000		15,393,525
VIX Futures (CBOE)	Long		July 2017		332		19.65		1,000		6,523,800

The December 31, 2017 and 2016 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to match the performance of the Index. While the above information properly represents the then current equity price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares VIX Short-Term Futures ETF

As of December 31, 2017 and 2016, the ProShares VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s positions in these VIX futures contracts as of December 31, 2017 and 2016, which were sensitive to equity market volatility risk.

127

Futures Positions as of December 31, 2017
Contract	Long or Short	Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (CBOE)	Long		January 2018		6,836	$	11.48		1,000	$	78,443,100
VIX Futures (CBOE)	Long		February 2018		4,770		12.48		1,000		59,505,750

Futures Positions as of December 31, 2016
Contract	Long or Short	Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (CBOE)	Long		January 2017		6,549	$	15.13		1,000	$	99,053,625
VIX Futures (CBOE)	Long		February 2017		4,560		16.58		1,000		75,582,000

The December 31, 2017 and 2016 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to match the performance of the Index. While the above information properly represents the then current equity price risk and is adequate for estimating the following day’s gains or losses, estimates of future values over longer periods should take the Fund’s daily rebalancing efforts into account. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

Qualitative Disclosure

As described above in Item 7 in this Annual Report on Form 10-K, it is the investment objective of each Geared Fund to seek daily investment results, before fees and expenses, which correspond to a multiple, the inverse or an inverse multiple of the daily performance, whether positive or negative, of its corresponding benchmark. Each Short Fund seeks daily investment results (before fees and expenses) that correspond to the inverse (-1x) of the daily performance of its corresponding benchmark. Each UltraShort Fund seeks daily investment results (before fees and expenses) that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each Ultra Fund seeks daily investment results (before fees and expenses) that correspond to two times (2x) the daily performance of its corresponding benchmark. Each UltraPro Short Fund seeks daily investment results (before fees and expenses) that correspond to three times the inverse (-3x) of the daily performance of its corresponding benchmark. Each UltraPro Fund seeks daily investment results (before fees and expenses) that correspond to three times (3x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results (before fees and expenses), both over a single day and over time, that match the performance of a benchmark. The Geared Funds do not seek to achieve these stated investment objectives over a period of time greater than a single day because mathematical compounding prevents the Geared Funds from achieving such results. Performance over longer periods of time will be influenced not only by the cumulative period performance of the corresponding benchmark but equally by the intervening volatility of the benchmark as well as fees and expenses, including costs associated with the use of Financial Instruments such as financing costs and trading spreads. Future period returns, before fees and expenses, cannot be estimated simply by estimating the percent change in the corresponding benchmark and multiplying by two or negative two. Each Matching VIX Fund seek investment results (before fees and expenses), both over a single day and over time, that match the performance of a benchmark. Shareholders who invest in the Funds should actively manage and monitor their investments, as frequently as daily. See “Item 1A. Risk Factors” in this Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. The Matching VIX Funds seek to achieve their stated investment objectives both over a single day and over time.

128

Primary Market Risk Exposure

The primary market risks that the Funds are exposed to depend on each Fund’s investment objective and corresponding benchmark. For example, the primary market risk that the ProShares UltraShort Bloomberg Crude Oil and the ProShares Ultra Bloomberg Crude Oil Funds are exposed to are inverse and direct exposure, respectively, to the price of crude oil as measured by the return of holding and periodically rolling crude oil futures contracts (the Bloomberg Commodity Index and its sub-indexes are based on the price of rolling futures positions, rather than on the cash price for immediate delivery of the corresponding commodity).

Each Fund’s exposure to market risk is further influenced by a number of factors, including the liquidity of the markets in which the contracts are traded and the relationships among the contracts held. The inherent uncertainty of each Fund’s trading as well as the development of drastic market occurrences could ultimately lead to a loss of all or substantially all of investors’ capital.

As described above in Item 7 in this Annual Report on Form 10-K, trading in certain futures contracts or forward agreements involves each Fund entering into contractual commitments to purchase or sell a commodity underlying a Fund’s benchmark at a specified date and price, should it hold such futures contracts or forward agreements into the deliverable period. Should a Fund enter into a contractual commitment to sell a physical commodity, it is required to make delivery of that commodity at the contract price and then repurchase the contract at prevailing market prices or settle in cash. Since the repurchase price to which the value of a commodity can rise is unlimited, entering into commitments to sell commodities would expose a Fund to theoretically unlimited risk.

Commodity Price Sensitivity

As further described above “Item 1A. Risk Factors” in this Annual Report on Form 10-K, the value of the Shares of each Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares. With regard to the Commodity Index Funds or the Commodity Funds, several factors may affect the price of a commodity underlying a Commodity Index Fund or a Commodity Fund, and in turn, the Financial Instruments and other assets, if any, owned by such a Fund. The impact of changes in the price of a physical commodity or of a commodity index (comprised of commodity futures contracts) will affect investors differently depending upon the Fund in which investors invest. Daily increases in the price of an underlying commodity or commodity index will negatively impact the daily performance of Shares of an UltraShort Fund and daily decreases in the price of an underlying commodity or commodity index will negatively impact the daily performance of Shares of an Ultra Fund.

Additionally, performance over time is a cumulative effect of geometrically linking each day’s leveraged or inverse leveraged returns. For instance, if a corresponding benchmark was up 10% and then down 10%, which would result in a (1.1*0.9)-1 = -1% period benchmark return, the two-day period return for a theoretical two-times fund would be equal to a (1.2 *0.8)-1 = -4% period Fund return (rather than simply two times the period return of the benchmark).

Exchange Rate Sensitivity

As further described above “Item 1A. Risk Factors” in this Annual Report on Form 10-K, the value of the Shares of each Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares. With regard to the Currency Funds, several factors may affect the value of the foreign currencies or the U.S. dollar, and, in turn, the Financial Instruments and other assets, if any, owned by a Fund. The impact of changes in the price of a currency will affect investors differently depending upon the Fund in which investors invest. Daily increases in the price of a currency will negatively impact the daily performance of Shares of a Short Fund or an UltraShort Fund and daily decreases in the price of a currency will negatively impact the daily performance of Shares of an Ultra Fund.

Additionally, performance over time is a cumulative effect of geometrically linking each day’s leveraged or inverse leveraged returns. For instance, if a corresponding benchmark was up 10% and then down 10%, which would result in a (1.1*0.9)-1 = -1% period benchmark return, the two-day period return for a theoretical two-times fund would be equal to a (1.2 *0.8)-1 = -4% period Fund return (rather than simply two times the period return of the benchmark).

129

Equity Market Volatility Sensitivity

As further described above “Item 1A. Risk Factors” in this Annual Report on Form 10-K, the value of the Shares of each VIX Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares. Several factors may affect the price and/or liquidity of VIX futures contracts and other assets, if any, owned by a VIX Fund. The impact of changes in the price of these assets will affect investors differently depending upon the Fund in which investors invest.

Managing Market Risks

Each Fund seeks to remain fully exposed to the corresponding benchmark at the levels implied by the relevant investment objective (-1x, -2x, 2x, -3x or 3x), regardless of market direction or sentiment. At the close of the relevant markets each trading day (see NAV calculation times), each Fund will seek to position its portfolio so that its exposure to its benchmark is consistent with its investment objective. As described above in Item 7 of this Annual Report on Form 10-K, these adjustments are done through the use of various Financial Instruments. No attempt is made to adjust market exposure in order to avoid changes to the benchmark that would cause the Funds to lose value. Factors common to all Funds that may require portfolio re-positioning are create/redeem activity and index rebalances.

For Geared Funds, the impact of the index’s movements during the day also affects whether the Fund’s portfolio needs to be re-positioned. For example, if the index for an Ultra Fund has risen on a given day, net assets of the Fund should rise. As a result, the Fund’s long exposure will need to be increased to the extent there are not offsetting factors such as redemption activity. Conversely, if the Index has fallen on a given day, net assets of an Ultra Fund should fall. As a result, the Fund’s long exposure will generally need to be decreased. Net assets for Short Funds or UltraShort Funds will generally decrease when the Index rises on a given day. As a result, the Fund’s short exposure may need to be decreased. Conversely, if the Index has fallen on a given day, a Short Funds or an UltraShort Funds assets should rise. As a result, the Fund’s short exposure may need to be increased.

The use of certain Financial Instruments introduces counterparty risk. A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to Financial Instruments entered into by the Fund. A Fund may be negatively impacted if a counterparty fails to perform its obligations. Each Fund intends to enter into swap and forward agreements only with major global financial institutions that meet certain credit quality standards and monitoring policies. Each Fund may use various techniques to minimize credit risk including early termination or reset and payment, limiting the net amount due from any individual counterparty, and generally requiring that the counterparty post collateral with respect to amounts owed to the Funds, marked to market daily.

Most Financial Instruments held by the Funds are “unfunded” meaning that the Fund will obtain exposure to the corresponding benchmark while still being in possession of its original cash assets. The cash positions that result from use of such Financial Instruments are held in a manner to minimize both interest rate and credit risk. During the reporting period, cash positions were maintained in a non-interest bearing demand deposit account. The Funds also invest a portion of this cash in cash equivalents (such as shares of money market funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities).

130

Item 8. Financial Statements and Supplementary Data.

Statement of Operations for the three month periods ended March 31, 2017 and 2016, June 30, 2017 and 2016, September 30, 2017 and 2016, and December 31, 2017 and 2016 and the years ended December 31, 2017 and 2016 for each Fund, as applicable.

PROSHARES SHORT EURO

	Three months ended (unaudited)												Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(21,521	)	$	(11,755	)	$	(3,071	)	$	(1,280	)	$	(37,627	)
Net realized and unrealized gain (loss)	$	(170,097	)	$	(884,089	)	$	(307,476	)	$	(100,278	)	$	(1,461,940	)
Net income (loss)	$	(191,618	)	$	(895,844	)	$	(310,547	)	$	(101,558	)	$	(1,499,567	)
Net increase (decrease) in net asset value per share	$	(0.55	)	$	(2.77	)	$	(1.27	)	$	(0.51	)	$	(5.10	)

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(35,145	)	$	(31,107	)	$	(29,155	)	$	(27,321	)	$	(122,728	)
Net realized and unrealized gain (loss)	$	(761,194	)	$	452,845		$	(160,000	)	$	1,021,630		$	553,281
Net income (loss)	$	(796,339	)	$	421,738		$	(189,155	)	$	994,309		$	430,553
Net increase (decrease) in net asset value per share	$	(2.08	)	$	1.11		$	(0.59	)	$	2.84		$	1.28

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF*

	Three months ended (unaudited)												Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(906,192	)	$	(1,366,200	)	$	(1,640,811	)	$	(1,460,341	)	$	(5,373,544	)
Net realized and unrealized gain (loss)	$	129,026,068		$	158,309,295		$	288,397,978		$	348,961,232		$	924,694,573
Net income (loss)	$	128,119,876		$	156,943,095		$	286,757,167		$	347,500,891		$	919,321,029
Net increase (decrease) in net asset value per share	$	24.92		$	9.57		$	13.57		$	33.62		$	81.68

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(1,554,854	)	$	(1,510,189	)	$	(1,171,428	)	$	(1,160,379	)	$	(5,396,850	)
Net realized and unrealized gain (loss)	$	(38,162,938	)	$	92,425,137		$	225,454,227		$	139,600,443		$	419,316,869
Net income (loss)	$	(39,717,792	)	$	90,914,948		$	224,282,799		$	138,440,064		$	413,920,019
Net increase (decrease) in net asset value per share	$	(0.09	)	$	(0.40	)	$	11.40		$	9.30		$	20.21

131

PROSHARES ULTRA BLOOMBERG CRUDE OIL

	Three months ended (unaudited)											Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(954,505	)	$	(509,922	)	$	(19,527	)	$	104,493	$	(1,379,461	)
Net realized and unrealized gain (loss)	$	(148,281,338	)	$	(139,809,044	)	$	158,317,992		$	165,161,855	$	35,389,465
Net income (loss)	$	(149,235,843	)	$	(140,318,966	)	$	158,298,465		$	165,266,348	$	34,010,004
Net increase (decrease) in net asset value per share	$	(4.38	)	$	(4.16	)	$	3.10		$	5.76	$	0.32

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(1,525,927	)	$	(1,768,802	)	$	(1,683,430	)	$	(1,653,221	)	$	(6,631,380	)
Net realized and unrealized gain (loss)	$	(158,102,104	)	$	296,192,078		$	(80,625,440	)	$	167,586,234		$	225,050,768
Net income (loss)	$	(159,628,031	)	$	294,423,276		$	(82,308,870	)	$	165,933,013		$	218,419,388
Net increase (decrease) in net asset value per share	$	(7.16	)	$	6.34		$	(3.31	)	$	2.32		$	(1.81	)

PROSHARES ULTRA BLOOMBERG NATURAL GAS

	Three months ended (unaudited)												Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(86,507	)	$	(61,668	)	$	(42,774	)	$	(42,813	)	$	(233,762	)
Net realized and unrealized gain (loss)	$	(13,477,218	)	$	(7,979,526	)	$	(3,091,821	)	$	(11,559,125	)	$	(36,107,690	)
Net income (loss)	$	(13,563,725	)	$	(8,041,194	)	$	(3,134,595	)	$	(11,601,938	)	$	(36,341,452	)
Net increase (decrease) in net asset value per share	$	(6.58	)	$	(2.50	)	$	(1.03	)	$	(2.21	)	$	(12.32	)

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(88,761	)	$	(100,326	)	$	(93,432	)	$	(101,967	)	$	(384,486	)
Net realized and unrealized gain (loss)	$	(13,053,665	)	$	18,337,272		$	(6,443,095	)	$	14,953,621		$	13,794,133
Net income (loss)	$	(13,142,426	)	$	18,236,946		$	(6,536,527	)	$	14,851,654		$	13,409,647
Net increase (decrease) in net asset value per share	$	(7.74	)	$	6.92		$	(3.27	)	$	4.37		$	0.28

PROSHARES ULTRA EURO

	Three months ended (unaudited)												Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(15,287	)	$	(9,508	)	$	(1,256	)	$	(3,731	)	$	(29,782	)
Net realized and unrealized gain (loss)	$	265,851		$	2,025,264		$	740,046		$	18,765		$	3,049,926
Net income (loss)	$	250,564		$	2,015,756		$	738,790		$	15,034		$	3,020,144
Net increase (decrease) in net asset value per share	$	0.22		$	1.92		$	0.97		$	0.31		$	3.42

132

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(20,743	)	$	(16,403	)	$	(16,659	)	$	(20,717	)	$	(74,522	)
Net realized and unrealized gain (loss)	$	896,550		$	(557,861	)	$	162,469		$	(1,540,470	)	$	(1,039,312	)
Net income (loss)	$	875,807		$	(574,264	)	$	145,810		$	(1,561,187	)	$	(1,113,834	)
Net increase (decrease) in net asset value per share	$	1.35		$	(0.97	)	$	0.24		$	(2.11	)	$	(1.49	)

PROSHARES ULTRA GOLD

	Three months ended (unaudited)										Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017		December 31, 2017
Net investment income (loss)	$	(120,985	)	$	(46,666	)	$	7,054	$	24,268	$	(136,329	)
Net realized and unrealized gain (loss)	$	15,847,919		$	(1,388,144	)	$	4,916,536	$	205,251	$	19,581,562
Net income (loss)	$	15,726,934		$	(1,434,810	)	$	4,923,590	$	229,519	$	19,445,233
Net increase (decrease) in net asset value per share	$	5.43		$	(0.58	)	$	2.07	$	0.06	$	6.98

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(152,453	)	$	(161,625	)	$	(172,490	)	$	(164,383	)	$	(650,951	)
Net realized and unrealized gain (loss)	$	23,076,136		$	11,212,784		$	(792,881	)	$	(29,878,941	)	$	3,617,098
Net income (loss)	$	22,923,683		$	11,051,159		$	(965,371	)	$	(30,043,324	)	$	2,966,147
Net increase (decrease) in net asset value per share	$	10.15		$	4.92		$	(0.38	)	$	(11.52	)	$	3.17

PROSHARES ULTRA SILVER

	Three months ended (unaudited)											Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017		December 31, 2017
Net investment income (loss)	$	(342,224	)	$	(132,432	)	$	543	$	64,361		$	(409,752	)
Net realized and unrealized gain (loss)	$	57,477,740		$	(52,612,922	)	$	8,227,922	$	(2,142,996	)	$	10,949,744
Net income (loss)	$	57,135,516		$	(52,745,354	)	$	8,228,465	$	(2,078,635	)	$	10,539,992
Net increase (decrease) in net asset value per share	$	7.16		$	(7.37	)	$	0.79	$	(0.47	)	$	0.11

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(458,870	)	$	(553,155	)	$	(701,202	)	$	(466,165	)	$	(2,179,392	)
Net realized and unrealized gain (loss)	$	45,578,002		$	108,003,006		$	31,136,300		$	(120,803,231	)	$	63,914,077
Net income (loss)	$	45,119,132		$	107,449,851		$	30,435,098		$	(121,269,396	)	$	61,734,685
Net increase (decrease) in net asset value per share	$	5.67		$	12.80		$	3.47		$	(15.56	)	$	6.38

133

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF*

	Three months ended (unaudited)												Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(1,317,510	)	$	(1,224,224	)	$	(1,324,516	)	$	(1,029,811	)	$	(4,896,061	)
Net realized and unrealized gain (loss)	$	(394,130,275	)	$	(123,657,363	)	$	(222,032,721	)	$	(307,455,310	)	$	(1,047,275,669	)
Net income (loss)	$	(395,447,785	)	$	(124,881,587	)	$	(223,357,237	)	$	(308,485,121	)	$	(1,052,171,730	)
Net increase (decrease) in net asset value per share	$	(109.16	)	$	(25.45	)	$	(18.68	)	$	(10.31	)	$	(163.60	)

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(1,649,007	)	$	(3,032,293	)	$	(2,326,627	)	$	(1,928,850	)	$	(8,936,777	)
Net realized and unrealized gain (loss)	$	(212,026,452	)	$	(502,252,751	)	$	(606,084,450	)	$	(266,856,633	)	$	(1,587,220,286	)
Net income (loss)	$	(213,675,459	)	$	(505,285,044	)	$	(608,411,077	)	$	(268,785,483	)	$	(1,596,157,063	)
Net increase (decrease) in net asset value per share	$	(883.08	)	$	(1,012.72	)	$	(574.56	)	$	(164.11	)	$	(2,634.47	)

PROSHARES ULTRA YEN

	Three months ended (unaudited)												Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(9,333	)	$	(7,450	)	$	(4,166	)	$	(933	)	$	(21,882	)
Net realized and unrealized gain (loss)	$	508,099		$	(165,870	)	$	(57,317	)	$	(23,996	)	$	260,916
Net income (loss)	$	498,766		$	(173,320	)	$	(61,483	)	$	(24,929	)	$	239,034
Net increase (decrease) in net asset value per share	$	4.99		$	(1.74	)	$	(0.61	)	$	(0.75	)	$	1.89

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(11,106	)	$	(11,556	)	$	(12,886	)	$	(10,299	)	$	(45,847	)
Net realized and unrealized gain (loss)	$	731,464		$	1,082,813		$	191,351		$	(1,892,473	)	$	113,155
Net income (loss)	$	720,358		$	1,071,257		$	178,465		$	(1,902,772	)	$	67,308
Net increase (decrease) in net asset value per share	$	7.21		$	10.71		$	1.79		$	(19.03	)	$	0.68

PROSHARES ULTRA PRO 3X CRUDE OIL ETF

	Three months ended (unaudited)												March 24, 2017 (Commencement of Operations) through December 31, 2017
	March 24, 2017 (Commencement of Operations) through March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(1,818	)	$	(40,999	)	$	(56,323	)	$	(20,378	)	$	(119,518	)
Net realized and unrealized gain (loss)	$	849,623		$	(2,105,005	)	$	5,666,068		$	3,025,930		$	7,436,616
Net income (loss)	$	847,805		$	(2,146,004	)	$	5,609,745		$	3,005,552		$	7,317,098
Net increase (decrease) in net asset value per share	$	4.24		$	(9.72	)	$	5.75		$	12.51		$	12.78

134

PROSHARES ULTRAPRO 3X SHORT CRUDE OIL ETF

	Three months ended (unaudited)												March 24, 2017 (Commencement of Operations) through December 31, 2017
	March 24, 2017 (Commencement of Operations) through March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(1,831	)	$	(23,799	)	$	(34,013	)	$	(50,947	)	$	(110,590	)
Net realized and unrealized gain (loss)	$	(767,272	)	$	2,294,341		$	(3,718,433	)	$	(7,843,419	)	$	(10,034,783	)
Net income (loss)	$	(769,103	)	$	2,270,542		$	(3,752,446	)	$	(7,894,366	)	$	(10,145,373	)
Net increase (decrease) in net asset value per share	$	(3.84	)	$	5.30		$	(8.94	)	$	(6.94	)	$	(14.42	)

PROSHARES ULTRASHORT AUSTRALIAN DOLLAR

	Three months ended (unaudited)												Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(23,329	)	$	(15,526	)	$	(3,456	)	$	(4,463	)	$	(46,774	)
Net realized and unrealized gain (loss)	$	(1,964,554	)	$	(142,645	)	$	(615,591	)	$	(220,437	)	$	(2,943,227	)
Net income (loss)	$	(1,987,883	)	$	(158,171	)	$	(619,047	)	$	(224,900	)	$	(2,990,001	)
Net increase (decrease) in net asset value per share	$	(6.63	)	$	(0.85	)	$	(2.27	)	$	0.04		$	(9.71	)

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(45,029	)	$	(36,158	)	$	(33,889	)	$	(30,576	)	$	(145,652	)
Net realized and unrealized gain (loss)	$	(2,387,137	)	$	721,364		$	(1,289,967	)	$	1,771,920		$	(1,183,820	)
Net income (loss)	$	(2,432,166	)	$	685,206		$	(1,323,856	)	$	1,741,344		$	(1,329,472	)
Net increase (decrease) in net asset value per share	$	(6.95	)	$	1.96		$	(3.79	)	$	5.70		$	(3.08	)

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

	Three months ended (unaudited)												Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(290,700	)	$	(120,394	)	$	(15,678	)	$	71,121		$	(355,651	)
Net realized and unrealized gain (loss)	$	38,779,779		$	45,493,259		$	(39,865,590	)	$	(71,856,939	)	$	(27,449,491	)
Net income (loss)	$	38,489,079		$	45,372,865		$	(39,881,268	)	$	(71,785,818	)	$	(27,805,142	)
Net increase (decrease) in net asset value per share	$	5.00		$	6.73		$	(9.83	)	$	(9.29	)	$	(7.39	)

135

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(337,002	)	$	(412,454	)	$	(321,432	)	$	(338,076	)	$	(1,408,964	)
Net realized and unrealized gain (loss)	$	5,569,806		$	(89,589,990	)	$	17,321,489		$	(23,566,686	)	$	(90,265,381	)
Net income (loss)	$	5,232,804		$	(90,002,444	)	$	17,000,057		$	(23,904,762	)	$	(91,674,345	)
Net increase (decrease) in net asset value per share	$	(1.71	)	$	(23.92	)	$	(0.97	)	$	(8.30	)	$	(34.90	)

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

	Three months ended (unaudited)												Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(15,816	)	$	(15,159	)	$	(13,899	)	$	(9,577	)	$	(54,451	)
Net realized and unrealized gain (loss)	$	1,192,243		$	930,163		$	464,313		$	1,560,133		$	4,146,852
Net income (loss)	$	1,176,427		$	915,004		$	450,414		$	1,550,556		$	4,092,401
Net increase (decrease) in net asset value per share	$	6.14		$	3.92		$	0.71		$	5.61		$	16.38

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(56,298	)	$	(31,909	)	$	(19,256	)	$	(14,709	)	$	(122,172	)
Net realized and unrealized gain (loss)	$	6,220,334		$	(3,569,149	)	$	611,260		$	(683,701	)	$	2,578,744
Net income (loss)	$	6,164,036		$	(3,601,058	)	$	592,004		$	(698,410	)	$	2,456,572
Net increase (decrease) in net asset value per share	$	20.20		$	(32.64	)	$	2.23		$	(13.22	)	$	(23.43	)

PROSHARES ULTRASHORT EURO

	Three months ended (unaudited)												Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(359,021	)	$	(125,473	)	$	22,669		$	65,110		$	(396,715	)
Net realized and unrealized gain (loss)	$	(8,389,520	)	$	(34,805,151	)	$	(14,398,822	)	$	(4,629,435	)	$	(62,222,928	)
Net income (loss)	$	(8,748,541	)	$	(34,930,624	)	$	(14,376,153	)	$	(4,564,325	)	$	(62,619,643	)
Net increase (decrease) in net asset value per share	$	(0.66	)	$	(3.30	)	$	(1.43	)	$	(0.48	)	$	(5.87	)

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(804,953	)	$	(666,494	)	$	(657,657	)	$	(635,553	)	$	(2,764,657	)
Net realized and unrealized gain (loss)	$	(41,031,168	)	$	18,960,086		$	(8,051,669	)	$	49,297,417		$	19,174,666
Net income (loss)	$	(41,836,121	)	$	18,293,592		$	(8,709,326	)	$	48,661,864		$	16,410,009
Net increase (decrease) in net asset value per share	$	(2.35	)	$	1.13		$	(0.54	)	$	3.30		$	1.54

136

PROSHARES ULTRASHORT GOLD

	Three months ended (unaudited)												Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(46,877	)	$	(18,164	)	$	(974	)	$	5,150		$	(60,865	)
Net realized and unrealized gain (loss)	$	(9,082,640	)	$	386,449		$	(2,343,917	)	$	(502,928	)	$	(11,543,036	)
Net income (loss)	$	(9,129,517	)	$	368,285		$	(2,344,891	)	$	(497,778	)	$	(11,603,901	)
Net increase (decrease) in net asset value per share	$	(14.93	)	$	(0.10	)	$	(5.02	)	$	(0.81	)	$	(20.86	)

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(116,940	)	$	(114,810	)	$	(119,115	)	$	(110,558	)	$	(461,423	)
Net realized and unrealized gain (loss)	$	(19,481,223	)	$	(10,186,660	)	$	(523,114	)	$	19,190,280		$	(11,000,717	)
Net income (loss)	$	(19,598,163	)	$	(10,301,470	)	$	(642,229	)	$	19,079,722		$	(11,462,140	)
Net increase (decrease) in net asset value per share	$	(33.80	)	$	(11.77	)	$	(0.70	)	$	21.72		$	(24.55	)

PROSHARES ULTRASHORT SILVER

	Three months ended (unaudited)												Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(23,560	)	$	(14,368	)	$	(2,336	)	$	3,664		$	(36,600	)
Net realized and unrealized gain (loss)	$	(4,740,632	)	$	3,653,850		$	(860,944	)	$	(32,682	)	$	(1,980,408	)
Net income (loss)	$	(4,764,192	)	$	3,639,482		$	(863,280	)	$	(29,018	)	$	(2,017,008	)
Net increase (decrease) in net asset value per share	$	(7.93	)	$	5.37		$	(2.76	)	$	(0.28	)	$	(5.60	)

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(75,735	)	$	(70,289	)	$	(64,078	)	$	(45,751	)	$	(255,853	)
Net realized and unrealized gain (loss)	$	(9,579,793	)	$	(15,984,890	)	$	(5,356,501	)	$	9,992,228		$	(20,928,956	)
Net income (loss)	$	(9,655,528	)	$	(16,055,179	)	$	(5,420,579	)	$	9,946,477		$	(21,184,809	)
Net increase (decrease) in net asset value per share	$	(14.94	)	$	(16.48	)	$	(5.22	)	$	9.37		$	(27.27	)

PROSHARES ULTRASHORT YEN

	Three months ended (unaudited)											Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(311,744	)	$	(97,161	)	$	12,821		$	40,110	$	(355,974	)
Net realized and unrealized gain (loss)	$	(26,914,503	)	$	3,039,471		$	(1,148,866	)	$	1,063,273	$	(23,960,625	)
Net income (loss)	$	(27,226,247	)	$	2,942,310		$	(1,136,045	)	$	1,103,383	$	(24,316,599	)
Net increase (decrease) in net asset value per share	$	(7.69	)	$	1.52		$	0.19		$	0.67	$	(5.31	)

137

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(400,797	)	$	(324,778	)	$	(408,214	)	$	(475,773	)	$	(1,609,562	)
Net realized and unrealized gain (loss)	$	(28,677,455	)	$	(33,065,456	)	$	(10,390,487	)	$	80,564,433		$	8,431,035
Net income (loss)	$	(29,078,252	)	$	(33,390,234	)	$	(10,798,701	)	$	80,088,660		$	6,821,473
Net increase (decrease) in net asset value per share	$	(11.43	)	$	(12.98	)	$	(2.85	)	$	19.56		$	(7.70	)

PROSHARES VIX MID-TERM FUTURES ETF

	Three months ended (unaudited)												Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(44,567	)	$	(23,141	)	$	(15,787	)	$	1,688		$	(81,807	)
Net realized and unrealized gain (loss)	$	(11,431,860	)	$	(4,800,903	)	$	(3,599,127	)	$	(6,414,851	)	$	(26,246,741	)
Net income (loss)	$	(11,476,427	)	$	(4,824,044	)	$	(3,614,914	)	$	(6,413,163	)	$	(26,328,548	)
Net increase (decrease) in net asset value per share	$	(10.24	)	$	(4.44	)	$	(2.26	)	$	(3.91	)	$	(20.85	)

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(51,495	)	$	(69,741	)	$	(89,667	)	$	(83,588	)	$	(294,491	)
Net realized and unrealized gain (loss)	$	(216,839	)	$	(899,031	)	$	(6,040,771	)	$	(4,873,330	)	$	(12,029,971	)
Net income (loss)	$	(268,334	)	$	(968,772	)	$	(6,130,438	)	$	(4,956,918	)	$	(12,324,462	)
Net increase (decrease) in net asset value per share	$	(1.24	)	$	(0.74	)	$	(6.23	)	$	(3.61	)	$	(11.82	)

PROSHARES VIX SHORT-TERM FUTURES ETF*

	Three months ended (unaudited)												Year ended December 31, 2017
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Net investment income (loss)	$	(184,221	)	$	(110,768	)	$	(61,284	)	$	63,087		$	(293,186	)
Net realized and unrealized gain (loss)	$	(72,088,449	)	$	(27,306,331	)	$	(44,663,153	)	$	(54,252,986	)	$	(198,310,919	)
Net income (loss)	$	(72,272,670	)	$	(27,417,099	)	$	(44,724,437	)	$	(54,189,899	)	$	(198,604,105	)
Net increase (decrease) in net asset value per share	$	(32.15	)	$	(10.02	)	$	(10.12	)	$	(9.23	)	$	(61.52	)

	Three months ended (unaudited)												Year ended December 31, 2016
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016
Net investment income (loss)	$	(221,289	)	$	(487,032	)	$	(407,697	)	$	(320,629	)	$	(1,436,647	)
Net realized and unrealized gain (loss)	$	(8,586,170	)	$	(39,223,810	)	$	(94,969,520	)	$	(52,076,658	)	$	(194,856,158	)
Net income (loss)	$	(8,807,459	)	$	(39,710,842	)	$	(95,377,217	)	$	(52,397,287	)	$	(196,292,805	)
Net increase (decrease) in net asset value per share	$	(32.18	)	$	(52.09	)	$	(66.44	)	$	(29.27	)	$	(179.98	)

138

See the Index to Financial Statements on Page 137 for a list of the financial statements being filed as part of this Annual Report on Form 10-K. Those Financial Statements, and the notes and schedules related thereto, are incorporated by reference into this Item 8.

* See Note 1 of the Notes to Financial Statements in Item 15 of Part IV in this Annual Report on Form 10-K.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

Not applicable.

Item 9A. Controls and Procedures.

Disclosure Controls and Procedures

Under the supervision and with the participation of the principal executive officer and principal financial officer of the Trust, Trust management has evaluated the effectiveness of the Trust’s and the Funds’ disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust and the Funds (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “1934 Act”)) were effective, as of December 31, 2016, including providing reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the 1934 Act on behalf of the Trust and the Funds is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that such information is accumulated and communicated to the duly authorized officers of the Trust as appropriate to allow timely decisions regarding required disclosure.

Management’s Annual Report on Internal Control Over Financial Reporting

The Trust’s management takes responsibility for establishing and maintaining adequate internal control over financial reporting of the Trust and the Funds, as defined in Rules 13a-15(f) and 15d-15(f) under the 1934 Act. The Trust’s and the Funds’ internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Trust and the Funds; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s and the Funds’ receipts and expenditures are being made only in accordance with appropriate authorizations of management of the Trust on behalf of the Trust and the Funds; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Trust’s or the Funds’ assets that could have a material effect on the Trust’s or the Funds’ financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The principal executive officer and principal financial officer of the Trust assessed the effectiveness of the Trust’s and the Funds’ internal control over financial reporting as of December 31, 2017. Their assessment included an evaluation of the design of the Trust’s and the Funds’ internal control over financial reporting and testing of the operational effectiveness of their internal control over financial reporting. In making its assessment, the Trust’s management has utilized the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its report entitled Internal Control – Integrated Framework (2013). Based on their assessment and those criteria, the principal executive officer and principal financial officer of the Trust concluded that the Trust’s and the Funds’ internal control over financial reporting was effective as of December 31, 2017.

139

The effectiveness of the Trust’s and the Funds’ internal control over financial reporting as of December 31, 2017 has been audited by PricewaterhouseCoopers LLP, the independent registered public accounting firm, as stated in their report which is included herein.

Changes in Internal Control over Financial Reporting

There were no changes in the Trust’s or the Funds’ internal control over financial reporting that occurred during the quarter ended December 31, 2017 that have materially affected, or are reasonably likely to materially affect, the Trust’s or the Funds’ internal control over financial reporting.

Certifications

The certifications by the Principal Executive Officer and Principal Financial Officer of the Trust required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, which are filed or furnished as exhibits to this Annual Report on Form 10-K, apply both to the Trust taken as a whole and each Fund, and the Principal Executive Officer and Principal Financial Officer of the Trust are certifying both as to the Trust taken as a whole and each Fund.

Item 9B. Other Information.

Not applicable.

140

Part III

Item 10. Directors, Executive Officers and Corporate Governance.

The Sponsor

ProShare Capital Management LLC is the Sponsor of the Trust and the Funds. The Sponsor has exclusive management and control of all aspects of the business of the Funds. The Trustee has no duty or liability to supervise the performance of the Sponsor, nor will the Trustee have any liability for the acts or omissions of the Sponsor.

As of December 31, 2017, the Sponsor serves as the Trust’s commodity pool operator.

Specifically, with respect to the Trust, the Sponsor:

• selects the Funds’ service providers;

• negotiates various agreements and fees;

• performs such other services as the Sponsor believes that the Trust may require from time to time;

• selects the FCM and Financial Instrument counterparties;

• manages each Fund’s portfolio of other assets, including cash equivalents; and

• manages the Funds with a view toward achieving the Funds’ investment objectives.

Background and Principals

As of December 31, 2017, the Sponsor served as the commodity pool operator of the Trust and the Funds, and previously also served as the commodity trading advisor to the Trust and the Funds. The Sponsor is registered as a commodity pool operator with the CFTC and is a member in good standing of the NFA. The Sponsor’s membership with the NFA was originally approved on June 11, 1999. It withdrew its membership with the NFA on August 31, 2000 but later re-applied and had its membership subsequently approved on January 8, 2001. Its membership with the NFA is currently effective. The Sponsor’s registration as a commodity trading advisor was approved on June 11, 1999. On February 17, 2013, the Sponsor’s commodity trading advisor registration was withdrawn. The Sponsor’s registration as a commodity pool operator was originally approved on June 11, 1999. It withdrew its registration as a commodity pool operator on August 30, 2000 but later re-applied and had its registration subsequently approved on November 28, 2007. Its registration as a commodity pool operator is currently effective. As a registered commodity pool operator, with respect to the Trust, the Sponsor must comply with various regulatory requirements under the CEA, and the rules and regulations of the CFTC and the NFA, including investor protection requirements, antifraud prohibitions, disclosure requirements, and reporting and recordkeeping requirements. The NFA approved the Sponsor as a Swaps Firm on January 4, 2013. The Sponsor is also subject to periodic inspections and audits by the CFTC and NFA. Its principal place of business is 7501 Wisconsin Avenue, Suite 1000, Bethesda, Maryland 20814 and its telephone number is (240) 497-6400. The registration of the Sponsor with the CFTC and its membership in the NFA must not be taken as an indication that either the CFTC or the NFA has recommended or approved the Sponsor, the Trust and the Funds.

In its capacity as a commodity pool operator, the Sponsor is an organization which operates or solicits funds for commodity pools; that is, an enterprise in which funds contributed by a number of persons are combined for the purpose of trading futures contracts.

141

Executive Officers of the Trust and Principals and Significant Employees of the Sponsor

Name	Position
Michael L. Sapir	Chief Executive Officer and Principal of the Sponsor
Louis M. Mayberg	Principal of the Sponsor
William E. Seale	Principal of the Sponsor
Sapir Family Trust	Principal of the Sponsor
Northstar Trust	Principal of the Sponsor
Timothy N. Coakley	Chief Financial Officer and Principal of the Sponsor
Edward J. Karpowicz	Principal Financial Officer of the Trust and Principal of the Sponsor
Todd B. Johnson*	Principal Executive Officer of the Trust and Chief Investment Officer and Principal of the Sponsor
Hratch Najarian	Director, Portfolio Management and Principal of the Sponsor
Alexander Ilyasov	Senior Portfolio Manager of the Sponsor
Jeffrey Ploshnick	Senior Portfolio Manager and Associated Person of the Sponsor
Ryan Dofflemeyer	Portfolio Manager and Associated Person of the Sponsor
Benjamin McAbee	Portfolio Manager of the Sponsor
Victor M. Frye	Principal of the Sponsor

* Denotes principal of the Sponsor who supervises persons who participate in making trading decisions for the Funds.

The following is a biographical summary of the business experience of the executive officers of the Trust and the principals and significant employees of the Sponsor.

ProFund Advisors LLC (“PFA”) and ProShare Advisors LLC (“PSA”) are investment advisers registered under the Investment Advisers Act of 1940 and commodity pool operators registered under the CEA. PFA is also a commodity trading advisor registered under the CEA.

Michael L. Sapir, Chairman and Chief Executive Officer and a listed Principal of the Sponsor since August 14, 2008; Chairman and Chief Executive Officer and a member of PFA since April 1997, and a listed Principal of PFA since November 26, 2012; and Chairman and Chief Executive Officer and a member of PSA since January 2005 and a listed Principal of PSA since January 14, 2014. As Chairman and Chief Executive Officer of the Sponsor, PFA and PSA, Mr. Sapir’s responsibilities include oversight of all aspects of the Sponsor, PFA and PSA, respectively.

Louis M. Mayberg, a member and a listed Principal of the Sponsor since June 9, 2008; a member of PFA since April 1997 and a listed Principal of PFA since November 26, 2012; and a member of PSA since January 2005 and a listed Principal of PSA since January 14, 2014. Mr. Mayberg served as Principal Executive Officer of the Trust from June 2008 to December 2013.

William E. Seale, Ph.D., a member of the Sponsor and a listed Principal of the Sponsor since June 11, 1999; a member of PFA since April 1997 and a listed Principal of PFA since November 8, 2013; and a member of PSA since April 2005 and a listed Principal of PSA since January 14, 2014. Dr. Seale served as Chief Investment Officer of PFA from January 2003 to July 2005 and from October 2006 to June 2008 and as Director of Portfolio from January 1997 to January 2003. Dr. Seale served as Chief Investment Officer of PSA from October 2006 to June 2008. In these roles, Dr. Seale’s responsibilities included oversight of the investment management activities of the respective entities. Dr. Seale is a former commissioner of the CFTC.

Sapir Family Trust, a listed Principal of the Sponsor. The Sapir Family Trust has an ownership interest in the Sponsor and PSA. The Sapir Family Trust has a passive ownership interest in the Sponsor and exercises no management authority over the Funds.

Northstar Trust, a listed Principal of the Sponsor. Northstar Trust has an ownership interest in the Sponsor and PFA. Northstar Trust has a passive ownership interest in the Sponsor and exercises no management authority over the Funds.

Timothy N. Coakley, Chief Financial Officer and a listed Principal of the Sponsor since March 7, 2014; Chief Financial Officer and a listed Principal of PFA since March 11, 2014; and Chief Financial Officer and a listed Principal of PSA since March 11, 2014. As Chief Financial Officer of the Sponsor, Mr. Coakley’s responsibilities include oversight of the financial matters of the Sponsor.

142

Edward J. Karpowicz, Principal Financial Officer of the Trust since July 2008 and a listed principal of the Sponsor since September 18, 2013. Mr. Karpowicz has been employed by PFA since July 2002 and PSA since its inception as Vice President of Financial Administration. Mr. Karpowicz is 54 years old.

Todd B. Johnson, Principal Executive Officer of the Trust since January 2014; Chief Investment Officer of the Sponsor since February 27, 2009, a registered swap associated person of the Sponsor since January 4, 2013, a registered associated person of the Sponsor since January 29, 2010, and a listed principal of the Sponsor since January 16, 2009. As Principal Executive Officer of the Trust, Mr. Johnson’s responsibilities include oversight of the operations of the Trust. As Chief Investment Officer of the Sponsor, Mr. Johnson’s responsibilities include oversight of the investment management activities of the Sponsor. Mr. Johnson has served as Chief Investment Officer of PFA and PSA since December 2008 and has been registered as an associated person of PFA since December 5, 2012 and listed as a principal of PFA since November 26, 2012. In addition, Mr. Johnson has been listed as a principal and associated person of PSA since January 14, 2014. Mr. Johnson served from 2002 to December 2008 at World Asset Management (a financial services firm), working as President and Chief Investment Officer from January 2006 to December 2008, and as Managing Director and Chief Investment Officer of Quantitative Investments of Munder Capital Management, an asset management firm, from January 2002 to December 2005. Mr. Johnson is 54 years old.

Hratch Najarian, Director, Portfolio Management of the Sponsor since August 2013 and a listed principal of the Sponsor since October 15, 2013. In these roles, Mr. Najarian’s responsibilities include oversight of the investment management activities of the Sponsor. Mr. Najarian also serves as Director, Portfolio Management of PFA and PSA since August 2013, and is listed as a principal of PFA since January 8, 2014 and a principal and associated person of PSA since January 14, 2014. Mr. Najarian served as Senior Portfolio Manager of PSA from December 2009 through September 2013. He also served as Senior Portfolio Manager of PFA from December 2009 through September 2013, as Portfolio Manager of PFA from May 2007 through November 2009, and as Associate Portfolio Manager of PFA from November 2004 through April 2007.

Benjamin McAbee, Portfolio Manager of the Sponsor since August 22, 2016, a registered associated person and an NFA associate member of the Sponsor since December 29, 2010. In these roles, Mr. McAbee’s responsibilities include day-to-day portfolio management of the Currency Funds and certain other series of the Trust. Mr. McAbee has been registered as an associated person of PFA since December 5, 2012. Mr. McAbee also serves as a Portfolio Manager of PFA since August 2016 and has served as an Associate Portfolio Manager from December 2011 to August 2016. In addition, Mr. McAbee serves as a Portfolio Manager of PSA since August 2016.

Jeffrey A. Ploshnick, Senior Portfolio Manager of the Sponsor since April 12, 2011, a registered associated person and an NFA associate member of the Sponsor since April 12, 2011. In these roles, Mr. Ploshnick’s responsibilities include day-to-day portfolio management of the Currency Funds. Mr. Ploshnick has been registered as an associated person of PFA since December 5, 2012. Mr. Ploshnick also serves as a Senior Portfolio Manager of PFA since May 2007 and has served as Portfolio Manager from February 2001 to April 2007. In addition, Mr. Ploshnick also serves as a Senior Portfolio Manager of PSA since March 2011.

Alexander Ilyasov, Senior Portfolio Manager of the Sponsor since August 22, 2016. In this role, Mr. Ilyasov’s responsibilities include oversight of the investment management activities of the VIX Futures Funds and certain other series of the Trust. Mr. Ilyasov also serves as a Senior Portfolio Manager of PFA since October 2013 and has served as Portfolio Manager of PSA since October 2013.

Ryan T. Dofflemeyer, Portfolio Manager of the Sponsor since January 3, 2011, a registered associated person and an NFA associate member of the Sponsor since October 26, 2010. In these roles, Mr. Dofflemeyer’s responsibilities include day-to-day portfolio management of the VIX Funds, the Commodity Index Funds, the Commodity Funds and certain other series of the Trust. Mr. Dofflemeyer has been registered as an associated person of PFA since December 5, 2012. Mr. Dofflemeyer also serves as a Portfolio Manager of PFA since August 2007 and was a Portfolio Analyst between October 2003 and August 2007. In addition, Mr. Dofflemeyer also serves as Portfolio Manager for Horizon BetaPro Funds (investment funds) since May 2008 and served as a Portfolio Manager of PSA from March 2010 through September 2013. Mr. Dofflemeyer worked as a Research Assistant for the Investment Company Institute (investment funds trade organization) from September 2001 to August 2003.

143

Victor M. Frye, a listed principal of the Sponsor since December 2, 2008, a listed principal of PFA since November 26, 2012, and a listed principal of PSA since January 14, 2014. Mr. Frye’s responsibilities include the review and approval of advertising material of the Sponsor. Mr. Frye has been employed as Chief Compliance Officer of PFA since October 2002 and of PSA since December 2004.

Indemnification

The Trust Agreement provides that the Sponsor and its affiliates shall have no liability to the Trust or to any shareholder for any loss suffered by the Trust arising out of any action or inaction of the Sponsor or its affiliates or their respective directors, officers, shareholders, partners, members, managers or employees (the “Sponsor Related Parties”), if the Sponsor Related Parties, in good faith, determined that such course of conduct was in the best interests of the Funds and such course of conduct did not constitute gross negligence or willful misconduct by the Sponsor Related Parties. The Trust has agreed to indemnify the Sponsor Related Parties against claims, losses or liabilities based on their conduct relating to the Trust, provided that the conduct resulting in the claims, losses or liabilities for which indemnity is sought did not constitute gross negligence or willful misconduct and was done in good faith and in a manner reasonably believed to be in the best interests of the Funds.

Code of Ethics

The Trust has adopted a code of ethics (“Code of Ethics”) that applies to its Principal Executive Officer and Principal Financial Officer. A copy of the Code of Ethics can be obtained, without charge, upon written request to the Sponsor at the following address: ProShare Capital Management LLC, Attn: General Counsel, 7501 Wisconsin Avenue, Suite 1000, Bethesda, MD 20814.

Item 11. Executive Compensation.

The Funds have no employees or directors and are managed by the Sponsor. None of the officers of the Trust, or the members or officers of the Sponsor receive compensation from the Funds.

The Sponsor receives a monthly Management Fee from each Fund, with the exception of each Matching VIX Fund, equal to 0.95% annually of the average daily net asset value per share at the end of each month. The Sponsor receives a monthly Management Fee from each Matching VIX Fund equal to 0.85% annually of the average daily net asset value per share at the end of each month. During the first year of each Fund’s operations, the Sponsor will waive the Management Fee to the extent that such amounts cumulatively exceed the offering costs incurred by each Fund. For the year ended December 31, 2017, the following represents Management Fees earned by the Sponsor:

144

Fund
ProShares Short Euro	$	111,736
ProShares Short VIX Short-Term Futures ETF		7,147,223
ProShares Ultra Bloomberg Crude Oil		7,120,247
ProShares Ultra Bloomberg Natural Gas		446,589
ProShares Ultra Euro		124,543
ProShares Ultra Gold		902,841
ProShares Ultra Silver		2,551,877
ProShares Ultra VIX Short-Term Futures ETF		3,960,999
ProShares Ultra Yen		50,521
ProShares UltraPro 3x Crude Oil ETF		0
ProShares UltraPro 3x Short Crude Oil ETF		0
ProShares UltraShort Australian Dollar		123,234
ProShares UltraShort Bloomberg Crude Oil		1,934,688
ProShares UltraShort Bloomberg Natural Gas		63,534
ProShares UltraShort Euro		2,445,170
ProShares UltraShort Gold		344,734
ProShares UltraShort Silver		194,297
ProShares UltraShort Yen		1,802,816
ProShares VIX Mid-Term Futures ETF		317,739
ProShares VIX Short-Term Futures ETF		1,353,339

145

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Not applicable.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

See “Item 11. Executive Compensation” in this Annual Report on Form 10-K.

Item 14. Principal Accounting Fees and Services.

(1) to (4). Fees for services performed by PricewaterhouseCoopers LLP (“PwC”) for the years ended December 31, 2017 and 2016 were as follows:

	Year Ended December 31, 2017		Year Ended December 31, 2016
Audit Fees	$	744,400	$	742,060
Audit-Related Fees		97,500		33,000
Tax Fees		3,294,470		3,243,200
All Other Fees		—		—
Total	$	4,136,370	$	4,018,260

Audit fees for the year ended December 31, 2017 consist of fees paid to PwC for the audit of the Funds’ December 31, 2017 annual financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2017, for the review of the financial statements included in each Form 10-Q, and for the audits of financial statements included with registration statements. Audit fees for the year ended December 31, 2016 consist of fees paid to PwC for the audit of the Funds’ December 31, 2016 annual financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2016, for the review of the financial statements included in each Form 10-Q, and for the audits of financial statements included with registration statements. Tax fees include certain tax compliance and reporting services provided by PwC to the Trust, including processing beneficial ownership information as it relates to the preparation of tax reporting packages and the subsequent delivery of related information to the IRS. Services also include assistance with tax reporting and related information using a web-based tax package product developed by PwC and a toll-free tax package support help line.

(5) The Sponsor approved all of the services provided by PwC described above. The Sponsor pre-approves all audit and allowed non-audit services of the Trust’s independent registered public accounting firm, including all engagement fees and terms.

(6) None of the hours expended on PwC’s engagement to audit each Fund’s financial statements for the years ended December 31, 2017 or 2016 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

146

PART IV

Item 15. Exhibits and Financial Statement Schedules.

Financial Statement Schedules

See the Index to Financial Statements for a list of the financial statements being filed as part of this Annual Report on Form 10-K. Schedules may have been omitted since they are either not required, not applicable, or the information has otherwise been included.

Exhibit No.	Description of Document
4.1	Trust Agreement of ProShares Trust II (1)
4.2	Form of Amended and Restated Trust Agreement of ProShares Trust II (2)
4.2.1	Amended and Restated Trust Agreement of ProShares Trust II (3)
4.3	Form of Authorized Participant Agreement (4)
10.1	Form of Sponsor Agreement (2)
10.2	Form of Administration and Transfer Agency Services Agreement (4)
10.3	Form of Custodian Agreement (5)
10.4	Form of Distribution Agreement (4)
10.5	Form of Futures Account Agreement (4)
23.1	Consent of Independent Registered Public Accounting Firm (6)
31.1	Certification by Principal Executive Officer of the Trust Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (6)
31.2	Certification by Principal Financial Officer of the Trust Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (6)
32.1	Certification by Principal Executive Officer of the Trust Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (6)
32.2	Certification by Principal Financial Officer of the Trust Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (6)
101.INS	XBRL Instance Document (6)
101.SCH	XBRL Taxonomy Extension Schema (6)
101.CAL	XBRL Taxonomy Extension Calculation Linkbase (6)
101.DEF	XBRL Taxonomy Extension Definition Linkbase (6)
101.LAB	XBRL Taxonomy Extension Label Linkbase (6)
101.PRE	XBRL Taxonomy Extension Presentation Linkbase (6)

(1) Incorporated by reference to the Trust’s Registration Statement, filed on October 18, 2007.

(2) Incorporated by reference to the Trust’s Registration Statement, filed on August 15, 2008.

(3) Incorporated by reference to the Trust’s Registration Statement, filed on September 18, 2008.

(4) Incorporated by reference to the Trust’s Registration Statement, filed on November 17, 2008.

(5) Incorporated by reference to the Trust’s Registration Statement, filed on October 22, 2008.

(6) Filed herewith.

Item 16. Form 10-K Summary.

Not applicable.

147

ProShares Trust II

Financial Statements as of December 31, 2017

Index

Documents	Page
Report of Independent Registered Public Accounting Firm		149
Statements of Financial Condition, Schedules of Investments, Statements of Operations, Statements of Changes in Shareholders’ Equity and Statements of Cash Flows:		151
ProShares Short Euro		151
ProShares Short VIX Short-Term Futures ETF		157
ProShares Ultra Bloomberg Crude Oil		163
ProShares Ultra Bloomberg Natural Gas		169
ProShares Ultra Euro		175
ProShares Ultra Gold		181
ProShares Ultra Silver		187
ProShares Ultra VIX Short-Term Futures ETF		193
ProShares Ultra Yen		199
ProShares UltraPro 3x Crude Oil ETF		205
ProShares UltraPro 3x Short Crude Oil ETF		210
ProShares UltraShort Australian Dollar		215
ProShares UltraShort Bloomberg Crude Oil		221
ProShares UltraShort Bloomberg Natural Gas		227
ProShares UltraShort Euro		233
ProShares UltraShort Gold		239
ProShares UltraShort Silver		245
ProShares UltraShort Yen		251
ProShares VIX Mid-Term Futures ETF		257
ProShares VIX Short-Term Futures ETF		263
ProShares Trust II		269
Notes to Financial Statements		273

148

Report of Independent Registered Public Accounting Firm

To the Sponsor of ProShares Trust II and the Shareholders of each of the twenty funds listed below, comprising ProShares Trust II

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying combined and individual statements of financial condition, including the individual schedules of investments of ProShares Trust II and each of the individual twenty funds listed below comprising the ProShares Trust II (collectively, the “Trust”), as of the dates listed below, and the related combined and individual statements of operations, of changes in shareholders’ equity and of cash flows for each of the periods listed below, including the related notes (collectively referred to as the “financial statements”). We also have audited the combined Trust’s and each of the individual fund’s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the combined and individual financial statements referred to above present fairly, in all material respects, the combined financial position of Proshares Trust II and the individual financial positions of each of the twenty funds as of the dates listed below, and the combined and individual results of their operations and their cash flows for the respective periods described in (a), (b) and (c) below in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the combined Trust and each of the individual funds maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

ProShares Short Euro (a)

ProShares Short VIX Short-Term Futures ETF (a)

ProShares Ultra Bloomberg Crude Oil (a)

ProShares Ultra Bloomberg Natural Gas (a)

ProShares Ultra Euro (a)

ProShares Ultra Gold (a)

ProShares Ultra Silver (a)

ProShares Ultra VIX Short-Term Futures ETF (a)

ProShares Ultra Yen (a)

ProShares UltraPro 3x Crude Oil ETF (b)

ProShares UltraPro 3x Short Crude Oil ETF (b)

ProShares UltraShort Australian Dollar (a)

ProShares UltraShort Bloomberg Crude Oil (a)

ProShares UltraShort Bloomberg Natural Gas (a)

ProShares UltraShort Euro (a)

ProShares UltraShort Gold (a)

ProShares UltraShort Silver (a)

ProShares UltraShort Yen (a)

ProShares VIX Mid-Term Futures ETF (a)

ProShares VIX Short-Term Futures ETF (a)

ProShares Trust II (“combined”) (c)

(a) Statements of financial condition, including the schedule of investments, as of December 31, 2017 and 2016, and the related statements of operations, of changes in shareholders’ equity and of cash flows for each of the three years in the period ended December 31, 2017

(b) Statements of financial condition, including the schedule of investments, as of December 31, 2017, and the related statements of operations, of changes in shareholders’ equity and of cash flows for the period January 13, 2017 (inception) through December 31, 2017

149

(c) Statements of financial condition as of December 31, 2017 and 2016, and the related statements of operations, of changes in shareholders’ equity and of cash flows for each of the three years in the period ended December 31, 2017

Basis for Opinions

The Trust’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the combined Trust’s and each of the individual fund’s financial statements and on the combined Trust’s and each of the individual fund’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust and each of the funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audits of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A trust’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the trust; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the trust are being made only in accordance with authorizations of management of the trust; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the trust’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

March 1, 2018

We have served as the auditor of ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Euro, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Yen, ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Euro, ProShares UltraShort Gold, ProShares UltraShort Silver, and ProShares UltraShort Yen since 2008.

We have served as the auditor of the combined ProShares Trust II, ProShares VIX Mid-Term Futures ETF, and ProShares VIX Short-Term Futures ETF since 2010.

We have served as the auditor of ProShares Short Euro, ProShares Short VIX Short-Term Futures ETF, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra VIX Short-Term Futures ETF, ProShares UltraShort Australian Dollar, and ProShares UltraShort Bloomberg Natural Gas since 2011.

We have served as auditor of ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF since 2017.

150

PROSHARES SHORT EURO

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	923,063	$	2,292,012
Segregated cash balances with brokers for futures contracts		122,430		402,600
Short-term U.S. government and agency obligations (Note 3) (cost $6,996,595 and $13,164,807, respectively)		6,996,235		13,164,828
Total assets		8,041,728		15,859,440
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		43,311		76,666
Payable to Sponsor		6,537		12,686
Total liabilities		49,848		89,352
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		7,991,880		15,770,088
Total liabilities and shareholders’ equity	$	8,041,728	$	15,859,440
Shares outstanding		200,000		350,000
Net asset value per share	$	39.96	$	45.06
Market value per share (Note 2)	$	39.99	$	45.12

See accompanying notes to financial statements.

151

PROSHARES SHORT EURO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations
(88% of shareholders’ equity)
U.S. Treasury Bills^^:
1.033% due 01/18/18	$	7,000,000	$	6,996,235
Total short-term U.S. government and agency obligations (cost $6,996,595)			$	6,996,235

Futures Contracts Sold

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Euro Fx Currency Futures—CME, expires March 2018		53	$	8,000,019	$	(166,288	)

^^ Rates shown represents discount rate at the time of purchase.

See accompanying notes to financial statements.

152

PROSHARES SHORT EURO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations
(83% of shareholders’ equity)
U.S. Treasury Bills^^:
0.270% due 01/12/17	$	8,168,000	$	8,167,194
0.355% due 01/19/17		2,000,000		1,999,631
0.491% due 02/23/17		3,000,000		2,998,003
Total short-term U.S. government and agency obligations (cost $13,164,807)			$	13,164,828

Futures Contracts Sold††

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)
Euro Fx Currency Futures—CME, expires March 2017		120	$	15,861,000	$	132,900

^^ Rates shown represents discount rate at the time of purchase.

†† Cash collateral in the amount of $402,600 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

See accompanying notes to financial statements.

153

PROSHARES SHORT EURO

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	75,953		$	32,959		$	4,504
Expenses
Management fee		111,736			153,021			179,286
Brokerage commissions		1,844			2,666			3,979
Total expenses		113,580			155,687			183,265
Net investment income (loss)		(37,627	)		(122,728	)		(178,761	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(1,161,987	)		663,774			1,559,425
Short-term U.S. government and agency obligations		(384	)		33			218
Net realized gain (loss)		(1,162,371	)		663,807			1,559,643
Change in net unrealized appreciation/depreciation on
Futures contracts		(299,188	)		(110,538	)		(141,893	)
Short-term U.S. government and agency obligations		(381	)		12			(170	)
Change in net unrealized appreciation/depreciation		(299,569	)		(110,526	)		(142,063	)
Net realized and unrealized gain (loss)		(1,461,940	)		553,281			1,417,580
Net income (loss)	$	(1,499,567	)	$	430,553		$	1,238,819

See accompanying notes to financial statements.

154

PROSHARES SHORT EURO

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	15,770,088		$	17,510,898		$	14,021,804
Addition of 0, 50,000 and 550,000 shares, respectively		—			2,109,382			23,563,492
Redemption of 150,000, 100,005 and 500,000 shares, respectively		(6,278,641	)		(4,280,745	)		(21,313,217	)
Net addition (redemption) of (150,000), (50,005) and 50,000 shares, respectively		(6,278,641	)		(2,171,363	)		2,250,275
Net investment income (loss)		(37,627	)		(122,728	)		(178,761	)
Net realized gain (loss)		(1,162,371	)		663,807			1,559,643
Change in net unrealized appreciation/depreciation		(299,569	)		(110,526	)		(142,063	)
Net income (loss)		(1,499,567	)		430,553			1,238,819
Shareholders’ equity, end of period	$	7,991,880		$	15,770,088		$	17,510,898

See accompanying notes to financial statements.

155

PROSHARES SHORT EURO

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	(1,499,567	)	$	430,553		$	1,238,819
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		280,170			101,145			(260,865	)
Purchases of short-term U.S. government and agency obligations		(52,920,382	)		(53,315,548	)		(56,503,913	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		59,163,769			55,336,935			53,441,831
Net amortization and accretion on short-term U.S government and agency obligations		(75,559	)		(32,959	)		(4,504	)
Net realized gain (loss) on investments		384			(33	)		(218	)
Change in unrealized appreciation/depreciation on investments		381			(12	)		170
Decrease (Increase) in receivable on futures contracts		—			84,235			(20,985	)
Increase (Decrease) in payable to Sponsor		(6,149	)		(1,409	)		2,967
Increase (Decrease) in payable on futures contracts		(33,355	)		76,666			—
Net cash provided by (used in) operating activities		4,909,692			2,679,573			(2,106,698	)
Cash flow from financing activities
Proceeds from addition of shares		—			2,109,382			23,563,492
Payment on shares redeemed		(6,278,641	)		(4,280,745	)		(21,313,217	)
Net cash provided by (used in) financing activities		(6,278,641	)		(2,171,363	)		2,250,275
Net increase (decrease) in cash		(1,368,949	)		508,210			143,577
Cash, beginning of period		2,292,012			1,783,802			1,640,225
Cash, end of period	$	923,063		$	2,292,012		$	1,783,802

See accompanying notes to financial statements.

156

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	1,468,000	$	1,850,760
Segregated cash balances with brokers for futures contracts		299,200,276		55,323,984
Short-term U.S. government and agency obligations (Note 3) (cost $494,962,509 and $170,391,741, respectively)		494,910,644		170,396,436
Receivable on open futures contracts		20,758,850		1,059,418
Total assets		816,337,770		228,630,598
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		44,817,710		—
Payable on open futures contracts		528,750		325,000
Payable to Sponsor		827,439		230,211
Total liabilities		46,173,899		555,211
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		770,163,871		228,075,387
Total liabilities and shareholders’ equity	$	816,337,770	$	228,630,598
Shares outstanding (Note 1)		6,050,000		5,000,000
Net asset value per share (Note 1)	$	127.30	$	45.62
Market value per share (Note 1) (Note 2)	$	128.21	$	45.49

See accompanying notes to financial statements.

157

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations
(64% of shareholders’ equity)
U.S. Treasury Bills^^:
1.209% due 02/08/18†	$	36,000,000	$	35,954,122
1.080% due 02/15/18		70,000,000		69,893,908
1.145% due 02/22/18†		87,000,000		86,846,558
1.155% due 03/01/18		60,000,000		59,876,748
1.256% due 03/08/18		70,000,000		69,835,696
1.271% due 03/15/18		63,000,000		62,837,460
1.277% due 03/22/18		75,000,000		74,780,280
1.267% due 03/29/18		35,000,000		34,885,872
Total short-term U.S. government and agency obligations (cost $494,962,509)			$	494,910,644

Futures Contracts Sold

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
VIX Futures—CBOE, expires January 2018		38,015	$	436,222,125	$	21,493,549
VIX Futures—CBOE, expires February 2018		26,693		332,995,175		(4,452,100	)
					$	17,041,449

^^ Rates shown represents discount rate at the time of purchase.

† All or partial amount pledged as collateral for futures contracts.

See accompanying notes to financial statements.

158

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations
(75% of shareholders’ equity)
U.S. Treasury Bills^^:
0.471% due 02/09/17	$	47,500,000	$	47,478,520
0.437% due 02/16/17†		95,000,000		94,948,330
0.493% due 03/23/17		28,000,000		27,969,586
Total short-term U.S. government and agency obligations (cost $170,391,741)			$	170,396,436

Futures Contracts Sold††

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)
VIX Futures—CBOE, expires January 2017		8,491	$	128,426,375	$	(7,027,685	)
VIX Futures—CBOE, expires February 2017		5,974		99,019,050		(3,281,926	)
					$(10,309,611)

^^ Rates shown represents discount rate at the time of purchase.

† All or partial amount pledged as collateral for futures contracts.

†† Cash collateral in the amount of $55,323,984 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

See accompanying notes to financial statements.

159

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	6,001,679		$	1,126,057		$	180,686
Expenses
Management fee		7,147,223			4,448,808			4,043,491
Brokerage commissions		4,226,442			2,074,099			1,935,395
Brokerage fees		1,558			—			—
Total expenses		11,375,223			6,522,907			5,978,886
Net investment income (loss)		(5,373,544	)		(5,396,850	)		(5,798,200	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		897,400,516			440,391,389			69,793,028
Short-term U.S. government and agency obligations		(443	)		(11,670	)		35,629
Net realized gain (loss)		897,400,073			440,379,719			69,828,657
Change in net unrealized appreciation/depreciation on
Futures contracts		27,351,060			(21,056,026	)		27,098,564
Short-term U.S. government and agency obligations		(56,560	)		(6,824	)		8,936
Change in net unrealized appreciation/depreciation		27,294,500			(21,062,850	)		27,107,500
Net realized and unrealized gain (loss)		924,694,573			419,316,869			96,936,157
Net income (loss)	$	919,321,029		$	413,920,019		$	91,137,957

See accompanying notes to financial statements.

160

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	228,075,387		$	642,811,361		$	506,556,124
Addition of 52,550,000, 105,900,000 and 48,200,000 shares, respectively (Note 1)		3,985,678,031			2,867,628,691			1,403,231,166
Redemption of 51,500,000, 126,200,080 and 39,400,000 shares, respectively (Note 1)		(4,362,910,576	)		(3,696,284,684	)		(1,358,113,886	)
Net addition (redemption) of 1,050,000, (20,300,080) and 8,800,000 shares, respectively (Note 1)		(377,232,545	)		(828,655,993	)		45,117,280
Net investment income (loss)		(5,373,544	)		(5,396,850	)		(5,798,200	)
Net realized gain (loss)		897,400,073			440,379,719			69,828,657
Change in net unrealized appreciation/depreciation		27,294,500			(21,062,850	)		27,107,500
Net income (loss)		919,321,029			413,920,019			91,137,957
Shareholders’ equity, end of period	$	770,163,871		$	228,075,387		$	642,811,361

See accompanying notes to financial statements.

161

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	919,321,029		$	413,920,019		$	91,137,957
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		(243,876,292	)		68,204,421			(38,283,455	)
Purchases of short-term U.S. government and agency obligations		(7,250,717,757	)		(2,915,165,614	)		(2,104,319,382	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		6,931,640,345			3,281,269,459			2,016,127,119
Net amortization and accretion on short-term U.S government and agency obligations		(5,493,799	)		(1,126,057	)		(180,670	)
Net realized gain (loss) on investments		443			11,670			(35,629	)
Change in unrealized appreciation/depreciation on investments		56,560			6,824			(8,936	)
Decrease (Increase) in receivable on futures contracts		(19,699,432	)		(1,059,418	)		—
Increase (Decrease) in payable to Sponsor		597,228			(277,306	)		100,052
Increase (Decrease) in payable on futures contracts		203,750			(1,095,271	)		(29,599,748	)
Net cash provided by (used in) operating activities		332,032,075			844,688,727			(65,062,692	)
Cash flow from financing activities
Proceeds from addition of shares		3,985,678,031			2,877,792,848			1,393,067,009
Payment on shares redeemed		(4,318,092,866	)		(3,725,781,791	)		(1,331,975,560	)
Net cash provided by (used in) financing activities		(332,414,835	)		(847,988,943	)		61,091,449
Net increase (decrease) in cash		(382,760	)		(3,300,216	)		(3,971,243	)
Cash, beginning of period		1,850,760			5,150,976			9,122,219
Cash, end of period	$	1,468,000		$	1,850,760		$	5,150,976

See accompanying notes to financial statements.

162

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	1,532,748	$	1,401,555
Segregated cash balances with brokers for futures contracts		8,796,755		20,609,600
Short-term U.S. government and agency obligations (Note 3) (cost $459,543,053 and $885,046,303, respectively)		459,515,902		885,050,007
Unrealized appreciation on swap agreements		62,238,361		55,358,571
Receivable on open futures contracts		2,242,001		—
Total assets		534,325,767		962,419,733
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		9,464,420		25,879,004
Payable on open futures contracts		—		1,993,438
Brokerage commissions and fees payable		—		2,332
Payable to Sponsor		415,821		813,099
Total liabilities		9,880,241		28,687,873
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		524,445,526		933,731,860
Total liabilities and shareholders’ equity	$	534,325,767	$	962,419,733
Shares outstanding		22,161,317		40,013,933
Net asset value per share	$	23.66	$	23.34
Market value per share (Note 2)	$	23.44	$	23.36

See accompanying notes to financial statements.

163

PROSHARES ULTRA BLOOMBERG CRUDE OIL

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations
(88% of shareholders’ equity)
U.S. Treasury Bills^^:
1.001% due 01/04/18†	$	63,000,000	$	62,996,081
1.022% due 01/11/18†		63,000,000		62,982,203
1.033% due 01/18/18†		38,000,000		37,979,564
1.082% due 01/25/18†		47,000,000		46,962,616
1.146% due 02/01/18†		41,000,000		40,957,635
1.118% due 02/08/18†		61,000,000		60,922,262
1.080% due 02/15/18†		50,000,000		49,924,220
1.145% due 02/22/18†		18,000,000		17,968,253
1.223% due 03/01/18†		29,000,000		28,940,428
1.256% due 03/08/18†		50,000,000		49,882,640
Total short-term U.S. government and agency obligations (cost $459,543,053)			$	459,515,902

Futures Contracts Purchased

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil—NYMEX, expires March 2018		3,854	$	232,935,760	$	11,945,979

Total Return Swap Agreements^

	Rate Paid (Received)*			Termination Date		Notional Amount at Value**		Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Crude Oil Sub-Index		0.18	%		01/08/18	$	268,156,276	$	19,815,892
Swap agreement with Goldman Sachs International based on Bloomberg Crude Oil Sub-Index		0.25			01/08/18		213,961,079		16,654,031
Swap agreement with Societe Generale based on Bloomberg Crude Oil Sub-Index		0.25			01/08/18		122,285,969		9,003,519
Swap agreement with UBS AG based on Bloomberg Crude Oil Sub-Index		0.25			01/08/18		211,563,368		16,764,919
							Total Unrealized Appreciation	$	62,238,361

† All or partial amount pledged as collateral for swap agreements.

^ The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

* Reflects the floating financing rate, as of December 31, 2017, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

See accompanying notes to financial statements.

164

PROSHARES ULTRA BLOOMBERG CRUDE OIL

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations
(95% of shareholders’ equity)
U.S. Treasury Bills^^:
0.289% due 01/05/17†	$	144,500,000	$	144,496,908
0.270% due 01/12/17†		113,636,000		113,624,784
0.371% due 01/19/17†		48,500,000		48,491,057
0.362% due 01/26/17†		106,000,000		105,971,899
0.418% due 02/02/17†		105,749,000		105,712,432
0.400% due 02/09/17†		108,000,000		107,951,162
0.420% due 02/16/17†		77,000,000		76,958,120
0.491% due 02/23/17†		20,000,000		19,986,684
0.481% due 03/09/17†		150,000,000		149,869,995
0.493% due 03/23/17		12,000,000		11,986,966
Total short-term U.S. government and agency obligations (cost $885,046,303)			$	885,050,007

Futures Contracts Purchased††

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)
WTI Crude Oil—NYMEX, expires March 2017		5,855	$	320,034,300	$	5,537,165

Swap Agreements^

	Rate Paid (Received)*			Termination Date		Notional Amount at Value**		Unrealized Appreciation (Depreciation)
Swap agreement with Citibank, N.A. based on Bloomberg Crude Oil Sub-Index		0.18	%		01/10/17	$	545,083,669	$	18,427,009
Swap agreement with Goldman Sachs International based on Bloomberg Crude Oil Sub-Index		0.25			01/10/17		379,451,639		14,016,906
Swap agreement with Societe Generale based on Bloomberg Crude Oil Sub-Index		0.25			01/10/17		259,616,766		8,661,821
Swap agreement with UBS AG based on Bloomberg Crude Oil Sub-Index		0.25			01/10/17		363,331,028		14,252,835
								$	55,358,571

† All or partial amount pledged as collateral for swap agreements and/or futures contracts.

†† Cash collateral in the amount of $20,609,600 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

^ The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

* Reflects the floating financing rate, as of December 31, 2016, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

See accompanying notes to financial statements.

165

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	5,982,049		$	2,170,633		$	396,158
Expenses
Management fee		7,120,247			8,263,078			8,230,180
Brokerage commissions		241,263			538,935			639,133
Total expenses		7,361,510			8,802,013			8,869,313
Net investment income (loss)		(1,379,461	)		(6,631,380	)		(8,473,155	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		28,048,922			43,093,616			(297,227,106	)
Swap agreements		(5,902,710	)		30,967,424			(598,949,990	)
Short-term U.S. government and agency obligations		(14,496	)		(17,374	)		22,728
Net realized gain (loss)		22,131,716			74,043,666			(896,154,368	)
Change in net unrealized appreciation/depreciation on
Futures contracts		6,408,814			23,466,479			28,545,473
Swap agreements		6,879,790			127,535,160			4,004,508
Short-term U.S. government and agency obligations		(30,855	)		5,463			(6,857	)
Change in net unrealized appreciation/depreciation		13,257,749			151,007,102			32,543,124
Net realized and unrealized gain (loss)		35,389,465			225,050,768			(863,611,244	)
Net income (loss)	$	34,010,004		$	218,419,388		$	(872,084,399	)

See accompanying notes to financial statements.

166

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	933,731,860		$	783,922,475		$	450,562,988
Addition of 68,500,000, 62,875,000 and 43,415,000 shares, respectively		1,156,816,574			1,094,604,444			2,505,616,928
Redemption of 86,352,616, 54,025,001 and 16,690,983 shares, respectively		(1,600,112,912	)		(1,163,214,447	)		(1,300,173,042	)
Net addition (redemption) of (17,852,616), 8,849,999 and 26,724,017 shares, respectively		(443,296,338	)		(68,610,003	)		1,205,443,886
Net investment income (loss)		(1,379,461	)		(6,631,380	)		(8,473,155	)
Net realized gain (loss)		22,131,716			74,043,666			(896,154,368	)
Change in net unrealized appreciation/depreciation		13,257,749			151,007,102			32,543,124
Net income (loss)		34,010,004			218,419,388			(872,084,399	)
Shareholders’ equity, end of period	$	524,445,526		$	933,731,860		$	783,922,475

See accompanying notes to financial statements.

167

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	34,010,004		$	218,419,388		$	(872,084,399	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		11,812,845			26,962,210			(12,966,690	)
Purchases of short-term U.S. government and agency obligations		(6,401,999,444	)		(3,746,504,691	)		(4,300,690,737	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		6,833,376,973			3,661,263,949			3,970,639,458
Net amortization and accretion on short-term U.S government and agency obligations		(5,888,775	)		(2,170,633	)		(382,657	)
Net realized gain (loss) on investments		14,496			17,374			(22,728	)
Change in unrealized appreciation/depreciation on investments		(6,848,935	)		(127,540,623	)		(3,997,651	)
Decrease (Increase) in receivable on futures contracts		(2,242,001	)		5,150,763			(5,150,763	)
Increase (Decrease) in payable to Sponsor		(397,278	)		176,115			316,922
Increase (Decrease) in brokerage commissions and fees payable		(2,332	)		(22,668	)		25,000
Increase (Decrease) in payable on futures contracts		(1,993,438	)		1,993,438			(5,817,266	)
Net cash provided by (used in) operating activities		459,842,115			37,744,622			(1,230,131,511	)
Cash flow from financing activities
Proceeds from addition of shares		1,156,816,574			1,099,498,953			2,529,448,592
Payment on shares redeemed		(1,616,527,496	)		(1,139,850,399	)		(1,297,658,086	)
Net cash provided by (used in) financing activities		(459,710,922	)		(40,351,446	)		1,231,790,506
Net increase (decrease) in cash		131,193			(2,606,824	)		1,658,995
Cash, beginning of period		1,401,555			4,008,379			2,349,384
Cash, end of period	$	1,532,748		$	1,401,555		$	4,008,379

See accompanying notes to financial statements.

168

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	4,417,324	$	971,442
Segregated cash balances with brokers for futures contracts		10,299,573		7,612,770
Short-term U.S. government and agency obligations (Note 3) (cost $50,963,586 and $36,183,384, respectively)		50,961,356		36,183,648
Receivable from capital shares sold		326,440		—
Receivable on open futures contracts		1,520,156		—
Total assets		67,524,849		44,767,860
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		4,211,794		—
Payable on open futures contracts		—		1,528,005
Brokerage commissions and fees payable		—		433
Payable to Sponsor		44,105		36,036
Total liabilities		4,255,899		1,564,474
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		63,268,950		43,203,386
Total liabilities and shareholders’ equity	$	67,524,849	$	44,767,860
Shares outstanding		9,692,169		2,292,169
Net asset value per share	$	6.53	$	18.85
Market value per share (Note 2)	$	6.50	$	18.96

See accompanying notes to financial statements.

169

PROSHARES ULTRA BLOOMBERG NATURAL GAS

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations
(81% of shareholders’ equity)
U.S. Treasury Bills^^:
1.000% due 01/04/18	$	16,000,000	$	15,999,005
1.001% due 01/11/18		9,000,000		8,997,457
1.033% due 01/18/18		6,000,000		5,996,773
1.040% due 02/01/18		8,000,000		7,991,734
1.145% due 02/22/18		9,000,000		8,984,127
1.271% due 03/15/18		3,000,000		2,992,260
Total short-term U.S. government and agency obligations (cost $50,963,586)			$	50,961,356

Futures Contracts Purchased

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Natural Gas—NYMEX, expires March 2018		4,355	$	126,556,300	$	7,225,810

^^ Rates shown represents discount rate at the time of purchase.

See accompanying notes to financial statements.

170

PROSHARES ULTRA BLOOMBERG NATURAL GAS

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations
(84% of shareholders’ equity)
U.S. Treasury Bills^^:
0.435% due 01/12/17	$	1,200,000	$	1,199,882
0.345% due 01/19/17		8,000,000		7,998,525
0.311% due 01/26/17		3,000,000		2,999,205
0.403% due 02/02/17		3,000,000		2,998,963
0.425% due 02/09/17		4,000,000		3,998,191
0.440% due 02/16/17		12,000,000		11,993,473
0.491% due 02/23/17		2,000,000		1,998,668
0.493% due 03/23/17		3,000,000		2,996,741
Total short-term U.S. government and agency obligations (cost $36,183,384)			$	36,183,648

Futures Contracts Purchased††

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)
Natural Gas—NYMEX, expires March 2017		2,346	$	86,426,640	$	2,536,720

^^ Rates shown represents discount rate at the time of purchase.

†† Cash collateral in the amount of $7,612,770 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

See accompanying notes to financial statements.

171

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	339,079		$	72,943		$	20,167
Expenses
Management fee		446,589			325,435			574,158
Brokerage commissions		126,252			131,994			207,344
Total expenses		572,841			457,429			781,502
Net investment income (loss)		(233,762	)		(384,486	)		(761,335	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(40,793,265	)		17,571,809			(100,776,817	)
Short-term U.S. government and agency obligations		(1,021	)		(698	)		4,341
Net realized gain (loss)		(40,794,286	)		17,571,111			(100,772,476	)
Change in net unrealized appreciation/depreciation on
Futures contracts		4,689,090			(3,776,159	)		41,202,162
Short-term U.S. government and agency obligations		(2,494	)		(819	)		(296	)
Change in net unrealized appreciation/depreciation		4,686,596			(3,776,978	)		41,201,866
Net realized and unrealized gain (loss)		(36,107,690	)		13,794,133			(59,570,610	)
Net income (loss)	$	(36,341,452	)	$	13,409,647		$	(60,331,945	)

See accompanying notes to financial statements.

172

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	43,203,386		$	38,851,184		$	70,433,207
Addition of 12,550,000, 3,450,000 and 2,137,500 shares, respectively		106,004,594			40,783,818			83,526,876
Redemption of 5,150,000, 3,250,001 and 1,187,815 shares, respectively		(49,597,578	)		(49,841,263	)		(54,776,954	)
Net addition (redemption) of 7,400,000, 199,999 and 949,685 shares, respectively		56,407,016			(9,057,445	)		28,749,922
Net investment income (loss)		(233,762	)		(384,486	)		(761,335	)
Net realized gain (loss)		(40,794,286	)		17,571,111			(100,772,476	)
Change in net unrealized appreciation/depreciation		4,686,596			(3,776,978	)		41,201,866
Net income (loss)		(36,341,452	)		13,409,647			(60,331,945	)
Shareholders’ equity, end of period	$	63,268,950		$	43,203,386		$	38,851,184

See accompanying notes to financial statements.

173

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	(36,341,452	)	$	13,409,647		$	(60,331,945	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		(2,686,803	)		(17,490	)		13,538,800
Purchases of short-term U.S. government and agency obligations		(400,640,972	)		(136,277,314	)		(262,203,648	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		386,173,028			126,972,823			288,829,035
Net amortization and accretion on short-term U.S government and agency obligations		(313,279	)		(72,943	)		(18,846	)
Net realized gain (loss) on investments		1,021			698			(4,341	)
Change in unrealized appreciation/depreciation on investments		2,494			819			296
Decrease (Increase) in receivable on futures contracts		(1,520,156	)		3,065,769			(3,065,769	)
Increase (Decrease) in payable to Sponsor		8,069			10,926			(40,680	)
Increase (Decrease) in brokerage commissions and fees payable		(433	)		(3,190	)		3,623
Increase (Decrease) in payable on futures contracts		(1,528,005	)		1,528,005			(9,552,314	)
Net cash provided by (used in) operating activities		(56,846,488	)		8,617,750			(32,845,789	)
Cash flow from financing activities
Proceeds from addition of shares		105,678,154			40,783,818			87,380,298
Payment on shares redeemed		(45,385,784	)		(49,841,263	)		(54,776,954	)
Net cash provided by (used in) financing activities		60,292,370			(9,057,445	)		32,603,344
Net increase (decrease) in cash		3,445,882			(439,695	)		(242,445	)
Cash, beginning of period		971,442			1,411,137			1,653,582
Cash, end of period	$	4,417,324		$	971,442		$	1,411,137

See accompanying notes to financial statements.

174

PROSHARES ULTRA EURO

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	1,416,427	$	606,393
Segregated cash balances with brokers for foreign currency forward contracts		922,000		—
Short-term U.S. government and agency obligations (Note 3) (cost $6,996,595 and $11,891,729, respectively)		6,996,235		11,891,831
Unrealized appreciation on foreign currency forward contracts		321,609		2,548
Total assets		9,656,271		12,500,772
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		7,298		9,629
Unrealized depreciation on foreign currency forward contracts		57,457		576,558
Total liabilities		64,755		586,187
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		9,591,516		11,914,585
Total liabilities and shareholders’ equity	$	9,656,271	$	12,500,772
Shares outstanding		550,000		850,000
Net asset value per share	$	17.44	$	14.02
Market value per share (Note 2)	$	17.46	$	14.09

See accompanying notes to financial statements.

175

PROSHARES ULTRA EURO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations (73% of shareholders’ equity)
U.S. Treasury Bills^^:
1.033% due 01/18/18†	$	7,000,000	$	6,996,235
Total short-term U.S. government and agency obligations (cost $6,996,595)			$	6,996,235

Foreign Currency Forward Contracts^

	Settlement Date		Contract Amount in Local Currency			Contract Amount in U.S. Dollars			Unrealized Appreciation (Depreciation)/Value
Contracts to Purchase
Euro with Goldman Sachs International		01/12/18		8,921,525		$	10,550,545		$	159,093
Euro with UBS AG		01/12/18		10,174,300			12,050,988			162,516
Total Unrealized Appreciation									$	321,609
Contracts to Sell
Euro with Goldman Sachs International		01/12/18		(3,071,600	)	$	(3,630,563	)	$	(56,669	)
Euro with UBS AG		01/12/18		(37,900	)		(44,709	)		(788	)
Total Unrealized Depreciation									$	(57,457	)

† All or partial amount pledged as collateral for foreign currency forward contracts.

^ The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

See accompanying notes to financial statements.

176

PROSHARES ULTRA EURO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations (100% of shareholders’ equity)
U.S. Treasury Bills^^:
0.295% due 01/05/17†	$	1,000,000	$	999,979
0.270% due 01/12/17		901,000		900,911
0.299% due 01/19/17†		2,000,000		1,999,631
0.493% due 03/23/17		8,000,000		7,991,310
Total short-term U.S. government and agency obligations (cost $11,891,729)			$	11,891,831

Foreign Currency Forward Contracts^

	Settlement Date		Local Currency			Notional Amount at Value (USD)			Unrealized Appreciation (Depreciation)
Contracts to Purchase
Euro with Goldman Sachs International		01/13/17		9,841,725		$	10,368,169		$	(236,099	)
Euro with UBS AG		01/13/17		13,774,600			14,511,417			(337,302	)
									$	(573,401	)
Contracts to Sell
Euro with Goldman Sachs International		01/13/17		(717,800	)	$	(756,196	)	$	(3,157	)
Euro with UBS AG		01/13/17		(264,000	)		(278,121	)		2,548
									$	(609	)

† All or partial amount pledged as collateral for foreign currency forward contracts.

^ The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

See accompanying notes to financial statements.

177

PROSHARES ULTRA EURO

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	94,761		$	25,015		$	2,797
Expenses
Management fee		124,543			99,537			106,868
Total expenses		124,543			99,537			106,868
Net investment income (loss)		(29,782	)		(74,522	)		(104,071	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts		2,212,313			138,959			(1,982,208	)
Short-term U.S. government and agency obligations		(87	)		154			(109	)
Net realized gain (loss)		2,212,226			139,113			(1,982,317	)
Change in net unrealized appreciation/depreciation on
Foreign currency forward contracts		838,162			(1,178,930	)		708,291
Short-term U.S. government and agency obligations		(462	)		505			(369	)
Change in net unrealized appreciation/depreciation		837,700			(1,178,425	)		707,922
Net realized and unrealized gain (loss)		3,049,926			(1,039,312	)		(1,274,395	)
Net income (loss)	$	3,020,144		$	(1,113,834	)	$	(1,378,466	)

See accompanying notes to financial statements.

178

PROSHARES ULTRA EURO

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	11,914,585		$	10,857,730		$	2,981,441
Addition of 1,600,000, 300,000 and 950,000 shares, respectively		25,220,169			4,628,749			15,916,613
Redemption of 1,900,000, 150,014 and 400,000 shares, respectively		(30,563,382	)		(2,458,060	)		(6,661,858	)
Net addition (redemption) of (300,000), 149,986 and 550,000 shares, respectively		(5,343,213	)		2,170,689			9,254,755
Net investment income (loss)		(29,782	)		(74,522	)		(104,071	)
Net realized gain (loss)		2,212,226			139,113			(1,982,317	)
Change in net unrealized appreciation/depreciation		837,700			(1,178,425	)		707,922
Net income (loss)		3,020,144			(1,113,834	)		(1,378,466	)
Shareholders’ equity, end of period	$	9,591,516		$	11,914,585		$	10,857,730

See accompanying notes to financial statements.

179

PROSHARES ULTRA EURO

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	3,020,144		$	(1,113,834	)	$	(1,378,466	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for foreign currency forward contracts		(922,000	)		—			—
Purchases of short-term U.S. government and agency obligations		(57,793,329	)		(48,066,675	)		(42,137,395	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		62,783,137			47,805,780			32,950,150
Net amortization and accretion on short-term U.S government and agency obligations		(94,761	)		(25,015	)		(2,797	)
Net realized gain (loss) on investments		87			(154	)		109
Change in unrealized appreciation/depreciation on investments		(837,700	)		1,178,425			(707,922	)
Increase (Decrease) in payable to Sponsor		(2,331	)		(415	)		8,041
Net cash provided by (used in) operating activities		6,153,247			(221,888	)		(11,268,280	)
Cash flow from financing activities
Proceeds from addition of shares		25,220,169			4,628,749			15,916,613
Payment on shares redeemed		(30,563,382	)		(4,027,778	)		(5,092,140	)
Net cash provided by (used in) financing activities		(5,343,213	)		600,971			10,824,473
Net increase (decrease) in cash		810,034			379,083			(443,807	)
Cash, beginning of period		606,393			227,310			671,117
Cash, end of period	$	1,416,427		$	606,393		$	227,310

See accompanying notes to financial statements.

180

PROSHARES ULTRA GOLD

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	1,237,103	$	1,262,351
Segregated cash balances with brokers for futures contracts		8,800		13,200
Short-term U.S. government and agency obligations (Note 3) (cost $88,890,367 and $95,356,703, respectively)		88,884,844		95,356,621
Unrealized appreciation on forward agreements		3,646,355		—
Receivable on open futures contracts		2,420		—
Total assets		93,779,522		96,632,172
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		—		1,280
Payable to Sponsor		70,774		72,585
Unrealized depreciation on forward agreements		—		4,431,107
Total liabilities		70,774		4,504,972
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		93,708,748		92,127,200
Total liabilities and shareholders’ equity	$	93,779,522	$	96,632,172
Shares outstanding		2,350,000		2,800,000
Net asset value per share	$	39.88	$	32.90
Market value per share (Note 2)	$	40.67	$	33.20

See accompanying notes to financial statements.

181

PROSHARES ULTRA GOLD

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations (95% of shareholders’ equity)
U.S. Treasury Bills^^:
1.000% due 01/04/18	$	16,000,000	$	15,999,005
1.001% due 01/11/18†		12,000,000		11,996,610
1.033% due 01/18/18†		10,000,000		9,994,622
1.075% due 02/08/18†		12,000,000		11,984,707
1.080% due 02/15/18†		15,000,000		14,977,266
1.298% due 03/15/18†		16,000,000		15,958,720
1.267% due 03/29/18†		8,000,000		7,973,914
Total short-term U.S. government and agency obligations (cost $88,890,367)			$	88,884,844

Futures Contracts Purchased

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Gold Futures - COMEX, expires February 2018		2	$	261,860	$	5,480

Forward Agreements^

	Rate Paid (Received)*			Settlement Date		Commitment to (Deliver)/Receive		Notional Amount at Value**		Unrealized Appreciation (Depreciation)/Value
Forward agreements with Citibank, N.A. based on 0.995 Fine Troy Ounce Gold		2.25	%		01/08/18	$	53,800	$	69,494,536	$	1,513,310
Forward agreements with Goldman Sachs International based on 0.995 Fine Troy Ounce Gold		2.30			01/08/18		38,420		49,625,577		969,501
Forward agreements with Societe Generale based on 0.995 Fine Troy Ounce Gold		2.18			01/08/18		13,000		16,791,060		218,319
Forward agreements with UBS AG based on 0.995 Fine Troy Ounce Gold		2.36			01/08/18		39,700		51,280,490		945,225
Total Unrealized Appreciation										$	3,646,355

† All or partial amount pledged as collateral for forward agreements.

^ The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

* Reflects the floating financing rate, as of December 31, 2017 on the notional amount of the forward agreement paid to the counterparty or received from the counterparty, excluding any commissions. Forward Agreements payment is due at termination/maturity.

** For forward agreements, a positive amount represents “long” exposure to the underlying commodity. A negative amount represents “short” exposure to the underlying commodity.

See accompanying notes to financial statements.

182

PROSHARES ULTRA GOLD

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations
(104% of shareholders’ equity)
U.S. Treasury Bills^^:
0.318% due 01/05/17†	$	5,340,000	$	5,339,886
0.276% due 01/12/17†		15,564,000		15,562,464
0.355% due 01/19/17†		4,395,000		4,394,189
0.360% due 01/26/17†		22,000,000		21,994,168
0.406% due 02/02/17†		6,100,000		6,097,891
0.393% due 02/16/17†		11,006,000		11,000,014
0.491% due 02/23/17†		4,000,000		3,997,337
0.493% due 03/23/17†		27,000,000		26,970,672
Total short-term U.S. government and agency obligations (cost $95,356,703)			$	95,356,621

Futures Contracts Purchased††

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)
Gold Futures - COMEX, expires February 2017		2	$	230,340	$	(18,960	)

Forward Agreements^

	Rate Paid (Received)*			Settlement Date		Commitment to (Deliver)/Receive		Notional Amount at Value**		Unrealized Appreciation (Depreciation)
Forward agreements with Citibank, N.A. based on 0.995 Fine Troy Ounce Gold		1.35	%		01/10/17	$	55,100	$	63,158,375	$	(1,464,982	)
Forward agreements with Goldman Sachs International based on 0.995 Fine Troy Ounce Gold		1.55			01/10/17		42,320		48,509,300		(1,112,916	)
Forward agreements with Societe Generale based on 0.995 Fine Troy Ounce Gold		1.55			01/10/17		23,300		26,707,625		(643,587	)
Forward agreements with UBS AG based on 0.995 Fine Troy Ounce Gold		1.54			01/10/17		39,800		45,621,148		(1,209,622	)
										$	(4,431,107	)

† All or partial amount pledged as collateral for forward agreements and/or futures contracts.

†† Cash collateral in the amount of $13,200 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

^ The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

* Reflects the floating financing rate, as of December 31, 2016, on the notional amount of the forward agreement paid to the counterparty or received from the counterparty, excluding any commissions.

** For forward agreements, a positive amount represents “long” exposure to the underlying commodity. A negative amount represents “short” exposure to the underlying commodity.

See accompanying notes to financial statements.

183

PROSHARES ULTRA GOLD

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	766,560		$	249,319		$	42,700
Expenses
Management fee		902,841			900,227			839,083
Brokerage commissions		48			43			41
Total expenses		902,889			900,270			839,124
Net investment income (loss)		(136,329	)		(650,951	)		(796,424	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		2,839			29,500			(16,180	)
Forward agreements		11,481,571			5,787,065			(18,589,635	)
Short-term U.S. government and agency obligations		691			(806	)		(393	)
Net realized gain (loss)		11,485,101			5,815,759			(18,606,208	)
Change in net unrealized appreciation/depreciation on
Futures contracts		24,440			(13,760	)		(9,780	)
Forward agreements		8,077,462			(2,180,512	)		(4,301,749	)
Short-term U.S. government and agency obligations		(5,441	)		(4,389	)		2,086
Change in net unrealized appreciation/depreciation		8,096,461			(2,198,661	)		(4,309,443	)
Net realized and unrealized gain (loss)		19,581,562			3,617,098			(22,915,651	)
Net income (loss)	$	19,445,233		$	2,966,147		$	(23,712,075	)

See accompanying notes to financial statements.

184

PROSHARES ULTRA GOLD

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	92,127,200		$	69,864,815		$	102,003,345
Addition of 650,000, 1,050,000 and 150,000 shares, respectively		23,949,465			41,599,776			5,401,300
Redemption of 1,100,000, 600,014 and 350,000 shares, respectively		(41,813,150	)		(22,303,538	)		(13,827,755	)
Net addition (redemption) of (450,000), 449,986 and (200,000) shares, respectively		(17,863,685	)		19,296,238			(8,426,455	)
Net investment income (loss)		(136,329	)		(650,951	)		(796,424	)
Net realized gain (loss)		11,485,101			5,815,759			(18,606,208	)
Change in net unrealized appreciation/depreciation		8,096,461			(2,198,661	)		(4,309,443	)
Net income (loss)		19,445,233			2,966,147			(23,712,075	)
Shareholders’ equity, end of period	$	93,708,748		$	92,127,200		$	69,864,815

See accompanying notes to financial statements.

185

PROSHARES ULTRA GOLD

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	19,445,233		$	2,966,147		$	(23,712,075	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		4,400			(4,950	)		550
Purchases of short-term U.S. government and agency obligations		(909,157,323	)		(406,481,915	)		(260,988,119	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		916,390,856			383,282,007			291,047,782
Net amortization and accretion on short-term U.S government and agency obligations		(766,506	)		(249,321	)		(42,700	)
Net realized gain (loss) on investments		(691	)		806			393
Change in unrealized appreciation/depreciation on investments		(8,072,021	)		2,184,901			4,299,663
Decrease (Increase) in receivable on futures contracts		(2,420	)		80			(80	)
Increase (Decrease) in payable to Sponsor		(1,811	)		15,554			(28,602	)
Increase (Decrease) in payable on futures contracts		(1,280	)		1,280			(3,260	)
Net cash provided by (used in) operating activities		17,838,437			(18,285,411	)		10,573,552
Cash flow from financing activities
Proceeds from addition of shares		23,949,465			41,599,776			5,401,300
Payment on shares redeemed		(41,813,150	)		(22,303,538	)		(15,827,473	)
Net cash provided by (used in) financing activities		(17,863,685	)		19,296,238			(10,426,173	)
Net increase (decrease) in cash		(25,248	)		1,010,827			147,379
Cash, beginning of period		1,262,351			251,524			104,145
Cash, end of period	$	1,237,103		$	1,262,351		$	251,524

See accompanying notes to financial statements.

186

PROSHARES ULTRA SILVER

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	1,113,594	$	1,664,601
Segregated cash balances with brokers for futures contracts		10,340		14,300
Segregated cash balances with brokers for forward agreements		3,343,000		—
Short-term U.S. government and agency obligations (Note 3) (cost $235,605,469 and $295,296,440, respectively)		235,581,716		295,300,799
Unrealized appreciation on forward agreements		21,735,334		—
Receivable on open futures contracts		2,220		—
Total assets		261,786,204		296,979,700
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		3,354,851		—
Payable on open futures contracts		—		2,290
Payable to Sponsor		186,657		221,281
Unrealized depreciation on forward agreements		—		20,976,189
Total liabilities		3,541,508		21,199,760
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		258,244,696		275,779,940
Total liabilities and shareholders’ equity	$	261,786,204	$	296,979,700
Shares outstanding		7,696,526		8,246,526
Net asset value per share	$	33.55	$	33.44
Market value per share (Note 2)	$	33.85	$	32.09

See accompanying notes to financial statements.

187

PROSHARES ULTRA SILVER

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations
(91% of shareholders’ equity)
U.S. Treasury Bills^^:
1.001% due 01/04/18†	$	39,000,000	$	38,997,574
1.001% due 01/11/18†		15,000,000		14,995,763
1.126% due 02/01/18†		30,000,000		29,969,001
1.075% due 02/08/18†		25,000,000		24,968,140
1.080% due 02/15/18†		20,000,000		19,969,688
1.145% due 02/22/18†		9,000,000		8,984,127
1.231% due 03/01/18†		10,000,000		9,979,458
1.256% due 03/08/18†		15,000,000		14,964,792
1.271% due 03/15/18†		7,000,000		6,981,940
1.277% due 03/22/18		5,000,000		4,985,352
1.267% due 03/29/18†		11,000,000		10,964,131
1.292% due 04/05/18		50,000,000		49,821,750
Total short-term U.S. government and agency obligations (cost $235,605,469)			$	235,581,716

Futures Contracts Purchased

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires March 2018		2	$	171,450	$	1,600

Forward Agreements^

	Rate Paid (Received)*			Settlement Date		Commitment to (Deliver)/Receive		Notional Amount at Value**		Unrealized Appreciation (Depreciation)/Value
Forward agreements with Citibank, N.A. based on 0.999 Fine Troy Ounce Silver		2.35	%		01/08/18	$	10,403,000	$	175,548,544	$	7,201,744
Forward agreements with Goldman Sachs International based on 0.999 Fine Troy Ounce Silver		2.37			01/08/18		8,119,800		137,013,505		5,873,080
Forward agreements with Societe Generale based on 0.999 Fine Troy Ounce Silver		2.35			01/08/18		3,784,000		63,850,838		2,761,817
Forward agreements with UBS AG based on 0.999 Fine Troy Ounce Silver		2.50			01/08/18		8,293,000		139,941,058		5,898,693
Total Unrealized Appreciation										$	21,735,334

† All or partial amount pledged as collateral for forward agreements.

^ The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

* Reflects the floating financing rate, as of December 31, 2017, on the notional amount of the forward agreement paid to the counterparty or received from the counterparty, excluding any commissions. Forward Agreements payment is due at termination/maturity.

** For forward agreements, a positive amount represents “long” exposure to the underlying commodity. A negative amount represents “short” exposure to the underlying commodity.

See accompanying notes to financial statements.

188

PROSHARES ULTRA SILVER

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations
(107% of shareholders’ equity)
U.S. Treasury Bills^^:
0.318% due 01/05/17†	$	52,000,000	$	51,998,887
0.354% due 01/12/17†		68,895,000		68,888,200
0.339% due 01/19/17†		27,000,000		26,995,021
0.371% due 01/26/17		2,000,000		1,999,470
0.394% due 02/02/17†		9,500,000		9,496,715
0.452% due 02/09/17†		76,000,000		75,965,633
0.423% due 02/16/17†		36,000,000		35,980,420
0.491% due 02/23/17†		6,000,000		5,996,005
0.493% due 03/23/17		18,000,000		17,980,448
Total short-term U.S. government and agency obligations (cost $295,296,440)			$	295,300,799

Futures Contracts Purchased††

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)
Silver Futures - COMEX, expires March 2017		2	$	159,890	$	(27,360	)

Forward Agreements^

	Rate Paid (Received)*			Settlement Date		Commitment to (Deliver)/Receive		Notional Amount at Value**		Unrealized Appreciation (Depreciation)
Forward agreements with Citibank, N.A. based on 0.999 Fine Troy Ounce Silver		1.55	%		01/10/17	$	12,327,000	$	200,263,209	$	(6,946,009	)
Forward agreements with Goldman Sachs International based on 0.999 Fine Troy Ounce Silver		1.65			01/10/17		8,498,800		138,066,406		(5,869,092	)
Forward agreements with Societe Generale S.A. based on 0.999 Fine Troy Ounce Silver		1.70			01/10/17		4,484,000		72,845,270		(2,532,729	)
Forward agreements with UBS AG based on 0.999 Fine Troy Ounce Silver		1.72			01/10/17		8,632,000		140,232,882		(5,628,359	)
										$	(20,976,189	)

† All or partial amount pledged as collateral for forward agreements and/or futures contracts.

†† Cash collateral in the amount of $14,300 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

^ The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

* Reflects the floating financing rate, as of December 31, 2016, on the notional amount of the forward agreement paid to the

counterparty or received from the counterparty, excluding any commissions.

** For forward agreements, a positive amount represents “long” exposure to the underlying commodity. A negative amount represents “short” exposure to the underlying commodity.

See accompanying notes to financial statements.

189

PROSHARES ULTRA SILVER

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	2,142,183		$	842,215		$	156,353
Expenses
Management fee		2,551,877			3,021,562			2,664,160
Brokerage commissions		58			45			52
Total expenses		2,551,935			3,021,607			2,664,212
Net investment income (loss)		(409,752	)		(2,179,392	)		(2,507,859	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(21,522	)		45,750			(19,600	)
Forward agreements		(31,741,312	)		62,296,691			(78,289,709	)
Short-term U.S. government and agency obligations		207			145			(441	)
Net realized gain (loss)		(31,762,627	)		62,342,586			(78,309,750	)
Change in net unrealized appreciation/depreciation on
Futures contracts		28,960			(18,330	)		(7,470	)
Forward agreements		42,711,523			1,584,912			(10,165,981	)
Short-term U.S. government and agency obligations		(28,112	)		4,909			(9,125	)
Change in net unrealized appreciation/depreciation		42,712,371			1,571,491			(10,182,576	)
Net realized and unrealized gain (loss)		10,949,744			63,914,077			(88,492,326	)
Net income (loss)	$	10,539,992		$	61,734,685		$	(91,000,185	)

See accompanying notes to financial statements.

190

PROSHARES ULTRA SILVER

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	275,779,940		$	216,416,642		$	291,169,743
Addition of 1,550,000, 2,800,000 and 2,700,000 shares, respectively		50,514,699			104,165,405			96,078,803
Redemption of 2,100,000, 2,550,007 and 2,100,000 shares, respectively		(78,589,935	)		(106,536,792	)		(79,831,719	)
Net addition (redemption) of (550,000), 249,993 and 600,000 shares, respectively		(28,075,236	)		(2,371,387	)		16,247,084
Net investment income (loss)		(409,752	)		(2,179,392	)		(2,507,859	)
Net realized gain (loss)		(31,762,627	)		62,342,586			(78,309,750	)
Change in net unrealized appreciation/depreciation		42,712,371			1,571,491			(10,182,576	)
Net income (loss)		10,539,992			61,734,685			(91,000,185	)
Shareholders’ equity, end of period	$	258,244,696		$	275,779,940		$	216,416,642

See accompanying notes to financial statements.

191

PROSHARES ULTRA SILVER

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	10,539,992		$	61,734,685		$	(91,000,185	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		3,960			2,860			(2,860	)
Decrease (Increase) in segregated cash balances with brokers for forward agreements		(3,343,000	)		—			—
Purchases of short-term U.S. government and agency obligations		(2,227,503,877	)		(1,412,194,485	)		(835,846,036	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		2,289,337,181			1,356,640,583			902,567,408
Net amortization and accretion on short-term U.S government and agency obligations		(2,142,126	)		(842,217	)		(156,353	)
Net realized gain (loss) on investments		(207	)		(145	)		441
Change in unrealized appreciation/depreciation on investments		(42,683,411	)		(1,589,821	)		10,175,106
Decrease (Increase) in receivable on futures contracts		(2,220	)		—			—
Increase (Decrease) in payable to Sponsor		(34,624	)		40,213			(72,982	)
Increase (Decrease) in payable on futures contracts		(2,290	)		415			(4,895	)
Net cash provided by (used in) operating activities		24,169,378			3,792,088			(14,340,356	)
Cash flow from financing activities
Proceeds from addition of shares		50,514,699			104,165,405			96,078,803
Payment on shares redeemed		(75,235,084	)		(106,536,792	)		(81,799,551	)
Net cash provided by (used in) financing activities		(24,720,385	)		(2,371,387	)		14,279,252
Net increase (decrease) in cash		(551,007	)		1,420,701			(61,104	)
Cash, beginning of period		1,664,601			243,900			305,004
Cash, end of period	$	1,113,594		$	1,664,601		$	243,900

See accompanying notes to financial statements.

192

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	1,539,237	$	10,969,955
Segregated cash balances with brokers for futures contracts		87,211,683		71,363,625
Short-term U.S. government and agency obligations (Note 3) (cost $287,546,397 and $434,676,067, respectively)		287,533,132		434,671,795
Receivable from capital shares sold		516,930		—
Receivable on open futures contracts		17,578,451		35,967,191
Total assets		394,379,433		552,972,566
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		—		36,789,539
Payable to Sponsor		344,292		424,273
Total liabilities		344,292		37,213,812
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		394,035,141		515,758,754
Total liabilities and shareholders’ equity	$	394,379,433	$	552,972,566
Shares outstanding (Note 1)		38,127,238		2,965,383
Net asset value per share (Note 1)	$	10.33	$	173.93
Market value per share (Note 1)(Note 2)	$	10.21	$	175.00

See accompanying notes to financial statements.

193

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations (73% of shareholders’ equity)
U.S. Treasury Bills^^:
1.001% due 01/11/18†	$	48,000,000	$	47,986,440
1.174% due 01/25/18†		34,000,000		33,972,956
1.201% due 02/01/18†		22,000,000		21,977,268
1.075% due 02/08/18†		45,000,000		44,942,652
1.080% due 02/15/18†		12,000,000		11,981,813
1.264% due 03/01/18†		40,000,000		39,917,832
1.256% due 03/08/18†		25,000,000		24,941,320
1.319% due 03/15/18†		31,000,000		30,920,020
1.267% due 03/29/18†		11,000,000		10,964,131
1.292% due 04/05/18†		20,000,000		19,928,700
Total short-term U.S. government and agency obligations (cost $287,546,397)			$	287,533,132

Futures Contracts Purchased

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
VIX Futures - CBOE, expires January 2018		39,057	$	448,179,075	$	(38,440,762	)
VIX Futures - CBOE, expires February 2018		27,298		340,542,550		3,974,642
					$	(34,466,120	)

^^ Rates shown represents discount rate at the time of purchase.

† All or partial amount pledged as collateral for futures contracts.

See accompanying notes to financial statements.

194

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations (84% of shareholders’ equity)
U.S. Treasury Bills^^:
0.294% due 01/05/17	$	20,161,000	$	20,160,569
0.307% due 01/12/17		68,063,000		68,056,282
0.336% due 01/19/17†		62,500,000		62,488,475
0.319% due 01/26/17†		66,000,000		65,982,504
0.342% due 02/02/17†		60,092,000		60,071,220
0.442% due 02/09/17†		14,000,000		13,993,669
0.435% due 02/16/17†		133,000,000		132,927,661
0.491% due 02/23/17†		8,000,000		7,994,674
0.493% due 03/23/17		3,000,000		2,996,741
Total short-term U.S. government and agency obligations (cost $434,676,067)			$	434,671,795

Futures Contracts Purchased††

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)
VIX Futures - CBOE, expires January 2017		38,688	$	585,156,000	$	(21,567,112	)
VIX Futures - CBOE, expires February 2017		27,012		447,723,900		13,594,875
					$	(7,972,237	)

^^ Rates shown represents discount rate at the time of purchase.

† All or partial amount pledged as collateral for futures contracts.

†† Cash collateral in the amount of $71,363,625 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

See accompanying notes to financial statements.

195

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	3,040,059		$	1,639,964		$	156,187
Expenses
Management fee		3,960,999			6,417,822			4,362,460
Brokerage commissions		3,970,588			4,158,919			3,203,875
Brokerage fees		4,533			—			—
Total expenses		7,936,120			10,576,741			7,566,335
Net investment income (loss)		(4,896,061	)		(8,936,777	)		(7,410,148	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(1,020,750,851	)		(1,567,340,688	)		(392,174,228	)
Short-term U.S. government and agency obligations		(21,942	)		15,949			(49,718	)
Net realized gain (loss)		(1,020,772,793	)		(1,567,324,739	)		(392,223,946	)
Change in net unrealized appreciation/depreciation on
Futures contracts		(26,493,883	)		(19,866,703	)		(27,690,787	)
Short-term U.S. government and agency obligations		(8,993	)		(28,844	)		26,647
Change in net unrealized appreciation/depreciation		(26,502,876	)		(19,895,547	)		(27,664,140	)
Net realized and unrealized gain (loss)		(1,047,275,669	)		(1,587,220,286	)		(419,888,086	)
Net income (loss)	$	(1,052,171,730	)	$	(1,596,157,063	)	$	(427,298,234	)

See accompanying notes to financial statements.

196

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	515,758,754		$	547,708,740		$	351,789,953
Addition of 85,585,000, 7,239,500 and 721,800 shares, respectively (Note 1)		2,602,989,881			4,540,375,465			3,192,766,319
Redemption of 50,423,145, 4,469,142 and 554,815 shares, respectively (Note 1)		(1,672,541,764	)		(2,976,168,388	)		(2,569,549,298	)
Net addition (redemption) of 35,161,855, 2,770,358 and 166,985 shares, respectively (Note 1)		930,448,117			1,564,207,077			623,217,021
Net investment income (loss)		(4,896,061	)		(8,936,777	)		(7,410,148	)
Net realized gain (loss)		(1,020,772,793	)		(1,567,324,739	)		(392,223,946	)
Change in net unrealized appreciation/depreciation		(26,502,876	)		(19,895,547	)		(27,664,140	)
Net income (loss)		(1,052,171,730	)		(1,596,157,063	)		(427,298,234	)
Shareholders’ equity, end of period	$	394,035,141		$	515,758,754		$	547,708,740

See accompanying notes to financial statements.

197

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	(1,052,171,730	)	$	(1,596,157,063	)	$	(427,298,234	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		(15,848,058	)		(9,015,025	)		54,559,100
Purchases of short-term U.S. government and agency obligations		(4,416,383,420	)		(4,242,730,514	)		(3,411,109,730	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		4,566,387,313			4,248,037,733			3,155,524,185
Net amortization and accretion on short-term U.S government and agency obligations		(2,896,165	)		(1,634,060	)		(156,187	)
Net realized gain (loss) on investments		21,942			(15,949	)		49,718
Change in unrealized appreciation/depreciation on investments		8,993			28,844			(26,647	)
Decrease (Increase) in receivable on futures contracts		18,388,740			(17,971,713	)		24,535,963
Increase (Decrease) in payable to Sponsor		(79,981	)		(3,115	)		124,528
Net cash provided by (used in) operating activities		(902,572,366	)		(1,619,460,862	)		(603,797,304	)
Cash flow from financing activities
Proceeds from addition of shares		2,602,472,951			4,573,362,937			3,172,328,095
Payment on shares redeemed		(1,709,331,303	)		(2,952,014,084	)		(2,563,186,119	)
Net cash provided by (used in) financing activities		893,141,648			1,621,348,853			609,141,976
Net increase (decrease) in cash		(9,430,718	)		1,887,991			5,344,672
Cash, beginning of period		10,969,955			9,081,964			3,737,292
Cash, end of period	$	1,539,237		$	10,969,955		$	9,081,964

See accompanying notes to financial statements.

198

PROSHARES ULTRA YEN

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	903,472	$	604,691
Short-term U.S. government and agency obligations (Note 3) (cost $1,998,216 and $5,283,104, respectively)		1,997,933		5,282,879
Unrealized appreciation on foreign currency forward contracts		—		379
Total assets		2,901,405		5,887,949
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		2,312		4,537
Unrealized depreciation on foreign currency forward contracts		34,824		342,455
Total liabilities		37,136		346,992
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		2,864,269		5,540,957
Total liabilities and shareholders’ equity	$	2,901,405	$	5,887,949
Shares outstanding		49,970		99,970
Net asset value per share	$	57.32	$	55.43
Market value per share (Note 2)	$	57.45	$	55.52

See accompanying notes to financial statements.

199

PROSHARES ULTRA YEN

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations (70% of shareholders’ equity)
U.S. Treasury Bills^^:
1.040% due 02/01/18†	$	2,000,000	$	1,997,933
Total short-term U.S. government and agency obligations (cost $1,998,216)			$	1,997,933

Foreign Currency Forward Contracts^

	Settlement Date		Contract Amount in Local Currency			Contract Amount in U.S.Dollars			Unrealized Appreciation (Depreciation)/Value
Contracts to Purchase
Yen with Goldman Sachs International		01/12/18		325,511,500		$	2,907,183		$	(17,243	)
Yen with UBS AG		01/12/18		331,666,700			2,961,858			(17,271	)
									$	(34,514	)
Contracts to Sell
Yen with Goldman Sachs International		01/12/18		(8,564,800	)	$	(75,872	)	$	(167	)
Yen with UBS AG		01/12/18		(3,336,100	)		(29,476	)		(143	)
									$	(310	)
Total Unrealized Depreciation									$	(34,824	)

† All or partial amount pledged as collateral for foreign currency forward contracts.

^ The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

See accompanying notes to financial statements.

200

PROSHARES ULTRA YEN

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations (95% of shareholders’ equity)
U.S. Treasury Bills^^:
0.210% due 01/05/17†	$	150,000	$	149,997
0.270% due 01/12/17		480,000		479,953
0.311% due 01/26/17†		1,655,000		1,654,561
0.390% due 02/16/17		3,000,000		2,998,368
Total short-term U.S. government and agency obligations (cost $5,283,104)			$	5,282,879

Foreign Currency Forward Contracts^
	Settlement Date		Local Currency			Notional Amount at Value (USD)			Unrealized Appreciation (Depreciation)
Contracts to Purchase
Yen with Goldman Sachs International		01/13/17		884,408,200		$	7,572,024		$	(220,115	)
Yen with UBS AG		01/13/17		470,179,000			4,025,524			(122,340	)
									$	(342,455	)
Contracts to Sell
Yen with Goldman Sachs International		01/13/17		(57,041,600	)	$	(488,372	)	$	379
									$	379

† All or partial amount pledged as collateral for foreign currency forward contracts.

^ The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

See accompanying notes to financial statements.

201

PROSHARES ULTRA YEN

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	28,639		$	16,858		$	3,609
Expenses
Management fee		50,521			62,705			48,032
Total expenses		50,521			62,705			48,032
Net investment income (loss)		(21,882	)		(45,847	)		(44,423	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts		(46,195	)		717,086			(472,913	)
Short-term U.S. government and agency obligations		(83	)		(34	)		6
Net realized gain (loss)		(46,278	)		717,052			(472,907	)
Change in net unrealized appreciation/depreciation on
Foreign currency forward contracts		307,252			(603,387	)		276,556
Short-term U.S. government and agency obligations		(58	)		(510	)		260
Change in net unrealized appreciation/depreciation		307,194			(603,897	)		276,816
Net realized and unrealized gain (loss)		260,916			113,155			(196,091	)
Net income (loss)	$	239,034		$	67,308		$	(240,514	)

See accompanying notes to financial statements.

202

PROSHARES ULTRA YEN

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	5,540,957		$	5,473,848		$	2,118,028
Addition of 0, 0 and 75,000 shares, respectively		—			—			4,285,016
Redemption of 50,000, 4 and 12,530 shares, respectively		(2,915,722	)		(199	)		(688,682	)
Net addition (redemption) of (50,000), (4) and 62,470 shares, respectively		(2,915,722	)		(199	)		3,596,334
Net investment income (loss)		(21,882	)		(45,847	)		(44,423	)
Net realized gain (loss)		(46,278	)		717,052			(472,907	)
Change in net unrealized appreciation/depreciation		307,194			(603,897	)		276,816
Net income (loss)		239,034			67,308			(240,514	)
Shareholders’ equity, end of period	$	2,864,269		$	5,540,957		$	5,473,848

See accompanying notes to financial statements.

203

PROSHARES ULTRA YEN

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	239,034		$	67,308		$	(240,514	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(16,968,159	)		(28,924,289	)		(12,557,564	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		20,281,603			28,727,215			8,779,817
Net amortization and accretion on short-term U.S government and agency obligations		(28,639	)		(16,858	)		(3,609	)
Net realized gain (loss) on investments		83			34			(6	)
Change in unrealized appreciation/depreciation on investments		(307,194	)		603,897			(276,816	)
Increase (Decrease) in payable to Sponsor		(2,225	)		212			2,810
Net cash provided by (used in) operating activities		3,214,503			457,519			(4,295,882	)
Cash flow from financing activities
Proceeds from addition of shares		—			—			4,285,016
Payment on shares redeemed		(2,915,722	)		(199	)		(688,682	)
Net cash provided by (used in) financing activities		(2,915,722	)		(199	)		3,596,334
Net increase (decrease) in cash		298,781			457,320			(699,548	)
Cash, beginning of period		604,691			147,371			846,919
Cash, end of period	$	903,472		$	604,691		$	147,371

See accompanying notes to financial statements.

204

PROSHARES ULTRAPRO 3X CRUDE OIL ETF*

STATEMENT OF FINANCIAL CONDITION

	December 31, 2017
Assets
Cash	$	9,683,852
Segregated cash balances with brokers for futures contracts		1,285,048
Receivable on open futures contracts		289,395
Offering costs (Note 5)		52,846
Limitation by Sponsor		24,342
Total assets		11,335,483
Liabilities and shareholders’ equity
Liabilities
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		11,335,483
Total liabilities and shareholders’ equity	$	11,335,483
Shares outstanding		300,008
Net asset value per share	$	37.78
Market value per share (Note 2)	$	37.23

* Since the Fund’s inception date was January 13, 2017, the Statement of Financial Condition as of December 31, 2016 has not been provided.

See accompanying notes to financial statements.

205

PROSHARES ULTRAPRO 3X CRUDE OIL ETF

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

Futures Contracts Purchased

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires March 2018		563	$	34,027,720	$	1,417,998

See accompanying notes to financial statements.

206

PROSHARES ULTRAPRO 3X CRUDE OIL ETF*

STATEMENT OF OPERATIONS

	January 13, 2017 (Inception) through December 31, 2017
Investment Income
Interest	$	9,696
Expenses
Brokerage commissions		34,408
Brokerage fees		67
Offering costs		119,081
Limitation by Sponsor		(24,342	)
Total expenses		129,214
Net investment income (loss)		(119,518	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		6,018,618
Net realized gain (loss)		6,018,618
Change in net unrealized appreciation/depreciation on
Futures contracts		1,417,998
Change in net unrealized appreciation/depreciation		1,417,998
Net realized and unrealized gain (loss)		7,436,616
Net income (loss)	$	7,317,098

* Since the Fund’s inception date was January 13, 2017, the Statements of Operations for the years ended December 31, 2016 and December 31, 2015 have not been provided.

See accompanying notes to financial statements.

207

PROSHARES ULTRAPRO 3X CRUDE OIL ETF*

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

	January 13, 2017 (Inception) through December 31, 2017
Shareholders’ equity, at January 13, 2017 (Inception)	$	—
Addition of 1,750,008 shares		40,659,738
Redemption of 1,450,000 shares		(36,641,353	)
Net addition (redemption) of 300,008 shares		4,018,385
Net investment income (loss)		(119,518	)
Net realized gain (loss)		6,018,618
Change in net unrealized appreciation/depreciation		1,417,998
Net income (loss)		7,317,098
Shareholders’ equity, end of period	$	11,335,483

* Since the Fund’s inception date was January 13, 2017, the Statements of Changes in Shareholders’ Equity for the years ended December 31, 2016 and December 31, 2015 have not been provided.

See accompanying notes to financial statements.

208

PROSHARES ULTRAPRO 3X CRUDE OIL ETF*

STATEMENT OF CASH FLOWS

	January 13, 2017 (Inception) through December 31, 2017
Cash flow from operating activities
Net income (loss)	$	7,317,098
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		(1,285,048	)
Decrease (Increase) in receivable on futures contracts		(289,395	)
Decrease (Increase) in Limitation by Sponsor		(24,342	)
Cash paid for offering costs		(171,927	)
Amortization of offering costs		119,081
Net cash provided by (used in) operating activities		5,665,467
Cash flow from financing activities
Proceeds from addition of shares		40,659,738
Payment on shares redeemed		(36,641,353	)
Net cash provided by (used in) financing activities		4,018,385
Net increase (decrease) in cash		9,683,852
Cash, beginning of period		—
Cash, end of period	$	9,683,852

* Since the Fund’s inception date was January 13, 2017, the Statements of Cash Flows for the years ended December 31, 2016 and December 31, 2015 have not been provided.

See accompanying notes to financial statements.

209

PROSHARES ULTRAPRO 3X SHORT CRUDE OIL ETF*

STATEMENT OF FINANCIAL CONDITION

	December 31, 2017
Assets
Cash	$	19,203,543
Segregated cash balances with brokers for futures contracts		2,396,625
Offering costs (Note 5)		52,797
Limitation by Sponsor		35,309
Total assets		21,688,274
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		527,098
Total liabilities		527,098
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		21,161,176
Total liabilities and shareholders’ equity	$	21,688,274
Shares outstanding		2,000,008
Net asset value per share	$	10.58
Market value per share (Note 2)	$	10.72

* Since the Fund’s inception date was January 13, 2017, the Statement of Financial Condition as of December 31, 2016 has not been provided.

See accompanying notes to financial statements.

210

PROSHARES ULTRAPRO 3X SHORT CRUDE OIL ETF

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

Futures Contracts Sold

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires March 2018		1,050	$	63,462,000	$	(2,988,155	)

See accompanying notes to financial statements.

211

PROSHARES ULTRAPRO 3X SHORT CRUDE OIL ETF*

STATEMENT OF OPERATIONS

	January 13, 2017 (Inception) through December 31, 2017
Investment Income
Interest	$	5,930
Expenses
Brokerage commissions		32,624
Brokerage fees		135
Offering costs		119,070
Limitation by Sponsor		(35,309	)
Total expenses		116,520
Net investment income (loss)		(110,590	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(7,046,628	)
Net realized gain (loss)		(7,046,628	)
Change in net unrealized appreciation/depreciation on
Futures contracts		(2,988,155	)
Change in net unrealized appreciation/depreciation		(2,988,155	)
Net realized and unrealized gain (loss)		(10,034,783	)
Net income (loss)	$	(10,145,373	)

* Since the Fund’s inception date was January 13, 2017, the Statements of Operations for the years ended December 31, 2016 and December 31, 2015 have not been provided.

See accompanying notes to financial statements.

212

PROSHARES ULTRAPRO 3X SHORT CRUDE OIL ETF*

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

	January 13, 2017 (Inception) through December 31, 2017
Shareholders’ equity, at January 13, 2017 (Inception)	$	—
Addition of 2,300,008 shares		38,429,372
Redemption of 300,000 shares		(7,122,823	)
Net addition (redemption) of 2,000,008 shares		31,306,549
Net investment income (loss)		(110,590	)
Net realized gain (loss)		(7,046,628	)
Change in net unrealized appreciation/depreciation		(2,988,155	)
Net income (loss)		(10,145,373	)
Shareholders’ equity, end of period	$	21,161,176

* Since the Fund’s inception date was January 13, 2017, the Statements of Changes in Shareholders’ Equity for the years ended December 31, 2016 and December 31, 2015 have not been provided.

See accompanying notes to financial statements.

213

PROSHARES ULTRAPRO 3X SHORT CRUDE OIL ETF*

STATEMENT OF CASH FLOWS

	January 13, 2017 (Inception) through December 31, 2017
Cash flow from operating activities
Net income (loss)	$	(10,145,373	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		(2,396,625	)
Decrease (Increase) in Limitation by Sponsor		(35,309	)
Cash paid for offering costs		(171,867	)
Amortization of offering costs		119,070
Increase (Decrease) in payable on futures contracts		527,098
Net cash provided by (used in) operating activities		(12,103,006	)
Cash flow from financing activities
Proceeds from addition of shares		38,429,372
Payment on shares redeemed		(7,122,823	)
Net cash provided by (used in) financing activities		31,306,549
Net increase (decrease) in cash		19,203,543
Cash, beginning of period		—
Cash, end of period	$	19,203,543

* Since the Fund’s inception date was January 13, 2017, the Statements of Cash Flows for the years ended December 31, 2016 and December 31, 2015 have not been provided.

See accompanying notes to financial statements.

214

PROSHARES ULTRASHORT AUSTRALIAN DOLLAR

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	1,297,022	$	2,834,389
Segregated cash balances with brokers for futures contracts		485,375		914,760
Short-term U.S. government and agency obligations (Note 3) (cost $11,984,898 and $12,909,895, respectively)		11,983,904		12,909,619
Total assets		13,766,301		16,658,768
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		52,950		32,340
Payable to Sponsor		11,249		12,955
Total liabilities		64,199		45,295
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		13,702,102		16,613,473
Total liabilities and shareholders’ equity	$	13,766,301	$	16,658,768
Shares outstanding		300,000		300,000
Net asset value per share	$	45.67	$	55.38
Market value per share (Note 2)	$	45.72	$	55.24

See accompanying notes to financial statements.

215

PROSHARES ULTRASHORT AUSTRALIAN DOLLAR

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations     (87% of shareholders’ equity)
U.S. Treasury Bills^^:
1.033% due 01/18/18	$	7,000,000	$	6,996,235
1.209% due 02/08/18		2,000,000		1,997,451
1.267% due 03/29/18		3,000,000		2,990,218
Total short-term U.S. government and agency obligations     (cost $11,984,898)			$	11,983,904

Futures Contracts Sold

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Australian Dollar Fx Currency Futures - CME, expires March 2018		353	$	27,572,830	$	(893,220	)

^^ Rates shown represents discount rate at the time of purchase.

See accompanying notes to financial statements.

216

PROSHARES ULTRASHORT AUSTRALIAN DOLLAR

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations
(78% of shareholders’ equity)
U.S. Treasury Bills^^:
0.326% due 01/19/17	$	12,912,000	$	12,909,619
Total short-term U.S. government and agency obligations (cost $12,909,895)			$	12,909,619

Futures Contracts Sold††

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)
Australian Dollar Fx Currency Futures - CME expires March 2017		462	$	33,273,240	$	1,182,340

^^ Rates shown represents discount rate at the time of purchase.

†† Cash collateral in the amount of $914,760 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

See accompanying notes to financial statements.

217

PROSHARES ULTRASHORT AUSTRALIAN DOLLAR

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	85,306		$	43,459		$	5,998
Expenses
Management fee		123,234			175,191			199,845
Brokerage commissions		8,846			13,920			16,140
Total expenses		132,080			189,111			215,985
Net investment income (loss)		(46,774	)		(145,652	)		(209,987	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(866,771	)		(2,787,204	)		4,330,463
Short-term U.S. government and agency obligations		(178	)		495			225
Net realized gain (loss)		(866,949	)		(2,786,709	)		4,330,688
Change in net unrealized appreciation/depreciation on
Futures contracts		(2,075,560	)		1,602,610			(1,163,751	)
Short-term U.S. government and agency obligations		(718	)		279			(553	)
Change in net unrealized appreciation/depreciation		(2,076,278	)		1,602,889			(1,164,304	)
Net realized and unrealized gain (loss)		(2,943,227	)		(1,183,820	)		3,166,384
Net income (loss)	$	(2,990,001	)	$	(1,329,472	)	$	2,956,397

See accompanying notes to financial statements.

218

PROSHARES ULTRASHORT AUSTRALIAN DOLLAR

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	16,613,473		$	20,460,679		$	23,120,790
Addition of 100,000, 0 and 50,000 shares, respectively		4,801,797			—			2,764,167
Redemption of 100,000, 50,005 and 150,000 shares, respectively		(4,723,167	)		(2,517,734	)		(8,380,675	)
Net addition (redemption) of 0, (50,005) and (100,000) shares, respectively		78,630			(2,517,734	)		(5,616,508	)
Net investment income (loss)		(46,774	)		(145,652	)		(209,987	)
Net realized gain (loss)		(866,949	)		(2,786,709	)		4,330,688
Change in net unrealized appreciation/depreciation		(2,076,278	)		1,602,889			(1,164,304	)
Net income (loss)		(2,990,001	)		(1,329,472	)		2,956,397
Shareholders’ equity, end of period	$	13,702,102		$	16,613,473		$	20,460,679

See accompanying notes to financial statements.

219

PROSHARES ULTRASHORT AUSTRALIAN DOLLAR

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	(2,990,001	)	$	(1,329,472	)	$	2,956,397
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		429,385			(857,695	)		963,152
Purchases of short-term U.S. government and agency obligations		(88,399,815	)		(51,162,005	)		(61,647,966	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		89,408,839			56,705,513			63,512,421
Net amortization and accretion on short-term U.S government and agency obligations		(84,205	)		(43,459	)		(5,998	)
Net realized gain (loss) on investments		178			(495	)		(225	)
Change in unrealized appreciation/depreciation on investments		718			(279	)		553
Decrease (Increase) in receivable on futures contracts		—			52,491			10,043
Increase (Decrease) in payable to Sponsor		(1,706	)		(3,812	)		(1,630	)
Increase (Decrease) in payable on futures contracts		20,610			32,340			—
Net cash provided by (used in) operating activities		(1,615,997	)		3,393,127			5,786,747
Cash flow from financing activities
Proceeds from addition of shares		4,801,797			—			2,764,167
Payment on shares redeemed		(4,723,167	)		(2,517,734	)		(8,380,675	)
Net cash provided by (used in) financing activities		78,630			(2,517,734	)		(5,616,508	)
Net increase (decrease) in cash		(1,537,367	)		875,393			170,239
Cash, beginning of period		2,834,389			1,958,996			1,788,757
Cash, end of period	$	1,297,022		$	2,834,389		$	1,958,996

See accompanying notes to financial statements.

220

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	1,120,278	$	2,715,772
Segregated cash balances with brokers for futures contracts		2,567,813		4,931,520
Short-term U.S. government and agency obligations (Note 3) (cost $253,669,155 and $205,694,828, respectively)		253,646,823		205,694,385
Total assets		257,334,914		213,341,677
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		693,787		13,602
Payable to Sponsor		190,701		162,891
Unrealized depreciation on swap agreements		30,607,142		12,206,881
Total liabilities		31,491,630		12,383,374
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		225,843,284		200,958,303
Total liabilities and shareholders’ equity	$	257,334,914	$	213,341,677
Shares outstanding		9,289,884		6,339,884
Net asset value per share	$	24.31	$	31.70
Market value per share (Note 2)	$	24.56	$	31.65

See accompanying notes to financial statements.

221

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations     (112% of shareholders’ equity)
U.S. Treasury Bills^^:
1.001% due 01/04/18†	$	64,000,000	$	63,996,019
1.068% due 01/25/18†		10,000,000		9,992,046
1.040% due 02/01/18†		28,000,000		27,971,068
1.075% due 02/08/18†		17,000,000		16,978,335
1.080% due 02/15/18†		28,000,000		27,957,563
1.145% due 02/22/18†		48,000,000		47,915,342
1.264% due 03/01/18†		16,000,000		15,967,133
1.271% due 03/15/18†		14,000,000		13,963,880
1.267% due 03/29/18†		29,000,000		28,905,437
Total short-term U.S. government and agency obligations     (cost $253,669,155)			$	253,646,823

Futures Contracts Sold

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires March 2018		1,125	$	67,995,000	$	(3,962,648	)

Total Return Swap Agreements^
	Rate Paid (Received)*			Termination Date		Notional Amount at Value**			Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Crude Oil Sub-Index		0.18	%		01/08/18	$	(135,972,863	)	$	(10,173,164	)
Swap agreement with Goldman Sachs International based on Bloomberg Crude Oil Sub-Index		0.25			01/08/18		(105,656,763	)		(9,242,398	)
Swap agreement with Societe Generale based on Bloomberg Crude Oil Sub-Index		0.25			01/08/18		(25,759,601	)		(1,904,113	)
Swap agreement with UBS AG based on Bloomberg Crude Oil Sub-Index		0.25			01/08/18		(116,263,837	)		(9,287,467	)
Total Unrealized Depreciation									$	(30,607,142	)

† All or partial amount pledged as collateral for swap agreements.

^ The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

* Reflects the floating financing rate, as of December 31, 2017, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

See accompanying notes to financial statements.

222

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations     (102% of shareholders’ equity)
U.S. Treasury Bills^^:
0.281% due 01/05/17†	$	14,476,000	$	14,475,690
0.353% due 01/12/17†		56,495,000		56,489,424
0.344% due 01/19/17†		38,000,000		37,992,993
0.395% due 01/26/17†		13,300,000		13,296,474
0.406% due 02/02/17		5,500,000		5,498,098
0.441% due 02/09/17†		9,000,000		8,995,930
0.390% due 02/16/17		11,000,000		10,994,017
0.458% due 03/02/17†		50,000,000		49,960,930
0.493% due 03/23/17†		3,000,000		2,996,741
0.516% due 03/30/17†		5,000,000		4,994,088
Total short-term U.S. government and agency obligations     (cost $205,694,828)			$	205,694,385

Futures Contracts Sold††

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)
WTI Crude Oil - NYMEX, expires March 2017		1,401	$	76,578,660	$	(1,426,815	)

Swap Agreements^

	Rate Paid (Received)*			Termination Date		Notional Amount at Value**			Unrealized Appreciation (Depreciation)
Swap agreement with Citibank, N.A. based on Bloomberg Crude Oil Sub-Index		0.18	%		01/10/17	$	(116,603,958	)	$	(4,742,191	)
Swap agreement with Goldman Sachs International based on Bloomberg Crude Oil Sub-Index		0.25			01/10/17		(87,898,388	)		(3,061,395	)
Swap agreement with Societe Generale based on Bloomberg Crude Oil Sub-Index		0.25			01/10/17		(31,195,025	)		(1,050,699	)
Swap agreement with UBS AG based on Bloomberg Crude Oil Sub-Index		0.25			01/10/17		(89,698,517	)		(3,352,596	)
									$	(12,206,881	)

† All or partial amount pledged as collateral for swap agreements and/or futures contracts.

†† Cash collateral in the amount of $4,931,520 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

^ The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

* Reflects the floating financing rate, as of December 31, 2016 on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

See accompanying notes to financial statements.

223

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	1,661,295		$	500,160		$	60,884
Expenses
Management fee		1,934,688			1,755,696			1,978,613
Brokerage commissions		82,258			153,428			248,482
Total expenses		2,016,946			1,909,124			2,227,095
Net investment income (loss)		(355,651	)		(1,408,964	)		(2,166,211	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(599,457	)		(12,045,454	)		46,904,474
Swap agreements		(5,891,603	)		(55,706,710	)		44,765,850
Short-term U.S. government and agency obligations		(448	)		(4,064	)		14,458
Net realized gain (loss)		(6,491,508	)		(67,756,228	)		91,684,782
Change in net unrealized appreciation/depreciation on
Futures contracts		(2,535,833	)		(3,891,328	)		(13,342,090	)
Swap agreements		(18,400,261	)		(18,619,537	)		(20,605,421	)
Short-term U.S. government and agency obligations		(21,889	)		1,712			(4,396	)
Change in net unrealized appreciation/depreciation		(20,957,983	)		(22,509,153	)		(33,951,907	)
Net realized and unrealized gain (loss)		(27,449,491	)		(90,265,381	)		57,732,875
Net income (loss)	$	(27,805,142	)	$	(91,674,345	)	$	55,566,664

See accompanying notes to financial statements.

224

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	200,958,303		$	95,897,894		$	169,210,110
Addition of 14,500,000, 18,500,000 and 21,600,000 shares, respectively		510,910,744			1,002,034,810			796,070,368
Redemption of 11,550,000, 13,600,004 and 24,500,000 shares, respectively		(458,220,621	)		(805,300,056	)		(924,949,248	)
Net addition (redemption) of 2,950,000, 4,899,996 and (2,900,000) shares, respectively		52,690,123			196,734,754			(128,878,880	)
Net investment income (loss)		(355,651	)		(1,408,964	)		(2,166,211	)
Net realized gain (loss)		(6,491,508	)		(67,756,228	)		91,684,782
Change in net unrealized appreciation/depreciation		(20,957,983	)		(22,509,153	)		(33,951,907	)
Net income (loss)		(27,805,142	)		(91,674,345	)		55,566,664
Shareholders’ equity, end of period	$	225,843,284		$	200,958,303		$	95,897,894

See accompanying notes to financial statements.

225

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	(27,805,142	)	$	(91,674,345	)	$	55,566,664
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		2,363,707			5,222,910			2,138,235
Purchases of short-term U.S. government and agency obligations		(2,520,968,339	)		(1,099,847,442	)		(1,238,357,695	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		2,474,635,036			974,343,507			1,290,330,607
Net amortization and accretion on short-term U.S government and agency obligations		(1,641,472	)		(500,160	)		(60,884	)
Net realized gain (loss) on investments		448			4,064			(14,458	)
Change in unrealized appreciation/depreciation on investments		18,422,150			18,617,825			20,609,817
Decrease (Increase) in receivable on futures contracts		—			—			1,293,531
Increase (Decrease) in payable to Sponsor		27,810			61,748			(27,242	)
Increase (Decrease) in brokerage commissions and fees payable		—			(8,453	)		8,453
Increase (Decrease) in payable on futures contracts		680,185			(837,281	)		850,883
Net cash provided by (used in) operating activities		(54,285,617	)		(194,617,627	)		132,337,911
Cash flow from financing activities
Proceeds from addition of shares		510,910,744			1,002,034,810			796,070,368
Payment on shares redeemed		(458,220,621	)		(805,300,056	)		(928,803,902	)
Net cash provided by (used in) financing activities		52,690,123			196,734,754			(132,733,534	)
Net increase (decrease) in cash		(1,595,494	)		2,117,127			(395,623	)
Cash, beginning of period		2,715,772			598,645			994,268
Cash, end of period	$	1,120,278		$	2,715,772		$	598,645

See accompanying notes to financial statements.

226

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	1,886,831	$	326,631
Segregated cash balances with brokers for futures contracts		1,123,375		710,655
Short-term U.S. government and agency obligations (Note 3) (cost $3,999,667 and $2,899,188, respectively)		3,999,751		2,899,151
Receivable on open futures contracts		—		105,872
Total assets		7,009,957		4,042,309
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		104,104		—
Brokerage commissions and fees payable		—		144
Payable to Sponsor		3,110		3,371
Total liabilities		107,214		3,515
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		6,902,743		4,038,794
Total liabilities and shareholders’ equity	$	7,009,957	$	4,042,309
Shares outstanding		174,832		174,832
Net asset value per share	$	39.48	$	23.10
Market value per share (Note 2)	$	39.65	$	23.05

See accompanying notes to financial statements.

227

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations (58% of shareholders’ equity)
U.S. Treasury Bills^^:
1.000% due 01/04/18	$	4,000,000	$	3,999,751
Total short-term U.S. government and agency obligations (cost $3,999,667)			$	3,999,751

Futures Contracts Sold

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Natural Gas - NYMEX, expires March 2018		475	$	13,803,500	$	(1,097,049	)

^^ Rates shown represents discount rate at the time of purchase.

See accompanying notes to financial statements.

228

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations ( 72% of shareholders’ equity)
U.S. Treasury Bills^^:
0.343% due 01/26/17	$	1,900,000	$	1,899,497
0.406% due 02/02/17		1,000,000		999,654
Total short-term U.S. government and agency obligations (cost $2,899,188)			$	2,899,151

Futures Contracts Sold††

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)
Natural Gas - NYMEX, expires March 2017		219	$	8,067,960	$	(482,031	)

^^ Rates shown represents discount rate at the time of purchase.

†† Cash collateral in the amount of $710,655 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

See accompanying notes to financial statements.

229

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	38,651		$	19,053		$	5,830
Expenses
Management fee		63,534			81,259			112,277
Brokerage commissions		29,529			59,966			70,677
Brokerage fees		39			—			—
Total expenses		93,102			141,225			182,954
Net investment income (loss)		(54,451	)		(122,172	)		(177,124	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		4,762,532			586,860			15,212,804
Short-term U.S. government and agency obligations		(783	)		3,139			29
Net realized gain (loss)		4,761,749			589,999			15,212,833
Change in net unrealized appreciation/depreciation on
Futures contracts		(615,018	)		1,989,133			(6,412,629	)
Short-term U.S. government and agency obligations		121			(388	)		168
Change in net unrealized appreciation/depreciation		(614,897	)		1,988,745			(6,412,461	)
Net realized and unrealized gain (loss)		4,146,852			2,578,744			8,800,372
Net income (loss)	$	4,092,401		$	2,456,572		$	8,623,248

See accompanying notes to financial statements.

230

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	4,038,794		$	10,462,856		$	14,688,564
Addition of 650,000, 950,000 and 1,350,000 shares, respectively		23,216,158			40,020,426			37,204,187
Redemption of 650,000, 1,000,024 and 1,650,000 shares, respectively		(24,444,610	)		(48,901,060	)		(50,053,143	)
Net addition (redemption) of 0, (50,024) and (300,000) shares, respectively		(1,228,452	)		(8,880,634	)		(12,848,956	)
Net investment income (loss)		(54,451	)		(122,172	)		(177,124	)
Net realized gain (loss)		4,761,749			589,999			15,212,833
Change in net unrealized appreciation/depreciation		(614,897	)		1,988,745			(6,412,461	)
Net income (loss)		4,092,401			2,456,572			8,623,248
Shareholders’ equity, end of period	$	6,902,743		$	4,038,794		$	10,462,856

See accompanying notes to financial statements.

231

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	4,092,401		$	2,456,572		$	8,623,248
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		(412,720	)		1,336,005			2,359,170
Purchases of short-term U.S. government and agency obligations		(98,949,414	)		(46,397,398	)		(59,678,558	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		97,881,796			51,635,055			60,242,291
Net amortization and accretion on short-term U.S government and agency obligations		(33,644	)		(19,053	)		(5,830	)
Net realized gain (loss) on investments		783			(3,139	)		(29	)
Change in unrealized appreciation/depreciation on investments		(121	)		388			(168	)
Decrease (Increase) in receivable on futures contracts		105,872			(105,872	)		923,531
Increase (Decrease) in payable to Sponsor		(261	)		(7,499	)		620
Increase (Decrease) in brokerage commissions and fees payable		(144	)		(1,764	)		1,908
Increase (Decrease) in payable on futures contracts		104,104			(785,170	)		785,170
Net cash provided by (used in) operating activities		2,788,652			8,108,125			13,251,353
Cash flow from financing activities
Proceeds from addition of shares		23,216,158			40,020,426			37,204,187
Payment on shares redeemed		(24,444,610	)		(48,901,060	)		(50,053,143	)
Net cash provided by (used in) financing activities		(1,228,452	)		(8,880,634	)		(12,848,956	)
Net increase (decrease) in cash		1,560,200			(772,509	)		402,397
Cash, beginning of period		326,631			1,099,140			696,743
Cash, end of period	$	1,886,831		$	326,631		$	1,099,140

See accompanying notes to financial statements.

232

PROSHARES ULTRASHORT EURO

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	1,255,895	$	2,916,502
Segregated cash balances with brokers for foreign currency forward contracts		3,038,000		—
Short-term U.S. government and agency obligations (Note 3) (cost $204,788,208 and $337,373,566, respectively)		204,770,166		337,375,787
Unrealized appreciation on foreign currency forward contracts		449,302		16,519,070
Total assets		209,513,363		356,811,359
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		—		6,771,472
Payable to Sponsor		171,595		291,098
Unrealized depreciation on foreign currency forward contracts		6,793,571		356,139
Total liabilities		6,965,166		7,418,709
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		202,548,197		349,392,650
Total liabilities and shareholders’ equity	$	209,513,363	$	356,811,359
Shares outstanding		9,550,000		12,900,000
Net asset value per share	$	21.21	$	27.08
Market value per share (Note 2)	$	21.20	$	27.08

See accompanying notes to financial statements.

233

PROSHARES ULTRASHORT EURO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations     (101% of shareholders’ equity)
U.S. Treasury Bills^^:
1.001% due 01/04/18	$	20,000,000	$	19,998,756
1.001% due 01/11/18†		25,000,000		24,992,937
1.081% due 01/18/18†		29,000,000		28,984,404
1.068% due 01/25/18†		11,000,000		10,991,251
1.040% due 02/01/18†		30,000,000		29,969,001
1.075% due 02/08/18†		9,000,000		8,988,530
1.080% due 02/15/18†		25,000,000		24,962,110
1.145% due 02/22/18		12,000,000		11,978,836
1.155% due 03/01/18†		26,000,000		25,946,591
1.256% due 03/08/18†		18,000,000		17,957,750
Total short-term U.S. government and agency obligations     (cost $204,788,208)			$	204,770,166

Foreign Currency Forward Contracts^

	Settlement Date		Contract Amount in Local Currency			Contract Amount in U.S. Dollars			Unrealized Appreciation (Depreciation)/Value
Contracts to Purchase
Euro with Goldman Sachs International		01/12/18		15,379,400		$	18,303,048		$	158,796
Euro with UBS AG		01/12/18		24,804,600			29,485,603			290,506
Total Unrealized Appreciation									$	449,302
Contracts to Sell
Euro with Goldman Sachs International		01/12/18		(191,822,225	)	$	(226,812,145	)	$	(3,456,408	)
Euro with UBS AG		01/12/18		(185,510,600	)		(219,354,746	)		(3,337,163	)
Total Unrealized Depreciation									$	(6,793,571	)

† All or partial amount pledged as collateral for foreign currency forward contracts.

^ The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

See accompanying notes to financial statements.

234

PROSHARES ULTRASHORT EURO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations (97% of shareholders’ equity)
U.S. Treasury Bills^^:
0.286% due 01/05/17†	$	35,000,000	$	34,999,251
0.421% due 01/12/17†		39,020,000		39,016,149
0.342% due 01/19/17		4,000,000		3,999,263
0.350% due 01/26/17†		68,000,000		67,981,973
0.391% due 02/02/17†		65,000,000		64,977,523
0.471% due 02/09/17		3,500,000		3,498,417
0.390% due 02/16/17		33,000,000		32,982,051
0.491% due 02/23/17†		45,000,000		44,970,039
0.493% due 03/23/17†		45,000,000		44,951,121
Total short-term U.S. government and agency obligations (cost $337,373,566)			$	337,375,787

Foreign Currency Forward Contracts^

	Settlement Date		Local Currency			Notional Amount at Value (USD)			Unrealized Appreciation (Depreciation)
Contracts to Purchase
Euro with Goldman Sachs International		01/13/17		65,899,000		$	69,424,004		$	295,605
Euro with UBS AG		01/13/17		22,361,500			23,557,639			(356,139	)
									$	(60,534	)
Contracts to Sell
Euro with Goldman Sachs International		01/13/17		(393,278,725	)	$	(414,315,600	)	$	7,813,462
Euro with UBS AG		01/13/17		(356,977,300	)		(376,072,375	)		8,410,003
									$	16,223,465

† All or partial amount pledged as collateral for foreign currency forward contracts.

^ The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

See accompanying notes to financial statements.

235

PROSHARES ULTRASHORT EURO

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	2,048,455		$	1,012,886		$	264,845
Expenses
Management fee		2,445,170			3,777,543			5,265,432
Total expenses		2,445,170			3,777,543			5,265,432
Net investment income (loss)		(396,715	)		(2,764,657	)		(5,000,587	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts		(39,691,680	)		(25,711,518	)		131,651,572
Short-term U.S. government and agency obligations		(3,785	)		242			22,509
Net realized gain (loss)		(39,695,465	)		(25,711,276	)		131,674,081
Change in net unrealized appreciation/depreciation on
Foreign currency forward contracts		(22,507,200	)		44,873,267			(45,473,330	)
Short-term U.S. government and agency obligations		(20,263	)		12,675			(23,782	)
Change in net unrealized appreciation/depreciation		(22,527,463	)		44,885,942			(45,497,112	)
Net realized and unrealized gain (loss)		(62,222,928	)		19,174,666			86,176,969
Net income (loss)	$	(62,619,643	)	$	16,410,009		$	81,176,382

See accompanying notes to financial statements.

236

PROSHARES ULTRASHORT EURO

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	349,392,650		$	522,306,518		$	517,191,349
Addition of 2,400,000, 650,000 and 12,600,000 shares, respectively		54,352,755			15,418,329			328,253,174
Redemption of 5,750,000, 8,200,014 and 16,100,000 shares, respectively		(138,577,565	)		(204,742,206	)		(404,314,387	)
Net addition (redemption) of (3,350,000), (7,550,014) and (3,500,000) shares, respectively		(84,224,810	)		(189,323,877	)		(76,061,213	)
Net investment income (loss)		(396,715	)		(2,764,657	)		(5,000,587	)
Net realized gain (loss)		(39,695,465	)		(25,711,276	)		131,674,081
Change in net unrealized appreciation/depreciation		(22,527,463	)		44,885,942			(45,497,112	)
Net income (loss)		(62,619,643	)		16,410,009			81,176,382
Shareholders’ equity, end of period	$	202,548,197		$	349,392,650		$	522,306,518

See accompanying notes to financial statements.

237

PROSHARES ULTRASHORT EURO

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	(62,619,643	)	$	16,410,009		$	81,176,382
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for foreign currency forward contracts		(3,038,000	)		—			—
Purchases of short-term U.S. government and agency obligations		(2,213,830,667	)		(1,535,809,146	)		(1,901,774,819	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		2,348,460,695			1,745,625,938			1,842,981,707
Net amortization and accretion on short-term U.S government and agency obligations		(2,048,455	)		(1,012,886	)		(263,820	)
Net realized gain (loss) on investments		3,785			(242	)		(22,509	)
Change in unrealized appreciation/depreciation on investments		22,527,463			(44,885,942	)		45,497,112
Increase (Decrease) in payable to Sponsor		(119,503	)		(123,177	)		28,455
Net cash provided by (used in) operating activities		89,335,675			180,204,554			67,622,508
Cash flow from financing activities
Proceeds from addition of shares		54,352,755			15,418,329			341,209,778
Payment on shares redeemed		(145,349,037	)		(203,078,964	)		(399,206,157	)
Net cash provided by (used in) financing activities		(90,996,282	)		(187,660,635	)		(57,996,379	)
Net increase (decrease) in cash		(1,660,607	)		(7,456,081	)		9,626,129
Cash, beginning of period		2,916,502			10,372,583			746,454
Cash, end of period	$	1,255,895		$	2,916,502		$	10,372,583

See accompanying notes to financial statements.

238

PROSHARES ULTRASHORT GOLD

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	1,026,645	$	120,840
Segregated cash balances with brokers for futures contracts		8,800		13,200
Short-term U.S. government and agency obligations (Note 3) (cost $31,979,626 and $60,540,275, respectively)		31,977,900		60,540,555
Unrealized appreciation on forward agreements		—		3,033,566
Receivable on open futures contracts		—		1,280
Total assets		33,013,345		63,709,441
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		2,420		—
Payable to Sponsor		25,256		55,794
Unrealized depreciation on forward agreements		1,488,259		—
Total liabilities		1,515,935		55,794
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		31,497,410		63,653,647
Total liabilities and shareholders’ equity	$	33,013,345	$	63,709,441
Shares outstanding		446,978		696,978
Net asset value per share	$	70.47	$	91.33
Market value per share (Note 2)	$	69.11	$	90.54

See accompanying notes to financial statements.

239

PROSHARES ULTRASHORT GOLD

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations (102% of shareholders’ equity)
U.S. Treasury Bills^^:
1.001% due 01/04/18†	$	14,000,000	$	13,999,129
1.001% due 01/11/18†		5,000,000		4,998,588
1.040% due 02/01/18†		3,000,000		2,996,900
1.075% due 02/08/18†		8,000,000		7,989,805
1.267% due 03/29/18†		2,000,000		1,993,478
Total short-term U.S. government and agency obligations (cost $31,979,626)			$	31,977,900

Futures Contracts Sold

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Gold Futures - COMEX, expires February 2018		2	$	261,860	$	(5,460	)

Forward Agreements^

	Rate Paid (Received)*			Settlement Date		Commitment to (Deliver)/Receive			Notional Amount at Value**			Unrealized Appreciation (Depreciation)/Value
Forward agreements with Citibank, N.A. based on 0.995 Fine Troy Ounce Gold		(1.75	)%		01/08/18	$	(18,900	)	$	(24,413,508	)	$	(554,559	)
Forward agreements with Goldman Sachs International based on 0.995 Fine Troy Ounce Gold		(1.45	)		01/08/18		(12,798	)		(16,530,665	)		(428,358	)
Forward agreements with Societe Generale based on 0.995 Fine Troy Ounce Gold		(1.28	)		01/08/18		(4,800	)		(6,199,776	)		(126,928	)
Forward agreements with UBS AG based on 0.995 Fine Troy Ounce Gold		(1.56	)		01/08/18		(12,050	)		(15,564,985	)		(378,414	)
Total Unrealized Depreciation												$	(1,488,259	)

† All or partial amount pledged as collateral for forward agreements.

^ The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

* Reflects the floating financing rate, as of December 31, 2017, on the notional amount of the forward agreement paid to the

counterparty or received from the counterparty, excluding any commissions. Forward Agreements payment is due at termination/maturity.

** For forward agreements, a positive amount represents “long” exposure to the underlying commodity. A negative amount represents “short” exposure to the underlying commodity.

See accompanying notes to financial statements.

240

PROSHARES ULTRASHORT GOLD

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations (95% of shareholders’ equity)
U.S. Treasury Bills^^:
0.435% due 01/12/17	$	1,572,000	$	1,571,845
0.308% due 01/19/17†		1,000,000		999,815
0.371% due 01/26/17		10,000,000		9,997,349
0.407% due 02/02/17		13,000,000		12,995,504
0.406% due 02/16/17†		18,000,000		17,990,210
0.491% due 02/23/17†		5,000,000		4,996,671
0.481% due 03/09/17†		10,000,000		9,991,333
0.493% due 03/23/17		2,000,000		1,997,828
Total short-term U.S. government and agency obligations (cost $60,540,275)			$	60,540,555

Futures Contracts Sold††

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)
Gold Futures - COMEX, expires February 2017		2	$	230,340	$	18,980

Forward Agreements^

	Rate Paid (Received)*			Settlement Date		Commitment to (Deliver)/Receive			Notional Amount at Value**			Unrealized Appreciation (Depreciation)
Forward agreements with Citibank, N.A. based on 0.995 Fine Troy Ounce Gold		(0.85	)%		01/10/17	$	(44,500	)	$	(51,008,125	)	$	1,147,811
Forward agreements with Goldman Sachs International based on 0.995 Fine Troy Ounce Gold		(0.70	)		01/10/17		(25,498	)		(29,227,083	)		881,454
Forward agreements with Societe Generale S.A. based on 0.995 Fine Troy Ounce Gold		(0.65	)		01/10/17		(14,600	)		(16,735,250	)		393,006
Forward agreements with UBS AG based on 0.995 Fine Troy Ounce Gold		(0.74	)		01/10/17		(26,250	)		(30,089,325	)		611,295
												$	3,033,566

† All or partial amount pledged as collateral for forward agreements and/or futures contracts.

†† Cash collateral in the amount of $13,200 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

^ The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

* Reflects the floating financing rate, as of December 31, 2016, on the notional amount of the forward agreement paid to the

counterparty or received from the counterparty, excluding any commissions.

** For forward agreements, a positive amount represents “long” exposure to the underlying commodity. A negative amount represents “short” exposure to the underlying commodity.

See accompanying notes to financial statements.

241

PROSHARES ULTRASHORT GOLD

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	283,917		$	164,570		$	31,999
Expenses
Management fee		344,734			625,950			735,540
Brokerage commissions		48			43			41
Total expenses		344,782			625,993			735,581
Net investment income (loss)		(60,865	)		(461,423	)		(703,582	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(2,987	)		(29,440	)		15,950
Forward agreements		(6,990,570	)		(12,211,311	)		12,691,685
Short-term U.S. government and agency obligations		(1,208	)		(378	)		1,301
Net realized gain (loss)		(6,994,765	)		(12,241,129	)		12,708,936
Change in net unrealized appreciation/depreciation on
Futures contracts		(24,440	)		13,760			9,740
Forward agreements		(4,521,825	)		1,224,624			4,091,720
Short-term U.S. government and agency obligations		(2,006	)		2,028			(2,950	)
Change in net unrealized appreciation/depreciation		(4,548,271	)		1,240,412			4,098,510
Net realized and unrealized gain (loss)		(11,543,036	)		(11,000,717	)		16,807,446
Net income (loss)	$	(11,603,901	)	$	(11,462,140	)	$	16,103,864

See accompanying notes to financial statements.

242

PROSHARES ULTRASHORT GOLD

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	63,653,647		$	74,971,764		$	81,861,762
Addition of 350,000, 1,050,000 and 150,000 shares, respectively		26,178,336			83,353,994			13,383,255
Redemption of 600,000, 1,000,000 and 350,000 shares, respectively		(46,730,672	)		(83,209,971	)		(36,377,117	)
Net addition (redemption) of (250,000), 50,000 and (200,000) shares, respectively		(20,552,336	)		144,023			(22,993,862	)
Net investment income (loss)		(60,865	)		(461,423	)		(703,582	)
Net realized gain (loss)		(6,994,765	)		(12,241,129	)		12,708,936
Change in net unrealized appreciation/depreciation		(4,548,271	)		1,240,412			4,098,510
Net income (loss)		(11,603,901	)		(11,462,140	)		16,103,864
Shareholders’ equity, end of period	$	31,497,410		$	63,653,647		$	74,971,764

See accompanying notes to financial statements.

243

PROSHARES ULTRASHORT GOLD

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	(11,603,901	)	$	(11,462,140	)	$	16,103,864
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		4,400			78,050			(82,450	)
Purchases of short-term U.S. government and agency obligations		(259,713,980	)		(320,273,448	)		(254,497,395	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		288,557,288			332,879,016			265,587,947
Net amortization and accretion on short-term U.S government and agency obligations		(283,867	)		(164,568	)		(31,999	)
Net realized gain (loss) on investments		1,208			378			(1,301	)
Change in unrealized appreciation/depreciation on investments		4,523,831			(1,226,652	)		(4,088,770	)
Decrease (Increase) in receivable on futures contracts		1,280			(1,280	)		3,260
Increase (Decrease) in payable to Sponsor		(30,538	)		(4,097	)		(10,170	)
Increase (Decrease) in payable on futures contracts		2,420			(80	)		80
Net cash provided by (used in) operating activities		21,458,141			(174,821	)		22,983,066
Cash flow from financing activities
Proceeds from addition of shares		26,178,336			83,353,994			13,383,255
Payment on shares redeemed		(46,730,672	)		(83,209,971	)		(36,377,117	)
Net cash provided by (used in) financing activities		(20,552,336	)		144,023			(22,993,862	)
Net increase (decrease) in cash		905,805			(30,798	)		(10,796	)
Cash, beginning of period		120,840			151,638			162,434
Cash, end of period	$	1,026,645		$	120,840		$	151,638

See accompanying notes to financial statements.

244

PROSHARES ULTRASHORT SILVER

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	614,804	$	86,051
Segregated cash balances with brokers for futures contracts		10,340		14,300
Segregated cash balances with brokers for forward agreements		738,500		—
Short-term U.S. government and agency obligations (Note 3) (cost $18,352,808 and $21,549,766, respectively)		18,349,861		21,550,319
Unrealized appreciation on forward agreements		—		1,384,246
Receivable on open futures contracts		—		2,290
Total assets		19,713,505		23,037,206
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		3,171,777		—
Payable on open futures contracts		2,220		—
Payable to Sponsor		17,086		19,550
Unrealized depreciation on forward agreements		1,716,163		—
Total liabilities		4,907,246		19,550
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		14,806,259		23,017,656
Total liabilities and shareholders’ equity	$	19,713,505	$	23,037,206
Shares outstanding		466,976		616,976
Net asset value per share	$	31.71	$	37.31
Market value per share (Note 2)	$	31.40	$	38.76

See accompanying notes to financial statements.

245

PROSHARES ULTRASHORT SILVER

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations (124% of shareholders’ equity)
U.S. Treasury Bills^^:
1.033% due 01/18/18†	$	2,181,000	$	2,179,827
1.040% due 02/01/18†		2,214,000		2,211,712
1.209% due 02/08/18†		2,000,000		1,997,451
1.267% due 03/29/18†		12,000,000		11,960,871
Total short-term U.S. government and agency obligations (cost $18,352,808)			$	18,349,861

Futures Contracts Sold

	Number of Contracts		Notional Amount at Value			Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires March 2018		2	$	(171,450	)	$	(1,650	)

Forward Agreements^

	Rate Paid (Received)*			Settlement Date		Commitment to (Deliver)/Receive			Notional Amount at Value**			Unrealized Appreciation (Depreciation)/Value
Forward agreements with Citibank, N.A. based on 0.999 Fine Troy Ounce Silver		(1.85	)%		01/08/18	$	(529,000	)	$	(8,926,769	)	$	(632,593	)
Forward agreements with Goldman Sachs International based on 0.999 Fine Troy Ounce Silver		(1.52	)		01/08/18		(418,500	)		(7,061,769	)		(486,240	)
Forward agreements with Societe Generale based on 0.999 Fine Troy Ounce Silver		(1.45	)		01/08/18		(156,000	)		(2,632,328	)		(115,305	)
Forward agreements with UBS AG based on 0.999 Fine Troy Ounce Silver		(1.60	)		01/08/18		(642,000	)		(10,833,493	)		(482,025	)
Total Unrealized Depreciation												$	(1,716,163	)

† All or partial amount pledged as collateral for forward agreements.

^ The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

* Reflects the floating financing rate, as of December 31, 2017, on the notional amount of the forward agreement paid to the counterparty or received from the counterparty, excluding any commissions. Forward Agreements payment is due at termination/maturity.

** For forward agreements, a positive amount represents “long” exposure to the underlying commodity. A negative amount represents “short” exposure to the underlying commodity.

See accompanying notes to financial statements.

246

PROSHARES ULTRASHORT SILVER

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations (94% of shareholders’ equity)
U.S. Treasury Bills^^:
0.339% due 01/12/17†	$	5,759,000	$	5,758,432
0.455% due 01/19/17		1,500,000		1,499,723
0.371% due 01/26/17		1,000,000		999,735
0.409% due 02/02/17		1,300,000		1,299,551
0.452% due 02/09/17†		8,000,000		7,996,382
0.491% due 02/23/17†		2,000,000		1,998,668
0.493% due 03/23/17†		2,000,000		1,997,828
Total short-term U.S. government and agency obligations (cost $21,549,766)			$	21,550,319

Futures Contracts Sold††

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)
Silver Futures - COMEX, expires March 2017		2	$	159,890	$	27,310

Forward Agreements^

	Rate Paid (Received)*			Settlement Date		Commitment to (Deliver)/Receive			Notional Amount at Value**			Unrealized Appreciation (Depreciation)
Forward agreements with Citibank, N.A. based on 0.999 Fine Troy Ounce Silver		(1.05	)%		01/10/17	$	(1,076,000	)	$	(17,480,588	)	$	610,478
Forward agreements with Goldman Sachs International based on 0.999 Fine Troy Ounce Silver		(0.80	)		01/10/17		(934,500	)		(15,181,326	)		323,829
Forward agreements with Societe Generale based on 0.999 Fine Troy Ounce Silver		(0.80	)		01/10/17		(156,000	)		(2,534,314	)		86,543
Forward agreements with UBS AG based on 0.999 Fine Troy Ounce Silver		(0.82	)		01/10/17		(657,000	)		(10,673,425	)		363,396
												$	1,384,246

† All or partial amount pledged as collateral for forward agreements and/or futures contracts.

†† Cash collateral in the amount of $14,300 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

^ The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

* Reflects the floating financing rate, as of December 31, 2016, on the notional amount of the forward agreement paid to the counterparty or received from the counterparty, excluding any commissions.

** For forward agreements, a positive amount represents “long” exposure to the underlying commodity. A negative amount represents “short” exposure to the underlying commodity.

See accompanying notes to financial statements.

247

PROSHARES ULTRASHORT SILVER

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	157,745		$	93,483		$	23,831
Expenses
Management fee		194,297			349,293			540,253
Brokerage commissions		48			43			42
Total expenses		194,345			349,336			540,295
Net investment income (loss)		(36,600	)		(255,853	)		(516,464	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		21,156			(40,250	)		15,575
Forward agreements		1,132,237			(17,514,464	)		10,743,970
Short-term U.S. government and agency obligations		(932	)		(1,916	)		(2,787	)
Net realized gain (loss)		1,152,461			(17,556,630	)		10,756,758
Change in net unrealized appreciation/depreciation on
Futures contracts		(28,960	)		21,340			4,410
Forward agreements		(3,100,409	)		(3,394,033	)		4,183,326
Short-term U.S. government and agency obligations		(3,500	)		367			(794	)
Change in net unrealized appreciation/depreciation		(3,132,869	)		(3,372,326	)		4,186,942
Net realized and unrealized gain (loss)		(1,980,408	)		(20,928,956	)		14,943,700
Net income (loss)	$	(2,017,008	)	$	(21,184,809	)	$	14,427,236

See accompanying notes to financial statements.

248

PROSHARES ULTRASHORT SILVER

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	23,017,656		$	55,987,938		$	53,007,867
Addition of 850,000, 1,650,000 and 1,650,000 shares, respectively		26,717,920			69,113,968			84,272,164
Redemption of 1,000,000, 1,900,002 and 1,700,000 shares, respectively		(32,912,309	)		(80,899,441	)		(95,719,329	)
Net addition (redemption) of (150,000), (250,002) and (50,000) shares, respectively		(6,194,389	)		(11,785,473	)		(11,447,165	)
Net investment income (loss)		(36,600	)		(255,853	)		(516,464	)
Net realized gain (loss)		1,152,461			(17,556,630	)		10,756,758
Change in net unrealized appreciation/depreciation		(3,132,869	)		(3,372,326	)		4,186,942
Net income (loss)		(2,017,008	)		(21,184,809	)		14,427,236
Shareholders’ equity, end of period	$	14,806,259		$	23,017,656		$	55,987,938

See accompanying notes to financial statements.

249

PROSHARES ULTRASHORT SILVER

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	(2,017,008	)	$	(21,184,809	)	$	14,427,236
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		3,960			(2,860	)		2,860
Decrease (Increase) in segregated cash balances with brokers for forward agreements		(738,500	)		—			—
Purchases of short-term U.S. government and agency obligations		(205,796,774	)		(149,552,689	)		(220,073,123	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		209,150,487			178,824,533			221,589,835
Net amortization and accretion on short-term U.S government and agency obligations		(157,687	)		(93,482	)		(23,831	)
Net realized gain (loss) on investments		932			1,916			2,787
Change in unrealized appreciation/depreciation on investments		3,103,909			3,393,666			(4,182,532	)
Decrease (Increase) in receivable on futures contracts		2,290			(1,900	)		6,380
Increase (Decrease) in payable to Sponsor		(2,464	)		(27,635	)		4,831
Increase (Decrease) in payable on futures contracts		2,220			—			—
Net cash provided by (used in) operating activities		3,551,365			11,356,740			11,754,443
Cash flow from financing activities
Proceeds from addition of shares		26,717,920			69,113,968			84,272,164
Payment on shares redeemed		(29,740,532	)		(80,899,441	)		(95,719,329	)
Net cash provided by (used in) financing activities		(3,022,612	)		(11,785,473	)		(11,447,165	)
Net increase (decrease) in cash		528,753			(428,733	)		307,278
Cash, beginning of period		86,051			514,784			207,506
Cash, end of period	$	614,804		$	86,051		$	514,784

See accompanying notes to financial statements.

250

PROSHARES ULTRASHORT YEN

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	1,582,684	$	3,166,988
Short-term U.S. government and agency obligations (Note 3) (cost $131,844,652 and $257,103,135, respectively)		131,834,352		257,102,313
Unrealized appreciation on foreign currency forward contracts		1,568,997		16,870,357
Total assets		134,986,033		277,139,658
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		3,759,983		—
Payable to Sponsor		106,863		232,491
Unrealized depreciation on foreign currency forward contracts		41,734		125,420
Total liabilities		3,908,580		357,911
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		131,077,453		276,781,747
Total liabilities and shareholders’ equity	$	134,986,033	$	277,139,658
Shares outstanding		1,749,290		3,449,290
Net asset value per share	$	74.93	$	80.24
Market value per share (Note 2)	$	74.98	$	80.25

See accompanying notes to financial statements.

251

PROSHARES ULTRASHORT YEN

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations (101% of shareholders’ equity)
U.S. Treasury Bills^^:
1.000% due 01/04/18	$	7,000,000	$	6,999,565
1.001% due 01/11/18		9,000,000		8,997,457
1.033% due 01/18/18†		19,000,000		18,989,782
1.068% due 01/25/18†		11,000,000		10,991,251
1.040% due 02/01/18†		24,000,000		23,975,201
1.083% due 02/08/18†		17,000,000		16,978,335
1.080% due 02/15/18		9,000,000		8,986,360
1.264% due 03/01/18		15,000,000		14,969,187
1.256% due 03/08/18†		15,000,000		14,964,792
1.277% due 03/22/18		6,000,000		5,982,422
Total short-term U.S. government and agency obligations (cost $131,844,652)			$	131,834,352

Foreign Currency Forward Contracts^

	Settlement Date		Contract Amount in Local Currency			Contract Amount in U.S. Dollars			Unrealized Appreciation (Depreciation)/Value
Contracts to Purchase
Yen with Goldman Sachs International		01/12/18		1,557,430,400		$	13,828,233		$	(1,119	)
Yen with UBS AG		01/12/18		2,779,401,900			24,716,567			(40,615	)
Total Unrealized Depreciation									$	(41,734	)
Contracts to Sell
Yen with Goldman Sachs International		01/12/18		(16,323,923,000	)	$	(145,748,706	)	$	822,436
Yen with UBS AG		01/12/18		(17,545,808,000	)		(156,520,911	)		746,561
Total Unrealized Appreciation									$	1,568,997

† All or partial amount pledged as collateral for foreign currency forward contracts.

^ The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

See accompanying notes to financial statements.

252

PROSHARES ULTRASHORT YEN

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations (93% of shareholders’ equity)
U.S. Treasury Bills^^:
0.286% due 01/05/17†	$	21,383,000	$	21,382,543
0.343% due 01/12/17†		32,400,000		32,396,802
0.405% due 01/19/17†		12,500,000		12,497,695
0.346% due 01/26/17†		57,000,000		56,984,889
0.390% due 02/02/17†		30,006,000		29,995,624
0.452% due 02/09/17†		35,000,000		34,984,173
0.393% due 02/16/17		53,000,000		52,971,173
0.491% due 02/23/17†		15,900,000		15,889,414
Total short-term U.S. government and agency obligations (cost $257,103,135)			$	257,102,313

Foreign Currency Forward Contracts^

	Settlement Date		Local Currency			Notional Amount at Value (USD)			Unrealized Appreciation (Depreciation)
Contracts to Purchase
Yen with Goldman Sachs International		01/13/17		9,411,824,400		$	80,581,067		$	215,477
Yen with UBS AG		01/13/17		675,533,300			5,783,703			(125,420	)
									$	90,057
Contracts to Sell
Yen with Goldman Sachs International		01/13/17		(41,411,055,600	)	$	(354,548,372	)	$	8,041,302
Yen with UBS AG		01/13/17		(33,192,173,500	)		(284,180,901	)		8,613,578
									$	16,654,880

† All or partial amount pledged as collateral for foreign currency forward contracts.

^ The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^ Rates shown represents discount rate at the time of purchase.

See accompanying notes to financial statements.

253

PROSHARES ULTRASHORT YEN

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	1,446,842		$	531,771		$	135,814
Expenses
Management fee		1,802,816			2,141,333			3,759,492
Total expenses		1,802,816			2,141,333			3,759,492
Net investment income (loss)		(355,974	)		(1,609,562	)		(3,623,678	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts		(8,729,472	)		(22,220,271	)		8,809,464
Short-term U.S. government and agency obligations		(4,001	)		(5,910	)		(3,035	)
Net realized gain (loss)		(8,733,473	)		(22,226,181	)		8,806,429
Change in net unrealized appreciation/depreciation on
Foreign currency forward contracts		(15,217,674	)		30,640,389			(12,316,677	)
Short-term U.S. government and agency obligations		(9,478	)		16,827			(30,886	)
Change in net unrealized appreciation/depreciation		(15,227,152	)		30,657,216			(12,347,563	)
Net realized and unrealized gain (loss)		(23,960,625	)		8,431,035			(3,541,134	)
Net income (loss)	$	(24,316,599	)	$	6,821,473		$	(7,164,812	)

See accompanying notes to financial statements.

254

PROSHARES ULTRASHORT YEN

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	276,781,747		$	237,372,900		$	531,471,873
Addition of 1,000,000, 2,300,000 and 1,350,000 shares, respectively		76,657,434			150,763,218			124,524,909
Redemption of 2,700,000, 1,550,004 and 4,600,000 shares, respectively		(198,045,129	)		(118,175,844	)		(411,459,070	)
Net addition (redemption) of (1,700,000), 749,996 and (3,250,000) shares, respectively		(121,387,695	)		32,587,374			(286,934,161	)
Net investment income (loss)		(355,974	)		(1,609,562	)		(3,623,678	)
Net realized gain (loss)		(8,733,473	)		(22,226,181	)		8,806,429
Change in net unrealized appreciation/depreciation		(15,227,152	)		30,657,216			(12,347,563	)
Net income (loss)		(24,316,599	)		6,821,473			(7,164,812	)
Shareholders’ equity, end of period	$	131,077,453		$	276,781,747		$	237,372,900

See accompanying notes to financial statements.

255

PROSHARES ULTRASHORT YEN

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	(24,316,599	)	$	6,821,473		$	(7,164,812	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(1,735,928,862	)		(1,044,852,917	)		(1,322,695,643	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		1,862,630,186			1,048,290,293			1,595,758,281
Net amortization and accretion on short-term U.S government and agency obligations		(1,446,842	)		(531,771	)		(135,814	)
Net realized gain (loss) on investments		4,001			5,910			3,035
Change in unrealized appreciation/depreciation on investments		15,227,152			(30,657,216	)		12,347,563
Increase (Decrease) in payable to Sponsor		(125,628	)		21,603			(228,916	)
Net cash provided by (used in) operating activities		116,043,408			(20,902,625	)		277,883,694
Cash flow from financing activities
Proceeds from addition of shares		76,657,434			150,763,218			124,524,909
Payment on shares redeemed		(194,285,146	)		(126,970,573	)		(402,664,341	)
Net cash provided by (used in) financing activities		(117,627,712	)		23,792,645			(278,139,432	)
Net increase (decrease) in cash		(1,584,304	)		2,890,020			(255,738	)
Cash, beginning of period		3,166,988			276,968			532,706
Cash, end of period	$	1,582,684		$	3,166,988		$	276,968

See accompanying notes to financial statements.

256

PROSHARES VIX MID-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	1,639,958	$	1,155,115
Segregated cash balances with brokers for futures contracts		4,626,400		1,052,615
Short-term U.S. government and agency obligations (Note 3) (cost $20,993,328 and $45,486,489, respectively)		20,993,515		45,486,235
Receivable on open futures contracts		170,015		242,541
Total assets		27,429,888		47,936,506
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		1,058,309		2,085,020
Payable to Sponsor		23,631		32,572
Total liabilities		1,081,940		2,117,592
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		26,347,948		45,818,914
Total liabilities and shareholders’ equity	$	27,429,888	$	47,936,506
Shares outstanding		1,237,403		1,087,403
Net asset value per share	$	21.29	$	42.14
Market value per share (Note 2)	$	21.15	$	42.34

See accompanying notes to financial statements.

257

PROSHARES VIX MID-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations (80% of shareholders’ equity)
U.S. Treasury Bills^^:
1.000% due 01/04/18	$	11,000,000	$	10,999,316
1.001% due 01/11/18		7,000,000		6,998,022
1.209% due 02/08/18		3,000,000		2,996,177
Total short-term U.S. government and agency obligations (cost $20,993,328)			$	20,993,515

Futures Contracts Purchased
	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
VIX Futures - CBOE, expires April 2018		354	$	4,911,750	$	(617,555	)
VIX Futures - CBOE, expires May 2018		603		8,668,125		(910,645	)
VIX Futures - CBOE, expires June 2018		603		8,939,475		(641,030	)
VIX Futures - CBOE, expires July 2018		248		3,825,400		(46,050	)
					$	(2,215,280	)

^^ Rates shown represents discount rate at the time of purchase.

See accompanying notes to financial statements.

258

PROSHARES VIX MID-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations (99% of shareholders’ equity)
U.S. Treasury Bills^^:
0.281% due 01/05/17	$	1,500,000	$	1,499,968
0.390% due 01/12/17		18,500,000		18,498,174
0.299% due 01/19/17		2,000,000		1,999,631
0.311% due 01/26/17		1,500,000		1,499,602
0.411% due 02/02/17		2,000,000		1,999,308
0.372% due 02/09/17†		10,000,000		9,995,478
0.390% due 02/16/17		6,000,000		5,996,737
0.491% due 02/23/17†		4,000,000		3,997,337
Total short-term U.S. government and agency obligations (cost $45,486,489)			$	45,486,235

Futures Contracts Purchased††
	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)
VIX Futures - CBOE, expires April 2017		474	$	8,733,450	$	(655,635	)
VIX Futures - CBOE, expires May 2017		806		15,172,950		(628,070	)
VIX Futures - CBOE, expires June 2017		807		15,393,525		(72,915	)
VIX Futures - CBOE, expires July 2017		332		6,523,800		68,375
					$	(1,288,245	)

^^ Rates shown represents discount rate at the time of purchase.

† All or partial amount pledged as collateral for futures contracts.

†† Cash collateral in the amount of $1,052,615 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

See accompanying notes to financial statements.

259

PROSHARES VIX MID-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	256,920		$	107,409		$	8,293
Expenses
Management fee		317,739			369,016			233,390
Brokerage commissions		20,988			32,884			15,503
Total expenses		338,727			401,900			248,893
Net investment income (loss)		(81,807	)		(294,491	)		(240,600	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(25,319,770	)		(11,085,506	)		(3,335,936	)
Short-term U.S. government and agency obligations		(377	)		499			1,355
Net realized gain (loss)		(25,320,147	)		(11,085,007	)		(3,334,581	)
Change in net unrealized appreciation/depreciation on
Futures contracts		(927,035	)		(943,885	)		(605,025	)
Short-term U.S. government and agency obligations		441			(1,079	)		(327	)
Change in net unrealized appreciation/depreciation		(926,594	)		(944,964	)		(605,352	)
Net realized and unrealized gain (loss)		(26,246,741	)		(12,029,971	)		(3,939,933	)
Net income (loss)	$	(26,328,548	)	$	(12,324,462	)	$	(4,180,533	)

See accompanying notes to financial statements.

260

PROSHARES VIX MID-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	45,818,914		$	27,650,638		$	21,459,575
Addition of 950,000, 1,100,000 and 325,000 shares, respectively		26,311,779			55,230,587			19,318,111
Redemption of 800,000, 525,001 and 150,000 shares, respectively		(19,454,197	)		(24,737,849	)		(8,946,515	)
Net addition (redemption) of 150,000, 574,999 and 175,000 shares, respectively		6,857,582			30,492,738			10,371,596
Net investment income (loss)		(81,807	)		(294,491	)		(240,600	)
Net realized gain (loss)		(25,320,147	)		(11,085,007	)		(3,334,581	)
Change in net unrealized appreciation/depreciation		(926,594	)		(944,964	)		(605,352	)
Net income (loss)		(26,328,548	)		(12,324,462	)		(4,180,533	)
Shareholders’ equity, end of period	$	26,347,948		$	45,818,914		$	27,650,638

See accompanying notes to financial statements.

261

PROSHARES VIX MID-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	(26,328,548	)	$	(12,324,462	)	$	(4,180,533	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		(3,573,785	)		(71,865	)		926,200
Purchases of short-term U.S. government and agency obligations		(943,753,668	)		(175,738,460	)		(95,567,067	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		968,489,510			156,335,340			93,706,007
Net amortization and accretion on short-term U.S government and agency obligations		(243,058	)		(107,408	)		(8,293	)
Net realized gain (loss) on investments		377			(499	)		(1,355	)
Change in unrealized appreciation/depreciation on investments		(441	)		1,079			327
Decrease (Increase) in receivable on futures contracts		72,526			(200,353	)		1,741,140
Increase (Decrease) in payable to Sponsor		(8,941	)		12,194			(2,358	)
Net cash provided by (used in) operating activities		(5,346,028	)		(32,094,434	)		(3,385,932	)
Cash flow from financing activities
Proceeds from addition of shares		26,311,779			55,230,587			19,318,111
Payment on shares redeemed		(20,480,908	)		(22,652,829	)		(16,894,470	)
Net cash provided by (used in) financing activities		5,830,871			32,577,758			2,423,641
Net increase (decrease) in cash		484,843			483,324			(962,291	)
Cash, beginning of period		1,155,115			671,791			1,634,082
Cash, end of period	$	1,639,958		$	1,155,115		$	671,791

See accompanying notes to financial statements.

262

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	1,850,632	$	4,536,425
Segregated cash balances with brokers for futures contracts		1,864,500		17,235,855
Short-term U.S. government and agency obligations (Note 3) (cost $134,855,770 and $147,990,045, respectively)		134,845,604		147,991,233
Receivable on open futures contracts		2,667,474		4,484,270
Total assets		141,228,210		174,247,783
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		3,431,713		—
Payable to Sponsor		54,937		87,637
Total liabilities		3,486,650		87,637
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		137,741,560		174,160,146
Total liabilities and shareholders’ equity	$	141,228,210	$	174,247,783
Shares outstanding (Note 1)		5,901,317		2,052,363
Net asset value per share (Note 1)	$	23.34	$	84.86
Market value per share (Note 1) (Note 2)	$	23.15	$	85.04

See accompanying notes to financial statements.

263

PROSHARES VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2017

	Principal Amount		Value
Short-term U.S. government and agency obligations (98% of shareholders’ equity)
U.S. Treasury Bills^^:
1.000% due 01/04/18	$	31,000,000	$	30,998,072
1.001% due 01/11/18†		12,000,000		11,996,610
1.040% due 02/01/18†		33,000,000		32,965,901
1.080% due 02/15/18†		34,000,000		33,948,470
1.264% due 03/01/18†		2,000,000		1,995,891
1.271% due 03/15/18†		23,000,000		22,940,660
Total short-term U.S. government and agency obligations (cost $134,855,770)			$	134,845,604

Futures Contracts Purchased

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
VIX Futures - CBOE, expires January 2018		6,836	$	78,443,100	$	(5,471,585	)
VIX Futures - CBOE, expires February 2018		4,770		59,505,750		709,708
					$	(4,761,877	)

^^ Rates shown represents discount rate at the time of purchase.

† All or partial amount pledged as collateral for futures contracts.

See accompanying notes to financial statements.

264

PROSHARES VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016

	Principal Amount		Value
Short-term U.S. government and agency obligations (85% of shareholders’ equity)
U.S. Treasury Bills^^:
0.382% due 01/12/17†	$	39,000,000	$	38,996,151
0.330% due 01/19/17†		9,000,000		8,998,340
0.353% due 01/26/17†		15,500,000		15,495,891
0.409% due 02/02/17†		32,560,000		32,548,741
0.425% due 02/09/17†		5,000,000		4,997,739
0.390% due 02/16/17		10,000,000		9,994,561
0.493% due 03/23/17		37,000,000		36,959,810
Total short-term U.S. government and agency obligations (cost $147,990,045)			$	147,991,233

Futures Contracts Purchased††

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)
VIX Futures - CBOE, expires January 2017		6,549	$	99,053,625	$	(2,742,526	)
VIX Futures - CBOE, expires February 2017		4,560		75,582,000		2,273,874
					$	(468,652	)

^^ Rates shown represents discount rate at the time of purchase.

† All or partial amount pledged as collateral for futures contracts.

†† Cash collateral in the amount of $17,235,855 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

See accompanying notes to financial statements.

265

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017			2016			2015
Investment Income
Interest	$	1,238,374		$	466,392		$	42,319
Expenses
Management fee		1,353,339			1,632,880			1,062,171
Brokerage commissions		174,838			270,159			130,942
Brokerage fees		3,383			—			—
Total expenses		1,531,560			1,903,039			1,193,113
Net investment income (loss)		(293,186	)		(1,436,647	)		(1,150,794	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(194,005,568	)		(195,475,791	)		(19,408,543	)
Short-term U.S. government and agency obligations		(772	)		6,650			1,703
Net realized gain (loss)		(194,006,340	)		(195,469,141	)		(19,406,840	)
Change in net unrealized appreciation/depreciation on
Futures contracts		(4,293,225	)		609,973			(7,343,245	)
Short-term U.S. government and agency obligations		(11,354	)		3,010			(3,657	)
Change in net unrealized appreciation/depreciation		(4,304,579	)		612,983			(7,346,902	)
Net realized and unrealized gain (loss)		(198,310,919	)		(194,856,158	)		(26,753,742	)
Net income (loss)	$	(198,604,105	)	$	(196,292,805	)	$	(27,904,536	)

See accompanying notes to financial statements.

266

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017			2016			2015
Shareholders’ equity, beginning of period	$	174,160,146		$	105,272,823		$	111,459,325
Addition of 7,750,000, 3,066,250 and 623,750 shares, respectively (Note 1)		318,930,520			515,131,303			187,659,682
Redemption of 3,901,046, 1,411,378 and 492,500 shares, respectively (Note 1)		(156,745,001	)		(249,951,175	)		(165,941,648	)
Net addition (redemption) of 3,848,954, 1,654,872 and 131,250 shares, respectively (Note 1)		162,185,519			265,180,128			21,718,034
Net investment income (loss)		(293,186	)		(1,436,647	)		(1,150,794	)
Net realized gain (loss)		(194,006,340	)		(195,469,141	)		(19,406,840	)
Change in net unrealized appreciation/depreciation		(4,304,579	)		612,983			(7,346,902	)
Net income (loss)		(198,604,105	)		(196,292,805	)		(27,904,536	)
Shareholders’ equity, end of period	$	137,741,560		$	174,160,146		$	105,272,823

See accompanying notes to financial statements.

267

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities
Net income (loss)	$	(198,604,105	)	$	(196,292,805	)	$	(27,904,536	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		15,371,355			(11,347,310	)		12,551,205
Purchases of short-term U.S. government and agency obligations		(1,819,678,736	)		(920,726,003	)		(599,166,468	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		1,834,013,986			869,284,481			585,220,876
Net amortization and accretion on short-term U.S government and agency obligations		(1,201,747	)		(466,392	)		(41,722	)
Net realized gain (loss) on investments		772			(6,650	)		(1,703	)
Change in unrealized appreciation/depreciation on investments		11,354			(3,010	)		3,657
Decrease (Increase) in receivable on futures contracts		1,816,796			(3,220,337	)		8,053,303
Increase (Decrease) in payable to Sponsor		(32,700	)		10,220			(3,334	)
Net cash provided by (used in) operating activities		(168,303,025	)		(262,767,806	)		(21,288,722	)
Cash flow from financing activities
Proceeds from addition of shares		318,930,520			515,131,303			187,659,682
Payment on shares redeemed		(153,313,288	)		(249,951,175	)		(165,941,648	)
Net cash provided by (used in) financing activities		165,617,232			265,180,128			21,718,034
Net increase (decrease) in cash		(2,685,793	)		2,412,322			429,312
Cash, beginning of period		4,536,425			2,124,103			1,694,791
Cash, end of period	$	1,850,632		$	4,536,425		$	2,124,103

See accompanying notes to financial statements.

268

PROSHARES TRUST II

COMBINED STATEMENTS OF FINANCIAL CONDITION

	December 31, 2017		December 31, 2016
Assets
Cash	$	55,713,112	$	39,482,473
Segregated cash balances with brokers for futures contracts		420,018,133		180,212,984
Segregated cash balances with brokers for forward agreements		4,081,500		—
Segregated cash balances with brokers for foreign currency forward contracts		3,960,000		—
Short-term U.S. government and agency obligations (Note 3) (cost $2,445,970,899 and $3,038,837,465, respectively)		2,445,779,873		3,038,848,441
Unrealized appreciation on swap agreements		62,238,361		55,358,571
Unrealized appreciation on forward agreements		25,381,689		4,417,812
Unrealized appreciation on foreign currency forward contracts		2,339,908		33,392,354
Receivable from capital shares sold		843,370		—
Receivable on open futures contracts		45,230,982		41,862,862
Offering costs (Note 5)		105,643		—
Limitation by Sponsor		59,651		—
Total assets		3,065,752,222		3,393,575,497
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		73,270,557		71,525,035
Payable on open futures contracts		1,954,640		3,972,621
Brokerage commissions and fees payable		—		2,909
Payable to Sponsor		2,509,663		2,722,696
Unrealized depreciation on swap agreements		30,607,142		12,206,881
Unrealized depreciation on forward agreements		3,204,422		25,407,296
Unrealized depreciation on foreign currency forward contracts		6,927,586		1,400,572
Total liabilities		118,474,010		117,238,010
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		2,947,278,212		3,276,337,487
Total liabilities and shareholders’ equity	$	3,065,752,222	$	3,393,575,497
Shares outstanding		118,293,916		90,235,707

See accompanying notes to financial statements.

269

PROSHARES TRUST II

COMBINED STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2017*			2016**			2015***
Investment Income
Interest	$	25,704,093		$	9,133,928		$	1,546,729
Expenses
Management fee		30,996,127			34,712,239			35,055,606
Brokerage commissions		8,950,082			7,438,871			6,480,284
Brokerage fees		9,715			—			—
Offering costs		238,151			—			59,479
Limitation by Sponsor		(59,651	)		—			(11,814	)
Total expenses		40,134,424			42,151,110			41,583,555
Net investment income (loss)		(14,430,331	)		(33,017,182	)		(40,036,826	)
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(354,314,223	)		(1,286,470,453	)		(675,706,798	)
Swap agreements		(11,794,313	)		(25,398,375	)		(553,434,721	)
Forward agreements		(26,118,074	)		38,357,981			(73,443,689	)
Foreign currency forward contracts		(46,255,034	)		(47,075,744	)		138,005,915
Short-term U.S. government and agency obligations		(50,042	)		(15,768	)		47,732
Net realized gain (loss)		(438,531,686	)		(1,320,602,359	)		(1,164,531,561	)
Change in net unrealized appreciation/depreciation on
Futures contracts		(360,935	)		(22,030,613	)		40,193,356
Swap agreements		(11,520,471	)		108,928,215			(16,849,426	)
Forward agreements		43,166,751			(2,765,009	)		(6,192,684	)
Foreign currency forward contracts		(36,579,460	)		73,731,339			(56,805,160	)
Short-term U.S. government and agency obligations		(202,002	)		4,832			(46,135	)
Change in net unrealized appreciation/depreciation		(5,496,117	)		157,868,764			(39,700,049	)
Net realized and unrealized gain (loss)		(444,027,803	)		(1,162,733,595	)		(1,204,231,610	)
Net income (loss)	$	(458,458,134	)	$	(1,195,750,777	)	$	(1,244,268,436	)

* The operations include the activity of ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF since January 13, 2017 (inception date).

** The operations include the activity of: ProShares Managed Futures Strategy through March 30, 2016, ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity through September 1, 2016, the date of liquidation, respectively.

*** The operations include the activity of ProShares Ultra Australian Dollar through June 29, 2015, the date of liquidation.

See accompanying notes to financial statements.

270

PROSHARES TRUST II

COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	Year Ended December 31,
	2017*			2016**			2015***
Shareholders’ equity, beginning of period	$	3,276,337,487		$	3,506,608,748		$	3,332,060,486
Addition of 255,585,016, 213,130,750 and 139,373,050 shares, respectively		9,098,339,966			10,633,008,985			8,943,932,891
Redemption of 227,526,807, 221,560,666 and 111,513,687 shares, respectively		(8,968,941,107	)		(9,667,529,469	)		(7,525,116,193	)
Net addition (redemption) of 28,058,209, (8,429,916) and 27,859,363 shares, respectively		129,398,859			965,479,516			1,418,816,698
Net investment income (loss)		(14,430,331	)		(33,017,182	)		(40,036,826	)
Net realized gain (loss)		(438,531,686	)		(1,320,602,359	)		(1,164,531,561	)
Change in net unrealized appreciation/depreciation		(5,496,117	)		157,868,764			(39,700,049	)
Net income (loss)		(458,458,134	)		(1,195,750,777	)		(1,244,268,436	)
Shareholders’ equity, end of period	$	2,947,278,212		$	3,276,337,487		$	3,506,608,748

* The operations include the activity of ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF since January 13, 2017 (inception date).

** The operations include the activity of: ProShares Managed Futures Strategy through March 30, 2016, ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity through September 1, 2016, the date of liquidation, respectively.

*** The operations include the activity of ProShares Ultra Australian Dollar through June 29, 2015, the date of liquidation.

See accompanying notes to financial statements.

271

PROSHARES TRUST II

COMBINED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2017*			2016**			2015***
Cash flow from operating activities
Net income (loss)	$	(458,458,134	)	$	(1,195,750,777	)	$	(1,244,268,436	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		(239,805,149	)		80,870,728			35,477,903
Decrease (Increase) in segregated cash balances with brokers for forward agreements		(4,081,500	)		—			—
Decrease (Increase) in segregated cash balances with brokers for foreign currency forward contracts		(3,960,000	)		—			—
Purchases of short-term U.S. government and agency obligations		(31,621,104,918	)		(18,373,450,463	)		(17,070,603,480	)
Proceeds from sales or maturities of short-term U.S government and agency obligations		32,238,762,028			18,657,310,693			16,764,420,326
Net amortization and accretion on short-term U.S government and agency obligations		(24,840,586	)		(9,128,007	)		(1,530,269	)
Net realized gain (loss) on investments		50,042			15,768			(47,732	)
Change in unrealized appreciation/depreciation on investments		5,135,182			(179,899,377	)		79,893,405
Decrease (Increase) in receivable on futures contracts		(3,368,120	)		(14,207,535	)		28,346,999
Decrease (Increase) in Limitation by Sponsor		(59,651	)		—			9,474
Change in offering cost		—			—			49,384
Cash paid for offering cost		(343,794	)		—			—
Amortization of offering cost		238,151			—			—
Increase (Decrease) in payable to Sponsor		(213,033	)		(116,609	)		181,800
Increase (Decrease) in brokerage commissions and fees payable		(2,909	)		(36,239	)		39,148
Increase (Decrease) in payable on futures contracts		(2,017,981	)		894,352			(43,327,729	)
Increase (Decrease) in payable for offering costs		—			—			(65,785	)
Net cash provided by (used in) operating activities		(114,070,372	)		(1,033,497,466	)		(1,451,424,992	)
Cash flow from financing activities
Proceeds from addition of shares		9,097,496,596			10,681,055,123			8,953,972,200
Payment on shares redeemed		(8,967,195,585	)		(9,656,124,409	)		(7,490,397,088	)
Net cash provided by (used in) financing activities		130,301,011			1,024,930,714			1,463,575,112
Net increase (decrease) in cash		16,230,639			(8,566,752	)		12,150,120
Cash, beginning of period		39,482,599			48,049,351			35,899,231
Cash, end of period	$	55,713,238		$	39,482,599		$	48,049,351

* The operations include the activity of ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF since January 13, 2017 (inception date).

** The operations include the activity of: ProShares Managed Futures Strategy through March 30, 2016 and ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity through September 1, 2016, the date of liquidation, respectively.

*** The operations include the activity of ProShares Ultra Australian Dollar through June 29, 2015, the date of liquidation.

See accompanying notes to financial statements.

272

PROSHARES TRUST II

NOTES TO FINANCIAL STATEMENTS

December 31, 2017

NOTE 1 – ORGANIZATION

ProShares Trust II (formerly known as the Commodities and Currencies Trust) (the “Trust”) is a Delaware statutory trust formed on October 9, 2007 and is currently organized into separate series (each, a “Fund” and collectively, the “Funds”). As of December 31, 2017, the following twenty series of the Trust have commenced investment operations: (i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a “Matching VIX Fund” and collectively, the “Matching VIX Funds”); (ii) ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF (each, a “Geared VIX Fund” and collectively, the “Geared VIX Funds”); (iii) ProShares UltraShort Bloomberg Crude Oil, ProShares UltraPro 3x Short Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Australian Dollar, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares UltraPro 3x Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen (each, a “Leveraged Fund” and collectively, the “Leveraged Funds”); and (iv) ProShares Short Euro (the “Short Euro Fund”). Each of the Funds listed above issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund are listed on the New York Stock Exchange Archipelago (“NYSE Arca”). The Leveraged Funds, the Short Euro Fund and the Geared VIX Funds, are collectively referred to as the “Geared Funds” in these Notes to Financial Statements. The Geared VIX Funds and the Matching VIX Funds are collectively referred to as the “VIX Funds” in these Notes to Financial Statements.

The Trust had no operations prior to November 24, 2008, other than matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended, and the sale and issuance to ProShare Capital Management LLC (the “Sponsor”) of fourteen Shares at an aggregate purchase price of $350 in each of the following Funds: ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen.

Groups of Funds are collectively referred to in several different ways. References to “Short Funds,” “UltraShort Funds,” “Ultra Funds,” or “UltraPro Funds” refer to the different Funds based upon their investment objectives, but without distinguishing among the Funds’ benchmarks.

References to “Commodity Index Funds,” “Commodity Funds” and “Currency Funds” refer to the different Funds according to their general benchmark categories without distinguishing among the Funds’ investment objectives or Fund-specific benchmarks. References to “VIX Funds” refer to the different Funds based upon their investment objective and their general benchmark categories.

Each “Short” Fund seeks daily investment results (before fees and expenses) that correspond to the inverse (-1x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results (before fees and expenses) that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each “UltraPro Short” Fund seeks daily investment results (before fees and expenses) that correspond to three times the inverse (-3x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results (before fees and expenses) that correspond to two times (2x) the daily performance of its corresponding benchmark. Each “UltraPro” Fund seeks daily investment results (before fees and expenses) that correspond to three times (3x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results (before fees and expenses), both over a single day and over time, that match the performance of its corresponding benchmark. Daily performance is measured from the calculation of one NAV to the next.

The Geared Funds do not seek to achieve their stated investment objective over a period of time greater than a single day because mathematical compounding prevents the Geared Funds from achieving such results. Accordingly, results over periods of time greater than a single day should not be expected to be a simple multiple (e.g., -1x, -2x, 2x, -3x or 3x) of the period return of the corresponding benchmark and will likely differ significantly.

273

Each of the Funds generally invests in Financial Instruments (i.e., instruments whose value is derived from the value of an underlying asset, rate or index, including futures contracts, swap agreements, forward contracts and other instruments) as a substitute for investing directly in commodities, currencies, or spot volatility products in order to gain exposure to its applicable underlying commodity futures index, commodity, currency exchange rate or equity volatility index. Financial Instruments also are used to produce economically “inverse,” “inverse leveraged” or “leveraged” investment results for the Geared Funds.

Share Splits and Reverse Share Splits

The table below includes Share splits and reverse Share splits for the Funds during the years ended December 31, 2015, 2016 and 2017. The ticker symbols for these Funds did not change, and each Fund continues to trade on the NYSE Arca.

Fund	Execution Date (Prior to Opening of Trading)	Type of Split	Date Trading Resumed at Post- Split Price
ProShares Ultra VIX Short-Term Futures ETF	May 20, 2015	1-for-5 reverse Share split	May 20, 2015
ProShares Ultra Bloomberg Crude Oil	May 20, 2015	1-for-5 reverse Share split	May 20, 2015
ProShares Ultra Bloomberg Natural Gas	May 20, 2015	1-for-4 reverse Share split	May 20, 2015
ProShares Ultra Yen	May 20, 2015	1-for-4 reverse Share split	May 20, 2015
ProShares UltraShort Silver	November 13, 2015	2-for-1 Share split	November 13, 2015
ProShares UltraShort Bloomberg Natural Gas	July 20, 2016	3-for-1 Share split	July 25, 2016
ProShares VIX Short-Term Futures ETF	July 25, 2016	1-for-5 reverse Share split	July 25, 2016
ProShares Ultra VIX Short-Term Futures ETF	July 25, 2016	1-for-5 reverse Share split	July 25, 2016
ProShares UltraShort Bloomberg Crude Oil	January 11, 2017	2-for-1 Share split	January 12, 2017
ProShares Ultra Bloomberg Crude Oil	January 11, 2017	1-for-2 reverse Share split	January 12, 2017
ProShares Ultra VIX Short-Term Futures ETF	January 11, 2017	1-for-5 reverse Share split	January 12, 2017
ProShares Short VIX Short-Term Futures ETF	July 12, 2017	2-for-1 Share split	July 17, 2017
ProShares VIX Short-Term Futures ETF	July 14, 2017	1-for-4 reverse Share split	July 17, 2017
ProShares Ultra VIX Short-Term Futures ETF	July 14, 2017	1-for-4 reverse Share split	July 17, 2017

The reverse splits were applied retroactively for all periods presented, reducing the number of Shares outstanding for each of the Funds, and resulted in a proportionate increase in the price per Share and per Share information of each such Fund. Therefore, the reverse splits did not change the aggregate net asset value of a shareholder’s investment at the time of the reverse split.

The splits were applied retroactively for all periods presented, increasing the number of Shares outstanding for each of the Funds, and resulted in a proportionate decrease in the price per Share and per Share information of each such Fund. Therefore, the splits did not change the aggregate net asset value of a shareholder’s investment at the time of the split.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Each Fund is an investment company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” As such, the Funds follow the investment company accounting and reporting guidance. The following is a summary of significant accounting policies followed by each Fund, as applicable, in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Certain prior year amounts have been reclassified to conform to the current year presentation.

Use of Estimates & Indemnifications

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

274

In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.

Basis of Presentation

Pursuant to rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), audited financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of one Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase of Shares in that Fund.

Statement of Cash Flows

The cash amount shown in the Statements of Cash Flows is the amount reported as cash in the Statement of Financial Condition dated December 31, 2017 and 2016, and represents non-segregated cash with the custodian and does not include short-term investments.

Final Net Asset Value for Fiscal Period

The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the year ended December 31, 2017 were as follows. All times are Eastern Standard Time:

	Create/Redeem Cut-off*		NAV Calculation Time		NAV Calculation Date
UltraShort Silver, Ultra Silver		6:30 a.m.		7:00 a.m.		December 29
UltraShort Gold, Ultra Gold		9:30 a.m.		10:00 a.m.		December 29
UltraShort Bloomberg Crude Oil, Ultra Bloomberg Crude Oil,		2:00 p.m.		2:30 p.m.		December 29
UltraPro 3x Short Crude Oil,
UltraPro 3x Crude Oil ETF
UltraShort Bloomberg Natural Gas, Ultra Bloomberg Natural Gas		2:00 p.m.		2:30 p.m.		December 29
UltraShort Australian Dollar		3:00 p.m.		4:00 p.m.		December 29
Short Euro UltraShort Euro, Ultra Euro		3:00 p.m.		4:00 p.m.		December 29
UltraShort Yen, Ultra Yen		3:00 p.m.		4:00 p.m.		December 29
VIX Short-Term Futures ETF, Ultra VIX Short-Term Futures ETF, Short VIX Short-Term Futures ETF		2:00 p.m.		4:15 p.m.		December 29
VIX Mid-Term Futures ETF		2:00 p.m.		4:15 p.m.		December 29

* Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the year ended December 31, 2017.

Market value per Share is determined at the close of the NYSE Arca and may be later than when the Funds’ NAV per Share is calculated.

For financial reporting purposes, the Funds value transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the year ended December 31, 2017.

275

Investment Valuation

Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short-term investments are valued at their market price using information provided by a third-party pricing service or market quotations. In each of these situations, valuations are typically categorized as Level I in the fair value hierarchy.

Derivatives (e.g., futures contracts, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, except for those entered into by the Gold, Silver, Australian Dollar and Short Euro Funds, are generally valued at the last settled price on the applicable exchange on which that future trades. Futures contracts entered into by the Gold, Silver, Australian Dollar and Short Euro Funds are valued at the last sales price prior to the time at which the NAV per Share of a Fund is determined. For financial reporting purposes, all futures contracts are valued at the last settled price. Futures contracts valuations are typically categorized as Level I in the fair value hierarchy. Swap agreements, forward agreements and foreign currency forward contracts valuations are typically categorized as Level II in the fair value hierarchy. If there was no sale on that day, and for non-exchange-traded derivatives, the Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position for such day. Such fair value prices would generally be determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with industry standards. When market closing prices are not available, the Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted, which are consistent with normal industry standards. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level II or Level III in the fair value hierarchy.

Fair value pricing may require subjective determinations about the value of an investment. While the Funds’ policies are intended to result in a calculation of its respective Fund’s NAV that fairly reflects investment values as of the time of pricing, such Fund cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that a Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by such Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements.

Fair Value of Financial Instruments

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs); and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows:

Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.

In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest input level that is significant to the fair value measurement in its entirety.

Fair value measurements 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.

276

The following table summarizes the valuation of investments at December 31, 2017 using the fair value hierarchy:

	Level I - Quoted Prices					Level II - Other Significant Observable Inputs
	Short-Term U.S. Government and Agencies		Futures Contracts*			Forward Agreements			Foreign Currency Forward Contracts			Swap Agreements			Total
Short Euro	$	6,996,235	$	(166,288	)	$	—		$	—		$	—		$	6,829,947
Short VIX Short-Term Futures ETF		494,910,644		17,041,449			—			—			—			511,952,093
Ultra Bloomberg Crude Oil		459,515,902		11,945,979			—			—			62,238,361			533,700,242
Ultra Bloomberg Natural Gas		50,961,356		7,225,810			—			—			—			58,187,166
Ultra Euro		6,996,235		—			—			264,152			—			7,260,387
Ultra Gold		88,884,844		5,480			3,646,355			—			—			92,536,679
Ultra Silver		235,581,716		1,600			21,735,334			—			—			257,318,650
Ultra VIX Short-Term Futures ETF		287,533,132		(34,466,120	)		—			—			—			253,067,012
Ultra Yen		1,997,933		—			—			(34,824	)		—			1,963,109
UltraShort Australian Dollar		11,983,904		(893,220	)		—			—			—			11,090,684
UltraPro 3X Crude Oil ETF		—		1,417,998			—			—			—			1,417,998
UltraPro 3X Short Crude Oil ETF		—		(2,988,155	)		—			—			—			(2,988,155	)
UltraShort Bloomberg Crude Oil		253,646,823		(3,962,648	)		—			—			(30,607,142	)		219,077,033
UltraShort Bloomberg Natural Gas		3,999,751		(1,097,049	)		—			—			—			2,902,702
UltraShort Euro		204,770,166		—			—			(6,344,269	)		—			198,425,897
UltraShort Gold		31,977,900		(5,460	)		(1,488,259	)		—			—			30,484,181
UltraShort Silver		18,349,861		(1,650	)		(1,716,163	)		—			—			16,632,048
UltraShort Yen		131,834,352		—			—			1,527,263			—			133,361,615
VIX Mid-Term Futures ETF		20,993,515		(2,215,280	)		—			—			—			18,778,235
VIX Short-Term Futures ETF		134,845,604		(4,761,877	)		—			—			—			130,083,727
Total Trust	$	2,445,779,873	$	(12,919,431	)	$	22,177,267		$	(4,587,678	)	$	31,631,219		$	2,482,081,250

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

At December 31, 2017, there were no Level III portfolio investments for which significant unobservable inputs were used to determine fair value.

The Funds’ policy is to recognize transfers between valuation levels at the end of the reporting period.

At December 31, 2017, there were no significant transfers in or out of Level I and Level II fair value measurements.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

277

The following table summarizes the valuation of investments at December 31, 2016 using the fair value hierarchy:

	Level I - Quoted Prices					Level II - Other Significant Observable Inputs
	Short-Term U.S. Government and Agencies		Futures Contracts*			Forward Agreements			Foreign Currency Forward Contracts			Swap Agreements			Total
Short Euro	$	13,164,828	$	132,900		$	—		$	—		$	—		$	13,297,728
Short VIX Short-Term Futures ETF		170,396,436		(10,309,611	)		—			—			—			160,086,825
Ultra Bloomberg Crude Oil		885,050,007		5,537,165			—			—			55,358,571			945,945,743
Ultra Bloomberg Natural Gas		36,183,648		2,536,720			—			—			—			38,720,368
Ultra Euro		11,891,831		—			—			(574,010	)		—			11,317,821
Ultra Gold		95,356,621		(18,960	)		(4,431,107	)		—			—			90,906,554
Ultra Silver		295,300,799		(27,360	)		(20,976,189	)		—			—			274,297,250
Ultra VIX Short-Term Futures ETF		434,671,795		(7,972,237	)		—			—			—			426,699,558
Ultra Yen		5,282,879		—			—			(342,076	)		—			4,940,803
UltraShort Australian Dollar		12,909,619		1,182,340			—			—			—			14,091,959
UltraShort Bloomberg Crude Oil		205,694,385		(1,426,815	)		—			—			(12,206,881	)		192,060,689
UltraShort Bloomberg Natural Gas		2,899,151		(482,031	)		—			—			—			2,417,120
UltraShort Euro		337,375,787		—			—			16,162,931			—			353,538,718
UltraShort Gold		60,540,555		18,980			3,033,566			—			—			63,593,101
UltraShort Silver		21,550,319		27,310			1,384,246			—			—			22,961,875
UltraShort Yen		257,102,313		—			—			16,744,937			—			273,847,250
VIX Mid-Term Futures ETF		45,486,235		(1,288,245	)		—			—			—			44,197,990
VIX Short-Term Futures ETF		147,991,233		(468,652	)		—			—			—			147,522,581
Total Trust	$	3,038,848,441	$	(12,558,496	)	$	(20,989,484	)	$	31,991,782		$	43,151,690		$	3,080,443,933

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

At December 31, 2016, there were no Level III portfolio investments for which significant unobservable inputs were used to determine fair value.

The Funds’ policy is to recognize transfers between valuation levels at the end of the reporting period.

At December 31, 2016, there were no significant transfers in or out of Level I and Level II fair value measurements.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

Investment Transactions and Related Income

Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation/depreciation on open contracts are reflected in the Statements of Financial Condition and changes in the unrealized appreciation/depreciation between periods are reflected in the Statements of Operations. Discounts on short-term securities purchased are amortized and reflected as Interest Income in the Statements of Operations.

Brokerage Commissions and Fees

Each Fund pays its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission (“CFTC”) regulated investments. The effects of trading spreads, financing costs/fees associated with Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short-term fixed-income would also be borne by the Funds. Brokerage commissions on futures contracts are

278

recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed). The Sponsor is currently paying brokerage commissions on VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02% of the Matching VIX Fund’s average net assets annually.

Federal Income Tax

Each Fund is registered as a series of a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, no Fund expects to incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares is required to take into account its allocable share of its Fund’s income, gain, loss, deductions and other items for its Fund’s taxable year ending with or within the beneficial owner’s taxable year.

Management of the Funds has reviewed all open tax years and major jurisdictions (i.e., the last four tax year ends and the interim tax period 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 twelve months. On an ongoing basis, management will monitor its tax positions taken under the interpretation to determine if adjustments to conclusions are necessary based on factors including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof.

New Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”), which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the statement of cash flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

NOTE 3 – INVESTMENTS

Short-Term Investments

The Funds may purchase U.S. Treasury Bills, agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less. A portion of these investments may be posted as collateral in connection with swap agreements and/or used as collateral for a Fund’s trading in futures and forward contracts.

Accounting for Derivative Instruments

In seeking to achieve each Fund’s investment objective, the Sponsor uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of investment positions, including derivative positions, which the Sponsor believes in combination, should produce returns consistent with a Fund’s objective.

All open derivative positions at period end are reflected on each respective Fund’s Schedule of 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 derivatives 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.

Following is a description of the derivative instruments used by the Funds during the reporting period, including the primary underlying risk exposures related to each instrument type.

279

Futures Contracts

The Funds enter into futures contracts to gain exposure to changes in the value of, or as a substitute for investing directly in (or shorting), an underlying index, currency or commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of asset at a specified time and place. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity, if applicable, or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery, or by cash settlement at expiration of contract.

Upon entering into a futures contract, each Fund is required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is affected. The initial margin is segregated as cash and/or securities balances with brokers for futures contracts, as disclosed in the Statements of Financial Condition, and is restricted as to its use. The Funds that enter into futures contracts maintain collateral at the broker in the form of cash and/or securities. Pursuant to the futures contract, each Fund generally agrees to receive from or pay to the broker(s) an amount of cash equal to the daily fluctuation in value of the futures contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Each Fund will realize a gain or loss upon closing of a futures transaction.

Futures contracts involve, to varying degrees, elements of market risk (specifically commodity price risk or equity market volatility risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each Fund has in the particular classes of instruments. Additional risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures contracts and the market value of the underlying index or commodity and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal but some counterparty risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees the futures contracts against default. 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 times during the trading day. Futures contracts 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 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.

Swap Agreements

Certain of the Funds enter into swap agreements for purposes of pursuing their investment objectives or as a substitute for investing directly in (or shorting) an underlying index, currency or commodity, or to create an economic hedge against a position. Swap agreements are two-party contracts that have traditionally been entered into primarily with institutional investors in over-the-counter (“OTC”) markets for a specified period, ranging from a day to more than one year. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides for significant reforms of the OTC derivative markets, including a requirement to execute certain swap transactions on a CFTC-regulated market and/or to clear such transactions through a CFTC-regulated central clearing organization. In a standard swap transaction, two parties agree to exchange the returns earned or realized on a particular predetermined investment, instrument or index in exchange for a fixed or floating rate of return in respect of a predetermined notional amount. Transaction or commission costs are reflected in the benchmark level at which the transaction is entered into. The gross returns to be exchanged are calculated with respect to a notional amount and the benchmark returns to which the swap is linked. Swap agreements do not involve the delivery of underlying instruments.

Generally, swap agreements entered into by the Funds calculate and settle the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently, each 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 such obligations (or rights) (the “net amount”). In a typical swap agreement entered into by a Matching VIX Fund or an Ultra Fund, the Matching VIX Fund or Ultra Fund would be entitled to settlement payments in the event the level of the benchmark increases and would be required to make payments to the swap counterparties in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay. In a typical swap agreement entered into by a Short Fund or an UltraShort Fund, the Short Fund or UltraShort Fund would be required to make payments to the swap counterparties in the event the level of the benchmark increases and would be entitled to settlement payments in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay.

280

The net amount of the excess, if any, of each Fund’s obligations over its entitlements with respect to each uncleared swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the counterparty in a segregated account by the Funds’ Custodian. The net amount of the excess, if any, of each Fund’s entitlements over its obligations with respect to each uncleared swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the Fund in a segregated account by the Fund’s Custodian. Until a swap agreement is settled in cash, the gain or loss on the notional amount less any transaction costs or trading spreads payable by each Fund on the notional amount are recorded as “unrealized appreciation or depreciation on swap agreements” and, when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap agreements.” Swap agreements are generally valued at the last settled price of the benchmark referenced asset.

The Trust, on behalf of a Fund, may enter into agreements with certain counterparties for derivative transactions. These agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed the party under the agreement. This could cause a Fund to have to enter into a new transaction with the same counterparty, enter into a transaction with a different counterparty or seek to achieve its investment objective through any number of different investments or investment techniques.

Swap agreements involve, to varying degrees, elements of market risk and exposure to loss in excess of the unrealized gain/loss reflected. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement, which may exceed the NAV of each Fund. Additional risks associated with the use of swap agreements are imperfect correlations between movements in the notional amount and the price of the underlying reference index and the inability of counterparties to perform. Each 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. A Fund will typically enter into swap agreements only with major global financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Sponsor. The Sponsor may use various techniques to minimize credit risk including early termination and payment, using different counterparties, limiting the net amount due from any individual counterparty and generally requiring collateral to be posted by the counterparty in an amount approximately equal to that owed to the Funds. All of the outstanding swap agreements at December 31, 2017 contractually terminate within one month but may be terminated without penalty by either party daily. Upon termination, the Fund is entitled to pay or receive the “unrealized appreciation or depreciation” amount.

The Funds, as applicable, collateralize swap agreements by segregating or designating cash and/or certain securities as indicated on the Statements of Financial Condition or Schedules of Investments. As noted above, collateral posted in connection with uncleared derivative transactions is held for the benefit of the counterparty in a segregated tri-party account at the Custodian to protect the counterparty against non-payment by the Funds. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances.

The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks in connection with uncleared swaps 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. In the event of the bankruptcy of a counterparty, the Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings. As of December 31, 2017, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities.

281

The counterparty/credit risk for cleared derivative transactions is generally lower than for uncleared OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’

performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries.

Forward Contracts

Certain of the Funds enter into forward contracts for purposes of pursuing their investment objectives and as a substitute for investing directly in (or shorting) commodities and/or currencies. A forward contract is an agreement between two parties to purchase or sell a specified quantity of an asset at or before a specified date in the future at a specified price. Forward contracts are typically traded in OTC markets and all details of the contract are negotiated between the counterparties to the agreement. Accordingly, the forward contracts are valued by reference to the contracts traded in the OTC markets.

The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. The forward contracts are adjusted by the daily fluctuation of the underlying commodity or currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

Forward contracts have traditionally not been cleared or guaranteed by a third party. As a result of the Dodd-Frank Act, the CFTC now regulates non-deliverable forwards (including deliverable forwards where the parties do not take delivery). Certain non-deliverable forward contracts, such as non-deliverable foreign exchange forwards, may be subject to regulation as swap agreements, including mandatory clearing. Changes in the forward markets may entail increased costs and result in burdensome reporting requirements.

The Funds may collateralize uncleared forward commodity contracts by segregating or designating cash and/or certain securities as indicated on their Statements of Financial Condition or Schedules of Investments. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the Custodian to protect the counterparty against non-payment by the Funds. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances.

The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these 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 minimum thresholds. In the event of the bankruptcy of a counterparty, the Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Fund will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings. As of December 31, 2017, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities.

Participants in trading foreign exchange forward contracts often do not require margin deposits, but rely upon internal credit limitations and their judgments regarding the creditworthiness of their counterparties. In recent years, however, many OTC market participants in foreign exchange trading have begun to require their counterparties to post margin.

A Fund will typically enter into forward contracts only with major global financial institutions. The creditworthiness of each of the firms that is a party to a forward contract is monitored by the Sponsor.

The counterparty/credit risk for cleared derivative transactions is generally lower than for uncleared OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries.

282

The following tables indicate the location of derivative related items on the Statement of Financial Condition as well as the effect of derivative instruments on the Statement of Operations during the reporting period.

Fair Value of Derivative Instruments

as of December 31, 2017

	Assets Derivatives					Liability Derivatives
Derivatives not accounted for as hedging instruments	Statements of Financial Condition Location	Fund	Unrealized Appreciation			Statements of Financial Condition Location	Fund	Unrealized Depreciation
VIX Futures Contracts	Receivables on open futures contracts	ProShares Short VIX Short-Term Futures ETF	$	21,493,549	*	Payable on open futures contracts	ProShares Short VIX Short-Term Futures ETF	$	4,452,100	*
		ProShares Ultra VIX Short-Term Futures ETF		3,974,642	*		ProShares Ultra VIX Short-Term Futures ETF		38,440,762	*
		ProShares VIX Short-Term Futures ETF		709,708	*		ProShares VIX Mid-Term Futures ETF		2,215,280	*
							ProShares VIX Short-Term Futures ETF		5,471,585	*
Commodities Contracts	Receivables on open futures contracts, unrealized appreciation on swap and/or forward agreements	ProShares Ultra Bloomberg Crude Oil		74,184,340	*	Payable on open futures contracts, unrealized depreciation on swap and/or forward agreements	ProShares UltraPro 3x Short Crude Oil ETF		2,988,155	*
		ProShares Ultra Bloomberg Natural Gas		7,225,810	*		ProShares UltraShort Bloomberg Crude Oil		34,569,790	*
		ProShares Ultra Gold		3,651,835	*		ProShares UltraShort Bloomberg Natural Gas		1,097,049	*
		ProShares Ultra Silver		21,736,934	*		ProShares UltraShort Gold		1,493,719	*
		ProShares UltraPro 3x Crude Oil ETF		1,417,998	*		ProShares UltraShort Silver		1,717,813	*
Foreign Exchange Contracts	Unrealized appreciation on foreign currency forward contracts and receivables on open futures contracts	ProShares Ultra Euro		321,609		Unrealized depreciation on foreign currency forward contracts and payable on open futures contracts	ProShares Short Euro		166,288	*
		ProShares UltraShort Euro		449,302			ProShares Ultra Euro		57,457
		ProShares UltraShort Yen		1,568,997			ProShares Ultra Yen		34,824
							ProShares UltraShort Australian Dollar		893,220	*
							ProShares UltraShort Euro		6,793,571
							ProShares UltraShort Yen		41,734
		Total Trust	$	136,734,724	*		Total Trust	$	100,433,347	*

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures contracts.

283

Fair Value of Derivative Instruments

as of December 31, 2016

	Assets Derivatives					Liability Derivatives
Derivatives not accounted for as hedging instruments	Statements of Financial Condition Location	Fund	Unrealized Appreciation			Statements of Financial Condition Location	Fund	Unrealized Depreciation
VIX Futures Contracts	Receivables on open futures contracts	ProShares VIX Short-Term Futures ETF	$	2,273,874	*	Payable on open futures contracts	ProShares VIX Short-Term Futures ETF	$	2,742,526	*
		ProShares VIX Mid-Term Futures ETF		68,375	*		ProShares VIX Mid-Term Futures ETF		1,356,620	*
		ProShares Ultra VIX Short-Term Futures ETF		13,594,875	*		ProShares Short VIX Short-Term Futures ETF		10,309,611	*
							ProShares Ultra VIX Short-Term Futures ETF		21,567,112	*
Commodities Contracts	Receivables on open futures contracts, unrealized appreciation on swap and/or forward agreements	ProShares UltraShort Gold		3,052,546	*	Payable on open futures contracts, unrealized depreciation on swap and/or forward agreements	ProShares UltraShort Bloomberg Crude Oil		13,633,696	*
		ProShares UltraShort Silver		1,411,556	*		ProShares UltraShort Bloomberg Natural Gas		482,031	*
		ProShares Ultra Bloomberg Crude Oil		60,895,736	*		ProShares Ultra Gold		4,450,067	*
		ProShares Ultra Bloomberg Natural Gas		2,536,720	*		ProShares Ultra Silver		21,003,549	*
Foreign Exchange Contracts	Unrealized appreciation on foreign currency forward contracts and receivables on open futures contracts	ProShares Short Euro		132,900	*	Unrealized depreciation on foreign currency forward contracts and payable on open futures contracts	ProShares UltraShort Euro		356,139
		ProShares UltraShort Australian Dollar		1,182,340	*		ProShares UltraShort Yen		125,420
		ProShares UltraShort Euro		16,519,070			ProShares Ultra Euro		576,558
		ProShares UltraShort Yen		16,870,357			ProShares Ultra Yen		342,455
		ProShares Ultra Euro		2,548
		ProShares Ultra Yen		379
		Total Trust	$	118,541,276	*		Total Trust	$	76,945,784	*

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures contracts.

284

The Effect of Derivative Instruments on the Statements of Operations

For the year ended December 31, 2017

Derivatives not accounted for as hedging instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Fund	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized  in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts/ changes in unrealized appreciation/ depreciation on futures contracts	ProShares Short VIX Short-Term Futures ETF	$	897,400,516		$	27,351,060
		ProShares Ultra VIX Short-Term Futures ETF		(1,020,750,851	)		(26,493,883	)
		ProShares VIX Mid-Term Futures ETF		(25,319,770	)		(927,035	)
		ProShares VIX Short-Term Futures ETF		(194,005,568	)		(4,293,225	)
Commodity Contracts	Net realized gain (loss) on futures contracts, swap and/or forward agreements/changes in unrealized appreciation/ depreciation on futures contracts, swap and/or forward agreements	ProShares Ultra Bloomberg Crude Oil		22,146,212			13,288,604
		ProShares Ultra Bloomberg Natural Gas		(40,793,265	)		4,689,090
		ProShares Ultra Gold		11,484,410			8,101,902
		ProShares Ultra Silver		(31,762,834	)		42,740,483
		ProShares UltraPro 3x Crude Oil ETF		6,018,618			1,417,998
		ProShares UltraPro 3x Short Crude Oil ETF		(7,046,628	)		(2,988,155	)
		ProShares UltraShort Bloomberg Crude Oil		(6,491,060	)		(20,936,094	)
		ProShares UltraShort Bloomberg Natural Gas		4,762,532			(615,018	)
		ProShares UltraShort Gold		(6,993,557	)		(4,546,265	)
		ProShares UltraShort Silver		1,153,393			(3,129,369	)
Foreign Exchange Contracts	Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/ depreciation on futures and/or foreign currency forward contracts	ProShares Short Euro		(1,161,987	)		(299,188	)
		ProShares Ultra Euro		2,212,313			838,162
		ProShares Ultra Yen		(46,195	)		307,252
		ProShares UltraShort Australian Dollar		(866,771	)		(2,075,560	)
		ProShares UltraShort Euro		(39,691,680	)		(22,507,200	)
		ProShares UltraShort Yen		(8,729,472	)		(15,217,674	)
		Total Trust	$	(438,481,644	)	$	(5,294,115	)

285

The Effect of Derivative Instruments on the Statements of Operations

For the year ended December 31, 2016

Derivatives not accounted for as hedging instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Fund	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized  in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts/ changes in unrealized appreciation/ depreciation on futures contracts	ProShares VIX Short-Term Futures ETF	$	(195,475,791	)		609,973
		ProShares VIX Mid-Term Futures ETF		(11,085,506	)		(943,885	)
		ProShares Short VIX Short-Term Futures ETF		440,391,389			(21,056,026	)
		ProShares Ultra VIX Short-Term Futures ETF		(1,567,340,688	)		(19,866,703	)
Commodity Contracts	Net realized gain (loss) on futures contracts, swap and/or forward agreements/changes in unrealized appreciation/ depreciation on futures contracts, swap and/or forward agreements	ProShares UltraShort Bloomberg Crude Oil		(67,752,164	)		(22,510,865	)
		ProShares UltraShort Bloomberg Natural Gas		586,860			1,989,133
		ProShares UltraShort Gold		(12,240,751	)		1,238,384
		ProShares UltraShort Silver		(17,554,714	)		(3,372,693	)
		ProShares Ultra Bloomberg Crude Oil		74,061,040			151,001,639
		ProShares Ultra Bloomberg Natural Gas		17,571,809			(3,776,159	)
		ProShares Ultra Gold		5,816,565			(2,194,272	)
		ProShares Ultra Silver		62,342,441			1,566,582
Foreign Exchange Contracts	Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/ depreciation on futures and/or foreign currency forward contracts	ProShares Short Euro		663,774			(110,538	)
		ProShares UltraShort Australian Dollar		(2,787,204	)		1,602,610
		ProShares UltraShort Euro		(25,711,518	)		44,873,267
		ProShares UltraShort Yen		(22,220,271	)		30,640,389
		ProShares Ultra Euro		138,959			(1,178,930	)
		ProShares Ultra Yen		717,086			(603,387	)
		Total Trust	$	(1,319,878,684	)		157,908,519

286

The Effect of Derivative Instruments on the Statements of Operations

For the year ended December 31, 2015

Derivatives not accounted for as hedging instruments	Location of Gain or (Loss) on Derivatives Recognized in Income	Fund	Realized Gain or (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation or Depreciation on Derivatives Recognized in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts / changes in unrealized appreciation/ depreciation on futures contracts	ProShares VIX Short-Term Futures ETF	$	(19,408,543	)	$	(7,343,245	)
		ProShares VIX Mid-Term Futures ETF		(3,335,936	)		(605,025	)
		ProShares Short VIX Short-Term Futures ETF		69,793,028			27,098,564
		ProShares Ultra VIX Short-Term Futures ETF		(392,174,228	)		(27,690,787	)
Commodity Contracts	Net realized gain (loss) on futures contracts, swap and/or forward agreements/changes in unrealized appreciation/ depreciation on futures contracts, swap and/or forward agreements	ProShares UltraShort Bloomberg Crude Oil		91,670,324			(33,947,511	)
		ProShares UltraShort Bloomberg Natural Gas		15,212,804			(6,412,629	)
		ProShares UltraShort Gold		12,707,635			4,101,460
		ProShares UltraShort Silver		10,759,545			4,187,736
		ProShares Ultra Bloomberg Crude Oil		(896,177,096	)		32,549,981
		ProShares Ultra Bloomberg Natural Gas		(100,776,817	)		41,202,162
		ProShares Ultra Gold		(18,605,815	)		(4,311,529	)
		ProShares Ultra Silver		(78,309,309	)		(10,173,451	)
Foreign Exchange Contracts	Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/ depreciation on futures and/or foreign currency forward contracts	ProShares Short Euro		1,559,425			(141,893	)
		ProShares UltraShort Australian Dollar		4,330,463			(1,163,751	)
		ProShares UltraShort Euro		131,651,572			(45,473,330	)
		ProShares UltraShort Yen		8,809,464			(12,316,677	)
		ProShares Ultra Euro		(1,982,208	)		708,291
		ProShares Ultra Yen		(472,913	)		276,556
		Total Trust*	$	(1,164,748,605	)	$	(39,455,078	)

* Amounts exclude the activity of: ProShares Managed Futures Strategy which liquidated on March 30, 2016, ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity which liquidated on September 1, 2016.

287

Offsetting Assets and Liabilities

Each Fund is subject to master netting agreements or similar arrangements that allow for amounts owed between each Fund and the counterparty to be netted upon an early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties. As described above, the Funds utilize derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Financial Condition do not take into consideration the effects of legally enforceable master netting agreements or similar arrangements.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Condition. The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2017:

Fair Values of Derivative Instruments as of December 31, 2017
	Assets						Liabilities
	Gross Amounts of Recognized Assets presented in the Statements of Financial Condition		Gross Amounts Offset in the the Statements of Financial Condition		Net Amounts of Assets presented in the Statements of Financial Condition		Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts of Liabilities presented in the Statements of Financial Condition
ProShares Ultra Bloomberg Crude Oil
Swap agreements	$	62,238,361	$	—	$	62,238,361	$	—	$	—	$	—
ProShares Ultra Euro
Foreign currency forward contracts		321,609		—		321,609		57,457		—		57,457
ProShares Ultra Gold
Forward agreements		3,646,355		—		3,646,355		—		—		—
ProShares Ultra Silver
Forward agreements		21,735,334		—		21,735,334		—		—		—
ProShares UltraShort Bloomberg Crude Oil
Swap agreements		—		—		—		30,607,142		—		30,607,142
ProShares UltraShort Euro
Foreign currency forward contracts		449,302		—		449,302		6,793,571		—		6,793,571
ProShares UltraShort Gold
Forward agreements		—		—		—		1,488,259		—		1,488,259
ProShares UltraShort Silver
Forward agreements		—		—		—		1,716,163		—		1,716,163
ProShares UltraShort Yen
Foreign currency forward contracts		1,568,997		—		1,568,997		41,734		—		41,734
ProShares Ultra Yen
Foreign currency forward contracts		—		—		—		34,824		—		34,824

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2017. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”.

288

Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2017

	Amounts of Recognized Assets / (Liabilities) presented in the Statements  of Financial Condition			Financial Instruments for the Benefit of (the Funds) /the Counterparties			Cash Collateral for the Benefit of (the Funds) / the Counterparties			Net Amount
ProShares Ultra Bloomberg Crude Oil
Citibank N.A.	$	19,815,892		$	—		$	—		$	19,815,892
Goldman Sachs International		16,654,031			(14,861,090	)		—			1,792,941
Societe Generale S.A.		9,003,519			(8,525,505	)		—			478,014
UBS AG		16,764,919			(15,477,566	)		—			1,287,353
ProShares Ultra Euro
Goldman Sachs International		102,424			—			—			102,424
UBS AG		161,728			—			—			161,728
ProShares Ultra Gold
Citibank N.A.		1,513,310			—			—			1,513,310
Goldman Sachs International		969,501			(967,678	)		(1,823	)		—
Societe Generale S.A.		218,319			—			—			218,319
UBS AG		945,225			(945,225	)		—			—
ProShares Ultra Silver
Citibank N.A.		7,201,744			—			—			7,201,744
Goldman Sachs International		5,873,080			(4,903,696	)		—			969,384
Societe Generale S.A.		2,761,817			(2,516,153	)		—			245,664
UBS AG		5,898,693			(4,930,596	)		—			968,097
ProShares UltraShort Bloomberg Crude Oil
Citibank N.A.		(10,173,164	)		10,173,164			—			—
Goldman Sachs International		(9,242,398	)		9,242,398			—			—
Societe Generale S.A.		(1,904,113	)		1,904,113			—			—
UBS AG		(9,287,467	)		9,287,467			—			—
ProShares UltraShort Euro
Goldman Sachs International		(3,297,612	)		259,612			3,038,000			—
UBS AG		(3,046,657	)		3,046,657			—			—
ProShares UltraShort Gold
Citibank N.A.		(554,559	)		554,559			—			—
Goldman Sachs International		(428,358	)		428,358			—			—
Societe Generale S.A.		(126,928	)		126,928			—			—
UBS AG		(378,414	)		378,414			—			—
ProShares UltraShort Silver
Citibank N.A.		(632,593	)		632,593			—			—
Goldman Sachs International		(486,240	)		—			486,240			—
Societe Generale S.A.		(115,305	)		115,305			—			—
UBS AG		(482,025	)		482,025			—			—
ProShares UltraShort Yen
Goldman Sachs International		821,317			(810,030	)		—			11,287
UBS AG		705,946			—			(705,946	)		—
ProShares Ultra Yen
Goldman Sachs International		(17,410	)		17,410			—			—
UBS AG		(17,414	)		17,414			—			—

289

The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2016:

Fair Values of Derivative Instruments as of December 31, 2016
	Assets						Liabilities
	Gross Amounts of Recognized Assets presented in the Statements of Financial Condition		Gross Amounts Offset in the the Statements of Financial Condition		Net Amounts of Assets presented in the Statements of Financial Condition		Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts of Liabilities presented in the Statements of Financial Condition
ProShares Ultra Bloomberg Crude Oil
Swap agreements	$	55,358,571	$	—	$	55,358,571	$	—	$	—	$	—
ProShares Ultra Euro
Foreign currency forward contracts		2,548		—		2,548		576,558		—		576,558
ProShares Ultra Gold
Forward agreements		—		—		—		4,431,107		—		4,431,107
ProShares Ultra Silver
Forward agreements		—		—		—		20,976,189		—		20,976,189
ProShares UltraShort Bloomberg Crude Oil
Swap agreements		—		—		—		12,206,881		—		12,206,881
ProShares UltraShort Euro
Foreign currency forward contracts		16,519,070		—		16,519,070		356,139		—		356,139
ProShares UltraShort Gold
Forward agreements		3,033,566		—		3,033,566		—		—		—
ProShares UltraShort Silver
Forward agreements		1,384,246		—		1,384,246		—		—		—
ProShares UltraShort Yen
Foreign currency forward contracts		16,870,357		—		16,870,357		125,420		—		125,420
ProShares Ultra Yen
Foreign currency forward contracts		379		—		379		342,455		—		342,455

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2016. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”.

290

Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2016

	Amounts of Recognized Assets / (Liabilities) presented in the Statements  of Financial Condition			Financial Instruments for the Benefit of (the Funds) / the Counterparties			Cash Collateral for the Benefit of (the Funds) / the Counterparties			Net Amount
ProShares Ultra Bloomberg Crude Oil
Citibank N.A.	$	18,427,009		$	—		$	—		$	18,427,009
Goldman Sachs International		14,016,906			(14,016,906	)		—			—
Societe Generale S.A.		8,661,821			(8,661,821	)		—			—
UBS AG		14,252,835			—			(14,252,835	)		—
ProShares Ultra Euro
Goldman Sachs International		(239,256	)		239,256			—			—
UBS AG		(334,754	)		334,754			—			—
ProShares Ultra Gold
Citibank N.A.		(1,464,982	)		1,464,982			—			—
Goldman Sachs International		(1,112,916	)		1,112,916			—			—
Societe Generale S.A.		(643,587	)		643,587			—			—
UBS AG		(1,209,622	)		1,209,622			—			—
ProShares Ultra Silver
Citibank N.A.		(6,946,009	)		6,946,009			—			—
Goldman Sachs International		(5,869,092	)		5,869,092			—			—
Societe Generale S.A.		(2,532,729	)		2,532,729			—			—
UBS AG		(5,628,359	)		5,628,359			—			—
ProShares UltraShort Bloomberg Crude Oil
Citibank N.A.		(4,742,191	)		4,742,191			—			—
Goldman Sachs International		(3,061,395	)		3,061,395			—			—
Societe Generale S.A.		(1,050,699	)		1,050,699			—			—
UBS AG		(3,352,596	)		3,352,596			—			—
ProShares UltraShort Euro
Goldman Sachs International		8,109,067			(8,109,067	)		—			—
UBS AG		8,053,864			—			(8,053,864	)		—
ProShares UltraShort Gold
Citibank N.A.		1,147,811			—			—			1,147,811
Goldman Sachs International		881,454			(874,948	)		—			6,506
Societe Generale S.A.		393,006			(393,006	)		—			—
UBS AG		611,295			—			(611,295	)		—
ProShares UltraShort Silver
Citibank N.A.		610,478			—			—			610,478
Goldman Sachs International		323,829			(323,829	)		—			—
Societe Generale S.A.		86,543			(86,543	)		—			—
UBS AG		363,396			—			(363,396	)		—
ProShares UltraShort Yen
Goldman Sachs International		8,256,779			(7,771,819	)		—			484,960
UBS AG		8,488,158			—			(7,980,000	)		508,158
ProShares Ultra Yen
Goldman Sachs International		(219,736	)		219,736			—			—
UBS AG		(122,340	)		122,340			—			—

291

NOTE 4 – AGREEMENTS

Management Fee

Each Leveraged Fund, the Short Euro Fund and each Geared VIX Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.95% per annum of its average daily NAV of such Fund. Each Matching VIX Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.85% per annum of its average daily NAV of such Fund. The Sponsor did not and will not charge the Management Fee in the first year of operation of each Fund in an amount equal to the offering costs. The Sponsor reimbursed and will be reimburse each Fund, to the extent that its offering costs exceed the Management Fee, for the first year of operations.

The Management Fee is paid in consideration of the Sponsor’s services as commodity pool operator, and for managing the business and affairs of the Funds. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of each Fund, generally as determined by the Sponsor, including but not limited to the Administrator, Custodian, Distributor, ProFunds Distributors, Inc. (“PDI”), an affiliated broker-dealer of the Sponsor, Transfer Agent, accounting and auditing fees and expenses, any index licensors for the Funds, and the normal and expected expenses incurred in connection with the continuous offering of Shares of each Fund after the commencement of its trading operations, including, but not limited to, expenses such as tax preparation expenses, legal fees not in excess of $100,000 per annum, ongoing SEC registration fees not exceeding 0.021% per annum of the NAV of a Fund and Financial Industry Regulatory Authority (“FINRA”) filing fees, individual Schedule K-1 preparation and mailing fees not exceeding 0.10% per annum of the net assets of a Fund, and report preparation and mailing expenses.

Non-Recurring Fees and Expenses

Each Fund pays all its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses that are unexpected or unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not currently anticipated obligations of the Funds.

The Administrator

The Sponsor and the Trust, for itself and on behalf of each Fund, has appointed Brown Brothers Harriman & Co. (“BBH&Co.”) as the Administrator of the Funds, and the Sponsor, and the Trust, on its own behalf and on behalf of each Fund, and BBH&Co. have entered into an Administrative Agency Agreement (the “Administration Agreement”) in connection therewith. Pursuant to the terms of the Administration Agreement and under the supervision and direction of the Sponsor and the Trust, BBH&Co. prepares and files certain regulatory filings on behalf of the Funds. BBH&Co. may also perform other services for the Funds pursuant to the Administration Agreement as mutually agreed upon by the Sponsor, the Trust and BBH&Co. from time to time. Pursuant to the terms of the Administration Agreement, BBH&Co. also serves as the Transfer Agent of the Funds. The Administrator’s fees are paid on behalf of the Funds by the Sponsor.

The Custodian

BBH&Co. serves as the Custodian of the Funds, and the Trust, on its own behalf and on behalf of each Fund, and BBH&Co. have entered into a Custodian Agreement in connection therewith. Pursuant to the terms of the Custodian Agreement, BBH&Co. is responsible for the holding and safekeeping of assets delivered to it by the Funds, and performing various administrative duties in accordance with instructions delivered to BBH&Co. by the Funds. The Custodian’s fees are paid on behalf of the Funds by the Sponsor.

292

The Distributor

SEI Investments Distribution Co. (“SEI”), serves as Distributor of the Funds and assists the Sponsor and the Administrator with certain functions and duties relating to distribution and marketing, including taking creation and redemption orders, consulting with the marketing staff of the Sponsor and its affiliates with respect to compliance with the requirements of FINRA and/or the NFA in connection with marketing efforts, and reviewing and filing of marketing materials with FINRA and/or the NFA. SEI retains all marketing materials separately for each Fund, at c/o SEI, One Freedom Valley Drive, Oaks, PA 19456. The Sponsor, on behalf of each Fund, has entered into a Distribution Services Agreement with SEI. The Sponsor pays SEI for performing its duties on behalf of the Funds.

NOTE 5 – OFFERING COSTS

Offering costs will be amortized by the Funds over a twelve month period on a straight-line basis beginning once the fund commences operations. The Sponsor will not charge its Management Fee in the first year of operations of a Fund in an amount equal to the offering costs. Normal and expected expenses incurred in connection with the continuous offering of Shares of a Fund after the commencement of its trading operations will be paid by the Sponsor. The Sponsor will reimburse ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF to the extent their respective offering costs exceeds 0.95% of their average daily NAV for the first year of operations.

NOTE 6 – CREATION AND REDEMPTION OF CREATION UNITS

Each Fund issues and redeems shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of 50,000 Shares of a Geared Fund and 25,000 Shares of a Matching VIX Fund. Creation Units may be created or redeemed only by Authorized Participants. As a result of the Share splits and reverse Share splits as described in Note 1, certain redemptions as disclosed in the Statements of Changes in Shareholders’ Equity reflect payment of fractional share balances on beneficial shareholder accounts.

Except when aggregated in Creation Units, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with a Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Financial Statements—such as references to the Transaction Fees imposed on purchases and redemptions—is not relevant to retail investors.

Transaction Fees on Creation and Redemption Transactions

The manner by which Creation Units are purchased or redeemed is dictated by the terms of the Authorized Participant Agreement and Authorized Participant Handbook. By placing a purchase order, an Authorized Participant agrees to: (1) deposit cash with the Custodian; and (2) if permitted by the Sponsor in its sole discretion, enter into or arrange for an exchange of futures contract for related position or block trade whereby the Authorized Participant would also transfer to such Fund a number and type of exchange-traded futures contracts at or near the closing settlement price for such contracts on the purchase order date.

Authorized Participants may pay a fixed transaction fee of up to $250 in connection with each order to create or redeem a Creation Unit in order to compensate BBH&Co., as the Administrator, the Custodian and the Transfer Agent of each Fund and its Shares, for services in processing the creation and redemption of Creation Units and to offset the costs of increasing or decreasing derivative positions. Authorized Participants also may pay a variable transaction fee to the Fund of up to 0.10% (and a variable transaction fee to the Matching VIX Funds of 0.05%) of the value of the Creation Unit that is purchased or redeemed unless the transaction fee is waived or otherwise adjusted by the Sponsor. The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. Authorized Participants may sell the Shares included in the Creation Units they purchase from the Funds to other investors in the secondary market.

293

Transaction fees for the years ended December 31, 2017, 2016 and 2015 which are included in the Addition and/or Redemption of Shares on the Statements of Changes in Shareholders’ Equity, were as follows:

Fund	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Short Euro	$	—	$	—	$	—
Short VIX Short-Term Futures ETF		1,008,452		801,564		342, 734
Ultra Bloomberg Crude Oil		610,969		504,533		847,422
Ultra Bloomberg Natural Gas		15,937		9,175		13,939
Ultra Euro		—		—		—
Ultra Gold		14,460		14,138		4,218
Ultra Silver		28,622		47,414		38,848
Ultra VIX Short-Term Futures ETF		1,036,162		1,822,247		1,391,292
Ultra Yen		—		—		—
UltraPro 3X Crude Oil ETF		25,455		—		—
UltraPro 3X Short Crude Oil ETF		14,096		—		—
UltraShort Australian Dollar		—		—		—
UltraShort Bloomberg Crude Oil		207,707		398,027		382,054
UltraShort Bloomberg Natural Gas		4,713		8,989		8,853
UltraShort Euro		—		—		—
UltraShort Gold		15,945		29,854		11,024
UltraShort Silver		—		16,729		39,354
UltraShort Yen		—		—		—
VIX Mid-Term Futures ETF		13,605		24,056		8,521
VIX Short-Term Futures ETF		142,380		229,699		105,024
Total Trust*	$	3,138,503	$	3,906,425	$	3,193,283

* Amounts exclude the activity of ProShares Ultra Australian Dollar which liquidated on June 29, 2015, ProShares Managed Futures Strategy which liquidated on March 30, 2016, ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity which liquidated on September 1, 2016.

294

NOTE 7 – FINANCIAL HIGHLIGHTS

Selected data for a Share outstanding throughout the year ended December 31, 2017:

For the Year Ended December 31, 2017

Per Share Operating Performance	Short Euro			Short VIX Short-Term Futures ETF*			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Euro			Ultra Gold
Net asset value, at December 31, 2016	$	45.06		$	45.62		$	23.34		$	18.85		$	14.02		$	32.90
Net investment income (loss)		(0.14	)		(0.60	)		(0.03	)		(0.05	)		(0.04	)		(0.06	)
Net realized and unrealized gain (loss)#		(4.96	)		82.28			0.35			(12.27	)		3.46			7.04
Change in net asset value from operations		(5.10	)		81.68			0.32			(12.32	)		3.42			6.98
Net asset value, at December 31, 2017	$	39.96		$	127.30		$	23.66		$	6.53		$	17.44		$	39.88
Market value per share, at December 31, 2016†	$	45.12		$	45.49		$	23.36		$	18.96		$	14.09		$	33.20
Market value per share, at December 31, 2017†	$	39.99		$	128.21		$	23.44		$	6.50		$	17.46		$	40.67
Total Return, at net asset value		(11.3	)%		179.0	%		1.4	%		(65.4	)%		24.4	%		21.2	%
Total Return, at market value		(11.4	)%		181.8	%		0.3	%		(65.7	)%		23.9	%		22.5	%
Ratios to Average Net Assets
Expense ratio		0.97	%		1.51	%		0.98	%		1.22	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions and fees		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.32	)%		(0.71	)%		(0.18	)%		(0.50	)%		(0.23	)%		(0.14	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

295

For the Year Ended December 31, 2017

Per Share Operating Performance	Ultra Silver			Ultra VIX Short-Term Futures ETF*			Ultra Yen			UltraPro 3X Crude Oil ETF+			UltraPro 3X Short Crude Oil ETF+			UltraShort Australian Dollar
Net asset value, at December 31, 2016	$	33.44		$	173.93		$	55.43		$	25.00		$	25.00		$	55.38
Net investment income (loss)		(0.05	)		(0.33	)		(0.24	)		(0.21	)		(0.17	)		(0.17	)
Net realized and unrealized gain (loss)#		0.16			(163.27	)		2.13			12.99			(14.25	)		(9.54	)
Change in net asset value from operations		0.11			(163.60	)		1.89			12.78			(14.42	)		(9.71	)
Net asset value, at December 31, 2017	$	33.55		$	10.33		$	57.32		$	37.78		$	10.58		$	45.67
Market value per share, at December 31, 2016†	$	32.09		$	175.00		$	55.52		$	25.00		$	25.00		$	55.24
Market value per share, at December 31, 2017†	$	33.85		$	10.21		$	57.45		$	37.23		$	10.72		$	45.72
Total Return, at net asset value		0.3	%		(94.1	)%		3.4	%		51.1	%^		(57.7	)%^		(17.5	)%
Total Return, at market value		5.5	%		(94.2	)%		3.5	%		48.9	%^		(57.1	)%^		(17.2	)%
Ratios to Average Net Assets
Expense ratio		0.95	%		1.90	%		0.95	%		1.30	%**		1.32	%**		1.02	%
Expense ratio, excluding brokerage commissions and fees		0.95	%		0.95	%		0.95	%		0.95	%**		0.95	%**		0.95	%
Net investment income (loss)		(0.15	)%		(1.17	)%		(0.41	)%		(1.20	)%**		(1.25	)%**		(0.36	)%

* See Note 1 of these Notes to Financial Statements.

+ From commencement of operations, March 24, 2017 through December 31, 2017.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated. For ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF, the returns of shares outstanding for the period from commencement of operations through December 31, 2017 are calculated based on the initial offering price upon commencement of operations of $25.00.

^ Percentages are not annualized for the period ended December 31, 2017.

** Percentages are annualized.

296

For the Year Ended December 31, 2017

Per Share Operating Performance	UltraShort Bloomberg Crude Oil			UltraShort Bloomberg Natural Gas			UltraShort Euro			UltraShort Gold			UltraShort Silver			UltraShort Yen
Net asset value, at December 31, 2016	$	31.70		$	23.10		$	27.08		$	91.33		$	37.31		$	80.24
Net investment income (loss)		(0.06	)		(0.27	)		(0.04	)		(0.13	)		(0.06	)		(0.14	)
Net realized and unrealized gain (loss)#		(7.33	)		16.65			(5.83	)		(20.73	)		(5.54	)		(5.17	)
Change in net asset value from operations		(7.39	)		16.38			(5.87	)		(20.86	)		(5.60	)		(5.31	)
Net asset value, at December 31, 2017	$	24.31		$	39.48		$	21.21		$	70.47		$	31.71		$	74.93
Market value per share, at December 31, 2016†	$	31.65		$	23.05		$	27.08		$	90.54		$	38.76		$	80.25
Market value per share, at December 31, 2017†	$	24.56		$	39.65		$	21.20		$	69.11		$	31.40		$	74.98
Total Return, at net asset value		(23.3	)%		70.9	%		(21.7	)%		(22.8	)%		(15.0	)%		(6.6	)%
Total Return, at market value		(22.4	)%		72.0	%		(21.7	)%		(23.7	)%		(19.0	)%		(6.6	)%
Ratios to Average Net Assets
Expense ratio		0.99	%		1.39	%		0.95	%		0.95	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions and fees		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.17	)%		(0.81	)%		(0.15	)%		(0.17	)%		(0.18	)%		(0.19	)%

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

297

For the Year Ended December 31, 2017

Per Share Operating Performance	VIX Mid-Term Futures ETF			VIX Short-Term Futures ETF*
Net asset value, at December 31, 2016	$	42.14		$	84.86
Net investment income (loss)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss)#		(20.79	)		(61.45	)
Change in net asset value from operations		(20.85	)		(61.52	)
Net asset value, at December 31, 2017	$	21.29		$	23.34
Market value per share, at December 31, 2016†	$	42.34		$	85.04
Market value per share, at December 31, 2017†	$	21.15		$	23.15
Total Return, at net asset value		(49.5	)%		(72.5	)%
Total Return, at market value		(50.0	)%		(72.8	)%
Ratios to Average Net Assets
Expense ratio		0.91	%		0.96	%
Expense ratio, excluding brokerage commissions and fees		0.85	%		0.85	%
Net investment income (loss)		(0.22	)%		(0.18	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

298

Selected data for a Share outstanding throughout the year ended December 31, 2016:

For the Year Ended December 31, 2016

Per Share Operating Performance	Short Euro			Short VIX Short-Term Futures ETF*			Ultra Bloomberg Crude Oil*			Ultra Bloomberg Natural Gas			Ultra Euro			Ultra Gold
Net asset value, at December 31, 2015	$	43.78		$	25.41		$	25.15		$	18.57		$	15.51		$	29.73
Net investment income (loss)		(0.33	)		(0.30	)		(0.15	)		(0.16	)		(0.11	)		(0.28	)
Net realized and unrealized gain (loss)#		1.61			20.51			(1.66	)		0.44			(1.38	)		3.45
Change in net asset value from operations		1.28			20.21			(1.81	)		0.28			(1.49	)		3.17
Net asset value, at December 31, 2016	$	45.06		$	45.62		$	23.34		$	18.85		$	14.02		$	32.90
Market value per share, at December 31, 2015†	$	43.74		$	25.23		$	25.08		$	18.48		$	15.51		$	29.73
Market value per share, at December 31, 2016†	$	45.12		$	45.49		$	23.36		$	18.96		$	14.09		$	33.20
Total Return, at net asset value		2.9	%		79.5	%		(7.2	)%		1.5	%		(9.6	)%		10.7	%
Total Return, at market value		3.2	%		80.3	%		(6.9	)%		2.6	%		(9.2	)%		11.7	%
Ratios to Average Net Assets
Expense ratio		0.97	%		1.39	%		1.01	%		1.34	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.76	)%		(1.15	)%		(0.76	)%		(1.12	)%		(0.71	)%		(0.69	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

299

For the Year Ended December 31, 2016

Per Share Operating Performance	Ultra Silver			Ultra VIX Short-Term Futures ETF*			Ultra Yen			UltraShort Australian Dollar			UltraShort Bloomberg Crude Oil*			UltraShort Bloomberg Natural Gas*
Net asset value, at December 31, 2015	$	27.06		$	2,808.40		$	54.75		$	58.46		$	66.60		$	46.53
Net investment income (loss)		(0.27	)		(7.68	)		(0.45	)		(0.43	)		(0.36	)		(0.68	)
Net realized and unrealized gain (loss)#		6.65			(2,626.79	)		1.13			(2.65	)		(34.54	)		(22.75	)
Change in net asset value from operations		6.38			(2,634.47	)		0.68			(3.08	)		(34.90	)		(23.43	)
Net asset value, at December 31, 2016	$	33.44		$	173.93		$	55.43		$	55.38		$	31.70		$	23.10
Market value per share, at December 31, 2015†	$	27.08		$	2,835.00		$	54.70		$	58.15		$	66.82		$	46.55
Market value per share, at December 31, 2016†	$	32.09		$	175.00		$	55.52		$	55.24		$	31.65		$	23.05
Total Return, at net asset value		23.6	%		(93.8	)%		1.2	%		(5.3	)%		(52.4	)%		(50.4	)%
Total Return, at market value		18.5	%		(93.8	)%		1.5	%		(5.0	)%		(52.6	)%		(50.5	)%
Ratios to Average Net Assets
Expense ratio		0.95	%		1.57	%		0.95	%		1.03	%		1.03	%		1.65	%
Expense ratio, excluding brokerage commissions		0.95	%		0.85	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.69	)%		(1.32	)%		(0.69	)%		(0.79	)%		(0.76	)%		(1.43	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

300

For the Year Ended December 31, 2016

Per Share Operating Performance	UltraShort Euro			UltraShort Gold			UltraShort Silver			UltraShort Yen			VIX Mid-Term Futures ETF			VIX Short-Term Futures ETF*
Net asset value, at December 31, 2015	$	25.54		$	115.88		$	64.58		$	87.94		$	53.96		$	264.84
Net investment income (loss)		(0.17	)		(0.55	)		(0.26	)		(0.50	)		(0.33	)		(1.10	)
Net realized and unrealized gain (loss)#		1.71			(24.00	)		(27.01	)		(7.20	)		(11.49	)		(178.88	)
Change in net asset value from operations		1.54			(24.55	)		(27.27	)		(7.70	)		(11.82	)		(179.98	)
Net asset value, at December 31, 2016	$	27.08		$	91.33		$	37.31		$	80.24		$	42.14		$	84.86
Market value per share, at December 31, 2015†	$	25.53		$	115.83		$	64.55		$	87.89		$	53.99		$	266.60
Market value per share, at December 31, 2016†	$	27.08		$	90.54		$	38.76		$	80.25		$	42.34		$	85.04
Total Return, at net asset value		6.0	%		(21.2	)%		(42.2	)%		(8.8	)%		(21.9	)%		(68.0	)%
Total Return, at market value		6.1	%		(21.8	)%		(40.0	)%		(8.7	)%		(21.6	)%		(68.1	)%
Ratios to Average Net Assets
Expense ratio		0.95	%		0.95	%		0.95	%		0.95	%		0.93	%		0.99	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.85	%		0.85	%
Net investment income (loss)		(0.70	)%		(0.70	)%		(0.70	)%		(0.71	)%		(0.68	)%		(0.75	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

301

Selected data for a Share outstanding throughout the year ended December 31, 2015

For the Year Ended December 31, 2015

Per Share Operating Performance	Short Euro			Short VIX Short-Term Futures ETF*			Ultra Bloomberg Crude Oil*			Ultra Bloomberg Natural Gas*			Ultra Euro			Ultra Gold
Net asset value, at December 31, 2014	$	40.06		$	30.70		$	101.48		$	61.65		$	19.87		$	40.00
Net investment income (loss)		(0.40	)		(0.41	)		(0.56	)		(0.50	)		(0.15	)		(0.33	)
Net realized and unrealized gain (loss)#		4.12			(4.88	)		(75.77	)		(42.58	)		(4.21	)		(9.94	)
Change in net asset value from operations		3.72			(5.29	)		(76.33	)		(43.08	)		(4.36	)		(10.27	)
Net asset value, at December 31, 2015	$	43.78		$	25.41		$	25.15		$	18.57		$	15.51		$	29.73
Market value per share, at December 31, 2014†	$	40.03		$	30.58		$	103.70		$	63.12		$	19.80		$	38.41
Market value per share, at December 31, 2015†	$	43.74		$	25.23		$	25.08		$	18.48		$	15.51		$	29.73
Total Return, at net asset value		9.3	%		(17.2	)%		(75.2	)%		(69.9	)%		(22.0	)%		(25.7	)%
Total Return, at market value		9.3	%		(17.5	)%		(75.8	)%		(70.7	)%		(21.7	)%		(22.6	)%
Ratios to Average Net Assets
Expense ratio		0.97	%		1.40	%		1.02	%		1.29	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.95	)%		(1.36	)%		(0.98	)%		(1.26	)%		(0.93	)%		(0.90	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

302

For the Year Ended December 31, 2015

Per Share Operating Performance	Ultra Silver			Ultra VIX Short-Term Futures ETF*			Ultra Yen*			UltraShort Australian Dollar			UltraShort Bloomberg Crude Oil*			UltraShort Bloomberg Natural Gas*
Net asset value, at December 31, 2014	$	39.37		$	12,546.00		$	56.47		$	51.38		$	38.99		$	27.99
Net investment income (loss)		(0.33	)		(72.24	)		(0.48	)		(0.57	)		(0.39	)		(0.44	)
Net realized and unrealized gain (loss)#		(11.98	)		(9,665.36	)		(1.24	)		7.65			28.00			18.98
Change in net asset value from operations		(12.31	)		(9,737.60	)		(1.72	)		7.08			27.61			18.54
Net asset value, at December 31, 2015	$	27.06		$	2,808.40		$	54.75		$	58.46		$	66.60		$	46.53
Market value per share, at December 31, 2014†	$	38.05		$	12,575.00		$	56.48		$	51.37		$	38.26		$	27.34
Market value per share, at December 31, 2015†	$	27.07		$	2,835.00		$	54.70		$	58.15		$	66.82		$	46.53
Total Return, at net asset value		(31.3	)%		(77.6	)%		(3.0	)%		13.8	%		70.8	%		66.3	%
Total Return, at market value		(28.8	)%		(77.5	)%		(3.2	)%		13.2	%		74.6	%		70.3	%
Ratios to Average Net Assets
Expense ratio		0.95	%		1.65	%		0.95	%		1.03	%		1.07	%		1.55	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.89	)%		(1.61	)%		(0.88	)%		(1.00	)%		(1.04	)%		(1.50	)%

* See Note 1 of these Notes to Financial Statements.

# Percentages The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

303

For the Year Ended December 31, 2015

Per Share Operating Performance	UltraShort Euro			UltraShort Gold			UltraShort Silver*			UltraShort Yen			VIX Mid-Term Futures ETF			VIX Short-Term Futures ETF*
Net asset value, at December 31, 2014	$	21.59		$	96.65		$	57.81		$	89.33		$	63.60		$	418.64
Net investment income (loss)		(0.22	)		(0.91	)		(0.50	)		(0.82	)		(0.51	)		(2.65	)
Net realized and unrealized gain (loss)#		4.17			20.14			7.27			(0.57	)		(9.13	)		(151.15	)
Change in net asset value from operations		3.95			19.23			6.77			(1.39	)		(9.64	)		(153.80	)
Net asset value, at December 31, 2015	$	25.54		$	115.88		$	64.58		$	87.94		$	53.96		$	264.84
Market value per share, at December 31, 2014†	$	21.61		$	100.22		$	59.70		$	89.30		$	63.89		$	419.80
Market value per share, at December 31, 2015†	$	25.53		$	115.83		$	64.55		$	87.89		$	53.99		$	266.60
Total Return, at net asset value		18.3	%		19.9	%		11.7	%		(1.6	)%		(15.2	)%		(36.7	)%
Total Return, at market value		18.1	%		15.6	%		8.1	%		(1.6	)%		(15.5	)%		(36.5	)%
Ratios to Average Net Assets
Expense ratio		0.95	%		0.95	%		0.95	%		0.95	%		0.91	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.85	%		0.85	%
Net investment income (loss)		(0.90	)%		(0.91	)%		(0.91	)%		(0.92	)%		(0.88	)%		(0.92	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

304

NOTE 8 – RISK

Correlation and Compounding Risk

The Geared Funds do not seek to achieve their stated investment objective over a period of time greater than a single day (as measured from NAV calculation time to NAV calculation time). The return of a Geared Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ from the inverse (-1x), two times the inverse (-2x), two times of the return (2x), three times the inverse (-3x), or three times of the return (3x) of the Geared Fund’s benchmark for the period. A Fund will lose money if its benchmark performance is flat over time, and it is possible for a Geared Fund to lose money over time even if the performance of its benchmark increases (or decreases in the case of Short, UltraShort and UltraPro Short Funds), as a result of daily rebalancing, the benchmark’s volatility and compounding. Longer holding periods, higher benchmark volatility, inverse exposure and greater leverage each affect the impact of compounding on a Fund’s returns. Daily compounding of a Geared Fund’s investment returns can dramatically and adversely affect its longer-term performance during periods of high volatility. Volatility may be at least as important to a Geared Fund’s return for a period as the return of the Fund’s underlying benchmark. The Matching VIX Funds seek to achieve their stated investment objective both over a single day and over time.

Each Ultra, UltraShort, UltraPro and UltraPro Short Fund uses leverage and should produce daily returns that are more volatile than that of its benchmark. For example, the daily return of an Ultra or UltraPro Fund with a 2x or 3x multiple should be approximately two or three times as volatile on a daily basis as is the return of a fund with an objective of matching the same benchmark. The daily return of a Short, UltraShort or UltraPro Short Fund is designed to return the inverse (-1x), two times the inverse (-2x) or three times the inverse (-3x) of the return that would be expected of a fund with an objective of matching the same benchmark. The Geared Funds are not appropriate for all investors and present different risks than other funds. The Leveraged Funds use leverage and are riskier than similarly benchmarked exchange-traded funds that do not use leverage. An investor should only consider an investment in a Geared Fund if he or she understands the consequences of seeking daily leveraged, daily inverse or daily inverse leveraged investment results. Daily objective geared funds, if used properly and in conjunction with the investor’s view on the future direction and volatility of the markets, can be useful tools for investors who want to manage their exposure to various markets and market segments and who are willing to monitor and/or periodically rebalance their portfolios. Shareholders who invest in the Funds should actively manage and monitor their investments, as frequently as daily.

While the Funds expect to meet their investment objectives, several factors may affect their ability to do so. Among these factors are: (1) the Sponsor’s ability to purchase and sell Financial Instruments in a manner that correlates to a Fund’s objective; (2) an imperfect correlation between the performance of Financial Instruments held by a Fund and the performance of the applicable benchmark; (3) bid-ask spreads on such Financial Instruments; (4) fees, expenses, transaction costs, financing costs associated with the use of Financial Instruments and commission costs; (5) holding instruments traded in a market that has become illiquid or disrupted; (6) a Fund’s Share prices being rounded to the nearest cent and/or valuation methodology; (7) changes to a benchmark index that are not disseminated in advance; (8) the need to conform a Fund’s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of a Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; and (11) differences caused by a Fund obtaining exposure to only a representative sample of the components of a benchmark, overweighting or underweighting certain components of a benchmark or obtaining exposure to assets that are not included in a benchmark.

A number of factors may affect a Geared Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent a Geared Fund from achieving its investment objective. In order to achieve a high degree of correlation with their underlying benchmarks, the Geared Funds seek to rebalance their portfolios daily to keep exposure consistent with their investment objectives. Being materially under- or over-exposed to the benchmark may prevent such Geared Funds from achieving a high degree of correlation with such benchmark. Market disruptions or closure, large amounts of assets into or out of the Geared Funds, regulatory restrictions or extreme market volatility will adversely affect such Funds’ ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the benchmarks’ movements during each day. Because of this, it is unlikely that the Geared Funds will be perfectly exposed (i.e., -1x, -2x, 2x, -3x or 3x, as applicable) to its benchmark at the end of each day, and the likelihood of being materially under- or over-exposed is higher on days when the benchmark levels are volatile near the close of the trading day.

305

In addition, unlike other funds that do not rebalance their portfolios as frequently, each Geared Fund may be subject to increased trading costs associated with daily portfolio rebalancing in order to maintain appropriate exposure to the underlying benchmarks.

Counterparty Risk

Certain of the Funds will use swap agreements and/or forward contracts as a means to achieve their respective investment objectives. Such Funds will use either swap agreements and/or forward contracts referencing their respective benchmarks. These Funds may also invest in other swap agreements or forward contracts if such instruments tend to exhibit trading prices or returns that correlate with the benchmark or a component of the benchmark and will further the investment objective of the Fund. Certain Funds may invest in swap agreements or forward contracts if position accountability rules or position limits or margin limits are reached with respect to specific futures contracts or the market for a specific futures contract experiences emergencies (e.g., natural disaster, terrorist attack or an act of God) or disruptions (e.g., a trading halt or a flash crash) that prevent the Funds from obtaining the appropriate amount of investment exposure to the affected futures contract or certain other futures contracts. Although unlikely, those Funds, under these circumstances, could have 100% exposure to swap agreements or forward contracts.

Swap agreements and forward contracts are generally traded in OTC markets and have only recently become subject to regulation by the CFTC. CFTC rules, however, do not cover all types of swap agreements and forward contracts. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act (the “CEA”) in connection with each Fund’s swap agreements or forward contracts. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants.

The Funds will be subject to credit risk with respect to the counterparties to the derivatives contracts (whether a clearing corporation in the case of cleared instruments or another third party in the case of OTC uncleared instruments). Unlike in futures contracts, the counterparty to uncleared swap agreements or forward contracts is generally a single bank or other financial institution, rather than a clearing organization backed by a group of financial institutions. As a result, a Fund is subject to credit risk with respect to the amount it expects to receive from counterparties to uncleared swaps and forward contracts entered into as part of that Fund’s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline.

The Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds; however there are no limitations on the percentage of its assets each Fund may invest in swap agreements or forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. The Funds typically enter into transactions only with major global financial institutions.

OTC swaps or forward contracts are less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. If the level of the Fund’s benchmark has a dramatic intraday move that would cause a material decline in the Fund’s NAV, the terms of the swap may permit the counterparty to immediately close out the transaction with the Fund. In that event, it may not be possible for the Fund to enter into another swap agreement or to invest in other Financial Instruments necessary to achieve the desired exposure consistent with the Fund’s objective. This, in turn, may prevent the Fund from achieving its investment objective, particularly if the level of the Fund’s benchmark reverses all or part of its intraday move by the end of the day. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered into directly between two counterparties generally do not benefit from such protections. This exposes the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss.

306

Each counterparty and/or any of its affiliates may be an Authorized Participant or shareholder of a Fund.

The counterparty risk for cleared derivative transactions is generally lower than for uncleared OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members, will satisfy its obligations to the Fund.

Leverage Risk

The Leveraged Funds may utilize leverage in seeking to achieve their respective investment objectives and will lose more money in market environments adverse to their respective daily investment objectives than funds that do not employ leverage. The use of leveraged and/or inverse leveraged positions could result in the total loss of an investor’s investment.

For example, because the UltraShort Funds and Ultra Funds include a two times the inverse (-2x), or a two times (2x) multiplier, a single-day movement in the relevant benchmark approaching 50% at any point in the day (for an UltraShort Fund or an Ultra Fund) could result in the total loss or almost total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if such Fund’s benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. For UltraPro Fund and UltraPro Short Fund, because the Funds include a three times (3x) or three times the inverse (-3x) multiplier, a single-day movement in the Benchmark approaching 33% at any point in the day could result in the total loss or almost total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if the Benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. This would be the case with downward single-day or intraday movements in the underlying benchmark of an Ultra Fund and UltraPro Fund or upward single-day or intraday movements in the benchmark of an UltraShort Fund and UltraPro Short Fund, even if the underlying benchmark maintains a level greater than zero at all times.

Liquidity Risk

Financial Instruments cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position or find a swap or forward contract counterparty at a reasonable cost. Market illiquidity may cause losses for the Funds. The large size of the positions which the Funds may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Instruments related to one benchmark, which in many cases is highly concentrated.

“Contango” and “Backwardation” Risk

In Funds that hold futures contracts, as the futures contracts near expiration, they are generally replaced by contracts that have a later expiration. Thus, for example, a contract purchased and held in November 2016 may specify a January 2017 expiration. As that contract nears expiration, it may be replaced by selling the January 2017 contract and purchasing the contract expiring in March 2017. This process is referred to as “rolling.” Rolling may have a positive or negative impact on performance. For example, historically, the prices of certain types of futures contracts have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as “backwardation.” In these circumstances, absent other factors, the sale of the January 2017 contract would take place at a price that is higher than the price at which the March 2017 contract is purchased, thereby creating a gain in connection with rolling. While certain types of futures contracts have historically exhibited consistent periods of backwardation, backwardation will likely not exist in these markets at all times. The presence of contango (where prices of contracts are higher in the distant delivery months than in the nearer delivery months due to the costs of long-term storage of a physical commodity prior to delivery or other factors) in certain futures contracts at the time of rolling would be expected to adversely affect an Ultra Fund, an UltraPro Fund or a Matching VIX Fund that invests in such futures, and positively affect a Short Fund, an

307

UltraShort Fund or an UltraPro Short Fund that invests in such futures. Similarly, the presence of backwardation in certain futures contracts at the time of rolling such contracts would be expected to adversely affect the Short Funds, UltraShort Funds, and UltraPro Short Funds, and positively affect the Ultra Funds, UltraPro Funds and Matching VIX Funds.

Since the introduction of VIX futures contracts, there have frequently been periods where VIX futures prices reflect higher expected volatility levels further out in time. This can result in a loss from “rolling” the VIX futures to maintain the constant weighted average maturity of the applicable VIX Futures Index. Losses from exchanging a lower priced VIX future for a higher priced longer-term future in the rolling process would adversely affect the value of each VIX Futures Index and, accordingly, decrease the return of the Ultra VIX Short-Term Futures ETF and the Matching VIX Funds.

Gold and silver historically exhibit persistent “contango” markets rather than backwardation. Natural gas, like crude oil, moves in and out of backwardation and contango but historically has been in contango most commonly. It is generally believed this is because the market needs to build inventories for most of the year in order to have enough storage to make it through a normal winter. Periods of backwardation are typically thought to be caused by demand shocks or supply shortages such as an unusually cold winter or a hurricane.

NOTE 9 – SUBSEQUENT EVENTS

Effective as of close of business on February 27, 2018, the investment objective of ProShares Ultra VIX Short-Term Futures ETF and ProShares Short VIX Short-Term Futures ETF changed.

ProShares Ultra VIX Short-Term Futures ETF (NYSE Arca: UVXY) changed its investment objective to seek results (before fees and expenses) that correspond to one and one-half times (1.5x) the performance of the S&P 500 VIX Short-Term Futures Index (“Index”) for a single day. Previously, the Fund’s investment objective was to seek results (before fees and expenses) that correspond to two times (2x) the performance of the Index for a single day.

ProShares Short VIX Short-Term Futures ETF (NYSE Arca: SVXY) changed its investment objective to seek results (before fees and expenses) that correspond to one-half the inverse (-0.5x) of the Index for a single day. Previously, the Fund’s investment objective was to seek results (before fees and expenses) that correspond to the inverse (-1x) of the Index for a single day.

Certain regulatory approvals will be required for the Funds to permanently pursue these new investment objectives. In the event that such approvals are not obtained, the Funds will consider other courses of action.

308

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PROSHARES TRUST II

/s/ Todd Johnson

By: Todd Johnson

Principal Executive Officer

Date: March 1, 2018

/s/ Edward Karpowicz

By: Edward Karpowicz

Principal Financial Officer

Date: March 1, 2018

309

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (No.333-220688) of our report dated March 1, 2018 relating to the combined financial statements of ProShares Trust II, the individual financial statements of each of the funds comprising ProShares Trust II, the effectiveness of internal control over financial reporting of ProShares Trust II, and the effectiveness of internal control over financial reporting of each of the individual funds comprising ProShares Trust II, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

March 1, 2018

EX-31.1

Exhibit 31.1

Certification of Principal Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Todd Johnson, certify that:

1. I have reviewed this annual report on Form 10-K of ProShares Trust II and each of its Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 1, 2018	By:	/s/ Todd Johnson
	Name:	Todd Johnson
	Title:	Principal Executive Officer ProShares Trust II

EX-31.2

Exhibit 31.2

Certification of Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Edward Karpowicz, certify that:

1. I have reviewed this annual report on Form 10-K of ProShares Trust II and each of its Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 1, 2018	By:	/s/ Edward Karpowicz
	Name:	Edward Karpowicz
	Title:	Principal Financial Officer ProShares Trust II

EX-32.1

Exhibit 32.1

Certification of Principal Executive Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Annual Report on Form 10-K for the year ended December 31, 2017 (the “Report”) of ProShares Trust II (the “Registrant”) and each of its Funds, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Todd Johnson, the Principal Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: March 1, 2018	By:	/s/ Todd Johnson
	Name:	Todd Johnson
	Title:	Principal Executive Officer ProShares Trust II

EX-32.2

Exhibit 32.2

Certification of Principal Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Annual Report on Form 10-K for the year ended December 31, 2017 (the “Report”) of ProShares Trust II (the “Registrant”) and each of its Funds, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Edward Karpowicz, the Principal Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: March 1, 2018	By:	/s/ Edward Karpowicz
	Name:	Edward Karpowicz
	Title:	Principal Financial Officer ProShares Trust II

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 26, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Entity Registrant Name	ProShares Trust II
Entity Central Index Key	0001415311
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		0
Entity Public Float			$ 0
ProShares Short Euro [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		200,000
Entity Public Float			10,427,500
ProShares Short VIX Short-Term Futures ETF [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		58,100,000
Entity Public Float			798,336,000
ProShares Ultra Bloomberg Crude Oil [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,611,317
Entity Public Float			962,353,171
ProShares Ultra Bloomberg Natural Gas [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,192,169
Entity Public Float			43,753,726
ProShares Ultra Euro [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		550,000
Entity Public Float			12,936,000
ProShares Ultra Gold [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,200,000
Entity Public Float			88,548,000
ProShares Ultra Silver [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,096,526
Entity Public Float			250,150,509
ProShares Ultra VIX Short-Term Futures ETF [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,327,238
Entity Public Float			375,260,850
ProShares Ultra Yen [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		49,970
Entity Public Float			5,866,240
Proshares Ultra Pro 3X Crude Oil ETF [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		300,008
Entity Public Float			20,664,157
Pro Shares UltraPro 3X Short Crude Oil ETF [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,450,008
Entity Public Float			5,248,210
ProShares UltraShort Australian Dollar [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		150,000
Entity Public Float			11,950,000
ProShares UltraShort Bloomberg Crude Oil [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,389,884
Entity Public Float			120,550,888
ProShares UltraShort Bloomberg Natural Gas [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		124,832
Entity Public Float			7,493,651
ProShares UltraShort Euro [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,350,000
Entity Public Float			236,980,000
ProShares UltraShort Gold [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		446,977
Entity Public Float			37,954,210
ProShares UltraShort Silver [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		566,976
Entity Public Float			22,737,212
ProShares UltraShort Yen [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,299,290
Entity Public Float			170,262,425
ProShares VIX Mid-Term Futures ETF [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		937,403
Entity Public Float			30,513,214
ProShares VIX Short-Term Futures ETF [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,926,317
Entity Public Float			$ 161,410,725

XML

Statements of Financial Condition - USD ($)		Dec. 31, 2017		Dec. 31, 2016
Assets
Cash		$ 55,713,112		$ 39,482,473
Segregated cash balances with brokers for futures contracts		420,018,133		180,212,984
Segregated cash balances with brokers for forward agreements		4,081,500
Segregated cash balances with brokers for foreign currency forward contracts		3,960,000
Short-term U.S. government and agency obligations (Note 3)		2,445,779,873		3,038,848,441
Unrealized appreciation on swap agreements		62,238,361		55,358,571
Unrealized appreciation on forward agreements		25,381,689		4,417,812
Unrealized appreciation on foreign currency forward contracts		2,339,908		33,392,354
Receivable from capital shares sold		843,370
Receivable on open futures contracts		45,230,982		41,862,862
Offering costs (Note 5)		105,643
Limitation by Sponsor		59,651
Total assets		3,065,752,222		3,393,575,497
Liabilities
Payable for capital shares redeemed		73,270,557		71,525,035
Payable on open futures contracts		1,954,640		3,972,621
Brokerage commissions and fees payable				2,909
Payable to Sponsor		2,509,663		2,722,696
Unrealized depreciation on swap agreements		30,607,142		12,206,881
Unrealized depreciation on forward agreements		3,204,422		25,407,296
Unrealized depreciation on foreign currency forward contracts		6,927,586		1,400,572
Total liabilities		118,474,010		117,238,010
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity	[1]	2,947,278,212		3,276,337,487	[2]
Total liabilities and shareholders' equity		$ 3,065,752,222		$ 3,393,575,497
Shares outstanding		118,293,916		90,235,707
ProShares VIX Short-Term Futures ETF [Member]
Assets
Cash		$ 1,850,632		$ 4,536,425
Segregated cash balances with brokers for futures contracts		1,864,500		17,235,855
Short-term U.S. government and agency obligations (Note 3)		134,845,604		147,991,233
Receivable on open futures contracts		2,667,474		4,484,270
Total assets		141,228,210		174,247,783
Liabilities
Payable for capital shares redeemed		3,431,713
Payable to Sponsor		54,937		87,637
Total liabilities		3,486,650		87,637
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		137,741,560		174,160,146
Total liabilities and shareholders' equity		$ 141,228,210		$ 174,247,783
Shares outstanding		5,901,317		2,052,363
Net asset value per share	[3]	$ 23.34		$ 84.86
Market value per share	[3],[4]	$ 23.15		$ 85.04
ProShares VIX Mid-Term Futures ETF [Member]
Assets
Cash		$ 1,639,958		$ 1,155,115
Segregated cash balances with brokers for futures contracts		4,626,400		1,052,615
Short-term U.S. government and agency obligations (Note 3)		20,993,515	[5]	45,486,235
Receivable on open futures contracts		170,015		242,541
Total assets		27,429,888		47,936,506
Liabilities
Payable for capital shares redeemed		1,058,309		2,085,020
Payable to Sponsor		23,631		32,572
Total liabilities		1,081,940		2,117,592
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		26,347,948		45,818,914
Total liabilities and shareholders' equity		$ 27,429,888		$ 47,936,506
Shares outstanding		1,237,403		1,087,403
Net asset value per share		$ 21.29		$ 42.14
Market value per share	[4]	$ 21.15		$ 42.34
ProShares Short Euro [Member]
Assets
Cash		$ 923,063		$ 2,292,012
Segregated cash balances with brokers for futures contracts		122,430		402,600
Short-term U.S. government and agency obligations (Note 3)		6,996,235		13,164,828
Total assets		8,041,728		15,859,440
Liabilities
Payable on open futures contracts		43,311		76,666
Payable to Sponsor		6,537		12,686
Total liabilities		49,848		89,352
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		7,991,880		15,770,088
Total liabilities and shareholders' equity		$ 8,041,728		$ 15,859,440
Shares outstanding		200,000		350,000
Net asset value per share		$ 39.96		$ 45.06
Market value per share	[4]	$ 39.99		$ 45.12
ProShares Short VIX Short-Term Futures ETF [Member]
Assets
Cash		$ 1,468,000		$ 1,850,760
Segregated cash balances with brokers for futures contracts		299,200,276		55,323,984
Short-term U.S. government and agency obligations (Note 3)		494,910,644		170,396,436
Receivable on open futures contracts		20,758,850		1,059,418
Total assets		816,337,770		228,630,598
Liabilities
Payable for capital shares redeemed		44,817,710		0
Payable on open futures contracts		528,750		325,000
Payable to Sponsor		827,439		230,211
Total liabilities		46,173,899		555,211
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		770,163,871		228,075,387
Total liabilities and shareholders' equity		$ 816,337,770		$ 228,630,598
Shares outstanding		6,050,000		5,000,000
Net asset value per share	[3]	$ 127.30		$ 45.62
Market value per share	[3],[4]	$ 128.21		$ 45.49
ProShares Ultra Bloomberg Crude Oil [Member]
Assets
Cash		$ 1,532,748		$ 1,401,555
Segregated cash balances with brokers for futures contracts		8,796,755		20,609,600
Short-term U.S. government and agency obligations (Note 3)		459,515,902		885,050,007
Unrealized appreciation on swap agreements		62,238,361		55,358,571
Receivable on open futures contracts		2,242,001		0
Total assets		534,325,767		962,419,733
Liabilities
Payable for capital shares redeemed		9,464,420		25,879,004
Payable on open futures contracts				1,993,438
Brokerage commissions and fees payable				2,332
Payable to Sponsor		415,821		813,099
Total liabilities		9,880,241		28,687,873
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		524,445,526		933,731,860
Total liabilities and shareholders' equity		$ 534,325,767		$ 962,419,733
Shares outstanding		22,161,317		40,013,933
Net asset value per share		$ 23.66		$ 23.34	[3]
Market value per share	[4]	$ 23.44		$ 23.36	[3]
ProShares Ultra Bloomberg Natural Gas [Member]
Assets
Cash		$ 4,417,324		$ 971,442
Segregated cash balances with brokers for futures contracts		10,299,573		7,612,770
Short-term U.S. government and agency obligations (Note 3)		50,961,356		36,183,648
Receivable from capital shares sold		326,440
Receivable on open futures contracts		1,520,156
Total assets		67,524,849		44,767,860
Liabilities
Payable for capital shares redeemed		4,211,794
Payable on open futures contracts				1,528,005
Brokerage commissions and fees payable				433
Payable to Sponsor		44,105		36,036
Total liabilities		4,255,899		1,564,474
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		63,268,950		43,203,386
Total liabilities and shareholders' equity		$ 67,524,849		$ 44,767,860
Shares outstanding		9,692,169		2,292,169
Net asset value per share		$ 6.53		$ 18.85
Market value per share	[4]	$ 6.50		$ 18.96
ProShares Ultra Euro [Member]
Assets
Cash		$ 1,416,427		$ 606,393
Segregated cash balances with brokers for foreign currency forward contracts		922,000
Short-term U.S. government and agency obligations (Note 3)		6,996,235		11,891,831
Unrealized appreciation on foreign currency forward contracts		321,609		2,548
Total assets		9,656,271		12,500,772
Liabilities
Payable to Sponsor		7,298		9,629
Unrealized depreciation on foreign currency forward contracts		57,457		576,558
Total liabilities		64,755		586,187
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		9,591,516		11,914,585
Total liabilities and shareholders' equity		$ 9,656,271		$ 12,500,772
Shares outstanding		550,000		850,000
Net asset value per share		$ 17.44		$ 14.02
Market value per share	[4]	$ 17.46		$ 14.09
ProShares Ultra Gold [Member]
Assets
Cash		$ 1,237,103		$ 1,262,351
Segregated cash balances with brokers for futures contracts		8,800		13,200
Short-term U.S. government and agency obligations (Note 3)		88,884,844		95,356,621
Unrealized appreciation on forward agreements		3,646,355
Receivable on open futures contracts		2,420
Total assets		93,779,522		96,632,172
Liabilities
Payable on open futures contracts				1,280
Payable to Sponsor		70,774		72,585
Unrealized depreciation on forward agreements				4,431,107
Total liabilities		70,774		4,504,972
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		93,708,748		92,127,200
Total liabilities and shareholders' equity		$ 93,779,522		$ 96,632,172
Shares outstanding		2,350,000		2,800,000
Net asset value per share		$ 39.88		$ 32.90
Market value per share	[4]	$ 40.67		$ 33.20
ProShares Ultra Silver [Member]
Assets
Cash		$ 1,113,594		$ 1,664,601
Segregated cash balances with brokers for futures contracts		10,340		14,300
Segregated cash balances with brokers for forward agreements		3,343,000
Short-term U.S. government and agency obligations (Note 3)		235,581,716		295,300,799
Unrealized appreciation on forward agreements		21,735,334
Receivable on open futures contracts		2,220
Total assets		261,786,204		296,979,700
Liabilities
Payable for capital shares redeemed		3,354,851
Payable on open futures contracts				2,290
Payable to Sponsor		186,657		221,281
Unrealized depreciation on forward agreements				20,976,189
Total liabilities		3,541,508		21,199,760
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		258,244,696		275,779,940
Total liabilities and shareholders' equity		$ 261,786,204		$ 296,979,700
Shares outstanding		7,696,526		8,246,526
Net asset value per share		$ 33.55		$ 33.44
Market value per share	[6]	$ 33.85		$ 32.09	[4]
ProShares Ultra VIX Short-Term Futures ETF [Member]
Assets
Cash		$ 1,539,237		$ 10,969,955
Segregated cash balances with brokers for futures contracts		87,211,683		71,363,625
Short-term U.S. government and agency obligations (Note 3)		287,533,132		434,671,795
Receivable from capital shares sold		516,930		0
Receivable on open futures contracts		17,578,451		35,967,191
Total assets		394,379,433		552,972,566
Liabilities
Payable for capital shares redeemed		0		36,789,539
Payable to Sponsor		344,292		424,273
Total liabilities		344,292		37,213,812
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		394,035,141		515,758,754
Total liabilities and shareholders' equity		$ 394,379,433		$ 552,972,566
Shares outstanding		38,127,238		2,965,383
Net asset value per share	[3]	$ 10.33		$ 173.93
Market value per share	[3],[6]	$ 10.21		$ 175.00	[4]
ProShares Ultra Yen [Member]
Assets
Cash		$ 903,472		$ 604,691
Short-term U.S. government and agency obligations (Note 3)		1,997,933		5,282,879
Unrealized appreciation on foreign currency forward contracts				379
Total assets		2,901,405		5,887,949
Liabilities
Payable to Sponsor		2,312		4,537
Unrealized depreciation on foreign currency forward contracts		34,824		342,455
Total liabilities		37,136		346,992
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		2,864,269		5,540,957
Total liabilities and shareholders' equity		$ 2,901,405		$ 5,887,949
Shares outstanding		49,970		99,970
Net asset value per share		$ 57.32		$ 55.43
Market value per share	[6]	$ 57.45		$ 55.52	[4]
ProShares UltraShort Australian Dollar [Member]
Assets
Cash		$ 1,297,022		$ 2,834,389
Segregated cash balances with brokers for futures contracts		485,375		914,760
Short-term U.S. government and agency obligations (Note 3)		11,983,904		12,909,619
Total assets		13,766,301		16,658,768
Liabilities
Payable on open futures contracts		52,950		32,340
Payable to Sponsor		11,249		12,955
Total liabilities		64,199		45,295
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		13,702,102		16,613,473
Total liabilities and shareholders' equity		$ 13,766,301		$ 16,658,768
Shares outstanding		300,000		300,000
Net asset value per share		$ 45.67		$ 55.38
Market value per share	[6]	$ 45.72		$ 55.24	[4]
ProShares UltraShort Euro [Member]
Assets
Cash		$ 1,255,895		$ 2,916,502
Segregated cash balances with brokers for foreign currency forward contracts		3,038,000
Short-term U.S. government and agency obligations (Note 3)		204,770,166		337,375,787
Unrealized appreciation on foreign currency forward contracts		449,302		16,519,070
Total assets		209,513,363		356,811,359
Liabilities
Payable for capital shares redeemed				6,771,472
Payable to Sponsor		171,595		291,098
Unrealized depreciation on foreign currency forward contracts		6,793,571		356,139
Total liabilities		6,965,166		7,418,709
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		202,548,197		349,392,650
Total liabilities and shareholders' equity		$ 209,513,363		$ 356,811,359
Shares outstanding		9,550,000		12,900,000
Net asset value per share		$ 21.21		$ 27.08
Market value per share	[4]	$ 21.20		$ 27.08
ProShares UltraShort Silver [Member]
Assets
Cash		$ 614,804		$ 86,051
Segregated cash balances with brokers for futures contracts		10,340		14,300
Segregated cash balances with brokers for forward agreements		738,500
Short-term U.S. government and agency obligations (Note 3)		18,349,861		21,550,319
Unrealized appreciation on forward agreements				1,384,246
Receivable on open futures contracts				2,290
Total assets		19,713,505		23,037,206
Liabilities
Payable for capital shares redeemed		3,171,777
Payable on open futures contracts		2,220
Payable to Sponsor		17,086		19,550
Unrealized depreciation on forward agreements		1,716,163
Total liabilities		4,907,246		19,550
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		14,806,259		23,017,656
Total liabilities and shareholders' equity		$ 19,713,505		$ 23,037,206
Shares outstanding		466,976		616,976
Net asset value per share		$ 31.71		$ 37.31
Market value per share	[4]	$ 31.40		$ 38.76
ProShares UltraShort Yen [Member]
Assets
Cash		$ 1,582,684		$ 3,166,988
Short-term U.S. government and agency obligations (Note 3)		131,834,352		257,102,313
Unrealized appreciation on foreign currency forward contracts		1,568,997		16,870,357
Total assets		134,986,033		277,139,658
Liabilities
Payable for capital shares redeemed		3,759,983
Payable to Sponsor		106,863		232,491
Unrealized depreciation on foreign currency forward contracts		41,734		125,420
Total liabilities		3,908,580		357,911
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		131,077,453		276,781,747
Total liabilities and shareholders' equity		$ 134,986,033		$ 277,139,658
Shares outstanding		1,749,290		3,449,290
Net asset value per share		$ 74.93		$ 80.24
Market value per share	[4]	$ 74.98		$ 80.25
ProShares UltraPro 3x Crude Oil ETF [Member]
Assets
Cash	[7]	$ 9,683,852
Segregated cash balances with brokers for futures contracts	[7]	1,285,048
Receivable on open futures contracts	[7]	289,395
Offering costs (Note 5)	[7]	52,846
Limitation by Sponsor	[7]	24,342
Total assets	[7]	11,335,483
Liabilities
Commitments and Contingencies (Note 2)	[7]
Shareholders' equity
Shareholders' equity	[8]	11,335,483	[7]	$ 0
Total liabilities and shareholders' equity	[7]	$ 11,335,483
Shares outstanding	[7]	300,008
Net asset value per share	[7]	$ 37.78
Market value per share	[7]	$ 37.23
Pro Shares UltraPro 3X Short Crude Oil ETF [Member]
Assets
Cash	[7]	$ 19,203,543
Segregated cash balances with brokers for futures contracts	[7]	2,396,625
Offering costs (Note 5)	[7]	52,797
Limitation by Sponsor	[7]	35,309
Total assets	[7]	21,688,274
Liabilities
Payable on open futures contracts	[7]	527,098
Total liabilities	[7]	527,098
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity	[8]	21,161,176	[7]	$ 0
Total liabilities and shareholders' equity	[7]	$ 21,688,274
Shares outstanding	[7]	2,000,008
Net asset value per share	[9]	$ 10.58	[7]	$ 25.00
Market value per share	[6],[9]	$ 10.72	[7]	$ 25.00
ProShares UltraShort Bloomberg Crude Oil [Member]
Assets
Cash		$ 1,120,278		$ 2,715,772
Segregated cash balances with brokers for futures contracts		2,567,813		4,931,520
Short-term U.S. government and agency obligations (Note 3)		253,646,823		205,694,385
Total assets		257,334,914		213,341,677
Liabilities
Payable on open futures contracts		693,787		13,602
Payable to Sponsor		190,701		162,891
Unrealized depreciation on swap agreements		30,607,142		12,206,881
Total liabilities		31,491,630		12,383,374
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		225,843,284		200,958,303
Total liabilities and shareholders' equity		$ 257,334,914		$ 213,341,677
Shares outstanding		9,289,884		6,339,884
Net asset value per share		$ 24.31		$ 31.70	[3]
Market value per share	[4]	$ 24.56		$ 31.65	[3]
ProShares UltraShort Bloomberg Natural Gas [Member]
Assets
Cash		$ 1,886,831		$ 326,631
Segregated cash balances with brokers for futures contracts		1,123,375		710,655
Short-term U.S. government and agency obligations (Note 3)		3,999,751		2,899,151
Receivable on open futures contracts				105,872
Total assets		7,009,957		4,042,309
Liabilities
Payable on open futures contracts		104,104
Brokerage commissions and fees payable				144
Payable to Sponsor		3,110		3,371
Total liabilities		107,214		3,515
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		6,902,743		4,038,794
Total liabilities and shareholders' equity		$ 7,009,957		$ 4,042,309
Shares outstanding		174,832		174,832
Net asset value per share		$ 39.48		$ 23.10	[3]
Market value per share	[4]	$ 39.65		$ 23.05	[3]
ProShares UltraShort Gold [Member]
Assets
Cash		$ 1,026,645		$ 120,840
Segregated cash balances with brokers for futures contracts		8,800		13,200
Short-term U.S. government and agency obligations (Note 3)		31,977,900		60,540,555
Unrealized appreciation on forward agreements				3,033,566
Receivable on open futures contracts				1,280
Total assets		33,013,345		63,709,441
Liabilities
Payable on open futures contracts		2,420
Payable to Sponsor		25,256		55,794
Unrealized depreciation on forward agreements		1,488,259
Total liabilities		1,515,935		55,794
Commitments and Contingencies (Note 2)
Shareholders' equity
Shareholders' equity		31,497,410		63,653,647
Total liabilities and shareholders' equity		$ 33,013,345		$ 63,709,441
Shares outstanding		446,978		696,978
Net asset value per share		$ 70.47		$ 91.33
Market value per share	[4]	$ 69.11		$ 90.54

[1] The operations include the activity of ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF since January 13, 2017 (inception date).

[2] The operations include the activity of: ProShares Managed Futures Strategy through March 30, 2016, ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity through September 1, 2016, the date of liquidation, respectively.

[3] See Note 1 of these Notes to Financial Statements.

[4] Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds' net asset value is calculated.

[5] Rates shown represents discount rate at the time of purchase.

[6] Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds' net asset value is calculated. For ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF, the returns of shares outstanding for the period from commencement of operations through December 31, 2017 are calculated based on the initial offering price upon commencement of operations of $25.00.

[7] Since the Fund's inception date was January 13, 2017, the Statement of Financial Condition as of December 31, 2016 has not been provided.

[8] Since the Fund's inception date was January 13, 2017, the Statements of Changes in Shareholders' Equity for the years ended December 31, 2016 and December 31, 2015 have not been provided.

[9] From commencement of operations, March 24, 2017 through December 31, 2017.

XML

Statements of Financial Condition (Parenthetical) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Short-term U.S. government and agency obligations, cost (Note 3)	$ 2,445,970,899	$ 3,038,837,465
ProShares VIX Short-Term Futures ETF [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	134,855,770	147,990,045
ProShares VIX Mid-Term Futures ETF [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	20,993,328	45,486,489
ProShares Short Euro [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	6,996,595	13,164,807
ProShares Short VIX Short-Term Futures ETF [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	494,962,509	170,391,741
ProShares Ultra Bloomberg Crude Oil [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	459,543,053	885,046,303
ProShares Ultra Bloomberg Natural Gas [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	50,963,586	36,183,384
ProShares Ultra Euro [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	6,996,595	11,891,729
ProShares Ultra Gold [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	88,890,367	95,356,703
ProShares Ultra Silver [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	235,605,469	295,296,440
ProShares Ultra VIX Short-Term Futures ETF [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	287,546,397	434,676,067
ProShares Ultra Yen [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	1,998,216	5,283,104
ProShares UltraShort Australian Dollar [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	11,984,898	12,909,895
ProShares UltraShort Euro [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	204,788,208	337,373,566
ProShares UltraShort Silver [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	18,352,808	21,549,766
ProShares UltraShort Yen [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	131,844,652	257,103,135
ProShares UltraShort Bloomberg Crude Oil [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	253,669,155	205,694,828
ProShares UltraShort Bloomberg Natural Gas [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	3,999,667	2,899,188
ProShares UltraShort Gold [Member]
Short-term U.S. government and agency obligations, cost (Note 3)	$ 31,979,626	$ 60,540,275

XML

Statements of Operations - USD ($)		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Investment Income
Interest		$ 25,704,093	[1]	$ 9,133,928	[2]	$ 1,546,729	[3]
Expenses
Management fee		30,996,127	[1]	34,712,239	[2]	35,055,606	[3]
Brokerage commissions		8,950,082	[1]	7,438,871	[2]	6,480,284	[3]
Brokerage fees	[1]	9,715
Offering costs		238,151	[1]			59,479	[3]
Limitation by Sponsor		(59,651)	[1]			(11,814)	[3]
Total expenses		40,134,424	[1]	42,151,110	[2]	41,583,555	[3]
Net investment income (loss)		(14,430,331)	[1]	(33,017,182)	[2]	(40,036,826)	[3]
Net realized gain (loss) on
Foreign currency forward contracts		(46,255,034)	[1]	(47,075,744)	[2]	138,005,915	[3]
Short-term U.S. government and agency obligations		(50,042)	[1]	(15,768)	[2]	47,732	[3]
Net realized gain (loss)		(438,531,686)	[1]	(1,320,602,359)	[2]	(1,164,531,561)	[3]
Change in net unrealized appreciation/depreciation on
Futures contracts		(360,935)	[1]	(22,030,613)	[2]	40,193,356	[3]
Foreign currency forward contracts		(36,579,460)	[1]	73,731,339	[2]	(56,805,160)	[3]
Short-term U.S. government and agency obligations		(202,002)	[1]	4,832	[2]	(46,135)	[3]
Change in net unrealized appreciation/depreciation		(5,496,117)	[1]	157,868,764	[2]	(39,700,049)	[3]
Net realized and unrealized gain (loss)		(444,027,803)	[1]	(1,162,733,595)	[2]	(1,204,231,610)	[3]
Net income (loss)		(458,458,134)	[1]	(1,195,750,777)	[2],[4]	(1,244,268,436)	[3]
Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(354,314,223)	[1]	(1,286,470,453)	[2]	(675,706,798)	[3]
Swap Agreements [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(11,794,313)	[1]	(25,398,375)	[2]	(553,434,721)	[3]
Change in net unrealized appreciation/depreciation on
Unrealized gain (loss) on derivatives		(11,520,471)	[1]	108,928,215	[2]	(16,849,426)	[3]
Forward Agreements [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(26,118,074)	[1]	38,357,981	[2]	(73,443,689)	[3]
Change in net unrealized appreciation/depreciation on
Unrealized gain (loss) on derivatives		43,166,751	[1]	(2,765,009)	[2]	(6,192,684)	[3]
ProShares Short Euro [Member]
Investment Income
Interest		75,953		32,959		4,504
Expenses
Management fee		111,736		153,021		179,286
Brokerage commissions		1,844		2,666		3,979
Total expenses		113,580		155,687		183,265
Net investment income (loss)		(37,627)		(122,728)		(178,761)
Net realized gain (loss) on
Short-term U.S. government and agency obligations		(384)		33		218
Net realized gain (loss)		(1,162,371)		663,807		1,559,643
Change in net unrealized appreciation/depreciation on
Futures contracts		(299,188)		(110,538)		(141,893)
Short-term U.S. government and agency obligations		(381)		12		(170)
Change in net unrealized appreciation/depreciation		(299,569)		(110,526)		(142,063)
Net realized and unrealized gain (loss)		(1,461,940)		553,281		1,417,580
Net income (loss)		(1,499,567)		430,553		1,238,819
ProShares Short Euro [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(1,161,987)		663,774		1,559,425
ProShares Short VIX Short-Term Futures ETF [Member]
Investment Income
Interest		6,001,679		1,126,057		180,686
Expenses
Management fee		7,147,223		4,448,808		4,043,491
Brokerage commissions		4,226,442		2,074,099		1,935,395
Brokerage fees		1,558
Total expenses		11,375,223		6,522,907		5,978,886
Net investment income (loss)		(5,373,544)		(5,396,850)		(5,798,200)
Net realized gain (loss) on
Short-term U.S. government and agency obligations		(443)		(11,670)		35,629
Net realized gain (loss)		897,400,073		440,379,719		69,828,657
Change in net unrealized appreciation/depreciation on
Futures contracts		27,351,060		(21,056,026)		27,098,564
Short-term U.S. government and agency obligations		(56,560)		(6,824)		8,936
Change in net unrealized appreciation/depreciation		27,294,500		(21,062,850)		27,107,500
Net realized and unrealized gain (loss)		924,694,573		419,316,869		96,936,157
Net income (loss)		919,321,029		413,920,019		91,137,957
ProShares Short VIX Short-Term Futures ETF [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		897,400,516		440,391,389		69,793,028
ProShares Ultra Bloomberg Crude Oil [Member]
Investment Income
Interest		5,982,049		2,170,633		396,158
Expenses
Management fee		7,120,247		8,263,078		8,230,180
Brokerage commissions		241,263		538,935		639,133
Total expenses		7,361,510		8,802,013		8,869,313
Net investment income (loss)		(1,379,461)		(6,631,380)		(8,473,155)
Net realized gain (loss) on
Short-term U.S. government and agency obligations		(14,496)		(17,374)		22,728
Net realized gain (loss)		22,131,716		74,043,666		(896,154,368)
Change in net unrealized appreciation/depreciation on
Futures contracts		6,408,814		23,466,479		28,545,473
Short-term U.S. government and agency obligations		(30,855)		5,463		(6,857)
Change in net unrealized appreciation/depreciation		13,257,749		151,007,102		32,543,124
Net realized and unrealized gain (loss)		35,389,465		225,050,768		(863,611,244)
Net income (loss)		34,010,004		218,419,388		(872,084,399)
ProShares Ultra Bloomberg Crude Oil [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		28,048,922		43,093,616		(297,227,106)
ProShares Ultra Bloomberg Crude Oil [Member] | Swap Agreements [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(5,902,710)		30,967,424		(598,949,990)
Change in net unrealized appreciation/depreciation on
Unrealized gain (loss) on derivatives		6,879,790		127,535,160		4,004,508
ProShares Ultra Bloomberg Natural Gas [Member]
Investment Income
Interest		339,079		72,943		20,167
Expenses
Management fee		446,589		325,435		574,158
Brokerage commissions		126,252		131,994		207,344
Total expenses		572,841		457,429		781,502
Net investment income (loss)		(233,762)		(384,486)		(761,335)
Net realized gain (loss) on
Short-term U.S. government and agency obligations		(1,021)		(698)		4,341
Net realized gain (loss)		(40,794,286)		17,571,111		(100,772,476)
Change in net unrealized appreciation/depreciation on
Futures contracts		4,689,090		(3,776,159)		41,202,162
Short-term U.S. government and agency obligations		(2,494)		(819)		(296)
Change in net unrealized appreciation/depreciation		4,686,596		(3,776,978)		41,201,866
Net realized and unrealized gain (loss)		(36,107,690)		13,794,133		(59,570,610)
Net income (loss)		(36,341,452)		13,409,647		(60,331,945)
ProShares Ultra Bloomberg Natural Gas [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(40,793,265)		17,571,809		(100,776,817)
ProShares Ultra Euro [Member]
Investment Income
Interest		94,761		25,015		2,797
Expenses
Management fee		124,543		99,537		106,868
Total expenses		124,543		99,537		106,868
Net investment income (loss)		(29,782)		(74,522)		(104,071)
Net realized gain (loss) on
Foreign currency forward contracts		2,212,313		138,959		(1,982,208)
Short-term U.S. government and agency obligations		(87)		154		(109)
Net realized gain (loss)		2,212,226		139,113		(1,982,317)
Change in net unrealized appreciation/depreciation on
Foreign currency forward contracts		838,162		(1,178,930)		708,291
Short-term U.S. government and agency obligations		(462)		505		(369)
Change in net unrealized appreciation/depreciation		837,700		(1,178,425)		707,922
Net realized and unrealized gain (loss)		3,049,926		(1,039,312)		(1,274,395)
Net income (loss)		3,020,144		(1,113,834)		(1,378,466)
ProShares Ultra Gold [Member]
Investment Income
Interest		766,560		249,319		42,700
Expenses
Management fee		902,841		900,227		839,083
Brokerage commissions		48		43		41
Total expenses		902,889		900,270		839,124
Net investment income (loss)		(136,329)		(650,951)		(796,424)
Net realized gain (loss) on
Short-term U.S. government and agency obligations		691		(806)		(393)
Net realized gain (loss)		11,485,101		5,815,759		(18,606,208)
Change in net unrealized appreciation/depreciation on
Futures contracts		24,440		(13,760)		(9,780)
Short-term U.S. government and agency obligations		(5,441)		(4,389)		2,086
Change in net unrealized appreciation/depreciation		8,096,461		(2,198,661)		(4,309,443)
Net realized and unrealized gain (loss)		19,581,562		3,617,098		(22,915,651)
Net income (loss)		19,445,233		2,966,147		(23,712,075)
ProShares Ultra Gold [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		2,839		29,500		(16,180)
ProShares Ultra Gold [Member] | Forward Agreements [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		11,481,571		5,787,065		(18,589,635)
Change in net unrealized appreciation/depreciation on
Unrealized gain (loss) on derivatives		8,077,462		(2,180,512)		(4,301,749)
ProShares Ultra Silver [Member]
Investment Income
Interest		2,142,183		842,215		156,353
Expenses
Management fee		2,551,877		3,021,562		2,664,160
Brokerage commissions		58		45		52
Total expenses		2,551,935		3,021,607		2,664,212
Net investment income (loss)		(409,752)		(2,179,392)		(2,507,859)
Net realized gain (loss) on
Short-term U.S. government and agency obligations		207		145		(441)
Net realized gain (loss)		(31,762,627)		62,342,586		(78,309,750)
Change in net unrealized appreciation/depreciation on
Futures contracts		28,960		(18,330)		(7,470)
Short-term U.S. government and agency obligations		(28,112)		4,909		(9,125)
Change in net unrealized appreciation/depreciation		42,712,371		1,571,491		(10,182,576)
Net realized and unrealized gain (loss)		10,949,744		63,914,077		(88,492,326)
Net income (loss)		10,539,992		61,734,685		(91,000,185)
ProShares Ultra Silver [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(21,522)		45,750		(19,600)
ProShares Ultra Silver [Member] | Forward Agreements [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(31,741,312)		62,296,691		(78,289,709)
Change in net unrealized appreciation/depreciation on
Unrealized gain (loss) on derivatives		42,711,523		1,584,912		(10,165,981)
ProShares Ultra VIX Short-Term Futures ETF [Member]
Investment Income
Interest		3,040,059		1,639,964		156,187
Expenses
Management fee		3,960,999		6,417,822		4,362,460
Brokerage commissions		3,970,588		4,158,919		3,203,875
Brokerage fees		4,533
Total expenses		7,936,120		10,576,741		7,566,335
Net investment income (loss)		(4,896,061)		(8,936,777)		(7,410,148)
Net realized gain (loss) on
Short-term U.S. government and agency obligations		(21,942)		15,949		(49,718)
Net realized gain (loss)		(1,020,772,793)		(1,567,324,739)		(392,223,946)
Change in net unrealized appreciation/depreciation on
Futures contracts		(26,493,883)		(19,866,703)		(27,690,787)
Short-term U.S. government and agency obligations		(8,993)		(28,844)		26,647
Change in net unrealized appreciation/depreciation		(26,502,876)		(19,895,547)		(27,664,140)
Net realized and unrealized gain (loss)		(1,047,275,669)		(1,587,220,286)		(419,888,086)
Net income (loss)		(1,052,171,730)		(1,596,157,063)		(427,298,234)
ProShares Ultra VIX Short-Term Futures ETF [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(1,020,750,851)		(1,567,340,688)		(392,174,228)
ProShares Ultra Yen [Member]
Investment Income
Interest		28,639		16,858		3,609
Expenses
Management fee		50,521		62,705		48,032
Total expenses		50,521		62,705		48,032
Net investment income (loss)		(21,882)		(45,847)		(44,423)
Net realized gain (loss) on
Foreign currency forward contracts		(46,195)		717,086		(472,913)
Short-term U.S. government and agency obligations		(83)		(34)		6
Net realized gain (loss)		(46,278)		717,052		(472,907)
Change in net unrealized appreciation/depreciation on
Foreign currency forward contracts		307,252		(603,387)		276,556
Short-term U.S. government and agency obligations		(58)		(510)		260
Change in net unrealized appreciation/depreciation		307,194		(603,897)		276,816
Net realized and unrealized gain (loss)		260,916		113,155		(196,091)
Net income (loss)		239,034		67,308		(240,514)
ProShares UltraShort Australian Dollar [Member]
Investment Income
Interest		85,306		43,459		5,998
Expenses
Management fee		123,234		175,191		199,845
Brokerage commissions		8,846		13,920		16,140
Total expenses		132,080		189,111		215,985
Net investment income (loss)		(46,774)		(145,652)		(209,987)
Net realized gain (loss) on
Short-term U.S. government and agency obligations		(178)		495		225
Net realized gain (loss)		(866,949)		(2,786,709)		4,330,688
Change in net unrealized appreciation/depreciation on
Futures contracts		(2,075,560)		1,602,610		(1,163,751)
Short-term U.S. government and agency obligations		(718)		279		(553)
Change in net unrealized appreciation/depreciation		(2,076,278)		1,602,889		(1,164,304)
Net realized and unrealized gain (loss)		(2,943,227)		(1,183,820)		3,166,384
Net income (loss)		(2,990,001)		(1,329,472)		2,956,397
ProShares UltraShort Australian Dollar [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(866,771)		(2,787,204)		4,330,463
ProShares UltraShort Bloomberg Crude Oil [Member]
Investment Income
Interest		1,661,295		500,160		60,884
Expenses
Management fee		1,934,688		1,755,696		1,978,613
Brokerage commissions		82,258		153,428		248,482
Total expenses		2,016,946		1,909,124		2,227,095
Net investment income (loss)		(355,651)		(1,408,964)		(2,166,211)
Net realized gain (loss) on
Short-term U.S. government and agency obligations		(448)		(4,064)		14,458
Net realized gain (loss)		(6,491,508)		(67,756,228)		91,684,782
Change in net unrealized appreciation/depreciation on
Futures contracts		(2,535,833)		(3,891,328)		(13,342,090)
Short-term U.S. government and agency obligations		(21,889)		1,712		(4,396)
Change in net unrealized appreciation/depreciation		(20,957,983)		(22,509,153)		(33,951,907)
Net realized and unrealized gain (loss)		(27,449,491)		(90,265,381)		57,732,875
Net income (loss)		(27,805,142)		(91,674,345)		55,566,664
ProShares UltraShort Bloomberg Crude Oil [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(599,457)		(12,045,454)		46,904,474
ProShares UltraShort Bloomberg Crude Oil [Member] | Swap Agreements [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(5,891,603)		(55,706,710)		44,765,850
Change in net unrealized appreciation/depreciation on
Unrealized gain (loss) on derivatives		(18,400,261)		(18,619,537)		(20,605,421)
ProShares UltraShort Bloomberg Natural Gas [Member]
Investment Income
Interest		38,651		19,053		5,830
Expenses
Management fee		63,534		81,259		112,277
Brokerage commissions		29,529		59,966		70,677
Brokerage fees		39
Total expenses		93,102		141,225		182,954
Net investment income (loss)		(54,451)		(122,172)		(177,124)
Net realized gain (loss) on
Short-term U.S. government and agency obligations		(783)		3,139		29
Net realized gain (loss)		4,761,749		589,999		15,212,833
Change in net unrealized appreciation/depreciation on
Futures contracts		(615,018)		1,989,133		(6,412,629)
Short-term U.S. government and agency obligations		121		(388)		168
Change in net unrealized appreciation/depreciation		(614,897)		1,988,745		(6,412,461)
Net realized and unrealized gain (loss)		4,146,852		2,578,744		8,800,372
Net income (loss)		4,092,401		2,456,572		8,623,248
ProShares UltraShort Bloomberg Natural Gas [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		4,762,532		586,860		15,212,804
ProShares UltraShort Euro [Member]
Investment Income
Interest		2,048,455		1,012,886		264,845
Expenses
Management fee		2,445,170		3,777,543		5,265,432
Total expenses		2,445,170		3,777,543		5,265,432
Net investment income (loss)		(396,715)		(2,764,657)		(5,000,587)
Net realized gain (loss) on
Foreign currency forward contracts		(39,691,680)		(25,711,518)		131,651,572
Short-term U.S. government and agency obligations		(3,785)		242		22,509
Net realized gain (loss)		(39,695,465)		(25,711,276)		131,674,081
Change in net unrealized appreciation/depreciation on
Foreign currency forward contracts		(22,507,200)		44,873,267		(45,473,330)
Short-term U.S. government and agency obligations		(20,263)		12,675		(23,782)
Change in net unrealized appreciation/depreciation		(22,527,463)		44,885,942		(45,497,112)
Net realized and unrealized gain (loss)		(62,222,928)		19,174,666		86,176,969
Net income (loss)		(62,619,643)		16,410,009		81,176,382
ProShares UltraShort Gold [Member]
Investment Income
Interest		283,917		164,570		31,999
Expenses
Management fee		344,734		625,950		735,540
Brokerage commissions		48		43		41
Total expenses		344,782		625,993		735,581
Net investment income (loss)		(60,865)		(461,423)		(703,582)
Net realized gain (loss) on
Short-term U.S. government and agency obligations		(1,208)		(378)		1,301
Net realized gain (loss)		(6,994,765)		(12,241,129)		12,708,936
Change in net unrealized appreciation/depreciation on
Futures contracts		(24,440)		13,760		9,740
Short-term U.S. government and agency obligations		(2,006)		2,028		(2,950)
Change in net unrealized appreciation/depreciation		(4,548,271)		1,240,412		4,098,510
Net realized and unrealized gain (loss)		(11,543,036)		(11,000,717)		16,807,446
Net income (loss)		(11,603,901)		(11,462,140)		16,103,864
ProShares UltraShort Gold [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(2,987)		(29,440)		15,950
ProShares UltraShort Gold [Member] | Forward Agreements [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(6,990,570)		(12,211,311)		12,691,685
Change in net unrealized appreciation/depreciation on
Unrealized gain (loss) on derivatives		(4,521,825)		1,224,624		4,091,720
ProShares UltraShort Silver [Member]
Investment Income
Interest		157,745		93,483		23,831
Expenses
Management fee		194,297		349,293		540,253
Brokerage commissions		48		43		42
Total expenses		194,345		349,336		540,295
Net investment income (loss)		(36,600)		(255,853)		(516,464)
Net realized gain (loss) on
Short-term U.S. government and agency obligations		(932)		(1,916)		(2,787)
Net realized gain (loss)		1,152,461		(17,556,630)		10,756,758
Change in net unrealized appreciation/depreciation on
Futures contracts		(28,960)		21,340		4,410
Short-term U.S. government and agency obligations		(3,500)		367		(794)
Change in net unrealized appreciation/depreciation		(3,132,869)		(3,372,326)		4,186,942
Net realized and unrealized gain (loss)		(1,980,408)		(20,928,956)		14,943,700
Net income (loss)		(2,017,008)		(21,184,809)		14,427,236
ProShares UltraShort Silver [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		21,156		(40,250)		15,575
ProShares UltraShort Silver [Member] | Forward Agreements [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		1,132,237		(17,514,464)		10,743,970
Change in net unrealized appreciation/depreciation on
Unrealized gain (loss) on derivatives		(3,100,409)		(3,394,033)		4,183,326
ProShares UltraShort Yen [Member]
Investment Income
Interest		1,446,842		531,771		135,814
Expenses
Management fee		1,802,816		2,141,333		3,759,492
Total expenses		1,802,816		2,141,333		3,759,492
Net investment income (loss)		(355,974)		(1,609,562)		(3,623,678)
Net realized gain (loss) on
Foreign currency forward contracts		(8,729,472)		(22,220,271)		8,809,464
Short-term U.S. government and agency obligations		(4,001)		(5,910)		(3,035)
Net realized gain (loss)		(8,733,473)		(22,226,181)		8,806,429
Change in net unrealized appreciation/depreciation on
Foreign currency forward contracts		(15,217,674)		30,640,389		(12,316,677)
Short-term U.S. government and agency obligations		(9,478)		16,827		(30,886)
Change in net unrealized appreciation/depreciation		(15,227,152)		30,657,216		(12,347,563)
Net realized and unrealized gain (loss)		(23,960,625)		8,431,035		(3,541,134)
Net income (loss)		(24,316,599)		6,821,473		(7,164,812)
ProShares VIX Mid-Term Futures ETF [Member]
Investment Income
Interest		256,920		107,409		8,293
Expenses
Management fee		317,739		369,016		233,390
Brokerage commissions		20,988		32,884		15,503
Total expenses		338,727		401,900		248,893
Net investment income (loss)		(81,807)		(294,491)		(240,600)
Net realized gain (loss) on
Short-term U.S. government and agency obligations		(377)		499		1,355
Net realized gain (loss)		(25,320,147)		(11,085,007)		(3,334,581)
Change in net unrealized appreciation/depreciation on
Futures contracts		(927,035)		(943,885)		(605,025)
Short-term U.S. government and agency obligations		441		(1,079)		(327)
Change in net unrealized appreciation/depreciation		(926,594)		(944,964)		(605,352)
Net realized and unrealized gain (loss)		(26,246,741)		(12,029,971)		(3,939,933)
Net income (loss)		(26,328,548)		(12,324,462)		(4,180,533)
ProShares VIX Mid-Term Futures ETF [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		(25,319,770)		(11,085,506)		(3,335,936)
ProShares UltraPro 3x Crude Oil ETF [Member]
Investment Income
Interest	[5]	9,696
Expenses
Brokerage commissions	[5]	34,408
Brokerage fees	[5]	67
Offering costs	[5],[6]	119,081
Limitation by Sponsor	[5]	(24,342)
Total expenses	[5]	129,214
Net investment income (loss)	[5],[7]	(119,518)
Net realized gain (loss) on
Net realized gain (loss)	[5]	6,018,618
Change in net unrealized appreciation/depreciation on
Futures contracts	[5]	1,417,998
Change in net unrealized appreciation/depreciation	[5]	1,417,998
Net realized and unrealized gain (loss)	[5]	7,436,616
Net income (loss)	[5],[6],[7]	7,317,098
ProShares UltraPro 3x Crude Oil ETF [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives	[5]	6,018,618
Pro Shares UltraPro 3X Short Crude Oil ETF [Member]
Investment Income
Interest	[5]	5,930
Expenses
Brokerage commissions	[5]	32,624
Brokerage fees	[5]	135
Offering costs	[5],[6]	119,070
Limitation by Sponsor	[5]	(35,309)
Total expenses	[5]	116,520
Net investment income (loss)	[5],[7]	(110,590)
Net realized gain (loss) on
Net realized gain (loss)	[5]	(7,046,628)
Change in net unrealized appreciation/depreciation on
Futures contracts	[5]	(2,988,155)
Change in net unrealized appreciation/depreciation	[5]	(2,988,155)
Net realized and unrealized gain (loss)	[5]	(10,034,783)
Net income (loss)	[5],[6],[7]	(10,145,373)
Pro Shares UltraPro 3X Short Crude Oil ETF [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives	[5]	(7,046,628)
ProShares VIX Short-Term Futures ETF [Member]
Investment Income
Interest		1,238,374		466,392		42,319
Expenses
Management fee		1,353,339		1,632,880		1,062,171
Brokerage commissions		174,838		270,159		130,942
Brokerage fees		3,383
Total expenses		1,531,560		1,903,039		1,193,113
Net investment income (loss)		(293,186)		(1,436,647)		(1,150,794)
Net realized gain (loss) on
Short-term U.S. government and agency obligations		(772)		6,650		1,703
Net realized gain (loss)		(194,006,340)		(195,469,141)		(19,406,840)
Change in net unrealized appreciation/depreciation on
Futures contracts		(4,293,225)		609,973		(7,343,245)
Short-term U.S. government and agency obligations		(11,354)		3,010		(3,657)
Change in net unrealized appreciation/depreciation		(4,304,579)		612,983		(7,346,902)
Net realized and unrealized gain (loss)		(198,310,919)		(194,856,158)		(26,753,742)
Net income (loss)		(198,604,105)		(196,292,805)		(27,904,536)
ProShares VIX Short-Term Futures ETF [Member] | Futures Contracts [Member]
Net realized gain (loss) on
Gain (loss) on sale of derivatives		$ (194,005,568)		$ (195,475,791)		$ (19,408,543)

[1] The operations include the activity of ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF since January 13, 2017 (inception date).

[2] The operations include the activity of: ProShares Managed Futures Strategy through March 30, 2016, ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity through September 1, 2016, the date of liquidation, respectively.

[3] The operations include the activity of ProShares Ultra Australian Dollar through June 29, 2015, the date of liquidation.

[4] The operations include the activity of: ProShares Managed Futures Strategy through March 30, 2016 and ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity through September 1, 2016, the date of liquidation, respectively.

[5] Since the Fund's inception date was January 13, 2017, the Statements of Operations for the years ended December 31, 2016 and December 31, 2015 have not been provided.

[6] Since the Fund's inception date was January 13, 2017, the Statements of Cash Flows for the years ended December 31, 2016 and December 31, 2015 have not been provided.

[7] Since the Fund's inception date was January 13, 2017, the Statements of Changes in Shareholders' Equity for the years ended December 31, 2016 and December 31, 2015 have not been provided.

XML

Statements of Changes in Shareholders' Equity - USD ($)	Total		ProShares Short Euro [Member]	ProShares Short VIX Short-Term Futures ETF [Member]	ProShares Ultra Bloomberg Crude Oil [Member]	ProShares Ultra Bloomberg Natural Gas [Member]	ProShares Ultra Euro [Member]	ProShares Ultra Gold [Member]	ProShares Ultra Silver [Member]	ProShares Ultra VIX Short-Term Futures ETF [Member]	ProShares Ultra Yen [Member]	ProShares UltraPro 3x Crude Oil ETF [Member]	[5]	Pro Shares UltraPro 3X Short Crude Oil ETF [Member]	[5]	ProShares UltraShort Australian Dollar [Member]	ProShares UltraShort Bloomberg Crude Oil [Member]	ProShares UltraShort Bloomberg Natural Gas [Member]	ProShares UltraShort Euro [Member]	ProShares UltraShort Gold [Member]	ProShares UltraShort Silver [Member]	ProShares UltraShort Yen [Member]	ProShares VIX Mid-Term Futures ETF [Member]	ProShares VIX Short-Term Futures ETF [Member]
Shareholders' equity, beginning of period at Dec. 31, 2014	$ 3,332,060,486	[1]	$ 14,021,804	$ 506,556,124	$ 450,562,988	$ 70,433,207	$ 2,981,441	$ 102,003,345	$ 291,169,743	$ 351,789,953	$ 2,118,028					$ 23,120,790	$ 169,210,110	$ 14,688,564	$ 517,191,349	$ 81,861,762	$ 53,007,867	$ 531,471,873	$ 21,459,575	$ 111,459,325
Addition of shares	8,943,932,891	[1]	23,563,492	1,403,231,166	2,505,616,928	83,526,876	15,916,613	5,401,300	96,078,803	3,192,766,319	4,285,016					2,764,167	796,070,368	37,204,187	328,253,174	13,383,255	84,272,164	124,524,909	19,318,111	187,659,682
Redemption of shares	(7,525,116,193)	[1]	(21,313,217)	(1,358,113,886)	(1,300,173,042)	(54,776,954)	(6,661,858)	(13,827,755)	(79,831,719)	(2,569,549,298)	(688,682)					(8,380,675)	(924,949,248)	(50,053,143)	(404,314,387)	(36,377,117)	(95,719,329)	(411,459,070)	(8,946,515)	(165,941,648)
Net addition (redemption) of shares	1,418,816,698	[1]	2,250,275	45,117,280	1,205,443,886	28,749,922	9,254,755	(8,426,455)	16,247,084	623,217,021	3,596,334					(5,616,508)	(128,878,880)	(12,848,956)	(76,061,213)	(22,993,862)	(11,447,165)	(286,934,161)	10,371,596	21,718,034
Net investment income (loss)	(40,036,826)	[1]	(178,761)	(5,798,200)	(8,473,155)	(761,335)	(104,071)	(796,424)	(2,507,859)	(7,410,148)	(44,423)					(209,987)	(2,166,211)	(177,124)	(5,000,587)	(703,582)	(516,464)	(3,623,678)	(240,600)	(1,150,794)
Net realized gain (loss)	(1,164,531,561)	[1]	1,559,643	69,828,657	(896,154,368)	(100,772,476)	(1,982,317)	(18,606,208)	(78,309,750)	(392,223,946)	(472,907)					4,330,688	91,684,782	15,212,833	131,674,081	12,708,936	10,756,758	8,806,429	(3,334,581)	(19,406,840)
Change in net unrealized appreciation/depreciation	(39,700,049)	[1]	(142,063)	27,107,500	32,543,124	41,201,866	707,922	(4,309,443)	(10,182,576)	(27,664,140)	276,816					(1,164,304)	(33,951,907)	(6,412,461)	(45,497,112)	4,098,510	4,186,942	(12,347,563)	(605,352)	(7,346,902)
Net income (loss)	(1,244,268,436)	[1]	1,238,819	91,137,957	(872,084,399)	(60,331,945)	(1,378,466)	(23,712,075)	(91,000,185)	(427,298,234)	(240,514)					2,956,397	55,566,664	8,623,248	81,176,382	16,103,864	14,427,236	(7,164,812)	(4,180,533)	(27,904,536)
Shareholders' equity, end of period at Dec. 31, 2015	3,506,608,748	[1],[2]	17,510,898	642,811,361	783,922,475	38,851,184	10,857,730	69,864,815	216,416,642	547,708,740	5,473,848					20,460,679	95,897,894	10,462,856	522,306,518	74,971,764	55,987,938	237,372,900	27,650,638	105,272,823
Addition of shares	10,633,008,985	[2]	2,109,382	2,867,628,691	1,094,604,444	40,783,818	4,628,749	41,599,776	104,165,405	4,540,375,465							1,002,034,810	40,020,426	15,418,329	83,353,994	69,113,968	150,763,218	55,230,587	515,131,303
Redemption of shares	(9,667,529,469)	[2]	(4,280,745)	(3,696,284,684)	(1,163,214,447)	(49,841,263)	(2,458,060)	(22,303,538)	(106,536,792)	(2,976,168,388)	(199)					(2,517,734)	(805,300,056)	(48,901,060)	(204,742,206)	(83,209,971)	(80,899,441)	(118,175,844)	(24,737,849)	(249,951,175)
Net addition (redemption) of shares	965,479,516	[2]	(2,171,363)	(828,655,993)	(68,610,003)	(9,057,445)	2,170,689	19,296,238	(2,371,387)	1,564,207,077	(199)					(2,517,734)	196,734,754	(8,880,634)	(189,323,877)	144,023	(11,785,473)	32,587,374	30,492,738	265,180,128
Net investment income (loss)	(33,017,182)	[2]	(122,728)	(5,396,850)	(6,631,380)	(384,486)	(74,522)	(650,951)	(2,179,392)	(8,936,777)	(45,847)					(145,652)	(1,408,964)	(122,172)	(2,764,657)	(461,423)	(255,853)	(1,609,562)	(294,491)	(1,436,647)
Net realized gain (loss)	(1,320,602,359)	[2]	663,807	440,379,719	74,043,666	17,571,111	139,113	5,815,759	62,342,586	(1,567,324,739)	717,052					(2,786,709)	(67,756,228)	589,999	(25,711,276)	(12,241,129)	(17,556,630)	(22,226,181)	(11,085,007)	(195,469,141)
Change in net unrealized appreciation/depreciation	157,868,764	[2]	(110,526)	(21,062,850)	151,007,102	(3,776,978)	(1,178,425)	(2,198,661)	1,571,491	(19,895,547)	(603,897)					1,602,889	(22,509,153)	1,988,745	44,885,942	1,240,412	(3,372,326)	30,657,216	(944,964)	612,983
Net income (loss)	(1,195,750,777)	[2],[3]	430,553	413,920,019	218,419,388	13,409,647	(1,113,834)	2,966,147	61,734,685	(1,596,157,063)	67,308					(1,329,472)	(91,674,345)	2,456,572	16,410,009	(11,462,140)	(21,184,809)	6,821,473	(12,324,462)	(196,292,805)
Shareholders' equity, end of period at Dec. 31, 2016	3,276,337,487	[2],[4]	15,770,088	228,075,387	933,731,860	43,203,386	11,914,585	92,127,200	275,779,940	515,758,754	5,540,957	$ 0		$ 0		16,613,473	200,958,303	4,038,794	349,392,650	63,653,647	23,017,656	276,781,747	45,818,914	174,160,146
Addition of shares	9,098,339,966	[4]		3,985,678,031	1,156,816,574	106,004,594	25,220,169	23,949,465	50,514,699	2,602,989,881		40,659,738		38,429,372		4,801,797	510,910,744	23,216,158	54,352,755	26,178,336	26,717,920	76,657,434	26,311,779	318,930,520
Redemption of shares	(8,968,941,107)	[4]	(6,278,641)	(4,362,910,576)	(1,600,112,912)	(49,597,578)	(30,563,382)	(41,813,150)	(78,589,935)	(1,672,541,764)	(2,915,722)	(36,641,353)		(7,122,823)		(4,723,167)	(458,220,621)	(24,444,610)	(138,577,565)	(46,730,672)	(32,912,309)	(198,045,129)	(19,454,197)	(156,745,001)
Net addition (redemption) of shares	129,398,859	[4]	(6,278,641)	(377,232,545)	(443,296,338)	56,407,016	(5,343,213)	(17,863,685)	(28,075,236)	930,448,117	(2,915,722)	4,018,385		31,306,549		78,630	52,690,123	(1,228,452)	(84,224,810)	(20,552,336)	(6,194,389)	(121,387,695)	6,857,582	162,185,519
Net investment income (loss)	(14,430,331)	[4]	(37,627)	(5,373,544)	(1,379,461)	(233,762)	(29,782)	(136,329)	(409,752)	(4,896,061)	(21,882)	(119,518)	[6]	(110,590)	[6]	(46,774)	(355,651)	(54,451)	(396,715)	(60,865)	(36,600)	(355,974)	(81,807)	(293,186)
Net realized gain (loss)	(438,531,686)	[4]	(1,162,371)	897,400,073	22,131,716	(40,794,286)	2,212,226	11,485,101	(31,762,627)	(1,020,772,793)	(46,278)	6,018,618		(7,046,628)		(866,949)	(6,491,508)	4,761,749	(39,695,465)	(6,994,765)	1,152,461	(8,733,473)	(25,320,147)	(194,006,340)
Change in net unrealized appreciation/depreciation	(5,496,117)	[4]	(299,569)	27,294,500	13,257,749	4,686,596	837,700	8,096,461	42,712,371	(26,502,876)	307,194	1,417,998		(2,988,155)		(2,076,278)	(20,957,983)	(614,897)	(22,527,463)	(4,548,271)	(3,132,869)	(15,227,152)	(926,594)	(4,304,579)
Net income (loss)	(458,458,134)	[4]	(1,499,567)	919,321,029	34,010,004	(36,341,452)	3,020,144	19,445,233	10,539,992	(1,052,171,730)	239,034	7,317,098	[6],[7]	(10,145,373)	[6],[7]	(2,990,001)	(27,805,142)	4,092,401	(62,619,643)	(11,603,901)	(2,017,008)	(24,316,599)	(26,328,548)	(198,604,105)
Shareholders' equity, end of period at Dec. 31, 2017	$ 2,947,278,212	[4]	$ 7,991,880	$ 770,163,871	$ 524,445,526	$ 63,268,950	$ 9,591,516	$ 93,708,748	$ 258,244,696	$ 394,035,141	$ 2,864,269	$ 11,335,483	[8]	$ 21,161,176	[8]	$ 13,702,102	$ 225,843,284	$ 6,902,743	$ 202,548,197	$ 31,497,410	$ 14,806,259	$ 131,077,453	$ 26,347,948	$ 137,741,560

[1] The operations include the activity of ProShares Ultra Australian Dollar through June 29, 2015, the date of liquidation.

[2] The operations include the activity of: ProShares Managed Futures Strategy through March 30, 2016, ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity through September 1, 2016, the date of liquidation, respectively.

[3] The operations include the activity of: ProShares Managed Futures Strategy through March 30, 2016 and ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity through September 1, 2016, the date of liquidation, respectively.

[4] The operations include the activity of ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF since January 13, 2017 (inception date).

[5] Since the Fund's inception date was January 13, 2017, the Statements of Changes in Shareholders' Equity for the years ended December 31, 2016 and December 31, 2015 have not been provided.

[6] Since the Fund's inception date was January 13, 2017, the Statements of Operations for the years ended December 31, 2016 and December 31, 2015 have not been provided.

[7] Since the Fund's inception date was January 13, 2017, the Statements of Cash Flows for the years ended December 31, 2016 and December 31, 2015 have not been provided.

[8] Since the Fund's inception date was January 13, 2017, the Statement of Financial Condition as of December 31, 2016 has not been provided.

XML

Statements of Changes in Shareholders' Equity (Parenthetical) - shares		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Addition, shares		255,585,016	[1]	213,130,750	[2]	139,373,050	[3]
Redemption, shares		227,526,807	[1]	221,560,666	[2]	111,513,687	[3]
Net addition (redemption), shares		28,058,209	[1]	(8,429,916)	[2]	27,859,363	[3]
ProShares Short Euro [Member]
Addition, shares		0		50,000		550,000
Redemption, shares		150,000		100,005		500,000
Net addition (redemption), shares		(150,000)		(50,005)		50,000
ProShares Short VIX Short-Term Futures ETF [Member]
Addition, shares		52,550,000		105,900,000		48,200,000
Redemption, shares		51,500,000		126,200,080		39,400,000
Net addition (redemption), shares		1,050,000		(20,300,080)		8,800,000
ProShares Ultra Bloomberg Crude Oil [Member]
Addition, shares		68,500,000		62,875,000		43,415,000
Redemption, shares		86,352,616		54,025,001		16,690,983
Net addition (redemption), shares		(17,852,616)		8,849,999		26,724,017
ProShares Ultra Bloomberg Natural Gas [Member]
Addition, shares		12,550,000		3,450,000		2,137,500
Redemption, shares		5,150,000		3,250,001		1,187,815
Net addition (redemption), shares		7,400,000		199,999		949,685
ProShares Ultra Euro [Member]
Addition, shares		1,600,000		300,000		950,000
Redemption, shares		1,900,000		150,014		400,000
Net addition (redemption), shares		(300,000)		149,986		550,000
ProShares Ultra Gold [Member]
Addition, shares		650,000		1,050,000		150,000
Redemption, shares		1,100,000		600,014		350,000
Net addition (redemption), shares		(450,000)		449,986		(200,000)
ProShares Ultra Silver [Member]
Addition, shares		1,550,000		2,800,000		2,700,000
Redemption, shares		2,100,000		2,550,007		2,100,000
Net addition (redemption), shares		(550,000)		249,993		600,000
ProShares Ultra VIX Short-Term Futures ETF [Member]
Addition, shares		85,585,000		7,239,500		721,800
Redemption, shares		50,423,145		4,469,142		554,815
Net addition (redemption), shares		35,161,855		2,770,358		166,985
ProShares Ultra Yen [Member]
Addition, shares		0		0		75,000
Redemption, shares		50,000		4		12,530
Net addition (redemption), shares		(50,000)		(4)		62,470
ProShares UltraPro 3x Crude Oil ETF [Member]
Addition, shares	[4]	1,750,008
Redemption, shares	[4]	1,450,000
Net addition (redemption), shares	[4]	300,008
Pro Shares UltraPro 3X Short Crude Oil ETF [Member]
Addition, shares	[4]	2,300,008
Redemption, shares	[4]	300,000
Net addition (redemption), shares	[4]	2,000,008
ProShares UltraShort Australian Dollar [Member]
Addition, shares		100,000		0		50,000
Redemption, shares		100,000		50,005		150,000
Net addition (redemption), shares		0		(50,005)		(100,000)
ProShares UltraShort Bloomberg Crude Oil [Member]
Addition, shares		14,500,000		18,500,000		21,600,000
Redemption, shares		11,550,000		13,600,004		24,500,000
Net addition (redemption), shares		2,950,000		4,899,996		(2,900,000)
ProShares UltraShort Bloomberg Natural Gas [Member]
Addition, shares		650,000		950,000		1,350,000
Redemption, shares		650,000		1,000,024		1,650,000
Net addition (redemption), shares		0		(50,024)		(300,000)
ProShares UltraShort Euro [Member]
Addition, shares		2,400,000		650,000		12,600,000
Redemption, shares		5,750,000		8,200,014		16,100,000
Net addition (redemption), shares		(3,350,000)		(7,550,014)		(3,500,000)
ProShares UltraShort Gold [Member]
Addition, shares		350,000		1,050,000		150,000
Redemption, shares		600,000		1,000,000		350,000
Net addition (redemption), shares		(250,000)		50,000		(200,000)
ProShares UltraShort Silver [Member]
Addition, shares		850,000		1,650,000		1,650,000
Redemption, shares		1,000,000		1,900,002		1,700,000
Net addition (redemption), shares		(150,000)		(250,002)		(50,000)
ProShares UltraShort Yen [Member]
Addition, shares		1,000,000		2,300,000		1,350,000
Redemption, shares		2,700,000		1,550,004		4,600,000
Net addition (redemption), shares		(1,700,000)		749,996		(3,250,000)
ProShares VIX Mid-Term Futures ETF [Member]
Addition, shares		950,000		1,100,000		325,000
Redemption, shares		800,000		525,001		150,000
Net addition (redemption), shares		150,000		574,999		175,000
ProShares VIX Short-Term Futures ETF [Member]
Addition, shares		7,750,000		3,066,250		623,750
Redemption, shares		3,901,046		1,411,378		492,500
Net addition (redemption), shares		3,848,954		1,654,872		131,250

[1] The operations include the activity of ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF since January 13, 2017 (inception date).

[2] The operations include the activity of: ProShares Managed Futures Strategy through March 30, 2016, ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity through September 1, 2016, the date of liquidation, respectively.

[3] The operations include the activity of ProShares Ultra Australian Dollar through June 29, 2015, the date of liquidation.

[4] Since the Fund's inception date was January 13, 2017, the Statements of Changes in Shareholders' Equity for the years ended December 31, 2016 and December 31, 2015 have not been provided.

XML

Statements of Cash Flows - USD ($)		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Cash flow from operating activities
Net income (loss)		$ (458,458,134)	[1]	$ (1,195,750,777)	[2],[3]	$ (1,244,268,436)	[4]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		(239,805,149)	[1]	80,870,728	[2]	35,477,903	[4]
Decrease (Increase) in segregated cash balances with brokers for forward agreements	[1]	(4,081,500)
Decrease (Increase) in segregated cash balances with brokers for foreign currency forward contracts	[1]	(3,960,000)
Purchases of short-term U.S. government and agency obligations		(31,621,104,918)	[1]	(18,373,450,463)	[2]	(17,070,603,480)	[4]
Proceeds from sales or maturities of short-term U.S government and agency obligations		32,238,762,028	[1]	18,657,310,693	[2]	16,764,420,326	[4]
Net amortization and accretion on short-term U.S government and agency obligations		(24,840,586)	[1]	(9,128,007)	[2]	(1,530,269)	[4]
Net realized gain (loss) on investments		50,042	[1]	15,768	[2]	(47,732)	[4]
Change in unrealized appreciation/depreciation on investments		5,135,182	[1]	(179,899,377)	[2]	79,893,405	[4]
Decrease (Increase) in receivable on futures contracts		(3,368,120)	[1]	(14,207,535)	[2]	28,346,999	[4]
Decrease (Increase) in Limitation by Sponsor		(59,651)	[1]			9,474	[4]
Change in offering cost	[4]					49,384
Cash paid for offering cost	[1]	(343,794)
Amortization of offering cost		238,151	[1]			59,479	[4]
Increase (Decrease) in payable to Sponsor		(213,033)	[1]	(116,609)	[2]	181,800	[4]
Increase (Decrease) in brokerage commissions and fees payable		(2,909)	[1]	(36,239)	[2]	39,148	[4]
Increase (Decrease) in payable on futures contracts		(2,017,981)	[1]	894,352	[2]	(43,327,729)	[4]
Increase (Decrease) in payable for offering costs	[4]					(65,785)
Net cash provided by (used in) operating activities		(114,070,372)	[1]	(1,033,497,466)	[2]	(1,451,424,992)	[4]
Cash flow from financing activities
Proceeds from addition of shares		9,097,496,596	[1]	10,681,055,123	[2]	8,953,972,200	[4]
Payment on shares redeemed		(8,967,195,585)	[1]	(9,656,124,409)	[2]	(7,490,397,088)	[4]
Net cash provided by (used in) financing activities		130,301,011	[1]	1,024,930,714	[2]	1,463,575,112	[4]
Net increase (decrease) in cash		16,230,639	[1]	(8,566,752)	[2]	12,150,120	[4]
Cash, beginning of period		39,482,599	[1],[2]	48,049,351	[2],[4]	35,899,231	[4]
Cash, end of period		55,713,238	[1]	39,482,599	[1],[2]	48,049,351	[2],[4]
ProShares Short Euro [Member]
Cash flow from operating activities
Net income (loss)		(1,499,567)		430,553		1,238,819
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		280,170		101,145		(260,865)
Purchases of short-term U.S. government and agency obligations		(52,920,382)		(53,315,548)		(56,503,913)
Proceeds from sales or maturities of short-term U.S government and agency obligations		59,163,769		55,336,935		53,441,831
Net amortization and accretion on short-term U.S government and agency obligations		(75,559)		(32,959)		(4,504)
Net realized gain (loss) on investments		384		(33)		(218)
Change in unrealized appreciation/depreciation on investments		381		(12)		170
Decrease (Increase) in receivable on futures contracts				84,235		(20,985)
Increase (Decrease) in payable to Sponsor		(6,149)		(1,409)		2,967
Increase (Decrease) in payable on futures contracts		(33,355)		76,666
Net cash provided by (used in) operating activities		4,909,692		2,679,573		(2,106,698)
Cash flow from financing activities
Proceeds from addition of shares				2,109,382		23,563,492
Payment on shares redeemed		(6,278,641)		(4,280,745)		(21,313,217)
Net cash provided by (used in) financing activities		(6,278,641)		(2,171,363)		2,250,275
Net increase (decrease) in cash		(1,368,949)		508,210		143,577
Cash, beginning of period		2,292,012		1,783,802		1,640,225
Cash, end of period		923,063		2,292,012		1,783,802
ProShares Short VIX Short-Term Futures ETF [Member]
Cash flow from operating activities
Net income (loss)		919,321,029		413,920,019		91,137,957
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		(243,876,292)		68,204,421		(38,283,455)
Purchases of short-term U.S. government and agency obligations		(7,250,717,757)		(2,915,165,614)		(2,104,319,382)
Proceeds from sales or maturities of short-term U.S government and agency obligations		6,931,640,345		3,281,269,459		2,016,127,119
Net amortization and accretion on short-term U.S government and agency obligations		(5,493,799)		(1,126,057)		(180,670)
Net realized gain (loss) on investments		443		11,670		(35,629)
Change in unrealized appreciation/depreciation on investments		56,560		6,824		(8,936)
Decrease (Increase) in receivable on futures contracts		(19,699,432)		(1,059,418)
Increase (Decrease) in payable to Sponsor		597,228		(277,306)		100,052
Increase (Decrease) in payable on futures contracts		203,750		(1,095,271)		(29,599,748)
Net cash provided by (used in) operating activities		332,032,075		844,688,727		(65,062,692)
Cash flow from financing activities
Proceeds from addition of shares		3,985,678,031		2,877,792,848		1,393,067,009
Payment on shares redeemed		(4,318,092,866)		(3,725,781,791)		(1,331,975,560)
Net cash provided by (used in) financing activities		(332,414,835)		(847,988,943)		61,091,449
Net increase (decrease) in cash		(382,760)		(3,300,216)		(3,971,243)
Cash, beginning of period		1,850,760		5,150,976		9,122,219
Cash, end of period		1,468,000		1,850,760		5,150,976
ProShares Ultra Bloomberg Crude Oil [Member]
Cash flow from operating activities
Net income (loss)		34,010,004		218,419,388		(872,084,399)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		11,812,845		26,962,210		(12,966,690)
Purchases of short-term U.S. government and agency obligations		(6,401,999,444)		(3,746,504,691)		(4,300,690,737)
Proceeds from sales or maturities of short-term U.S government and agency obligations		6,833,376,973		3,661,263,949		3,970,639,458
Net amortization and accretion on short-term U.S government and agency obligations		(5,888,775)		(2,170,633)		(382,657)
Net realized gain (loss) on investments		14,496		17,374		(22,728)
Change in unrealized appreciation/depreciation on investments		(6,848,935)		(127,540,623)		(3,997,651)
Decrease (Increase) in receivable on futures contracts		(2,242,001)		5,150,763		(5,150,763)
Increase (Decrease) in payable to Sponsor		(397,278)		176,115		316,922
Increase (Decrease) in brokerage commissions and fees payable		(2,332)		(22,668)		25,000
Increase (Decrease) in payable on futures contracts		(1,993,438)		1,993,438		(5,817,266)
Net cash provided by (used in) operating activities		459,842,115		37,744,622		(1,230,131,511)
Cash flow from financing activities
Proceeds from addition of shares		1,156,816,574		1,099,498,953		2,529,448,592
Payment on shares redeemed		(1,616,527,496)		(1,139,850,399)		(1,297,658,086)
Net cash provided by (used in) financing activities		(459,710,922)		(40,351,446)		1,231,790,506
Net increase (decrease) in cash		131,193		(2,606,824)		1,658,995
Cash, beginning of period		1,401,555		4,008,379		2,349,384
Cash, end of period		1,532,748		1,401,555		4,008,379
ProShares Ultra Euro [Member]
Cash flow from operating activities
Net income (loss)		3,020,144		(1,113,834)		(1,378,466)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for foreign currency forward contracts		(922,000)
Purchases of short-term U.S. government and agency obligations		(57,793,329)		(48,066,675)		(42,137,395)
Proceeds from sales or maturities of short-term U.S government and agency obligations		62,783,137		47,805,780		32,950,150
Net amortization and accretion on short-term U.S government and agency obligations		(94,761)		(25,015)		(2,797)
Net realized gain (loss) on investments		87		(154)		109
Change in unrealized appreciation/depreciation on investments		(837,700)		1,178,425		(707,922)
Increase (Decrease) in payable to Sponsor		(2,331)		(415)		8,041
Net cash provided by (used in) operating activities		6,153,247		(221,888)		(11,268,280)
Cash flow from financing activities
Proceeds from addition of shares		25,220,169		4,628,749		15,916,613
Payment on shares redeemed		(30,563,382)		(4,027,778)		(5,092,140)
Net cash provided by (used in) financing activities		(5,343,213)		600,971		10,824,473
Net increase (decrease) in cash		810,034		379,083		(443,807)
Cash, beginning of period		606,393		227,310		671,117
Cash, end of period		1,416,427		606,393		227,310
ProShares Ultra Gold [Member]
Cash flow from operating activities
Net income (loss)		19,445,233		2,966,147		(23,712,075)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		4,400		(4,950)		550
Purchases of short-term U.S. government and agency obligations		(909,157,323)		(406,481,915)		(260,988,119)
Proceeds from sales or maturities of short-term U.S government and agency obligations		916,390,856		383,282,007		291,047,782
Net amortization and accretion on short-term U.S government and agency obligations		(766,506)		(249,321)		(42,700)
Net realized gain (loss) on investments		(691)		806		393
Change in unrealized appreciation/depreciation on investments		(8,072,021)		2,184,901		4,299,663
Decrease (Increase) in receivable on futures contracts		(2,420)		80		(80)
Increase (Decrease) in payable to Sponsor		(1,811)		15,554		(28,602)
Increase (Decrease) in payable on futures contracts		(1,280)		1,280		(3,260)
Net cash provided by (used in) operating activities		17,838,437		(18,285,411)		10,573,552
Cash flow from financing activities
Proceeds from addition of shares		23,949,465		41,599,776		5,401,300
Payment on shares redeemed		(41,813,150)		(22,303,538)		(15,827,473)
Net cash provided by (used in) financing activities		(17,863,685)		19,296,238		(10,426,173)
Net increase (decrease) in cash		(25,248)		1,010,827		147,379
Cash, beginning of period		1,262,351		251,524		104,145
Cash, end of period		1,237,103		1,262,351		251,524
ProShares Ultra Silver [Member]
Cash flow from operating activities
Net income (loss)		10,539,992		61,734,685		(91,000,185)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		3,960		2,860		(2,860)
Decrease (Increase) in segregated cash balances with brokers for forward agreements		(3,343,000)		0		0
Purchases of short-term U.S. government and agency obligations		(2,227,503,877)		(1,412,194,485)		(835,846,036)
Proceeds from sales or maturities of short-term U.S government and agency obligations		2,289,337,181		1,356,640,583		902,567,408
Net amortization and accretion on short-term U.S government and agency obligations		(2,142,126)		(842,217)		(156,353)
Net realized gain (loss) on investments		(207)		(145)		441
Change in unrealized appreciation/depreciation on investments		(42,683,411)		(1,589,821)		10,175,106
Decrease (Increase) in receivable on futures contracts		(2,220)		0		0
Increase (Decrease) in payable to Sponsor		(34,624)		40,213		(72,982)
Increase (Decrease) in payable on futures contracts		(2,290)		415		(4,895)
Net cash provided by (used in) operating activities		24,169,378		3,792,088		(14,340,356)
Cash flow from financing activities
Proceeds from addition of shares		50,514,699		104,165,405		96,078,803
Payment on shares redeemed		(75,235,084)		(106,536,792)		(81,799,551)
Net cash provided by (used in) financing activities		(24,720,385)		(2,371,387)		14,279,252
Net increase (decrease) in cash		(551,007)		1,420,701		(61,104)
Cash, beginning of period		1,664,601		243,900		305,004
Cash, end of period		1,113,594		1,664,601		243,900
ProShares Ultra VIX Short-Term Futures ETF [Member]
Cash flow from operating activities
Net income (loss)		(1,052,171,730)		(1,596,157,063)		(427,298,234)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		(15,848,058)		(9,015,025)		54,559,100
Purchases of short-term U.S. government and agency obligations		(4,416,383,420)		(4,242,730,514)		(3,411,109,730)
Proceeds from sales or maturities of short-term U.S government and agency obligations		4,566,387,313		4,248,037,733		3,155,524,185
Net amortization and accretion on short-term U.S government and agency obligations		(2,896,165)		(1,634,060)		(156,187)
Net realized gain (loss) on investments		21,942		(15,949)		49,718
Change in unrealized appreciation/depreciation on investments		8,993		28,844		(26,647)
Decrease (Increase) in receivable on futures contracts		18,388,740		(17,971,713)		24,535,963
Increase (Decrease) in payable to Sponsor		(79,981)		(3,115)		124,528
Net cash provided by (used in) operating activities		(902,572,366)		(1,619,460,862)		(603,797,304)
Cash flow from financing activities
Proceeds from addition of shares		2,602,472,951		4,573,362,937		3,172,328,095
Payment on shares redeemed		(1,709,331,303)		(2,952,014,084)		(2,563,186,119)
Net cash provided by (used in) financing activities		893,141,648		1,621,348,853		609,141,976
Net increase (decrease) in cash		(9,430,718)		1,887,991		5,344,672
Cash, beginning of period		10,969,955		9,081,964		3,737,292
Cash, end of period		1,539,237		10,969,955		9,081,964
ProShares Ultra Yen [Member]
Cash flow from operating activities
Net income (loss)		239,034		67,308		(240,514)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(16,968,159)		(28,924,289)		(12,557,564)
Proceeds from sales or maturities of short-term U.S government and agency obligations		20,281,603		28,727,215		8,779,817
Net amortization and accretion on short-term U.S government and agency obligations		(28,639)		(16,858)		(3,609)
Net realized gain (loss) on investments		83		34		(6)
Change in unrealized appreciation/depreciation on investments		(307,194)		603,897		(276,816)
Increase (Decrease) in payable to Sponsor		(2,225)		212		2,810
Net cash provided by (used in) operating activities		3,214,503		457,519		(4,295,882)
Cash flow from financing activities
Proceeds from addition of shares						4,285,016
Payment on shares redeemed		(2,915,722)		(199)		(688,682)
Net cash provided by (used in) financing activities		(2,915,722)		(199)		3,596,334
Net increase (decrease) in cash		298,781		457,320		(699,548)
Cash, beginning of period		604,691		147,371		846,919
Cash, end of period		903,472		604,691		147,371
ProShares UltraShort Australian Dollar [Member]
Cash flow from operating activities
Net income (loss)		(2,990,001)		(1,329,472)		2,956,397
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		429,385		(857,695)		963,152
Purchases of short-term U.S. government and agency obligations		(88,399,815)		(51,162,005)		(61,647,966)
Proceeds from sales or maturities of short-term U.S government and agency obligations		89,408,839		56,705,513		63,512,421
Net amortization and accretion on short-term U.S government and agency obligations		(84,205)		(43,459)		(5,998)
Net realized gain (loss) on investments		178		(495)		(225)
Change in unrealized appreciation/depreciation on investments		718		(279)		553
Decrease (Increase) in receivable on futures contracts				52,491		10,043
Increase (Decrease) in payable to Sponsor		(1,706)		(3,812)		(1,630)
Increase (Decrease) in payable on futures contracts		20,610		32,340
Net cash provided by (used in) operating activities		(1,615,997)		3,393,127		5,786,747
Cash flow from financing activities
Proceeds from addition of shares		4,801,797				2,764,167
Payment on shares redeemed		(4,723,167)		(2,517,734)		(8,380,675)
Net cash provided by (used in) financing activities		78,630		(2,517,734)		(5,616,508)
Net increase (decrease) in cash		(1,537,367)		875,393		170,239
Cash, beginning of period		2,834,389		1,958,996		1,788,757
Cash, end of period		1,297,022		2,834,389		1,958,996
ProShares UltraShort Bloomberg Crude Oil [Member]
Cash flow from operating activities
Net income (loss)		(27,805,142)		(91,674,345)		55,566,664
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		2,363,707		5,222,910		2,138,235
Purchases of short-term U.S. government and agency obligations		(2,520,968,339)		(1,099,847,442)		(1,238,357,695)
Proceeds from sales or maturities of short-term U.S government and agency obligations		2,474,635,036		974,343,507		1,290,330,607
Net amortization and accretion on short-term U.S government and agency obligations		(1,641,472)		(500,160)		(60,884)
Net realized gain (loss) on investments		448		4,064		(14,458)
Change in unrealized appreciation/depreciation on investments		18,422,150		18,617,825		20,609,817
Decrease (Increase) in receivable on futures contracts						1,293,531
Increase (Decrease) in payable to Sponsor		27,810		61,748		(27,242)
Increase (Decrease) in brokerage commissions and fees payable				(8,453)		8,453
Increase (Decrease) in payable on futures contracts		680,185		(837,281)		850,883
Net cash provided by (used in) operating activities		(54,285,617)		(194,617,627)		132,337,911
Cash flow from financing activities
Proceeds from addition of shares		510,910,744		1,002,034,810		796,070,368
Payment on shares redeemed		(458,220,621)		(805,300,056)		(928,803,902)
Net cash provided by (used in) financing activities		52,690,123		196,734,754		(132,733,534)
Net increase (decrease) in cash		(1,595,494)		2,117,127		(395,623)
Cash, beginning of period		2,715,772		598,645		994,268
Cash, end of period		1,120,278		2,715,772		598,645
ProShares UltraShort Bloomberg Natural Gas [Member]
Cash flow from operating activities
Net income (loss)		4,092,401		2,456,572		8,623,248
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		(412,720)		1,336,005		2,359,170
Purchases of short-term U.S. government and agency obligations		(98,949,414)		(46,397,398)		(59,678,558)
Proceeds from sales or maturities of short-term U.S government and agency obligations		97,881,796		51,635,055		60,242,291
Net amortization and accretion on short-term U.S government and agency obligations		(33,644)		(19,053)		(5,830)
Net realized gain (loss) on investments		783		(3,139)		(29)
Change in unrealized appreciation/depreciation on investments		(121)		388		(168)
Decrease (Increase) in receivable on futures contracts		105,872		(105,872)		923,531
Increase (Decrease) in payable to Sponsor		(261)		(7,499)		620
Increase (Decrease) in brokerage commissions and fees payable		(144)		(1,764)		1,908
Increase (Decrease) in payable on futures contracts		104,104		(785,170)		785,170
Net cash provided by (used in) operating activities		2,788,652		8,108,125		13,251,353
Cash flow from financing activities
Proceeds from addition of shares		23,216,158		40,020,426		37,204,187
Payment on shares redeemed		(24,444,610)		(48,901,060)		(50,053,143)
Net cash provided by (used in) financing activities		(1,228,452)		(8,880,634)		(12,848,956)
Net increase (decrease) in cash		1,560,200		(772,509)		402,397
Cash, beginning of period		326,631		1,099,140		696,743
Cash, end of period		1,886,831		326,631		1,099,140
ProShares UltraShort Euro [Member]
Cash flow from operating activities
Net income (loss)		(62,619,643)		16,410,009		81,176,382
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for foreign currency forward contracts		(3,038,000)
Purchases of short-term U.S. government and agency obligations		(2,213,830,667)		(1,535,809,146)		(1,901,774,819)
Proceeds from sales or maturities of short-term U.S government and agency obligations		2,348,460,695		1,745,625,938		1,842,981,707
Net amortization and accretion on short-term U.S government and agency obligations		(2,048,455)		(1,012,886)		(263,820)
Net realized gain (loss) on investments		3,785		(242)		(22,509)
Change in unrealized appreciation/depreciation on investments		22,527,463		(44,885,942)		45,497,112
Increase (Decrease) in payable to Sponsor		(119,503)		(123,177)		28,455
Net cash provided by (used in) operating activities		89,335,675		180,204,554		67,622,508
Cash flow from financing activities
Proceeds from addition of shares		54,352,755		15,418,329		341,209,778
Payment on shares redeemed		(145,349,037)		(203,078,964)		(399,206,157)
Net cash provided by (used in) financing activities		(90,996,282)		(187,660,635)		(57,996,379)
Net increase (decrease) in cash		(1,660,607)		(7,456,081)		9,626,129
Cash, beginning of period		2,916,502		10,372,583		746,454
Cash, end of period		1,255,895		2,916,502		10,372,583
ProShares UltraShort Gold [Member]
Cash flow from operating activities
Net income (loss)		(11,603,901)		(11,462,140)		16,103,864
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		4,400		78,050		(82,450)
Purchases of short-term U.S. government and agency obligations		(259,713,980)		(320,273,448)		(254,497,395)
Proceeds from sales or maturities of short-term U.S government and agency obligations		288,557,288		332,879,016		265,587,947
Net amortization and accretion on short-term U.S government and agency obligations		(283,867)		(164,568)		(31,999)
Net realized gain (loss) on investments		1,208		378		(1,301)
Change in unrealized appreciation/depreciation on investments		4,523,831		(1,226,652)		(4,088,770)
Decrease (Increase) in receivable on futures contracts		1,280		(1,280)		3,260
Increase (Decrease) in payable to Sponsor		(30,538)		(4,097)		(10,170)
Increase (Decrease) in payable on futures contracts		2,420		(80)		80
Net cash provided by (used in) operating activities		21,458,141		(174,821)		22,983,066
Cash flow from financing activities
Proceeds from addition of shares		26,178,336		83,353,994		13,383,255
Payment on shares redeemed		(46,730,672)		(83,209,971)		(36,377,117)
Net cash provided by (used in) financing activities		(20,552,336)		144,023		(22,993,862)
Net increase (decrease) in cash		905,805		(30,798)		(10,796)
Cash, beginning of period		120,840		151,638		162,434
Cash, end of period		1,026,645		120,840		151,638
ProShares UltraShort Silver [Member]
Cash flow from operating activities
Net income (loss)		(2,017,008)		(21,184,809)		14,427,236
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		3,960		(2,860)		2,860
Decrease (Increase) in segregated cash balances with brokers for forward agreements		(738,500)
Purchases of short-term U.S. government and agency obligations		(205,796,774)		(149,552,689)		(220,073,123)
Proceeds from sales or maturities of short-term U.S government and agency obligations		209,150,487		178,824,533		221,589,835
Net amortization and accretion on short-term U.S government and agency obligations		(157,687)		(93,482)		(23,831)
Net realized gain (loss) on investments		932		1,916		2,787
Change in unrealized appreciation/depreciation on investments		3,103,909		3,393,666		(4,182,532)
Decrease (Increase) in receivable on futures contracts		2,290		(1,900)		6,380
Increase (Decrease) in payable to Sponsor		(2,464)		(27,635)		4,831
Increase (Decrease) in payable on futures contracts		2,220
Net cash provided by (used in) operating activities		3,551,365		11,356,740		11,754,443
Cash flow from financing activities
Proceeds from addition of shares		26,717,920		69,113,968		84,272,164
Payment on shares redeemed		(29,740,532)		(80,899,441)		(95,719,329)
Net cash provided by (used in) financing activities		(3,022,612)		(11,785,473)		(11,447,165)
Net increase (decrease) in cash		528,753		(428,733)		307,278
Cash, beginning of period		86,051		514,784		207,506
Cash, end of period		614,804		86,051		514,784
ProShares VIX Mid-Term Futures ETF [Member]
Cash flow from operating activities
Net income (loss)		(26,328,548)		(12,324,462)		(4,180,533)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		(3,573,785)		(71,865)		926,200
Purchases of short-term U.S. government and agency obligations		(943,753,668)		(175,738,460)		(95,567,067)
Proceeds from sales or maturities of short-term U.S government and agency obligations		968,489,510		156,335,340		93,706,007
Net amortization and accretion on short-term U.S government and agency obligations		(243,058)		(107,408)		(8,293)
Net realized gain (loss) on investments		377		(499)		(1,355)
Change in unrealized appreciation/depreciation on investments		(441)		1,079		327
Decrease (Increase) in receivable on futures contracts		72,526		(200,353)		1,741,140
Increase (Decrease) in payable to Sponsor		(8,941)		12,194		(2,358)
Net cash provided by (used in) operating activities		(5,346,028)		(32,094,434)		(3,385,932)
Cash flow from financing activities
Proceeds from addition of shares		26,311,779		55,230,587		19,318,111
Payment on shares redeemed		(20,480,908)		(22,652,829)		(16,894,470)
Net cash provided by (used in) financing activities		5,830,871		32,577,758		2,423,641
Net increase (decrease) in cash		484,843		483,324		(962,291)
Cash, beginning of period		1,155,115		671,791		1,634,082
Cash, end of period		1,639,958		1,155,115		671,791
ProShares Ultra Bloomberg Natural Gas [Member]
Cash flow from operating activities
Net income (loss)		(36,341,452)		13,409,647		(60,331,945)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		(2,686,803)		(17,490)		13,538,800
Purchases of short-term U.S. government and agency obligations		(400,640,972)		(136,277,314)		(262,203,648)
Proceeds from sales or maturities of short-term U.S government and agency obligations		386,173,028		126,972,823		288,829,035
Net amortization and accretion on short-term U.S government and agency obligations		(313,279)		(72,943)		(18,846)
Net realized gain (loss) on investments		1,021		698		(4,341)
Change in unrealized appreciation/depreciation on investments		2,494		819		296
Decrease (Increase) in receivable on futures contracts		(1,520,156)		3,065,769		(3,065,769)
Increase (Decrease) in payable to Sponsor		8,069		10,926		(40,680)
Increase (Decrease) in brokerage commissions and fees payable		(433)		(3,190)		3,623
Increase (Decrease) in payable on futures contracts		(1,528,005)		1,528,005		(9,552,314)
Net cash provided by (used in) operating activities		(56,846,488)		8,617,750		(32,845,789)
Cash flow from financing activities
Proceeds from addition of shares		105,678,154		40,783,818		87,380,298
Payment on shares redeemed		(45,385,784)		(49,841,263)		(54,776,954)
Net cash provided by (used in) financing activities		60,292,370		(9,057,445)		32,603,344
Net increase (decrease) in cash		3,445,882		(439,695)		(242,445)
Cash, beginning of period		971,442		1,411,137		1,653,582
Cash, end of period		4,417,324		971,442		1,411,137
ProShares UltraPro 3x Crude Oil ETF [Member]
Cash flow from operating activities
Net income (loss)	[5],[6],[7]	7,317,098
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts	[5]	(1,285,048)
Decrease (Increase) in receivable on futures contracts	[5]	(289,395)
Decrease (Increase) in Limitation by Sponsor	[5]	(24,342)
Cash paid for offering cost	[5]	(171,927)
Amortization of offering cost	[5],[7]	119,081
Net cash provided by (used in) operating activities	[5]	5,665,467
Cash flow from financing activities
Proceeds from addition of shares	[5]	40,659,738
Payment on shares redeemed	[5]	(36,641,353)
Net cash provided by (used in) financing activities	[5]	4,018,385
Net increase (decrease) in cash	[5]	9,683,852
Cash, end of period	[5]	9,683,852
Pro Shares UltraPro 3X Short Crude Oil ETF [Member]
Cash flow from operating activities
Net income (loss)	[5],[6],[7]	(10,145,373)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts	[5]	(2,396,625)
Decrease (Increase) in Limitation by Sponsor	[5]	(35,309)
Cash paid for offering cost	[5]	(171,867)
Amortization of offering cost	[5],[7]	119,070
Increase (Decrease) in payable on futures contracts	[5]	527,098
Net cash provided by (used in) operating activities	[5]	(12,103,006)
Cash flow from financing activities
Proceeds from addition of shares	[5]	38,429,372
Payment on shares redeemed	[5]	(7,122,823)
Net cash provided by (used in) financing activities	[5]	31,306,549
Net increase (decrease) in cash	[5]	19,203,543
Cash, beginning of period	[5]	0
Cash, end of period	[5]	19,203,543		0
ProShares UltraShort Yen [Member]
Cash flow from operating activities
Net income (loss)		(24,316,599)		6,821,473		(7,164,812)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(1,735,928,862)		(1,044,852,917)		(1,322,695,643)
Proceeds from sales or maturities of short-term U.S government and agency obligations		1,862,630,186		1,048,290,293		1,595,758,281
Net amortization and accretion on short-term U.S government and agency obligations		(1,446,842)		(531,771)		(135,814)
Net realized gain (loss) on investments		4,001		5,910		3,035
Change in unrealized appreciation/depreciation on investments		15,227,152		(30,657,216)		12,347,563
Increase (Decrease) in payable to Sponsor		(125,628)		21,603		(228,916)
Net cash provided by (used in) operating activities		116,043,408		(20,902,625)		277,883,694
Cash flow from financing activities
Proceeds from addition of shares		76,657,434		150,763,218		124,524,909
Payment on shares redeemed		(194,285,146)		(126,970,573)		(402,664,341)
Net cash provided by (used in) financing activities		(117,627,712)		23,792,645		(278,139,432)
Net increase (decrease) in cash		(1,584,304)		2,890,020		(255,738)
Cash, beginning of period		3,166,988		276,968		532,706
Cash, end of period		1,582,684		3,166,988		276,968
ProShares VIX Short-Term Futures ETF [Member]
Cash flow from operating activities
Net income (loss)		(198,604,105)		(196,292,805)		(27,904,536)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Decrease (Increase) in segregated cash balances with brokers for futures contracts		15,371,355		(11,347,310)		12,551,205
Purchases of short-term U.S. government and agency obligations		(1,819,678,736)		(920,726,003)		(599,166,468)
Proceeds from sales or maturities of short-term U.S government and agency obligations		1,834,013,986		869,284,481		585,220,876
Net amortization and accretion on short-term U.S government and agency obligations		(1,201,747)		(466,392)		(41,722)
Net realized gain (loss) on investments		772		(6,650)		(1,703)
Change in unrealized appreciation/depreciation on investments		11,354		(3,010)		3,657
Decrease (Increase) in receivable on futures contracts		1,816,796		(3,220,337)		8,053,303
Increase (Decrease) in payable to Sponsor		(32,700)		10,220		(3,334)
Net cash provided by (used in) operating activities		(168,303,025)		(262,767,806)		(21,288,722)
Cash flow from financing activities
Proceeds from addition of shares		318,930,520		515,131,303		187,659,682
Payment on shares redeemed		(153,313,288)		(249,951,175)		(165,941,648)
Net cash provided by (used in) financing activities		165,617,232		265,180,128		21,718,034
Net increase (decrease) in cash		(2,685,793)		2,412,322		429,312
Cash, beginning of period		4,536,425		2,124,103		1,694,791
Cash, end of period		$ 1,850,632		$ 4,536,425		$ 2,124,103

[1] The operations include the activity of ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF since January 13, 2017 (inception date).

[2] The operations include the activity of: ProShares Managed Futures Strategy through March 30, 2016 and ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity through September 1, 2016, the date of liquidation, respectively.

[3] The operations include the activity of: ProShares Managed Futures Strategy through March 30, 2016, ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity through September 1, 2016, the date of liquidation, respectively.

[4] The operations include the activity of ProShares Ultra Australian Dollar through June 29, 2015, the date of liquidation.

[5] Since the Fund's inception date was January 13, 2017, the Statements of Cash Flows for the years ended December 31, 2016 and December 31, 2015 have not been provided.

[6] Since the Fund's inception date was January 13, 2017, the Statements of Changes in Shareholders' Equity for the years ended December 31, 2016 and December 31, 2015 have not been provided.

[7] Since the Fund's inception date was January 13, 2017, the Statements of Operations for the years ended December 31, 2016 and December 31, 2015 have not been provided.

XML

Organization

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

NOTE 1 – ORGANIZATION

ProShares Trust II (formerly known as the Commodities and Currencies Trust) (the “Trust”) is a Delaware statutory trust formed on October 9, 2007 and is currently organized into separate series (each, a “Fund” and collectively, the “Funds”). As of December 31, 2017, the following twenty series of the Trust have commenced investment operations: (i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a “Matching VIX Fund” and collectively, the “Matching VIX Funds”); (ii) ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF (each, a “Geared VIX Fund” and collectively, the “Geared VIX Funds”); (iii) ProShares UltraShort Bloomberg Crude Oil, ProShares UltraPro 3x Short Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Australian Dollar, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares UltraPro 3x Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen (each, a “Leveraged Fund” and collectively, the “Leveraged Funds”); and (iv) ProShares Short Euro (the “Short Euro Fund”). Each of the Funds listed above issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund are listed on the New York Stock Exchange Archipelago (“NYSE Arca”). The Leveraged Funds, the Short Euro Fund and the Geared VIX Funds, are collectively referred to as the “Geared Funds” in these Notes to Financial Statements. The Geared VIX Funds and the Matching VIX Funds are collectively referred to as the “VIX Funds” in these Notes to Financial Statements.

The Trust had no operations prior to November 24, 2008, other than matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended, and the sale and issuance to ProShare Capital Management LLC (the “Sponsor”) of fourteen Shares at an aggregate purchase price of $350 in each of the following Funds: ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen.

Groups of Funds are collectively referred to in several different ways. References to “Short Funds,” “UltraShort Funds,” “Ultra Funds,” or “UltraPro Funds” refer to the different Funds based upon their investment objectives, but without distinguishing among the Funds’ benchmarks.

References to “Commodity Index Funds,” “Commodity Funds” and “Currency Funds” refer to the different Funds according to their general benchmark categories without distinguishing among the Funds’ investment objectives or Fund-specific benchmarks. References to “VIX Funds” refer to the different Funds based upon their investment objective and their general benchmark categories.

Each “Short” Fund seeks daily investment results (before fees and expenses) that correspond to the inverse (-1x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results (before fees and expenses) that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each “UltraPro Short” Fund seeks daily investment results (before fees and expenses) that correspond to three times the inverse (-3x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results (before fees and expenses) that correspond to two times (2x) the daily performance of its corresponding benchmark. Each “UltraPro” Fund seeks daily investment results (before fees and expenses) that correspond to three times (3x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results (before fees and expenses), both over a single day and over time, that match the performance of its corresponding benchmark. Daily performance is measured from the calculation of one NAV to the next.

The Geared Funds do not seek to achieve their stated investment objective over a period of time greater than a single day because mathematical compounding prevents the Geared Funds from achieving such results. Accordingly, results over periods of time greater than a single day should not be expected to be a simple multiple (e.g., -1x, -2x, 2x, -3x or 3x) of the period return of the corresponding benchmark and will likely differ significantly.

Each of the Funds generally invests in Financial Instruments (i.e., instruments whose value is derived from the value of an underlying asset, rate or index, including futures contracts, swap agreements, forward contracts and other instruments) as a substitute for investing directly in commodities, currencies, or spot volatility products in order to gain exposure to its applicable underlying commodity futures index, commodity, currency exchange rate or equity volatility index. Financial Instruments also are used to produce economically “inverse,” “inverse leveraged” or “leveraged” investment results for the Geared Funds.

Share Splits and Reverse Share Splits

The table below includes Share splits and reverse Share splits for the Funds during the years ended December 31, 2015, 2016 and 2017. The ticker symbols for these Funds did not change, and each Fund continues to trade on the NYSE Arca.

Fund	Execution Date (Prior to Opening of Trading)	Type of Split	Date Trading Resumed at Post- Split Price
ProShares Ultra VIX Short-Term Futures ETF	May 20, 2015	1-for-5 reverse Share split	May 20, 2015
ProShares Ultra Bloomberg Crude Oil	May 20, 2015	1-for-5 reverse Share split	May 20, 2015
ProShares Ultra Bloomberg Natural Gas	May 20, 2015	1-for-4 reverse Share split	May 20, 2015
ProShares Ultra Yen	May 20, 2015	1-for-4 reverse Share split	May 20, 2015
ProShares UltraShort Silver	November 13, 2015	2-for-1 Share split	November 13, 2015
ProShares UltraShort Bloomberg Natural Gas	July 20, 2016	3-for-1 Share split	July 25, 2016
ProShares VIX Short-Term Futures ETF	July 25, 2016	1-for-5 reverse Share split	July 25, 2016
ProShares Ultra VIX Short-Term Futures ETF	July 25, 2016	1-for-5 reverse Share split	July 25, 2016
ProShares UltraShort Bloomberg Crude Oil	January 11, 2017	2-for-1 Share split	January 12, 2017
ProShares Ultra Bloomberg Crude Oil	January 11, 2017	1-for-2 reverse Share split	January 12, 2017
ProShares Ultra VIX Short-Term Futures ETF	January 11, 2017	1-for-5 reverse Share split	January 12, 2017
ProShares Short VIX Short-Term Futures ETF	July 12, 2017	2-for-1 Share split	July 17, 2017
ProShares VIX Short-Term Futures ETF	July 14, 2017	1-for-4 reverse Share split	July 17, 2017
ProShares Ultra VIX Short-Term Futures ETF	July 14, 2017	1-for-4 reverse Share split	July 17, 2017

The reverse splits were applied retroactively for all periods presented, reducing the number of Shares outstanding for each of the Funds, and resulted in a proportionate increase in the price per Share and per Share information of each such Fund. Therefore, the reverse splits did not change the aggregate net asset value of a shareholder’s investment at the time of the reverse split.

The splits were applied retroactively for all periods presented, increasing the number of Shares outstanding for each of the Funds, and resulted in a proportionate decrease in the price per Share and per Share information of each such Fund. Therefore, the splits did not change the aggregate net asset value of a shareholder’s investment at the time of the split.

XML

Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Each Fund is an investment company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” As such, the Funds follow the investment company accounting and reporting guidance. The following is a summary of significant accounting policies followed by each Fund, as applicable, in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Certain prior year amounts have been reclassified to conform to the current year presentation.

Use of Estimates & Indemnifications

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.

Basis of Presentation

Pursuant to rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), audited financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of one Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase of Shares in that Fund.

Statement of Cash Flows

The cash amount shown in the Statements of Cash Flows is the amount reported as cash in the Statement of Financial Condition dated December 31, 2017 and 2016, and represents non-segregated cash with the custodian and does not include short-term investments.

Final Net Asset Value for Fiscal Period

The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the year ended December 31, 2017 were as follows. All times are Eastern Standard Time:

	Create/Redeem Cut-off*		NAV Calculation Time		NAV Calculation Date
UltraShort Silver, Ultra Silver		6:30 a.m.		7:00 a.m.		December 29
UltraShort Gold, Ultra Gold		9:30 a.m.		10:00 a.m.		December 29
UltraShort Bloomberg Crude Oil, Ultra Bloomberg Crude Oil,		2:00 p.m.		2:30 p.m.		December 29
UltraPro 3x Short Crude Oil,
UltraPro 3x Crude Oil ETF
UltraShort Bloomberg Natural Gas, Ultra Bloomberg Natural Gas		2:00 p.m.		2:30 p.m.		December 29
UltraShort Australian Dollar		3:00 p.m.		4:00 p.m.		December 29
Short Euro UltraShort Euro, Ultra Euro		3:00 p.m.		4:00 p.m.		December 29
UltraShort Yen, Ultra Yen		3:00 p.m.		4:00 p.m.		December 29
VIX Short-Term Futures ETF, Ultra VIX Short-Term Futures ETF, Short VIX Short-Term Futures ETF		2:00 p.m.		4:15 p.m.		December 29
VIX Mid-Term Futures ETF		2:00 p.m.		4:15 p.m.		December 29

* Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the year ended December 31, 2017.

Market value per Share is determined at the close of the NYSE Arca and may be later than when the Funds’ NAV per Share is calculated.

For financial reporting purposes, the Funds value transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the year ended December 31, 2017.

Investment Valuation

Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short-term investments are valued at their market price using information provided by a third-party pricing service or market quotations. In each of these situations, valuations are typically categorized as Level I in the fair value hierarchy.

Derivatives (e.g., futures contracts, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, except for those entered into by the Gold, Silver, Australian Dollar and Short Euro Funds, are generally valued at the last settled price on the applicable exchange on which that future trades. Futures contracts entered into by the Gold, Silver, Australian Dollar and Short Euro Funds are valued at the last sales price prior to the time at which the NAV per Share of a Fund is determined. For financial reporting purposes, all futures contracts are valued at the last settled price. Futures contracts valuations are typically categorized as Level I in the fair value hierarchy. Swap agreements, forward agreements and foreign currency forward contracts valuations are typically categorized as Level II in the fair value hierarchy. If there was no sale on that day, and for non-exchange-traded derivatives, the Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position for such day. Such fair value prices would generally be determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with industry standards. When market closing prices are not available, the Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted, which are consistent with normal industry standards. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level II or Level III in the fair value hierarchy.

Fair value pricing may require subjective determinations about the value of an investment. While the Funds’ policies are intended to result in a calculation of its respective Fund’s NAV that fairly reflects investment values as of the time of pricing, such Fund cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that a Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by such Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements.

Fair Value of Financial Instruments

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs); and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows:

Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.

In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest input level that is significant to the fair value measurement in its entirety.

Fair value measurements 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 table summarizes the valuation of investments at December 31, 2017 using the fair value hierarchy:

	Level I - Quoted Prices					Level II - Other Significant Observable Inputs
	Short-Term U.S. Government and Agencies		Futures Contracts*			Forward Agreements			Foreign Currency Forward Contracts			Swap Agreements			Total
Short Euro	$	6,996,235	$	(166,288	)	$	—		$	—		$	—		$	6,829,947
Short VIX Short-Term Futures ETF		494,910,644		17,041,449			—			—			—			511,952,093
Ultra Bloomberg Crude Oil		459,515,902		11,945,979			—			—			62,238,361			533,700,242
Ultra Bloomberg Natural Gas		50,961,356		7,225,810			—			—			—			58,187,166
Ultra Euro		6,996,235		—			—			264,152			—			7,260,387
Ultra Gold		88,884,844		5,480			3,646,355			—			—			92,536,679
Ultra Silver		235,581,716		1,600			21,735,334			—			—			257,318,650
Ultra VIX Short-Term Futures ETF		287,533,132		(34,466,120	)		—			—			—			253,067,012
Ultra Yen		1,997,933		—			—			(34,824	)		—			1,963,109
UltraShort Australian Dollar		11,983,904		(893,220	)		—			—			—			11,090,684
UltraPro 3X Crude Oil ETF		—		1,417,998			—			—			—			1,417,998
UltraPro 3X Short Crude Oil ETF		—		(2,988,155	)		—			—			—			(2,988,155	)
UltraShort Bloomberg Crude Oil		253,646,823		(3,962,648	)		—			—			(30,607,142	)		219,077,033
UltraShort Bloomberg Natural Gas		3,999,751		(1,097,049	)		—			—			—			2,902,702
UltraShort Euro		204,770,166		—			—			(6,344,269	)		—			198,425,897
UltraShort Gold		31,977,900		(5,460	)		(1,488,259	)		—			—			30,484,181
UltraShort Silver		18,349,861		(1,650	)		(1,716,163	)		—			—			16,632,048
UltraShort Yen		131,834,352		—			—			1,527,263			—			133,361,615
VIX Mid-Term Futures ETF		20,993,515		(2,215,280	)		—			—			—			18,778,235
VIX Short-Term Futures ETF		134,845,604		(4,761,877	)		—			—			—			130,083,727
Total Trust	$	2,445,779,873	$	(12,919,431	)	$	22,177,267		$	(4,587,678	)	$	31,631,219		$	2,482,081,250

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

At December 31, 2017, there were no Level III portfolio investments for which significant unobservable inputs were used to determine fair value.

The Funds’ policy is to recognize transfers between valuation levels at the end of the reporting period.

At December 31, 2017, there were no significant transfers in or out of Level I and Level II fair value measurements.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the valuation of investments at December 31, 2016 using the fair value hierarchy:

	Level I - Quoted Prices					Level II - Other Significant Observable Inputs
	Short-Term U.S. Government and Agencies		Futures Contracts*			Forward Agreements			Foreign Currency Forward Contracts			Swap Agreements			Total
Short Euro	$	13,164,828	$	132,900		$	—		$	—		$	—		$	13,297,728
Short VIX Short-Term Futures ETF		170,396,436		(10,309,611	)		—			—			—			160,086,825
Ultra Bloomberg Crude Oil		885,050,007		5,537,165			—			—			55,358,571			945,945,743
Ultra Bloomberg Natural Gas		36,183,648		2,536,720			—			—			—			38,720,368
Ultra Euro		11,891,831		—			—			(574,010	)		—			11,317,821
Ultra Gold		95,356,621		(18,960	)		(4,431,107	)		—			—			90,906,554
Ultra Silver		295,300,799		(27,360	)		(20,976,189	)		—			—			274,297,250
Ultra VIX Short-Term Futures ETF		434,671,795		(7,972,237	)		—			—			—			426,699,558
Ultra Yen		5,282,879		—			—			(342,076	)		—			4,940,803
UltraShort Australian Dollar		12,909,619		1,182,340			—			—			—			14,091,959
UltraShort Bloomberg Crude Oil		205,694,385		(1,426,815	)		—			—			(12,206,881	)		192,060,689
UltraShort Bloomberg Natural Gas		2,899,151		(482,031	)		—			—			—			2,417,120
UltraShort Euro		337,375,787		—			—			16,162,931			—			353,538,718
UltraShort Gold		60,540,555		18,980			3,033,566			—			—			63,593,101
UltraShort Silver		21,550,319		27,310			1,384,246			—			—			22,961,875
UltraShort Yen		257,102,313		—			—			16,744,937			—			273,847,250
VIX Mid-Term Futures ETF		45,486,235		(1,288,245	)		—			—			—			44,197,990
VIX Short-Term Futures ETF		147,991,233		(468,652	)		—			—			—			147,522,581
Total Trust	$	3,038,848,441	$	(12,558,496	)	$	(20,989,484	)	$	31,991,782		$	43,151,690		$	3,080,443,933

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

At December 31, 2016, there were no Level III portfolio investments for which significant unobservable inputs were used to determine fair value.

The Funds’ policy is to recognize transfers between valuation levels at the end of the reporting period.

At December 31, 2016, there were no significant transfers in or out of Level I and Level II fair value measurements.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

Investment Transactions and Related Income

Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation/depreciation on open contracts are reflected in the Statements of Financial Condition and changes in the unrealized appreciation/depreciation between periods are reflected in the Statements of Operations. Discounts on short-term securities purchased are amortized and reflected as Interest Income in the Statements of Operations.

Brokerage Commissions and Fees

Each Fund pays its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission (“CFTC”) regulated investments. The effects of trading spreads, financing costs/fees associated with Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short-term fixed-income would also be borne by the Funds. Brokerage commissions on futures contracts are

recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed). The Sponsor is currently paying brokerage commissions on VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02% of the Matching VIX Fund’s average net assets annually.

Federal Income Tax

Each Fund is registered as a series of a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, no Fund expects to incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares is required to take into account its allocable share of its Fund’s income, gain, loss, deductions and other items for its Fund’s taxable year ending with or within the beneficial owner’s taxable year.

Management of the Funds has reviewed all open tax years and major jurisdictions (i.e., the last four tax year ends and the interim tax period 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 twelve months. On an ongoing basis, management will monitor its tax positions taken under the interpretation to determine if adjustments to conclusions are necessary based on factors including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof.

New Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”), which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the statement of cash flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

XML

Investments

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Investments

NOTE 3 – INVESTMENTS

Short-Term Investments

The Funds may purchase U.S. Treasury Bills, agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less. A portion of these investments may be posted as collateral in connection with swap agreements and/or used as collateral for a Fund’s trading in futures and forward contracts.

Accounting for Derivative Instruments

In seeking to achieve each Fund’s investment objective, the Sponsor uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of investment positions, including derivative positions, which the Sponsor believes in combination, should produce returns consistent with a Fund’s objective.

All open derivative positions at period end are reflected on each respective Fund’s Schedule of 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 derivatives 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.

Following is a description of the derivative instruments used by the Funds during the reporting period, including the primary underlying risk exposures related to each instrument type.

Futures Contracts

The Funds enter into futures contracts to gain exposure to changes in the value of, or as a substitute for investing directly in (or shorting), an underlying index, currency or commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of asset at a specified time and place. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity, if applicable, or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery, or by cash settlement at expiration of contract.

Upon entering into a futures contract, each Fund is required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is affected. The initial margin is segregated as cash and/or securities balances with brokers for futures contracts, as disclosed in the Statements of Financial Condition, and is restricted as to its use. The Funds that enter into futures contracts maintain collateral at the broker in the form of cash and/or securities. Pursuant to the futures contract, each Fund generally agrees to receive from or pay to the broker(s) an amount of cash equal to the daily fluctuation in value of the futures contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Each Fund will realize a gain or loss upon closing of a futures transaction.

Futures contracts involve, to varying degrees, elements of market risk (specifically commodity price risk or equity market volatility risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each Fund has in the particular classes of instruments. Additional risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures contracts and the market value of the underlying index or commodity and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal but some counterparty risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees the futures contracts against default. 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 times during the trading day. Futures contracts 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 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.

Swap Agreements

Certain of the Funds enter into swap agreements for purposes of pursuing their investment objectives or as a substitute for investing directly in (or shorting) an underlying index, currency or commodity, or to create an economic hedge against a position. Swap agreements are two-party contracts that have traditionally been entered into primarily with institutional investors in over-the-counter (“OTC”) markets for a specified period, ranging from a day to more than one year. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides for significant reforms of the OTC derivative markets, including a requirement to execute certain swap transactions on a CFTC-regulated market and/or to clear such transactions through a CFTC-regulated central clearing organization. In a standard swap transaction, two parties agree to exchange the returns earned or realized on a particular predetermined investment, instrument or index in exchange for a fixed or floating rate of return in respect of a predetermined notional amount. Transaction or commission costs are reflected in the benchmark level at which the transaction is entered into. The gross returns to be exchanged are calculated with respect to a notional amount and the benchmark returns to which the swap is linked. Swap agreements do not involve the delivery of underlying instruments.

Generally, swap agreements entered into by the Funds calculate and settle the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently, each 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 such obligations (or rights) (the “net amount”). In a typical swap agreement entered into by a Matching VIX Fund or an Ultra Fund, the Matching VIX Fund or Ultra Fund would be entitled to settlement payments in the event the level of the benchmark increases and would be required to make payments to the swap counterparties in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay. In a typical swap agreement entered into by a Short Fund or an UltraShort Fund, the Short Fund or UltraShort Fund would be required to make payments to the swap counterparties in the event the level of the benchmark increases and would be entitled to settlement payments in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay.

The net amount of the excess, if any, of each Fund’s obligations over its entitlements with respect to each uncleared swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the counterparty in a segregated account by the Funds’ Custodian. The net amount of the excess, if any, of each Fund’s entitlements over its obligations with respect to each uncleared swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the Fund in a segregated account by the Fund’s Custodian. Until a swap agreement is settled in cash, the gain or loss on the notional amount less any transaction costs or trading spreads payable by each Fund on the notional amount are recorded as “unrealized appreciation or depreciation on swap agreements” and, when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap agreements.” Swap agreements are generally valued at the last settled price of the benchmark referenced asset.

The Trust, on behalf of a Fund, may enter into agreements with certain counterparties for derivative transactions. These agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed the party under the agreement. This could cause a Fund to have to enter into a new transaction with the same counterparty, enter into a transaction with a different counterparty or seek to achieve its investment objective through any number of different investments or investment techniques.

Swap agreements involve, to varying degrees, elements of market risk and exposure to loss in excess of the unrealized gain/loss reflected. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement, which may exceed the NAV of each Fund. Additional risks associated with the use of swap agreements are imperfect correlations between movements in the notional amount and the price of the underlying reference index and the inability of counterparties to perform. Each 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. A Fund will typically enter into swap agreements only with major global financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Sponsor. The Sponsor may use various techniques to minimize credit risk including early termination and payment, using different counterparties, limiting the net amount due from any individual counterparty and generally requiring collateral to be posted by the counterparty in an amount approximately equal to that owed to the Funds. All of the outstanding swap agreements at December 31, 2017 contractually terminate within one month but may be terminated without penalty by either party daily. Upon termination, the Fund is entitled to pay or receive the “unrealized appreciation or depreciation” amount.

The Funds, as applicable, collateralize swap agreements by segregating or designating cash and/or certain securities as indicated on the Statements of Financial Condition or Schedules of Investments. As noted above, collateral posted in connection with uncleared derivative transactions is held for the benefit of the counterparty in a segregated tri-party account at the Custodian to protect the counterparty against non-payment by the Funds. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances.

The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks in connection with uncleared swaps 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. In the event of the bankruptcy of a counterparty, the Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings. As of December 31, 2017, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities.

The counterparty/credit risk for cleared derivative transactions is generally lower than for uncleared OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’

performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries.

Forward Contracts

Certain of the Funds enter into forward contracts for purposes of pursuing their investment objectives and as a substitute for investing directly in (or shorting) commodities and/or currencies. A forward contract is an agreement between two parties to purchase or sell a specified quantity of an asset at or before a specified date in the future at a specified price. Forward contracts are typically traded in OTC markets and all details of the contract are negotiated between the counterparties to the agreement. Accordingly, the forward contracts are valued by reference to the contracts traded in the OTC markets.

The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. The forward contracts are adjusted by the daily fluctuation of the underlying commodity or currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

Forward contracts have traditionally not been cleared or guaranteed by a third party. As a result of the Dodd-Frank Act, the CFTC now regulates non-deliverable forwards (including deliverable forwards where the parties do not take delivery). Certain non-deliverable forward contracts, such as non-deliverable foreign exchange forwards, may be subject to regulation as swap agreements, including mandatory clearing. Changes in the forward markets may entail increased costs and result in burdensome reporting requirements.

The Funds may collateralize uncleared forward commodity contracts by segregating or designating cash and/or certain securities as indicated on their Statements of Financial Condition or Schedules of Investments. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the Custodian to protect the counterparty against non-payment by the Funds. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances.

The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these 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 minimum thresholds. In the event of the bankruptcy of a counterparty, the Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Fund will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings. As of December 31, 2017, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities.

Participants in trading foreign exchange forward contracts often do not require margin deposits, but rely upon internal credit limitations and their judgments regarding the creditworthiness of their counterparties. In recent years, however, many OTC market participants in foreign exchange trading have begun to require their counterparties to post margin.

A Fund will typically enter into forward contracts only with major global financial institutions. The creditworthiness of each of the firms that is a party to a forward contract is monitored by the Sponsor.

The counterparty/credit risk for cleared derivative transactions is generally lower than for uncleared OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries.

The following tables indicate the location of derivative related items on the Statement of Financial Condition as well as the effect of derivative instruments on the Statement of Operations during the reporting period.

Fair Value of Derivative Instruments

as of December 31, 2017

	Assets Derivatives					Liability Derivatives
Derivatives not accounted for as hedging instruments	Statements of Financial Condition Location	Fund	Unrealized Appreciation			Statements of Financial Condition Location	Fund	Unrealized Depreciation
VIX Futures Contracts	Receivables on open futures contracts	ProShares Short VIX Short-Term Futures ETF	$	21,493,549	*	Payable on open futures contracts	ProShares Short VIX Short-Term Futures ETF	$	4,452,100	*
		ProShares Ultra VIX Short-Term Futures ETF		3,974,642	*		ProShares Ultra VIX Short-Term Futures ETF		38,440,762	*
		ProShares VIX Short-Term Futures ETF		709,708	*		ProShares VIX Mid-Term Futures ETF		2,215,280	*
							ProShares VIX Short-Term Futures ETF		5,471,585	*
Commodities Contracts	Receivables on open futures contracts, unrealized appreciation on swap and/or forward agreements	ProShares Ultra Bloomberg Crude Oil		74,184,340	*	Payable on open futures contracts, unrealized depreciation on swap and/or forward agreements	ProShares UltraPro 3x Short Crude Oil ETF		2,988,155	*
		ProShares Ultra Bloomberg Natural Gas		7,225,810	*		ProShares UltraShort Bloomberg Crude Oil		34,569,790	*
		ProShares Ultra Gold		3,651,835	*		ProShares UltraShort Bloomberg Natural Gas		1,097,049	*
		ProShares Ultra Silver		21,736,934	*		ProShares UltraShort Gold		1,493,719	*
		ProShares UltraPro 3x Crude Oil ETF		1,417,998	*		ProShares UltraShort Silver		1,717,813	*
Foreign Exchange Contracts	Unrealized appreciation on foreign currency forward contracts and receivables on open futures contracts	ProShares Ultra Euro		321,609		Unrealized depreciation on foreign currency forward contracts and payable on open futures contracts	ProShares Short Euro		166,288	*
		ProShares UltraShort Euro		449,302			ProShares Ultra Euro		57,457
		ProShares UltraShort Yen		1,568,997			ProShares Ultra Yen		34,824
							ProShares UltraShort Australian Dollar		893,220	*
							ProShares UltraShort Euro		6,793,571
							ProShares UltraShort Yen		41,734
		Total Trust	$	136,734,724	*		Total Trust	$	100,433,347	*

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures contracts.

Fair Value of Derivative Instruments

as of December 31, 2016

	Assets Derivatives					Liability Derivatives
Derivatives not accounted for as hedging instruments	Statements of Financial Condition Location	Fund	Unrealized Appreciation			Statements of Financial Condition Location	Fund	Unrealized Depreciation
VIX Futures Contracts	Receivables on open futures contracts	ProShares VIX Short-Term Futures ETF	$	2,273,874	*	Payable on open futures contracts	ProShares VIX Short-Term Futures ETF	$	2,742,526	*
		ProShares VIX Mid-Term Futures ETF		68,375	*		ProShares VIX Mid-Term Futures ETF		1,356,620	*
		ProShares Ultra VIX Short-Term Futures ETF		13,594,875	*		ProShares Short VIX Short-Term Futures ETF		10,309,611	*
							ProShares Ultra VIX Short-Term Futures ETF		21,567,112	*
Commodities Contracts	Receivables on open futures contracts, unrealized appreciation on swap and/or forward agreements	ProShares UltraShort Gold		3,052,546	*	Payable on open futures contracts, unrealized depreciation on swap and/or forward agreements	ProShares UltraShort Bloomberg Crude Oil		13,633,696	*
		ProShares UltraShort Silver		1,411,556	*		ProShares UltraShort Bloomberg Natural Gas		482,031	*
		ProShares Ultra Bloomberg Crude Oil		60,895,736	*		ProShares Ultra Gold		4,450,067	*
		ProShares Ultra Bloomberg Natural Gas		2,536,720	*		ProShares Ultra Silver		21,003,549	*
Foreign Exchange Contracts	Unrealized appreciation on foreign currency forward contracts and receivables on open futures contracts	ProShares Short Euro		132,900	*	Unrealized depreciation on foreign currency forward contracts and payable on open futures contracts	ProShares UltraShort Euro		356,139
		ProShares UltraShort Australian Dollar		1,182,340	*		ProShares UltraShort Yen		125,420
		ProShares UltraShort Euro		16,519,070			ProShares Ultra Euro		576,558
		ProShares UltraShort Yen		16,870,357			ProShares Ultra Yen		342,455
		ProShares Ultra Euro		2,548
		ProShares Ultra Yen		379
		Total Trust	$	118,541,276	*		Total Trust	$	76,945,784	*

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures contracts.

The Effect of Derivative Instruments on the Statements of Operations

For the year ended December 31, 2017

Derivatives not accounted for as hedging instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Fund	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized  in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts/ changes in unrealized appreciation/ depreciation on futures contracts	ProShares Short VIX Short-Term Futures ETF	$	897,400,516		$	27,351,060
		ProShares Ultra VIX Short-Term Futures ETF		(1,020,750,851	)		(26,493,883	)
		ProShares VIX Mid-Term Futures ETF		(25,319,770	)		(927,035	)
		ProShares VIX Short-Term Futures ETF		(194,005,568	)		(4,293,225	)
Commodity Contracts	Net realized gain (loss) on futures contracts, swap and/or forward agreements/changes in unrealized appreciation/ depreciation on futures contracts, swap and/or forward agreements	ProShares Ultra Bloomberg Crude Oil		22,146,212			13,288,604
		ProShares Ultra Bloomberg Natural Gas		(40,793,265	)		4,689,090
		ProShares Ultra Gold		11,484,410			8,101,902
		ProShares Ultra Silver		(31,762,834	)		42,740,483
		ProShares UltraPro 3x Crude Oil ETF		6,018,618			1,417,998
		ProShares UltraPro 3x Short Crude Oil ETF		(7,046,628	)		(2,988,155	)
		ProShares UltraShort Bloomberg Crude Oil		(6,491,060	)		(20,936,094	)
		ProShares UltraShort Bloomberg Natural Gas		4,762,532			(615,018	)
		ProShares UltraShort Gold		(6,993,557	)		(4,546,265	)
		ProShares UltraShort Silver		1,153,393			(3,129,369	)
Foreign Exchange Contracts	Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/ depreciation on futures and/or foreign currency forward contracts	ProShares Short Euro		(1,161,987	)		(299,188	)
		ProShares Ultra Euro		2,212,313			838,162
		ProShares Ultra Yen		(46,195	)		307,252
		ProShares UltraShort Australian Dollar		(866,771	)		(2,075,560	)
		ProShares UltraShort Euro		(39,691,680	)		(22,507,200	)
		ProShares UltraShort Yen		(8,729,472	)		(15,217,674	)
		Total Trust	$	(438,481,644	)	$	(5,294,115	)

The Effect of Derivative Instruments on the Statements of Operations

For the year ended December 31, 2016

Derivatives not accounted for as hedging instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Fund	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized  in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts/ changes in unrealized appreciation/ depreciation on futures contracts	ProShares VIX Short-Term Futures ETF	$	(195,475,791	)		609,973
		ProShares VIX Mid-Term Futures ETF		(11,085,506	)		(943,885	)
		ProShares Short VIX Short-Term Futures ETF		440,391,389			(21,056,026	)
		ProShares Ultra VIX Short-Term Futures ETF		(1,567,340,688	)		(19,866,703	)
Commodity Contracts	Net realized gain (loss) on futures contracts, swap and/or forward agreements/changes in unrealized appreciation/ depreciation on futures contracts, swap and/or forward agreements	ProShares UltraShort Bloomberg Crude Oil		(67,752,164	)		(22,510,865	)
		ProShares UltraShort Bloomberg Natural Gas		586,860			1,989,133
		ProShares UltraShort Gold		(12,240,751	)		1,238,384
		ProShares UltraShort Silver		(17,554,714	)		(3,372,693	)
		ProShares Ultra Bloomberg Crude Oil		74,061,040			151,001,639
		ProShares Ultra Bloomberg Natural Gas		17,571,809			(3,776,159	)
		ProShares Ultra Gold		5,816,565			(2,194,272	)
		ProShares Ultra Silver		62,342,441			1,566,582
Foreign Exchange Contracts	Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/ depreciation on futures and/or foreign currency forward contracts	ProShares Short Euro		663,774			(110,538	)
		ProShares UltraShort Australian Dollar		(2,787,204	)		1,602,610
		ProShares UltraShort Euro		(25,711,518	)		44,873,267
		ProShares UltraShort Yen		(22,220,271	)		30,640,389
		ProShares Ultra Euro		138,959			(1,178,930	)
		ProShares Ultra Yen		717,086			(603,387	)
		Total Trust	$	(1,319,878,684	)		157,908,519

The Effect of Derivative Instruments on the Statements of Operations

For the year ended December 31, 2015

Derivatives not accounted for as hedging instruments	Location of Gain or (Loss) on Derivatives Recognized in Income	Fund	Realized Gain or (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation or Depreciation on Derivatives Recognized in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts / changes in unrealized appreciation/ depreciation on futures contracts	ProShares VIX Short-Term Futures ETF	$	(19,408,543	)	$	(7,343,245	)
		ProShares VIX Mid-Term Futures ETF		(3,335,936	)		(605,025	)
		ProShares Short VIX Short-Term Futures ETF		69,793,028			27,098,564
		ProShares Ultra VIX Short-Term Futures ETF		(392,174,228	)		(27,690,787	)
Commodity Contracts	Net realized gain (loss) on futures contracts, swap and/or forward agreements/changes in unrealized appreciation/ depreciation on futures contracts, swap and/or forward agreements	ProShares UltraShort Bloomberg Crude Oil		91,670,324			(33,947,511	)
		ProShares UltraShort Bloomberg Natural Gas		15,212,804			(6,412,629	)
		ProShares UltraShort Gold		12,707,635			4,101,460
		ProShares UltraShort Silver		10,759,545			4,187,736
		ProShares Ultra Bloomberg Crude Oil		(896,177,096	)		32,549,981
		ProShares Ultra Bloomberg Natural Gas		(100,776,817	)		41,202,162
		ProShares Ultra Gold		(18,605,815	)		(4,311,529	)
		ProShares Ultra Silver		(78,309,309	)		(10,173,451	)
Foreign Exchange Contracts	Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/ depreciation on futures and/or foreign currency forward contracts	ProShares Short Euro		1,559,425			(141,893	)
		ProShares UltraShort Australian Dollar		4,330,463			(1,163,751	)
		ProShares UltraShort Euro		131,651,572			(45,473,330	)
		ProShares UltraShort Yen		8,809,464			(12,316,677	)
		ProShares Ultra Euro		(1,982,208	)		708,291
		ProShares Ultra Yen		(472,913	)		276,556
		Total Trust*	$	(1,164,748,605	)	$	(39,455,078	)

* Amounts exclude the activity of: ProShares Managed Futures Strategy which liquidated on March 30, 2016, ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity which liquidated on September 1, 2016.

Offsetting Assets and Liabilities

Each Fund is subject to master netting agreements or similar arrangements that allow for amounts owed between each Fund and the counterparty to be netted upon an early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties. As described above, the Funds utilize derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Financial Condition do not take into consideration the effects of legally enforceable master netting agreements or similar arrangements.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Condition. The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2017:

Fair Values of Derivative Instruments as of December 31, 2017
	Assets						Liabilities
	Gross Amounts of Recognized Assets presented in the Statements of Financial Condition		Gross Amounts Offset in the the Statements of Financial Condition		Net Amounts of Assets presented in the Statements of Financial Condition		Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts of Liabilities presented in the Statements of Financial Condition
ProShares Ultra Bloomberg Crude Oil
Swap agreements	$	62,238,361	$	—	$	62,238,361	$	—	$	—	$	—
ProShares Ultra Euro
Foreign currency forward contracts		321,609		—		321,609		57,457		—		57,457
ProShares Ultra Gold
Forward agreements		3,646,355		—		3,646,355		—		—		—
ProShares Ultra Silver
Forward agreements		21,735,334		—		21,735,334		—		—		—
ProShares UltraShort Bloomberg Crude Oil
Swap agreements		—		—		—		30,607,142		—		30,607,142
ProShares UltraShort Euro
Foreign currency forward contracts		449,302		—		449,302		6,793,571		—		6,793,571
ProShares UltraShort Gold
Forward agreements		—		—		—		1,488,259		—		1,488,259
ProShares UltraShort Silver
Forward agreements		—		—		—		1,716,163		—		1,716,163
ProShares UltraShort Yen
Foreign currency forward contracts		1,568,997		—		1,568,997		41,734		—		41,734
ProShares Ultra Yen
Foreign currency forward contracts		—		—		—		34,824		—		34,824

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2017. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”.

Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2017

	Amounts of Recognized Assets / (Liabilities) presented in the Statements  of Financial Condition			Financial Instruments for the Benefit of (the Funds) /the Counterparties			Cash Collateral for the Benefit of (the Funds) / the Counterparties			Net Amount
ProShares Ultra Bloomberg Crude Oil
Citibank N.A.	$	19,815,892		$	—		$	—		$	19,815,892
Goldman Sachs International		16,654,031			(14,861,090	)		—			1,792,941
Societe Generale S.A.		9,003,519			(8,525,505	)		—			478,014
UBS AG		16,764,919			(15,477,566	)		—			1,287,353
ProShares Ultra Euro
Goldman Sachs International		102,424			—			—			102,424
UBS AG		161,728			—			—			161,728
ProShares Ultra Gold
Citibank N.A.		1,513,310			—			—			1,513,310
Goldman Sachs International		969,501			(967,678	)		(1,823	)		—
Societe Generale S.A.		218,319			—			—			218,319
UBS AG		945,225			(945,225	)		—			—
ProShares Ultra Silver
Citibank N.A.		7,201,744			—			—			7,201,744
Goldman Sachs International		5,873,080			(4,903,696	)		—			969,384
Societe Generale S.A.		2,761,817			(2,516,153	)		—			245,664
UBS AG		5,898,693			(4,930,596	)		—			968,097
ProShares UltraShort Bloomberg Crude Oil
Citibank N.A.		(10,173,164	)		10,173,164			—			—
Goldman Sachs International		(9,242,398	)		9,242,398			—			—
Societe Generale S.A.		(1,904,113	)		1,904,113			—			—
UBS AG		(9,287,467	)		9,287,467			—			—
ProShares UltraShort Euro
Goldman Sachs International		(3,297,612	)		259,612			3,038,000			—
UBS AG		(3,046,657	)		3,046,657			—			—
ProShares UltraShort Gold
Citibank N.A.		(554,559	)		554,559			—			—
Goldman Sachs International		(428,358	)		428,358			—			—
Societe Generale S.A.		(126,928	)		126,928			—			—
UBS AG		(378,414	)		378,414			—			—
ProShares UltraShort Silver
Citibank N.A.		(632,593	)		632,593			—			—
Goldman Sachs International		(486,240	)		—			486,240			—
Societe Generale S.A.		(115,305	)		115,305			—			—
UBS AG		(482,025	)		482,025			—			—
ProShares UltraShort Yen
Goldman Sachs International		821,317			(810,030	)		—			11,287
UBS AG		705,946			—			(705,946	)		—
ProShares Ultra Yen
Goldman Sachs International		(17,410	)		17,410			—			—
UBS AG		(17,414	)		17,414			—			—

The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2016:

Fair Values of Derivative Instruments as of December 31, 2016
	Assets						Liabilities
	Gross Amounts of Recognized Assets presented in the Statements of Financial Condition		Gross Amounts Offset in the the Statements of Financial Condition		Net Amounts of Assets presented in the Statements of Financial Condition		Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts of Liabilities presented in the Statements of Financial Condition
ProShares Ultra Bloomberg Crude Oil
Swap agreements	$	55,358,571	$	—	$	55,358,571	$	—	$	—	$	—
ProShares Ultra Euro
Foreign currency forward contracts		2,548		—		2,548		576,558		—		576,558
ProShares Ultra Gold
Forward agreements		—		—		—		4,431,107		—		4,431,107
ProShares Ultra Silver
Forward agreements		—		—		—		20,976,189		—		20,976,189
ProShares UltraShort Bloomberg Crude Oil
Swap agreements		—		—		—		12,206,881		—		12,206,881
ProShares UltraShort Euro
Foreign currency forward contracts		16,519,070		—		16,519,070		356,139		—		356,139
ProShares UltraShort Gold
Forward agreements		3,033,566		—		3,033,566		—		—		—
ProShares UltraShort Silver
Forward agreements		1,384,246		—		1,384,246		—		—		—
ProShares UltraShort Yen
Foreign currency forward contracts		16,870,357		—		16,870,357		125,420		—		125,420
ProShares Ultra Yen
Foreign currency forward contracts		379		—		379		342,455		—		342,455

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2016. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”.

Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2016

	Amounts of Recognized Assets / (Liabilities) presented in the Statements  of Financial Condition			Financial Instruments for the Benefit of (the Funds) / the Counterparties			Cash Collateral for the Benefit of (the Funds) / the Counterparties			Net Amount
ProShares Ultra Bloomberg Crude Oil
Citibank N.A.	$	18,427,009		$	—		$	—		$	18,427,009
Goldman Sachs International		14,016,906			(14,016,906	)		—			—
Societe Generale S.A.		8,661,821			(8,661,821	)		—			—
UBS AG		14,252,835			—			(14,252,835	)		—
ProShares Ultra Euro
Goldman Sachs International		(239,256	)		239,256			—			—
UBS AG		(334,754	)		334,754			—			—
ProShares Ultra Gold
Citibank N.A.		(1,464,982	)		1,464,982			—			—
Goldman Sachs International		(1,112,916	)		1,112,916			—			—
Societe Generale S.A.		(643,587	)		643,587			—			—
UBS AG		(1,209,622	)		1,209,622			—			—
ProShares Ultra Silver
Citibank N.A.		(6,946,009	)		6,946,009			—			—
Goldman Sachs International		(5,869,092	)		5,869,092			—			—
Societe Generale S.A.		(2,532,729	)		2,532,729			—			—
UBS AG		(5,628,359	)		5,628,359			—			—
ProShares UltraShort Bloomberg Crude Oil
Citibank N.A.		(4,742,191	)		4,742,191			—			—
Goldman Sachs International		(3,061,395	)		3,061,395			—			—
Societe Generale S.A.		(1,050,699	)		1,050,699			—			—
UBS AG		(3,352,596	)		3,352,596			—			—
ProShares UltraShort Euro
Goldman Sachs International		8,109,067			(8,109,067	)		—			—
UBS AG		8,053,864			—			(8,053,864	)		—
ProShares UltraShort Gold
Citibank N.A.		1,147,811			—			—			1,147,811
Goldman Sachs International		881,454			(874,948	)		—			6,506
Societe Generale S.A.		393,006			(393,006	)		—			—
UBS AG		611,295			—			(611,295	)		—
ProShares UltraShort Silver
Citibank N.A.		610,478			—			—			610,478
Goldman Sachs International		323,829			(323,829	)		—			—
Societe Generale S.A.		86,543			(86,543	)		—			—
UBS AG		363,396			—			(363,396	)		—
ProShares UltraShort Yen
Goldman Sachs International		8,256,779			(7,771,819	)		—			484,960
UBS AG		8,488,158			—			(7,980,000	)		508,158
ProShares Ultra Yen
Goldman Sachs International		(219,736	)		219,736			—			—
UBS AG		(122,340	)		122,340			—			—

XML

Agreements

12 Months Ended

Dec. 31, 2017

Text Block [Abstract]

Agreements

NOTE 4 – AGREEMENTS

Management Fee

Each Leveraged Fund, the Short Euro Fund and each Geared VIX Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.95% per annum of its average daily NAV of such Fund. Each Matching VIX Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.85% per annum of its average daily NAV of such Fund. The Sponsor did not and will not charge the Management Fee in the first year of operation of each Fund in an amount equal to the offering costs. The Sponsor reimbursed and will be reimburse each Fund, to the extent that its offering costs exceed the Management Fee, for the first year of operations.

The Management Fee is paid in consideration of the Sponsor’s services as commodity pool operator, and for managing the business and affairs of the Funds. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of each Fund, generally as determined by the Sponsor, including but not limited to the Administrator, Custodian, Distributor, ProFunds Distributors, Inc. (“PDI”), an affiliated broker-dealer of the Sponsor, Transfer Agent, accounting and auditing fees and expenses, any index licensors for the Funds, and the normal and expected expenses incurred in connection with the continuous offering of Shares of each Fund after the commencement of its trading operations, including, but not limited to, expenses such as tax preparation expenses, legal fees not in excess of $100,000 per annum, ongoing SEC registration fees not exceeding 0.021% per annum of the NAV of a Fund and Financial Industry Regulatory Authority (“FINRA”) filing fees, individual Schedule K-1 preparation and mailing fees not exceeding 0.10% per annum of the net assets of a Fund, and report preparation and mailing expenses.

Non-Recurring Fees and Expenses

Each Fund pays all its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses that are unexpected or unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not currently anticipated obligations of the Funds.

The Administrator

The Sponsor and the Trust, for itself and on behalf of each Fund, has appointed Brown Brothers Harriman & Co. (“BBH&Co.”) as the Administrator of the Funds, and the Sponsor, and the Trust, on its own behalf and on behalf of each Fund, and BBH&Co. have entered into an Administrative Agency Agreement (the “Administration Agreement”) in connection therewith. Pursuant to the terms of the Administration Agreement and under the supervision and direction of the Sponsor and the Trust, BBH&Co. prepares and files certain regulatory filings on behalf of the Funds. BBH&Co. may also perform other services for the Funds pursuant to the Administration Agreement as mutually agreed upon by the Sponsor, the Trust and BBH&Co. from time to time. Pursuant to the terms of the Administration Agreement, BBH&Co. also serves as the Transfer Agent of the Funds. The Administrator’s fees are paid on behalf of the Funds by the Sponsor.

The Custodian

BBH&Co. serves as the Custodian of the Funds, and the Trust, on its own behalf and on behalf of each Fund, and BBH&Co. have entered into a Custodian Agreement in connection therewith. Pursuant to the terms of the Custodian Agreement, BBH&Co. is responsible for the holding and safekeeping of assets delivered to it by the Funds, and performing various administrative duties in accordance with instructions delivered to BBH&Co. by the Funds. The Custodian’s fees are paid on behalf of the Funds by the Sponsor.

The Distributor

SEI Investments Distribution Co. (“SEI”), serves as Distributor of the Funds and assists the Sponsor and the Administrator with certain functions and duties relating to distribution and marketing, including taking creation and redemption orders, consulting with the marketing staff of the Sponsor and its affiliates with respect to compliance with the requirements of FINRA and/or the NFA in connection with marketing efforts, and reviewing and filing of marketing materials with FINRA and/or the NFA. SEI retains all marketing materials separately for each Fund, at c/o SEI, One Freedom Valley Drive, Oaks, PA 19456. The Sponsor, on behalf of each Fund, has entered into a Distribution Services Agreement with SEI. The Sponsor pays SEI for performing its duties on behalf of the Funds.

XML

Offering Costs

12 Months Ended

Dec. 31, 2017

Text Block [Abstract]

Offering Costs

NOTE 5 – OFFERING COSTS

Offering costs will be amortized by the Funds over a twelve month period on a straight-line basis beginning once the fund commences operations. The Sponsor will not charge its Management Fee in the first year of operations of a Fund in an amount equal to the offering costs. Normal and expected expenses incurred in connection with the continuous offering of Shares of a Fund after the commencement of its trading operations will be paid by the Sponsor. The Sponsor will reimburse ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF to the extent their respective offering costs exceeds 0.95% of their average daily NAV for the first year of operations.

XML

Creation and Redemption of Creation Units

12 Months Ended

Dec. 31, 2017

Text Block [Abstract]

Creation and Redemption of Creation Units

NOTE 6 – CREATION AND REDEMPTION OF CREATION UNITS

Each Fund issues and redeems shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of 50,000 Shares of a Geared Fund and 25,000 Shares of a Matching VIX Fund. Creation Units may be created or redeemed only by Authorized Participants. As a result of the Share splits and reverse Share splits as described in Note 1, certain redemptions as disclosed in the Statements of Changes in Shareholders’ Equity reflect payment of fractional share balances on beneficial shareholder accounts.

Except when aggregated in Creation Units, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with a Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Financial Statements—such as references to the Transaction Fees imposed on purchases and redemptions—is not relevant to retail investors.

Transaction Fees on Creation and Redemption Transactions

The manner by which Creation Units are purchased or redeemed is dictated by the terms of the Authorized Participant Agreement and Authorized Participant Handbook. By placing a purchase order, an Authorized Participant agrees to: (1) deposit cash with the Custodian; and (2) if permitted by the Sponsor in its sole discretion, enter into or arrange for an exchange of futures contract for related position or block trade whereby the Authorized Participant would also transfer to such Fund a number and type of exchange-traded futures contracts at or near the closing settlement price for such contracts on the purchase order date.

Authorized Participants may pay a fixed transaction fee of up to $250 in connection with each order to create or redeem a Creation Unit in order to compensate BBH&Co., as the Administrator, the Custodian and the Transfer Agent of each Fund and its Shares, for services in processing the creation and redemption of Creation Units and to offset the costs of increasing or decreasing derivative positions. Authorized Participants also may pay a variable transaction fee to the Fund of up to 0.10% (and a variable transaction fee to the Matching VIX Funds of 0.05%) of the value of the Creation Unit that is purchased or redeemed unless the transaction fee is waived or otherwise adjusted by the Sponsor. The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. Authorized Participants may sell the Shares included in the Creation Units they purchase from the Funds to other investors in the secondary market.

Transaction fees for the years ended December 31, 2017, 2016 and 2015 which are included in the Addition and/or Redemption of Shares on the Statements of Changes in Shareholders’ Equity, were as follows:

Fund	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Short Euro	$	—	$	—	$	—
Short VIX Short-Term Futures ETF		1,008,452		801,564		342, 734
Ultra Bloomberg Crude Oil		610,969		504,533		847,422
Ultra Bloomberg Natural Gas		15,937		9,175		13,939
Ultra Euro		—		—		—
Ultra Gold		14,460		14,138		4,218
Ultra Silver		28,622		47,414		38,848
Ultra VIX Short-Term Futures ETF		1,036,162		1,822,247		1,391,292
Ultra Yen		—		—		—
UltraPro 3X Crude Oil ETF		25,455		—		—
UltraPro 3X Short Crude Oil ETF		14,096		—		—
UltraShort Australian Dollar		—		—		—
UltraShort Bloomberg Crude Oil		207,707		398,027		382,054
UltraShort Bloomberg Natural Gas		4,713		8,989		8,853
UltraShort Euro		—		—		—
UltraShort Gold		15,945		29,854		11,024
UltraShort Silver		—		16,729		39,354
UltraShort Yen		—		—		—
VIX Mid-Term Futures ETF		13,605		24,056		8,521
VIX Short-Term Futures ETF		142,380		229,699		105,024
Total Trust*	$	3,138,503	$	3,906,425	$	3,193,283

* Amounts exclude the activity of ProShares Ultra Australian Dollar which liquidated on June 29, 2015, ProShares Managed Futures Strategy which liquidated on March 30, 2016, ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity which liquidated on September 1, 2016.

XML

Financial Highlights

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Financial Highlights

NOTE 7 – FINANCIAL HIGHLIGHTS

Selected data for a Share outstanding throughout the year ended December 31, 2017:

For the Year Ended December 31, 2017

Per Share Operating Performance	Short Euro			Short VIX Short-Term Futures ETF*			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Euro			Ultra Gold
Net asset value, at December 31, 2016	$	45.06		$	45.62		$	23.34		$	18.85		$	14.02		$	32.90
Net investment income (loss)		(0.14	)		(0.60	)		(0.03	)		(0.05	)		(0.04	)		(0.06	)
Net realized and unrealized gain (loss)#		(4.96	)		82.28			0.35			(12.27	)		3.46			7.04
Change in net asset value from operations		(5.10	)		81.68			0.32			(12.32	)		3.42			6.98
Net asset value, at December 31, 2017	$	39.96		$	127.30		$	23.66		$	6.53		$	17.44		$	39.88
Market value per share, at December 31, 2016†	$	45.12		$	45.49		$	23.36		$	18.96		$	14.09		$	33.20
Market value per share, at December 31, 2017†	$	39.99		$	128.21		$	23.44		$	6.50		$	17.46		$	40.67
Total Return, at net asset value		(11.3	)%		179.0	%		1.4	%		(65.4	)%		24.4	%		21.2	%
Total Return, at market value		(11.4	)%		181.8	%		0.3	%		(65.7	)%		23.9	%		22.5	%
Ratios to Average Net Assets
Expense ratio		0.97	%		1.51	%		0.98	%		1.22	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions and fees		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.32	)%		(0.71	)%		(0.18	)%		(0.50	)%		(0.23	)%		(0.14	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

For the Year Ended December 31, 2017

Per Share Operating Performance	Ultra Silver			Ultra VIX Short-Term Futures ETF*			Ultra Yen			UltraPro 3X Crude Oil ETF+			UltraPro 3X Short Crude Oil ETF+			UltraShort Australian Dollar
Net asset value, at December 31, 2016	$	33.44		$	173.93		$	55.43		$	25.00		$	25.00		$	55.38
Net investment income (loss)		(0.05	)		(0.33	)		(0.24	)		(0.21	)		(0.17	)		(0.17	)
Net realized and unrealized gain (loss)#		0.16			(163.27	)		2.13			12.99			(14.25	)		(9.54	)
Change in net asset value from operations		0.11			(163.60	)		1.89			12.78			(14.42	)		(9.71	)
Net asset value, at December 31, 2017	$	33.55		$	10.33		$	57.32		$	37.78		$	10.58		$	45.67
Market value per share, at December 31, 2016†	$	32.09		$	175.00		$	55.52		$	25.00		$	25.00		$	55.24
Market value per share, at December 31, 2017†	$	33.85		$	10.21		$	57.45		$	37.23		$	10.72		$	45.72
Total Return, at net asset value		0.3	%		(94.1	)%		3.4	%		51.1	%^		(57.7	)%^		(17.5	)%
Total Return, at market value		5.5	%		(94.2	)%		3.5	%		48.9	%^		(57.1	)%^		(17.2	)%
Ratios to Average Net Assets
Expense ratio		0.95	%		1.90	%		0.95	%		1.30	%**		1.32	%**		1.02	%
Expense ratio, excluding brokerage commissions and fees		0.95	%		0.95	%		0.95	%		0.95	%**		0.95	%**		0.95	%
Net investment income (loss)		(0.15	)%		(1.17	)%		(0.41	)%		(1.20	)%**		(1.25	)%**		(0.36	)%

* See Note 1 of these Notes to Financial Statements.

+ From commencement of operations, March 24, 2017 through December 31, 2017.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated. For ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF, the returns of shares outstanding for the period from commencement of operations through December 31, 2017 are calculated based on the initial offering price upon commencement of operations of $25.00.

^ Percentages are not annualized for the period ended December 31, 2017.

** Percentages are annualized.

For the Year Ended December 31, 2017

Per Share Operating Performance	UltraShort Bloomberg Crude Oil			UltraShort Bloomberg Natural Gas			UltraShort Euro			UltraShort Gold			UltraShort Silver			UltraShort Yen
Net asset value, at December 31, 2016	$	31.70		$	23.10		$	27.08		$	91.33		$	37.31		$	80.24
Net investment income (loss)		(0.06	)		(0.27	)		(0.04	)		(0.13	)		(0.06	)		(0.14	)
Net realized and unrealized gain (loss)#		(7.33	)		16.65			(5.83	)		(20.73	)		(5.54	)		(5.17	)
Change in net asset value from operations		(7.39	)		16.38			(5.87	)		(20.86	)		(5.60	)		(5.31	)
Net asset value, at December 31, 2017	$	24.31		$	39.48		$	21.21		$	70.47		$	31.71		$	74.93
Market value per share, at December 31, 2016†	$	31.65		$	23.05		$	27.08		$	90.54		$	38.76		$	80.25
Market value per share, at December 31, 2017†	$	24.56		$	39.65		$	21.20		$	69.11		$	31.40		$	74.98
Total Return, at net asset value		(23.3	)%		70.9	%		(21.7	)%		(22.8	)%		(15.0	)%		(6.6	)%
Total Return, at market value		(22.4	)%		72.0	%		(21.7	)%		(23.7	)%		(19.0	)%		(6.6	)%
Ratios to Average Net Assets
Expense ratio		0.99	%		1.39	%		0.95	%		0.95	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions and fees		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.17	)%		(0.81	)%		(0.15	)%		(0.17	)%		(0.18	)%		(0.19	)%

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

For the Year Ended December 31, 2017

Per Share Operating Performance	VIX Mid-Term Futures ETF			VIX Short-Term Futures ETF*
Net asset value, at December 31, 2016	$	42.14		$	84.86
Net investment income (loss)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss)#		(20.79	)		(61.45	)
Change in net asset value from operations		(20.85	)		(61.52	)
Net asset value, at December 31, 2017	$	21.29		$	23.34
Market value per share, at December 31, 2016†	$	42.34		$	85.04
Market value per share, at December 31, 2017†	$	21.15		$	23.15
Total Return, at net asset value		(49.5	)%		(72.5	)%
Total Return, at market value		(50.0	)%		(72.8	)%
Ratios to Average Net Assets
Expense ratio		0.91	%		0.96	%
Expense ratio, excluding brokerage commissions and fees		0.85	%		0.85	%
Net investment income (loss)		(0.22	)%		(0.18	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

Selected data for a Share outstanding throughout the year ended December 31, 2016:

For the Year Ended December 31, 2016

Per Share Operating Performance	Short Euro			Short VIX Short-Term Futures ETF*			Ultra Bloomberg Crude Oil*			Ultra Bloomberg Natural Gas			Ultra Euro			Ultra Gold
Net asset value, at December 31, 2015	$	43.78		$	25.41		$	25.15		$	18.57		$	15.51		$	29.73
Net investment income (loss)		(0.33	)		(0.30	)		(0.15	)		(0.16	)		(0.11	)		(0.28	)
Net realized and unrealized gain (loss)#		1.61			20.51			(1.66	)		0.44			(1.38	)		3.45
Change in net asset value from operations		1.28			20.21			(1.81	)		0.28			(1.49	)		3.17
Net asset value, at December 31, 2016	$	45.06		$	45.62		$	23.34		$	18.85		$	14.02		$	32.90
Market value per share, at December 31, 2015†	$	43.74		$	25.23		$	25.08		$	18.48		$	15.51		$	29.73
Market value per share, at December 31, 2016†	$	45.12		$	45.49		$	23.36		$	18.96		$	14.09		$	33.20
Total Return, at net asset value		2.9	%		79.5	%		(7.2	)%		1.5	%		(9.6	)%		10.7	%
Total Return, at market value		3.2	%		80.3	%		(6.9	)%		2.6	%		(9.2	)%		11.7	%
Ratios to Average Net Assets
Expense ratio		0.97	%		1.39	%		1.01	%		1.34	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.76	)%		(1.15	)%		(0.76	)%		(1.12	)%		(0.71	)%		(0.69	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

For the Year Ended December 31, 2016

Per Share Operating Performance	Ultra Silver			Ultra VIX Short-Term Futures ETF*			Ultra Yen			UltraShort Australian Dollar			UltraShort Bloomberg Crude Oil*			UltraShort Bloomberg Natural Gas*
Net asset value, at December 31, 2015	$	27.06		$	2,808.40		$	54.75		$	58.46		$	66.60		$	46.53
Net investment income (loss)		(0.27	)		(7.68	)		(0.45	)		(0.43	)		(0.36	)		(0.68	)
Net realized and unrealized gain (loss)#		6.65			(2,626.79	)		1.13			(2.65	)		(34.54	)		(22.75	)
Change in net asset value from operations		6.38			(2,634.47	)		0.68			(3.08	)		(34.90	)		(23.43	)
Net asset value, at December 31, 2016	$	33.44		$	173.93		$	55.43		$	55.38		$	31.70		$	23.10
Market value per share, at December 31, 2015†	$	27.08		$	2,835.00		$	54.70		$	58.15		$	66.82		$	46.55
Market value per share, at December 31, 2016†	$	32.09		$	175.00		$	55.52		$	55.24		$	31.65		$	23.05
Total Return, at net asset value		23.6	%		(93.8	)%		1.2	%		(5.3	)%		(52.4	)%		(50.4	)%
Total Return, at market value		18.5	%		(93.8	)%		1.5	%		(5.0	)%		(52.6	)%		(50.5	)%
Ratios to Average Net Assets
Expense ratio		0.95	%		1.57	%		0.95	%		1.03	%		1.03	%		1.65	%
Expense ratio, excluding brokerage commissions		0.95	%		0.85	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.69	)%		(1.32	)%		(0.69	)%		(0.79	)%		(0.76	)%		(1.43	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

For the Year Ended December 31, 2016

Per Share Operating Performance	UltraShort Euro			UltraShort Gold			UltraShort Silver			UltraShort Yen			VIX Mid-Term Futures ETF			VIX Short-Term Futures ETF*
Net asset value, at December 31, 2015	$	25.54		$	115.88		$	64.58		$	87.94		$	53.96		$	264.84
Net investment income (loss)		(0.17	)		(0.55	)		(0.26	)		(0.50	)		(0.33	)		(1.10	)
Net realized and unrealized gain (loss)#		1.71			(24.00	)		(27.01	)		(7.20	)		(11.49	)		(178.88	)
Change in net asset value from operations		1.54			(24.55	)		(27.27	)		(7.70	)		(11.82	)		(179.98	)
Net asset value, at December 31, 2016	$	27.08		$	91.33		$	37.31		$	80.24		$	42.14		$	84.86
Market value per share, at December 31, 2015†	$	25.53		$	115.83		$	64.55		$	87.89		$	53.99		$	266.60
Market value per share, at December 31, 2016†	$	27.08		$	90.54		$	38.76		$	80.25		$	42.34		$	85.04
Total Return, at net asset value		6.0	%		(21.2	)%		(42.2	)%		(8.8	)%		(21.9	)%		(68.0	)%
Total Return, at market value		6.1	%		(21.8	)%		(40.0	)%		(8.7	)%		(21.6	)%		(68.1	)%
Ratios to Average Net Assets
Expense ratio		0.95	%		0.95	%		0.95	%		0.95	%		0.93	%		0.99	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.85	%		0.85	%
Net investment income (loss)		(0.70	)%		(0.70	)%		(0.70	)%		(0.71	)%		(0.68	)%		(0.75	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

Selected data for a Share outstanding throughout the year ended December 31, 2015

For the Year Ended December 31, 2015

Per Share Operating Performance	Short Euro			Short VIX Short-Term Futures ETF*			Ultra Bloomberg Crude Oil*			Ultra Bloomberg Natural Gas*			Ultra Euro			Ultra Gold
Net asset value, at December 31, 2014	$	40.06		$	30.70		$	101.48		$	61.65		$	19.87		$	40.00
Net investment income (loss)		(0.40	)		(0.41	)		(0.56	)		(0.50	)		(0.15	)		(0.33	)
Net realized and unrealized gain (loss)#		4.12			(4.88	)		(75.77	)		(42.58	)		(4.21	)		(9.94	)
Change in net asset value from operations		3.72			(5.29	)		(76.33	)		(43.08	)		(4.36	)		(10.27	)
Net asset value, at December 31, 2015	$	43.78		$	25.41		$	25.15		$	18.57		$	15.51		$	29.73
Market value per share, at December 31, 2014†	$	40.03		$	30.58		$	103.70		$	63.12		$	19.80		$	38.41
Market value per share, at December 31, 2015†	$	43.74		$	25.23		$	25.08		$	18.48		$	15.51		$	29.73
Total Return, at net asset value		9.3	%		(17.2	)%		(75.2	)%		(69.9	)%		(22.0	)%		(25.7	)%
Total Return, at market value		9.3	%		(17.5	)%		(75.8	)%		(70.7	)%		(21.7	)%		(22.6	)%
Ratios to Average Net Assets
Expense ratio		0.97	%		1.40	%		1.02	%		1.29	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.95	)%		(1.36	)%		(0.98	)%		(1.26	)%		(0.93	)%		(0.90	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

For the Year Ended December 31, 2015

Per Share Operating Performance	Ultra Silver			Ultra VIX Short-Term Futures ETF*			Ultra Yen*			UltraShort Australian Dollar			UltraShort Bloomberg Crude Oil*			UltraShort Bloomberg Natural Gas*
Net asset value, at December 31, 2014	$	39.37		$	12,546.00		$	56.47		$	51.38		$	38.99		$	27.99
Net investment income (loss)		(0.33	)		(72.24	)		(0.48	)		(0.57	)		(0.39	)		(0.44	)
Net realized and unrealized gain (loss)#		(11.98	)		(9,665.36	)		(1.24	)		7.65			28.00			18.98
Change in net asset value from operations		(12.31	)		(9,737.60	)		(1.72	)		7.08			27.61			18.54
Net asset value, at December 31, 2015	$	27.06		$	2,808.40		$	54.75		$	58.46		$	66.60		$	46.53
Market value per share, at December 31, 2014†	$	38.05		$	12,575.00		$	56.48		$	51.37		$	38.26		$	27.34
Market value per share, at December 31, 2015†	$	27.07		$	2,835.00		$	54.70		$	58.15		$	66.82		$	46.53
Total Return, at net asset value		(31.3	)%		(77.6	)%		(3.0	)%		13.8	%		70.8	%		66.3	%
Total Return, at market value		(28.8	)%		(77.5	)%		(3.2	)%		13.2	%		74.6	%		70.3	%
Ratios to Average Net Assets
Expense ratio		0.95	%		1.65	%		0.95	%		1.03	%		1.07	%		1.55	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.89	)%		(1.61	)%		(0.88	)%		(1.00	)%		(1.04	)%		(1.50	)%

* See Note 1 of these Notes to Financial Statements.

# Percentages The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

For the Year Ended December 31, 2015

Per Share Operating Performance	UltraShort Euro			UltraShort Gold			UltraShort Silver*			UltraShort Yen			VIX Mid-Term Futures ETF			VIX Short-Term Futures ETF*
Net asset value, at December 31, 2014	$	21.59		$	96.65		$	57.81		$	89.33		$	63.60		$	418.64
Net investment income (loss)		(0.22	)		(0.91	)		(0.50	)		(0.82	)		(0.51	)		(2.65	)
Net realized and unrealized gain (loss)#		4.17			20.14			7.27			(0.57	)		(9.13	)		(151.15	)
Change in net asset value from operations		3.95			19.23			6.77			(1.39	)		(9.64	)		(153.80	)
Net asset value, at December 31, 2015	$	25.54		$	115.88		$	64.58		$	87.94		$	53.96		$	264.84
Market value per share, at December 31, 2014†	$	21.61		$	100.22		$	59.70		$	89.30		$	63.89		$	419.80
Market value per share, at December 31, 2015†	$	25.53		$	115.83		$	64.55		$	87.89		$	53.99		$	266.60
Total Return, at net asset value		18.3	%		19.9	%		11.7	%		(1.6	)%		(15.2	)%		(36.7	)%
Total Return, at market value		18.1	%		15.6	%		8.1	%		(1.6	)%		(15.5	)%		(36.5	)%
Ratios to Average Net Assets
Expense ratio		0.95	%		0.95	%		0.95	%		0.95	%		0.91	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.85	%		0.85	%
Net investment income (loss)		(0.90	)%		(0.91	)%		(0.91	)%		(0.92	)%		(0.88	)%		(0.92	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

XML

Risk

12 Months Ended

Dec. 31, 2017

Risks and Uncertainties [Abstract]

Risk

NOTE 8 – RISK

Correlation and Compounding Risk

The Geared Funds do not seek to achieve their stated investment objective over a period of time greater than a single day (as measured from NAV calculation time to NAV calculation time). The return of a Geared Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ from the inverse (-1x), two times the inverse (-2x), two times of the return (2x), three times the inverse (-3x), or three times of the return (3x) of the Geared Fund’s benchmark for the period. A Fund will lose money if its benchmark performance is flat over time, and it is possible for a Geared Fund to lose money over time even if the performance of its benchmark increases (or decreases in the case of Short, UltraShort and UltraPro Short Funds), as a result of daily rebalancing, the benchmark’s volatility and compounding. Longer holding periods, higher benchmark volatility, inverse exposure and greater leverage each affect the impact of compounding on a Fund’s returns. Daily compounding of a Geared Fund’s investment returns can dramatically and adversely affect its longer-term performance during periods of high volatility. Volatility may be at least as important to a Geared Fund’s return for a period as the return of the Fund’s underlying benchmark. The Matching VIX Funds seek to achieve their stated investment objective both over a single day and over time.

Each Ultra, UltraShort, UltraPro and UltraPro Short Fund uses leverage and should produce daily returns that are more volatile than that of its benchmark. For example, the daily return of an Ultra or UltraPro Fund with a 2x or 3x multiple should be approximately two or three times as volatile on a daily basis as is the return of a fund with an objective of matching the same benchmark. The daily return of a Short, UltraShort or UltraPro Short Fund is designed to return the inverse (-1x), two times the inverse (-2x) or three times the inverse (-3x) of the return that would be expected of a fund with an objective of matching the same benchmark. The Geared Funds are not appropriate for all investors and present different risks than other funds. The Leveraged Funds use leverage and are riskier than similarly benchmarked exchange-traded funds that do not use leverage. An investor should only consider an investment in a Geared Fund if he or she understands the consequences of seeking daily leveraged, daily inverse or daily inverse leveraged investment results. Daily objective geared funds, if used properly and in conjunction with the investor’s view on the future direction and volatility of the markets, can be useful tools for investors who want to manage their exposure to various markets and market segments and who are willing to monitor and/or periodically rebalance their portfolios. Shareholders who invest in the Funds should actively manage and monitor their investments, as frequently as daily.

While the Funds expect to meet their investment objectives, several factors may affect their ability to do so. Among these factors are: (1) the Sponsor’s ability to purchase and sell Financial Instruments in a manner that correlates to a Fund’s objective; (2) an imperfect correlation between the performance of Financial Instruments held by a Fund and the performance of the applicable benchmark; (3) bid-ask spreads on such Financial Instruments; (4) fees, expenses, transaction costs, financing costs associated with the use of Financial Instruments and commission costs; (5) holding instruments traded in a market that has become illiquid or disrupted; (6) a Fund’s Share prices being rounded to the nearest cent and/or valuation methodology; (7) changes to a benchmark index that are not disseminated in advance; (8) the need to conform a Fund’s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of a Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; and (11) differences caused by a Fund obtaining exposure to only a representative sample of the components of a benchmark, overweighting or underweighting certain components of a benchmark or obtaining exposure to assets that are not included in a benchmark.

A number of factors may affect a Geared Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent a Geared Fund from achieving its investment objective. In order to achieve a high degree of correlation with their underlying benchmarks, the Geared Funds seek to rebalance their portfolios daily to keep exposure consistent with their investment objectives. Being materially under- or over-exposed to the benchmark may prevent such Geared Funds from achieving a high degree of correlation with such benchmark. Market disruptions or closure, large amounts of assets into or out of the Geared Funds, regulatory restrictions or extreme market volatility will adversely affect such Funds’ ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the benchmarks’ movements during each day. Because of this, it is unlikely that the Geared Funds will be perfectly exposed (i.e., -1x, -2x, 2x, -3x or 3x, as applicable) to its benchmark at the end of each day, and the likelihood of being materially under- or over-exposed is higher on days when the benchmark levels are volatile near the close of the trading day.

In addition, unlike other funds that do not rebalance their portfolios as frequently, each Geared Fund may be subject to increased trading costs associated with daily portfolio rebalancing in order to maintain appropriate exposure to the underlying benchmarks.

Counterparty Risk

Certain of the Funds will use swap agreements and/or forward contracts as a means to achieve their respective investment objectives. Such Funds will use either swap agreements and/or forward contracts referencing their respective benchmarks. These Funds may also invest in other swap agreements or forward contracts if such instruments tend to exhibit trading prices or returns that correlate with the benchmark or a component of the benchmark and will further the investment objective of the Fund. Certain Funds may invest in swap agreements or forward contracts if position accountability rules or position limits or margin limits are reached with respect to specific futures contracts or the market for a specific futures contract experiences emergencies (e.g., natural disaster, terrorist attack or an act of God) or disruptions (e.g., a trading halt or a flash crash) that prevent the Funds from obtaining the appropriate amount of investment exposure to the affected futures contract or certain other futures contracts. Although unlikely, those Funds, under these circumstances, could have 100% exposure to swap agreements or forward contracts.

Swap agreements and forward contracts are generally traded in OTC markets and have only recently become subject to regulation by the CFTC. CFTC rules, however, do not cover all types of swap agreements and forward contracts. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act (the “CEA”) in connection with each Fund’s swap agreements or forward contracts. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants.

The Funds will be subject to credit risk with respect to the counterparties to the derivatives contracts (whether a clearing corporation in the case of cleared instruments or another third party in the case of OTC uncleared instruments). Unlike in futures contracts, the counterparty to uncleared swap agreements or forward contracts is generally a single bank or other financial institution, rather than a clearing organization backed by a group of financial institutions. As a result, a Fund is subject to credit risk with respect to the amount it expects to receive from counterparties to uncleared swaps and forward contracts entered into as part of that Fund’s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline.

The Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds; however there are no limitations on the percentage of its assets each Fund may invest in swap agreements or forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. The Funds typically enter into transactions only with major global financial institutions.

OTC swaps or forward contracts are less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. If the level of the Fund’s benchmark has a dramatic intraday move that would cause a material decline in the Fund’s NAV, the terms of the swap may permit the counterparty to immediately close out the transaction with the Fund. In that event, it may not be possible for the Fund to enter into another swap agreement or to invest in other Financial Instruments necessary to achieve the desired exposure consistent with the Fund’s objective. This, in turn, may prevent the Fund from achieving its investment objective, particularly if the level of the Fund’s benchmark reverses all or part of its intraday move by the end of the day. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered into directly between two counterparties generally do not benefit from such protections. This exposes the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss.

Each counterparty and/or any of its affiliates may be an Authorized Participant or shareholder of a Fund.

The counterparty risk for cleared derivative transactions is generally lower than for uncleared OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members, will satisfy its obligations to the Fund.

Leverage Risk

The Leveraged Funds may utilize leverage in seeking to achieve their respective investment objectives and will lose more money in market environments adverse to their respective daily investment objectives than funds that do not employ leverage. The use of leveraged and/or inverse leveraged positions could result in the total loss of an investor’s investment.

For example, because the UltraShort Funds and Ultra Funds include a two times the inverse (-2x), or a two times (2x) multiplier, a single-day movement in the relevant benchmark approaching 50% at any point in the day (for an UltraShort Fund or an Ultra Fund) could result in the total loss or almost total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if such Fund’s benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. For UltraPro Fund and UltraPro Short Fund, because the Funds include a three times (3x) or three times the inverse (-3x) multiplier, a single-day movement in the Benchmark approaching 33% at any point in the day could result in the total loss or almost total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if the Benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. This would be the case with downward single-day or intraday movements in the underlying benchmark of an Ultra Fund and UltraPro Fund or upward single-day or intraday movements in the benchmark of an UltraShort Fund and UltraPro Short Fund, even if the underlying benchmark maintains a level greater than zero at all times.

Liquidity Risk

Financial Instruments cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position or find a swap or forward contract counterparty at a reasonable cost. Market illiquidity may cause losses for the Funds. The large size of the positions which the Funds may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Instruments related to one benchmark, which in many cases is highly concentrated.

“Contango” and “Backwardation” Risk

In Funds that hold futures contracts, as the futures contracts near expiration, they are generally replaced by contracts that have a later expiration. Thus, for example, a contract purchased and held in November 2016 may specify a January 2017 expiration. As that contract nears expiration, it may be replaced by selling the January 2017 contract and purchasing the contract expiring in March 2017. This process is referred to as “rolling.” Rolling may have a positive or negative impact on performance. For example, historically, the prices of certain types of futures contracts have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as “backwardation.” In these circumstances, absent other factors, the sale of the January 2017 contract would take place at a price that is higher than the price at which the March 2017 contract is purchased, thereby creating a gain in connection with rolling. While certain types of futures contracts have historically exhibited consistent periods of backwardation, backwardation will likely not exist in these markets at all times. The presence of contango (where prices of contracts are higher in the distant delivery months than in the nearer delivery months due to the costs of long-term storage of a physical commodity prior to delivery or other factors) in certain futures contracts at the time of rolling would be expected to adversely affect an Ultra Fund, an UltraPro Fund or a Matching VIX Fund that invests in such futures, and positively affect a Short Fund, an UltraShort Fund or an UltraPro Short Fund that invests in such futures. Similarly, the presence of backwardation in certain futures contracts at the time of rolling such contracts would be expected to adversely affect the Short Funds, UltraShort Funds, and UltraPro Short Funds, and positively affect the Ultra Funds, UltraPro Funds and Matching VIX Funds.

Since the introduction of VIX futures contracts, there have frequently been periods where VIX futures prices reflect higher expected volatility levels further out in time. This can result in a loss from “rolling” the VIX futures to maintain the constant weighted average maturity of the applicable VIX Futures Index. Losses from exchanging a lower priced VIX future for a higher priced longer-term future in the rolling process would adversely affect the value of each VIX Futures Index and, accordingly, decrease the return of the Ultra VIX Short-Term Futures ETF and the Matching VIX Funds.

Gold and silver historically exhibit persistent “contango” markets rather than backwardation. Natural gas, like crude oil, moves in and out of backwardation and contango but historically has been in contango most commonly. It is generally believed this is because the market needs to build inventories for most of the year in order to have enough storage to make it through a normal winter. Periods of backwardation are typically thought to be caused by demand shocks or supply shortages such as an unusually cold winter or a hurricane.

XML

Subsequent Events

12 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

NOTE 9 – SUBSEQUENT EVENTS

Effective as of close of business on February 27, 2018, the investment objective of ProShares Ultra VIX Short-Term Futures ETF and ProShares Short VIX Short-Term Futures ETF changed.

ProShares Ultra VIX Short-Term Futures ETF (NYSE Arca: UVXY) changed its investment objective to seek results (before fees and expenses) that correspond to one and one-half times (1.5x) the performance of the S&P 500 VIX Short-Term Futures Index (“Index”) for a single day. Previously, the Fund’s investment objective was to seek results (before fees and expenses) that correspond to two times (2x) the performance of the Index for a single day.

ProShares Short VIX Short-Term Futures ETF (NYSE Arca: SVXY) changed its investment objective to seek results (before fees and expenses) that correspond to one-half the inverse (-0.5x) of the Index for a single day. Previously, the Fund’s investment objective was to seek results (before fees and expenses) that correspond to the inverse (-1x) of the Index for a single day.

Certain regulatory approvals will be required for the Funds to permanently pursue these new investment objectives. In the event that such approvals are not obtained, the Funds will consider other courses of action.

XML

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Use of Estimates & Indemnifications

Use of Estimates & Indemnifications

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.

Basis of Presentation

Basis of Presentation

Pursuant to rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), audited financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of one Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase of Shares in that Fund.

Statement of Cash Flows

Statement of Cash Flows

The cash amount shown in the Statements of Cash Flows is the amount reported as cash in the Statement of Financial Condition dated December 31, 2017 and 2016, and represents non-segregated cash with the custodian and does not include short-term investments.

Final Net Asset Value for Fiscal Period

Final Net Asset Value for Fiscal Period

The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the year ended December 31, 2017 were as follows. All times are Eastern Standard Time:

	Create/Redeem Cut-off*		NAV Calculation Time		NAV Calculation Date
UltraShort Silver, Ultra Silver		6:30 a.m.		7:00 a.m.		December 29
UltraShort Gold, Ultra Gold		9:30 a.m.		10:00 a.m.		December 29
UltraShort Bloomberg Crude Oil, Ultra Bloomberg Crude Oil,		2:00 p.m.		2:30 p.m.		December 29
UltraPro 3x Short Crude Oil,
UltraPro 3x Crude Oil ETF
UltraShort Bloomberg Natural Gas, Ultra Bloomberg Natural Gas		2:00 p.m.		2:30 p.m.		December 29
UltraShort Australian Dollar		3:00 p.m.		4:00 p.m.		December 29
Short Euro UltraShort Euro, Ultra Euro		3:00 p.m.		4:00 p.m.		December 29
UltraShort Yen, Ultra Yen		3:00 p.m.		4:00 p.m.		December 29
VIX Short-Term Futures ETF, Ultra VIX Short-Term Futures ETF, Short VIX Short-Term Futures ETF		2:00 p.m.		4:15 p.m.		December 29
VIX Mid-Term Futures ETF		2:00 p.m.		4:15 p.m.		December 29

* Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the year ended December 31, 2017.

Market value per Share is determined at the close of the NYSE Arca and may be later than when the Funds’ NAV per Share is calculated.

For financial reporting purposes, the Funds value transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the year ended December 31, 2017.

Investment Valuation

Investment Valuation

Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short-term investments are valued at their market price using information provided by a third-party pricing service or market quotations. In each of these situations, valuations are typically categorized as Level I in the fair value hierarchy.

Derivatives (e.g., futures contracts, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, except for those entered into by the Gold, Silver, Australian Dollar and Short Euro Funds, are generally valued at the last settled price on the applicable exchange on which that future trades. Futures contracts entered into by the Gold, Silver, Australian Dollar and Short Euro Funds are valued at the last sales price prior to the time at which the NAV per Share of a Fund is determined. For financial reporting purposes, all futures contracts are valued at the last settled price. Futures contracts valuations are typically categorized as Level I in the fair value hierarchy. Swap agreements, forward agreements and foreign currency forward contracts valuations are typically categorized as Level II in the fair value hierarchy. If there was no sale on that day, and for non-exchange-traded derivatives, the Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position for such day. Such fair value prices would generally be determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with industry standards. When market closing prices are not available, the Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted, which are consistent with normal industry standards. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level II or Level III in the fair value hierarchy.

Fair value pricing may require subjective determinations about the value of an investment. While the Funds’ policies are intended to result in a calculation of its respective Fund’s NAV that fairly reflects investment values as of the time of pricing, such Fund cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that a Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by such Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs); and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows:

Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.

In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest input level that is significant to the fair value measurement in its entirety.

Fair value measurements 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 table summarizes the valuation of investments at December 31, 2017 using the fair value hierarchy:

	Level I - Quoted Prices					Level II - Other Significant Observable Inputs
	Short-Term U.S. Government and Agencies		Futures Contracts*			Forward Agreements			Foreign Currency Forward Contracts			Swap Agreements			Total
Short Euro	$	6,996,235	$	(166,288	)	$	—		$	—		$	—		$	6,829,947
Short VIX Short-Term Futures ETF		494,910,644		17,041,449			—			—			—			511,952,093
Ultra Bloomberg Crude Oil		459,515,902		11,945,979			—			—			62,238,361			533,700,242
Ultra Bloomberg Natural Gas		50,961,356		7,225,810			—			—			—			58,187,166
Ultra Euro		6,996,235		—			—			264,152			—			7,260,387
Ultra Gold		88,884,844		5,480			3,646,355			—			—			92,536,679
Ultra Silver		235,581,716		1,600			21,735,334			—			—			257,318,650
Ultra VIX Short-Term Futures ETF		287,533,132		(34,466,120	)		—			—			—			253,067,012
Ultra Yen		1,997,933		—			—			(34,824	)		—			1,963,109
UltraShort Australian Dollar		11,983,904		(893,220	)		—			—			—			11,090,684
UltraPro 3X Crude Oil ETF		—		1,417,998			—			—			—			1,417,998
UltraPro 3X Short Crude Oil ETF		—		(2,988,155	)		—			—			—			(2,988,155	)
UltraShort Bloomberg Crude Oil		253,646,823		(3,962,648	)		—			—			(30,607,142	)		219,077,033
UltraShort Bloomberg Natural Gas		3,999,751		(1,097,049	)		—			—			—			2,902,702
UltraShort Euro		204,770,166		—			—			(6,344,269	)		—			198,425,897
UltraShort Gold		31,977,900		(5,460	)		(1,488,259	)		—			—			30,484,181
UltraShort Silver		18,349,861		(1,650	)		(1,716,163	)		—			—			16,632,048
UltraShort Yen		131,834,352		—			—			1,527,263			—			133,361,615
VIX Mid-Term Futures ETF		20,993,515		(2,215,280	)		—			—			—			18,778,235
VIX Short-Term Futures ETF		134,845,604		(4,761,877	)		—			—			—			130,083,727
Total Trust	$	2,445,779,873	$	(12,919,431	)	$	22,177,267		$	(4,587,678	)	$	31,631,219		$	2,482,081,250

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

At December 31, 2017, there were no Level III portfolio investments for which significant unobservable inputs were used to determine fair value.

The Funds’ policy is to recognize transfers between valuation levels at the end of the reporting period.

At December 31, 2017, there were no significant transfers in or out of Level I and Level II fair value measurements.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the valuation of investments at December 31, 2016 using the fair value hierarchy:

	Level I - Quoted Prices					Level II - Other Significant Observable Inputs
	Short-Term U.S. Government and Agencies		Futures Contracts*			Forward Agreements			Foreign Currency Forward Contracts			Swap Agreements			Total
Short Euro	$	13,164,828	$	132,900		$	—		$	—		$	—		$	13,297,728
Short VIX Short-Term Futures ETF		170,396,436		(10,309,611	)		—			—			—			160,086,825
Ultra Bloomberg Crude Oil		885,050,007		5,537,165			—			—			55,358,571			945,945,743
Ultra Bloomberg Natural Gas		36,183,648		2,536,720			—			—			—			38,720,368
Ultra Euro		11,891,831		—			—			(574,010	)		—			11,317,821
Ultra Gold		95,356,621		(18,960	)		(4,431,107	)		—			—			90,906,554
Ultra Silver		295,300,799		(27,360	)		(20,976,189	)		—			—			274,297,250
Ultra VIX Short-Term Futures ETF		434,671,795		(7,972,237	)		—			—			—			426,699,558
Ultra Yen		5,282,879		—			—			(342,076	)		—			4,940,803
UltraShort Australian Dollar		12,909,619		1,182,340			—			—			—			14,091,959
UltraShort Bloomberg Crude Oil		205,694,385		(1,426,815	)		—			—			(12,206,881	)		192,060,689
UltraShort Bloomberg Natural Gas		2,899,151		(482,031	)		—			—			—			2,417,120
UltraShort Euro		337,375,787		—			—			16,162,931			—			353,538,718
UltraShort Gold		60,540,555		18,980			3,033,566			—			—			63,593,101
UltraShort Silver		21,550,319		27,310			1,384,246			—			—			22,961,875
UltraShort Yen		257,102,313		—			—			16,744,937			—			273,847,250
VIX Mid-Term Futures ETF		45,486,235		(1,288,245	)		—			—			—			44,197,990
VIX Short-Term Futures ETF		147,991,233		(468,652	)		—			—			—			147,522,581
Total Trust	$	3,038,848,441	$	(12,558,496	)	$	(20,989,484	)	$	31,991,782		$	43,151,690		$	3,080,443,933

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

At December 31, 2016, there were no Level III portfolio investments for which significant unobservable inputs were used to determine fair value.

The Funds’ policy is to recognize transfers between valuation levels at the end of the reporting period.

At December 31, 2016, there were no significant transfers in or out of Level I and Level II fair value measurements.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

Investment Transactions and Related Income

Investment Transactions and Related Income

Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation/depreciation on open contracts are reflected in the Statements of Financial Condition and changes in the unrealized appreciation/depreciation between periods are reflected in the Statements of Operations. Discounts on short-term securities purchased are amortized and reflected as Interest Income in the Statements of Operations.

Brokerage Commissions and Fees

Brokerage Commissions and Fees

Each Fund pays its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission (“CFTC”) regulated investments. The effects of trading spreads, financing costs/fees associated with Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short-term fixed-income would also be borne by the Funds. Brokerage commissions on futures contracts are

recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed). The Sponsor is currently paying brokerage commissions on VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02% of the Matching VIX Fund’s average net assets annually.

Federal Income Tax

Federal Income Tax

Each Fund is registered as a series of a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, no Fund expects to incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares is required to take into account its allocable share of its Fund’s income, gain, loss, deductions and other items for its Fund’s taxable year ending with or within the beneficial owner’s taxable year.

Management of the Funds has reviewed all open tax years and major jurisdictions (i.e., the last four tax year ends and the interim tax period 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 twelve months. On an ongoing basis, management will monitor its tax positions taken under the interpretation to determine if adjustments to conclusions are necessary based on factors including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof.

New Accounting Pronouncements

New Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”), which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the statement of cash flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

XML

Organization (Tables)

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Share Splits and Reverse Share Splits

The table below includes Share splits and reverse Share splits for the Funds during the years ended December 31, 2015, 2016 and 2017. The ticker symbols for these Funds did not change, and each Fund continues to trade on the NYSE Arca.

Fund	Execution Date (Prior to Opening of Trading)	Type of Split	Date Trading Resumed at Post- Split Price
ProShares Ultra VIX Short-Term Futures ETF	May 20, 2015	1-for-5 reverse Share split	May 20, 2015
ProShares Ultra Bloomberg Crude Oil	May 20, 2015	1-for-5 reverse Share split	May 20, 2015
ProShares Ultra Bloomberg Natural Gas	May 20, 2015	1-for-4 reverse Share split	May 20, 2015
ProShares Ultra Yen	May 20, 2015	1-for-4 reverse Share split	May 20, 2015
ProShares UltraShort Silver	November 13, 2015	2-for-1 Share split	November 13, 2015
ProShares UltraShort Bloomberg Natural Gas	July 20, 2016	3-for-1 Share split	July 25, 2016
ProShares VIX Short-Term Futures ETF	July 25, 2016	1-for-5 reverse Share split	July 25, 2016
ProShares Ultra VIX Short-Term Futures ETF	July 25, 2016	1-for-5 reverse Share split	July 25, 2016
ProShares UltraShort Bloomberg Crude Oil	January 11, 2017	2-for-1 Share split	January 12, 2017
ProShares Ultra Bloomberg Crude Oil	January 11, 2017	1-for-2 reverse Share split	January 12, 2017
ProShares Ultra VIX Short-Term Futures ETF	January 11, 2017	1-for-5 reverse Share split	January 12, 2017
ProShares Short VIX Short-Term Futures ETF	July 12, 2017	2-for-1 Share split	July 17, 2017
ProShares VIX Short-Term Futures ETF	July 14, 2017	1-for-4 reverse Share split	July 17, 2017
ProShares Ultra VIX Short-Term Futures ETF	July 14, 2017	1-for-4 reverse Share split	July 17, 2017

XML

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Cut-off Times and Times of Calculation of Funds' Final Net Asset Value for Creation and Redemption of Fund Shares

The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the year ended December 31, 2017 were as follows. All times are Eastern Standard Time:

	Create/Redeem Cut-off*		NAV Calculation Time		NAV Calculation Date
UltraShort Silver, Ultra Silver		6:30 a.m.		7:00 a.m.		December 29
UltraShort Gold, Ultra Gold		9:30 a.m.		10:00 a.m.		December 29
UltraShort Bloomberg Crude Oil, Ultra Bloomberg Crude Oil,		2:00 p.m.		2:30 p.m.		December 29
UltraPro 3x Short Crude Oil,
UltraPro 3x Crude Oil ETF
UltraShort Bloomberg Natural Gas, Ultra Bloomberg Natural Gas		2:00 p.m.		2:30 p.m.		December 29
UltraShort Australian Dollar		3:00 p.m.		4:00 p.m.		December 29
Short Euro UltraShort Euro, Ultra Euro		3:00 p.m.		4:00 p.m.		December 29
UltraShort Yen, Ultra Yen		3:00 p.m.		4:00 p.m.		December 29
VIX Short-Term Futures ETF, Ultra VIX Short-Term Futures ETF, Short VIX Short-Term Futures ETF		2:00 p.m.		4:15 p.m.		December 29
VIX Mid-Term Futures ETF		2:00 p.m.		4:15 p.m.		December 29

* Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the year ended December 31, 2017.

Valuation of Investments using Fair Value Hierarchy

The following table summarizes the valuation of investments at December 31, 2017 using the fair value hierarchy:

	Level I - Quoted Prices					Level II - Other Significant Observable Inputs
	Short-Term U.S. Government and Agencies		Futures Contracts*			Forward Agreements			Foreign Currency Forward Contracts			Swap Agreements			Total
Short Euro	$	6,996,235	$	(166,288	)	$	—		$	—		$	—		$	6,829,947
Short VIX Short-Term Futures ETF		494,910,644		17,041,449			—			—			—			511,952,093
Ultra Bloomberg Crude Oil		459,515,902		11,945,979			—			—			62,238,361			533,700,242
Ultra Bloomberg Natural Gas		50,961,356		7,225,810			—			—			—			58,187,166
Ultra Euro		6,996,235		—			—			264,152			—			7,260,387
Ultra Gold		88,884,844		5,480			3,646,355			—			—			92,536,679
Ultra Silver		235,581,716		1,600			21,735,334			—			—			257,318,650
Ultra VIX Short-Term Futures ETF		287,533,132		(34,466,120	)		—			—			—			253,067,012
Ultra Yen		1,997,933		—			—			(34,824	)		—			1,963,109
UltraShort Australian Dollar		11,983,904		(893,220	)		—			—			—			11,090,684
UltraPro 3X Crude Oil ETF		—		1,417,998			—			—			—			1,417,998
UltraPro 3X Short Crude Oil ETF		—		(2,988,155	)		—			—			—			(2,988,155	)
UltraShort Bloomberg Crude Oil		253,646,823		(3,962,648	)		—			—			(30,607,142	)		219,077,033
UltraShort Bloomberg Natural Gas		3,999,751		(1,097,049	)		—			—			—			2,902,702
UltraShort Euro		204,770,166		—			—			(6,344,269	)		—			198,425,897
UltraShort Gold		31,977,900		(5,460	)		(1,488,259	)		—			—			30,484,181
UltraShort Silver		18,349,861		(1,650	)		(1,716,163	)		—			—			16,632,048
UltraShort Yen		131,834,352		—			—			1,527,263			—			133,361,615
VIX Mid-Term Futures ETF		20,993,515		(2,215,280	)		—			—			—			18,778,235
VIX Short-Term Futures ETF		134,845,604		(4,761,877	)		—			—			—			130,083,727
Total Trust	$	2,445,779,873	$	(12,919,431	)	$	22,177,267		$	(4,587,678	)	$	31,631,219		$	2,482,081,250

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

At December 31, 2017, there were no Level III portfolio investments for which significant unobservable inputs were used to determine fair value.

The Funds’ policy is to recognize transfers between valuation levels at the end of the reporting period.

At December 31, 2017, there were no significant transfers in or out of Level I and Level II fair value measurements.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the valuation of investments at December 31, 2016 using the fair value hierarchy:

	Level I - Quoted Prices					Level II - Other Significant Observable Inputs
	Short-Term U.S. Government and Agencies		Futures Contracts*			Forward Agreements			Foreign Currency Forward Contracts			Swap Agreements			Total
Short Euro	$	13,164,828	$	132,900		$	—		$	—		$	—		$	13,297,728
Short VIX Short-Term Futures ETF		170,396,436		(10,309,611	)		—			—			—			160,086,825
Ultra Bloomberg Crude Oil		885,050,007		5,537,165			—			—			55,358,571			945,945,743
Ultra Bloomberg Natural Gas		36,183,648		2,536,720			—			—			—			38,720,368
Ultra Euro		11,891,831		—			—			(574,010	)		—			11,317,821
Ultra Gold		95,356,621		(18,960	)		(4,431,107	)		—			—			90,906,554
Ultra Silver		295,300,799		(27,360	)		(20,976,189	)		—			—			274,297,250
Ultra VIX Short-Term Futures ETF		434,671,795		(7,972,237	)		—			—			—			426,699,558
Ultra Yen		5,282,879		—			—			(342,076	)		—			4,940,803
UltraShort Australian Dollar		12,909,619		1,182,340			—			—			—			14,091,959
UltraShort Bloomberg Crude Oil		205,694,385		(1,426,815	)		—			—			(12,206,881	)		192,060,689
UltraShort Bloomberg Natural Gas		2,899,151		(482,031	)		—			—			—			2,417,120
UltraShort Euro		337,375,787		—			—			16,162,931			—			353,538,718
UltraShort Gold		60,540,555		18,980			3,033,566			—			—			63,593,101
UltraShort Silver		21,550,319		27,310			1,384,246			—			—			22,961,875
UltraShort Yen		257,102,313		—			—			16,744,937			—			273,847,250
VIX Mid-Term Futures ETF		45,486,235		(1,288,245	)		—			—			—			44,197,990
VIX Short-Term Futures ETF		147,991,233		(468,652	)		—			—			—			147,522,581
Total Trust	$	3,038,848,441	$	(12,558,496	)	$	(20,989,484	)	$	31,991,782		$	43,151,690		$	3,080,443,933

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

XML

Investments (Tables)

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Fair Value of Derivative Instruments

The following tables indicate the location of derivative related items on the Statement of Financial Condition as well as the effect of derivative instruments on the Statement of Operations during the reporting period.

Fair Value of Derivative Instruments

as of December 31, 2017

	Assets Derivatives					Liability Derivatives
Derivatives not accounted for as hedging instruments	Statements of Financial Condition Location	Fund	Unrealized Appreciation			Statements of Financial Condition Location	Fund	Unrealized Depreciation
VIX Futures Contracts	Receivables on open futures contracts	ProShares Short VIX Short-Term Futures ETF	$	21,493,549	*	Payable on open futures contracts	ProShares Short VIX Short-Term Futures ETF	$	4,452,100	*
		ProShares Ultra VIX Short-Term Futures ETF		3,974,642	*		ProShares Ultra VIX Short-Term Futures ETF		38,440,762	*
		ProShares VIX Short-Term Futures ETF		709,708	*		ProShares VIX Mid-Term Futures ETF		2,215,280	*
							ProShares VIX Short-Term Futures ETF		5,471,585	*
Commodities Contracts	Receivables on open futures contracts, unrealized appreciation on swap and/or forward agreements	ProShares Ultra Bloomberg Crude Oil		74,184,340	*	Payable on open futures contracts, unrealized depreciation on swap and/or forward agreements	ProShares UltraPro 3x Short Crude Oil ETF		2,988,155	*
		ProShares Ultra Bloomberg Natural Gas		7,225,810	*		ProShares UltraShort Bloomberg Crude Oil		34,569,790	*
		ProShares Ultra Gold		3,651,835	*		ProShares UltraShort Bloomberg Natural Gas		1,097,049	*
		ProShares Ultra Silver		21,736,934	*		ProShares UltraShort Gold		1,493,719	*
		ProShares UltraPro 3x Crude Oil ETF		1,417,998	*		ProShares UltraShort Silver		1,717,813	*
Foreign Exchange Contracts	Unrealized appreciation on foreign currency forward contracts and receivables on open futures contracts	ProShares Ultra Euro		321,609		Unrealized depreciation on foreign currency forward contracts and payable on open futures contracts	ProShares Short Euro		166,288	*
		ProShares UltraShort Euro		449,302			ProShares Ultra Euro		57,457
		ProShares UltraShort Yen		1,568,997			ProShares Ultra Yen		34,824
							ProShares UltraShort Australian Dollar		893,220	*
							ProShares UltraShort Euro		6,793,571
							ProShares UltraShort Yen		41,734
		Total Trust	$	136,734,724	*		Total Trust	$	100,433,347	*

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures contracts.

Fair Value of Derivative Instruments

as of December 31, 2016

	Assets Derivatives					Liability Derivatives
Derivatives not accounted for as hedging instruments	Statements of Financial Condition Location	Fund	Unrealized Appreciation			Statements of Financial Condition Location	Fund	Unrealized Depreciation
VIX Futures Contracts	Receivables on open futures contracts	ProShares VIX Short-Term Futures ETF	$	2,273,874	*	Payable on open futures contracts	ProShares VIX Short-Term Futures ETF	$	2,742,526	*
		ProShares VIX Mid-Term Futures ETF		68,375	*		ProShares VIX Mid-Term Futures ETF		1,356,620	*
		ProShares Ultra VIX Short-Term Futures ETF		13,594,875	*		ProShares Short VIX Short-Term Futures ETF		10,309,611	*
							ProShares Ultra VIX Short-Term Futures ETF		21,567,112	*
Commodities Contracts	Receivables on open futures contracts, unrealized appreciation on swap and/or forward agreements	ProShares UltraShort Gold		3,052,546	*	Payable on open futures contracts, unrealized depreciation on swap and/or forward agreements	ProShares UltraShort Bloomberg Crude Oil		13,633,696	*
		ProShares UltraShort Silver		1,411,556	*		ProShares UltraShort Bloomberg Natural Gas		482,031	*
		ProShares Ultra Bloomberg Crude Oil		60,895,736	*		ProShares Ultra Gold		4,450,067	*
		ProShares Ultra Bloomberg Natural Gas		2,536,720	*		ProShares Ultra Silver		21,003,549	*
Foreign Exchange Contracts	Unrealized appreciation on foreign currency forward contracts and receivables on open futures contracts	ProShares Short Euro		132,900	*	Unrealized depreciation on foreign currency forward contracts and payable on open futures contracts	ProShares UltraShort Euro		356,139
		ProShares UltraShort Australian Dollar		1,182,340	*		ProShares UltraShort Yen		125,420
		ProShares UltraShort Euro		16,519,070			ProShares Ultra Euro		576,558
		ProShares UltraShort Yen		16,870,357			ProShares Ultra Yen		342,455
		ProShares Ultra Euro		2,548
		ProShares Ultra Yen		379
		Total Trust	$	118,541,276	*		Total Trust	$	76,945,784	*

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures contracts.

Effect of Derivative Instruments on Statements of Operations

The Effect of Derivative Instruments on the Statements of Operations

For the year ended December 31, 2017

Derivatives not accounted for as hedging instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Fund	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized  in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts/ changes in unrealized appreciation/ depreciation on futures contracts	ProShares Short VIX Short-Term Futures ETF	$	897,400,516		$	27,351,060
		ProShares Ultra VIX Short-Term Futures ETF		(1,020,750,851	)		(26,493,883	)
		ProShares VIX Mid-Term Futures ETF		(25,319,770	)		(927,035	)
		ProShares VIX Short-Term Futures ETF		(194,005,568	)		(4,293,225	)
Commodity Contracts	Net realized gain (loss) on futures contracts, swap and/or forward agreements/changes in unrealized appreciation/ depreciation on futures contracts, swap and/or forward agreements	ProShares Ultra Bloomberg Crude Oil		22,146,212			13,288,604
		ProShares Ultra Bloomberg Natural Gas		(40,793,265	)		4,689,090
		ProShares Ultra Gold		11,484,410			8,101,902
		ProShares Ultra Silver		(31,762,834	)		42,740,483
		ProShares UltraPro 3x Crude Oil ETF		6,018,618			1,417,998
		ProShares UltraPro 3x Short Crude Oil ETF		(7,046,628	)		(2,988,155	)
		ProShares UltraShort Bloomberg Crude Oil		(6,491,060	)		(20,936,094	)
		ProShares UltraShort Bloomberg Natural Gas		4,762,532			(615,018	)
		ProShares UltraShort Gold		(6,993,557	)		(4,546,265	)
		ProShares UltraShort Silver		1,153,393			(3,129,369	)
Foreign Exchange Contracts	Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/ depreciation on futures and/or foreign currency forward contracts	ProShares Short Euro		(1,161,987	)		(299,188	)
		ProShares Ultra Euro		2,212,313			838,162
		ProShares Ultra Yen		(46,195	)		307,252
		ProShares UltraShort Australian Dollar		(866,771	)		(2,075,560	)
		ProShares UltraShort Euro		(39,691,680	)		(22,507,200	)
		ProShares UltraShort Yen		(8,729,472	)		(15,217,674	)
		Total Trust	$	(438,481,644	)	$	(5,294,115	)

The Effect of Derivative Instruments on the Statements of Operations

For the year ended December 31, 2016

Derivatives not accounted for as hedging instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Fund	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized  in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts/ changes in unrealized appreciation/ depreciation on futures contracts	ProShares VIX Short-Term Futures ETF	$	(195,475,791	)		609,973
		ProShares VIX Mid-Term Futures ETF		(11,085,506	)		(943,885	)
		ProShares Short VIX Short-Term Futures ETF		440,391,389			(21,056,026	)
		ProShares Ultra VIX Short-Term Futures ETF		(1,567,340,688	)		(19,866,703	)
Commodity Contracts	Net realized gain (loss) on futures contracts, swap and/or forward agreements/changes in unrealized appreciation/ depreciation on futures contracts, swap and/or forward agreements	ProShares UltraShort Bloomberg Crude Oil		(67,752,164	)		(22,510,865	)
		ProShares UltraShort Bloomberg Natural Gas		586,860			1,989,133
		ProShares UltraShort Gold		(12,240,751	)		1,238,384
		ProShares UltraShort Silver		(17,554,714	)		(3,372,693	)
		ProShares Ultra Bloomberg Crude Oil		74,061,040			151,001,639
		ProShares Ultra Bloomberg Natural Gas		17,571,809			(3,776,159	)
		ProShares Ultra Gold		5,816,565			(2,194,272	)
		ProShares Ultra Silver		62,342,441			1,566,582
Foreign Exchange Contracts	Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/ depreciation on futures and/or foreign currency forward contracts	ProShares Short Euro		663,774			(110,538	)
		ProShares UltraShort Australian Dollar		(2,787,204	)		1,602,610
		ProShares UltraShort Euro		(25,711,518	)		44,873,267
		ProShares UltraShort Yen		(22,220,271	)		30,640,389
		ProShares Ultra Euro		138,959			(1,178,930	)
		ProShares Ultra Yen		717,086			(603,387	)
		Total Trust	$	(1,319,878,684	)		157,908,519

The Effect of Derivative Instruments on the Statements of Operations

For the year ended December 31, 2015

Derivatives not accounted for as hedging instruments	Location of Gain or (Loss) on Derivatives Recognized in Income	Fund	Realized Gain or (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation or Depreciation on Derivatives Recognized in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts / changes in unrealized appreciation/ depreciation on futures contracts	ProShares VIX Short-Term Futures ETF	$	(19,408,543	)	$	(7,343,245	)
		ProShares VIX Mid-Term Futures ETF		(3,335,936	)		(605,025	)
		ProShares Short VIX Short-Term Futures ETF		69,793,028			27,098,564
		ProShares Ultra VIX Short-Term Futures ETF		(392,174,228	)		(27,690,787	)
Commodity Contracts	Net realized gain (loss) on futures contracts, swap and/or forward agreements/changes in unrealized appreciation/ depreciation on futures contracts, swap and/or forward agreements	ProShares UltraShort Bloomberg Crude Oil		91,670,324			(33,947,511	)
		ProShares UltraShort Bloomberg Natural Gas		15,212,804			(6,412,629	)
		ProShares UltraShort Gold		12,707,635			4,101,460
		ProShares UltraShort Silver		10,759,545			4,187,736
		ProShares Ultra Bloomberg Crude Oil		(896,177,096	)		32,549,981
		ProShares Ultra Bloomberg Natural Gas		(100,776,817	)		41,202,162
		ProShares Ultra Gold		(18,605,815	)		(4,311,529	)
		ProShares Ultra Silver		(78,309,309	)		(10,173,451	)
Foreign Exchange Contracts	Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/ depreciation on futures and/or foreign currency forward contracts	ProShares Short Euro		1,559,425			(141,893	)
		ProShares UltraShort Australian Dollar		4,330,463			(1,163,751	)
		ProShares UltraShort Euro		131,651,572			(45,473,330	)
		ProShares UltraShort Yen		8,809,464			(12,316,677	)
		ProShares Ultra Euro		(1,982,208	)		708,291
		ProShares Ultra Yen		(472,913	)		276,556
		Total Trust*	$	(1,164,748,605	)	$	(39,455,078	)

* Amounts exclude the activity of: ProShares Managed Futures Strategy which liquidated on March 30, 2016, ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity which liquidated on September 1, 2016.

Offsetting of Financial Assets and Liabilities

The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2017:

Fair Values of Derivative Instruments as of December 31, 2017
	Assets						Liabilities
	Gross Amounts of Recognized Assets presented in the Statements of Financial Condition		Gross Amounts Offset in the the Statements of Financial Condition		Net Amounts of Assets presented in the Statements of Financial Condition		Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts of Liabilities presented in the Statements of Financial Condition
ProShares Ultra Bloomberg Crude Oil
Swap agreements	$	62,238,361	$	—	$	62,238,361	$	—	$	—	$	—
ProShares Ultra Euro
Foreign currency forward contracts		321,609		—		321,609		57,457		—		57,457
ProShares Ultra Gold
Forward agreements		3,646,355		—		3,646,355		—		—		—
ProShares Ultra Silver
Forward agreements		21,735,334		—		21,735,334		—		—		—
ProShares UltraShort Bloomberg Crude Oil
Swap agreements		—		—		—		30,607,142		—		30,607,142
ProShares UltraShort Euro
Foreign currency forward contracts		449,302		—		449,302		6,793,571		—		6,793,571
ProShares UltraShort Gold
Forward agreements		—		—		—		1,488,259		—		1,488,259
ProShares UltraShort Silver
Forward agreements		—		—		—		1,716,163		—		1,716,163
ProShares UltraShort Yen
Foreign currency forward contracts		1,568,997		—		1,568,997		41,734		—		41,734
ProShares Ultra Yen
Foreign currency forward contracts		—		—		—		34,824		—		34,824

The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2016:

Fair Values of Derivative Instruments as of December 31, 2016
	Assets						Liabilities
	Gross Amounts of Recognized Assets presented in the Statements of Financial Condition		Gross Amounts Offset in the the Statements of Financial Condition		Net Amounts of Assets presented in the Statements of Financial Condition		Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts of Liabilities presented in the Statements of Financial Condition
ProShares Ultra Bloomberg Crude Oil
Swap agreements	$	55,358,571	$	—	$	55,358,571	$	—	$	—	$	—
ProShares Ultra Euro
Foreign currency forward contracts		2,548		—		2,548		576,558		—		576,558
ProShares Ultra Gold
Forward agreements		—		—		—		4,431,107		—		4,431,107
ProShares Ultra Silver
Forward agreements		—		—		—		20,976,189		—		20,976,189
ProShares UltraShort Bloomberg Crude Oil
Swap agreements		—		—		—		12,206,881		—		12,206,881
ProShares UltraShort Euro
Foreign currency forward contracts		16,519,070		—		16,519,070		356,139		—		356,139
ProShares UltraShort Gold
Forward agreements		3,033,566		—		3,033,566		—		—		—
ProShares UltraShort Silver
Forward agreements		1,384,246		—		1,384,246		—		—		—
ProShares UltraShort Yen
Foreign currency forward contracts		16,870,357		—		16,870,357		125,420		—		125,420
ProShares Ultra Yen
Foreign currency forward contracts		379		—		379		342,455		—		342,455

Gross Amounts Not Offset in Statements of Financial Condition

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2017. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”.

Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2017

	Amounts of Recognized Assets / (Liabilities) presented in the Statements  of Financial Condition			Financial Instruments for the Benefit of (the Funds) /the Counterparties			Cash Collateral for the Benefit of (the Funds) / the Counterparties			Net Amount
ProShares Ultra Bloomberg Crude Oil
Citibank N.A.	$	19,815,892		$	—		$	—		$	19,815,892
Goldman Sachs International		16,654,031			(14,861,090	)		—			1,792,941
Societe Generale S.A.		9,003,519			(8,525,505	)		—			478,014
UBS AG		16,764,919			(15,477,566	)		—			1,287,353
ProShares Ultra Euro
Goldman Sachs International		102,424			—			—			102,424
UBS AG		161,728			—			—			161,728
ProShares Ultra Gold
Citibank N.A.		1,513,310			—			—			1,513,310
Goldman Sachs International		969,501			(967,678	)		(1,823	)		—
Societe Generale S.A.		218,319			—			—			218,319
UBS AG		945,225			(945,225	)		—			—
ProShares Ultra Silver
Citibank N.A.		7,201,744			—			—			7,201,744
Goldman Sachs International		5,873,080			(4,903,696	)		—			969,384
Societe Generale S.A.		2,761,817			(2,516,153	)		—			245,664
UBS AG		5,898,693			(4,930,596	)		—			968,097
ProShares UltraShort Bloomberg Crude Oil
Citibank N.A.		(10,173,164	)		10,173,164			—			—
Goldman Sachs International		(9,242,398	)		9,242,398			—			—
Societe Generale S.A.		(1,904,113	)		1,904,113			—			—
UBS AG		(9,287,467	)		9,287,467			—			—
ProShares UltraShort Euro
Goldman Sachs International		(3,297,612	)		259,612			3,038,000			—
UBS AG		(3,046,657	)		3,046,657			—			—
ProShares UltraShort Gold
Citibank N.A.		(554,559	)		554,559			—			—
Goldman Sachs International		(428,358	)		428,358			—			—
Societe Generale S.A.		(126,928	)		126,928			—			—
UBS AG		(378,414	)		378,414			—			—
ProShares UltraShort Silver
Citibank N.A.		(632,593	)		632,593			—			—
Goldman Sachs International		(486,240	)		—			486,240			—
Societe Generale S.A.		(115,305	)		115,305			—			—
UBS AG		(482,025	)		482,025			—			—
ProShares UltraShort Yen
Goldman Sachs International		821,317			(810,030	)		—			11,287
UBS AG		705,946			—			(705,946	)		—
ProShares Ultra Yen
Goldman Sachs International		(17,410	)		17,410			—			—
UBS AG		(17,414	)		17,414			—			—

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2016. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”.

Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2016

	Amounts of Recognized Assets / (Liabilities) presented in the Statements  of Financial Condition			Financial Instruments for the Benefit of (the Funds) / the Counterparties			Cash Collateral for the Benefit of (the Funds) / the Counterparties			Net Amount
ProShares Ultra Bloomberg Crude Oil
Citibank N.A.	$	18,427,009		$	—		$	—		$	18,427,009
Goldman Sachs International		14,016,906			(14,016,906	)		—			—
Societe Generale S.A.		8,661,821			(8,661,821	)		—			—
UBS AG		14,252,835			—			(14,252,835	)		—
ProShares Ultra Euro
Goldman Sachs International		(239,256	)		239,256			—			—
UBS AG		(334,754	)		334,754			—			—
ProShares Ultra Gold
Citibank N.A.		(1,464,982	)		1,464,982			—			—
Goldman Sachs International		(1,112,916	)		1,112,916			—			—
Societe Generale S.A.		(643,587	)		643,587			—			—
UBS AG		(1,209,622	)		1,209,622			—			—
ProShares Ultra Silver
Citibank N.A.		(6,946,009	)		6,946,009			—			—
Goldman Sachs International		(5,869,092	)		5,869,092			—			—
Societe Generale S.A.		(2,532,729	)		2,532,729			—			—
UBS AG		(5,628,359	)		5,628,359			—			—
ProShares UltraShort Bloomberg Crude Oil
Citibank N.A.		(4,742,191	)		4,742,191			—			—
Goldman Sachs International		(3,061,395	)		3,061,395			—			—
Societe Generale S.A.		(1,050,699	)		1,050,699			—			—
UBS AG		(3,352,596	)		3,352,596			—			—
ProShares UltraShort Euro
Goldman Sachs International		8,109,067			(8,109,067	)		—			—
UBS AG		8,053,864			—			(8,053,864	)		—
ProShares UltraShort Gold
Citibank N.A.		1,147,811			—			—			1,147,811
Goldman Sachs International		881,454			(874,948	)		—			6,506
Societe Generale S.A.		393,006			(393,006	)		—			—
UBS AG		611,295			—			(611,295	)		—
ProShares UltraShort Silver
Citibank N.A.		610,478			—			—			610,478
Goldman Sachs International		323,829			(323,829	)		—			—
Societe Generale S.A.		86,543			(86,543	)		—			—
UBS AG		363,396			—			(363,396	)		—
ProShares UltraShort Yen
Goldman Sachs International		8,256,779			(7,771,819	)		—			484,960
UBS AG		8,488,158			—			(7,980,000	)		508,158
ProShares Ultra Yen
Goldman Sachs International		(219,736	)		219,736			—			—
UBS AG		(122,340	)		122,340			—			—

XML

Creation and Redemption of Creation Units (Tables)

12 Months Ended

Dec. 31, 2017

Text Block [Abstract]

Schedule of Transaction Fees

Transaction fees for the years ended December 31, 2017, 2016 and 2015 which are included in the Addition and/or Redemption of Shares on the Statements of Changes in Shareholders’ Equity, were as follows:

Fund	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
Short Euro	$	—	$	—	$	—
Short VIX Short-Term Futures ETF		1,008,452		801,564		342, 734
Ultra Bloomberg Crude Oil		610,969		504,533		847,422
Ultra Bloomberg Natural Gas		15,937		9,175		13,939
Ultra Euro		—		—		—
Ultra Gold		14,460		14,138		4,218
Ultra Silver		28,622		47,414		38,848
Ultra VIX Short-Term Futures ETF		1,036,162		1,822,247		1,391,292
Ultra Yen		—		—		—
UltraPro 3X Crude Oil ETF		25,455		—		—
UltraPro 3X Short Crude Oil ETF		14,096		—		—
UltraShort Australian Dollar		—		—		—
UltraShort Bloomberg Crude Oil		207,707		398,027		382,054
UltraShort Bloomberg Natural Gas		4,713		8,989		8,853
UltraShort Euro		—		—		—
UltraShort Gold		15,945		29,854		11,024
UltraShort Silver		—		16,729		39,354
UltraShort Yen		—		—		—
VIX Mid-Term Futures ETF		13,605		24,056		8,521
VIX Short-Term Futures ETF		142,380		229,699		105,024
Total Trust*	$	3,138,503	$	3,906,425	$	3,193,283

* Amounts exclude the activity of ProShares Ultra Australian Dollar which liquidated on June 29, 2015, ProShares Managed Futures Strategy which liquidated on March 30, 2016, ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity which liquidated on September 1, 2016.

XML

Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Per Share Operating Performance

Selected data for a Share outstanding throughout the year ended December 31, 2017:

For the Year Ended December 31, 2017

Per Share Operating Performance	Short Euro			Short VIX Short-Term Futures ETF*			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Euro			Ultra Gold
Net asset value, at December 31, 2016	$	45.06		$	45.62		$	23.34		$	18.85		$	14.02		$	32.90
Net investment income (loss)		(0.14	)		(0.60	)		(0.03	)		(0.05	)		(0.04	)		(0.06	)
Net realized and unrealized gain (loss)#		(4.96	)		82.28			0.35			(12.27	)		3.46			7.04
Change in net asset value from operations		(5.10	)		81.68			0.32			(12.32	)		3.42			6.98
Net asset value, at December 31, 2017	$	39.96		$	127.30		$	23.66		$	6.53		$	17.44		$	39.88
Market value per share, at December 31, 2016†	$	45.12		$	45.49		$	23.36		$	18.96		$	14.09		$	33.20
Market value per share, at December 31, 2017†	$	39.99		$	128.21		$	23.44		$	6.50		$	17.46		$	40.67
Total Return, at net asset value		(11.3	)%		179.0	%		1.4	%		(65.4	)%		24.4	%		21.2	%
Total Return, at market value		(11.4	)%		181.8	%		0.3	%		(65.7	)%		23.9	%		22.5	%
Ratios to Average Net Assets
Expense ratio		0.97	%		1.51	%		0.98	%		1.22	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions and fees		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.32	)%		(0.71	)%		(0.18	)%		(0.50	)%		(0.23	)%		(0.14	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

For the Year Ended December 31, 2017

Per Share Operating Performance	Ultra Silver			Ultra VIX Short-Term Futures ETF*			Ultra Yen			UltraPro 3X Crude Oil ETF+			UltraPro 3X Short Crude Oil ETF+			UltraShort Australian Dollar
Net asset value, at December 31, 2016	$	33.44		$	173.93		$	55.43		$	25.00		$	25.00		$	55.38
Net investment income (loss)		(0.05	)		(0.33	)		(0.24	)		(0.21	)		(0.17	)		(0.17	)
Net realized and unrealized gain (loss)#		0.16			(163.27	)		2.13			12.99			(14.25	)		(9.54	)
Change in net asset value from operations		0.11			(163.60	)		1.89			12.78			(14.42	)		(9.71	)
Net asset value, at December 31, 2017	$	33.55		$	10.33		$	57.32		$	37.78		$	10.58		$	45.67
Market value per share, at December 31, 2016†	$	32.09		$	175.00		$	55.52		$	25.00		$	25.00		$	55.24
Market value per share, at December 31, 2017†	$	33.85		$	10.21		$	57.45		$	37.23		$	10.72		$	45.72
Total Return, at net asset value		0.3	%		(94.1	)%		3.4	%		51.1	%^		(57.7	)%^		(17.5	)%
Total Return, at market value		5.5	%		(94.2	)%		3.5	%		48.9	%^		(57.1	)%^		(17.2	)%
Ratios to Average Net Assets
Expense ratio		0.95	%		1.90	%		0.95	%		1.30	%**		1.32	%**		1.02	%
Expense ratio, excluding brokerage commissions and fees		0.95	%		0.95	%		0.95	%		0.95	%**		0.95	%**		0.95	%
Net investment income (loss)		(0.15	)%		(1.17	)%		(0.41	)%		(1.20	)%**		(1.25	)%**		(0.36	)%

* See Note 1 of these Notes to Financial Statements.

+ From commencement of operations, March 24, 2017 through December 31, 2017.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated. For ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF, the returns of shares outstanding for the period from commencement of operations through December 31, 2017 are calculated based on the initial offering price upon commencement of operations of $25.00.

^ Percentages are not annualized for the period ended December 31, 2017.

** Percentages are annualized.

For the Year Ended December 31, 2017

Per Share Operating Performance	UltraShort Bloomberg Crude Oil			UltraShort Bloomberg Natural Gas			UltraShort Euro			UltraShort Gold			UltraShort Silver			UltraShort Yen
Net asset value, at December 31, 2016	$	31.70		$	23.10		$	27.08		$	91.33		$	37.31		$	80.24
Net investment income (loss)		(0.06	)		(0.27	)		(0.04	)		(0.13	)		(0.06	)		(0.14	)
Net realized and unrealized gain (loss)#		(7.33	)		16.65			(5.83	)		(20.73	)		(5.54	)		(5.17	)
Change in net asset value from operations		(7.39	)		16.38			(5.87	)		(20.86	)		(5.60	)		(5.31	)
Net asset value, at December 31, 2017	$	24.31		$	39.48		$	21.21		$	70.47		$	31.71		$	74.93
Market value per share, at December 31, 2016†	$	31.65		$	23.05		$	27.08		$	90.54		$	38.76		$	80.25
Market value per share, at December 31, 2017†	$	24.56		$	39.65		$	21.20		$	69.11		$	31.40		$	74.98
Total Return, at net asset value		(23.3	)%		70.9	%		(21.7	)%		(22.8	)%		(15.0	)%		(6.6	)%
Total Return, at market value		(22.4	)%		72.0	%		(21.7	)%		(23.7	)%		(19.0	)%		(6.6	)%
Ratios to Average Net Assets
Expense ratio		0.99	%		1.39	%		0.95	%		0.95	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions and fees		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.17	)%		(0.81	)%		(0.15	)%		(0.17	)%		(0.18	)%		(0.19	)%

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

For the Year Ended December 31, 2017

Per Share Operating Performance	VIX Mid-Term Futures ETF			VIX Short-Term Futures ETF*
Net asset value, at December 31, 2016	$	42.14		$	84.86
Net investment income (loss)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss)#		(20.79	)		(61.45	)
Change in net asset value from operations		(20.85	)		(61.52	)
Net asset value, at December 31, 2017	$	21.29		$	23.34
Market value per share, at December 31, 2016†	$	42.34		$	85.04
Market value per share, at December 31, 2017†	$	21.15		$	23.15
Total Return, at net asset value		(49.5	)%		(72.5	)%
Total Return, at market value		(50.0	)%		(72.8	)%
Ratios to Average Net Assets
Expense ratio		0.91	%		0.96	%
Expense ratio, excluding brokerage commissions and fees		0.85	%		0.85	%
Net investment income (loss)		(0.22	)%		(0.18	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

Selected data for a Share outstanding throughout the year ended December 31, 2016:

For the Year Ended December 31, 2016

Per Share Operating Performance	Short Euro			Short VIX Short-Term Futures ETF*			Ultra Bloomberg Crude Oil*			Ultra Bloomberg Natural Gas			Ultra Euro			Ultra Gold
Net asset value, at December 31, 2015	$	43.78		$	25.41		$	25.15		$	18.57		$	15.51		$	29.73
Net investment income (loss)		(0.33	)		(0.30	)		(0.15	)		(0.16	)		(0.11	)		(0.28	)
Net realized and unrealized gain (loss)#		1.61			20.51			(1.66	)		0.44			(1.38	)		3.45
Change in net asset value from operations		1.28			20.21			(1.81	)		0.28			(1.49	)		3.17
Net asset value, at December 31, 2016	$	45.06		$	45.62		$	23.34		$	18.85		$	14.02		$	32.90
Market value per share, at December 31, 2015†	$	43.74		$	25.23		$	25.08		$	18.48		$	15.51		$	29.73
Market value per share, at December 31, 2016†	$	45.12		$	45.49		$	23.36		$	18.96		$	14.09		$	33.20
Total Return, at net asset value		2.9	%		79.5	%		(7.2	)%		1.5	%		(9.6	)%		10.7	%
Total Return, at market value		3.2	%		80.3	%		(6.9	)%		2.6	%		(9.2	)%		11.7	%
Ratios to Average Net Assets
Expense ratio		0.97	%		1.39	%		1.01	%		1.34	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.76	)%		(1.15	)%		(0.76	)%		(1.12	)%		(0.71	)%		(0.69	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

For the Year Ended December 31, 2016

Per Share Operating Performance	Ultra Silver			Ultra VIX Short-Term Futures ETF*			Ultra Yen			UltraShort Australian Dollar			UltraShort Bloomberg Crude Oil*			UltraShort Bloomberg Natural Gas*
Net asset value, at December 31, 2015	$	27.06		$	2,808.40		$	54.75		$	58.46		$	66.60		$	46.53
Net investment income (loss)		(0.27	)		(7.68	)		(0.45	)		(0.43	)		(0.36	)		(0.68	)
Net realized and unrealized gain (loss)#		6.65			(2,626.79	)		1.13			(2.65	)		(34.54	)		(22.75	)
Change in net asset value from operations		6.38			(2,634.47	)		0.68			(3.08	)		(34.90	)		(23.43	)
Net asset value, at December 31, 2016	$	33.44		$	173.93		$	55.43		$	55.38		$	31.70		$	23.10
Market value per share, at December 31, 2015†	$	27.08		$	2,835.00		$	54.70		$	58.15		$	66.82		$	46.55
Market value per share, at December 31, 2016†	$	32.09		$	175.00		$	55.52		$	55.24		$	31.65		$	23.05
Total Return, at net asset value		23.6	%		(93.8	)%		1.2	%		(5.3	)%		(52.4	)%		(50.4	)%
Total Return, at market value		18.5	%		(93.8	)%		1.5	%		(5.0	)%		(52.6	)%		(50.5	)%
Ratios to Average Net Assets
Expense ratio		0.95	%		1.57	%		0.95	%		1.03	%		1.03	%		1.65	%
Expense ratio, excluding brokerage commissions		0.95	%		0.85	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.69	)%		(1.32	)%		(0.69	)%		(0.79	)%		(0.76	)%		(1.43	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

For the Year Ended December 31, 2016

Per Share Operating Performance	UltraShort Euro			UltraShort Gold			UltraShort Silver			UltraShort Yen			VIX Mid-Term Futures ETF			VIX Short-Term Futures ETF*
Net asset value, at December 31, 2015	$	25.54		$	115.88		$	64.58		$	87.94		$	53.96		$	264.84
Net investment income (loss)		(0.17	)		(0.55	)		(0.26	)		(0.50	)		(0.33	)		(1.10	)
Net realized and unrealized gain (loss)#		1.71			(24.00	)		(27.01	)		(7.20	)		(11.49	)		(178.88	)
Change in net asset value from operations		1.54			(24.55	)		(27.27	)		(7.70	)		(11.82	)		(179.98	)
Net asset value, at December 31, 2016	$	27.08		$	91.33		$	37.31		$	80.24		$	42.14		$	84.86
Market value per share, at December 31, 2015†	$	25.53		$	115.83		$	64.55		$	87.89		$	53.99		$	266.60
Market value per share, at December 31, 2016†	$	27.08		$	90.54		$	38.76		$	80.25		$	42.34		$	85.04
Total Return, at net asset value		6.0	%		(21.2	)%		(42.2	)%		(8.8	)%		(21.9	)%		(68.0	)%
Total Return, at market value		6.1	%		(21.8	)%		(40.0	)%		(8.7	)%		(21.6	)%		(68.1	)%
Ratios to Average Net Assets
Expense ratio		0.95	%		0.95	%		0.95	%		0.95	%		0.93	%		0.99	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.85	%		0.85	%
Net investment income (loss)		(0.70	)%		(0.70	)%		(0.70	)%		(0.71	)%		(0.68	)%		(0.75	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

Selected data for a Share outstanding throughout the year ended December 31, 2015

For the Year Ended December 31, 2015

Per Share Operating Performance	Short Euro			Short VIX Short-Term Futures ETF*			Ultra Bloomberg Crude Oil*			Ultra Bloomberg Natural Gas*			Ultra Euro			Ultra Gold
Net asset value, at December 31, 2014	$	40.06		$	30.70		$	101.48		$	61.65		$	19.87		$	40.00
Net investment income (loss)		(0.40	)		(0.41	)		(0.56	)		(0.50	)		(0.15	)		(0.33	)
Net realized and unrealized gain (loss)#		4.12			(4.88	)		(75.77	)		(42.58	)		(4.21	)		(9.94	)
Change in net asset value from operations		3.72			(5.29	)		(76.33	)		(43.08	)		(4.36	)		(10.27	)
Net asset value, at December 31, 2015	$	43.78		$	25.41		$	25.15		$	18.57		$	15.51		$	29.73
Market value per share, at December 31, 2014†	$	40.03		$	30.58		$	103.70		$	63.12		$	19.80		$	38.41
Market value per share, at December 31, 2015†	$	43.74		$	25.23		$	25.08		$	18.48		$	15.51		$	29.73
Total Return, at net asset value		9.3	%		(17.2	)%		(75.2	)%		(69.9	)%		(22.0	)%		(25.7	)%
Total Return, at market value		9.3	%		(17.5	)%		(75.8	)%		(70.7	)%		(21.7	)%		(22.6	)%
Ratios to Average Net Assets
Expense ratio		0.97	%		1.40	%		1.02	%		1.29	%		0.95	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.95	)%		(1.36	)%		(0.98	)%		(1.26	)%		(0.93	)%		(0.90	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

For the Year Ended December 31, 2015

Per Share Operating Performance	Ultra Silver			Ultra VIX Short-Term Futures ETF*			Ultra Yen*			UltraShort Australian Dollar			UltraShort Bloomberg Crude Oil*			UltraShort Bloomberg Natural Gas*
Net asset value, at December 31, 2014	$	39.37		$	12,546.00		$	56.47		$	51.38		$	38.99		$	27.99
Net investment income (loss)		(0.33	)		(72.24	)		(0.48	)		(0.57	)		(0.39	)		(0.44	)
Net realized and unrealized gain (loss)#		(11.98	)		(9,665.36	)		(1.24	)		7.65			28.00			18.98
Change in net asset value from operations		(12.31	)		(9,737.60	)		(1.72	)		7.08			27.61			18.54
Net asset value, at December 31, 2015	$	27.06		$	2,808.40		$	54.75		$	58.46		$	66.60		$	46.53
Market value per share, at December 31, 2014†	$	38.05		$	12,575.00		$	56.48		$	51.37		$	38.26		$	27.34
Market value per share, at December 31, 2015†	$	27.07		$	2,835.00		$	54.70		$	58.15		$	66.82		$	46.53
Total Return, at net asset value		(31.3	)%		(77.6	)%		(3.0	)%		13.8	%		70.8	%		66.3	%
Total Return, at market value		(28.8	)%		(77.5	)%		(3.2	)%		13.2	%		74.6	%		70.3	%
Ratios to Average Net Assets
Expense ratio		0.95	%		1.65	%		0.95	%		1.03	%		1.07	%		1.55	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.89	)%		(1.61	)%		(0.88	)%		(1.00	)%		(1.04	)%		(1.50	)%

* See Note 1 of these Notes to Financial Statements.

# Percentages The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

For the Year Ended December 31, 2015

Per Share Operating Performance	UltraShort Euro			UltraShort Gold			UltraShort Silver*			UltraShort Yen			VIX Mid-Term Futures ETF			VIX Short-Term Futures ETF*
Net asset value, at December 31, 2014	$	21.59		$	96.65		$	57.81		$	89.33		$	63.60		$	418.64
Net investment income (loss)		(0.22	)		(0.91	)		(0.50	)		(0.82	)		(0.51	)		(2.65	)
Net realized and unrealized gain (loss)#		4.17			20.14			7.27			(0.57	)		(9.13	)		(151.15	)
Change in net asset value from operations		3.95			19.23			6.77			(1.39	)		(9.64	)		(153.80	)
Net asset value, at December 31, 2015	$	25.54		$	115.88		$	64.58		$	87.94		$	53.96		$	264.84
Market value per share, at December 31, 2014†	$	21.61		$	100.22		$	59.70		$	89.30		$	63.89		$	419.80
Market value per share, at December 31, 2015†	$	25.53		$	115.83		$	64.55		$	87.89		$	53.99		$	266.60
Total Return, at net asset value		18.3	%		19.9	%		11.7	%		(1.6	)%		(15.2	)%		(36.7	)%
Total Return, at market value		18.1	%		15.6	%		8.1	%		(1.6	)%		(15.5	)%		(36.5	)%
Ratios to Average Net Assets
Expense ratio		0.95	%		0.95	%		0.95	%		0.95	%		0.91	%		0.95	%
Expense ratio, excluding brokerage commissions		0.95	%		0.95	%		0.95	%		0.95	%		0.85	%		0.85	%
Net investment income (loss)		(0.90	)%		(0.91	)%		(0.91	)%		(0.92	)%		(0.88	)%		(0.92	)%

* See Note 1 of these Notes to Financial Statements.

# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

† Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds’ net asset value is calculated.

XML

Schedule of Investments - Short-Term U.S. Government and Agency Obligations (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 2,445,779,873		$ 3,038,848,441
ProShares Short Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		88.00%		83.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 6,996,235		$ 13,164,828
ProShares Short Euro [Member] | U.S. Treasury Bills 1.033% due 01/18/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 7,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.033%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 6,996,235
ProShares Short Euro [Member] | U.S. Treasury Bills 0.270% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 8,168,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.27%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 8,167,194
ProShares Short Euro [Member] | U.S. Treasury Bills 0.355% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 2,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.355%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 1,999,631
ProShares Short Euro [Member] | U.S. Treasury Bills 0.491% due 02/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 3,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.491%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 2,998,003
ProShares Short VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		64.00%		75.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 494,910,644		$ 170,396,436
ProShares Short VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.209% due 02/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 36,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.209%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 35,954,122
ProShares Short VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.080% due 02/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 70,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.08%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 69,893,908
ProShares Short VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.145% due 02/22/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 87,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.145%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 86,846,558
ProShares Short VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.155% due 03/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 60,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.155%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 59,876,748
ProShares Short VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.256% due 03/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 70,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.256%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 69,835,696
ProShares Short VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.271% due 03/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 63,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.271%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 62,837,460
ProShares Short VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.277% due 03/22/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 75,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.277%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 74,780,280
ProShares Short VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.267% due 03/29/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 35,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.267%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 34,885,872
ProShares Short VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.471% due 02/09/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 47,500,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.471%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 47,478,520
ProShares Short VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.437% due 02/16/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]			$ 95,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			0.437%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			$ 94,948,330
ProShares Short VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.493% due 03/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 28,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.493%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 27,969,586
ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		88.00%		95.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 459,515,902		$ 885,050,007
ProShares Ultra Bloomberg Crude Oil [Member] | U.S. Treasury Bills 1.033% due 01/18/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 38,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.033%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 37,979,564
ProShares Ultra Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.270% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 113,636,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.27%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 113,624,784
ProShares Ultra Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.491% due 02/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 20,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.491%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 19,986,684
ProShares Ultra Bloomberg Crude Oil [Member] | U.S. Treasury Bills 1.080% due 02/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 50,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.08%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 49,924,220
ProShares Ultra Bloomberg Crude Oil [Member] | U.S. Treasury Bills 1.145% due 02/22/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 18,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.145%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 17,968,253
ProShares Ultra Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.493% due 03/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 12,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.493%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 11,986,966
ProShares Ultra Bloomberg Crude Oil [Member] | U.S. Treasury Bills 1.001% due 01/04/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 63,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.001%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 62,996,081
ProShares Ultra Bloomberg Crude Oil [Member] | United States Treasury Bills 1.022% due 01/11/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 63,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.022%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 62,982,203
ProShares Ultra Bloomberg Crude Oil [Member] | United States Treasury Bills 1.082% due 01/25/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 47,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.082%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 46,962,616
ProShares Ultra Bloomberg Crude Oil [Member] | United States Treasury Bills 1.146% due 02/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 41,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.146%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 40,957,635
ProShares Ultra Bloomberg Crude Oil [Member] | United States Treasury Bills 1.118% due 02/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 61,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.118%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 60,922,262
ProShares Ultra Bloomberg Crude Oil [Member] | United States Treasury Bills1.223% due 03/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 29,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.223%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 28,940,428
ProShares Ultra Bloomberg Crude Oil [Member] | United States Treasury Bills 1.256% due 03/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 50,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.256%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 49,882,640
ProShares Ultra Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.289% due 01/05/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 144,500,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.289%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 144,496,908
ProShares Ultra Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.371% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 48,500,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.371%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 48,491,057
ProShares Ultra Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.362% due 01/26/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 106,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.362%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 105,971,899
ProShares Ultra Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.418% due 02/02/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 105,749,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.418%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 105,712,432
ProShares Ultra Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.400% due 02/09/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 108,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.40%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 107,951,162
ProShares Ultra Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.420% due 02/16/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 77,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.42%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 76,958,120
ProShares Ultra Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.481% due 03/09/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 150,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.481%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 149,869,995
ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		81.00%		84.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 50,961,356		$ 36,183,648
ProShares Ultra Bloomberg Natural Gas [Member] | U.S. Treasury Bills 0.491% due 02/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 2,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.491%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 1,998,668
ProShares Ultra Bloomberg Natural Gas [Member] | U.S. Treasury Bills 1.271% due 03/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 3,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.271%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 2,992,260
ProShares Ultra Bloomberg Natural Gas [Member] | U.S. Treasury Bills 0.493% due 03/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 3,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.493%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 2,996,741
ProShares Ultra Bloomberg Natural Gas [Member] | U.S. Treasury Bills 1.000% due 01/04/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 16,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 15,999,005
ProShares Ultra Bloomberg Natural Gas [Member] | U.S. Treasury Bills 1.001% due 01/11/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 9,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.001%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 8,997,457
ProShares Ultra Bloomberg Natural Gas [Member] | U.S. Treasury Bills 1.033% due 01/18/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 6,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.033%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 5,996,773
ProShares Ultra Bloomberg Natural Gas [Member] | U.S. Treasury Bills 1.040% due 02/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 8,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.04%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 7,991,734
ProShares Ultra Bloomberg Natural Gas [Member] | United States Treasury Bills 1.145% due 02/22/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 9,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.145%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 8,984,127
ProShares Ultra Bloomberg Natural Gas [Member] | U.S. Treasury Bills 0.435% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 1,200,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.435%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 1,199,882
ProShares Ultra Bloomberg Natural Gas [Member] | U.S. Treasury Bills 0.345% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 8,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.345%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 7,998,525
ProShares Ultra Bloomberg Natural Gas [Member] | U.S. Treasury Bills 0.311% due 01/26/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 3,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.311%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 2,999,205
ProShares Ultra Bloomberg Natural Gas [Member] | U.S. Treasury Bills 0.403% due 02/02/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 3,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.403%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 2,998,963
ProShares Ultra Bloomberg Natural Gas [Member] | U.S. Treasury Bills 0.425% due 02/09/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 4,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.425%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 3,998,191
ProShares Ultra Bloomberg Natural Gas [Member] | U.S. Treasury Bills 0.440% due 02/16/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 12,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.44%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 11,993,473
ProShares Ultra Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		73.00%		100.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 6,996,235		$ 11,891,831
ProShares Ultra Euro [Member] | U.S. Treasury Bills 1.033% due 01/18/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 7,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.033%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 6,996,235
ProShares Ultra Euro [Member] | U.S. Treasury Bills 0.270% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 901,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.27%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 900,911
ProShares Ultra Euro [Member] | U.S. Treasury Bills 0.493% due 03/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 8,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.493%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 7,991,310
ProShares Ultra Euro [Member] | U.S. Treasury Bills 0.295% due 01/05/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 1,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.295%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 999,979
ProShares Ultra Euro [Member] | U.S. Treasury Bills 0.299% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 2,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.299%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 1,999,631
ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		95.00%		104.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 88,884,844		$ 95,356,621
ProShares Ultra Gold [Member] | U.S. Treasury Bills 0.355% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 4,395,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.355%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 4,394,189
ProShares Ultra Gold [Member] | U.S. Treasury Bills 0.491% due 02/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 4,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.491%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 3,997,337
ProShares Ultra Gold [Member] | U.S. Treasury Bills 1.080% due 02/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 15,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.08%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 14,977,266
ProShares Ultra Gold [Member] | U.S. Treasury Bills 1.267% due 03/29/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 8,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.267%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 7,973,914
ProShares Ultra Gold [Member] | U.S. Treasury Bills 1.000% due 01/04/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 16,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 15,999,005
ProShares Ultra Gold [Member] | U.S. Treasury Bills 1.001% due 01/11/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 12,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.001%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 11,996,610
ProShares Ultra Gold [Member] | U.S. Treasury Bills 1.033% due 01/18/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 10,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.033%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 9,994,622
ProShares Ultra Gold [Member] | U.S. Treasury Bills 1.075% due 02/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 12,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.075%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 11,984,707
ProShares Ultra Gold [Member] | U.S. Treasury Bills 1.298% due 03/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 16,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.298%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 15,958,720
ProShares Ultra Gold [Member] | U.S. Treasury Bills 0.318% due 01/05/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 5,340,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.318%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 5,339,886
ProShares Ultra Gold [Member] | U.S. Treasury Bills 0.276% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 15,564,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.276%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 15,562,464
ProShares Ultra Gold [Member] | U.S. Treasury Bills 0.360% due 01/26/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 22,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.36%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 21,994,168
ProShares Ultra Gold [Member] | U.S. Treasury Bills 0.406% due 02/02/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 6,100,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.406%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 6,097,891
ProShares Ultra Gold [Member] | U.S. Treasury Bills 0.393% due 02/16/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 11,006,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.393%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 11,000,014
ProShares Ultra Gold [Member] | U.S. Treasury Bills 0.493% due 03/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 27,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.493%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 26,970,672
ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		91.00%		107.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 235,581,716		$ 295,300,799
ProShares Ultra Silver [Member] | U.S. Treasury Bills 0.491% due 02/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 6,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.491%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 5,996,005
ProShares Ultra Silver [Member] | U.S. Treasury Bills 1.080% due 02/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 20,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.08%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 19,969,688
ProShares Ultra Silver [Member] | U.S. Treasury Bills 1.145% due 02/22/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 9,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.145%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 8,984,127
ProShares Ultra Silver [Member] | U.S. Treasury Bills 1.271% due 03/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 7,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.271%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 6,981,940
ProShares Ultra Silver [Member] | U.S. Treasury Bills 1.277% due 03/22/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 5,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.277%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 4,985,352
ProShares Ultra Silver [Member] | U.S. Treasury Bills 1.267% due 03/29/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 11,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.267%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 10,964,131
ProShares Ultra Silver [Member] | U.S. Treasury Bills 0.493% due 03/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 18,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.493%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 17,980,448
ProShares Ultra Silver [Member] | U.S. Treasury Bills 1.001% due 01/04/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 39,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.001%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 38,997,574
ProShares Ultra Silver [Member] | United States Treasury Bills 1.256% due 03/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 15,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.256%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 14,964,792
ProShares Ultra Silver [Member] | U.S. Treasury Bills 1.001% due 01/11/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 15,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.001%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 14,995,763
ProShares Ultra Silver [Member] | U.S. Treasury Bills 1.075% due 02/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 25,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.075%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 24,968,140
ProShares Ultra Silver [Member] | U.S. Treasury Bills 0.318% due 01/05/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 52,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.318%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 51,998,887
ProShares Ultra Silver [Member] | United States Treasury Bills 1.126% due 02/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 30,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.126%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 29,969,001
ProShares Ultra Silver [Member] | United States Treasury Bills 1.231% due 03/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 10,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.231%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 9,979,458
ProShares Ultra Silver [Member] | United States Treasury Bills 1.292% due 04/05/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 50,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.292%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 49,821,750
ProShares Ultra Silver [Member] | U.S. Treasury Bills 0.354% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 68,895,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.354%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 68,888,200
ProShares Ultra Silver [Member] | U.S. Treasury Bills 0.339% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 27,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.339%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 26,995,021
ProShares Ultra Silver [Member] | U.S. Treasury Bills 0.371% due 01/26/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 2,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.371%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 1,999,470
ProShares Ultra Silver [Member] | U.S. Treasury Bills 0.394% due 02/02/17 [December]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 9,500,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.394%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 9,496,715
ProShares Ultra Silver [Member] | U.S. Treasury Bills 0.452% due 02/09/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 76,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.452%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 75,965,633
ProShares Ultra Silver [Member] | U.S. Treasury Bills 0.423% due 02/16/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 36,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.423%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 35,980,420
ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		73.00%		84.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 287,533,132		$ 434,671,795
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.491% due 02/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]			$ 8,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			0.491%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			$ 7,994,674
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.080% due 02/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 12,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.08%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 11,981,813
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.267% due 03/29/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 11,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.267%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 10,964,131
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.493% due 03/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 3,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.493%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 2,996,741
ProShares Ultra VIX Short-Term Futures ETF [Member] | United States Treasury Bills 1.256% due 03/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 25,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.256%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 24,941,320
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.001% due 01/11/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 48,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.001%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 47,986,440
ProShares Ultra VIX Short-Term Futures ETF [Member] | United States Treasury Bills 1.292% due 04/05/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 20,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.292%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 19,928,700
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.174% due 01/25/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 34,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.174%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 33,972,956
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.201% due 02/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 22,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.201%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 21,977,268
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.075% due 02/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 45,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.075%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 44,942,652
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.264% due 03/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 40,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.264%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 39,917,832
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.319% due 03/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 31,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.319%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 30,920,020
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.294% due 01/05/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 20,161,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.294%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 20,160,569
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.307% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 68,063,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.307%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 68,056,282
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.336% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]			$ 62,500,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			0.336%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			$ 62,488,475
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.319% due 01/26/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]			$ 66,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			0.319%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			$ 65,982,504
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.342% due 02/02/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]			$ 60,092,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			0.342%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			$ 60,071,220
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.442% due 02/09/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]			$ 14,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			0.442%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			$ 13,993,669
ProShares Ultra VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.435% due 02/16/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]			$ 133,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			0.435%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			$ 132,927,661
ProShares Ultra Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		70.00%		95.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 1,997,933		$ 5,282,879
ProShares Ultra Yen [Member] | U.S. Treasury Bills 0.270% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 480,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.27%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 479,953
ProShares Ultra Yen [Member] | U.S. Treasury Bills 1.040% due 02/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]	$ 2,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.04%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 1,997,933
ProShares Ultra Yen [Member] | U.S. Treasury Bills 0.311% due 01/26/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 1,655,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.311%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 1,654,561
ProShares Ultra Yen [Member] | U.S. Treasury Bills 0.210% due 01/05/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 150,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.21%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 149,997
ProShares Ultra Yen [Member] | U.S. Treasury Bills 0.390% due 02/16/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 3,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.39%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 2,998,368
ProShares UltraShort Australian Dollar [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		87.00%		78.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 11,983,904		$ 12,909,619
ProShares UltraShort Australian Dollar [Member] | U.S. Treasury Bills 1.033% due 01/18/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 7,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.033%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 6,996,235
ProShares UltraShort Australian Dollar [Member] | U.S. Treasury Bills 1.209% due 02/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 2,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.209%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 1,997,451
ProShares UltraShort Australian Dollar [Member] | U.S. Treasury Bills 1.267% due 03/29/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 3,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.267%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 2,990,218
ProShares UltraShort Australian Dollar [Member] | U.S. Treasury Bills 0.326% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 12,912,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.326%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 129,096.19
ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		112.00%		102.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 253,646,823		$ 205,694,385
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 1.080% due 02/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 28,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.08%
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 1.145% due 02/22/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 48,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.145%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 47,915,342
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 1.271% due 03/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 14,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.271%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 13,963,880
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 1.267% due 03/29/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 29,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.267%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 28,905,437
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.493% due 03/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 3,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.493%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 2,996,741
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 1.001% due 01/04/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 64,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.001%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 63,996,019
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 1.040% due 02/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 28,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.04%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 27,971,068
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 1.075% due 02/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 17,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.075%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 16,978,335
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.390% due 02/16/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 11,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.39%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 10,994,017
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 1.068% due 01/25/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 10,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.068%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 9,992,046
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 1.264% due 03/01/18n [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[3]	$ 16,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.264%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 15,967,133
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 1.080% due February 15, 2017 [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	$ 27,957,563
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.281% due 01/05/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 14,476,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.281%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 14,475,690
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.353% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 56,495,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.353%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 56,489,424
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.344% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 38,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.344%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 37,992,993
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.395% due 01/26/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 13,300,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.395%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 13,296,474
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.406% due 02/02/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 5,500,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.406%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 5,498,098
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.441% due 02/09/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 9,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.441%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 8,995,930
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.458% due 03/02/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 50,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.458%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 49,960,930
ProShares UltraShort Bloomberg Crude Oil [Member] | U.S. Treasury Bills 0.516% due 03/30/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[4]			$ 5,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			0.516%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]			$ 4,994,088
ProShares UltraShort Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		58.00%		72.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 3,999,751		$ 2,899,151
ProShares UltraShort Bloomberg Natural Gas [Member] | U.S. Treasury Bills 1.000% due 01/04/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 4,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 3,999,751
ProShares UltraShort Bloomberg Natural Gas [Member] | U.S. Treasury Bills 0.406% due 02/02/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 1,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.406%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 999,654
ProShares UltraShort Bloomberg Natural Gas [Member] | U.S. Treasury Bills 0.343% due 01/26/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 1,900,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.343%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 1,899,497
ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		101.00%		97.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 204,770,166		$ 337,375,787
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 0.491% due 02/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 45,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.491%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 44,970,039
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 1.080% due 02/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]	$ 25,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.08%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	$ 24,962,110
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 1.145% due 02/22/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 12,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.145%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 11,978,836
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 1.155% due 03/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]	$ 26,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.155%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	$ 25,946,591
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 1.256% due 03/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]	$ 18,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.256%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	$ 17,957,750
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 0.493% due 03/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 45,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.493%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 44,951,121
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 1.001% due 01/04/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 20,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.001%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 19,998,756
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 1.001% due 01/11/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]	$ 25,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.001%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	$ 24,992,937
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 1.040% due 02/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]	$ 30,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.04%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	$ 29,969,001
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 1.075% due 02/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]	$ 9,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.075%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	$ 8,988,530
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 0.390% due 02/16/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 33,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.39%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 32,982,051
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 1.068% due 01/25/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]	$ 11,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.068%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	$ 10,991,251
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 1.081% due 01/18/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]	$ 29,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.081%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	$ 28,984,404
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 0.286% due 01/05/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 35,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.286%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 34,999,251
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 0.421% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 39,020,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.421%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 39,016,149
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 0.342% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 4,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.342%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 3,999,263
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 0.350% due 01/26/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 68,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.35%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 67,981,973
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 0.391% due 02/02/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 65,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.391%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 64,977,523
ProShares UltraShort Euro [Member] | U.S. Treasury Bills 0.471% due 02/09/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 3,500,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.471%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 3,498,417
ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		102.00%		95.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 31,977,900		$ 60,540,555
ProShares UltraShort Gold [Member] | U.S. Treasury Bills 0.491% due 02/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 5,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.491%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 4,996,671
ProShares UltraShort Gold [Member] | U.S. Treasury Bills 1.267% due 03/29/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 2,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.267%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 1,993,478
ProShares UltraShort Gold [Member] | U.S. Treasury Bills 0.493% due 03/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 2,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.493%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 1,997,828
ProShares UltraShort Gold [Member] | U.S. Treasury Bills 1.001% due 01/04/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 14,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.001%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 13,999,129
ProShares UltraShort Gold [Member] | U.S. Treasury Bills 1.001% due 01/11/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 5,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.001%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 4,998,588
ProShares UltraShort Gold [Member] | U.S. Treasury Bills 1.040% due 02/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 3,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.04%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 2,996,900
ProShares UltraShort Gold [Member] | U.S. Treasury Bills 0.435% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 1,572,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.435%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 1,571,845
ProShares UltraShort Gold [Member] | U.S. Treasury Bills 1.075% due 02/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 8,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.075%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 7,989,805
ProShares UltraShort Gold [Member] | U.S. Treasury Bills 0.371% due 01/26/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 10,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.371%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 9,997,349
ProShares UltraShort Gold [Member] | U.S. Treasury Bills 0.308% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 1,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.308%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 999,815
ProShares UltraShort Gold [Member] | U.S. Treasury Bills 0.407% due 02/02/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 13,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.407%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 12,995,504
ProShares UltraShort Gold [Member] | U.S. Treasury Bills 0.406% due 02/16/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 18,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.406%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 17,990,210
ProShares UltraShort Gold [Member] | U.S. Treasury Bills 0.481% due 03/09/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 10,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.481%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			$ 9,991,333
ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		124.00%		94.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 18,349,861		$ 21,550,319
ProShares UltraShort Silver [Member] | U.S. Treasury Bills 1.033% due 01/18/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 2,181,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.033%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 2,179,827
ProShares UltraShort Silver [Member] | U.S. Treasury Bills 0.491% due 02/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 2,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.491%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[6],[8]			$ 1,998,668
ProShares UltraShort Silver [Member] | U.S. Treasury Bills 1.209% due 02/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 2,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.209%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 1,997,451
ProShares UltraShort Silver [Member] | U.S. Treasury Bills 1.267% due 03/29/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 12,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.267%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 11,960,871
ProShares UltraShort Silver [Member] | U.S. Treasury Bills 0.493% due 03/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 2,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.493%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[6],[8]			$ 1,997,828
ProShares UltraShort Silver [Member] | U.S. Treasury Bills 1.040% due 02/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[7]	$ 2,214,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.04%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	$ 2,211,712
ProShares UltraShort Silver [Member] | U.S. Treasury Bills 0.371% due 01/26/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 1,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.371%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[8]			$ 999,735
ProShares UltraShort Silver [Member] | U.S. Treasury Bills 0.339% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 5,759,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.339%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[6],[8]			$ 5,758,432
ProShares UltraShort Silver [Member] | U.S. Treasury Bills 0.455% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 1,500,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.455%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[8]			$ 1,499,723
ProShares UltraShort Silver [Member] | U.S. Treasury Bills 0.409% due 02/02/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 1,300,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.409%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[8]			$ 1,299,551
ProShares UltraShort Silver [Member] | U.S. Treasury Bills 0.452% due 02/09/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[6]			$ 8,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]			0.452%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[6],[8]			$ 7,996,382
ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		101.00%		93.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 131,834,352		$ 257,102,313
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 1.033% due 01/18/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]	$ 19,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.033%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	$ 18,989,782
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 0.491% due 02/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 15,900,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.491%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 15,889,414
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 1.080% due 02/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 9,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.08%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 8,986,360
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 1.256% due 03/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]	$ 15,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.256%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	$ 14,964,792
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 1.277% due 03/22/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 6,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.277%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 5,982,422
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 1.001% due 01/04/18 [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	6,999,565
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 1.000% due 01/04/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 7,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.00%
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 1.001% due 01/11/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 9,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.001%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 8,997,457
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 1.040% due 02/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]	$ 24,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.04%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	$ 23,975,201
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 0.393% due 02/16/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 53,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.393%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 52,971,173
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 1.264% due 03/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 15,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.264%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 14,969,187
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 1.068% due 01/25/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]	$ 11,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.068%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	$ 10,991,251
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 0.286% due 01/05/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 21,383,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.286%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 21,382,543
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 0.452% due 02/09/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 35,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.452%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 34,984,173
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 1.083% due 02/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]	$ 17,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	1.083%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]	$ 16,978,335
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 0.343% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 32,400,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.343%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 32,396,802
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 0.405% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 12,500,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.405%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 12,497,695
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 0.346% due 01/26/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 57,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.346%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 56,984,889
ProShares UltraShort Yen [Member] | U.S. Treasury Bills 0.390% due 02/02/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[5]			$ 30,006,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			0.39%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]			$ 29,995,624
ProShares VIX Mid-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		80.00%		99.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 20,993,515	[1]	$ 45,486,235
ProShares VIX Mid-Term Futures ETF [Member] | U.S. Treasury Bills 0.491% due 02/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]			$ 4,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			0.491%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			$ 3,997,337
ProShares VIX Mid-Term Futures ETF [Member] | U.S. Treasury Bills 1.209% due 02/08/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 3,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.209%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 2,996,177
ProShares VIX Mid-Term Futures ETF [Member] | U.S. Treasury Bills 1.000% due 01/04/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 11,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 10,999,316
ProShares VIX Mid-Term Futures ETF [Member] | U.S. Treasury Bills 1.001% due 01/11/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 7,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.001%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 6,998,022
ProShares VIX Mid-Term Futures ETF [Member] | U.S. Treasury Bills 0.311% due 01/26/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 1,500,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.311%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 1,499,602
ProShares VIX Mid-Term Futures ETF [Member] | U.S. Treasury Bills 0.299% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 2,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.299%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 1,999,631
ProShares VIX Mid-Term Futures ETF [Member] | U.S. Treasury Bills 0.390% due 02/16/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 6,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.39%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 5,996,737
ProShares VIX Mid-Term Futures ETF [Member] | U.S. Treasury Bills 0.281% due 01/05/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 1,500,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.281%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 1,499,968
ProShares VIX Mid-Term Futures ETF [Member] | U.S. Treasury Bills 0.390% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 18,500,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.39%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 18,498,174
ProShares VIX Mid-Term Futures ETF [Member] | U.S. Treasury Bills 0.411% due 02/02/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 2,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.411%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 1,999,308
ProShares VIX Mid-Term Futures ETF [Member] | U.S. Treasury Bills 0.372% due 02/09/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]			$ 10,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			0.372%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			$ 9,995,478
ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		98.00%		85.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity		$ 134,845,604		$ 147,991,233
ProShares VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.080% due 02/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 34,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.08%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 33,948,470
ProShares VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.271% due 03/15/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 23,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.271%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 22,940,660
ProShares VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.493% due 03/23/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 37,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.493%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 36,959,810
ProShares VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.000% due 01/04/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]	$ 31,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.00%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	$ 30,998,072
ProShares VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.001% due 01/11/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 12,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.001%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 11,996,610
ProShares VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.040% due 02/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 33,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.04%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 32,965,901
ProShares VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 1.264% due 03/01/18 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]	$ 2,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.264%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	$ 1,995,891
ProShares VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.390% due 02/16/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1]			$ 10,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			0.39%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]			$ 9,994,561
ProShares VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.409% due 02/02/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]			$ 32,560,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			0.409%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			$ 32,548,741
ProShares VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.382% due 01/12/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]			$ 39,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			0.382%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			$ 38,996,151
ProShares VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.330% due 01/19/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]			$ 9,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			0.33%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			$ 8,998,340
ProShares VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.353% due 01/26/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]			$ 15,500,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			0.353%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			$ 15,495,891
ProShares VIX Short-Term Futures ETF [Member] | U.S. Treasury Bills 0.425% due 02/09/17 [Member]
Schedule of Investments [Line Items]
Principal Amount	[1],[2]			$ 5,000,000
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			0.425%
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]			$ 4,997,739

[1] Rates shown represents discount rate at the time of purchase.

[2] All or partial amount pledged as collateral for futures contracts.

[3] All or partial amount pledged as collateral for swap agreements.

[4] All or partial amount pledged as collateral for swap agreements and/or futures contracts.

[5] All or partial amount pledged as collateral for foreign currency forward contracts.

[6] All or partial amount pledged as collateral for forward agreements and/or futures contracts.

[7] All or partial amount pledged as collateral for forward agreements.

[8] The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

XML

Schedule of Investments - Short-Term U.S. Government and Agency Obligations (Parenthetical) (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Total short-term U.S. government and agency obligations, cost		$ 2,445,970,899	$ 3,038,837,465
ProShares Short Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		88.00%	83.00%
Total short-term U.S. government and agency obligations, cost		$ 6,996,595	$ 13,164,807
ProShares Short VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		64.00%	75.00%
Total short-term U.S. government and agency obligations, cost		$ 494,962,509	$ 170,391,741
ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		88.00%	95.00%
Total short-term U.S. government and agency obligations, cost		$ 459,543,053	$ 885,046,303
ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		81.00%	84.00%
Total short-term U.S. government and agency obligations, cost		$ 50,963,586	$ 36,183,384
ProShares Ultra Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		73.00%	100.00%
Total short-term U.S. government and agency obligations, cost		$ 6,996,595	$ 11,891,729
ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		95.00%	104.00%
Total short-term U.S. government and agency obligations, cost		$ 88,890,367	$ 95,356,703
ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		91.00%	107.00%
Total short-term U.S. government and agency obligations, cost		$ 235,605,469	$ 295,296,440
ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		73.00%	84.00%
Total short-term U.S. government and agency obligations, cost		$ 287,546,397	$ 434,676,067
ProShares Ultra Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		70.00%	95.00%
Total short-term U.S. government and agency obligations, cost		$ 1,998,216	$ 5,283,104
ProShares UltraShort Australian Dollar [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		87.00%	78.00%
Total short-term U.S. government and agency obligations, cost		$ 11,984,898	$ 12,909,895
ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		112.00%	102.00%
Total short-term U.S. government and agency obligations, cost		$ 253,669,155	$ 205,694,828
ProShares UltraShort Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		58.00%	72.00%
Total short-term U.S. government and agency obligations, cost		$ 3,999,667	$ 2,899,188
ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		101.00%	97.00%
Total short-term U.S. government and agency obligations, cost		$ 204,788,208	$ 337,373,566
ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		102.00%	95.00%
Total short-term U.S. government and agency obligations, cost		$ 31,979,626	$ 60,540,275
ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		124.00%	94.00%
Total short-term U.S. government and agency obligations, cost		$ 18,352,808	$ 21,549,766
ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		101.00%	93.00%
Total short-term U.S. government and agency obligations, cost		$ 131,844,652	$ 257,103,135
ProShares VIX Mid-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		80.00%	99.00%
Total short-term U.S. government and agency obligations, cost		$ 20,993,328	$ 45,486,489
ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity		98.00%	85.00%
Total short-term U.S. government and agency obligations, cost		$ 134,855,770	$ 147,990,045
U.S. Treasury Bills 1.033% due 01/18/18 [Member] | ProShares Short Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.033%
Debt instrument, maturity date	[1]	Jan. 18, 2018
U.S. Treasury Bills 1.033% due 01/18/18 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.033%
Debt instrument, maturity date	[1],[2]	Jan. 18, 2018
U.S. Treasury Bills 1.033% due 01/18/18 [Member] | ProShares Ultra Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.033%
Debt instrument, maturity date	[1]	Jan. 18, 2018
U.S. Treasury Bills 1.033% due 01/18/18 [Member] | ProShares UltraShort Australian Dollar [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.033%
Debt instrument, maturity date	[1]	Jan. 18, 2018
U.S. Treasury Bills 1.033% due 01/18/18 [Member] | ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.033%
Debt instrument, maturity date	[1],[4]	Jan. 18, 2018
U.S. Treasury Bills 1.033% due 01/18/18 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.033%
Debt instrument, maturity date	[1],[3]	Jan. 18, 2018
U.S. Treasury Bills 0.270% due 01/12/17 [Member] | ProShares Short Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.27%
Debt instrument, maturity date	[1]		Jan. 12, 2017
U.S. Treasury Bills 0.270% due 01/12/17 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.27%
Debt instrument, maturity date	[1],[5]		Jan. 12, 2017
U.S. Treasury Bills 0.270% due 01/12/17 [Member] | ProShares Ultra Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.27%
Debt instrument, maturity date	[1]		Jan. 12, 2017
U.S. Treasury Bills 0.270% due 01/12/17 [Member] | ProShares Ultra Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.27%
Debt instrument, maturity date	[1]		Jan. 12, 2017
U.S. Treasury Bills 0.355% due 01/19/17 [Member] | ProShares Short Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.355%
Debt instrument, maturity date	[1]		Jan. 19, 2017
U.S. Treasury Bills 0.355% due 01/19/17 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.355%
Debt instrument, maturity date	[1],[6]		Jan. 19, 2017
U.S. Treasury Bills 0.491% due 02/23/17 [Member] | ProShares Short Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.491%
Debt instrument, maturity date	[1]		Feb. 23, 2017
U.S. Treasury Bills 0.491% due 02/23/17 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.491%
Debt instrument, maturity date	[1],[5]		Feb. 23, 2017
U.S. Treasury Bills 0.491% due 02/23/17 [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.491%
Debt instrument, maturity date	[1]		Feb. 23, 2017
U.S. Treasury Bills 0.491% due 02/23/17 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.491%
Debt instrument, maturity date	[1],[6]		Feb. 23, 2017
U.S. Treasury Bills 0.491% due 02/23/17 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.491%
Debt instrument, maturity date	[1],[6]		Feb. 23, 2017
U.S. Treasury Bills 0.491% due 02/23/17 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]		0.491%
Debt instrument, maturity date	[1],[7]		Feb. 23, 2017
U.S. Treasury Bills 0.491% due 02/23/17 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.491%
Debt instrument, maturity date	[1],[3]		Feb. 23, 2017
U.S. Treasury Bills 0.491% due 02/23/17 [Member] | ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.491%
Debt instrument, maturity date	[1],[6]		Feb. 23, 2017
U.S. Treasury Bills 0.491% due 02/23/17 [Member] | ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.491%
Debt instrument, maturity date	[1],[6]		Feb. 23, 2017
U.S. Treasury Bills 0.491% due 02/23/17 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.491%
Debt instrument, maturity date	[1],[3]		Feb. 23, 2017
U.S. Treasury Bills 0.491% due 02/23/17 [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]		0.491%
Debt instrument, maturity date	[1],[7]		Feb. 23, 2017
U.S. Treasury Bills 1.209% due 02/08/18 [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.209%
Debt instrument, maturity date	[1],[7]	Feb. 08, 2018
U.S. Treasury Bills 1.209% due 02/08/18 [Member] | ProShares UltraShort Australian Dollar [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.209%
Debt instrument, maturity date	[1]	Feb. 08, 2018
U.S. Treasury Bills 1.209% due 02/08/18 [Member] | ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.209%
Debt instrument, maturity date	[1],[4]	Feb. 08, 2018
U.S. Treasury Bills 1.209% due 02/08/18 [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.209%
Debt instrument, maturity date	[1]	Feb. 08, 2018
U.S. Treasury Bills 1.080% due 02/15/18 [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.08%
Debt instrument, maturity date	[1]	Feb. 15, 2018
U.S. Treasury Bills 1.080% due 02/15/18 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.08%
Debt instrument, maturity date	[1],[2]	Feb. 15, 2018
U.S. Treasury Bills 1.080% due 02/15/18 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.08%
Debt instrument, maturity date	[1],[4]	Feb. 15, 2018
U.S. Treasury Bills 1.080% due 02/15/18 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.08%
Debt instrument, maturity date	[1],[4]	Feb. 15, 2018
U.S. Treasury Bills 1.080% due 02/15/18 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.08%
Debt instrument, maturity date	[1],[7]	Feb. 15, 2018
U.S. Treasury Bills 1.080% due 02/15/18 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.08%
Debt instrument, maturity date	[1],[2]	Feb. 15, 2018
U.S. Treasury Bills 1.080% due 02/15/18 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.08%
Debt instrument, maturity date	[1],[3]	Feb. 15, 2018
U.S. Treasury Bills 1.080% due 02/15/18 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.08%
Debt instrument, maturity date	[1]	Feb. 15, 2018
U.S. Treasury Bills 1.080% due 02/15/18 [Member] | ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.08%
Debt instrument, maturity date	[1],[7]	Feb. 15, 2018
U.S. Treasury Bills 1.145% due 02/22/18 [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.145%
Debt instrument, maturity date	[1],[7]	Feb. 22, 2018
U.S. Treasury Bills 1.145% due 02/22/18 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.145%
Debt instrument, maturity date	[1],[2]	Feb. 22, 2018
U.S. Treasury Bills 1.145% due 02/22/18 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.145%
Debt instrument, maturity date	[1],[4]	Feb. 22, 2018
U.S. Treasury Bills 1.145% due 02/22/18 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.145%
Debt instrument, maturity date	[1],[2]	Feb. 22, 2018
U.S. Treasury Bills 1.145% due 02/22/18 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.145%
Debt instrument, maturity date	[1]	Feb. 22, 2018
U.S. Treasury Bills 1.155% due 03/01/18 [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.155%
Debt instrument, maturity date	[1]	Mar. 01, 2018
U.S. Treasury Bills 1.155% due 03/01/18 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.155%
Debt instrument, maturity date	[1],[3]	Mar. 01, 2018
U.S. Treasury Bills 1.256% due 03/08/18 [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.256%
Debt instrument, maturity date	[1]	Mar. 08, 2018
U.S. Treasury Bills 1.256% due 03/08/18 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.256%
Debt instrument, maturity date	[1],[3]	Mar. 08, 2018
U.S. Treasury Bills 1.256% due 03/08/18 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.256%
Debt instrument, maturity date	[1],[3]	Mar. 08, 2018
U.S. Treasury Bills 1.271% due 03/15/18 [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.271%
Debt instrument, maturity date	[1]	Mar. 15, 2018
U.S. Treasury Bills 1.271% due 03/15/18 [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.271%
Debt instrument, maturity date	[1]	Mar. 15, 2018
U.S. Treasury Bills 1.271% due 03/15/18 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.271%
Debt instrument, maturity date	[1],[4]	Mar. 15, 2018
U.S. Treasury Bills 1.271% due 03/15/18 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.271%
Debt instrument, maturity date	[1],[2]	Mar. 15, 2018
U.S. Treasury Bills 1.271% due 03/15/18 [Member] | ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.271%
Debt instrument, maturity date	[1],[7]	Mar. 15, 2018
U.S. Treasury Bills 1.277% due 03/22/18 [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.277%
Debt instrument, maturity date	[1]	Mar. 22, 2018
U.S. Treasury Bills 1.277% due 03/22/18 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.277%
Debt instrument, maturity date	[1]	Mar. 22, 2018
U.S. Treasury Bills 1.277% due 03/22/18 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.277%
Debt instrument, maturity date	[1]	Mar. 22, 2018
U.S. Treasury Bills 1.267% due 03/29/18 [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.267%
Debt instrument, maturity date	[1]	Mar. 29, 2018
U.S. Treasury Bills 1.267% due 03/29/18 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.267%
Debt instrument, maturity date	[1],[4]	Mar. 29, 2018
U.S. Treasury Bills 1.267% due 03/29/18 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.267%
Debt instrument, maturity date	[1],[4]	Mar. 29, 2018
U.S. Treasury Bills 1.267% due 03/29/18 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.267%
Debt instrument, maturity date	[1],[7]	Mar. 29, 2018
U.S. Treasury Bills 1.267% due 03/29/18 [Member] | ProShares UltraShort Australian Dollar [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.267%
Debt instrument, maturity date	[1]	Mar. 29, 2018
U.S. Treasury Bills 1.267% due 03/29/18 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.267%
Debt instrument, maturity date	[1],[2]	Mar. 29, 2018
U.S. Treasury Bills 1.267% due 03/29/18 [Member] | ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.267%
Debt instrument, maturity date	[1],[4]	Mar. 29, 2018
U.S. Treasury Bills 1.267% due 03/29/18 [Member] | ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.267%
Debt instrument, maturity date	[1],[4]	Mar. 29, 2018
U.S. Treasury Bills 0.471% due 02/09/17 [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.471%
Debt instrument, maturity date	[1]		Feb. 09, 2017
U.S. Treasury Bills 0.437% due 02/16/17 [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]		0.437%
Debt instrument, maturity date	[1],[7]		Feb. 16, 2017
U.S. Treasury Bills 0.493% due 03/23/17 [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.493%
Debt instrument, maturity date	[1]		Mar. 23, 2017
U.S. Treasury Bills 0.493% due 03/23/17 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.493%
Debt instrument, maturity date	[1],[5]		Mar. 23, 2017
U.S. Treasury Bills 0.493% due 03/23/17 [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.493%
Debt instrument, maturity date	[1]		Mar. 23, 2017
U.S. Treasury Bills 0.493% due 03/23/17 [Member] | ProShares Ultra Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.493%
Debt instrument, maturity date	[1]		Mar. 23, 2017
U.S. Treasury Bills 0.493% due 03/23/17 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.493%
Debt instrument, maturity date	[1]		Mar. 23, 2017
U.S. Treasury Bills 0.493% due 03/23/17 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.493%
Debt instrument, maturity date	[1]		Mar. 23, 2017
U.S. Treasury Bills 0.493% due 03/23/17 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.493%
Debt instrument, maturity date	[1],[5]		Mar. 23, 2017
U.S. Treasury Bills 0.493% due 03/23/17 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.493%
Debt instrument, maturity date	[1],[3]		Mar. 23, 2017
U.S. Treasury Bills 0.493% due 03/23/17 [Member] | ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.493%
Debt instrument, maturity date	[1]		Mar. 23, 2017
U.S. Treasury Bills 0.493% due 03/23/17 [Member] | ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.493%
Debt instrument, maturity date	[1],[6]		Mar. 23, 2017
U.S. Treasury Bills 0.493% due 03/23/17 [Member] | ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.493%
Debt instrument, maturity date	[1]		Mar. 23, 2017
U.S. Treasury Bills 1.001% due 01/04/18 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.001%
Debt instrument, maturity date	[1],[2]	Jan. 04, 2018
U.S. Treasury Bills 1.001% due 01/04/18 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.001%
Debt instrument, maturity date	[1],[4]	Jan. 04, 2018
U.S. Treasury Bills 1.001% due 01/04/18 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.001%
Debt instrument, maturity date	[1],[2]	Jan. 04, 2018
U.S. Treasury Bills 1.001% due 01/04/18 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.001%
Debt instrument, maturity date	[1]	Jan. 04, 2018
U.S. Treasury Bills 1.001% due 01/04/18 [Member] | ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.001%
Debt instrument, maturity date	[1],[4]	Jan. 04, 2018
United States Treasury Bills 1.022% due 01/11/18 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.022%
Debt instrument, maturity date	[1],[2]	Jan. 11, 2018
United States Treasury Bills 1.082% due 01/25/18 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.082%
Debt instrument, maturity date	[1],[2]	Jan. 25, 2018
United States Treasury Bills 1.146% due 02/01/18 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.146%
Debt instrument, maturity date	[1],[2]	Feb. 01, 2018
United States Treasury Bills 1.118% due 02/08/18 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.118%
Debt instrument, maturity date	[1],[2]	Feb. 08, 2018
United States Treasury Bills1.223% due 03/01/18 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.223%
Debt instrument, maturity date	[1],[2]	Mar. 01, 2018
United States Treasury Bills 1.256% due 03/08/18 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.256%
Debt instrument, maturity date	[1],[2]	Mar. 08, 2018
United States Treasury Bills 1.256% due 03/08/18 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.256%
Debt instrument, maturity date	[1],[4]	Mar. 08, 2018
United States Treasury Bills 1.256% due 03/08/18 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.256%
Debt instrument, maturity date	[1],[7]	Mar. 08, 2018
U.S. Treasury Bills 0.289% due 01/05/17 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.289%
Debt instrument, maturity date	[1],[5]		Jan. 05, 2017
U.S. Treasury Bills 0.371% due 01/19/17 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.371%
Debt instrument, maturity date	[1],[5]		Jan. 19, 2017
U.S. Treasury Bills 0.362% due 01/26/17 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.362%
Debt instrument, maturity date	[1],[5]		Jan. 26, 2017
U.S. Treasury Bills 0.418% due 02/02/17 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.418%
Debt instrument, maturity date	[1],[5]		Feb. 02, 2017
U.S. Treasury Bills 0.400% due 02/09/17 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.40%
Debt instrument, maturity date	[1],[5]		Feb. 09, 2017
U.S. Treasury Bills 0.420% due 02/16/17 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.42%
Debt instrument, maturity date	[1],[5]		Feb. 16, 2017
U.S. Treasury Bills 0.481% due 03/09/17 [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.481%
Debt instrument, maturity date	[1],[5]		Mar. 09, 2017
U.S. Treasury Bills 1.000% due 01/04/18 [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.00%
Debt instrument, maturity date	[1]	Jan. 04, 2018
U.S. Treasury Bills 1.000% due 01/04/18 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.00%
Debt instrument, maturity date	[1]	Jan. 04, 2018
U.S. Treasury Bills 1.000% due 01/04/18 [Member] | ProShares UltraShort Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.00%
Debt instrument, maturity date	[1]	Jan. 04, 2018
U.S. Treasury Bills 1.000% due 01/04/18 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.00%
Debt instrument, maturity date	[1]	Jan. 04, 2018
U.S. Treasury Bills 1.000% due 01/04/18 [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.00%
Debt instrument, maturity date	[1]	Jan. 04, 2018
U.S. Treasury Bills 1.000% due 01/04/18 [Member] | ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.00%
Debt instrument, maturity date	[1]	Jan. 04, 2018
U.S. Treasury Bills 1.001% due 01/11/18 [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.001%
Debt instrument, maturity date	[1]	Jan. 11, 2018
U.S. Treasury Bills 1.001% due 01/11/18 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.001%
Debt instrument, maturity date	[1],[4]	Nov. 01, 2018
U.S. Treasury Bills 1.001% due 01/11/18 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.001%
Debt instrument, maturity date	[1],[4]	Jan. 11, 2018
U.S. Treasury Bills 1.001% due 01/11/18 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.001%
Debt instrument, maturity date	[1],[7]	Jan. 11, 2018
U.S. Treasury Bills 1.001% due 01/11/18 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.001%
Debt instrument, maturity date	[1],[3]	Jan. 11, 2018
U.S. Treasury Bills 1.001% due 01/11/18 [Member] | ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.001%
Debt instrument, maturity date	[1],[4]	Jan. 11, 2018
U.S. Treasury Bills 1.001% due 01/11/18 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.001%
Debt instrument, maturity date	[1]	Jan. 11, 2018
U.S. Treasury Bills 1.001% due 01/11/18 [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.001%
Debt instrument, maturity date	[1]	Jan. 11, 2018
U.S. Treasury Bills 1.001% due 01/11/18 [Member] | ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.001%
Debt instrument, maturity date	[1],[7]	Jan. 11, 2018
U.S. Treasury Bills 1.033% due 01/18/18 [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.033%
Debt instrument, maturity date	[1]	Jan. 18, 2018
U.S. Treasury Bills 1.033% due 01/18/18 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.033%
Debt instrument, maturity date	[1],[4]	Jan. 18, 2018
U.S. Treasury Bills 1.040% due 02/01/18 [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.04%
Debt instrument, maturity date	[1]	Feb. 01, 2018
U.S. Treasury Bills 1.040% due 02/01/18 [Member] | ProShares Ultra Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.04%
Debt instrument, maturity date	[1],[3]	Feb. 01, 2018
U.S. Treasury Bills 1.040% due 02/01/18 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.04%
Debt instrument, maturity date	[1],[2]	Feb. 01, 2018
U.S. Treasury Bills 1.040% due 02/01/18 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.04%
Debt instrument, maturity date	[1],[3]	Feb. 01, 2018
U.S. Treasury Bills 1.040% due 02/01/18 [Member] | ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.04%
Debt instrument, maturity date	[1],[4]	Feb. 01, 2018
U.S. Treasury Bills 1.040% due 02/01/18 [Member] | ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.04%
Debt instrument, maturity date	[1],[4]	Feb. 01, 2018
U.S. Treasury Bills 1.040% due 02/01/18 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.04%
Debt instrument, maturity date	[1],[3]	Feb. 01, 2018
U.S. Treasury Bills 1.040% due 02/01/18 [Member] | ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.04%
Debt instrument, maturity date	[1],[7]	Feb. 01, 2018
United States Treasury Bills 1.145% due 02/22/18 [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.145%
Debt instrument, maturity date	[1]	Feb. 22, 2018
U.S. Treasury Bills 0.435% due 01/12/17 [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.435%
Debt instrument, maturity date	[1]		Jan. 12, 2017
U.S. Treasury Bills 0.435% due 01/12/17 [Member] | ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.435%
Debt instrument, maturity date	[1]		Jan. 12, 2017
U.S. Treasury Bills 0.345% due 01/19/17 [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.345%
Debt instrument, maturity date	[1]		Jan. 19, 2017
U.S. Treasury Bills 0.311% due 01/26/17 [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.311%
Debt instrument, maturity date	[1]		Jan. 26, 2017
U.S. Treasury Bills 0.311% due 01/26/17 [Member] | ProShares Ultra Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.311%
Debt instrument, maturity date	[1],[3]		Jan. 26, 2017
U.S. Treasury Bills 0.311% due 01/26/17 [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.311%
Debt instrument, maturity date	[1]		Jan. 26, 2017
U.S. Treasury Bills 0.403% due 02/02/17 [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.403%
Debt instrument, maturity date	[1]		Feb. 02, 2017
U.S. Treasury Bills 0.425% due 02/09/17 [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.425%
Debt instrument, maturity date	[1]		Feb. 09, 2017
U.S. Treasury Bills 0.440% due 02/16/17 [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.44%
Debt instrument, maturity date	[1]		Feb. 16, 2017
U.S. Treasury Bills 0.295% due 01/05/17 [Member] | ProShares Ultra Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.295%
Debt instrument, maturity date	[1],[3]		Jan. 05, 2017
U.S. Treasury Bills 0.299% due 01/19/17 [Member] | ProShares Ultra Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.299%
Debt instrument, maturity date	[1],[3]		Jan. 19, 2017
U.S. Treasury Bills 0.299% due 01/19/17 [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.299%
Debt instrument, maturity date	[1]		Jan. 19, 2017
U.S. Treasury Bills 1.075% due 02/08/18 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.075%
Debt instrument, maturity date	[1],[4]	Feb. 08, 2018
U.S. Treasury Bills 1.075% due 02/08/18 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.075%
Debt instrument, maturity date	[1],[4]	Feb. 08, 2018
U.S. Treasury Bills 1.075% due 02/08/18 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.075%
Debt instrument, maturity date	[1],[2]	Feb. 08, 2018
U.S. Treasury Bills 1.075% due 02/08/18 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.075%
Debt instrument, maturity date	[1],[3]	Feb. 08, 2018
U.S. Treasury Bills 1.075% due 02/08/18 [Member] | ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.075%
Debt instrument, maturity date	[1],[4]	Feb. 08, 2018
U.S. Treasury Bills 1.298% due 03/15/18 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.298%
Debt instrument, maturity date	[1],[4]	Mar. 15, 2018
U.S. Treasury Bills 0.318% due 01/05/17 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.318%
Debt instrument, maturity date	[1],[6]		Jan. 05, 2017
U.S. Treasury Bills 0.318% due 01/05/17 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.318%
Debt instrument, maturity date	[1],[6]		Jan. 05, 2017
U.S. Treasury Bills 0.276% due 01/12/17 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.276%
Debt instrument, maturity date	[1],[6]		Jan. 12, 2017
U.S. Treasury Bills 0.360% due 01/26/17 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.36%
Debt instrument, maturity date	[1],[6]		Jan. 26, 2017
U.S. Treasury Bills 0.406% due 02/02/17 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.406%
Debt instrument, maturity date	[1],[6]		Feb. 02, 2017
U.S. Treasury Bills 0.393% due 02/16/17 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.393%
Debt instrument, maturity date	[1],[6]		Feb. 16, 2017
U.S. Treasury Bills 0.393% due 02/16/17 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.393%
Debt instrument, maturity date	[1]		Feb. 16, 2017
U.S. Treasury Bills 0.493% due 03/23/17 [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.493%
Debt instrument, maturity date	[1],[6]		Mar. 23, 2017
United States Treasury Bills 1.126% due 02/01/18 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.126%
Debt instrument, maturity date	[1],[4]	Feb. 01, 2018
United States Treasury Bills 1.231% due 03/01/18 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[4]	1.231%
Debt instrument, maturity date	[1],[4]	Mar. 01, 2018
United States Treasury Bills 1.292% due 04/05/18 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.292%
Debt instrument, maturity date	[1]	Apr. 05, 2018
United States Treasury Bills 1.292% due 04/05/18 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.292%
Debt instrument, maturity date	[1],[7]	Apr. 05, 2018
U.S. Treasury Bills 0.354% due 01/12/17 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.354%
Debt instrument, maturity date	[1],[6]		Jan. 12, 2017
U.S. Treasury Bills 0.339% due 01/19/17 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.339%
Debt instrument, maturity date	[1],[6]		Jan. 19, 2017
U.S. Treasury Bills 0.371% due 01/26/17 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.371%
Debt instrument, maturity date	[1]		Jan. 26, 2017
U.S. Treasury Bills 0.371% due 01/26/17 [Member] | ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.371%
Debt instrument, maturity date	[1]		Jan. 26, 2017
U.S. Treasury Bills 0.371% due 01/26/17 [Member] | ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.371%
Debt instrument, maturity date	[1]		Jan. 26, 2017
U.S. Treasury Bills 0.394% due 02/02/17 [December] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.394%
Debt instrument, maturity date	[1],[6]		Feb. 02, 2017
U.S. Treasury Bills 0.452% due 02/09/17 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.452%
Debt instrument, maturity date	[1],[6]		Feb. 09, 2017
U.S. Treasury Bills 0.423% due 02/16/17 [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.423%
Debt instrument, maturity date	[1],[6]		Feb. 16, 2017
U.S. Treasury Bills 1.174% due 01/25/18 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.174%
Debt instrument, maturity date	[1],[7]	Jan. 25, 2018
U.S. Treasury Bills 1.201% due 02/01/18 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.201%
Debt instrument, maturity date	[1],[7]	Feb. 01, 2018
U.S. Treasury Bills 1.075% due 02/08/18 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.075%
Debt instrument, maturity date	[1],[7]	Feb. 08, 2018
U.S. Treasury Bills 1.264% due 03/01/18 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.264%
Debt instrument, maturity date	[1],[7]	Mar. 01, 2018
U.S. Treasury Bills 1.264% due 03/01/18 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]	1.264%
Debt instrument, maturity date	[1]	Mar. 01, 2018
U.S. Treasury Bills 1.264% due 03/01/18 [Member] | ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.264%
Debt instrument, maturity date	[1],[7]	Mar. 01, 2018
U.S. Treasury Bills 1.319% due 03/15/18 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]	1.319%
Debt instrument, maturity date	[1],[7]	Mar. 15, 2018
U.S. Treasury Bills 0.294% due 01/05/17 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.294%
Debt instrument, maturity date	[1]		Jan. 05, 2017
U.S. Treasury Bills 0.307% due 01/12/17 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.307%
Debt instrument, maturity date	[1]		Jan. 12, 2017
U.S. Treasury Bills 0.336% due 01/19/17 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]		0.336%
Debt instrument, maturity date	[1],[7]		Jan. 19, 2017
U.S. Treasury Bills 0.319% due 01/26/17 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]		0.319%
Debt instrument, maturity date	[1],[7]		Jan. 26, 2017
U.S. Treasury Bills 0.342% due 02/02/17 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]		0.342%
Debt instrument, maturity date	[1],[7]		Feb. 02, 2017
U.S. Treasury Bills 0.442% due 02/09/17 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]		0.442%
Debt instrument, maturity date	[1],[7]		Feb. 09, 2017
U.S. Treasury Bills 0.435% due 02/16/17 [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]		0.435%
Debt instrument, maturity date	[1],[7]		Feb. 16, 2017
U.S. Treasury Bills 0.210% due 01/05/17 [Member] | ProShares Ultra Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.21%
Debt instrument, maturity date	[1],[3]		Jan. 05, 2017
U.S. Treasury Bills 0.390% due 02/16/17 [Member] | ProShares Ultra Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.39%
Debt instrument, maturity date	[1]		Feb. 16, 2017
U.S. Treasury Bills 0.390% due 02/16/17 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.39%
Debt instrument, maturity date	[1]		Feb. 16, 2017
U.S. Treasury Bills 0.390% due 02/16/17 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.39%
Debt instrument, maturity date	[1]		Feb. 16, 2017
U.S. Treasury Bills 0.390% due 02/16/17 [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.39%
Debt instrument, maturity date	[1]		Feb. 23, 2017
U.S. Treasury Bills 0.390% due 02/16/17 [Member] | ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.39%
Debt instrument, maturity date	[1]		Feb. 16, 2017
U.S. Treasury Bills 0.326% due 01/19/17 [Member] | ProShares UltraShort Australian Dollar [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.326%
Debt instrument, maturity date	[1]		Jan. 19, 2017
U.S. Treasury Bills 1.068% due 01/25/18 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.068%
Debt instrument, maturity date	[1],[2]	Jan. 25, 2018
U.S. Treasury Bills 1.068% due 01/25/18 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.068%
Debt instrument, maturity date	[1],[3]	Jan. 25, 2018
U.S. Treasury Bills 1.068% due 01/25/18 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.068%
Debt instrument, maturity date	[1],[3]	Jan. 25, 2018
U.S. Treasury Bills 1.264% due 03/01/18n [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[2]	1.264%
Debt instrument, maturity date	[1],[2]	Mar. 01, 2018
U.S. Treasury Bills 0.281% due 01/05/17 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.281%
Debt instrument, maturity date	[1],[5]		Jan. 05, 2017
U.S. Treasury Bills 0.353% due 01/12/17 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.353%
Debt instrument, maturity date	[1],[5]		Jan. 12, 2017
U.S. Treasury Bills 0.344% due 01/19/17 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.344%
Debt instrument, maturity date	[1],[5]		Jan. 19, 2017
U.S. Treasury Bills 0.395% due 01/26/17 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.395%
Debt instrument, maturity date	[1],[5]		Jan. 26, 2017
U.S. Treasury Bills 0.406% due 02/02/17 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.406%
Debt instrument, maturity date	[1]		Feb. 02, 2017
U.S. Treasury Bills 0.406% due 02/02/17 [Member] | ProShares UltraShort Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.406%
Debt instrument, maturity date	[1]		Feb. 02, 2017
U.S. Treasury Bills 0.441% due 02/09/17 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.441%
Debt instrument, maturity date	[1],[5]		Feb. 09, 2017
U.S. Treasury Bills 0.458% due 03/02/17 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.458%
Debt instrument, maturity date	[1],[5]		Mar. 02, 2017
U.S. Treasury Bills 0.516% due 03/30/17 [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[5]		0.516%
Debt instrument, maturity date	[1],[5]		Mar. 30, 2017
U.S. Treasury Bills 0.343% due 01/26/17 [Member] | ProShares UltraShort Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.343%
Debt instrument, maturity date	[1]		Jan. 26, 2017
U.S. Treasury Bills 1.081% due 01/18/18 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.081%
Debt instrument, maturity date	[1],[3]	Jan. 18, 2018
U.S. Treasury Bills 0.286% due 01/05/17 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.286%
Debt instrument, maturity date	[1],[3]		Jan. 05, 2017
U.S. Treasury Bills 0.286% due 01/05/17 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.286%
Debt instrument, maturity date	[1],[3]		Jan. 05, 2017
U.S. Treasury Bills 0.421% due 01/12/17 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.421%
Debt instrument, maturity date	[1],[3]		Jan. 12, 2017
U.S. Treasury Bills 0.342% due 01/19/17 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.342%
Debt instrument, maturity date	[1]		Jan. 19, 2017
U.S. Treasury Bills 0.350% due 01/26/17 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.35%
Debt instrument, maturity date	[1],[3]		Jan. 26, 2017
U.S. Treasury Bills 0.391% due 02/02/17 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.391%
Debt instrument, maturity date	[1],[3]		Feb. 02, 2017
U.S. Treasury Bills 0.471% due 02/09/17 [Member] | ProShares UltraShort Euro [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.471%
Debt instrument, maturity date	[1]		Feb. 09, 2017
U.S. Treasury Bills 0.308% due 01/19/17 [Member] | ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.308%
Debt instrument, maturity date	[1],[6]		Jan. 19, 2017
U.S. Treasury Bills 0.407% due 02/02/17 [Member] | ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.407%
Debt instrument, maturity date	[1]		Feb. 02, 2017
U.S. Treasury Bills 0.406% due 02/16/17 [Member] | ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.406%
Debt instrument, maturity date	[1],[6]		Feb. 16, 2017
U.S. Treasury Bills 0.481% due 03/09/17 [Member] | ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.481%
Debt instrument, maturity date	[1],[6]		Mar. 09, 2017
U.S. Treasury Bills 0.339% due 01/12/17 [Member] | ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.339%
Debt instrument, maturity date	[1],[6]		Jan. 12, 2017
U.S. Treasury Bills 0.455% due 01/19/17 [Member] | ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.455%
Debt instrument, maturity date	[1]		Jan. 19, 2017
U.S. Treasury Bills 0.409% due 02/02/17 [Member] | ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.409%
Debt instrument, maturity date	[1]		Feb. 02, 2017
U.S. Treasury Bills 0.409% due 02/02/17 [Member] | ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]		0.409%
Debt instrument, maturity date	[1],[7]		Feb. 02, 2017
U.S. Treasury Bills 0.452% due 02/09/17 [Member] | ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[6]		0.452%
Debt instrument, maturity date	[1],[6]		Feb. 09, 2017
U.S. Treasury Bills 0.452% due 02/09/17 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.452%
Debt instrument, maturity date	[1],[3]		Feb. 09, 2017
U.S. Treasury Bills 1.083% due 02/08/18 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]	1.083%
Debt instrument, maturity date	[1],[3]	Feb. 08, 2018
U.S. Treasury Bills 0.343% due 01/12/17 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.343%
Debt instrument, maturity date	[1],[3]		Jan. 12, 2017
U.S. Treasury Bills 0.405% due 01/19/17 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.405%
Debt instrument, maturity date	[1],[3]		Jan. 19, 2017
U.S. Treasury Bills 0.346% due 01/26/17 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.346%
Debt instrument, maturity date	[1],[3]		Jan. 17, 2017
U.S. Treasury Bills 0.390% due 02/02/17 [Member] | ProShares UltraShort Yen [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[3]		0.39%
Debt instrument, maturity date	[1],[3]		Feb. 02, 2017
U.S. Treasury Bills 0.281% due 01/05/17 [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.281%
Debt instrument, maturity date	[1]		Jan. 05, 2017
U.S. Treasury Bills 0.390% due 01/12/17 [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.39%
Debt instrument, maturity date	[1]		Jan. 12, 2017
U.S. Treasury Bills 0.411% due 02/02/17 [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1]		0.411%
Debt instrument, maturity date	[1]		Feb. 02, 2017
U.S. Treasury Bills 0.372% due 02/09/17 [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]		0.372%
Debt instrument, maturity date	[1],[7]		Feb. 09, 2017
U.S. Treasury Bills 0.382% due 01/12/17 [Member] | ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]		0.382%
Debt instrument, maturity date	[1],[7]		Jan. 12, 2017
U.S. Treasury Bills 0.330% due 01/19/17 [Member] | ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]		0.33%
Debt instrument, maturity date	[1],[7]		Jan. 19, 2017
U.S. Treasury Bills 0.353% due 01/26/17 [Member] | ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]		0.353%
Debt instrument, maturity date	[1],[7]		Jan. 26, 2017
U.S. Treasury Bills 0.425% due 02/09/17 [Member] | ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Short-term U.S. government and agency obligations percentage of shareholders' equity	[1],[7]		0.425%
Debt instrument, maturity date	[1],[7]		Feb. 09, 2017

[1] Rates shown represents discount rate at the time of purchase.

[2] All or partial amount pledged as collateral for swap agreements.

[3] All or partial amount pledged as collateral for foreign currency forward contracts.

[4] All or partial amount pledged as collateral for forward agreements.

[5] All or partial amount pledged as collateral for swap agreements and/or futures contracts.

[6] All or partial amount pledged as collateral for forward agreements and/or futures contracts.

[7] All or partial amount pledged as collateral for futures contracts.

XML

Schedule of Investments - Futures Contracts Sold (Detail)		12 Months Ended
		Dec. 31, 2017 USD ($) Contract		Dec. 31, 2016 USD ($) Contract
ProShares Short Euro [Member] | Futures Contracts Sold [Member] | Euro Fx Currency Futures - CME, Expires March 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		53		120	[1]
Notional Amount at Value		$ 8,000,019		$ 15,861,000	[1]
Unrealized Appreciation (Depreciation)		(166,288)		132,900	[1]
ProShares Short VIX Short-Term Futures ETF [Member] | Futures Contracts Sold [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ 17,041,449		$ (10,309,611)	[2]
ProShares Short VIX Short-Term Futures ETF [Member] | Futures Contracts Sold [Member] | VIX Futures - CBOE, Expires January 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		38,015
Notional Amount at Value		$ 436,222,125
Unrealized Appreciation (Depreciation)		$ 21,493,549
ProShares Short VIX Short-Term Futures ETF [Member] | Futures Contracts Sold [Member] | VIX Futures - CBOE,Expires February 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		26,693
Notional Amount at Value		$ 332,995,175
Unrealized Appreciation (Depreciation)		(4,452,100)
ProShares Short VIX Short-Term Futures ETF [Member] | Futures Contracts Sold [Member] | VIX Futures - CBOE, expires October 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[2]			8,491
Notional Amount at Value	[2]			$ 128,426,375
Unrealized Appreciation (Depreciation)	[2]			$ (7,027,685)
ProShares Short VIX Short-Term Futures ETF [Member] | Futures Contracts Sold [Member] | VIX Futures - CBOE, expires November 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[2]			5,974
Notional Amount at Value	[2]			$ 99,019,050
Unrealized Appreciation (Depreciation)	[2]			(3,281,926)
ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ (1,488,259)	[3]	$ 3,033,566	[4]
ProShares UltraShort Gold [Member] | Futures Contracts Sold [Member] | Gold Futures - COMEX, Expires February 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[5]			2
Notional Amount at Value	[5]			$ 230,340
Unrealized Appreciation (Depreciation)	[5]			$ 18,980
ProShares UltraShort Gold [Member] | Futures Contracts Sold [Member] | Gold Futures - COMEX, expires February 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		2
Notional Amount at Value		$ 261,860
Unrealized Appreciation (Depreciation)		$ (5,460)
Pro Shares UltraPro 3X Short Crude Oil ETF [Member] | Futures Contracts Sold [Member] | WTI Crude Oil-NYMEX, Expires March 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		1,050
Notional Amount at Value		$ 63,462,000
Unrealized Appreciation (Depreciation)		$ (2,988,155)
ProShares UltraShort Australian Dollar [Member] | Futures Contracts Sold [Member] | Australian Dollar Fx Currency Futures CME expires March 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		353
Notional Amount at Value		$ 27,572,830
Unrealized Appreciation (Depreciation)		(893,220)
ProShares UltraShort Australian Dollar [Member] | Futures Contracts Sold [Member] | Australian Dollar Fx Currency Futures - CME, Expires March 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[6]			462
Notional Amount at Value	[6]			$ 33,273,240
Unrealized Appreciation (Depreciation)	[6]			1,182,340
ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ (30,607,142)	[3]	$ (12,206,881)	[4]
ProShares UltraShort Bloomberg Crude Oil [Member] | Futures Contracts Sold [Member] | WTI Crude Oil-NYMEX, Expires March 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		1,125
Notional Amount at Value		$ 67,995,000
Unrealized Appreciation (Depreciation)		$ (3,962,648)
ProShares UltraShort Bloomberg Crude Oil [Member] | Futures Contracts Sold [Member] | WTI Crude Oil - NYMEX, Expires March 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[7]			1,401
Notional Amount at Value	[7]			$ 76,578,660
Unrealized Appreciation (Depreciation)	[7]			$ (1,426,815)
ProShares UltraShort Bloomberg Natural Gas [Member] | Futures Contracts Sold [Member] | Natural Gas-NYMEX, expires March 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		475
Notional Amount at Value		$ 13,803,500
Unrealized Appreciation (Depreciation)		(1,097,049)
ProShares UltraShort Bloomberg Natural Gas [Member] | Futures Contracts Sold [Member] | Natural Gas - NYMEX, Expires March 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[8]			219
Notional Amount at Value	[8]			$ 8,067,960
Unrealized Appreciation (Depreciation)	[8]			(482,031)
ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ (1,716,163)	[3]	$ 1,384,246	[4]
ProShares UltraShort Silver [Member] | Futures Contracts Sold [Member] | Silver Futures - COMEX, expires March 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		2
Notional Amount at Value		$ (171,450)
Unrealized Appreciation (Depreciation)		$ (1,650)
ProShares UltraShort Silver [Member] | Futures Contracts Sold [Member] | Silver Futures - COMEX, Expires March 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[9]			2
Notional Amount at Value	[9]			$ 159,890
Unrealized Appreciation (Depreciation)	[9]			$ 27,310

[1] Cash collateral in the amount of $402,600 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

[2] Cash collateral in the amount of $55,323,984 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

[3] The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

[4] The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

[5] Cash collateral in the amount of $13,200 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

[6] Cash collateral in the amount of $914,760 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

[7] Cash collateral in the amount of $4,931,520 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

[8] Cash collateral in the amount of $710,655 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

[9] Cash collateral in the amount of $14,300 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

XML

Schedule of Investments - Futures Contracts Sold (Parenthetical) (Detail) - Futures Contracts Sold [Member]	12 Months Ended
	Dec. 31, 2016 USD ($)
ProShares Short Euro [Member]
Schedule of Investments [Line Items]
Cash collateral pledged to cover margin requirements	$ 402,600
ProShares Short VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Cash collateral pledged to cover margin requirements	55,323,984
ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Cash collateral pledged to cover margin requirements	13,200
ProShares UltraShort Australian Dollar [Member]
Schedule of Investments [Line Items]
Cash collateral pledged to cover margin requirements	914,760
ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Cash collateral pledged to cover margin requirements	4,931,520
ProShares UltraShort Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Cash collateral pledged to cover margin requirements	710,655
ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Cash collateral pledged to cover margin requirements	$ 14,300

XML

Schedule of Investments - Futures Contracts Purchased (Detail)		12 Months Ended
		Dec. 31, 2017 USD ($) Contract		Dec. 31, 2016 USD ($) Contract
ProShares Ultra VIX Short-Term Futures ETF [Member] | Futures Contracts Purchased [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ (34,466,120)		$ (7,972,237)	[1]
ProShares Ultra VIX Short-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE, Expires January 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[1]			38,688
Notional Amount at Value	[1]			$ 585,156,000
Unrealized Appreciation (Depreciation)	[1]			$ (21,567,112)
ProShares Ultra VIX Short-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE, Expires February 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[1]			27,012
Notional Amount at Value	[1]			$ 447,723,900
Unrealized Appreciation (Depreciation)	[1]			13,594,875
ProShares Ultra VIX Short-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE, Expires January 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		39,057
Notional Amount at Value		$ 448,179,075
Unrealized Appreciation (Depreciation)		$ (38,440,762)
ProShares Ultra VIX Short-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE,Expires February 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		27,298
Notional Amount at Value		$ 340,542,550
Unrealized Appreciation (Depreciation)		3,974,642
ProShares VIX Mid-Term Futures ETF [Member] | Futures Contracts Purchased [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ (2,215,280)		$ (1,288,245)	[2]
ProShares VIX Mid-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE, expires April 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		354
Notional Amount at Value		$ 4,911,750
Unrealized Appreciation (Depreciation)		$ (617,555)
ProShares VIX Mid-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE, Expires May 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		603
Notional Amount at Value		$ 8,668,125
Unrealized Appreciation (Depreciation)		$ (910,645)
ProShares VIX Mid-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE, Expires June 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		603
Notional Amount at Value		$ 8,939,475
Unrealized Appreciation (Depreciation)		$ (641,030)
ProShares VIX Mid-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE, Expires July 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		248
Notional Amount at Value		$ 3,825,400
Unrealized Appreciation (Depreciation)		(46,050)
ProShares VIX Mid-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE, Expires April 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[2]			474
Notional Amount at Value	[2]			$ 8,733,450
Unrealized Appreciation (Depreciation)	[2]			$ (655,635)
ProShares VIX Mid-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE, Expires May 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[2]			806
Notional Amount at Value	[2]			$ 15,172,950
Unrealized Appreciation (Depreciation)	[2]			$ (628,070)
ProShares VIX Mid-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE, Expires June 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[2]			807
Notional Amount at Value	[2]			$ 15,393,525
Unrealized Appreciation (Depreciation)	[2]			$ (72,915)
ProShares VIX Mid-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE, Expires July 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[2]			332
Notional Amount at Value	[2]			$ 6,523,800
Unrealized Appreciation (Depreciation)	[2]			68,375
ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ 62,238,361	[3]	$ 55,358,571	[4]
ProShares Ultra Bloomberg Crude Oil [Member] | Futures Contracts Purchased [Member] | WTI Crude Oil-NYMEX, Expires March 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		3,854
Notional Amount at Value		$ 232,935,760
Unrealized Appreciation (Depreciation)		$ 11,945,979
ProShares Ultra Bloomberg Crude Oil [Member] | Futures Contracts Purchased [Member] | WTI Crude Oil - NYMEX, Expires March 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[5]			5,855
Notional Amount at Value	[5]			$ 320,034,300
Unrealized Appreciation (Depreciation)	[5]			$ 5,537,165
ProShares Ultra Bloomberg Natural Gas [Member] | Futures Contracts Purchased [Member] | Natural Gas-NYMEX, expires March 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		4,355
Notional Amount at Value		$ 126,556,300
Unrealized Appreciation (Depreciation)		7,225,810
ProShares Ultra Bloomberg Natural Gas [Member] | Futures Contracts Purchased [Member] | Natural Gas - NYMEX, expires November 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[6]			2,346
Notional Amount at Value	[6]			$ 86,426,640
Unrealized Appreciation (Depreciation)	[6]			2,536,720
ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ 3,646,355	[3]	(4,431,107)	[4]
ProShares Ultra Gold [Member] | Futures Contracts Purchased [Member] | Gold Futures - COMEX, expires February 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		2
Notional Amount at Value		$ 261,860
Unrealized Appreciation (Depreciation)		$ 5,480
ProShares Ultra Gold [Member] | Futures Contracts Purchased [Member] | Gold Futures - COMEX, Expires February 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[7]	2
Notional Amount at Value	[7]	$ 230,340
Unrealized Appreciation (Depreciation)	[7]	(18,960)
ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ 21,735,334	[3]	$ (20,976,189)	[4]
ProShares Ultra Silver [Member] | Futures Contracts Purchased [Member] | Silver Futures - COMEX, expires March 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		2
Notional Amount at Value		$ 171,450
Unrealized Appreciation (Depreciation)		$ 1,600
ProShares Ultra Silver [Member] | Futures Contracts Purchased [Member] | Silver Futures - COMEX, Expires March 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[8]			2
Notional Amount at Value	[8]			$ 159,890
Unrealized Appreciation (Depreciation)	[8]			(27,360)
ProShares UltraPro 3x Crude Oil ETF [Member] | Futures Contracts Purchased [Member] | WTI Crude Oil - NYMEX, expires November 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		563
Notional Amount at Value		$ 34,027,720
Unrealized Appreciation (Depreciation)		1,417,998
ProShares VIX Short-Term Futures ETF [Member] | Futures Contracts Purchased [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ (4,761,877)		$ (468,652)	[9]
ProShares VIX Short-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE, Expires January 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[9]			6,549
Notional Amount at Value	[9]			$ 99,053,625
Unrealized Appreciation (Depreciation)	[9]			$ (2,742,526)
ProShares VIX Short-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE, Expires February 2017 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	[9]			4,560
Notional Amount at Value	[9]			$ 75,582,000
Unrealized Appreciation (Depreciation)	[9]			$ 2,273,874
ProShares VIX Short-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE, Expires January 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		6,836
Notional Amount at Value		$ 78,443,100
Unrealized Appreciation (Depreciation)		$ (5,471,585)
ProShares VIX Short-Term Futures ETF [Member] | Futures Contracts Purchased [Member] | VIX Futures - CBOE,Expires February 2018 [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		4,770
Notional Amount at Value		$ 59,505,750
Unrealized Appreciation (Depreciation)		$ 709,708

[1] Cash collateral in the amount of $71,363,625 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

[2] Cash collateral in the amount of $1,052,615 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

[3] The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

[4] The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

[5] Cash collateral in the amount of $20,609,600 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

[6] Cash collateral in the amount of $7,612,770 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

[7] Cash collateral in the amount of $13,200 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

[8] Cash collateral in the amount of $14,300 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

[9] Cash collateral in the amount of $17,235,855 was pledged to cover margin requirements for open futures contracts as of December 31, 2016.

XML

Schedule of Investments - Total Return Swap Agreements (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016
ProShares UltraShort Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ (30,607,142)	[1]	$ (12,206,881)	[2]
ProShares UltraShort Bloomberg Crude Oil [Member] | Swap Agreement with Citibank N.A. Based on Bloomberg WTI Crude Oil Subindex [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[2],[3]			0.18%
Termination Date	[2]			Jan. 10, 2017
Notional Amount at Value	[2],[4]			$ (116,603,958)
Unrealized Appreciation (Depreciation)	[2]			$ (4,742,191)
ProShares UltraShort Bloomberg Crude Oil [Member] | Swap Agreement with Goldman Sachs International Based on Bloomberg Crude Oil Sub-Index [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[2],[3]			0.25%
Termination Date	[2]			Jan. 10, 2017
Notional Amount at Value	[2],[4]			$ (87,898,388)
Unrealized Appreciation (Depreciation)	[2]			$ (3,061,395)
ProShares UltraShort Bloomberg Crude Oil [Member] | Swap Agreement with Societe Generale S.A. Based on Bloomberg WTI Crude Oil Subindex [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[2],[3]			0.25%
Termination Date	[2]			Jan. 10, 2017
Notional Amount at Value	[2],[4]			$ (31,195,025)
Unrealized Appreciation (Depreciation)	[2]			$ (1,050,699)
ProShares UltraShort Bloomberg Crude Oil [Member] | Swap Agreement with UBS AG Based on Bloomberg WTI Crude Oil Subindex [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[2],[3]			0.25%
Termination Date	[2]			Jan. 10, 2017
Notional Amount at Value	[2],[4]			$ (89,698,517)
Unrealized Appreciation (Depreciation)	[2]			(3,352,596)
ProShares UltraShort Bloomberg Crude Oil [Member] | Swap Agreement with Citibank, N.A. based on Bloomberg Crude Oil Sub-Index [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[1],[5]	0.18%
Termination Date	[1]	Jan. 08, 2018
Notional Amount at Value	[1],[4]	$ (135,972,863)
Unrealized Appreciation (Depreciation)	[1]	$ (10,173,164)
ProShares UltraShort Bloomberg Crude Oil [Member] | Swap Agreement with Goldman Sachs International based on Bloomberg Crude Oil Sub-Index [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[1],[5]	0.25%
Termination Date	[1]	Jan. 08, 2018
Notional Amount at Value	[1],[4]	$ (105,656,763)
Unrealized Appreciation (Depreciation)	[1]	$ (9,242,398)
ProShares UltraShort Bloomberg Crude Oil [Member] | Swap Agreement with Societe Generale based on Bloomberg Crude Oil Sub-Index [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[1],[5]	0.25%
Termination Date	[1]	Jan. 08, 2018
Notional Amount at Value	[1],[4]	$ (25,759,601)
Unrealized Appreciation (Depreciation)	[1]	$ (1,904,113)
ProShares UltraShort Bloomberg Crude Oil [Member] | Swap Agreement with UBS AG based on Bloomberg Crude Oil Sub-Index [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[1],[5]	0.25%
Termination Date	[1]	Jan. 08, 2018
Notional Amount at Value	[1],[4]	$ (116,263,837)
Unrealized Appreciation (Depreciation)	[1]	(9,287,467)
ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ 62,238,361	[1]	$ 55,358,571	[2]
ProShares Ultra Bloomberg Crude Oil [Member] | Swap Agreement with Citibank N.A. Based on Bloomberg WTI Crude Oil Subindex [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[2],[6]			0.18%
Termination Date	[2]			Jan. 10, 2017
Notional Amount at Value	[2],[4]			$ 545,083,669
Unrealized Appreciation (Depreciation)	[2]			$ 18,427,009
ProShares Ultra Bloomberg Crude Oil [Member] | Swap Agreement with Goldman Sachs International Based on Bloomberg Crude Oil Sub-Index [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[2],[6]			0.25%
Termination Date	[2]			Jan. 10, 2017
Notional Amount at Value	[2],[4]			$ 379,451,639
Unrealized Appreciation (Depreciation)	[2]			$ 14,016,906
ProShares Ultra Bloomberg Crude Oil [Member] | Swap Agreement with Societe Generale S.A. Based on Bloomberg WTI Crude Oil Subindex [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[2],[6]			0.25%
Termination Date	[2]			Jan. 10, 2017
Notional Amount at Value	[2],[4]			$ 259,616,766
Unrealized Appreciation (Depreciation)	[2]			$ 8,661,821
ProShares Ultra Bloomberg Crude Oil [Member] | Swap Agreement with UBS AG Based on Bloomberg WTI Crude Oil Subindex [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[2],[6]			0.25%
Termination Date	[2]			Jan. 10, 2017
Notional Amount at Value	[2],[4]			$ 363,331,028
Unrealized Appreciation (Depreciation)	[2]			$ 14,252,835
ProShares Ultra Bloomberg Crude Oil [Member] | Swap Agreement with Citibank, N.A. based on Bloomberg Crude Oil Sub-Index [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[1],[5]	0.18%
Termination Date	[1]	Jan. 08, 2018
Notional Amount at Value	[1],[4]	$ 268,156,276
Unrealized Appreciation (Depreciation)	[1]	$ 19,815,892
ProShares Ultra Bloomberg Crude Oil [Member] | Swap Agreement with Goldman Sachs International based on Bloomberg Crude Oil Sub-Index [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[1],[5]	0.25%
Termination Date	[1]	Jan. 08, 2018
Notional Amount at Value	[1],[4]	$ 213,961,079
Unrealized Appreciation (Depreciation)	[1]	$ 16,654,031
ProShares Ultra Bloomberg Crude Oil [Member] | Swap Agreement with Societe Generale based on Bloomberg Crude Oil Sub-Index [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[1],[5]	0.25%
Termination Date	[1]	Jan. 08, 2018
Notional Amount at Value	[1],[4]	$ 122,285,969
Unrealized Appreciation (Depreciation)	[1]	$ 9,003,519
ProShares Ultra Bloomberg Crude Oil [Member] | Swap Agreement with UBS AG based on Bloomberg Crude Oil Sub-Index [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[1],[5]	0.25%
Termination Date	[1]	Jan. 08, 2018
Notional Amount at Value	[1],[4]	$ 211,563,368
Unrealized Appreciation (Depreciation)	[1]	$ 16,764,919

[1] The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

[2] The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

[3] Reflects the floating financing rate, as of December 31, 2016 on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

[4] For swap agreements, a positive amount represents "long" exposure to the benchmark index. A negative amount represents "short" exposure to the benchmark index.

[5] Reflects the floating financing rate, as of December 31, 2017, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

[6] Reflects the floating financing rate, as of December 31, 2016, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

XML

Schedule of Investments - Futures Contracts Purchased (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2016 USD ($)
Futures Contracts Purchased [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Cash collateral pledged to cover margin requirements	$ 71,363,625
Futures Contracts Purchased [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Cash collateral pledged to cover margin requirements	1,052,615
Futures Contracts Purchased [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Schedule of Investments [Line Items]
Cash collateral pledged to cover margin requirements	20,609,600
Futures Contracts Purchased [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Schedule of Investments [Line Items]
Cash collateral pledged to cover margin requirements	7,612,770
Futures Contracts Purchased [Member] | ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Cash collateral pledged to cover margin requirements	14,300
Futures Contracts Purchased [Member] | ProShares VIX Short-Term Futures ETF [Member]
Schedule of Investments [Line Items]
Cash collateral pledged to cover margin requirements	17,235,855
Futures Contracts Sold [Member] | ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Cash collateral pledged to cover margin requirements	$ 13,200

XML

Schedule of Investments - Foreign Currency Forward Contracts (Detail)		12 Months Ended
		Dec. 31, 2017 USD ($)		Dec. 31, 2016 USD ($)		Dec. 31, 2017 JPY (¥)	Dec. 31, 2017 EUR (€)	Dec. 31, 2016 JPY (¥)	Dec. 31, 2016 EUR (€)
ProShares Ultra Euro [Member] | Contracts to Purchase [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ 321,609	[1]	$ (573,401)	[2]
ProShares Ultra Euro [Member] | Contracts to Purchase [Member] | Euro with Goldman Sachs International [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018	[1]	Jan. 13, 2017	[2]
Contract Amount/ Notional Amount	[2]			$ 10,368,169					€ 9,841,725
Unrealized Appreciation (Depreciation)		$ 159,093	[1]	$ (236,099)	[2]
ProShares Ultra Euro [Member] | Contracts to Purchase [Member] | Euro with Goldman Sachs International [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | €	[1]						€ 8,921,525
ProShares Ultra Euro [Member] | Contracts to Purchase [Member] | Euro with Goldman Sachs International [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount	[1]	$ 10,550,545
ProShares Ultra Euro [Member] | Contracts to Purchase [Member] | Euro with UBS AG [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018	[1]	Jan. 13, 2017	[2]
Contract Amount/ Notional Amount	[2]			$ 14,511,417					13,774,600
Unrealized Appreciation (Depreciation)		$ 162,516	[1]	(337,302)	[2]
ProShares Ultra Euro [Member] | Contracts to Purchase [Member] | Euro with UBS AG [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | €	[1]						10,174,300
ProShares Ultra Euro [Member] | Contracts to Purchase [Member] | Euro with UBS AG [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount	[1]	12,050,988
ProShares Ultra Euro [Member] | Contracts to Sell [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ (57,457)	[1]	$ (609)	[2]
ProShares Ultra Euro [Member] | Contracts to Sell [Member] | Euro with Goldman Sachs International [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018	[1]	Jan. 13, 2017	[2]
Contract Amount/ Notional Amount	[2]			$ (756,196)					(717,800)
Unrealized Appreciation (Depreciation)		$ (56,669)	[1]	$ (3,157)	[2]
ProShares Ultra Euro [Member] | Contracts to Sell [Member] | Euro with Goldman Sachs International [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | €	[1]						(3,071,600)
ProShares Ultra Euro [Member] | Contracts to Sell [Member] | Euro with Goldman Sachs International [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount	[1]	$ (3,630,563)
ProShares Ultra Euro [Member] | Contracts to Sell [Member] | Euro with UBS AG [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018	[1]	Jan. 13, 2017	[2]
Contract Amount/ Notional Amount	[2]			$ (278,121)					(264,000)
Unrealized Appreciation (Depreciation)		$ (788)	[1]	2,548	[2]
ProShares Ultra Euro [Member] | Contracts to Sell [Member] | Euro with UBS AG [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | €	[1]						(37,900)
ProShares Ultra Euro [Member] | Contracts to Sell [Member] | Euro with UBS AG [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount	[1]	(44,709)
ProShares UltraShort Euro [Member] | Contracts to Purchase [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ 449,302	[1]	$ (60,534)	[2]
ProShares UltraShort Euro [Member] | Contracts to Purchase [Member] | Euro with Goldman Sachs International [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018	[1]	Jan. 13, 2017	[2]
Contract Amount/ Notional Amount	[2]			$ 69,424,004					65,899,000
Unrealized Appreciation (Depreciation)		$ 158,796	[1]	$ 295,605	[2]
ProShares UltraShort Euro [Member] | Contracts to Purchase [Member] | Euro with Goldman Sachs International [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | €	[1]						15,379,400
ProShares UltraShort Euro [Member] | Contracts to Purchase [Member] | Euro with Goldman Sachs International [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount	[1]	$ 18,303,048
ProShares UltraShort Euro [Member] | Contracts to Purchase [Member] | Euro with UBS AG [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018	[1]	Jan. 13, 2017	[2]
Contract Amount/ Notional Amount	[2]			$ 23,557,639					22,361,500
Unrealized Appreciation (Depreciation)		$ 290,506	[1]	(356,139)	[2]
ProShares UltraShort Euro [Member] | Contracts to Purchase [Member] | Euro with UBS AG [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | €	[1]						24,804,600
ProShares UltraShort Euro [Member] | Contracts to Purchase [Member] | Euro with UBS AG [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount	[1]	29,485,603
ProShares UltraShort Euro [Member] | Contracts to Sell [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ (6,793,571)		$ 16,223,465
ProShares UltraShort Euro [Member] | Contracts to Sell [Member] | Euro with Goldman Sachs International [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018		Jan. 13, 2017
Contract Amount/ Notional Amount				$ (414,315,600)					(393,278,725)
Unrealized Appreciation (Depreciation)		$ (3,456,408)		$ 7,813,462
ProShares UltraShort Euro [Member] | Contracts to Sell [Member] | Euro with Goldman Sachs International [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | €							(191,822,225)
ProShares UltraShort Euro [Member] | Contracts to Sell [Member] | Euro with Goldman Sachs International [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount		$ (226,812,145)
ProShares UltraShort Euro [Member] | Contracts to Sell [Member] | Euro with UBS AG [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018		Jan. 13, 2017
Contract Amount/ Notional Amount				$ (376,072,375)					€ (356,977,300)
Unrealized Appreciation (Depreciation)		$ (3,337,163)		8,410,003
ProShares UltraShort Euro [Member] | Contracts to Sell [Member] | Euro with UBS AG [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | €							€ (185,510,600)
ProShares UltraShort Euro [Member] | Contracts to Sell [Member] | Euro with UBS AG [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount		(219,354,746)
ProShares Ultra Yen [Member]
Schedule of Investments [Line Items]
Total Unrealized Depreciation	[1]	(34,824)
ProShares Ultra Yen [Member] | Contracts to Purchase [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ (34,514)	[1]	$ (342,455)	[2]
ProShares Ultra Yen [Member] | Contracts to Purchase [Member] | Yen with Goldman Sachs International [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018	[1]	Jan. 13, 2017	[2]
Contract Amount/ Notional Amount	[2]			$ 7,572,024				¥ 884,408,200
Unrealized Appreciation (Depreciation)		$ (17,243)	[1]	$ (220,115)	[2]
ProShares Ultra Yen [Member] | Contracts to Purchase [Member] | Yen with Goldman Sachs International [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | ¥	[1]					¥ 325,511,500
ProShares Ultra Yen [Member] | Contracts to Purchase [Member] | Yen with Goldman Sachs International [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount	[1]	$ 2,907,183
ProShares Ultra Yen [Member] | Contracts to Purchase [Member] | Yen with UBS AG [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018	[1]	Jan. 13, 2017	[2]
Contract Amount/ Notional Amount	[2]			$ 4,025,524				470,179,000
Unrealized Appreciation (Depreciation)		$ (17,271)	[1]	(122,340)	[2]
ProShares Ultra Yen [Member] | Contracts to Purchase [Member] | Yen with UBS AG [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | ¥	[1]					331,666,700
ProShares Ultra Yen [Member] | Contracts to Purchase [Member] | Yen with UBS AG [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount	[1]	2,961,858
ProShares Ultra Yen [Member] | Contracts to Sell [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ (310)	[1]	$ 379	[2]
ProShares Ultra Yen [Member] | Contracts to Sell [Member] | Yen with Goldman Sachs International [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018	[1]	Jan. 13, 2017	[2]
Contract Amount/ Notional Amount	[2]			$ (488,372)				(57,041,600)
Unrealized Appreciation (Depreciation)		$ (167)	[1]	379	[2]
ProShares Ultra Yen [Member] | Contracts to Sell [Member] | Yen with Goldman Sachs International [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | ¥	[1]					(8,564,800)
ProShares Ultra Yen [Member] | Contracts to Sell [Member] | Yen with Goldman Sachs International [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount	[1]	$ (75,872)
ProShares Ultra Yen [Member] | Contracts to Sell [Member] | Yen with UBS AG [Member]
Schedule of Investments [Line Items]
Settlement Date	[1]	Jan. 12, 2018
Unrealized Appreciation (Depreciation)	[1]	$ (143)
ProShares Ultra Yen [Member] | Contracts to Sell [Member] | Yen with UBS AG [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | ¥	[1]					(3,336,100)
ProShares Ultra Yen [Member] | Contracts to Sell [Member] | Yen with UBS AG [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount	[1]	(29,476)
ProShares UltraShort Yen [Member] | Contracts to Purchase [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ (41,734)	[1]	$ 90,057	[2]
ProShares UltraShort Yen [Member] | Contracts to Purchase [Member] | Yen with Goldman Sachs International [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018	[1]	Jan. 13, 2017	[2]
Contract Amount/ Notional Amount	[2]			$ 80,581,067				9,411,824,400
Unrealized Appreciation (Depreciation)		$ (1,119)	[1]	$ 215,477	[2]
ProShares UltraShort Yen [Member] | Contracts to Purchase [Member] | Yen with Goldman Sachs International [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | ¥	[1]					1,557,430,400
ProShares UltraShort Yen [Member] | Contracts to Purchase [Member] | Yen with Goldman Sachs International [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount	[1]	$ 13,828,233
ProShares UltraShort Yen [Member] | Contracts to Purchase [Member] | Yen with UBS AG [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018	[1]	Jan. 13, 2017	[2]
Contract Amount/ Notional Amount	[2]			$ 5,783,703				675,533,300
Unrealized Appreciation (Depreciation)		$ (40,615)	[1]	(125,420)	[2]
ProShares UltraShort Yen [Member] | Contracts to Purchase [Member] | Yen with UBS AG [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | ¥	[1]					2,779,401,900
ProShares UltraShort Yen [Member] | Contracts to Purchase [Member] | Yen with UBS AG [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount	[1]	24,716,567
ProShares UltraShort Yen [Member] | Contracts to Sell [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ 1,568,997	[1]	$ 16,654,880	[2]
ProShares UltraShort Yen [Member] | Contracts to Sell [Member] | Yen with Goldman Sachs International [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018	[1]	Jan. 13, 2017	[2]
Contract Amount/ Notional Amount	[2]			$ (354,548,372)				(41,411,055,600)
Unrealized Appreciation (Depreciation)		$ 822,436	[1]	$ 8,041,302	[2]
ProShares UltraShort Yen [Member] | Contracts to Sell [Member] | Yen with Goldman Sachs International [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | ¥	[1]					(16,323,923,000)
ProShares UltraShort Yen [Member] | Contracts to Sell [Member] | Yen with Goldman Sachs International [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount	[1]	$ (145,748,706)
ProShares UltraShort Yen [Member] | Contracts to Sell [Member] | Yen with UBS AG [Member]
Schedule of Investments [Line Items]
Settlement Date		Jan. 12, 2018	[1]	Jan. 13, 2017	[2]
Contract Amount/ Notional Amount	[2]			$ (284,180,901)				¥ (33,192,173,500)
Unrealized Appreciation (Depreciation)		$ 746,561	[1]	$ 8,613,578	[2]
ProShares UltraShort Yen [Member] | Contracts to Sell [Member] | Yen with UBS AG [Member] | Contract Amount in Local Currency for Other than USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount | ¥	[1]					¥ (17,545,808,000)
ProShares UltraShort Yen [Member] | Contracts to Sell [Member] | Yen with UBS AG [Member] | Contract Amount in US Dollars for USD Values [Member]
Schedule of Investments [Line Items]
Contract Amount/ Notional Amount	[1]	$ (156,520,911)

[1] The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

[2] The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

XML

Schedule of Investments - Forward Agreements (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016
ProShares UltraShort Silver [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ (1,716,163)	[1]	$ 1,384,246	[2]
ProShares UltraShort Silver [Member] | Forward Agreements With Citibank, N.A. based on 0.999 Fine Troy Ounce Silver [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[2],[3]			(1.05%)
Settlement Date	[2]			Jan. 10, 2017
Commitment to (Deliver)/Receive	[2]			$ (1,076,000)
Notional Amount at Value	[2],[4]			(17,480,588)
Unrealized Appreciation (Depreciation)	[2]			$ 610,478
ProShares UltraShort Silver [Member] | Forward agreements with Goldman Sachs International based on 0.999 Fine Troy Ounce Silver [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)		(1.52%)	[1],[5]	(0.80%)	[2],[3]
Settlement Date		Jan. 08, 2018	[1]	Jan. 10, 2017	[2]
Commitment to (Deliver)/Receive		$ (418,500)	[1]	$ (934,500)	[2]
Notional Amount at Value	[4]	(7,061,769)	[1]	(15,181,326)	[2]
Unrealized Appreciation (Depreciation)		$ (486,240)	[1]	$ 323,829	[2]
ProShares UltraShort Silver [Member] | Forward agreements with Societe Generale S.A. based on 0.999 Fine Troy Ounce Silver [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[2],[3]			(0.80%)
Settlement Date	[2]			Jan. 10, 2017
Commitment to (Deliver)/Receive	[2]			$ (156,000)
Notional Amount at Value	[2],[4]			(2,534,314)
Unrealized Appreciation (Depreciation)	[2]			$ 86,543
ProShares UltraShort Silver [Member] | Forward agreements with UBS AG based on 0.999 Fine Troy Ounce Silver [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)		(1.60%)	[1],[5]	(0.82%)	[2],[3]
Settlement Date		Jan. 08, 2018	[1]	Jan. 10, 2017	[2]
Commitment to (Deliver)/Receive		$ (642,000)	[1]	$ (657,000)	[2]
Notional Amount at Value	[4]	(10,833,493)	[1]	(10,673,425)	[2]
Unrealized Appreciation (Depreciation)		$ (482,025)	[1]	363,396	[2]
ProShares UltraShort Silver [Member] | Forward agreements with Citibank N.A. based on 0.999 Fine Troy Ounce Silver [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[1],[5]	(1.85%)
Settlement Date	[1]	Jan. 08, 2018
Commitment to (Deliver)/Receive	[1]	$ (529,000)
Notional Amount at Value	[1],[4]	(8,926,769)
Unrealized Appreciation (Depreciation)	[1]	$ (632,593)
ProShares UltraShort Silver [Member] | Forward agreements with Societe Generale based on 0.999 Fine Troy Ounce Silver [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[1],[5]	(1.45%)
Settlement Date	[1]	Jan. 08, 2018
Commitment to (Deliver)/Receive	[1]	$ (156,000)
Notional Amount at Value	[1],[4]	(2,632,328)
Unrealized Appreciation (Depreciation)	[1]	(115,305)
ProShares Ultra Gold [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ 3,646,355	[1]	$ (4,431,107)	[2]
ProShares Ultra Gold [Member] | Forward agreements with Citibank N.A. based on 0.995 Fine Troy Ounce Gold [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)		2.25%	[1],[6]	1.35%	[2],[7]
Settlement Date		Jan. 08, 2018	[1]	Jan. 10, 2017	[2]
Commitment to (Deliver)/Receive		$ 53,800	[1]	$ 55,100	[2]
Notional Amount at Value	[4]	69,494,536	[1]	63,158,375	[2]
Unrealized Appreciation (Depreciation)		$ 1,513,310	[1]	$ (1,464,982)	[2]
ProShares Ultra Gold [Member] | Forward agreements with Goldman Sachs International based on 0.995 Fine Troy Ounce Gold [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)		2.30%	[1],[6]	1.55%	[2],[7]
Settlement Date		Jan. 08, 2018	[1]	Jan. 10, 2017	[2]
Commitment to (Deliver)/Receive		$ 38,420	[1]	$ 42,320	[2]
Notional Amount at Value	[4]	49,625,577	[1]	48,509,300	[2]
Unrealized Appreciation (Depreciation)		$ 969,501	[1]	$ (1,112,916)	[2]
ProShares Ultra Gold [Member] | Forward agreements with Societe Generale based on 0.995 Troy Ounce Gold [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)		2.18%	[1],[6]	1.55%	[2],[7]
Settlement Date		Jan. 08, 2018	[1]	Jan. 10, 2017	[2]
Commitment to (Deliver)/Receive		$ 13,000	[1]	$ 23,300	[2]
Notional Amount at Value	[4]	16,791,060	[1]	26,707,625	[2]
Unrealized Appreciation (Depreciation)		$ 218,319	[1]	$ (643,587)	[2]
ProShares Ultra Gold [Member] | Forward agreements with UBS AG based on 0.995 Fine Troy Ounce Gold [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)		2.36%	[1],[6]	1.54%	[2],[7]
Settlement Date		Jan. 08, 2018	[1]	Jan. 10, 2017	[2]
Commitment to (Deliver)/Receive		$ 39,700	[1]	$ 39,800	[2]
Notional Amount at Value	[4]	51,280,490	[1]	45,621,148	[2]
Unrealized Appreciation (Depreciation)		945,225	[1]	(1,209,622)	[2]
ProShares Ultra Silver [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ 21,735,334	[1]	$ (20,976,189)	[2]
ProShares Ultra Silver [Member] | Forward Agreements With Citibank, N.A. based on 0.999 Fine Troy Ounce Silver [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[2],[8]			1.55%
Settlement Date	[2]			Jan. 10, 2017
Commitment to (Deliver)/Receive	[2]			$ 12,327,000
Notional Amount at Value	[2],[4]			200,263,209
Unrealized Appreciation (Depreciation)	[2]			$ (6,946,009)
ProShares Ultra Silver [Member] | Forward agreements with Goldman Sachs International based on 0.999 Fine Troy Ounce Silver [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)		2.37%	[1],[9]	1.65%	[2],[8]
Settlement Date		Jan. 08, 2018	[1]	Jan. 10, 2017	[2]
Commitment to (Deliver)/Receive		$ 8,119,800	[1]	$ 8,498,800	[2]
Notional Amount at Value	[4]	137,013,505	[1]	138,066,406	[2]
Unrealized Appreciation (Depreciation)		$ 5,873,080	[1]	$ (5,869,092)	[2]
ProShares Ultra Silver [Member] | Forward agreements with Societe Generale S.A. based on 0.999 Fine Troy Ounce Silver [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[2],[8]			1.70%
Settlement Date	[2]			Jan. 10, 2017
Commitment to (Deliver)/Receive	[2]			$ 4,484,000
Notional Amount at Value	[2],[4]			72,845,270
Unrealized Appreciation (Depreciation)	[2]			$ (2,532,729)
ProShares Ultra Silver [Member] | Forward agreements with UBS AG based on 0.999 Fine Troy Ounce Silver [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)		2.50%	[1],[9]	1.72%	[2],[8]
Settlement Date		Jan. 08, 2018	[1]	Jan. 10, 2017	[2]
Commitment to (Deliver)/Receive		$ 8,293,000	[1]	$ 8,632,000	[2]
Notional Amount at Value	[4]	139,941,058	[1]	140,232,882	[2]
Unrealized Appreciation (Depreciation)		$ 5,898,693	[1]	(5,628,359)	[2]
ProShares Ultra Silver [Member] | Forward agreements with Citibank N.A. based on 0.999 Fine Troy Ounce Silver [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[1],[9]	2.35%
Settlement Date	[1]	Jan. 08, 2018
Commitment to (Deliver)/Receive	[1]	$ 10,403,000
Notional Amount at Value	[1],[4]	175,548,544
Unrealized Appreciation (Depreciation)	[1]	$ 7,201,744
ProShares Ultra Silver [Member] | Forward agreements with Societe Generale based on 0.999 Fine Troy Ounce Silver [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[1],[9]	2.35%
Settlement Date	[1]	Jan. 08, 2018
Commitment to (Deliver)/Receive	[1]	$ 3,784,000
Notional Amount at Value	[1],[4]	63,850,838
Unrealized Appreciation (Depreciation)	[1]	2,761,817
ProShares UltraShort Gold [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation (Depreciation)		$ (1,488,259)	[1]	$ 3,033,566	[2]
ProShares UltraShort Gold [Member] | Forward agreements with Citibank N.A. based on 0.995 Fine Troy Ounce Gold [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)		(1.75%)	[1],[10]	(0.85%)	[2],[3]
Settlement Date		Jan. 08, 2018	[1]	Jan. 10, 2017	[2]
Commitment to (Deliver)/Receive		$ (18,900)	[1]	$ (44,500)	[2]
Notional Amount at Value	[4]	(24,413,508)	[1]	(51,008,125)	[2]
Unrealized Appreciation (Depreciation)		$ (554,559)	[1]	$ 1,147,811	[2]
ProShares UltraShort Gold [Member] | Forward agreements with Goldman Sachs International based on 0.995 Fine Troy Ounce Gold [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)		(1.45%)	[1],[10]	(0.70%)	[2],[3]
Settlement Date		Jan. 08, 2018	[1]	Jan. 10, 2017	[2]
Commitment to (Deliver)/Receive		$ (12,798)	[1]	$ (25,498)	[2]
Notional Amount at Value	[4]	(16,530,665)	[1]	(29,227,083)	[2]
Unrealized Appreciation (Depreciation)		$ (428,358)	[1]	$ 881,454	[2]
ProShares UltraShort Gold [Member] | Forward agreements with Societe Generale based on 0.995 Troy Ounce Gold [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[1],[10]	(1.28%)
Settlement Date	[1]	Jan. 08, 2018
Commitment to (Deliver)/Receive	[1]	$ (4,800)
Notional Amount at Value	[1],[4]	(6,199,776)
Unrealized Appreciation (Depreciation)	[1]	$ (126,928)
ProShares UltraShort Gold [Member] | Forward agreements with UBS AG based on 0.995 Fine Troy Ounce Gold [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[1],[10]	(1.56%)
Settlement Date	[1]	Jan. 08, 2018
Commitment to (Deliver)/Receive	[1]	$ (12,050)
Notional Amount at Value	[1],[4]	(15,564,985)
Unrealized Appreciation (Depreciation)	[1]	$ (378,414)
ProShares UltraShort Gold [Member] | Forward agreements with Societe Generale S.A. based on 0.995 Fine Troy Ounce Gold [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[2],[3]			(0.65%)
Settlement Date	[2]			Jan. 10, 2017
Commitment to (Deliver)/Receive	[2]			$ (14,600)
Notional Amount at Value	[2],[4]			(16,735,250)
Unrealized Appreciation (Depreciation)	[2]			$ 393,006
ProShares UltraShort Gold [Member] | Forward agreements with UBS AG based on 0.995 Fine Troy Ounce Gold [Member]
Schedule of Investments [Line Items]
Rate Paid (Received)	[2],[3]			(0.74%)
Settlement Date	[2]			Jan. 10, 2017
Commitment to (Deliver)/Receive	[2]			$ (26,250)
Notional Amount at Value	[2],[4]			(30,089,325)
Unrealized Appreciation (Depreciation)	[2]			$ 611,295

[1] The positions and counterparties herein are as of December 31, 2017. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

[2] The positions and counterparties herein are as of December 31, 2016. The Funds continually evaluate different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

[3] Reflects the floating financing rate, as of December 31, 2016, on the notional amount of the forward agreement paid to the counterparty or received from the counterparty, excluding any commissions.

[4] For forward agreements, a positive amount represents "long" exposure to the underlying commodity. A negative amount represents "short" exposure to the underlying commodity.

[5] Reflects the floating financing rate, as of December 31, 2017, on the notional amount of the forward agreement paid to the counterparty or received from the counterparty, excluding any commissions. Forward Agreements payment is due at termination/maturity.

[6] Reflects the floating financing rate, as of December 31, 2017 on the notional amount of the forward agreement paid to the counterparty or received from the counterparty, excluding any commissions. Forward Agreements payment is due at termination/maturity.

[7] Reflects the floating financing rate, as of December 31, 2016, on the notional amount of the forward agreement paid to the counterparty or received from the counterparty, excluding any commissions.

[8] Reflects the floating financing rate, as of December 31, 2016, on the notional amount of the forward agreement paid to the counterparty or received from the counterparty, excluding any commissions.

[9] Reflects the floating financing rate, as of December 31, 2017, on the notional amount of the forward agreement paid to the counterparty or received from the counterparty, excluding any commissions.

[10] Reflects the floating financing rate, as of December 31, 2017, on the notional amount of the forward agreement paid to the counterparty or received from the counterparty, excluding any commissions. Forward Agreements payment is due at termination/maturity.

XML

Organization - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017 USD ($) Trust shares
Organization [Line Items]
Number of series of Trust | Trust	20
Number of shares of each Leveraged Fund | shares	14
Aggregate purchase price of each Leveraged Fund	$ 350
Period for expected multiple returns	1 day
ProShares UltraShort Bloomberg Crude Oil [Member]
Organization [Line Items]
Aggregate purchase price of each Leveraged Fund	$ 350
ProShares UltraShort Gold [Member]
Organization [Line Items]
Aggregate purchase price of each Leveraged Fund	350
ProShares UltraShort Silver [Member]
Organization [Line Items]
Aggregate purchase price of each Leveraged Fund	350
ProShares UltraShort Euro [Member]
Organization [Line Items]
Aggregate purchase price of each Leveraged Fund	350
ProShares UltraShort Yen [Member]
Organization [Line Items]
Aggregate purchase price of each Leveraged Fund	350
ProShares Ultra Bloomberg Crude Oil [Member]
Organization [Line Items]
Aggregate purchase price of each Leveraged Fund	350
ProShares Ultra Gold [Member]
Organization [Line Items]
Aggregate purchase price of each Leveraged Fund	350
ProShares Ultra Silver [Member]
Organization [Line Items]
Aggregate purchase price of each Leveraged Fund	350
ProShares Ultra Euro [Member]
Organization [Line Items]
Aggregate purchase price of each Leveraged Fund	350
ProShares Ultra Yen [Member]
Organization [Line Items]
Aggregate purchase price of each Leveraged Fund	$ 350

XML

Organization - Schedule of Share Splits and Reverse Share Splits (Detail)	12 Months Ended
	Dec. 31, 2017
ProShares Short VIX Short-Term Futures ETF [Member] | January 21, 2014 Share Split [Member]
Organization [Line Items]
Execution Date (Prior to Opening of Trading)	May 20, 2015
Date Trading Resumed at Post- Split Price	May 20, 2015
Type of Split	1-for-5 reverse Share split
ProShares Short VIX Short-Term Futures ETF [Member] | July Twelve Two Thousand And Seventeen Share Split [Member]
Organization [Line Items]
Execution Date (Prior to Opening of Trading)	Jul. 12, 2017
Date Trading Resumed at Post- Split Price	Jul. 17, 2017
Type of Split	2-for-1 Share split
ProShares Ultra VIX Short-Term Futures ETF [Member] | January 21, 2014 Reverse Share Split [Member]
Organization [Line Items]
Execution Date (Prior to Opening of Trading)	May 20, 2015
Date Trading Resumed at Post- Split Price	May 20, 2015
Type of Split	1-for-5 reverse Share split
ProShares Ultra VIX Short-Term Futures ETF [Member] | May 20, 2015 Reverse Share Split [Member]
Organization [Line Items]
Execution Date (Prior to Opening of Trading)	Nov. 13, 2015
Date Trading Resumed at Post- Split Price	Nov. 13, 2015
Type of Split	2-for-1 Share split
ProShares Ultra VIX Short-Term Futures ETF [Member] | July 25, 2016 Reverse Share Split [Member]
Organization [Line Items]
Execution Date (Prior to Opening of Trading)	Jul. 25, 2016
Date Trading Resumed at Post- Split Price	Jul. 25, 2016
Type of Split	1-for-5 reverse Share split
ProShares Ultra VIX Short-Term Futures ETF [Member] | January 11, 2017 Reverse Share Split [Member]
Organization [Line Items]
Execution Date (Prior to Opening of Trading)	Jan. 11, 2017
Date Trading Resumed at Post- Split Price	Jan. 12, 2017
Type of Split	1-for-5 reverse Share split
ProShares Ultra VIX Short-Term Futures ETF [Member] | July Fourteen Two Thousand And Seventeen Reverse Share Split [Member]
Organization [Line Items]
Execution Date (Prior to Opening of Trading)	Jul. 14, 2017
Date Trading Resumed at Post- Split Price	Jul. 17, 2017
Type of Split	1-for-4 reverse Share split
ProShares Ultra Silver [Member] | January 21, 2014 Reverse Share Split [Member]
Organization [Line Items]
Execution Date (Prior to Opening of Trading)	May 20, 2015
Date Trading Resumed at Post- Split Price	May 20, 2015
Type of Split	1-for-4 reverse Share split
ProShares VIX Mid-Term Futures ETF [Member] | November 6, 2014 Reverse Share Split [Member]
Organization [Line Items]
Execution Date (Prior to Opening of Trading)	May 20, 2015
Date Trading Resumed at Post- Split Price	May 20, 2015
Type of Split	1-for-4 reverse Share split
ProShares UltraShort Bloomberg Natural Gas [Member] | July 20, 2016 Share Split [Member]
Organization [Line Items]
Execution Date (Prior to Opening of Trading)	Jul. 20, 2016
Date Trading Resumed at Post- Split Price	Jul. 25, 2016
Type of Split	3-for-1 Share split
ProShares VIX Short-Term Futures ETF [Member] | July 25, 2016 Reverse Share Split [Member]
Organization [Line Items]
Execution Date (Prior to Opening of Trading)	Jul. 25, 2016
Date Trading Resumed at Post- Split Price	Jul. 25, 2016
Type of Split	1-for-5 reverse Share split
ProShares VIX Short-Term Futures ETF [Member] | July Fourteen Two Thousand And Seventeen Reverse Share Split [Member]
Organization [Line Items]
Execution Date (Prior to Opening of Trading)	Jul. 14, 2017
Date Trading Resumed at Post- Split Price	Jul. 17, 2017
Type of Split	1-for-4 reverse Share split
ProShares UltraShort Bloomberg Crude Oil [Member] | January 11, 2017 Share Split [Member]
Organization [Line Items]
Execution Date (Prior to Opening of Trading)	Jan. 11, 2017
Date Trading Resumed at Post- Split Price	Jan. 12, 2017
Type of Split	2-for-1 Share split
ProShares Ultra Bloomberg Crude Oil [Member] | January 11, 2017 Reverse Share Split [Member]
Organization [Line Items]
Execution Date (Prior to Opening of Trading)	Jan. 11, 2017
Date Trading Resumed at Post- Split Price	Jan. 12, 2017
Type of Split	1-for-2 reverse Share split

XML

Significant Accounting Policies - Cut-off Times and Times of Calculation of Funds' Final Net Asset Value for Creation and Redemption of Fund Shares (Detail)	12 Months Ended
	Dec. 31, 2017
ProShares UltraShort Silver [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	6:30 a.m.
NAV Calculation Time	7:00 a.m.
NAV Calculation Date	December 29
ProShares Ultra Silver [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	6:30 a.m.
NAV Calculation Time	7:00 a.m.
NAV Calculation Date	December 29
ProShares UltraShort Gold [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	9:30 a.m.
NAV Calculation Time	10:00 a.m.
NAV Calculation Date	December 29
ProShares Ultra Gold [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	9:30 a.m.
NAV Calculation Time	10:00 a.m.
NAV Calculation Date	December 29
ProShares UltraShort Bloomberg Crude Oil [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	9:30 a.m.
NAV Calculation Time	10:00 a.m.
NAV Calculation Date	December 29
ProShares Ultra Bloomberg Crude Oil [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	2:00 p.m.
NAV Calculation Time	2:30 p.m.
NAV Calculation Date	December 29
Pro Shares UltraPro 3X Short Crude Oil ETF [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	2:00 p.m.
NAV Calculation Time	2:30 p.m.
NAV Calculation Date	December 29
ProShares UltraPro 3x Crude Oil ETF [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	2:00 p.m.
NAV Calculation Time	2:30 p.m.
NAV Calculation Date	December 29
ProShares UltraShort Bloomberg Natural Gas [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	2:00 p.m.
NAV Calculation Time	2:30 p.m.
NAV Calculation Date	December 29
ProShares Ultra Bloomberg Natural Gas [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	2:00 p.m.
NAV Calculation Time	2:30 p.m.
NAV Calculation Date	December 29
ProShares UltraShort Australian Dollar [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	3:00 p.m.
NAV Calculation Time	4:00 p.m.
NAV Calculation Date	December 29
ProShares Short Euro [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	3:00 p.m.
NAV Calculation Time	4:00 p.m.
NAV Calculation Date	December 29
ProShares UltraShort Euro [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	3:00 p.m.
NAV Calculation Time	4:00 p.m.
NAV Calculation Date	December 29
ProShares Ultra Euro [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	3:00 p.m.
NAV Calculation Time	4:00 p.m.
NAV Calculation Date	December 29
ProShares UltraShort Yen [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	3:00 p.m.
NAV Calculation Time	4:00 p.m.
NAV Calculation Date	December 29
ProShares Ultra Yen [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	3:00 p.m.
NAV Calculation Time	4:00 p.m.
NAV Calculation Date	December 29
ProShares VIX Short-Term Futures ETF [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	3:00 p.m.
NAV Calculation Time	4:00 p.m.
NAV Calculation Date	December 29
ProShares Short VIX Short-Term Futures ETF [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	3:00 p.m.
NAV Calculation Time	4:00 p.m.
NAV Calculation Date	December 29
ProShares Ultra VIX Short-Term Futures ETF [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	2:00 p.m.
NAV Calculation Time	4:15 p.m.
NAV Calculation Date	December 29
ProShares VIX Mid-Term Futures ETF [Member]
Net Asset Value [Line Items]
Create/Redeem Cut-off	2:00 p.m.
NAV Calculation Time	4:15 p.m.
NAV Calculation Date	December 29

XML

Significant Accounting Policies - Valuation of Investments using Fair Value Hierarchy (Detail) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
ProShares Short Euro [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	$ 6,829,947	$ 13,297,728
ProShares Short VIX Short-Term Futures ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	511,952,093	160,086,825
ProShares Ultra Bloomberg Crude Oil [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	533,700,242	945,945,743
ProShares Ultra Bloomberg Natural Gas [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	58,187,166	38,720,368
ProShares Ultra Euro [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	7,260,387	11,317,821
ProShares Ultra Gold [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	92,536,679	90,906,554
ProShares Ultra Silver [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	257,318,650	274,297,250
ProShares Ultra VIX Short-Term Futures ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	253,067,012	426,699,558
ProShares Ultra Yen [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	1,963,109	4,940,803
ProShares UltraShort Australian Dollar [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	11,090,684	14,091,959
Proshares Ultra Pro 3X Crude Oil ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	1,417,998
Pro Shares UltraPro 3X Short Crude Oil ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(2,988,155)
ProShares UltraShort Bloomberg Crude Oil [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	219,077,033	192,060,689
ProShares UltraShort Bloomberg Natural Gas [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	2,902,702	2,417,120
ProShares UltraShort Euro [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	198,425,897	353,538,718
ProShares UltraShort Gold [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	30,484,181	63,593,101
ProShares UltraShort Silver [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	16,632,048	22,961,875
ProShares UltraShort Yen [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	133,361,615	273,847,250
ProShares VIX Mid-Term Futures ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	18,778,235	44,197,990
ProShares VIX Short-Term Futures ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	130,083,727	147,522,581
Total Trust [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	2,482,081,250	3,080,443,933
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares Short Euro [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	6,996,235	13,164,828
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	494,910,644	170,396,436
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	459,515,902	885,050,007
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	50,961,356	36,183,648
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares Ultra Euro [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	6,996,235	11,891,831
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares Ultra Gold [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	88,884,844	95,356,621
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares Ultra Silver [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	235,581,716	295,300,799
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	287,533,132	434,671,795
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares Ultra Yen [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	1,997,933	5,282,879
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares UltraShort Australian Dollar [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	11,983,904	12,909,619
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	253,646,823	205,694,385
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares UltraShort Bloomberg Natural Gas [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	3,999,751	2,899,151
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares UltraShort Euro [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	204,770,166	337,375,787
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares UltraShort Gold [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	31,977,900	60,540,555
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares UltraShort Silver [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	18,349,861	21,550,319
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares UltraShort Yen [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	131,834,352	257,102,313
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	20,993,515	45,486,235
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | ProShares VIX Short-Term Futures ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	134,845,604	147,991,233
Level I - Quoted Prices [Member] | Short-Term U.S. Government and Agencies [Member] | Total Trust [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	2,445,779,873	3,038,848,441
Level I - Quoted Prices [Member] | Futures Contracts [Member] | ProShares Short Euro [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(166,288)	132,900
Level I - Quoted Prices [Member] | Futures Contracts [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	17,041,449	(10,309,611)
Level I - Quoted Prices [Member] | Futures Contracts [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	11,945,979	5,537,165
Level I - Quoted Prices [Member] | Futures Contracts [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	7,225,810	2,536,720
Level I - Quoted Prices [Member] | Futures Contracts [Member] | ProShares Ultra Gold [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	5,480	(18,960)
Level I - Quoted Prices [Member] | Futures Contracts [Member] | ProShares Ultra Silver [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	1,600	(27,360)
Level I - Quoted Prices [Member] | Futures Contracts [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(34,466,120)	(7,972,237)
Level I - Quoted Prices [Member] | Futures Contracts [Member] | ProShares UltraShort Australian Dollar [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(893,220)	1,182,340
Level I - Quoted Prices [Member] | Futures Contracts [Member] | Proshares Ultra Pro 3X Crude Oil ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	1,417,998
Level I - Quoted Prices [Member] | Futures Contracts [Member] | Pro Shares UltraPro 3X Short Crude Oil ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(2,988,155)
Level I - Quoted Prices [Member] | Futures Contracts [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(3,962,648)	(1,426,815)
Level I - Quoted Prices [Member] | Futures Contracts [Member] | ProShares UltraShort Bloomberg Natural Gas [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(1,097,049)	(482,031)
Level I - Quoted Prices [Member] | Futures Contracts [Member] | ProShares UltraShort Gold [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(5,460)	18,980
Level I - Quoted Prices [Member] | Futures Contracts [Member] | ProShares UltraShort Silver [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(1,650)	27,310
Level I - Quoted Prices [Member] | Futures Contracts [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(2,215,280)	(1,288,245)
Level I - Quoted Prices [Member] | Futures Contracts [Member] | ProShares VIX Short-Term Futures ETF [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(4,761,877)	(468,652)
Level I - Quoted Prices [Member] | Futures Contracts [Member] | Total Trust [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(12,919,431)	(12,558,496)
Level II - Other Significant Observable Inputs [Member] | Forward Agreements [Member] | ProShares Ultra Gold [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	3,646,355	(4,431,107)
Level II - Other Significant Observable Inputs [Member] | Forward Agreements [Member] | ProShares Ultra Silver [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	21,735,334	(20,976,189)
Level II - Other Significant Observable Inputs [Member] | Forward Agreements [Member] | ProShares UltraShort Gold [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(1,488,259)	3,033,566
Level II - Other Significant Observable Inputs [Member] | Forward Agreements [Member] | ProShares UltraShort Silver [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(1,716,163)	1,384,246
Level II - Other Significant Observable Inputs [Member] | Forward Agreements [Member] | Total Trust [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	22,177,267	(20,989,484)
Level II - Other Significant Observable Inputs [Member] | Foreign Currency Forward Contracts [Member] | ProShares Ultra Euro [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	264,152	(574,010)
Level II - Other Significant Observable Inputs [Member] | Foreign Currency Forward Contracts [Member] | ProShares Ultra Yen [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(34,824)	(342,076)
Level II - Other Significant Observable Inputs [Member] | Foreign Currency Forward Contracts [Member] | ProShares UltraShort Euro [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(6,344,269)	16,162,931
Level II - Other Significant Observable Inputs [Member] | Foreign Currency Forward Contracts [Member] | ProShares UltraShort Yen [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	1,527,263	16,744,937
Level II - Other Significant Observable Inputs [Member] | Foreign Currency Forward Contracts [Member] | Total Trust [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(4,587,678)	31,991,782
Level II - Other Significant Observable Inputs [Member] | Swap Agreements [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	62,238,361	55,358,571
Level II - Other Significant Observable Inputs [Member] | Swap Agreements [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	(30,607,142)	(12,206,881)
Level II - Other Significant Observable Inputs [Member] | Swap Agreements [Member] | Total Trust [Member]
Significant Accounting Policies [Line Items]
Investments, fair value disclosure	$ 31,631,219	$ 43,151,690

XML

Significant Accounting Policies - Additional Information (Detail) - USD ($)		12 Months Ended
	Jul. 31, 2014	Dec. 31, 2016
Significant Accounting Policies [Line Items]
Level III portfolio investments		$ 0
Minimum [Member] | Volatility Index Fund [Member]
Significant Accounting Policies [Line Items]
Percentage of brokerage commissions exceed variable create/redeem fees	0.02%

XML

Investments - Fair Value of Derivative Instruments (Detail) - USD ($)		Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation	[1]	$ 136,734,724	$ 118,541,276
Derivative liability not accounted as hedging instrument, Unrealized Depreciation	[1]	100,433,347	76,945,784
VIX Futures Contracts [Member] | Payable on Open Futures Contracts [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation	[1]	4,452,100	10,309,611
VIX Futures Contracts [Member] | Payable on Open Futures Contracts [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation	[1]	38,440,762	21,567,112
VIX Futures Contracts [Member] | Payable on Open Futures Contracts [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation	[1]	2,215,280	1,356,620
VIX Futures Contracts [Member] | Payable on Open Futures Contracts [Member] | ProShares VIX Short-Term Futures ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation	[1]	5,471,585	2,742,526
VIX Futures Contracts [Member] | Receivables on Open Futures Contracts [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation	[1]	21,493,549	2,273,874
VIX Futures Contracts [Member] | Receivables on Open Futures Contracts [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation	[1]	3,974,642	13,594,875
VIX Futures Contracts [Member] | Receivables on Open Futures Contracts [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation	[1]		68,375
VIX Futures Contracts [Member] | Receivables on Open Futures Contracts [Member] | ProShares VIX Short-Term Futures ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation	[1]	709,708
Commodity Contracts [Member] | Payable on Open Futures Contracts, Unrealized Depreciation on Swaps and/or Forward Agreements [Member] | Pro Shares UltraPro 3X Short Crude Oil ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation	[1]	2,988,155
Commodity Contracts [Member] | Payable on Open Futures Contracts, Unrealized Depreciation on Swaps and/or Forward Agreements [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation	[1]	34,569,790	13,633,696
Commodity Contracts [Member] | Payable on Open Futures Contracts, Unrealized Depreciation on Swaps and/or Forward Agreements [Member] | ProShares UltraShort Bloomberg Natural Gas [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation	[1]	1,097,049	482,031
Commodity Contracts [Member] | Payable on Open Futures Contracts, Unrealized Depreciation on Swaps and/or Forward Agreements [Member] | ProShares UltraShort Gold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation	[1]	1,493,719
Commodity Contracts [Member] | Payable on Open Futures Contracts, Unrealized Depreciation on Swaps and/or Forward Agreements [Member] | ProShares UltraShort Silver [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation	[1]	1,717,813
Commodity Contracts [Member] | Payable on Open Futures Contracts, Unrealized Depreciation on Swaps and/or Forward Agreements [Member] | ProShares Ultra Gold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation	[1]		4,450,067
Commodity Contracts [Member] | Payable on Open Futures Contracts, Unrealized Depreciation on Swaps and/or Forward Agreements [Member] | ProShares Ultra Silver [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation	[1]		21,003,549
Commodity Contracts [Member] | Receivables on Open Futures Contracts, Unrealized Appreciation on Swaps and/or Forwards Agreements [Member] | ProShares UltraShort Gold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation	[1]		3,052,546
Commodity Contracts [Member] | Receivables on Open Futures Contracts, Unrealized Appreciation on Swaps and/or Forwards Agreements [Member] | ProShares UltraShort Silver [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation	[1]		1,411,556
Commodity Contracts [Member] | Receivables on Open Futures Contracts, Unrealized Appreciation on Swaps and/or Forwards Agreements [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation	[1]	74,184,340	60,895,736
Commodity Contracts [Member] | Receivables on Open Futures Contracts, Unrealized Appreciation on Swaps and/or Forwards Agreements [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation	[1]	7,225,810	2,536,720
Commodity Contracts [Member] | Receivables on Open Futures Contracts, Unrealized Appreciation on Swaps and/or Forwards Agreements [Member] | ProShares Ultra Gold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation	[1]	3,651,835
Commodity Contracts [Member] | Receivables on Open Futures Contracts, Unrealized Appreciation on Swaps and/or Forwards Agreements [Member] | ProShares Ultra Silver [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation	[1]	21,736,934
Commodity Contracts [Member] | Receivables on Open Futures Contracts, Unrealized Appreciation on Swaps and/or Forwards Agreements [Member] | ProShares UltraPro 3x Crude Oil ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation	[1]	1,417,998
Foreign Exchange Contracts [Member] | Unrealized Depreciation on Foreign Currency Forward Contracts and Payable on Open Futures Contracts [Member] | ProShares Short Euro [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation	[1]	166,288
Foreign Exchange Contracts [Member] | Unrealized Depreciation on Foreign Currency Forward Contracts and Payable on Open Futures Contracts [Member] | ProShares Ultra Euro [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation		57,457	576,558
Foreign Exchange Contracts [Member] | Unrealized Depreciation on Foreign Currency Forward Contracts and Payable on Open Futures Contracts [Member] | ProShares Ultra Yen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation		34,824	342,455
Foreign Exchange Contracts [Member] | Unrealized Depreciation on Foreign Currency Forward Contracts and Payable on Open Futures Contracts [Member] | ProShares UltraShort Australian Dollar [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation	[1]	893,220
Foreign Exchange Contracts [Member] | Unrealized Depreciation on Foreign Currency Forward Contracts and Payable on Open Futures Contracts [Member] | ProShares UltraShort Euro [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation		6,793,571	356,139
Foreign Exchange Contracts [Member] | Unrealized Depreciation on Foreign Currency Forward Contracts and Payable on Open Futures Contracts [Member] | ProShares UltraShort Yen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability not accounted as hedging instrument, Unrealized Depreciation		41,734	125,420
Foreign Exchange Contracts [Member] | Unrealized Appreciation on Foreign Currency Forward Contracts and Receivables on Open Futures Contracts [Member] | ProShares Short Euro [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation	[1]		132,900
Foreign Exchange Contracts [Member] | Unrealized Appreciation on Foreign Currency Forward Contracts and Receivables on Open Futures Contracts [Member] | ProShares Ultra Euro [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation		321,609	2,548
Foreign Exchange Contracts [Member] | Unrealized Appreciation on Foreign Currency Forward Contracts and Receivables on Open Futures Contracts [Member] | ProShares Ultra Yen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation			379
Foreign Exchange Contracts [Member] | Unrealized Appreciation on Foreign Currency Forward Contracts and Receivables on Open Futures Contracts [Member] | ProShares UltraShort Australian Dollar [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation	[1]		1,182,340
Foreign Exchange Contracts [Member] | Unrealized Appreciation on Foreign Currency Forward Contracts and Receivables on Open Futures Contracts [Member] | ProShares UltraShort Euro [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation		449,302	16,519,070
Foreign Exchange Contracts [Member] | Unrealized Appreciation on Foreign Currency Forward Contracts and Receivables on Open Futures Contracts [Member] | ProShares UltraShort Yen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset not accounted as hedging instrument, Unrealized Appreciation		$ 1,568,997	$ 16,870,357

[1] Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day's variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures contracts.

XML

Investments - Effect of Derivative Instruments on Statements of Operations (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	$ (438,481,644)	$ (1,319,878,684)	$ (1,164,748,605)
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	(5,294,115)	157,908,519	(39,455,078)
VIX Futures Contracts [Member] | Net Realized Gain (Loss) on Futures Contracts/Changes in Unrealized Appreciation/Depreciation on Futures Contracts [Member] | ProShares Short VIX Short-Term Futures ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	897,400,516	440,391,389	69,793,028
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	27,351,060	(21,056,026)	27,098,564
VIX Futures Contracts [Member] | Net Realized Gain (Loss) on Futures Contracts/Changes in Unrealized Appreciation/Depreciation on Futures Contracts [Member] | ProShares Ultra VIX Short-Term Futures ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	(1,020,750,851)	(1,567,340,688)	(392,174,228)
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	(26,493,883)	(19,866,703)	(27,690,787)
VIX Futures Contracts [Member] | Net Realized Gain (Loss) on Futures Contracts/Changes in Unrealized Appreciation/Depreciation on Futures Contracts [Member] | ProShares VIX Mid-Term Futures ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	(25,319,770)	(11,085,506)	(3,335,936)
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	(927,035)	(943,885)	(605,025)
VIX Futures Contracts [Member] | Net Realized Gain (Loss) on Futures Contracts/Changes in Unrealized Appreciation/Depreciation on Futures Contracts [Member] | ProShares VIX Short-Term Futures ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	(194,005,568)	(195,475,791)	(19,408,543)
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	(4,293,225)	609,973	(7,343,245)
Commodity Contracts [Member] | Net Realized Gain (Loss) on Futures Contracts, Swap and/or Forward Agreements/Changes in Unrealized Appreciation/Depreciation on Futures Contracts, Swap and/or Forward Agreements [Member] | ProShares Ultra Bloomberg Crude Oil [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	22,146,212	74,061,040	(896,177,096)
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	13,288,604	151,001,639	32,549,981
Commodity Contracts [Member] | Net Realized Gain (Loss) on Futures Contracts, Swap and/or Forward Agreements/Changes in Unrealized Appreciation/Depreciation on Futures Contracts, Swap and/or Forward Agreements [Member] | ProShares Ultra Bloomberg Natural Gas [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	(40,793,265)	17,571,809	(100,776,817)
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	4,689,090	(3,776,159)	41,202,162
Commodity Contracts [Member] | Net Realized Gain (Loss) on Futures Contracts, Swap and/or Forward Agreements/Changes in Unrealized Appreciation/Depreciation on Futures Contracts, Swap and/or Forward Agreements [Member] | ProShares Ultra Gold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	11,484,410	5,816,565	(18,605,815)
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	8,101,902	(2,194,272)	(4,311,529)
Commodity Contracts [Member] | Net Realized Gain (Loss) on Futures Contracts, Swap and/or Forward Agreements/Changes in Unrealized Appreciation/Depreciation on Futures Contracts, Swap and/or Forward Agreements [Member] | ProShares Ultra Silver [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	(31,762,834)	62,342,441	(78,309,309)
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	42,740,483	1,566,582	(10,173,451)
Commodity Contracts [Member] | Net Realized Gain (Loss) on Futures Contracts, Swap and/or Forward Agreements/Changes in Unrealized Appreciation/Depreciation on Futures Contracts, Swap and/or Forward Agreements [Member] | Proshares Ultra Pro 3X Crude Oil ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	6,018,618
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	1,417,998
Commodity Contracts [Member] | Net Realized Gain (Loss) on Futures Contracts, Swap and/or Forward Agreements/Changes in Unrealized Appreciation/Depreciation on Futures Contracts, Swap and/or Forward Agreements [Member] | Pro Shares UltraPro 3X Short Crude Oil ETF [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	(7,046,628)
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	(2,988,155)
Commodity Contracts [Member] | Net Realized Gain (Loss) on Futures Contracts, Swap and/or Forward Agreements/Changes in Unrealized Appreciation/Depreciation on Futures Contracts, Swap and/or Forward Agreements [Member] | ProShares UltraShort Bloomberg Crude Oil [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	(6,491,060)	(67,752,164)	91,670,324
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	(20,936,094)	(22,510,865)	(33,947,511)
Commodity Contracts [Member] | Net Realized Gain (Loss) on Futures Contracts, Swap and/or Forward Agreements/Changes in Unrealized Appreciation/Depreciation on Futures Contracts, Swap and/or Forward Agreements [Member] | ProShares UltraShort Bloomberg Natural Gas [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	4,762,532	586,860	15,212,804
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	(615,018)	1,989,133	(6,412,629)
Commodity Contracts [Member] | Net Realized Gain (Loss) on Futures Contracts, Swap and/or Forward Agreements/Changes in Unrealized Appreciation/Depreciation on Futures Contracts, Swap and/or Forward Agreements [Member] | ProShares UltraShort Gold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	(6,993,557)	(12,240,751)	12,707,635
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	(4,546,265)	1,238,384	4,101,460
Commodity Contracts [Member] | Net Realized Gain (Loss) on Futures Contracts, Swap and/or Forward Agreements/Changes in Unrealized Appreciation/Depreciation on Futures Contracts, Swap and/or Forward Agreements [Member] | ProShares UltraShort Silver [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	1,153,393	(17,554,714)	10,759,545
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	(3,129,369)	(3,372,693)	4,187,736
Foreign Exchange Contracts [Member] | Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/depreciation on futures and/or foreign currency forward contracts [Member] | ProShares Short Euro [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	(1,161,987)	663,774	1,559,425
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	(299,188)	(110,538)	(141,893)
Foreign Exchange Contracts [Member] | Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/depreciation on futures and/or foreign currency forward contracts [Member] | ProShares Ultra Euro [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	2,212,313	138,959	(1,982,208)
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	838,162	(1,178,930)	708,291
Foreign Exchange Contracts [Member] | Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/depreciation on futures and/or foreign currency forward contracts [Member] | ProShares Ultra Yen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	(46,195)	717,086	(472,913)
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	307,252	(603,387)	276,556
Foreign Exchange Contracts [Member] | Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/depreciation on futures and/or foreign currency forward contracts [Member] | ProShares UltraShort Australian Dollar [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	(866,771)	(2,787,204)	4,330,463
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	(2,075,560)	1,602,610	(1,163,751)
Foreign Exchange Contracts [Member] | Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/depreciation on futures and/or foreign currency forward contracts [Member] | ProShares UltraShort Euro [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	(39,691,680)	(25,711,518)	131,651,572
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	(22,507,200)	44,873,267	(45,473,330)
Foreign Exchange Contracts [Member] | Net realized gain (loss) on futures and/or foreign currency forward contracts/changes in unrealized appreciation/depreciation on futures and/or foreign currency forward contracts [Member] | ProShares UltraShort Yen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives Recognized in Income	(8,729,472)	(22,220,271)	8,809,464
Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized in Income	$ (15,217,674)	$ 30,640,389	$ (12,316,677)

XML

Investments - Offsetting of Financial Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
ProShares Ultra Bloomberg Crude Oil [Member] | Swap Agreements [Member]
Derivative [Line Items]
Gross Amounts of Recognized Assets presented in the Statements of Financial Condition	$ 62,238,361	$ 55,358,571
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Assets presented in the Statements of Financial Condition	62,238,361	55,358,571
Gross Amounts Offset in the Statements of Financial Condition	0	0
ProShares Ultra Euro [Member] | Foreign Currency Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts of Recognized Assets presented in the Statements of Financial Condition	321,609	2,548
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Assets presented in the Statements of Financial Condition	321,609	2,548
Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition	57,457	576,558
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Liabilities presented in the Statements of Financial Condition	57,457	576,558
ProShares Ultra Gold [Member] | Forward Agreements [Member]
Derivative [Line Items]
Gross Amounts of Recognized Assets presented in the Statements of Financial Condition	3,646,355
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Assets presented in the Statements of Financial Condition	3,646,355
Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition		4,431,107
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Liabilities presented in the Statements of Financial Condition		4,431,107
ProShares Ultra Silver [Member] | Forward Agreements [Member]
Derivative [Line Items]
Gross Amounts of Recognized Assets presented in the Statements of Financial Condition	21,735,334
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Assets presented in the Statements of Financial Condition	21,735,334
Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition		20,976,189
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Liabilities presented in the Statements of Financial Condition		20,976,189
ProShares UltraShort Bloomberg Crude Oil [Member] | Swap Agreements [Member]
Derivative [Line Items]
Gross Amounts Offset in the Statements of Financial Condition	0	0
Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition	30,607,142	12,206,881
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Liabilities presented in the Statements of Financial Condition	30,607,142	12,206,881
ProShares UltraShort Euro [Member] | Foreign Currency Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts of Recognized Assets presented in the Statements of Financial Condition	449,302	16,519,070
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Assets presented in the Statements of Financial Condition	449,302	16,519,070
Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition	6,793,571	356,139
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Liabilities presented in the Statements of Financial Condition	6,793,571	356,139
ProShares UltraShort Gold [Member] | Forward Agreements [Member]
Derivative [Line Items]
Gross Amounts of Recognized Assets presented in the Statements of Financial Condition		3,033,566
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Assets presented in the Statements of Financial Condition		3,033,566
Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition	1,488,259
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Liabilities presented in the Statements of Financial Condition	1,488,259
ProShares UltraShort Silver [Member] | Forward Agreements [Member]
Derivative [Line Items]
Gross Amounts of Recognized Assets presented in the Statements of Financial Condition		1,384,246
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Assets presented in the Statements of Financial Condition		1,384,246
Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition	1,716,163
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Liabilities presented in the Statements of Financial Condition	1,716,163
ProShares UltraShort Yen [Member] | Foreign Currency Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts of Recognized Assets presented in the Statements of Financial Condition	1,568,997	16,870,357
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Assets presented in the Statements of Financial Condition	1,568,997	16,870,357
Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition	41,734	125,420
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Liabilities presented in the Statements of Financial Condition	41,734	125,420
ProShares Ultra Yen [Member] | Foreign Currency Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts of Recognized Assets presented in the Statements of Financial Condition		379
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Assets presented in the Statements of Financial Condition		379
Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition	34,824	342,455
Gross Amounts Offset in the Statements of Financial Condition	0	0
Net Amounts of Liabilities presented in the Statements of Financial Condition	$ 34,824	$ 342,455

XML

Investments - Gross Amounts Not Offset in Statements of Financial Condition (Detail) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
ProShares Ultra Bloomberg Crude Oil [Member] | Citibank N.A. [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	$ 19,815,892	$ 18,427,009
Net Amounts of Assets presented in the Statements of Financial Condition	19,815,892	18,427,009
ProShares Ultra Bloomberg Crude Oil [Member] | Goldman Sachs International [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	16,654,031	14,016,906
Financial Instruments for the Benefit of (the Funds) / the Counterparties	(14,861,090)	(14,016,906)
Net Amounts of Assets presented in the Statements of Financial Condition	1,792,941
ProShares Ultra Bloomberg Crude Oil [Member] | Societe Generale S.A. [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	9,003,519	8,661,821
Financial Instruments for the Benefit of (the Funds) / the Counterparties	(8,525,505)	(8,661,821)
Net Amounts of Assets presented in the Statements of Financial Condition	478,014
ProShares Ultra Bloomberg Crude Oil [Member] | UBS AG [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	16,764,919	14,252,835
Financial Instruments for the Benefit of (the Funds) / the Counterparties	(15,477,566)
Cash Collateral for the Benefit of (the Funds) / the Counterparties		(14,252,835)
Net Amounts of Assets presented in the Statements of Financial Condition	1,287,353
ProShares Ultra Euro [Member] | Goldman Sachs International [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	102,424
Net Amounts of Assets presented in the Statements of Financial Condition	102,424
Amounts of Recognized Assets presented in the Statements of Financial Condition		(239,256)
Financial Instruments for the Benefit of (the Funds) / the Counterparties		239,256
Net Amounts of Liabilities presented in the Statements of Financial Condition		0
ProShares Ultra Euro [Member] | UBS AG [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	161,728
Net Amounts of Assets presented in the Statements of Financial Condition	161,728
Amounts of Recognized Assets presented in the Statements of Financial Condition		(334,754)
Financial Instruments for the Benefit of (the Funds) / the Counterparties		334,754
Net Amounts of Liabilities presented in the Statements of Financial Condition		0
ProShares Ultra Gold [Member] | Citibank N.A. [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	1,513,310
Net Amounts of Assets presented in the Statements of Financial Condition	1,513,310
Amounts of Recognized Assets presented in the Statements of Financial Condition		(1,464,982)
Financial Instruments for the Benefit of (the Funds) / the Counterparties		1,464,982
Net Amounts of Liabilities presented in the Statements of Financial Condition		0
ProShares Ultra Gold [Member] | Goldman Sachs International [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	969,501
Financial Instruments for the Benefit of (the Funds) / the Counterparties	(967,678)
Cash Collateral for the Benefit of (the Funds) / the Counterparties	(1,823)
Amounts of Recognized Assets presented in the Statements of Financial Condition		(1,112,916)
Financial Instruments for the Benefit of (the Funds) / the Counterparties		1,112,916
Net Amounts of Liabilities presented in the Statements of Financial Condition		0
ProShares Ultra Gold [Member] | Societe Generale S.A. [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	218,319
Net Amounts of Assets presented in the Statements of Financial Condition	218,319
Amounts of Recognized Assets presented in the Statements of Financial Condition		(643,587)
Financial Instruments for the Benefit of (the Funds) / the Counterparties		643,587
Net Amounts of Liabilities presented in the Statements of Financial Condition		0
ProShares Ultra Gold [Member] | UBS AG [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	945,225
Financial Instruments for the Benefit of (the Funds) / the Counterparties	(945,225)
Amounts of Recognized Assets presented in the Statements of Financial Condition		(1,209,622)
Financial Instruments for the Benefit of (the Funds) / the Counterparties		1,209,622
Net Amounts of Liabilities presented in the Statements of Financial Condition		0
ProShares Ultra Silver [Member] | Citibank N.A. [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	7,201,744
Net Amounts of Assets presented in the Statements of Financial Condition	7,201,744
Amounts of Recognized Assets presented in the Statements of Financial Condition		(6,946,009)
Financial Instruments for the Benefit of (the Funds) / the Counterparties		6,946,009
Net Amounts of Liabilities presented in the Statements of Financial Condition		0
ProShares Ultra Silver [Member] | Goldman Sachs International [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	5,873,080
Financial Instruments for the Benefit of (the Funds) / the Counterparties	(4,903,696)
Net Amounts of Assets presented in the Statements of Financial Condition	969,384
Amounts of Recognized Assets presented in the Statements of Financial Condition		(5,869,092)
Financial Instruments for the Benefit of (the Funds) / the Counterparties		5,869,092
Net Amounts of Liabilities presented in the Statements of Financial Condition		0
ProShares Ultra Silver [Member] | Societe Generale S.A. [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	2,761,817
Financial Instruments for the Benefit of (the Funds) / the Counterparties	(2,516,153)
Net Amounts of Assets presented in the Statements of Financial Condition	245,664
Amounts of Recognized Assets presented in the Statements of Financial Condition		(2,532,729)
Financial Instruments for the Benefit of (the Funds) / the Counterparties		2,532,729
Net Amounts of Liabilities presented in the Statements of Financial Condition		0
ProShares Ultra Silver [Member] | UBS AG [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	5,898,693
Financial Instruments for the Benefit of (the Funds) / the Counterparties	(4,930,596)
Net Amounts of Assets presented in the Statements of Financial Condition	968,097
Amounts of Recognized Assets presented in the Statements of Financial Condition		(5,628,359)
Financial Instruments for the Benefit of (the Funds) / the Counterparties		5,628,359
Net Amounts of Liabilities presented in the Statements of Financial Condition		0
ProShares UltraShort Bloomberg Crude Oil [Member] | Citibank N.A. [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	(10,173,164)	(4,742,191)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	10,173,164	4,742,191
Net Amounts of Liabilities presented in the Statements of Financial Condition	0	0
ProShares UltraShort Bloomberg Crude Oil [Member] | Goldman Sachs International [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	(9,242,398)	(3,061,395)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	9,242,398	3,061,395
Net Amounts of Liabilities presented in the Statements of Financial Condition	0	0
ProShares UltraShort Bloomberg Crude Oil [Member] | Societe Generale S.A. [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	(1,904,113)	(1,050,699)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	1,904,113	1,050,699
Net Amounts of Liabilities presented in the Statements of Financial Condition	0	0
ProShares UltraShort Bloomberg Crude Oil [Member] | UBS AG [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	(9,287,467)	(3,352,596)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	9,287,467	3,352,596
Net Amounts of Liabilities presented in the Statements of Financial Condition	0	0
ProShares UltraShort Euro [Member] | Goldman Sachs International [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition		8,109,067
Financial Instruments for the Benefit of (the Funds) / the Counterparties		(8,109,067)
Amounts of Recognized Assets presented in the Statements of Financial Condition	(3,297,612)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	259,612
Cash Collateral for the Benefit of (the Funds) / the Counterparties	3,038,000
Net Amounts of Liabilities presented in the Statements of Financial Condition	0
ProShares UltraShort Euro [Member] | UBS AG [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition		8,053,864
Cash Collateral for the Benefit of (the Funds) / the Counterparties		(8,053,864)
Amounts of Recognized Assets presented in the Statements of Financial Condition	(3,046,657)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	3,046,657
Net Amounts of Liabilities presented in the Statements of Financial Condition	0
ProShares UltraShort Gold [Member] | Citibank N.A. [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition		1,147,811
Net Amounts of Assets presented in the Statements of Financial Condition		1,147,811
Amounts of Recognized Assets presented in the Statements of Financial Condition	(554,559)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	554,559
Net Amounts of Liabilities presented in the Statements of Financial Condition	0
ProShares UltraShort Gold [Member] | Goldman Sachs International [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition		881,454
Financial Instruments for the Benefit of (the Funds) / the Counterparties		(874,948)
Net Amounts of Assets presented in the Statements of Financial Condition		6,506
Amounts of Recognized Assets presented in the Statements of Financial Condition	(428,358)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	428,358
Net Amounts of Liabilities presented in the Statements of Financial Condition	0
ProShares UltraShort Gold [Member] | Societe Generale S.A. [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition		393,006
Financial Instruments for the Benefit of (the Funds) / the Counterparties		(393,006)
Amounts of Recognized Assets presented in the Statements of Financial Condition	(126,928)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	126,928
Net Amounts of Liabilities presented in the Statements of Financial Condition	0
ProShares UltraShort Gold [Member] | UBS AG [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition		611,295
Cash Collateral for the Benefit of (the Funds) / the Counterparties		(611,295)
Amounts of Recognized Assets presented in the Statements of Financial Condition	(378,414)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	378,414
Net Amounts of Liabilities presented in the Statements of Financial Condition	0
ProShares UltraShort Silver [Member] | Citibank N.A. [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition		610,478
Net Amounts of Assets presented in the Statements of Financial Condition		610,478
Amounts of Recognized Assets presented in the Statements of Financial Condition	(632,593)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	632,593
Net Amounts of Liabilities presented in the Statements of Financial Condition	0
ProShares UltraShort Silver [Member] | Goldman Sachs International [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition		323,829
Financial Instruments for the Benefit of (the Funds) / the Counterparties		(323,829)
Amounts of Recognized Assets presented in the Statements of Financial Condition	(486,240)
Cash Collateral for the Benefit of (the Funds) / the Counterparties	486,240
Net Amounts of Liabilities presented in the Statements of Financial Condition	0
ProShares UltraShort Silver [Member] | Societe Generale S.A. [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition		86,543
Financial Instruments for the Benefit of (the Funds) / the Counterparties		(86,543)
Amounts of Recognized Assets presented in the Statements of Financial Condition	(115,305)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	115,305
Net Amounts of Liabilities presented in the Statements of Financial Condition	0
ProShares UltraShort Silver [Member] | UBS AG [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition		363,396
Cash Collateral for the Benefit of (the Funds) / the Counterparties		(363,396)
Amounts of Recognized Assets presented in the Statements of Financial Condition	(482,025)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	482,025
Net Amounts of Liabilities presented in the Statements of Financial Condition	0
ProShares UltraShort Yen [Member] | Goldman Sachs International [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	821,317	8,256,779
Financial Instruments for the Benefit of (the Funds) / the Counterparties	(810,030)	(7,771,819)
Net Amounts of Assets presented in the Statements of Financial Condition	11,287	484,960
ProShares UltraShort Yen [Member] | UBS AG [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	705,946	8,488,158
Cash Collateral for the Benefit of (the Funds) / the Counterparties	(705,946)	(7,980,000)
Net Amounts of Assets presented in the Statements of Financial Condition		508,158
ProShares Ultra Yen [Member] | Goldman Sachs International [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	(17,410)	(219,736)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	17,410	219,736
Net Amounts of Liabilities presented in the Statements of Financial Condition	0	0
ProShares Ultra Yen [Member] | UBS AG [Member]
Derivative [Line Items]
Amounts of Recognized Assets presented in the Statements of Financial Condition	(17,414)	(122,340)
Financial Instruments for the Benefit of (the Funds) / the Counterparties	17,414	122,340
Net Amounts of Liabilities presented in the Statements of Financial Condition	$ 0	$ 0

XML

Agreements - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017 USD ($)
Health Care Trust Fund [Line Items]
Management Fee paid to sponsor, percent per annum of the average daily NAV of each Geared Fund	0.95%
Ceiling for legal fees	$ 100,000
Percentage of annual NAV as limit to pay SEC registration fees incurred	0.021%
Ceiling for per annum K-1 preparation and mailing fees against annual net assets of Fund	0.10%
Leverage Fund [Member]
Health Care Trust Fund [Line Items]
Management Fee paid to sponsor, percent per annum of the average daily NAV of each Geared Fund	0.95%
Geared Vix Fund [Member]
Health Care Trust Fund [Line Items]
Management Fee paid to sponsor, percent per annum of the average daily NAV of each Geared Fund	0.95%
Short Euro Fund [Member]
Health Care Trust Fund [Line Items]
Management Fee paid to sponsor, percent per annum of the average daily NAV of each Geared Fund	0.95%
Volatility Index Fund [Member]
Health Care Trust Fund [Line Items]
Management Fee paid to sponsor, percent per annum of the average daily NAV of each Geared Fund	0.85%

XML

Offering Costs - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Offering costs, amortization period	12 months
Reimbursement from sponsors, percentage of the average daily NAV	0.95%

XML

Creation and Redemption of Creation Units - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017 $ / EquityUnit shares
Creation And Redemption Of Creation Units [Line Items]
Creation Unit, block Shares of a Fund	50,000
Fixed transaction fee per Creation Unit, maximum | $ / EquityUnit	250
Variable transaction fee, percent of the value of the Creation Unit, maximum	0.10%
Volatility Index Fund [Member]
Creation And Redemption Of Creation Units [Line Items]
Creation Unit, block Shares of a Fund	25,000
Variable transaction fee, percent of the value of the Creation Unit, maximum	0.05%

XML

Creation and Redemption of Creation Units - Schedule of Transaction Fees (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Creation And Redemption Of Creation Units [Line Items]
Transaction fees	[1]	$ 3,138,503	$ 3,906,425	$ 3,193,283
ProShares Short VIX Short-Term Futures ETF [Member]
Creation And Redemption Of Creation Units [Line Items]
Transaction fees		1,008,452	801,564	342,734
ProShares Ultra Bloomberg Crude Oil [Member]
Creation And Redemption Of Creation Units [Line Items]
Transaction fees		610,969	504,533	847,422
ProShares Ultra Bloomberg Natural Gas [Member]
Creation And Redemption Of Creation Units [Line Items]
Transaction fees		15,937	9,175	13,939
ProShares Ultra Gold [Member]
Creation And Redemption Of Creation Units [Line Items]
Transaction fees		14,460	14,138	4,218
ProShares Ultra Silver [Member]
Creation And Redemption Of Creation Units [Line Items]
Transaction fees		28,622	47,414	38,848
ProShares Ultra VIX Short-Term Futures ETF [Member]
Creation And Redemption Of Creation Units [Line Items]
Transaction fees		1,036,162	1,822,247	1,391,292
Proshares Ultra Pro 3X Crude Oil ETF [Member]
Creation And Redemption Of Creation Units [Line Items]
Transaction fees		25,455
Pro Shares UltraPro 3X Short Crude Oil ETF [Member]
Creation And Redemption Of Creation Units [Line Items]
Transaction fees		14,096
ProShares UltraShort Bloomberg Crude Oil [Member]
Creation And Redemption Of Creation Units [Line Items]
Transaction fees		207,707	398,027	382,054
ProShares UltraShort Bloomberg Natural Gas [Member]
Creation And Redemption Of Creation Units [Line Items]
Transaction fees		4,713	8,989	8,853
ProShares UltraShort Gold [Member]
Creation And Redemption Of Creation Units [Line Items]
Transaction fees		15,945	29,854	11,024
ProShares UltraShort Silver [Member]
Creation And Redemption Of Creation Units [Line Items]
Transaction fees			16,729	39,354
ProShares VIX Mid-Term Futures ETF [Member]
Creation And Redemption Of Creation Units [Line Items]
Transaction fees		13,605	24,056	8,521
ProShares VIX Short-Term Futures ETF [Member]
Creation And Redemption Of Creation Units [Line Items]
Transaction fees		$ 142,380	$ 229,699	$ 105,024

[1] Amounts exclude the activity of ProShares Ultra Australian Dollar which liquidated on June 29, 2015, ProShares Managed Futures Strategy which liquidated on March 30, 2016, ProShares UltraShort Bloomberg Commodity and ProShares Ultra Bloomberg Commodity which liquidated on September 1, 2016.

XML

Financial Highlights - Per Share Operating Performance (Detail) - $ / shares		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
ProShares Short Euro [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance		$ 45.06		$ 43.78		$ 40.06
Net investment income (loss)		(0.14)		(0.33)		(0.40)
Net realized and unrealized gain (loss)	[1]	(4.96)		1.61		4.12
Change in net asset value from operations		(5.10)		1.28		3.72
Net asset value, ending balance		39.96		45.06		43.78
Market value per share, beginning balance	[2]	45.12		43.74		40.03
Market value per share, ending balance	[2]	$ 39.99		$ 45.12		$ 43.74
Total Return, at net asset value		(11.30%)		2.90%		9.30%
Total Return, at market value		(11.40%)		3.20%		9.30%
Ratios to Average Net Assets
Expense ratio		0.97%		0.97%		0.97%
Expense ratio, excluding brokerage commissions and fees		0.95%		0.95%		0.95%
Net investment income (loss)		(0.32%)		(0.76%)		(0.95%)
ProShares Short VIX Short-Term Futures ETF [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance	[3]	$ 45.62		$ 25.41		$ 30.70
Net investment income (loss)		(0.60)	[3]	(0.30)		(0.41)	[3]
Net realized and unrealized gain (loss)	[1]	82.28	[3]	20.51		(4.88)	[3]
Change in net asset value from operations		81.68	[3]	20.21		(5.29)	[3]
Net asset value, ending balance	[3]	127.30		45.62		25.41
Market value per share, beginning balance	[2],[3]	45.49		25.23		30.58
Market value per share, ending balance	[2],[3]	$ 128.21		$ 45.49		$ 25.23
Total Return, at net asset value		179.00%	[3]	79.50%		(17.20%)	[3]
Total Return, at market value		181.80%	[3]	80.30%		(17.50%)	[3]
Ratios to Average Net Assets
Expense ratio		1.51%	[3]	1.39%		1.40%	[3]
Expense ratio, excluding brokerage commissions and fees		0.95%	[3]	0.95%		0.95%	[3]
Net investment income (loss)		(0.71%)	[3]	(1.15%)		(1.36%)	[3]
ProShares Ultra Bloomberg Crude Oil [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance	[3]	$ 23.34		$ 25.15		$ 101.48
Net investment income (loss)		(0.03)		(0.15)	[3]	(0.56)	[3]
Net realized and unrealized gain (loss)	[1]	0.35		(1.66)	[3]	(75.77)	[3]
Change in net asset value from operations		0.32		(1.81)	[3]	(76.33)	[3]
Net asset value, ending balance		23.66		23.34	[3]	25.15	[3]
Market value per share, beginning balance	[2],[3]	23.36		25.08		103.70
Market value per share, ending balance	[2]	$ 23.44		$ 23.36	[3]	$ 25.08	[3]
Total Return, at net asset value		1.40%		(7.20%)	[3]	(75.20%)	[3]
Total Return, at market value		0.30%		(6.90%)	[3]	(75.80%)	[3]
Ratios to Average Net Assets
Expense ratio		0.98%		1.01%	[3]	1.02%	[3]
Expense ratio, excluding brokerage commissions and fees		0.95%		0.95%	[3]	0.95%	[3]
Net investment income (loss)		(0.18%)		(0.76%)	[3]	(0.98%)	[3]
ProShares Ultra Bloomberg Natural Gas [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance		$ 18.85		$ 18.57	[3]	$ 61.65	[3]
Net investment income (loss)		(0.05)		(0.16)		(0.50)	[3]
Net realized and unrealized gain (loss)	[1]	(12.27)		0.44		(42.58)	[3]
Change in net asset value from operations		(12.32)		0.28		(43.08)	[3]
Net asset value, ending balance		6.53		18.85		18.57	[3]
Market value per share, beginning balance	[2]	18.96		18.48	[3]	63.12	[3]
Market value per share, ending balance	[2]	$ 6.50		$ 18.96		$ 18.48	[3]
Total Return, at net asset value		(65.40%)		1.50%		(69.90%)	[3]
Total Return, at market value		(65.70%)		2.60%		(70.70%)	[3]
Ratios to Average Net Assets
Expense ratio		1.22%		1.34%		1.29%	[3]
Expense ratio, excluding brokerage commissions and fees		0.95%		0.95%		0.95%	[3]
Net investment income (loss)		(0.50%)		(1.12%)		(1.26%)	[3]
ProShares Ultra Euro [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance		$ 14.02		$ 15.51		$ 19.87
Net investment income (loss)		(0.04)		(0.11)		(0.15)
Net realized and unrealized gain (loss)	[1]	3.46		(1.38)		(4.21)
Change in net asset value from operations		3.42		(1.49)		(4.36)
Net asset value, ending balance		17.44		14.02		15.51
Market value per share, beginning balance	[2]	14.09		15.51		19.80
Market value per share, ending balance	[2]	$ 17.46		$ 14.09		$ 15.51
Total Return, at net asset value		24.40%		(9.60%)		(22.00%)
Total Return, at market value		23.90%		(9.20%)		(21.70%)
Ratios to Average Net Assets
Expense ratio		0.95%		0.95%		0.95%
Expense ratio, excluding brokerage commissions and fees		0.95%		0.95%		0.95%
Net investment income (loss)		(0.23%)		(0.71%)		(0.93%)
ProShares Ultra Gold [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance		$ 32.90		$ 29.73		$ 40.00
Net investment income (loss)		(0.06)		(0.28)		(0.33)
Net realized and unrealized gain (loss)	[1]	7.04		3.45		(9.94)
Change in net asset value from operations		6.98		3.17		(10.27)
Net asset value, ending balance		39.88		32.90		29.73
Market value per share, beginning balance	[2]	33.20		29.73		38.41
Market value per share, ending balance	[2]	$ 40.67		$ 33.20		$ 29.73
Total Return, at net asset value		21.20%		10.70%		(25.70%)
Total Return, at market value		22.50%		11.70%		(22.60%)
Ratios to Average Net Assets
Expense ratio		0.95%		0.95%		0.95%
Expense ratio, excluding brokerage commissions and fees		0.95%		0.95%		0.95%
Net investment income (loss)		(0.14%)		(0.69%)		(0.90%)
ProShares Ultra Silver [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance		$ 33.44		$ 27.06		$ 39.37
Net investment income (loss)		(0.05)		(0.27)		(0.33)
Net realized and unrealized gain (loss)		0.16	[1]	6.65	[1]	(11.98)	[4]
Change in net asset value from operations		0.11		6.38		(12.31)
Net asset value, ending balance		33.55		33.44		27.06
Market value per share, beginning balance	[2]	32.09	[5]	27.07		38.05
Market value per share, ending balance		$ 33.85	[5]	$ 32.09	[2],[5]	$ 27.07	[2]
Total Return, at net asset value		0.30%		23.60%		(31.30%)
Total Return, at market value		5.50%		18.50%		(28.80%)
Ratios to Average Net Assets
Expense ratio		0.95%		0.95%		0.95%
Expense ratio, excluding brokerage commissions and fees		0.95%		0.95%		0.95%
Net investment income (loss)		(0.15%)		(0.69%)		(0.89%)
ProShares Ultra VIX Short-Term Futures ETF [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance	[3]	$ 173.93		$ 2,808.40		$ 12,546.00
Net investment income (loss)	[3]	(0.33)		(7.68)		(72.24)
Net realized and unrealized gain (loss)	[3]	(163.27)	[1]	(2,626.79)	[1]	(9,665.36)	[4]
Change in net asset value from operations	[3]	(163.60)		(2,634.47)		(9,737.60)
Net asset value, ending balance	[3]	10.33		173.93		2,808.40
Market value per share, beginning balance	[2],[3]	175.00	[5]	2,835.00		12,575.00
Market value per share, ending balance	[3]	$ 10.21	[5]	$ 175.00	[2],[5]	$ 2,835.00	[2]
Total Return, at net asset value	[3]	(94.10%)		(93.80%)		(77.60%)
Total Return, at market value	[3]	(94.20%)		(93.80%)		(77.50%)
Ratios to Average Net Assets
Expense ratio	[3]	1.90%		1.57%		1.65%
Expense ratio, excluding brokerage commissions and fees	[3]	0.95%		0.85%		0.95%
Net investment income (loss)	[3]	(1.17%)		(1.32%)		(1.61%)
ProShares Ultra Yen [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance		$ 55.43		$ 54.75	[3]	$ 56.47	[3]
Net investment income (loss)		(0.24)		(0.45)		(0.48)	[3]
Net realized and unrealized gain (loss)		2.13	[1]	1.13	[1]	(1.24)	[3],[4]
Change in net asset value from operations		1.89		0.68		(1.72)	[3]
Net asset value, ending balance		57.32		55.43		54.75	[3]
Market value per share, beginning balance	[2]	55.52	[5]	54.70	[3]	56.48	[3]
Market value per share, ending balance		$ 57.45	[5]	$ 55.52	[2],[5]	$ 54.70	[2],[3]
Total Return, at net asset value		3.40%		1.20%		(3.00%)	[3]
Total Return, at market value		3.50%		1.50%		(3.20%)	[3]
Ratios to Average Net Assets
Expense ratio		0.95%		0.95%		0.95%	[3]
Expense ratio, excluding brokerage commissions and fees		0.95%		0.95%		0.95%	[3]
Net investment income (loss)		(0.41%)		(0.69%)		(0.88%)	[3]
ProShares UltraShort Australian Dollar [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance		$ 55.38		$ 58.46		$ 51.38
Net investment income (loss)		(0.17)		(0.43)		(0.57)
Net realized and unrealized gain (loss)		(9.54)	[1]	(2.65)	[1]	7.65	[4]
Change in net asset value from operations		(9.71)		(3.08)		7.08
Net asset value, ending balance		45.67		55.38		58.46
Market value per share, beginning balance	[2]	55.24	[5]	58.15		51.37
Market value per share, ending balance		$ 45.72	[5]	$ 55.24	[2],[5]	$ 58.15	[2]
Total Return, at net asset value		(17.50%)		(5.30%)		13.80%
Total Return, at market value		(17.20%)		(5.00%)		13.20%
Ratios to Average Net Assets
Expense ratio		1.02%		1.03%		1.03%
Expense ratio, excluding brokerage commissions and fees		0.95%		0.95%		0.95%
Net investment income (loss)		(0.36%)		(0.79%)		(1.00%)
ProShares UltraShort Bloomberg Crude Oil [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance	[3]	$ 31.70		$ 66.60		$ 38.99
Net investment income (loss)		(0.06)		(0.36)	[3]	(0.39)	[3]
Net realized and unrealized gain (loss)		(7.33)	[1]	(34.54)	[1],[3]	28.00	[3],[4]
Change in net asset value from operations		(7.39)		(34.90)	[3]	27.61	[3]
Net asset value, ending balance		24.31		31.70	[3]	66.60	[3]
Market value per share, beginning balance	[2],[3]	31.65		66.82		38.26
Market value per share, ending balance	[2]	$ 24.56		$ 31.65	[3]	$ 66.82	[3]
Total Return, at net asset value		(23.30%)		(52.40%)	[3]	70.80%	[3]
Total Return, at market value		(22.40%)		(52.60%)	[3]	74.60%	[3]
Ratios to Average Net Assets
Expense ratio		0.99%		1.03%	[3]	1.07%	[3]
Expense ratio, excluding brokerage commissions and fees		0.95%		0.95%	[3]	0.95%	[3]
Net investment income (loss)		(0.17%)		(0.76%)	[3]	(1.04%)	[3]
ProShares UltraShort Bloomberg Natural Gas [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance	[3]	$ 23.10		$ 46.53		$ 27.99
Net investment income (loss)		(0.27)		(0.68)	[3]	(0.44)	[3]
Net realized and unrealized gain (loss)		16.65	[1]	(22.75)	[1],[3]	18.98	[3],[4]
Change in net asset value from operations		16.38		(23.43)	[3]	18.54	[3]
Net asset value, ending balance		39.48		23.10	[3]	46.53	[3]
Market value per share, beginning balance	[2],[3]	23.05		46.53		27.34
Market value per share, ending balance	[2]	$ 39.65		$ 23.05	[3]	$ 46.53	[3]
Total Return, at net asset value		70.90%		(50.40%)	[3]	66.30%	[3]
Total Return, at market value		72.00%		(50.50%)	[3]	70.30%	[3]
Ratios to Average Net Assets
Expense ratio		1.39%		1.65%	[3]	1.55%	[3]
Expense ratio, excluding brokerage commissions and fees		0.95%		0.95%	[3]	0.95%	[3]
Net investment income (loss)		(0.81%)		(1.43%)	[3]	(1.50%)	[3]
Proshares Ultra Pro 3X Crude Oil ETF [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance	[6]	$ 25.00
Net investment income (loss)	[6]	(0.21)
Net realized and unrealized gain (loss)	[1],[6]	12.99
Change in net asset value from operations	[6]	12.78
Net asset value, ending balance	[6]	37.78		$ 25.00
Market value per share, beginning balance	[5],[6]	25.00
Market value per share, ending balance	[5],[6]	$ 37.23		25.00
Total Return, at net asset value	[6],[7]	51.10%
Total Return, at market value	[6],[7]	48.90%
Ratios to Average Net Assets
Expense ratio	[6],[8]	1.30%
Expense ratio, excluding brokerage commissions and fees	[6],[8]	0.95%
Net investment income (loss)	[6],[8]	(1.20%)
Pro Shares UltraPro 3X Short Crude Oil ETF [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance	[6]	$ 25.00
Net investment income (loss)	[6]	(0.17)
Net realized and unrealized gain (loss)	[1],[6]	(14.25)
Change in net asset value from operations	[6]	(14.42)
Net asset value, ending balance	[6]	10.58	[9]	25.00
Market value per share, beginning balance	[5],[6]	25.00
Market value per share, ending balance	[5],[6]	$ 10.72	[9]	25.00
Total Return, at net asset value	[6],[7]	(57.70%)
Total Return, at market value	[6],[7]	(57.10%)
Ratios to Average Net Assets
Expense ratio	[6],[8]	1.32%
Expense ratio, excluding brokerage commissions and fees	[6],[8]	0.95%
Net investment income (loss)	[6],[8]	(1.25%)
ProShares UltraShort Euro [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance		$ 27.08		25.54		$ 21.59
Net investment income (loss)		(0.04)		(0.17)		(0.22)
Net realized and unrealized gain (loss)	[1]	(5.83)		1.71		4.17
Change in net asset value from operations		(5.87)		1.54		3.95
Net asset value, ending balance		21.21		27.08		25.54
Market value per share, beginning balance	[2]	27.08		25.53		21.61
Market value per share, ending balance	[2]	$ 21.20		$ 27.08		$ 25.53
Total Return, at net asset value		(21.70%)		6.00%		18.30%
Total Return, at market value		(21.70%)		6.10%		18.10%
Ratios to Average Net Assets
Expense ratio		0.95%		0.95%		0.95%
Expense ratio, excluding brokerage commissions and fees		0.95%		0.95%		0.95%
Net investment income (loss)		(0.15%)		(0.70%)		(0.90%)
ProShares UltraShort Gold [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance		$ 91.33		$ 115.88		$ 96.65
Net investment income (loss)		(0.13)		(0.55)		(0.91)
Net realized and unrealized gain (loss)	[1]	(20.73)		(24.00)		20.14
Change in net asset value from operations		(20.86)		(24.55)		19.23
Net asset value, ending balance		70.47		91.33		115.88
Market value per share, beginning balance	[2]	90.54		115.83		100.22
Market value per share, ending balance	[2]	$ 69.11		$ 90.54		$ 115.83
Total Return, at net asset value		(22.80%)		(21.20%)		19.90%
Total Return, at market value		(23.70%)		(21.80%)		15.60%
Ratios to Average Net Assets
Expense ratio		0.95%		0.95%		0.95%
Expense ratio, excluding brokerage commissions and fees		0.95%		0.95%		0.95%
Net investment income (loss)		(0.17%)		(0.70%)		(0.91%)
ProShares UltraShort Silver [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance		$ 37.31		$ 64.58	[3]	$ 57.81	[3]
Net investment income (loss)		(0.06)		(0.26)		(0.50)	[3]
Net realized and unrealized gain (loss)	[1]	(5.54)		(27.01)		7.27	[3]
Change in net asset value from operations		(5.60)		(27.27)		6.77	[3]
Net asset value, ending balance		31.71		37.31		64.58	[3]
Market value per share, beginning balance	[2]	38.76		64.55	[3]	59.70	[3]
Market value per share, ending balance	[2]	$ 31.40		$ 38.76		$ 64.55	[3]
Total Return, at net asset value		(15.00%)		(42.20%)		11.70%	[3]
Total Return, at market value		(19.00%)		(40.00%)		8.10%	[3]
Ratios to Average Net Assets
Expense ratio		0.95%		0.95%		0.95%	[3]
Expense ratio, excluding brokerage commissions and fees		0.95%		0.95%		0.95%	[3]
Net investment income (loss)		(0.18%)		(0.70%)		(0.91%)	[3]
ProShares UltraShort Yen [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance		$ 80.24		$ 87.94		$ 89.33
Net investment income (loss)		(0.14)		(0.50)		(0.82)
Net realized and unrealized gain (loss)	[1]	(5.17)		(7.20)		(0.57)
Change in net asset value from operations		(5.31)		(7.70)		(1.39)
Net asset value, ending balance		74.93		80.24		87.94
Market value per share, beginning balance	[2]	80.25		87.89		89.30
Market value per share, ending balance	[2]	$ 74.98		$ 80.25		$ 87.89
Total Return, at net asset value		(6.60%)		(8.80%)		(1.60%)
Total Return, at market value		(6.60%)		(8.70%)		(1.60%)
Ratios to Average Net Assets
Expense ratio		0.95%		0.95%		0.95%
Expense ratio, excluding brokerage commissions and fees		0.95%		0.95%		0.95%
Net investment income (loss)		(0.19%)		(0.71%)		(0.92%)
ProShares VIX Mid-Term Futures ETF [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance		$ 42.14		$ 53.96		$ 63.60
Net investment income (loss)		(0.06)		(0.33)		(0.51)
Net realized and unrealized gain (loss)	[1]	(20.79)		(11.49)		(9.13)
Change in net asset value from operations		(20.85)		(11.82)		(9.64)
Net asset value, ending balance		21.29		42.14		53.96
Market value per share, beginning balance	[2]	42.34		53.99		63.89
Market value per share, ending balance	[2]	$ 21.15		$ 42.34		$ 53.99
Total Return, at net asset value		(49.50%)		(21.90%)		(15.20%)
Total Return, at market value		(50.00%)		(21.60%)		(15.50%)
Ratios to Average Net Assets
Expense ratio		0.91%		0.93%		0.85%
Expense ratio, excluding brokerage commissions and fees		0.85%		0.85%		0.85%
Net investment income (loss)		(0.22%)		(0.68%)		(0.88%)
ProShares VIX Short-Term Futures ETF [Member]
Investment Company, Financial Highlights [Line Items]
Net asset value, beginning balance	[3]	$ 84.86		$ 264.84		$ 418.64
Net investment income (loss)	[3]	(0.07)		(1.10)		(2.65)
Net realized and unrealized gain (loss)	[1],[3]	(61.45)		(178.88)		(151.15)
Change in net asset value from operations	[3]	(61.52)		(179.98)		(153.80)
Net asset value, ending balance	[3]	23.34		84.86		264.84
Market value per share, beginning balance	[2],[3]	85.04		266.60		419.80
Market value per share, ending balance	[2],[3]	$ 23.15		$ 85.04		$ 266.60
Total Return, at net asset value	[3]	(72.50%)		(68.00%)		(36.70%)
Total Return, at market value	[3]	(72.80%)		(68.10%)		(36.50%)
Ratios to Average Net Assets
Expense ratio	[3]	0.96%		0.99%		0.85%
Expense ratio, excluding brokerage commissions and fees	[3]	0.85%		0.85%		0.85%
Net investment income (loss)	[3]	(0.18%)		(0.75%)		(0.92%)

[1] The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

[2] Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds' net asset value is calculated.

[3] See Note 1 of these Notes to Financial Statements.

[4] Percentages The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

[5] Market values are determined at the close of the New York Stock Exchange, which may be later than when the Funds' net asset value is calculated. For ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF, the returns of shares outstanding for the period from commencement of operations through December 31, 2017 are calculated based on the initial offering price upon commencement of operations of $25.00.

[6] From commencement of operations, March 24, 2017 through December 31, 2017.

[7] Percentages are not annualized for the period ended December 31, 2017.

[8] Percentages are annualized.

[9] Since the Fund's inception date was January 13, 2017, the Statement of Financial Condition as of December 31, 2016 has not been provided.

XML

Financial Highlights - Per Share Operating Performance (Parenthetical) (Detail)	Dec. 31, 2017 $ / shares
Proshares Ultra Pro 3X Crude Oil ETF [Member]
Investment Company, Financial Highlights [Line Items]
Returns for a share outstanding	$ 25.00
Pro Shares UltraPro 3X Short Crude Oil ETF [Member]
Investment Company, Financial Highlights [Line Items]
Returns for a share outstanding	$ 25.00

XML

Risk - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017	Oct. 31, 2017
Unusual Risk or Uncertainty [Line Items]
Percentage of calculation on simple inverse correlation	200.00%
Forward Agreements [Member]
Unusual Risk or Uncertainty [Line Items]
Exposure to swap agreements or forward contracts	100.00%
Ultrashort Fund [Member]
Unusual Risk or Uncertainty [Line Items]
Leverage risk benchmark		50% at any point in the day
UltraPro Fund and UltraPro Short Fund [Member]
Unusual Risk or Uncertainty [Line Items]
Leverage risk benchmark		33% at any point in the day

XML

Subsequent Events - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017
ProShares Ultra VIX Short-Term Futures ETF [Member]
Subsequent Event [Line Items]
Description of change in investment objective	ProShares Ultra VIX Short-Term Futures ETF (NYSE Arca: UVXY) changed its investment objective to seek results (before fees and expenses) that correspond to one and one-half times (1.5x) the performance of the S&P 500 VIX Short-Term Futures Index (“Index”) for a single day. Previously, the Fund’s investment objective was to seek results (before fees and expenses) that correspond to two times (2x) the performance of the Index for a single day.
ProShares Short VIX Short-Term Futures ETF [Member]
Subsequent Event [Line Items]
Description of change in investment objective	ProShares Short VIX Short-Term Futures ETF (NYSE Arca: SVXY) changed its investment objective to seek results (before fees and expenses) that correspond to one-half the inverse (-0.5x) of the Index for a single day. Previously, the Fund’s investment objective was to seek results (before fees and expenses) that correspond to the inverse (-1x) of the Index for a single day.